Thu 25 October 2018

This ECGI Roundtable will be hosted by Hermes Investment Management on 25 October 2018. The Roundtable will focus on the nature of governance interventions by institutional shareholders. 

Wed 12 December 2018 > Thu 13 December 2018

This academic conference will focus on the theme of 'Differential Voting Shares'. Attendance is by invitation only.

Fri 07 June 2019 > Sat 08 June 2019

The fifth annual GCGC conference will take place at Center for Financial Studies, Goethe University Frankfurt on 7 - 8 June 2019. The deadline for submissions is 14 September 2018. Attendance is by invitation only.

Featured papers

Passive Investors

Passive investors, such as Vanguard or Blackrock, that track an index and have no discretion over their investments own a growing fraction of publicly-traded securities around the world. Our paper develops a comprehensive framework for passive investment and its implications for...

Jill Fisch
Assaf Hamdani
Steven Davidoff Solomon
27 August 2018

The Teva Case: A Tale of a Race to the Bottom in Global Securities Regulation

This article tells the story of our shareholder class action against Teva Pharmaceutical Industries as an illustration of the global race to laxity in the regulation of capital markets.

Teva, an Israeli company traded in Israel and the United States, is the largest generic drug maker in...

Sharon Hannes
Ehud Kamar
29 August 2018

Elective Stock and Scrip Dividends

Payout policy is an important component of a firm’s ability to maintain financial flexibility. Given the market’s heavy penalization of reductions in the dividend payout level, financially constrained firms must find ways to retain cash when cash reserves are insufficient to cover future...

Isabel Feito-Ruiz
Luc Renneboog
Cara Vansteenkiste
11 September 2018

Does Transparency Increase Takeover Vulnerability?

Takeovers and especially models predicting takeovers have been of interest to academics and practitioners.  In essence, our paper studies how transparency affects takeover probability and stock returns over 25 years of takeover data.  Economic intuition suggests that if higher firm-level...

Lifeng Gu
Dirk Hackbarth
27 August 2018

Working papers

Governance through Shame and Aspiration: Index Creation and Corporate Behavior

After decades of both de-prioritizing shareholders' economic interests and low corporate profitability, Japan introduced the JPX-Nikkei400 in 2014. The index highlighted the country's "best-run" companies by annually selecting the 400 most...Read more

Akash Chattopadhyay
Matthew D. Shaffer
Charles Wang
27 September 2018



Research Members

The research work that emanates from ECGI is undertaken by leading scholars around the globe. This important network of academics is at the very core of what ECGI does, drawing on the finest minds in academia from all over the world to tackle some of the most important issues that confront business and governments today.
Real name: 
Research Member
Professor of Accounting
The Wharton School, University of Pennsylvania
Real name: 
Research Member
Martin G. McGuinn Chair in Business Law
Villanova University Charles Widger School of Law

Patron Members

The ECGI Patron Members provide regular and long-term support for Academic Research through their contributions to the European Corporate Governance Research Foundation (ECGRF). Their philanthropic donations stimulate the production of research studies and other academic work of excellence in corporate governance.

Institutional Members

The Institutional Members of ECGI provide a vital connection between the academic world and the policy and practitioner aspects of corporate governance. These members recognise the importance of evidence-based research in developing their corporate governance policies and seek to continuously improve the standards of corporate governance.