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The ECGI Annual Lecture & Working Paper Prizes
BI Norwegian Business School, Oslo, 11.00 - 12.45, Friday, 8 May 2015
The ECGI Annual Lecture which takes place each year following the Institute's General Assembly, takes place at the BI Norwegian Business School, Nydalsveien 37, Oslo, Norway. It will be followed by the Working Paper Prize-giving Ceremony and a Reception which are open to ECGI members and interested members of the public. The ECGI is grateful to the Norwegian Shipowners' Association and the Centre for Corporate Governance Research for their sponsorship of the 2015 Annual Lecture.

Lecture programme

11.00 - 12.15
The Privatization of Bankruptcy: Evidence from the Shipping Industry
There is only one law in shipping: there is no law in shipping” Sami Ofer (shipping magnate)
  Most countries limit freedom of contracting in bankruptcy through mandatory procedures. These state-mandated procedures are justified on the grounds of costly co-ordination failures between creditors. While co-ordination failures are costly, so are limits placed on the freedom to contract. Unfortunately, we have little evidence of how a freedom-of-contracting approach in distress and bankruptcy would work and its comparative efficiency. Professor Franks' lecture will be based on his study co-authored by Oren Sussman of the Said Business School and Vikrant Vig of the London Business School which attempts to fill this gap by examining the shipping industry. Because of the ex-territorial nature of its assets, the resolution of financial distress is largely resolved without resort to national bankruptcy codes. The unregulated nature of the industry makes shipping a unique natural experiment with spontaneous order that evolves from a decentralised development of market-based institutions.

Professor Julian Franks
Professor of Finance, London Business School
and ECGI Fellow
  Discussion and Q&A
Chair
Professor Marco Becht

Professor of Finance and the Goldschmidt Professor of Corporate Governance
Solvay Brussels School for Economics and Management, Université libre de Bruxelles
ECGI Executive Director
and ECGI Fellow

Presentation of the 2015 ECGI Working Paper Series Prizes
12.15-12.45 The winners of the following prizes will be announced and the prizes will be presented to the authors by representatives from the two sponsors:
the 2015 Standard Life Finance Working Paper prize for the best paper in the ECGI Finance Working Paper series
the 2015 Allen & Overy Law Working Paper prize for the best paper in the ECGI Law Working Paper series

12.45-13.30 Reception