Working Papers: June - August 2024
The ECGI working paper series is a library of academic research papers produced by ECGI Research members consisting of highly qualified and renowned academics from across the globe. The papers focus on corporate governance topics in both law and finance fields. See all the working papers here.
Law Working Papers
Law Working Papers
JUNE
- The Genesis of the Takeover Directive
Blanaid J. Clarke, Trinity College Dublin and Rolf Skog, University of Gothenburg and ECGI | Access paper here
- Half the Firms, Double the Profits: Public Firms' Transformation, 1996-2022
Mark J. Roe, Harvard University and ECGI and Charles C. Y. Wang, Harvard University and ECGI | Access paper here
- The Italian Spacs Regulatory Regime: An Empirical Analysis of Aim Italia Spacs
Dmitri Boreiko, Free University of Bozen-Bolzano and Stefano Lombardo, Free University of Bozen-Bolzano, CRELE and ECGI | Access paper here
- Climate-Related Shareholder Activism as Corporate Democracy: A Call to Reform “Acting in Concert” Rules
Dan W. Puchniak, Singapore Management University and ECGI and Umakanth Varottil, National University of Singapore and ECGI | Access paper here
- The Unraveling of the Federal Home Loan Banks
Kathryn Judge, Columbia Law School and ECGI | Access paper here
- The Overlooked Reality of Shareholder Activism in China: Defying Western Expectations
Chun Zhou, Zhejiang University, Wei Zhang, Singapore Management University and Dan Puchniak, Singapore Management University and ECGI | Access paper here
- Culture and Law in Corporate Governance
Amir Licht, Reichman University and ECGI | Access paper here
JULY
- Money and Federalism
Dan Awrey, Cornell Law School and ECGI | Access paper here
- Lowballing under the EU Takeover Bid Directive: Strategies, Concerns, and Gold-Plating Remedies
Peter O. Mülbert, Johannes Gutenberg-Universität Mainz and ECGI and Alexander Sajnovits, Johannes Gutenberg-Universität Mainz | Access paper here
- ESG, Externalities, and the Limits of the Business Judgment Rule: TEPCO Derivative Suit on Fukushima Nuclear Accident and the Expansion of Caremark
Gen Goto, The University of Tokyo | Access paper here
- The inefficiency of hostile takeovers as a disciplinary mechanism: a theoretical analysis
Sang Yop Kang, Peking University and ECGI | Access paper here
- Finfluencers and other tech disruptions to corporate law - insights from South Korea and India
Akshaya Kamalnath, Australian National University College of Law | Access paper here
- Designing a New Framework to Regulate Hostile Takeovers in a Changing Japan
Bruce Aronson, New York University School of Law and Manabu Matsunaka, New York University School of Law | Access paper here
- The Social Dynamics of Corporate Insolvency Law and Workers/Employees of Distressed Companies: Comparing Select Asian Jurisdictions
Surbhi Kapur, O. P. Jindal Global University | Access paper here
- Corporate Governance and Firm Performance: An Implication from Japanese Listed Family Firms
Hokuto Dazai, Nagoya University, Takuji Saito, Keio University, Zenichi Shishido, Hitotsubashi University and Noriyuki Yanagawa, University of Tokyo | Access paper here
- The Defensive Measures Provisions of the Takeover Directive: From Ambition to Resignation to Distrust
Paul L. Davies, University of Oxford and ECGI and Alain Pietrancosta, University of Paris and ECGI | Access paper here
- Multiple-voting shares in Europe: A comparative law and economic analysis
Klaus J. Hopt, Max Planck Institute for Comparative and International Private Law and ECGI and Susanne Kalss, Vienna University of Economics and Business | Access paper here
- Corporate Governance for Carbon Majors
Matteo Gatti, Rutgers University and ECGI, Suren Gomtsian, London School of Economics and Political Science and Alessandro Romano, Bocconi University | Access paper here
AUGUST
- Publicly Traded Public Benefit Corporations: An Empirical Investigation
Jens Dammann, University of Texas at Austin and ECGI | Access paper here
- Contractual Remedies in Mergers: Lessons from Crispo v. Musk
Dhruv Aggarwal, Northwestern University, Albert H. Choi, University of Michigan and ECGI and Geeyoung Min, Michigan State University | Access paper here
- Corporate Governance in an Era of Geoeconomics
Curtis J. Milhaupt, Stanford University and ECGI | Access paper here
- Directors’ Positive Duty to Act in the Interests of the Entity: Shareholders’ Interests Bounded by Corporate Purpose
Susan Watson, University of Auckland and ECGI and Lynn Buckley, University of Auckland | Access paper here
- Price Inflation and Price Maintenance in Securities Fraud Class Actions
Richard A. Booth, Villanova University and ECGI | Access paper here
- The Unseen ‘Others’: A Framework for Investor Stewardship
Dionysia Katelouzou, Kings College London | Access paper here
- Basic Issues Surrounding the TOD‘s Transposition
Markus Roth, University of Marburg, Klaus J. Hopt, Max Planck Institute for Comparative and International Private Law and ECGI and Adam Opalski, University of Warsaw | Access paper here
Finance Working Papers
Finance Working Papers
JUNE
- Common Ownership and Hedge Fund Activism: An Unholy Alliance?
