Corporate Governance and Ownership with Diverse Shareholders

October 25-26, 2019
Barcelona, North Campus

IESE CCG ECGI
With the financial support of the Social Trends institute

IESE CCG – ECGI Conference

 

Many policy recommendations that emerge from the flourishing literature on corporate governance do not take into account the diversity of company owners and the different goals of heterogeneous shareholders in the 21st century. Many of them make the assumption that dispersed shareholders are the representative form of corporate ownership. This hypothesis is still dominant in most theoretical studies and in many empirical studies.

The fact is that ownership around the world in the twentieth century changed in many large countries, has become more heterogeneous and diverse than what is assumed in many studies, and its evolution is shaped by a diversity of factors, such as domestic taxation and regulation, capital markets and different management and business practices.

Understanding that ownership is heterogeneous and diverse has implications on how companies are governed. It is also critical for the improvement of corporate governance at the corporate level and the government’s regulatory activity. In the end, it has an impact on companies’ survival and long-term development –many firms that didn’t survive encountered problems with their own shareholders and their commitment.

This Conference will offer a context to reflect upon and better understand how the different nature of shareholders have an impact on the way companies are governed and managed, and, eventually, on some key decisions that define corporate governance –like board composition, board dynamics, CEO hiring and firing, strategy making and incentives design.

– By invitation only –

 

Register

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Friday, October 25 – Day 1

8:30 – Registration – Room Q-101


9:00-9:15 – Welcome

Marco Becht, Université Libre de Bruxelles and ECGI

Jordi Canals, IESE Business School

Franz Heukamp, Dean of IESE Business School


9:15-10:30 – Session 1

EVOLUTION OF OWNERSHIP: ITS IMPACT ON CORPORATE GOVERNANCE

Colin Mayer, University of Oxford, Saïd Business School

Discussant: Charlotte Ostergaard, BI Norwegian Business School


10:30-11:00 – Coffee break


11:00-12:15  – Session 2

PASSIVE INVESTORS

Jill E. Fisch, University of Pennsylvania Law School

Discussant: Rafael Repullo, CEMFI Bank of Spain


12:30-14:00 – Lunch


14:00-15:15 – Session 3

CORPORATE GOVERNANCE THROUGH VOICE AND EXIT

Julian Franks, London Business School

DiscussantKrishna Palepu, Harvard Business School


15:15-16:30 – Session 4

ACTIVIST DIRECTORS AND AGENCY COSTS: WHAT HAPPENS WHEN AN ACTIVIST DIRECTOR GOES ON THE BOARD?

John C. Coffee Jr., Columbia Law School

Discussant: Marco Becht, ECGI


16:30-17:00 – Coffee break


17:00-18:15 – Session 5

CEOS ROUNDTABLE

Speakers:

Amra Balic, Managing Director, BlackRock

Jordi Gual, Chairman, CaixaBank

Juvencio Maeztu, co-CEO, IKEA

Moderator: Jordi Canals, IESE Business School


18:45 – Cocktail & Dinner


 

Saturday, October 26 – Day 2

9:00-10:15 – Session 6

MUTUAL FUNDS AS VENTURE CAPITALISTS? EVIDENCE FROM UNICORNS

Josh Lerner, Harvard Business School

Discussant: Antonio Dávila, IESE Business School


10:15-11:30 – Session 7

THE LONG-TERM CONSEQUENCES OF SHORT-TERM INCENTIVES

Alex Edmans, London Business School

Discussant: Mireia Giné, IESE Business School


11:30-12:00 – Coffee break


12:00-13:15 – Session 8

COMMON OWNERSHIP

Xavier Vives, IESE Business School

Discussant: Ernst-Ludwig von Thadden, University of Mannheim


13:15-13:30 – Wrap-up


13:30-14:30 – Lunch & Farewell


Sansi Pedralbes ****

(500 m from IESE)
Avinguda Pearson, 1-3
08034 Barcelona
Tel: +34 93 206 38 80
Rates (approximate):
Double Room Single Use 170€

Contact

Abba Garden ****

(1.4 km from IESE)
Carrer de Santa Rosa, 33
08950 Esplugues de Llobregat, Barcelona
Tel: +34 935 03 54 54
Rates (approximate):
Double Room Single Use 90€

Contact

Upper Diagonal ****

(1.5 km from IESE)
Passeig de Manuel Girona, 7
08034 Barcelona
Tel: +34 932 04 65 73
Rates (approximate):
Double Room Single Use 163€

Contact

AC Victoria Suites ****

(1.6 km from IESE)
Carrer de Beltrán i Ròzpide, 7-9
08034 Barcelona
Tel: +34 93 206 99 00
Rates (approximate):
Double Room Single Use 190€

Contact

Hilton Barcelona ****

(2.6 km from IESE)
Avinguda Diagonal, 589-591
08014 Barcelona
Tel: +34 934 95 77 77
Allocation rate: 15%

*To benefit from the discount, please send an email to reservations@hiltonbarcelona.com
and mention that you’re participating at “IESE October 2019 Event”

contact

AC Diagonal L’Illa ****

(3 km from IESE)
Avinguda Diagonal, 555
08029 Barcelona
Tel: +34 934 94 25 00
Allocation rate: 10%

*To benefit from the discount, please send
an email to reservas.acdiagonalilla@ac-hotels.com and mention that you’re participating at “IESE October 2019 Event”

Contact

Contact information

IESE Barcelona
North Campus

Tel.:+34 93 253 4200

Esther Ribes, Events Unit Manager
Félix Sánchez, IESE CCG Manager

How to get there