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

May the Force be With You: Investor Power and Company Valuations

Large investors often have market power in private equity markets, such as in venture capital, growth capital, or private placements. The conventional wisdom is that powerful investors can flex their muscles to enforce lower company valuations, at the expense of owners and previous investors.....

Thomas Hellmann
Veikko Thiele
20 November 2018

Investment Returns and Distribution Policies of Non-Profit Endowment Funds

Endowment funds are repositories for gifts and operating surpluses generated by non-profit organizations.  Often described by their parent organizations as “nest eggs” or “rainy day funds,” endowments invest in stocks, bonds, and alternative asset classes, and they pay income to their parents to...

Sandeep Dahiya
David Yermack
27 November 2018

Asking the Right Question: The Statutory Right of Appraisal and Efficient Markets

In appraisal cases, shareholders have the right to have a judge determine the “fair value” of their shares.  These cases bring economic analysis into sharp focus in judicial proceedings as shareholders and companies argue over the appropriate metrics to use in determining fair value as courts...

Jonathan Macey
Joshua Mitts
22 December 2018

Universal Corporate Governance

Policymakers and investors around the world have been increasingly emphasizing the importance of effective corporate governance systems. Corporate governance refers to the structure of rights and responsibilities among the parties with a stake in the firm. Effective corporate governance uses...

Hao Liang
Mikael Homanen
20 December 2018

Working papers

The Neglected Role of Justification under Uncertainty in Corporate Governance and Finance

The big corporate governance debates nowadays concern the corporation’s time horizons, and the balance of power between shareholders and managers. In response to actual and anticipated pressure from shareholder activists – typically, activist...Read more

Claire A. Hill
Alessio Pacces
14 January 2019

Do Managers Successfully Shop for Compliant Auditors? Evidence from Accounting Estimates

Existing research on opinion shopping focuses primarily on managers’ attempts to switch auditors in order to avoid the receipt of an unfavorable audit opinion. We extend this literature by examining whether managers successfully shop for auditors...Read more

Mark DeFond
Jieying Zhang
Yuping Zhao
09 January 2019



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.
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Research Member
A.N. Mosich Chair of Accounting, Associate Dean of Faculty
University of Southern California
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Research Member
Assistant Professor
IESE Business School
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Research Member, Board Member
Perry Golkin Professor of Law, Co-Director, Institute for Law and Economics
University of Pennsylvania Law School
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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.