Corporate Governance and Performance: causation?
12-13 November 2010
An academic conference in the Yale ECGI Oxford (YEO) series organised by the Millstein Center for Corporate Governance and Performance, the European Corporate Governance Institute and the Said Business School, University of Oxford to be held at the Yale School of Management. Attendance is by invitation only.
Background | Schedule, Papers and Presentations
All presentations take place in the GM Room, Yale School of Management, 55 Hillhouse Avenue (see Directions). Presenters' names are in bold
Friday, 12 November 2010
08.00am-08.30am Bus Shuttles from the Courtyard New Haven at Yale to Yale School of Management, 55 Hillhouse Avenue
08.00am-09.00am Breakfast
Opening Remarks
09.00am-09.15am Andrew Metrick, Deputy Dean for Faculty Development, Theodore Nierenberg Professor of Corporate Governance, Professor of Finance, Yale School of Management & Faculty Director of the Millstein Center for Corporate Governance
Session 1 Law, Growth, and Governance: A Cross-Country Simultaneous Equations, Instrumental Variables Approach
  Session Chair: Colin Mayer, Peter Moores Dean, Said Business School, University of Oxford
09.15am-09.35am
 Valentina Bruno, Assistant Professor of Finance, Kogod School of Business, American University and Philip English, Assistant Professor of Finance, Kogod School of Business, American University.
09.35am-09.45am
 Discussant: Ross Levine, James and Merryl Tisch Professor of Economics, and Director, William R. Rhodes Center for International Economics and Finance. Brown University
09.45am-09.55am Open Discussion
Session 2 The Credit Crisis Around the Globe: Why did some banks perform better?
Session Chair: Colin Mayer, Peter Moores Dean, Said Business School, University of Oxford
09.55am-10.15am
 Andrea Beltratti, Full Professor, Department of Finance, Università Bocconi and René Stulz, Everett D. Reese Chair of Banking and Monetary Economics and the Director of the Dice Center for Research in Financial Economics, Ohio State University.
10.15am-10.25am
 Discussant: Gary Gorton, Frederick Frank Class of 1954 Professor of Management and Finance, Yale School of Management
10.25am-10.35am Open Discussion
10.35am-10.55am Coffee Break
Session 3 Accounting Transparency, Tax Pressure and Access to Finance
Session Chair: Roberta Romano, Oscar M. Ruebhausen Professor of Law, Yale Law School
10.55am-11.15am
 Andrew Ellul, Associate Professor of Finance and Fred T. Greene Distinguished Scholar, Kelley School of Business, Indiana University; Tullio Jappelli, CSEF Director, Professor of Economics, University of Naples Federico II; Marco Pagano, Professor of Economics, University of Naples Federico II; and Fausto Panunzi, Full Professor, Department of Economics, Università Bocconi
11.15am-11.25am
 Discussant: Christian Leuz, Joseph Sondheimer Professor of International Economics, Finance and Accounting and Richard N. Rosett Faculty Fellow, Booth School of Business, University of Chicago
11.25am-11.35am Open Discussion
Session 4 Safer Ratios, Riskier Portfolios: Banks' Response to Government Aid (formerly TARP Consequences: Lending and Risk Taking)
Session Chair: Roberta Romano, Oscar M. Ruebhausen Professor of Law, Yale Law School
11.35am-11.55am
 Ran Duchin, Assistant Professor of Finance, Stephen M. Ross School of Business, University of Michigan and Denis Sosyura, Assistant Professor of Finance, Stephen M. Ross School of Business, University of Michigan
11.55am-12.05pm Discussant: Rob Daines, Pritzker Professor of Law and Business, Graduate School of Business, Stanford Law School
12.05pm-12.15pm Open Discussion
12.15pm-1.30pm Lunch
Session 5 Unfulfilled Expectations? The Returns to International Hedge Fund Activism

ECGI Working Paper		 Session Chair: Stijn Claessens, Assistant Director/Division Chief, International Monetary Fund
1.30pm-1.50pm
 Marco Becht, Professor of Finance and Economics, European Centre for Advanced Research in Economics and Statistics, Universite Libre de Bruxelles; Julian Franks, Professor of Finance, London Business School; and Jeremy Grant, Graduate Institute of International and Development Studies
1.50pm-2.00pm
 Discussant: Stephen Brown, David S. Loeb Professorship in Finance, Leonard N. Stern School of Business, New York University
2.00pm-2.10pm Open Discussion
Session 6 Corporate Governance in the 2007-2008 Financial Crisis – Evidence for Financial Institutions Worldwide

