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GCGC 2019 Programme 2019 GLOBAL CORPORATE GOVERNANCE COLLOQUIUM GCGC | FRANKFURT 7 - 8 June 2019 Hosted by The Research Center SAFE (Sustainable Architecture for Finance in Europe) at The House of Finance and Goethe University Frankfurt, Germany www.gcgc.global FRIDAY 7 JUNE 2019 08:15 Registration 08:45 Welcome U w e W a l z (Goethe University Frankfurt and CFS/SAFE Frankfurt) Wolfgang König, Director of the House of Finance (Goethe University Frankfurt) 09:00 Session (1) Investor Ideology. Enrichetta Ravina (Kellogg School of Session Chair: M a n a g ement) Elisabeth Bechtold Discussant: Holger Spamann (Harvard Law School) (Zurich Insurance Group) Corporate Culture and Liability. Jennifer Hill (The University of Sydney Law School, Australia) Discussant: Edward Rock (NYU Law School) 11:00 Coffee Break 11:30 Session (2) Index Funds and The Future of Corporate Governance: Theory, Session Chair: E v i d e n ce, And Policy. Lucian Bebchuk (Harvard Law School) Kon Sik Kim (Seoul D i s c u s s a n t : P e d r o Matos (University of Virginia – Darden School National University) o f Business) Panel Discussion I: M o d e r a t o r : M a r c o B e c h t ( S o l v a y B r u s s e ls S c h o o l ) Sustainable Panelists: Christian Thimann (Athora Insurance Holding); Monica Finance Mächler (Zurich Insurance Group); Carine Smith Ihenacho (Norges Bank Investment Management) 13:30- 14:30 Lunch Break 14:30 Session (3) Firm Policies and Active Ownership Investors. Vicente Cuñat Session Chair: ( T h e L ondon School of Economics) Gen Goto (University D is c u ssant: Oğuzhan Karakaş (Cambridge Judge Business of Tokyo School) Who is the Boss? Family Control without Ownership in Publicly- traded Japanese Firms. Yupana Wiwattanakantang (National University of Singapore) Discussant: Rui Albuquerque (Boston College) 16:30 Coffee Break 17:00 Session (4) Eastern Medicine for Western Finance. Kathryn Judge Session Chair: ( C o l u m bia Law School) Ron Gilson (Stanford Discussant: Gérard Hertig (Singapore-ETH Centre) Law School) 19:00 Reception & Dinner Alte Oper restaurant, Opernplatz 60313 Frankfurt SATURDAY 8 JUNE 2019 08:30 Arrival 08:45 Welcome 09:00 Session (1) Value of Politically Connected Independent Directors: Evidence Session Chair: f r o m t h e Anti-Corruption Campaign in China. Chang Zhang Qiao Liu (University of Warwick) (Peking University) D i s c u s s a n t : L u h L u h L a n ( N a t io n a l U n i v e r s i t y of Singapore) Illuminating the Corporate Governance Black Hole: Contextualizing the Link to Performance. Merritt Fox (Columbia Law School) Discussant: Bo Becker (Stockholm School of Economics) 11:00- 11:30 Coffee Break 11:30 Session (2) Perils of Limiting the Coverage of Mandatory Pay Disclosure: Session Chair: T h e K o rean Experience. Woochan Kim (Korea University Theodor Baums B u s i n e s s S c h ool) (Goethe University D iscussant: Tobias Tröger (Goethe University Frankfurt, Frankfurt) Research Center SAFE) Panel Discussion II: M o d e r a t o r : U w e W a l z ( G o e t h e U n i v e r s i t y F r a n k f u r t ) Banking Panelists: Ignazio Angeloni (SAFE, ECB (fmr)); Florian Drinhausen (Deutsche Bank) 13:30- 14:30 Lunch Break 14:30 Session Chair: Related Party Transactions in Commonwealth Asia: Theodor Baums Complicating the Comparative Paradigm. Dan W. Puchniak (Goethe University ( N a t i onal University of Singapore) Frankfurt) Discussant: Michael Klausner (Stanford Law School) 1 5 : 3 0 - 1 6 : 0 0 C o f f e e B r e a k 16:00 Session (3) The Limits of Limited Liability: Evidence from Industrial Pollution. Session Chair: I a n A p p el (Boston College) Allen Ferrell (Harvard Discussant: Oren Sussman (University of Oxford) Law School) Why Are Firms with More Managerial Ownership Worth Less. René Stulz (The Ohio State University) Discussant: Alon Brav (Duke University) 18:00 Closing Remarks & Uwe Walz (Conference Chair) and Luh Luh Lan (GCGC Chair) Reception BIOGRAPHIES In alphabetical order Rui Albuquerque is Associate Professor of Finance at Boston College, Carroll School of Management. He received the 2008 Smith Breeden Distinguished Paper Prize by the Journal of Finance, the 2008 and 2013 Finance Prize by the ECGI and several other awards. He was distinguished in 2003 by the European Central Bank with the Lamfalussy Fellowship. He is currently an associate editor to the Journal of Corporate Finance, the Journal of Banking and Finance and the Portuguese Economic Journal. He has worked at Boston University, the University of Rochester, and the Portuguese Catholic University, and consulted for the World Bank and the Rui Albuquerque Bank of Portugal. Boston College Ignazio Angeloni holds a degree from Bocconi and PhD in Economics from the University of Pennsylvania. Between 1993 and 2013 he was director of monetary