Differential Voting Shares

Differential Voting Shares

Jointly organized by

European Corporate Governance Institute (ECGI)

Raymond Ackerman Family Chair in Israeli Corporate Governance, Bar-Ilan University


Confirmed Participants

Lucian Bebchuk, Harvard Law School and ECGI

Kobi Kastiel, Tel Aviv University

Hyunseob Kim, Cornell University

Beni Lauterbach, Bar Ilan University and ECGI

Suman Banerjee, Stevens Institute of Technology

Dorothy Shapiro Lund, University of Chicago Law School

David Reeb, National University of Singapore

Marco Becht, Université libre de Bruxelles and ECGI

Jesse Fried, Harvard Law School and ECGI

Konrad Raff, Norwegian School of Economics

Yishay Yafeh, The Hebrew University of Jerusalem and ECGI

Ernst Maug, University of Mannheim Business School and ECGI

Andrew Ellul, Kelley School of Business, Indiana University and ECGI

Ting Xu, Darden School of Business

Amir Licht, Interdisciplinary Center Herzliya and ECGI

Meni Abudy, Bar-Ilan University

Anete Pajuste, The Stockholm School of Economics in Riga and ECGI

Assaf Hamdani, Tel Aviv University

Sivan Frenkel, Tel Aviv University

Kate Litvak, Northwestern University

Bernard Black, Northwestern University


With financial support from

European Corporate Governance Research Foundation (ECGRF)

Raymond Ackerman Family Chair in Israeli Corporate Governance


This conference was supported by:

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4 May 2018 – ECGI Annual Lecture

Date: 4 May 2018
Time: 11:00 
Location: ESMT, Berlin

Event: ECGI Annual Lecture (open to the public – registration required)
Speaker: Professor Antoinette Schoar
Topic: “Is Big Data a Challenge for Boards?”

The 2018 ECGI Annual Lecture took place in ESMT, Berlin on 4 May 2018. The lecture “Is Big Date a Challenge for Boards?” was delivered by Prof. Antoinette Schoar (MIT Sloan School of Management). The ECGI annual lecture is open to the public and is free of charge.

Loyalty Shares

Loyalty Shares

*** Click here to access the event report ***

Hosted by:

*** This Event was by invitation only. ***

(ECGI Institutional and Patron Members may submit attendance requests by email however spaces are limited)

The Roundtable focused on loyalty shares as a legal solution for encouraging long-term ownership, a concept that is promoted by policy makers, including the European Commission, some institutional investors and issuers. Loyalty shares that confer additional voting rights have a long tradition in France and were recently introduced in Italy. They are also expected to be introduced in an ongoing reform of Belgian company law. Loyalty shares with “tenure voting” or “time-phased voting” are also found in the United States. They have gained prominence recently through the proposal to create a “Long Term Stock Exchange” (LTSE). Loyalty shares might also confer additional cash-flow rights to long-term holders. The ECGI Roundtable will critically examine these developments. What are the practical difficulties associated with the operation of loyalty share structures? Does the default rule matter? Do IPO rules matter? Do loyalty shares really promote long-term ownership or do they serve as a “stealth” entrenchment device for controlling shareholders or boards? Are loyalty shares less transparent than other control-enhancing mechanisms, for example dual-class shares?

Background Reading

1. Bolton, P., & Samama, F. (2013). Loyalty‐Shares: Rewarding Long‐term Investors. Journal of Applied Corporate Finance, 25(3), 86-97. (Access here)

2. Cremers, Martijn and Pareek, Ankur and Sautner, Zacharias. Short-Term Investors, Long-Term Investments, and Firm Value (March 14, 2017). (Access here)

3. Becht, Marco and Kamisarenka, Yuliya and Pajuste, Anete. Loyalty Shares with Tenure Voting – a Coasian Bargain? Evidence from the Loi Florange Experiment (April 2018). (Access here)

4. Bebchuk, L. A., & Kastiel, K. (2017). The Untenable Case for Perpetual Dual-Class Stock. Va. L. Rev., 103, 585 (Access here)

5. Bebchuk, Lucian A. and Kastiel, Kobi. The Perils of Small-Minority Controllers (February 1, 2018). Forthcoming, Georgetown Law Journal. (Access here)

6. Croci, Ettore. Controlling-Enhancing Mechanisms: Loyalty Shares and Multiple-Voting Shares in Italy (June 2018). (Access here)



Marco Becht, Solvay Brussels School, ECGI and CEPR

Luca Enriques at the University of Oxford and ECGI 

Financial Support from:


Book Launch: The Oxford Handbook of Corporate Law and Governance

Book Launch: The Oxford Handbook of Corporate Law and Governance

Click here for the event summary report. 

Click here to read the report on the Oxford Business Law Blog 

The launch conference of the Oxford Handbook of Corporate Law and Governance, edited by Jeffrey N. Gordon and Wolf-Georg Ringe and published by Oxford University Press, was held in Oxford on Friday May 11, 2018. Speakers included Ronald J. Gilson (Columbia/Stanford), Mark Roe (Harvard), Colin Mayer (Oxford), and Simon Deakin (Cambridge).


Registration is now closed.

For further information on the Handbook, please see https://global.oup.com/academic/product/the-oxford-handbook-of-corporate-law-and-governance-9780198743682


Jeffrey N. Gordon (Columbia Law School and ECGI)

Wolf-Georg Ringe (University of Hamburg, University of Oxford)

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ECGI Annual Members’ Meeting 2018

ECGI Annual Members’ Meeting

** Click here to access the summary report from the event **

The 2018 ECGI Annual Members’ Meeting took place at ESMT, Berlin on 3 – 4 May 2018. 

Open to the public:

Focus Panel (3 May)

Oxford-Style Debate (3 May)

Annual Lecture (4 May)

Working Paper Prizegiving (4 May)


Members only:

Members dinner (3 May)

EGM and AGM (4 May)

To access the agenda and papers for the EGM and AGM (4 May 2018) please click here. Please note that you must be logged in to access these documents (members only). To log in, please enter your username (usually your email address) and your password in the top right of the website. If you do not know your password, please select the reset password option and follow the instructions.

If you would like to become a member of ECGI, please click here to find out more.

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