ECGI Working Paper		 Session Chair: Stijn Claessens, Assistant Director/Division Chief, International Monetary Fund
2.10pm-2.30pm
 David Erkens, Assistant Professor of Accounting, Marshall School of Business University of Southern California; Mingyi Hung, Arthur Andersen & Co. Alumni Associate Professor of Accounting, University of Southern California Marshall School of Business; and Pedro Matos Assistant Professor of Finance and Business Economics, University of Southern California Marshall School of Business
2.30pm-2.40pm
 Discussant: Luc Laeven, Deputy Division Chief, Research Department, International Monetary Fund and Full Professor of Finance, CentER, Tilburg University
2.40pm-2.50pm Open Discussion
2.50pm-3.30pm Coffee Break
Session 7 Reputation Penalties for Poor Monitoring of Executive Pay: Evidence from Option Backdating
Session Chair: John Armour, Lovells Professor of Law and Finance, Oriel College, University of Oxford
3.30pm-3.50pm
 Yonca Ertimur, Assistant Professor, The Fuqua School of Business, Duke University; Fabrizio Ferri, Visiting Assistant Professor of Accounting, Leonard N. Stern School of Business, New York University; and David Maber, Assistant Professor of Accounting, University of Southern California
3.50pm-4.00pm
 Discussant: Yair Listokin, Associate Professor of Law, Yale Law School
4.00pm-4.10pm Open Discussion
Session 8 Thirty Years of Shareholder Rights and Firm Valuation
Session Chair: John Armour, Lovells Professor of Law and Finance, Oriel College, University of Oxford
4.10pm-4.30pm
 Martijn Cremers, Associate Professor of Finance, Yale School of Management and Allen Ferrell, Greenfield Professor of Securities Law, Harvard Law School
4.30pm-4.40pm
 Discussant: Bernard Black, Hayden W. Head Regents Chair for Faculty Excellence, University of Texas Law School, Professor of Finance at University of Texas, McCombs School of Business, Director of the Center for Law, Business and Economics, University of Texas
4.40pm-4.50pm Open Discussion
4.50pm-5.10pm Bus Shuttle to Courtyard New Haven at Yale, 30 Whalley Avenue, New Haven
5.45pm-6.00pm Bus Shuttles from Courtyard New Haven at Yale to the New Haven Museum, Whitney Avenue
6.30pm-8.00pm Cocktails and Dinner at the New Haven Museum
Dinner Speakers: Ira Millstein, Senior Associate Dean for Corporate Governance, Yale School of Management, and George Vojta, Chairman Emeritus, Millstein Center Advisory Board
8.00pm-8.30pm Bus Shuttles from the New Haven Museum to the Courtyard New Haven at Yale, 30 Whalley Avenue
Saturday, 13 November 2010
08.00am-08.30am Bus Shuttles from the Courtyard New Haven at Yale to Yale School of Management, 55 Hillhouse Avenue
08.00am-09.00am Breakfast
Session 9 Firms’ Environmental, Social and Governance (ESG) Choices, Performance and Managerial Motivation
  Session Chair: Marco Becht, Professor of Finance and Economics, European Centre for Advanced Research in Economics and Statistics, Universite Libre de Bruxelles, and Executive Director, ECGI
09.00am-09.20am Laura Starks, Charles E. and Sarah M. Seay Regents Chair of Finance, McCombs School of Business, University of Texas at Austin
09.20am-09.30am
 Discussant: William Goetzmann, Edwin J. Beinecke Professor of Finance and Management Studies & Director of the International Center for Finance, Yale School of Management
09.30am-09.40am Open Discussion
Session 10 Golden Parachutes and the Wealth of Shareholders
Session Chair: Marco Becht, Professor of Finance and Economics, European Centre for Advanced Research in Economics and Statistics, Universite Libre de Bruxelles, and Executive Director, ECGI
09.40am-10.00am
 Lucian Bebchuk, William J. Friedman and Alicia Townsend Friedman Professor of Law, Economics, and Finance and Director of the Program on Corporate Governance, Harvard Law School
10.00am-10.10am
 Discussant: Sanjai Bhagat, Professor of Finance, University of Colorado at Boulder
10.10am-10.20am Open Discussion
10.20am-10.50am Coffee Break
Session 11 US knows Us in the UK: On Director Networks and CEO Compensation

ECGI Working Paper		 Session Chair: Andrew Metrick, Deputy Dean for Faculty Development, Theodore Nierenberg Professor of Corporate Governance, Professor of Finance, & Faculty Director of the Millstein Center for Corporate Governance
10.50am-11.10am Luc Renneboog, Professor of Corporate Finance, Tilburg University
11.10am-11.20am Discussant:Yuhai Xuan, Assistant Professor of Business Administration, Harvard Business School
11.20am-11.30am Open Discussion
Session 12 Competition for Managers, Corporate Governance and Incentive Compensation
Session Chair: Andrew Metrick, Deputy Dean for Faculty Development, Theodore Nierenberg Professor of Corporate Governance, Professor of Finance, & Faculty Director of the Millstein Center for Corporate Governance
11.30am-11.50am Viral Acharya, Professor of Finance, Leonard N. Stern School of Business, New York University; Marc Gabarro, London School of Business; and Paolo Volpin, Associate Professor of Finance, London School of Business
11.50am-12.00pm Discussant: Vidhi Chhaochharia, Assistant Professor of Finance, School of Business Administration, University of Miami
12.00pm-12.10pm Open Discussion
12.10pm-1.00pm Farewell
12.10pm-1.30pm Bus Shuttles to the Courtyard New Haven at Yale and Union Train Station
The conference has been made possible by the generous provision of a Research Grant from the Millstein Center for Corporate Governance and Performance, Yale School of Management