Corporate Governance and Ownership with Diverse Shareholders

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

Social Trends Institute | IESE Business School

*The IESE CCG-ECGI Conference took place at IESE Business School, Barcelona on 25-26 October 2019

 

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 offered 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.

Download Program

 

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 (download paper)

Colin Mayer, University of Oxford, Saïd Business School (download presentation)

Discussant: Charlotte Ostergaard, BI Norwegian Business School (download presentation)


10:30-11:00 – Coffee break


11:00-12:15  – Session 2

PASSIVE INVESTORS (download paper)

Jill E. Fisch, University of Pennsylvania Law School (download presentation)

Discussant: Rafael Repullo, CEMFI Bank of Spain (download presentation)


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 (download presentation)


15:15-16:30 – Session 4

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

John C. Coffee Jr., Columbia Law School (download presentation)

Discussant: Marco Becht, ECGI (download presentation)


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 (download paper)

Josh Lerner, Harvard Business School (download presentation)

Discussant: Antonio Dávila, IESE Business School (download presentation)


10:15-11:30 – Session 7

THE LONG-TERM CONSEQUENCES OF SHORT-TERM INCENTIVES (download paper)

Alex Edmans, London Business School (download presentation)

Discussant: Mireia Giné, IESE Business School (download presentation)


11:30-12:00 – Coffee break


12:00-13:15 – Session 8

COMMON OWNERSHIP (download paper)

Xavier Vives, IESE Business School (download presentation)

Discussant: Ernst-Ludwig von Thadden, University of Mannheim (download presentation)


13:15-13:30 – Wrap-up


13:30-14:30 – Lunch & Farewell


Contact information

Contact information

IESE Barcelona
North Campus

Tel.:+34 93 253 4200

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

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