Bail-outs and Bail-ins are better than Bankruptcy

Bail-outs and Bail-ins are better than Bankruptcy


The sixth seminar in the ECGI Spotlight Series was held on Monday, 28 June 2021 at 16:00 CEST (10:00 EST).

The seminar focused on the research papers from the ECGI Working Paper Series:

Kristin van Zwieten, Horst Eidenmüller and Oren Sussman:

Bail-outs and Bail-ins are better than Bankruptcy: A Comparative Assessment of Public Policy Responses to COVID-19 Distress  (August 20, 2020)

About the event

COVID-19 has severely disrupted the conduct of business around the globe. In jurisdictions that impose one or more ‘lockdowns’, multiple sectors of the real economy must endure prolonged periods of reduced trading or even total shutdowns. The associated revenue losses will push many businesses into bankruptcy. No public policy response can recover these losses.

States can, however, act to reduce the amplification of the shock by the way in which they treat the cohort of newly bankrupt businesses. In jurisdictions where a well-functioning reorganisation procedure can produce value maximising outcomes in normal conditions, the temptation may be to subject this cohort to such procedures. This temptation should be resisted, not only because of the (significant) costs of these procedures, or because of concerns about institutional capacity to treat a high volume of cases, but also because such procedures are likely to be a poor ‘fit’ for the treatment of COVID-19 distress.

The more attractive routes to relief are bail-ins (one-time orders to creditors or counterparties, or some class thereof, to forgive), bail-outs (offers to assume the debtor’s liabilities, or a class thereof), or some combination of the two. In this paper, the authors explain why a public policy response is necessary to mitigate the amplification of the shock caused by trading shut-downs, and we compare treatment by the prevailing bankruptcy law with treatment by bail-ins or bail-outs along a range of dimensions. They conclude by suggesting principles to help guide the choice between bail-ins and bail-outs, and the design of either form of intervention. These principles should offer a useful starting point for thinking about the design and delivery of novel forms of relief to debtors distressed by COVID-19 related revenue losses.

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) | Geeyoung Min

Supported by


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Fifth Annual Mergers and Acquisitions Research Centre Conference

Fifth Annual Mergers and Acquisitions Research Centre Conference

Fifth Annual Mergers and Acquisitions Research Centre Conference 

Monday, 28 June 2021 | 12:00 – 16:00 BST  (13:00 – 17:00 CEST)

Tuesday, 29 June 2021 | 12:00 – 16:00 BST  (13:00 – 17:00 CEST)

Organised by

Scott Moeller (M&A Research Centre, City, University of London)

Anh Tran (City, University of London)

Paolo Volpin (City, University of London and ECGI)

About the event

Since 2016, the annual MARC conference has brought together cutting-edge research and practice on M&A by leading professors and industry experts around the world. Topics span a broad array of issues related to M&A such as deal structure from financing to integration, activism, regulatory changes, domestic and cross border transactions and corporate social responsibility among others. The conference was held in cooperation with the European Corporate Governance Institute (ECGI). We are honoured to have many world-leading academic experts in the field of M&A serving in our programme committee.

The MARC conference is among the most selective high-quality conferences in the field. The papers presented at the conference are at the forefront of knowledge and of high academic rigour, as evidenced by a high acceptance rate in the top three academic journals in accounting and finance. As of January 2021, four out of eight papers presented at the first conference in 2016 have been published in the Journal of Finance and the Review of Financial Studies. Four out of seven papers presented at the second conference in 2017 have been published in the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Accounting Research.

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A New Concept of the Corporation: Part 4

A New Concept of the Corporation: Part 4


A Webinar Series on:

A New Concept of the Corporation

Part 4 | The Role of Institutional Investors

Part 4 of this series was held on:

Friday, 18 June 2021

16:00 – 17:30 JST | 09:00 – 10:30 CEST | 08:00  – 09:30 BST


Icko Suzuki (Waseda University and ECGI)

About the event

Over the last few years, and particularly since the onset of COVID-19, the purpose of the corporation has been the subject of active debate. In place of shareholder value maximization, new definitions of corporate purpose have been proposed, and their implications for law, regulation, ownership, governance, measurement and performance of business have been much discussed.

On the occasion of the publication of the Japanese translation of Colin Mayer’s book “Prosperity: Better Business Makes the Greater Good” in March 2021, WBF (Institute of Business and Finance, Waseda University, together with RIETI (Research Institute of Economy, Trade and Industry) and ECGI (European Corporate Governance Institute), jointly organized a webinar series on the new concept of the corporation, the EU/UK experience and its lessons for Japanese corporate governance reforms.

