[NYC] The Institute for Corporate Governance & Finance at NYU hosted a roundtable on the subject "For Whom is the Corporation Managed?" on Friday 6 December 2019
This academic conference focused on the theme of Executive Compensation and Sustainability. Attendance was by invitation only.
[Riga] One of the priorities mentioned in the Entrepreneurship 2020 Action Plan of the European Commission is “easing business transfers”, for example, through reducing cross-border inheritance tax obstacles, improving information and advice services, and other initiatives. Likewise, stock exchanges are attempting to ease obstacles for SMEs, that are predominantly family-owned, to raise capital through public markets. The conference will examine these tendencies.
Till Wansleben is a lawyer at transaction boutique BMH BRÄUTIGAM, Germany, advising on corporate law and M&A matters. Prior thereto he was an Associate with Hengeler Mueller and a Research Fellow at the Max Planck Institute for Comparative and International Private Law. He completed his studies in law at Goethe-University Frankfurt am Main with specialization in "Law and Finance".
What is the purpose of a corporation? While common law, which prevails in Anglo-Saxon countries, prescribes that the purpose of a firm is to maximize shareholder value, other legal systems tend to accord at least some importance to stakeholders other than the shareholders. For example, the...
While disclosure regulation is often viewed as critical in promoting capital formation and the well-functioning of capital markets, tightening disclosure rules could have important tradeoffs. These tradeoffs are especially pronounced and yet barely studied in the case of the takeover market. The...
In this paper we revisit a classic idea in finance and economics, namely the hypothesis that dividend changes convey information about firms’ future prospects. Contrary to prior literature we find strong support for the dividend signaling hypothesis, provided we properly define “firms’ future...
Modern finance is fast moving, complex, and the source of pervasive unknowns. Yet the processes governing how finance is regulated are typically slow, highly deliberative, and reflect optimistic assumptions about our ability to understand the financial system and the potential impact of...
We find that ownership changes much less over time in private firms than in public firms. The average largest shareholder in private (public) Norwegian firms keeps the same stake in 82% (14%) of two consecutive years. This evidence suggests that...Read more
We explore whether demand factors contribute to low female board participation. We use timevarying public attention to gender equality as a shock that differentially affects the demand for female directors of firms with different ex ante culture...Read more
Credit rating actions could discipline management to improve asset allocations, but may also trigger corporate responses to alleviate financial constraints. We investigate which effect (if any) dominates, using corporate asset sales as a...Read more
We show that mutual funds compete for climate-conscious investment flows. In April 2018, Morningstar introduced a climate-focused label for mutual funds. The release of the “Low Carbon Designation” induced reactions on both the demand and supply...Read more
The European Corporate Governance Institute (ECGI) is delighted to announce the winners of the best papers in the Working Paper Finance and Law...Read more
The fact that fewer companies are going public was undisputed at a recent...Read more
ECGI held its Annual Members’ Meeting in Barcelona on 24 October 2019, bringing together international academics and practitioners in the field of...Read more
The Swedish House of Finance (SHoF) at the Stockholm School of Economics and the European Corporate Governance Institute (ECGI) are pleased to...Read more
The ECGI Annual Lecture Panel Discussion on “The Economics of Firm Culture”, moderated by Prof. Marco Becht (Solvay Brussels School), composed of Dr. Beatrice Engström-Bondy (Investor AB) and Prof. Paola Sapienza (Kellogg School of Management).
Winner of the 2019 Cleary Gottlieb Hamilton & Steen Law Prize in the ECGI Working Paper Series. Watch Profs. Lucian Bebchuk (Harvard Law) and Scott Hirst (Boston University) present their paper "Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy” at the ECGI Annual Members' Meeting in Barcelona (2019).
Prof. Enrichetta Ravina presents her winning paper "Investor Ideology”, co-authored with Patrick Bolton, Tao Li, and Howard Rosenthal, at the ECGI Annual Members' Meeting in Barcelona (2019).
The ECGI Annual Lecture 2019, delivered by Prof. Paola Sapienza, Professor of Finance at Kellogg School of Management.
