Corporate Governance After the Crisis
13-14 January 2012

An academic conference organised by the Columbia Law School, the European Corporate Governance Institute, the Faculty of Law, University of Oxford and the Saïd Business School, University of Oxford, to be held at the Faculty of Law and the Saïd Business School, Oxford. Attendance is by invitation only.

Background | Programme | Directions | Accommodation and Travel

Some papers not yet publically available are password protected

Friday, 13 January 2012 (at the Cube, Faculty of Law)
8.30am-9.00am Conference Registration

Session 1 Are Banks Different?

9.00am-12.00pm
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Bank Governance after the Crisis: Is There a Case Against Shareholder Empowerment? (with Tom Kirchmaier, David Kershaw & Edmund Schuster)
Presented by:
Professor Daniel Ferreira, Professor of Finance, London School of Economics and Political Science (LSE) and ECGI Research Associate

Discussant:

Professor Thomas Noe, Ernest Butten Professor of Management Studies, Saïd Business School and ECGI Research Associate
Professor Daniel Ferreira, Professor of Finance, London School of Economics and Political Science (LSE) and ECGI Research Associate
Download paper Corporate Governance and Banks: What Have We Learned from the Financial Crisis? (with Hamid Mehran & Joel Shapiro)
Presented by:
Professor Alan Morrison
, Professor of Finance, Saïd Business School, University of Oxford and ECGI Research Associate

Discussant:

Professor Marco Pagano, Professor, Facoltà di Economia, Università di Napoli Federico II and ECGI Fellow
Professor Alan Morrison, Professor of Finance, Saïd Business School, University of Oxford and ECGI Research Associate
  Coffee Break (30 minutes)
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Inefficient provision of liquidity (with Luigi Zingales)
Presented by:
Professor Oliver Hart, Andrew E. Furer Professor of Economics, Department of Economics, Harvard University and ECGI Fellow

Discussant:

David Vines, Professor of Economics, University of Oxford

Professor Oliver Hart, Andrew E. Furer Professor of Economics, Department of Economics, Harvard University and ECGI Fellow
12.00-1.00pm Lunch

Session 2 Lessons for the governance of financial and non-financial firms

1.00-3.00pm
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Corporate Governance and Systemic Externalities
Presented by:
Professor John Armour
, Lovells Professor of Law and Finance, Oriel College, University of Oxford and ECGI Fellow, and
Professor Jeffrey Gordon, Richard Paul Richman Professor of Law, Columbia Law School and ECGI Fellow

Discussant:

Professor Reinier Kraakman, Ezra Ripley Thayer Professor of Law, Harvard Law School and ECGI Fellow
Professor John Armour, Lovells Professor of Law and Finance, Oriel College, University of Oxford and ECGI Fellow
Professor Jeffrey Gordon, Richard Paul Richman Professor of Law, Columbia Law School and ECGI Fellow
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Capital Markets, Efficient Risk Bearing, and Corporate Governance
Presented by:
Professor Jeffrey Gordon, Richard Paul Richman Professor of Law, Columbia Law School and ECGI Fellow, and
Professor Ronald Gilson
, Charles J. Meyers Professor of Law and Business, Stanford Law School and ECGI Fellow

Discussant:

Professor Xavier Freixas, Professor, Universitat Pompeu Fabra, Barcelona
Professor Ronald Gilson, Charles J. Meyers Professor of Law and Business, Stanford Law School and ECGI Fellow
3.00-3.30pm Coffee Break

Session 3 Systemic Effects of Regulation

3.30-5.30pm
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For Diversity in the International Regulation of Financial Institutions: Rethinking the Basel Architecture
Presented by:
Professor Roberta Romano, Oscar M. Ruebhausen Professor of Law and Director, Yale Law School Center for the Study of Corporate Law, Yale Law School and ECGI Fellow

Discussant:

Professor Luca Enriques, Commissioner, Commissione Nazionale per le Società e la Borsa and ECGI Research Associate