Details of This Webinar

Language: English (Japanese simultaneous interpretation was provided)

  • Topics
  • Environmental, Social and Governance (ESG) and sustainable finance
  • Ownership of companies by long-term shareholders and portfolio investors
  • Engagement and stewardship by institutional investors
  • PRI signatories, do they really “walk the talk”?
  • Accounting, measurement and valuation of corporate purpose
  • Regulation of institutional investment
  • The EU/UK/US experience of institutional investment and engagement
  • Implications for Japan

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Corporations and Covid-19

Corporations and Covid-19

Corporations and Covid-19

 A European Corporate Governance Institute (ECGI) Project

in collaboration with
The University of Oxford, Saïd Business School
Review of Corporate Finance Studies (RCFS)
The Review of Financial Studies (RFS),

Supported by

Norges Bank Investment Management

Online Workshop | 17 June 2021
Conference | University of Oxford | 2 June 2022


The Covid-19 pandemic is an unprecedented shock that has required unique responses from many corporations. Understanding how they have responded is of first-order importance for the fields of corporate governance, corporate finance and stewardship. While some insights begin to emerge, others will take time and depend on more complete data sets to become available, such as financial statements and governance records for 2020.

Such data typically comes from annual reports and proxy statements. US companies with a December 31 fiscal year hold their annual meetings in the spring. They typically file their annual reports by the end of March, but in 2019, some 30 percent of the 7,000 reports were filed in April and later. While firms also publish quarterly data, most release comprehensive annual data only 90 days after their fiscal year-end, so the earliest date that a large sample of data on US firms will be available is April 2021. These dates may be similar or even later for firms in other countries.

To provide a forum for scholars analysing corporate responses to the pandemic that are informed by comprehensive datasets, The European Corporate Governance Institute (ECGI), in collaboration with the University of Oxford, the Review of Corporate Finance Studies (RCFS) and the Review of Financial Studies (RFS), organised an online workshop in 2021 and subsequent will host a physical conference in 2022 on ‘Corporations and Covid-19’. The two events are part of a wider ECGI project funded by Norges Bank Investment Management.


Organising Committee

Renée Adams (Chair), University of Oxford and ECGI
Marco Becht, Solvay Brussels School, Université libre de Bruxelles and ECGI
Andrew Ellul, Indiana University and ECGI (Sponsoring Editor, Review of Corporate Finance Studies)
Itay Goldstein, Wharton School (Sponsoring Editor, Review of Financial Studies)
Jiri Knesl, University of Oxford
Holger Mueller, New York University and ECGI (Sponsoring Editor, Review of Financial Studies)
Paola Sapienza, Northwestern University and ECGI

Programme Committee

Bo Becker, Stockholm School of Economics and ECGI
Alon Brav, Duke University and ECGI
Claire Celerier, University of Toronto
Rudy Fahlenbrach, EPFL – Ecole Polytechnique Fédérale de Lausanne and ECGI
Lily Fang, Insead
Daniel Ferreira, London School of Economics and ECGI
Ron Gianmmarino, University of British Columbia, Sauder School of Business
Mariassunta Giannetti, Stockholm School of Economics and ECGI
Mireia Giné, IESE Business School – University of Navarra and ECGI
Rainer Haselmann, Goethe University
Bige Kahraman, University of Oxford
Matti Keloharju, Aalto University
Theresa Kuchler, NYU Stern
Mark Leary, Washington University in St. Louis
Nadya Malenko, University of Michigan and ECGI
Adair Morse, University of California, Berkeley
Kasper Nielsen, Copenhagen Business School
Charlotte Østergaard, BI Norwegian Business School and ECGI
Paige Ouimet, University of North Carolina
Yihui Pan, University of Utah
Giorgia  Piacentino, Columbia Business School
Markus Schmid, University of St Gallen
Nicolas Serrano Velarde, Bocconi University
Kelly Shue, Yale University
Boris Vallee, Harvard Business School
Yongxiang Wang, Shenzhen Finance Institute
Yupana Wiwattanakantang, National University of Singapore (NUS) and ECGI
Yishay Yafeh, The Hebrew University of Jerusalem and ECGI
Tracy Yue Wang, University of Minnesota



Programme queries:

Administrative queries:

We are no longer accepting submissions for the June 2021 online workshop.

A second call for papers will issue in summer 2021 for the 2022 conference.

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The History of the Corporation

The History of the Corporation

Thursday, 10 June 2021

09:00 – 16:00 EDT | 15:00 – 22:00 CEST


Henry Hansmann (Oscar M. Ruebhausen Professor Emeritus of Law, Yale Law School and ECGI)

Naomi Lamoreaux (Stanley B. Resor Professor of Economics & History, Yale University)


About the event

In anticipation of the sixth Global Corporate Governance Colloquium, which was held online on 11-12 June 2021, the organisers presented a virtual workshop on ‘The History of the Corporation’ on 10 June 2021. The workshop highlighted the Imperial Russia, turn of the century Egypt and China, Edwardian Britain and the Gilded Age US, exploring issues of corporate governance that continue to resonate in the present day. The morning sessions will examine the relative performance of western-style corporations and their indigenous alternatives in Russia, Egypt, and China. The afternoon papers re-examined structures of corporate governance and control in the US and Britain in the late-nineteenth and early-twentieth centuries. The conference concluded with commentary that draws out the broader implications of these historical studies, setting up themes.


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