Zohar Goshen, Columbia University and ECGI and Doron Levit, University of Washington, CEPR and ECGI | Access paper here
- Family-Controlled Firms and Environmental Sustainability: All Bite and No Bark
Alexander Dyck, University of Toronto and ECGI, Karl V. Lins, University of Utah, Lukas Roth, University of Alberta and ECGI, Mitch Towner, University of Arizona and Hannes F. Wagner, Bocconi University, IGIER, and ECGI | Access paper here
- Corporate Social Responsibility Committee: International Evidence
Jenny Chu, University of Cambridge, Xi Li, London School of Economics and Political Science and ECGI and Yuxia (Sarine) Zou, Nanyang Technological University | Access paper here
- Leveling Up Your Green Mojo: The Benefits of Beneficent Investment
Xiting Wu, Shandong University, Jiaxing You, Xiamen University, Xiaoyun Yu, Shanghai Advanced Institute of Finance, ABFER, CAFR and ECGI and Qing (Clara) Zhou, Macquarie University | Access paper here
- Mental Models in Financial Markets: How Do Experts Reason About the Pricing of Climate Risk?
Rob Bauer, Maastricht University, ECCE and ECGI, Katrin Gödker, Bocconi University
Paul Smeets, University of Amsterdam and Florian Zimmermann, University of Bonn and IZA | Access paper here
JULY
- The Organization of Social Enterprise
Ofer Eldar, UC Berkeley School of Law and ECGI | Access paper here
- Voting on Public Goods: Citizens vs. Shareholders
Robin Döttling, Erasmus University Rotterdam, Doron Levit, University of Washington, CEPR and ECGI, Nadya Malenko, Boston College, NBER, FTG, CEPR and ECGI and Magdalena Rola-janicka, Imperial College Business School, FTG and CEPR | Access paper here
- Sue and Acquire: Evidence from Patent Lawsuits
Roni Michaely, Hong Kong University and ECGI, Yifang Xie, Georgetown University and Biwen Zhang, University of California, Berkeley | Access paper here
- Sustainable Organizations
Thomas Geelen, Pennsylvania State University, Copenhagen Business School, Danish Finance Institute, Jakub Hajda, HEC Montreal and Jan Starmans, Stockholm School of Economics | Access paper here
- Firm Commitments
Patrick Bolton, Imperial College London, CEPR, NBER and ECGI and Marcin Kacperczyk, Imperial College London and CEPR | Access paper here
- Continuity and Change on Corporate Boards
Peter Cziraki, Texas A&M University and Adriana Z. Robertson, University of Chicago and ECGI | Access paper here
- Carbon Emissions and the Bank-Lending Channel
Marcin Kacperczyk, Imperial College London and CEPR and José-Luis Peydró, Imperial College London, Universitat Pompeu Fabra and CEPR | Access paper here
- Divestment and Engagement: The Effect of Green Investors on Corporate Carbon Emissions
Matthew E. Kahn, University of Southern California and NBER, John G. Matsusaka, University of Southern California and Chong Shu, University of Utah | Access paper here
- Strategic Stake Acquisitions in Rival Firms: Common vs. Cross-Ownership
Vincenzo Denicolò, University of Bologna and CEPR and Fausto Panunzi, Bocconi University, IGIER, CEPR and ECGI | Access paper here
- Board Connections, Firm Profitability, and Product Market Actions
Radhakrishnan Gopalan, Washington University in St Louis, Renping Li, Washington University in St. Louis and Alminas Zaldokas, National University of Singapore and Hong Kong University of Science and Technology | Access paper here
- Arbitraging Labor Markets
Minrui Gong, University of Mannheim, Ernst G. Maug, University of Mannheim and ECGI and Christoph Schneider, University of Münster | Access paper here
- Sustainability Preferences: The Role of Beliefs
Rob Bauer, Maastricht University, ECCE and ECGI, Bin Dong, Maastricht University and Peiran Jiao, Maastricht University | Access paper here
AUGUST
- Resolving financial distress where property rights are not clearly defined: the case of China
Julian R. Franks, London Business School, CEPR and ECGI, Meng Miao, Renmin University and Oren Sussman, University of Oxford and ECGI | Access paper here
- Does Mandatory Bid Rule Discourage Acquisitions above the Threshold?
Yongjoon Lee, Korea University, Bushik Kim, Korea University and Woochan Kim, Korea University, AICG and ECGI | Access paper here
- Personal Bankruptcy Law and Innovation around the World
Douglas J. Cumming, Florida Atlantic University, University of Birmingham and ECGI, Randall K. Morck, University of Alberta, NBER, ABFER and ECGI, Zhao Rong, Zhongnan University of Economics and Law and Minjie Zhang, University of Windsor | Access paper here
- Do Firms Overuse Supplier Financing? Evidence from Global Board Reforms
Douglas J. Cumming, Florida Atlantic University, University of Birmingham and ECGI, Jared DeLisle, Utah State University, Jin Lei, Brock University and Zi Yang, McMaster University | Access paper here
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Bank payout policy, regulation, and politics
Rüdiger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne, SFI and ECGI, Minsu Ko, Monash University and René M. Stulz, The Ohio State University, ABFER, NBER, Wharton Financial Institutions Center and ECGI | Access paper here