The COVID-19 Crisis and Its Aftermath: Corporate Governance Implications and Policy Challenges

Date

Location

Australia, Japan, South Korea, Singapore, China, Israel, Germany, Sweden, United Kingdom, and USA

Click here to read the event summary report

The videos of each session are available under the presentation tab on this page and also on the ECGI YouTube channel

Click here to download the programme

 
GCGC 2020 was scheduled to take place at Yale University, but the programme was cancelled due to the outbreak of the COVID-19 pandemic. On 16 April 2020, ECGI and GCGC hosted a 24 hour global webinar, convening scholars, practitioners and policymakers with the aim of sharing evidence-based insights for the common good. The event consisted of ten 2-hour sessions commencing at 9:00am in Monash University, Melbourne, Australia, moving through Japan, South Korea, Singapore, China, Israel, Germany, Sweden, the United Kingdom, and the USA, to finish in Stanford University, California. The event emphasized regional challenges and responses to the pandemic's health and economic dimensions, offering a comparative global perspective.
 

It was clear that the COVID-19 pandemic had dire economic consequences, and collective thought was applied to what policies could better ensure societies’ resilience and their quick and dynamic recovery once the crisis ended. Corporate governance scholars helped to devise sound and effective policies for this purpose. This global webinar convened scholars, practitioners and policymakers with the aim of sharing evidence-based insights for the common good.

Topics included, but were not limited to:
·         Corporate social responsibility in war-like times
·         Corporate governance digitalization
·         The role of institutional investors and stewardship
·         Takeover defences and M&A trends
·         Bond markets and bankruptcy 
·         Corporate purpose in times of crisis
·         The governance implications of emergency laws and government bailouts
·         Securities regulation (disclosure, short-selling bans, etc.)
·         ESG and Impact investing 
·         Systemic risk and financial stability following exogenous shocks

A collection of related articles by ECGI research members is available here

Event References:

GCGC/ECGI Global Webinar Series: Fed to the Rescue: Bankruptcy’s Role in the COVID-19 Crisis (Edward R. Morrison, Andrea C. Saavedra)

GCGC/ECGI Global Webinar Series: Wall Street CARES!: Who Gets the Hidden Subsidies Under the CARES Act? (John C. Coffee, Jr.)

GCGC/ECGI Global Webinar Series: The ECB’s response to the COVID-19 pandemic (Isabel Schnabel)

GCGC/ECGI Global Webinar Series: How Banks and Fintechs Can Help Small Businesses Survive COVID-19 (Todd Baker, Kathryn Judge)

GCGC/ECGI Global Webinar Series: Easing the economic aftermath of a global pandemic (Mark Roe, John Coates)

GCGC/ECGI Global Webinar Series: Bankruptcy and the coronavirus (David Skeel)

GCGC/ECGI Global Webinar Series: Extreme times, Extreme Measures: Pandemic-Resistant Corporate Law (Luca Enriques)

GCGC/ECGI Global Webinar Series- Fed to the Rescue: Unprecedented Scope, Stretched Authority (Lev Menand)

Insider Trading Data Reveals Pandemic Is a Time for Questioning, Not Answering
 (Renée Adams, Attila Balogh)

GCGC/ECGI Global Webinar Series: Corona and Financial Stability 4.0: Implementing a European Pandemic Equity Fund (Arnoud Boot, Elena Carletti, Hans-Helmut Kotz, Jan Pieter Krahnen, Loriana Pelizzon ,Marti Subrahmanyam)

GCGC/ECGI Global Webinar Series: How to Rescue Startups During the Pandemic (Dorothea Ringe, Wolf-Georg Ringe)

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The schedule for the event was as follows:

Time

(Melbourne) AEST

 

Local time

 

University

09:00 – 11:00

 

Monash University, Melbourne

11:30 – 13:30

10:30 – 12:30 JST/KST

University of Tokyo

Seoul National University

14:00 – 16:00

12:00 – 14:00 GMT+8 /CST

National University of Singapore

Peking University

16:30 – 18:30

09:30 – 11:30 IDT

Tel Aviv University

IDC Herzliya, Israel

19:00 – 21:00

11:00 – 13:00 CEST

Goethe University Frankfurt

21:30 – 23:30

13:30 – 15:30 CEST

Swedish House of Finance

00:00 – 02:00

15:00 – 17:00 BST

University of Oxford

Imperial College London

02:15 – 04:15

12:15 – 14:15 EDT

Columbia University

04:30 – 06:30

14:30 – 16:30 EDT

Harvard University

07:00 – 09:00

14:00 – 16:00 PDT

Stanford University 

Yale University

The sessions were recorded and are published on the ECGI website.

An initiative of ECGI and the Global Corporate Governance Colloquia (GCGC).

Queries to be directed to: Webinars@ecgi.org 

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Programme

Thursday 16 April 2020

-

Monash University session - (local time 09:00-11:00 AEST)

-

Q&A

-

Break

-

Seoul National University and University of Tokyo session - (local time 10:30 – 12:30 KST/JST)

-

Prevention of pandemic and CSR in times of COVID-19

Speaker(s)

-

COVID-19 crisis and family succession

Speaker(s)

-

Q&A

-

Break

-

National University of Singapore and Peking University session - (local time 12:00 – 14:00 GMT+8 /CST)

-

COVID-19: The start of history for Asian corporate law?