research at the Bank of Italy; deputy head of research at the ECB; director for international financial relations at Italy’s Finance Ministry and head of financial stability at the ECB, where he coordinated the preparations for the single supervisory mechanism. He was member of the ECB Supervisory Board between March 2014 and March 2019. He is the author of books and articles in leading academic journals. He is now a Senior Fellow of SAFE. Ignazio Angeloni SAFE, ECB (fmr) Ian Appel is an assistant professor of finance at Boston College Carroll School of Management. His main research interests are corporate governance, law and finance, and institutional investors. His research has been published in the Journal of Financial Economics and Review of Financial Studies and mentioned in media outlets including the New York Times, Wall Street Journal, and Financial Times. He received his PhD in finance from The Wharton School at the University of Pennsylvania. Ian Appel Boston College Theodor Baums is Professor Emeritus of Civil, Commercial and Business law at the Goethe Universität Frankfurt. Inter alia he is a fellow of the ecgi. Theodor Baums Goethe Universität Frankfurt Lucian Bebchuk is the William J. Friedman and Alicia Townsend Friedman Professor of Law, Economics, and Finance and Director of the Program on Corporate Governance at Harvard Law School; a Fellow of the American Academy of Arts and Sciences; and a Research Associate of the NBER. Holding doctorates in both economics and law from Harvard, Bebchuk is the author of more than one hundred research papers, and has been ranked by SSRN as first among legal academics of all fields in terms of citations to his work in each of the past five years. Lucian Bebchuk Harvard Law School Marco Becht is a Professor of Finance and the Goldschmidt Professor of Corporate Governance at the Solvay Brussels School for Economics and Management at Université libre de Bruxelles where he teaches master courses on corporate governance, corporate restructuring and law, finance and economics. Becht is also a Founder Member, a Fellow and the Executive Director of the European Corporate Governance Institute, an international non-profit scientific association. In 2003 and 2012, he was Visiting Professor and Fellow at the Saïd Business School, University of Oxford, in 2008 Max Schmidheiny Visiting Professor for Entrepreneurship Marco Becht and Risk at the University of St. Gallen, in 2011 Visiting Professor at Université libre de Bruxelles Stanford Law School and a Visiting Fellow at the Rock Center for Corporate Governance and in 2013 a Visiting Fellow at Columbia Law School. Beyond his core academic activities Becht is a member of the Group of Financial Market Law Experts of the German Ministry of Finance and a Senior Academic Adviser to Oxera, the Economic Consultancy. Elisabeth Bechtold is Senior Corporate Counsel at the Headquarters of Zurich Insurance Group, specialized in international corporate governance. She started her career in private practice in 2007, working with both an international law firm in the U.S. (NYC) and a boutique law firm in Germany. She advised on U.S., German and international corporate and securities law and cross-border M&A transactions. In 2009, she joined the Zurich Group as a corporate counsel of in the area of Corporate Finance, M&A, and Corporate Governance at the Headquarters’ Legal Department. Elisabeth Bechtold In 2014, she became a Member of the Executive Staff. Elisabeth obtained Zurich Insurance Group a l a w d e g r e e a n d a Ph.D. in international law from the University of C o logne, Germany, and an LL.M. degree from UC of Berkeley School of Law (Boalt). She is admitted to the German bar. Bo Becker is a professor at the Stockholm School of Economics. His research is on corporate finance, especially corporate credit markets. Recent topics include corporate bank lending through the business cycle, conflicts of interest in credit ratings industry, the covenant structure of loans and bonds, and comparing out-of-court restructuring to bankruptcy. Prof Becker has served on the board of directors of the Swedish National Debt Office and currently serves as an associate editor of RFS, Management Science and Financial Management. He is a Research Fellow of CEPR, and serves as Program Director for Mistra Financial Systems. Bo Becker Stockholm School of Economics Wolfgang Bessler is Professor of Finance and Banking at the University of Giessen. Previously he was a faculty member at the University of Hamburg, Syracuse University and Rensselaer Polytechnic Institute. He published more than 120 articles in journal such as Review of Finance, Journal of Financial Stability, Journal of Banking and Finance, Journal of Corporate Finance, and European Financial Management.
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