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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ECGI Annual Members’ Meeting 2020

ECGI Annual Members’ Meeting 2020

The 2020 ECGI Annual Members’ Meeting took place online on 15 October 2020.

Open to the public (15 October):

The 2020 Wallenberg Lecture

Panel Discussion

Prize Sessions

ECGI Members only:

ECGI General Assembly Meeting (15 October)

To access the agenda and papers for the AGM (15 October 2020) 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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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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SMEs, Families and Capital Markets

SMEs, Families and Capital Markets

There is increasing evidence of the positive role played by family firms, including both publicly listed and privately owned entities. However, one of the main challenges for family businesses is succession. It is becoming more complex due to changes in family, management and governance systems. Sound governance reduces conflicts of interest, maintains family harmony, and creates value for all stakeholders.

Business transfer is a critical milestone in the life of many family businesses that with the ageing of the population of entrepreneurs becomes even more acute. Additionally, in the Central and Eastern European markets, the first generation of entrepreneurs is nearing retirement, which means that for many firms in these countries the transfer of family business stock happens for the first time.

To address these issues, 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 small and medium-sized enterprises (SMEs), which are predominantly family-owned, to raise capital through public markets. This conference examined these tendencies.

Organisers

Prof. Marco Becht, Solvay Brussels School (Brussels) and ECGI

Prof. Anete Pajuste, Stockholm School of Economics (Riga) and ECGI

Contact

Queries should be directed to Anete Pajuste (anete.pajuste@sseriga.edu)

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New Research on Executive Compensation and on Sustainability

New Research on Executive Compensation and on Sustainability

***This event was by invitation only***

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New Research on Executive Compensation and on Sustainability

16-17 December 2019: Bar-Ilan University, Ramat-Gan

Monday 16 December

Weisfeld Hall, Feldman building (301)

Tuesday 17 December

Economics and Business Administration Building (504), Auditorium 10, ground floor

Jointly organized by

European Corporate Governance Institute (ECGI)

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

With financial support from

European Corporate Governance Research Foundation (ECGRF)

Raymond Ackerman Family Chair in Israeli Corporate Governance