ECGI | European Corporate Governance Institute

Latest Working papers

12 January 2021

Revisiting the Asset Fire Sale Discount: Evidence from Commercial Aircraft Sales

Using a sample of commercial aircraft transactions, the paper decomposes the raw fire sale discount on sales of aircraft by distressed airlines into three components: (i) quality impairment due to under-maintenance, (ii)...

Julian Franks | Gunjan Seth | Oren Sussman | Vikrant Vig

ESG

08 January 2021

Outsourcing Climate Change

This paper exploits newly available information on firms’ direct (own production) and indirect (supplier-generated) carbon emission intensities and transaction-level imports to conduct an in-depth analysis of whether and how...

Rui Dai | Rui Duan | Hao Liang | Lilian Ng

ESG

07 January 2021

Do Environmental Regulations Do More Harm Than Good? Evidence from Competition and Innovation

This study examines whether and how competition affects corporate strategic responses to stringent environmental policies. Using the nonattainment status of U.S. counties as a source of exogenous variation in environmental...

Rui Dai | Rui Duan | Lilian Ng

Labour

07 January 2021

Labor Voice in Corporate Governance: Evidence from Opportunistic Insider Trading

This study examines whether labor plays a role in corporate governance by deterring opportunistic insider behavior. Results suggest that firms with organized labor experience statistically significant declines in...

Lilian Ng | Man Duy (Marty) Pham | Jing Yu

Shareholders

07 January 2021

Coordinated Engagements

We study the nature of and outcomes from coordinated engagements by a prominent international network of long-term shareholders cooperating to influence firms on environmental and social issues. A two-tier engagement strategy,...

Elroy Dimson | Oğuzhan Karakaş | Xi Li

Voting

06 January 2021

The Voting Premium

This paper develops a theory of blockholder governance and the voting premium. A blockholder and dispersed shareholders first trade in a competitive market and then vote at a shareholder meeting. A positive voting premium emerges only...

Doron Levit | Nadya Malenko | Ernst Maug

Crowdfunding

05 January 2021

The Value of "New" and "Old" Intermediation in Online Debt Crowdfunding

We study the welfare effects of the transition of online debt crowdfunding from the older “peer-to-peer” model to the “marketplace” model, where the crowdfunding platform sells diversified loan portfolios to investors. We...

Fabio Braggion | Alberto Manconi | Nicola Pavanini | Haikun Zhu

Sustainability

05 January 2021

The Sustainability Wage Gap

We document a new channel through which a firm’s sustainability policies can contribute positively to its bottom line, by reducing labor costs and by enabling firms to recruit and retain workers that are highly skilled. Using...

Philipp Krueger | Daniel Metzger | Jiaxin Wu

Funds

28 December 2020

The Party Structure of Mutual Funds

We investigate the structure of mutual funds’ corporate governance preferences as revealed by how they vote their shares in portfolio companies. We apply unsupervised learning tools from the machine learning literature to analyze...

Ryan Bubb | Emiliano Catan

28 December 2020

Corporate Purpose and Sustainability

An increasing number of firms make reference to the pursuit of environmental and social goals in the definition of their purpose. This raises important issues with respect to the way in which the trade-offs between profit...

Guido Ferrarini

Board of Directors

16 December 2020

Board Diversity and Shareholder Voting

The lack of board diversity is one of the most controversial topics in corporate board governance. We investigate one important influence on diversity by studying whether shareholders value diversity on corporate boards in director...

Ian D. Gow | David Larcker | Edward M. Watts

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A two-tier engagement strategy proves effective and is followed by improved target performance

Regulatory and ethical constraints to business conduct deriving from sustainability concerns are mounting

The Traditional Governance Party, the Shareholder Reform Party, and the Shareholder Protest Party.

A two-tier engagement strategy proves effective and is followed by improved target performance

Regulatory and ethical constraints to business conduct deriving from sustainability concerns are mounting

The Traditional Governance Party, the Shareholder Reform Party, and the Shareholder Protest Party.

A two-tier engagement strategy proves effective and is followed by improved target performance

Regulatory and ethical constraints to business conduct deriving from sustainability concerns are mounting

The Traditional Governance Party, the Shareholder Reform Party, and the Shareholder Protest Party.

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