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ECGTN Activities: Young scientists in Zurich
  
 
March 8-10, 2006
  
Sponsors: ETH Zurich, European Corporate Governance Training Network, Nestlé, Review of Finance, Swiss Re, SWX Swiss Exchange, Wharton Financial Institutions Center
Wednesday 8 March 2006: Young Scientists Research Projects
  Arrival of the eight ECGTN young scientists
16.00–18.00 Research Plans/Paper Abstracts and Outlines
  Theodosios Dimopoulos: "Board Turnover and its Relation to Corporate Performance: Evidence from UK, France and Germany"
Günseli Tümer-Alkan: "Creditor Concentration"
Michel Kowalik: "The Basle II IRB Approach and its Impact on the Incentives for Risk-Taking by Banks"

Comments: René Stulz (Ohio State), Joe McCahery (Amsterdam and Tilburg) and Reinier Kraakman (Harvard)

Venue: ETH Zentrum, Rämistrasse 101, Room HG G 50.1
20.00–22.00 Dinner at Le Dezaley
(Swiss specialty cheese fondue – other dishes also available)
Thursday 9 March 2006: ECGTN Activities and ECGI Open Meeting
09.00–12.00 Working Papers
  Samuel Lee: "Information Sales and Speculative Monitoring"
Zacharias Sautner: "Corporate Governance and the Design of Stock Option Programs" (with Martin Weber)
Peter Szilagyi: "How Relevant is Payout Policy under Low Shareholder Protection" (with Luc Renneboog)

Comments: Gerard Hertig (ETH Zurich), Joe McCahery (Amsterdam and Tilburg) and Reinier Kraakman (Harvard)

Venue: ETH Zentrum, Rämistrasse 101, Room HG F 33.4
12.30–13.30 Lunch with ECGI board members
17.45-20.00 ECGI Open Meeting (public session) (See ECGI website)
Friday 10 March 2006: Alternative Views of Corporate Governance Conference
The Anglo-Saxon model of corporate governance is just one view of corporate governance. Many jurisdictions insure that not only shareholders but also workers are represented in the governance process. Non Anglo-Saxon views of corporate governance are reflected in diverging degrees of State intervention. More generally, smaller firms often provide examples of different approaches to corporate governance. The purpose of this conference is to consider such alternative views.
Session 1: Worker-Shareholder Conflicts

09.00-10.30

How Does Legal Protection of Labor and Financiers Affect Corporate Restructuring Decisions?
Julian Atanassov and E. Han Kim, Ross School of Business, University of Michigan
Discussant: Paolo Volpin, London Business School


Do Entrenched Managers Pay Their Workers More?
Henrik Cronqvist, Fisher College of Business, Ohio State University, Fredrik Heyman, Trade Union Institute for Economic Research, Mattias Nilsson, Worcester Polytechnic Institute, Helena Svaleryd, and Jonas Vlachos, The Research Institute of Industrial Economics
Discussant: Clifford Holderness, Boston College

10.30-10.45 Coffee break  
Session 2: Allocating Control Rights
10.45-13.00 Asymmetric Information and the Choice of Corporate Governance Arrangements
Lucian Arye Bebchuk, Harvard Law School
Discussant: James Dow, London Business School
  Who Should Control a Corporation? Towards a Contingency Stakeholder Theory for Allocating Ownership Rights
Alessandro Zattoni, Strategic and Entrepreneurial Department, University of Bocconi
Discussant: Mary O’Sullivan, Wharton School, University of Pennsylvania
  A Theory of Optimal Expropriation, Mergers and Industry Competition
Arturo Bris, IMD, Yale School of Management and ECGI and Neil Brisley, Richard Ivey School of Business, University of Western Ontario
Discussant: Mike Burkart, Stockholm School of Economics
13.00-14.00 Lunch  
Session 3: Differences between Countries
14.00-15.30

The Origins of the German Corporation – Finance, Ownership and Control
Julian Franks, London Business School, Colin Mayer, and Hannes F. Wagner, Saïd Business School, University of Oxford
Discussant: Reinier Kraakman, Harvard Law School

 

Cross-Country Variations in Capital Structures: The Role of Bankruptcy Codes
Viral V. Acharya, London Business School, Rangarajan K. Sundaram and Kose John, Stern School, New York University
Discussant: Elu von Thadden, University of Manheim

15.30-15.45 Tea break  
Session 4: Private Equity
15.45-17.15

Institutional Investors and Private Equity
Kasper Meisner Nielsen, Copenhagen Business School and Centre for Economic and Business Research
Discussant: Ludovic Phalippou, University of Amsterdam

  Regulatory Harmonization and the Development of Private Equity Markets
Douglas Cumming, Lally School of Management and Technology, Rensselaer Polytechnic Institute and Sofia Johan, Centre for Company Law, Tilburg University
Discussant: Vinay Nair, Wharton School, University of Pennsylvania
19.00–22.30 Dinner for invited participants