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 | Directions | Registration | Accommodation
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 Speaker tba
Session 1 Law, Growth, and Governance: A Cross-Country Simultaneous Equations Approach
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 Competition for Manager, Corporate Governance and Incentive Compensation
09.55am-10.15am 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
10.15am-10.25am Discussant: Vidhi Chhaochharia, Assistant Professor of Finance, School of Business Administration, University of Miami
10.25am-10.35am Open Discussion
10.35am-10.55am Coffee Break
Session 3 Accounting Transparency, Tax Pressure and Access to Finance
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 Governance and Performance of TARP Investments
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-12.05am Discussant: Rob Daines, Pritzker Professor of Law and Business, Graduate School of Business, Stanford Law School
12.05am-12.15am Open Discussion
12.15am-1.30pm Lunch
Session 5 Have a Quiet Word? Returns to International Shareholder Activism
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
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 Thirty Years of Board Structure and Firm Valuation
3.30pm-3.50pm Martijn Cremers, Associate Professor of Finance, Yale School of Management and Allen Ferrell, Greenfield Professor of Securities Law, Harvard Law School
3.50pm-4.00pm 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
4.00pm-4.10pm Open Discussion
Session 8 Does the Director Election System Matter?
4.10pm-4.30pm 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 Stephen Stubben, Sarah Graham Kenan Scholar and Assistant Professor of Accounting, Kenan-Flagler Business School, University of North Carolina
4.30pm-4.40pm Discussant: Yair Listokin, Associate Professor of Law, Yale Law School
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
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 Do High Environmental Social Governance Firms and Their Owners Outperform in the Long-Term?
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 On the Relationship Between Corporate Governance and Performance
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 The Role of Informal Corporate Governance Devices
10.50am-11.10am Luc Renneboog, Professor of Corporate Finance, Tilburg University
11.10am-11.20am Discussant: Lauren Cohen, Assistant Professor of Finance, Harvard Business School
11.20am-11.30am Open Discussion
Session 12 Why Did Some Banks Perform Better During the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation
11.30am-11.50am 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.
11.50am-12.00am Discussant: Gary Gorton, Frederick Frank Class of 1954 Professor of Management and Finance, Yale School of Management
12.00am-12.10am Open Discussion
12.10am-1.30pm Lunch
1.30pm-1.45pm Farewell
1.45pm-2.15pm 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