*** This Event is by invitation only ***
(Attendance is open to the participants of the Baltic Economic Conference.)
The Roundtable will focus 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 general public to save for the future. The discussion will revolve 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?
Marco Becht, Solvay Brussels School, ECGI and CEPR
Anete Pajuste, Stockholm School of Economics (Riga) and ECGI
The event is structured around presentations which are intended to stimulate further interventions and discussion between all attendees. The prior distribution of written material is encouraged.
Monday, 10 June 2019
Welcome and Opening Discussion
Eclipse of the Public Corporation or Eclipse of the Public Markets?
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.
Passive Investors are Passive Monitors
Institutional Investors' Impact on the Terms and Outcome of Freeze-Out Tender Offers
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.