Thu 15 October 2020

This year's annual lecture will be delivered by Nobel Laureate Oliver Hart (Harvard University and ECGI). The event will take place online.

Fri 23 October 2020

ECGI and the Millstein Center for Global Markets and Corporate Ownership invite you to participate in a conference on Rethinking Stewardship...

Wed 28 October 2020 > Fri 30 October 2020

This online conference will bring together leading scholars, including Nobel Laureate Bengt Holmström (MIT and ECGI), from the fields of strategy, organisational theory, organisational economics, finance and corporate law...

Featured papers


ESG Rating Disagreement and Stock Returns

A variety of professional data vendors nowadays provide firm-level Environmental, Social, and Governance (ESG) ratings (or scores). These ratings increasingly shape investment decisions of institutional investors. Since these ESG ratings are often based on non-standardized information and data...

Rajna Gibson Brandon
Philipp Krueger
Peter Steffen Schmidt
20 January 2020

Disclosure Regulation and Corporate Acquisitions

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...

Pietro Bonetti
Miguel Duro
Gaizka Ormazabal
31 January 2020

Signaling Safety

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...

Roni Michaely
Stefano Rossi
Michael Weber
31 January 2020

Working papers

Implementation of the SRD II Provisions on Related Party Transactions

In 2017 the European Union adopted amendments to the Shareholder Rights Directive enacted a decade earlier. Among the changes was a new Article 9c dealing with the topic of related party transactions (RPT). This paper analyses how that new...Read more

Paul Davies
Susan Emmenegger
Guido Ferrarini
Klaus Hopt
Adam opalski
Alain Pietrancosta
Andrés Recalde
Markus Roth
Michael Schouten
Rolf Skog
Eddy Wymeersch
24 September 2020

Institutional Investors and Corporate Governance

We provide a comprehensive overview of the role of institutional investors in corporate governance with three main components. First, we provide a detailed characterization of key aspects of the legal and regulatory setting within which ...Read more

Amil Dasgupta
Vyacheslav Fos
Zacharias Sautner
22 September 2020

Regulatory Measures to Dismantle Pyramidal Business Groups: Evidence from the United States, Japan, Korea and Israel

Large business enterprises, from the railroad barons of nineteenth century America to Amazon and Google today, are often perceived as important for economic performance and, at the same time, as potential abusers of their political and economic...Read more

Assaf Hamdani
Yishay Yafeh
16 September 2020



The second episode of the ECGI Spotlight Series took place on 14 September 2020. The episode was introduced by the Editor of the ECGI Law Working Paper Series, Prof. Amir Licht and Mr. Tom Vos from the ECGI Spotlight Series team. Prof. Edward Rock (NYU Law) presented his paper "For Whom is the Corporation Managed in 2020?: The Debate over Corporate Purpose".

17 September 2020

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 Finance
University of Lausanne, Swiss Finance Institute
Real name: 
Research Member
Hanna Chair in Entrepreneurship & Associate Professor of Finance
Purdue University - Krannert School of Management

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.