Corporate Governance and Ownership with Diverse Shareholders
October 25-26, 2019Barcelona, North Campus
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With the financial support of the Social Trends Institute |
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*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.
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 (download paper)
• Julian Franks, London Business School (download presentation)
Discussant: Krishna 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
IESE Barcelona
North Campus
Tel.:+34 93 253 4200
Esther Ribes, Events Unit Manager
Félix Sánchez, IESE CCG Manager