Speaker(s)

-

Asset managers and private entrepreneurial activities post-COVID-19

Speaker(s)

-

Role of the board in times of crisis and disruption

Speaker(s)

-

Capital requirements, share buybacks and resilience

Speaker(s)

-

Is the glass half full or half empty? Corporate social responsibilities in crisis times

Speaker(s)

-

Q&A

-

Transparency and information disclosure: accounting irregularities of overseas listed Chinese firms

Speaker(s)

-

Corporate Governance after COVID-19

Speaker(s)

-

Pursuing the new order for Chinese capital market

Speaker(s)

-

Q&A

-

Break

-

Tel Aviv University session - (local time 09:30 – 11:30 IDT)

-

Q&A

-

Break

-

Goethe University Frankfurt session - (local time 11:00 – 13:00 CEST)

-

Q&A

-

Break

-

Swedish House of Finance session (local time 13:30 – 15:30 CEST)

-

Q&A

-

Break

-

University of Oxford and Imperial College London session - (local time 15:00 – 17:00 BST)

-

Q&A

-

Break

-

Columbia University session - (local time 12:15 – 14:15 EDT)

I. Government responses to the pandemic crisis

-

The Fed to the rescue: Unprecedented scope; stretched authority

Speaker(s)

-

The role of the Fed in containing the fallout: Made central but now exposed

Speaker(s)

-

What Wall Street got from the CARES Act

Speaker(s)

-

How to help small businesses survive COVID-19

Speaker(s)

II. Private responses to the pandemic crisis

-

COVID-19 as a force majeure in corporate transactions

Speaker(s)

III. Enduring questions through the pandemic lens

-

Corporate finance in the age of shadow banking

Speaker(s)

-

Short selling and short selling disclosure in a pandemic

Speaker(s)

-

Shareholder value, systematic stewardship, and the missing government

Speaker(s)

-

Q&A

-

Break

-

Harvard University session - (local time 14:30 – 16:30 EDT)

COVID-19, corporate finance stress, and bankruptcy

-

Macro costs of clogged bankruptcy courts?

Speaker(s)

-

The case against (ordinary) bankruptcy

Speaker(s)

-

Current bankruptcy practice and outdated bankruptcy law

Speaker(s)

-

Q&A

-

Break

Stanford University and Yale University session - (local time 14:00 – 15:20 PDT)

-

Q&A

Ends

Speakers

Jennifer Hill

Bob Baxt AO Chair in Corporate and Commercial Law
Monash University
Research Member

Woochan Kim

Professor of Finance
Korea University Business School
Research Member

Luh Luh Lan

Associate Professor
National University of Singapore
Research Member
Profile picture for user Dan Puchniak - 2321

Dan Puchniak

Professor
Singapore Management University, Yong Pung How School of Law
Research Member

Amir Licht

Professor of Law
Harry Radzyner Law School, Reichman University
Research Member
davidoff

Steven Davidoff Solomon

Alexander F. and May T. Morrison Professor of Law
University of California, Berkeley School of Law
Research Member

Ian Ramsay

Redmond Barry Distinguished Professor Emeritus
University of Melbourne
Research Member
kristin

Kristin van Zwieten

Clifford Chance Associate Professor of Law and Finance
Law Faculty, University of Oxford
Research Member

Eugene Kandel

Director, Center for Corporate Governance
Hebrew University of Jerusalem
Research Member
Tobias Troeger

Tobias Tröger

Professor of Private Law, Commercial and Business Law
Leibniz Institute SAFE, Goethe University Frankfurt, House of Finance
Research Member

Lucrezia Reichlin

Professor of Economics
London Business School, Centre for Corporate Governance
Research Member

Jan Pieter Krahnen

Professor of Finance
Center for Financial Studies (CFS), Leibniz Institute SAFE, Goethe University Frankfurt
Research Member

Yishay Yafeh

Professor
School of Business Administration, the Hebrew University of Jerusalem
Research Member

Luca Enriques

Professor of Business Law
Bocconi University, Department of Legal Studies
Fellow, Research Member

John Armour

Professor of Law and Finance
University of Oxford, Faculty of Law
Fellow, Research Member
Petra Hedengran

Petra Hedengran

General Counsel and Head of Corporate Governance and Compliance
Investor AB

Colin Mayer

Emeritus Professor of Management Studies
Blavatnik School of Government and Saïd Business School, University of Oxford
Fellow, Research Member

Renée Adams

Professor of Finance
University of Oxford
Fellow, Research Member

Jeffrey Gordon

Richard Paul Richman Professor of Law and Co-Director, Millstein Center for Global Markets and Corporate Ownership
Columbia Law School
Fellow, Research Member
kate judge

Kathryn Judge

Harvey J. Goldschmid Professor of Law
Columbia Law School
Research Member

John Coffee

Adolf A. Berle Professor of Law
Columbia Law School
Fellow, Research Member

Katharina Pistor

Michael I. Sovern Professor of Law
Columbia Law School
Fellow, Research Member

John Coates

John F. Cogan, Jr. Professor of Law and Economics, Research Director, Center on the Legal Profession
Harvard Law School / Harvard Business School
Fellow, Research Member
Mark Roe

Mark Roe

David Berg Professor of Law
Harvard Law School
Fellow, Research Member
Luigi Zingales

Luigi Zingales

Robert C. McCormack Professor Entrepreneurship & Finance
University of Chicago, Booth School of Business
Fellow, Research Member

David Skeel

S. Samuel Arsht Professor of Corporate Law
University of Pennsylvania - School of Law
Research Member

Jonathan Macey

Sam Harris Professor of Corporate Law, Securities Law and Corporate Finance
Yale Law School
Research Member

Ronald Gilson

Charles J. Meyers Professor of Law and Business
Columbia Law School & Stanford Law School
Fellow, Research Member

Global webinar report 2020

Read the report

Past events in this series

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Contact

Elaine McPartlan
European Corporate Governance Institute (ECGI)
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