ECGI Appoints Five New Fellows

ECGI is proud to announce the appointment of five new Fellows to add to its distinguished ranks. The new Fellows, who were drawn from academia in Europe and the United States, were elected by their peers, the existing Fellows of ECGI. The committee responsible for the process is currently chaired...
18 October 2019


Tue 05 November 2019 > Thu 07 November 2019

[Tokyo] Waseda Institute for Advanced Study (WIAS) conducted this 3-day international seminar which wrapped up past research activities and explored new issues to be challenged concerning this research project.

Fri 06 December 2019

[NYC] The Institute for Corporate Governance & Finance at NYU will host a roundtable on the subject "For Whom is the Corporation Managed?" on Friday 6 December 2019

Featured papers

Stakeholder Impartiality: A New Classic Approach for the Objectives of the Corporation

The stockholder/stakeholder dilemma has occupied corporate leaders and corporate lawyers for over a century.  Most recently, the Business Roundtable, in a complete turnaround of its prior position, stated that “the paramount duty of management and of boards of directors is to the...

Amir Licht
25 September 2019

Getting Tired of Your Friends: The Dynamics of Venture Capital Relationships

The received wisdom is that stronger relationships reinforce over time and lead to better deals. Examining investor relationships in the venture capital (VC) industry we challenge this received wisdom by identifying circumstances where relationships weaken over time, and can even lead to lower...

Qianqian Du
Thomas Hellmann
19 September 2019

Self-Driving Corporations?

What are the implications of artificial intelligence (AI) for corporate law? In a recent essay, we consider the trajectory of AI’s evolution, analyze the effects of its application on business practice, and investigate the impact of these developments for corporate law. Overall, we claim that...

John Armour
Horst Eidenmüller
10 September 2019

Trading and Shareholder Voting

Recent regulatory reforms in advanced economies have empowered shareholders by letting them vote on executive compensation, corporate transactions, changes to the corporate charter, and social and environmental proposals. This shift of power from boards to shareholders assumes that shareholder...

Doron Levit
Nadya Malenko
Ernst Maug
02 October 2019

Working papers

Addressing the Auditor Independence Puzzle: Regulatory Models and Proposal for Reform

Auditors play a major role in corporate governance and capital markets. Ex ante, auditors facilitate firms’ access to finance by fostering trust among public investors. Ex post, auditors can prevent misbehavior and prevent financial fraud by...Read more

Martin Gelter
Aurelio Gurrea-Martinez
10 November 2019

Defined Contribution Plans and the Challenge of Financial Illiteracy

Retirement investing in the United States has changed dramatically. The classic defined-benefit (DB) plan has largely been replaced by the defined contribution (DC) plan. With the latter, individual employees’ decisions about how much to save for...Read more

Jill Fisch
Annamaria Lusardi
Andrea Hasler
07 November 2019

Extended Shareholder Liability for Systemically Important Financial Institutions

Regulators generally have tried to address the problems posed by the excessive risk-taking of Systemically Important Financial Institutions (SIFIs) by placing restrictions on the activities in which SIFIs engage. However, the complexity of these...Read more

Luca Enriques
Jonathan Macey
07 November 2019



Prof. Vicente Cuñat presents his paper on "Active Owners and Firm Policies" at the 2019 Global Corporate Governance Colloquia (GCGC) at Goethe University Frankfurt, Germany. Discussion of the paper is then presented by Prof. Oğuzhan Karakaş.

01 August 2019

Prof. Jennifer Hill presents her paper on "Corporate Culture and Liability" at the 2019 Global Corporate Governance Colloquia (GCGC) at Goethe University Frankfurt, Germany. Discussion of the paper is then presented by Prof. Edward Rock

01 August 2019

Prof. Enrichetta Ravina presents her paper on "Investor Ideology" at the 2019 Global Corporate Governance Colloquia (GCGC) at Goethe University Frankfurt, Germany. Discussion of the paper is then presented by Prof. Holger Spamann.

31 July 2019

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 Corporate Finance
Erasmus University Rotterdam
Real name: 
Research Member
Gösta Olsson Professor of Finance
Stockholm School of Economics

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.