Event Report: Global Shareholder Stewardship Conference

The Global Shareholder Stewardship Conference, which was held at King’s College London on 23-24 September 2019, examined 19 different national stewardship codes/principles as well as the amended EU Shareholder Rights Directive (SRD II), the EFAMA stewardship code and the ICGN Global Stewardship...
3 February 2020


Fri 06 December 2019

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

Fri 19 June 2020

[Riga] One of the priorities mentioned in the Entrepreneurship 2020 Action Plan of the European Commission is “easing business transfers”, for example, through reducing cross-border inheritance tax obstacles, improving information and advice services, and other initiatives. Likewise, stock exchanges are attempting to ease obstacles for SMEs, that are predominantly family-owned, to raise capital through public markets. The conference will examine these tendencies. 

Featured papers


CEO Political Ideology, Shareholder Primacy and Dividend Policy

What is the purpose of a corporation? While common law, which prevails in Anglo-Saxon countries, prescribes that the purpose of a firm is to maximize shareholder value, other legal systems tend to accord at least some importance to stakeholders other than the shareholders. For example, the...

Ali Bayat
Marc Goergen
20 January 2020

Disclosure Regulation and Corporate Acquisitions

While disclosure regulation is often viewed as critical in promoting capital formation and the well-functioning of capital markets, tightening disclosure rules could have important tradeoffs. These tradeoffs are especially pronounced and yet barely studied in the case of the takeover market. The...

Pietro Bonetti
Miguel Duro
Gaizka Ormazabal
31 January 2020

Signaling Safety

In this paper we revisit a classic idea in finance and economics, namely the hypothesis that dividend changes convey information about firms’ future prospects. Contrary to prior literature we find strong support for the dividend signaling hypothesis, provided we properly define “firms’ future...

Roni Michaely
Stefano Rossi
Michael Weber
31 January 2020

Why Financial Regulation Keeps Falling Short

Modern finance is fast moving, complex, and the source of pervasive unknowns. Yet the processes governing how finance is regulated are typically slow, highly deliberative, and reflect optimistic assumptions about our ability to understand the financial system and the potential impact of...

Dan Awrey
Kathryn Judge
20 February 2020

Working papers

The Persistent Ownership Concentration of Private Firms

We find that ownership changes much less over time in private firms than in public firms. The average largest shareholder in private (public) Norwegian firms keeps the same stake in 82% (14%) of two consecutive years. This evidence suggests that...Read more

Øyvind Bøhren
Diana Iancu
Georgiana Radulescu
R. Øystein Strøm
26 March 2020

Low-carbon mutual funds

We show that mutual funds compete for climate-conscious investment flows. In April 2018, Morningstar introduced a climate-focused label for mutual funds. The release of the “Low Carbon Designation” induced reactions on both the demand and supply...Read more

Marco Ceccarelli
Stefano Ramelli
Alexander Wagner
19 March 2020



The ECGI Annual Lecture Panel Discussion on “The Economics of Firm Culture”, moderated by Prof. Marco Becht (Solvay Brussels School), composed of Dr. Beatrice Engström-Bondy (Investor AB) and Prof. Paola Sapienza (Kellogg School of Management). 

13 December 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
Arthur F. Burns Professor of Free and Competitive Enterprise
Columbia Business School
Real name: 
Fellow, Research Member
Professor of Finance
University of Oxford

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.