Sustainable Finance and Corporate Governance

Sustainable Finance and Corporate Governance

The live stream of this event is currently available to watch at:

Day 1: https://www.youtube.com/watch?v=l9lw0ZrTOPo

Day 2: https://www.youtube.com/watch?v=gikLaetHrX0

Day 3: https://www.youtube.com/watch?v=tseyvXaaQ5E

About the Event:

This event was co-sponsored by the Swedish House of Finance (SHoF) at Stockholm School of Economics, the European Corporate Governance Institute (ECGI) and the European Corporate Governance Research Foundation (ECGRF).

The conference followed the 2020 ECGI Annual Lecture and associated meetings which was held on October 15. The programme for 15 October, which was open to the public, included a lecture by Nobel Laureate Prof. Oliver Hart (Harvard University and ECGI). See separate programme and publication available on the ECGI website.

This conference brought together leading academics with participants from industry and government. The first day of the conference featured keynote presentations and panel discussions, primarily targeted at a non–academic audience. The second and third conference days consisted of presentations of current research.

To download the programme please see below:

Event programme

Supported by:

                                             

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For Whom is the Corporation Managed in 2020?: The Debate over Corporate Purpose

For Whom is the Corporation Managed in 2020?: The Debate over Corporate Purpose

A GLOBAL ONLINE SEMINAR SERIES FROM THE EDITORS OF THE ECGI WORKING PAPER SERIES

The second seminar in the ECGI Spotlight Series took place on 14 September 2020 at 16:00 CEST (10:00 EDT).

You can download Edward Rock’s presentation slides here.

You can download the working paper here.

ABOUT THIS EVENT

A high profile public debate is taking place over one of the oldest questions in corporate law, namely, “For whom is the corporation managed?”. In addition to legal academics and lawyers, high profile business leaders and business school professors have entered the fray and politicians have offered legislative “fixes” for the “problem of shareholder primacy.”

In this article, the author takes this debate to be an interesting development in corporate governance and tries to understand and explain what is going on. Prof. Rock argues that, analytically and conceptually, there are four separate questions being askedFirst, what is the best theory of the legal form we call “the corporation”?  Second, how should academic finance understand the properties of the legal form when building models or engaging in empirical research? Third, what are good management strategies for building valuable firms? And, finally, what are the social roles and obligations of large publicly traded firms?  He argues that populist pressures that emerged from the financial crisis, combined with political dysfunction, have led to the confusion of these different questions, with regrettable results.

The ECGI Spotlight Series is a global online seminar programme highlighting chosen papers from the ECGI Working Paper Series.

Spotlight Team:
Mike Burkart (Editor) | Miriam Schwartz-Ziv | Amir Licht (Editor) | Tom Vos
Contact: Spotlight@ecgi.org     

Supported by

                                                                             

 

     

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Active Short Selling by Hedge Funds

Active Short Selling by Hedge Funds
A GLOBAL ONLINE SEMINAR SERIES FROM THE EDITORS OF THE ECGI WORKING PAPER SERIES

The inaugural seminar in the ECGI Spotlight Series took place on 13 July 2020. The series was introduced by the Chair of ECGI, Professor Lucrezia Reichlin and the Executive Director, Professor Marco Becht.

ABOUT THIS EVENT

Short sellers play an important role in the transmission of negative information into price. Because short selling leads to negative price pressure, short sellers have been cast as villains throughout history. Following the crash of 1929, for example, the U.S. Senate released the names of large short sellers in an attempt to brand them as “unpatriotic.” Perhaps because of this negative sentiment, investors are often reluctant to publicly disclose short positions.

Yet, recent years have seen a new phenomenon: high-profile short-selling campaigns by hedge funds. David Einhorn’s short of Allied Capital provides an illustrative example. In May of 2002, Einhorn announced a short position in Allied at an investment conference, arguing the firm engaged in questionable accounting practices. Allied’s stock price dropped by over 10% the following day, and by the next month its short interest increased sixfold.

In this study, the authors undertake a comprehensive analysis of short-selling campaigns by hedge funds, showing that, consistent with anecdotal evidence, the prevalence of campaigns has increased considerably in recent years. They also find that such campaigns are associated with abnormal returns for targets of approximately -7% as well as changes in the behaviour of stakeholders (e.g., other short sellers). Campaigns are primarily undertaken by activist hedge funds, particularly those that have more experience or employ hostile tactics.

The ECGI Spotlight Series is a global online seminar programme highlighting chosen papers from the ECGI Working Paper Series.

Spotlight Team:
Mike Burkart (Editor) | Miriam Schwartz-Ziv | Amir Licht (Editor) | Tom Vos
Contact: Spotlight@ecgi.org

Supported by

           

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Governance Reforms from Comparative Perspectives

Governance Reforms from Comparative Perspectives

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.

Supported by

JSPS Core-to-Core Program*

* (Administrative office: Waseda Institute for Advanced Study (WIAS))

Waseda Business School (WBS)

The Research Institute of Economy, Trade and Industry (RIETI)

Development Bank of Japan, Research Institute of Capital Formation (DBJ-RICF)

The Japan Economic Research Institute (JERI)

European Corporate Governance Institute (ECGI)

                                           

                                                                                                                                                                                                     

   Venues

5 November 6 November 7 November
    The Research Institute of Economy,
Trade and Industry (RIETI)
  Waseda University,
Nihonbashi Campus
Otemachi Financial City
(South Tower 3F Conference Center)

                                            

Contactwias-core@list.waseda.jp

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Divest or Engage? Strategies for Responsible Investing

Divest or Engage? Strategies for Responsible Investing

About the event:

Pension fund beneficiaries increasingly expect that the savings entrusted to them are invested responsibly. Students, faculty and alumni expect the same for university endowments. Retail funds marked as sustainable enjoy large inflows, especially in Europe. Most institutional and retail investment managers have made a public commitment to sustainable and responsible investing (SRI).

How should asset owners and investment managers incorporate environmental, social and governance (ESG) criteria into their strategy? Is active management superior because fund managers can select companies with best practices and avoid companies with poor ESG records? Do index funds engage sufficiently and what impact do they have? Should funds divest from businesses or sectors whose product or conduct are deemed unacceptable?

This conference, co-hosted by the Centre for Endowment Asset Management (CEAM) and the European Corporate Governance Institute (ECGI), brought together the latest academic thinking and research to address questions of how best to incorporate ESG concerns into investment portfolios.

Organisers:

Marco Becht, Solvay Brussels School, ECGI and CEPR

Elroy Dimson, University of Cambridge and ECGI

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

Oğuzhan Karakaş, University of Cambridge and ECGI

Vaska Atta-Darkua, Cambridge Judge Business School

Contact:

Please contact the Conference team at the Centre for Endowment Asset Management:

ceam@jbs.cam.ac.uk

Location:

The Howard Building
Downing College
Regent Street
Cambridge
CB2 1DQ

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