“Why Are Fewer Companies Going Public?”

“Why Are Fewer Companies Going Public?”

  • 10 June 2019
  • Stockholm School of Economics in Riga

*** This Event was by invitation only ***

(Attendance was open to the participants of the Baltic Economic Conference.)

The Roundtable focused on the reasons and implications of fewer companies going public. The steep decline in initial public offerings in the U.S. has raised concerns about reduced opportunities for the general public to save for the future. The discussion revolved around the following questions: How to incentivize companies to go public and at the same time do not start the race to the bottom with respect to disclosure standards and compliance? Do boards escape short-term pressure from the market by going public with limited voting right shares? Are companies staying private longer? Do institutional investors encourage the long-term sustainability of their portfolio companies? Are index funds sufficiently motivated to provide responsible stewardship of assets with respect to corporate governance? Can index inclusion serve as a boost for stock market activity in such frontier stock markets as the Baltics?

 

Organisers

Marco Becht, Solvay Brussels School, ECGI and CEPR

Anete Pajuste, Stockholm School of Economics (Riga) and ECGI

 

Supported By

Information

Address:
Stockholm School of Economics, Strēlnieku iela 4a, Riga, Latvia
Contact:
Elaine McPartlan
European Corporate Governance Institute (ECGI)

Monday, 10 June 2019

10:30

Registration

11:00
- 12:05

Session 1 : Eclipse of the Public Corporation or Eclipse of the Public Markets?

Speakers:
Discussant:
Roni Michaely
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Session 1 : Eclipse of the Public Corporation or Eclipse of the Public Markets?

Time:
11:00h
- 12:05h

Background reading:

Doidge, Craig and Kahle, Kathleen M. and Karolyi, George Andrew and Stulz, Rene M., Eclipse of the Public Corporation or Eclipse of the Public Markets? (January 1, 2018). Rotman School of Management Working Paper No. 3100255; Charles A. Dice Center Working Paper No. 2018-1; Fisher College of Business Working Paper No. 2018-03-01; European Corporate Governance Institute (ECGI) - Finance Working Paper No. 547/2018

 

Speakers

Discussants

Roni Michaely

Conference Documents

12:35
- 13:35

Lunch

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Session 2 : Do Index Funds Monitor?

Time:
13:35h
- 14:40h

Background reading:

Heath, Davidson and Macciocchi, Daniele and Michaely, Roni and Ringgenberg, Matthew C., Do Index Funds Monitor? (December 28, 2018). Available at SSRN: https://ssrn.com/abstract=3259433  or http://dx.doi.org/10.2139/ssrn.3259433 

Speakers

Roni Michaely

Discussants

Conference Documents

14:40
- 14:55

Coffee Break

14:55
- 16:00

Session 3 : Institutional Investors' Impact on the Terms and Outcome of Freeze-Out Tender Offers

Speakers:
Discussant:
Janis Berzins
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Session 3 : Institutional Investors' Impact on the Terms and Outcome of Freeze-Out Tender Offers

Time:
14:55h
- 16:00h

Background reading:

Lauterbach, Beni and Mugerman, Yevgeny, Institutional Investors' Impact on the Terms and Outcome of Freeze-Out Tender Offers (September 1, 2018). European Corporate Governance Institute (ECGI) - Finance Working Paper No. 576/2018

 

Speakers

Discussants

Janis Berzins

Conference Documents

16:00
- 16:15

Coffee Break

Back to full programme

Session 4 : Multi-Class Shares Around the World: The Role of Institutional Investors

Time:
16:15h
- 17:20h

Background reading: 

Jinhee Kim, Pedro Matos, Ting Xu- Multi-Class Shares Around the World: The Role of Institutional Investors (November 2018)

Speakers

Discussants

Speakers

Fellow Research Member Institutional Member Board Member
Roni Michaely

Presentations

Back to all presentations

Welcome and Opening Discussion

Time:
10:45h
- 11:00h

Speakers

Fellow Research Member Institutional Member Board Member
Back to all presentations

Session 1 : Eclipse of the Public Corporation or Eclipse of the Public Markets?

Time:
11:00h
- 12:05h

Background reading:

Doidge, Craig and Kahle, Kathleen M. and Karolyi, George Andrew and Stulz, Rene M., Eclipse of the Public Corporation or Eclipse of the Public Markets? (January 1, 2018). Rotman School of Management Working Paper No. 3100255; Charles A. Dice Center Working Paper No. 2018-1; Fisher College of Business Working Paper No. 2018-03-01; European Corporate Governance Institute (ECGI) - Finance Working Paper No. 547/2018

 

Speakers

Discussants

Roni Michaely

Conference Documents

Session 2 : Do Index Funds Monitor?

Roni Michaely
Back to all presentations

Session 2 : Do Index Funds Monitor?

Time:
13:35h
- 14:40h

Background reading:

Heath, Davidson and Macciocchi, Daniele and Michaely, Roni and Ringgenberg, Matthew C., Do Index Funds Monitor? (December 28, 2018). Available at SSRN: https://ssrn.com/abstract=3259433  or http://dx.doi.org/10.2139/ssrn.3259433 

Speakers

Roni Michaely

Discussants

Conference Documents

Back to all presentations

Session 3 : Institutional Investors' Impact on the Terms and Outcome of Freeze-Out Tender Offers

Time:
14:55h
- 16:00h

Background reading:

Lauterbach, Beni and Mugerman, Yevgeny, Institutional Investors' Impact on the Terms and Outcome of Freeze-Out Tender Offers (September 1, 2018). European Corporate Governance Institute (ECGI) - Finance Working Paper No. 576/2018

 

Speakers

Discussants

Janis Berzins

Conference Documents

Session 4 : Multi-Class Shares Around the World: The Role of Institutional Investors

Back to all presentations

Session 4 : Multi-Class Shares Around the World: The Role of Institutional Investors

Time:
16:15h
- 17:20h

Background reading: 

Jinhee Kim, Pedro Matos, Ting Xu- Multi-Class Shares Around the World: The Role of Institutional Investors (November 2018)

Speakers

Discussants

Back to all presentations

General Discussion, Conclusion and Summing Up

Time:
17:20h
- 17:45h

Speakers

Fellow Research Member Institutional Member Board Member

Panel Discussions

Panel discussion: Disclosure standards for ownership, ESG, and political contributions – opportunities and challenges