Professor Roberta Romano, Oscar M. Ruebhausen Professor of Law and Director, Yale Law School Center for the Study of Corporate Law, Yale Law School and ECGI Fellow
Download paper The Micro, Macro and International Design of Financial Regulation
Presented by:
Professor Jeffrey Gordon, Richard Paul Richman Professor of Law, Columbia Law School and ECGI Fellow, and
Professor Colin Mayer, Peter Moores Professor of Management Studies, Said Business School, University of Oxford and ECGI Fellow

Discussant:

Professor Gérard Hertig, Professor of Law and Economics, Swiss Federal Institute of Technology and ECGI Fellow
Professor Colin Mayer, Peter Moores Professor of Management Studies, Said Business School, University of Oxford and ECGI Fellow
7.00-9.30pm Conference dinner at Exeter College
Guest speaker
Claudio Borio, Deputy Head of the Monetary and Economic Department, Director of Research and Statistics, Bank for International Settlements, Basel
Claudio Borio, Deputy Head of the Monetary and Economic Department, Director of Research and Statistics, Bank for International Settlements, Basel
Saturday, 14 January 2012 (at the Rhodes Trust Lecture Theatre, Said Business School)

Session 4 Shareholder Behaviour and Goals

9.00-11.00am
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An Institutional Theory of Momentum and Reversal
Presented by:
Dr Paul Woolley, Chairman of the Advisory Board, The Paul Woolley Centre for the Study of Capital Market Dysfunctionality, London School of Economics

Discussant:

Professor Merritt Fox, Michael E. Patterson Professor of Law, Columbia Law School and ECGI Research Associate
Dr Paul Woolley, Chairman of the Advisory Board, The Paul Woolley Centre for the Study of Capital Market Dysfunctionality, London School of Economics
Download paper L-Shares: Rewarding Long-Term Investors (with Frederick Samama)
Presented by:
Professor Patrick Bolton
, Barbara and David Zalaznick Professor of Business, Columbia Business School and ECGI Fellow

Discussant
:
Professor Marco Becht, Professor of Finance and Economics, Université Libre de Bruxelles (ULB) and ECGI Fellow

Professor Patrick Bolton, Barbara and David Zalaznick Professor of Business, Columbia Business School and ECGI Fellow
11.00-11.30am Coffee Break

Session 5 Alternative Models of Corporate Governance

11.30am-1.30pm
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International Evidence on Firm Level Decisions in Response to the Crisis: Shareholders vs. Other Stakeholders (with Elena Carletti)
Presented by:
Professor Franklin Allen, Nippon Life Professor of Finance and Economics, The Wharton School, University of Pennsylvania and ECGI Fellow and
Professor Yaniv Grinstein, Breazzano Family Term Professor of Management, Samuel Curtis Johnson Graduate School of Management, Cornell University

Discussant:

Professor Erik Berglof, Chief Economist and Special Adviser to the President, European Bank for Reconstruction and Development (EBRD) and ECGI Fellow
Professor Franklin Allen, Nippon Life Professor of Finance and Economics, The Wharton School, University of Pennsylvania and ECGI Fellow
Professor Yaniv Grinstein, Breazzano Family Term Professor of Management, Samuel Curtis Johnson Graduate School of Management, Cornell University
Download paper Virtual Ownership and Managerial Distance: The Governance of Industrial Foundations
Presented by:
Professor Henry Hansmann, August E. Lines Professor of Law, Yale Law School and ECGI Fellow, and
Professor Steen Thomsen, Director of the Center for Corporate Governance, Department of International Economics and Management, Copenhagen Business School

Discussant:

Professor Guido Ferrarini, Professor of Business Law and Capital Markets Law, University of Genoa and ECGI Fellow

Professor Henry Hansmann, August E. Lines Professor of Law, Yale Law School and ECGI
Professor Steen Thomsen, Director of the Center for Corporate Governance, Department of International Economics and Management, Copenhagen Business School

The organisers are grateful to the European Corporate Governance Institute, Oxford University’s Law and Finance programme and Columbia Law School for financial support for this event.