Debunking the Centros Risks, after Twenty Years

March 2019 marked the twentieth anniversary of the landmark Centros case. It was the first of three judgments in which the (then) European Court of Justice affirmed companies’ freedom of establishment, creating the conditions for (often-feared) regulatory arbitrage and competition in corporate law...
24 May 2019


Fri 05 July 2019

Corporations, and other forms of business associations, have been the subject of intense study including their history, governance, and obligations to stakeholders and the public at large...

Mon 08 July 2019 > Tue 09 July 2019

The Technology, Governance and Regulation Conference in Jerusalem is hosted by the Jerusalem School of Business Administration at the Hebrew University...

Featured papers


Rumours of the Death of the American Public Company are Greatly Exaggerated

For at least a century, the publicly traded firm has dominated America’s corporate economy.  Might this era be coming to an end?  There has been much speculation along these lines.  For instance, in late 2018 distinguished corporate law academic Frank Partnoy hailed in the Atlantic (...

Brian Cheffins
13 April 2019

Accounting for Financial Stability: Lessons from the Financial Crisis and Future Challenges

The 2008 financial crisis set off a major debate about the role of accounting for financial stability. Politicians, policymakers and commentators were quick to point to fair-value or mark-to-market accounting (FVA) – the practice to recognizing assets at market prices – as a culprit. The claim...

Jannis Bischof
Christian Laux
Christian Leuz
15 April 2019

Private Benefits and Corporate Investment and Financing Decisions: The Case of Corporate Philanthropy

What is the (opportunity) cost of private benefits of control? In our study “Private Benefits and Corporate Investment and Financing Decisions: The Case of Corporate Philanthropy” we measure private benefit of control using the dollar cost of corporate giving. We show that (i) the consumption of...

Ronald Masulis
Syed Walid Reza
05 April 2019

The Threat of Intervention

One of the fundamental issues in modern corporate finance is the problem of separation of firm ownership from control. The gap between management and shareholders is potentially wide and the danger is great for agency problems to divert a widely-held firm's resources from their efficient use. If...

Vyacheslav Fos
Charles Kahn
03 April 2019

Working papers



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
Associate Professor of Finance
Stockholm School of Economics
Research Member
Norma Z. Paige Professor of Law
New York University School of Law
Real name: 
Research Member
Associate Professor
National University of Singapore

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.