Closed Seminars

Institutional Investors and Corporate Governance

Swedish House of Finance, Drottninggatan 98, Stockholm
June 9-10, 2017

Organizers:
Mike Burkart (London School of Economics & SHoF, CEPR, and ECGI)
Amil Dasgupta (London School of Economics, CEPR, and ECGI)

 

FRIDAY 9 June, 2017


Session: Overview

09.00-09:30 Institutional Investors and Corporate Governance – The Theory
Amil Dasgupta (London School of Economics)
 

09:30-10.00 Institutional Investors and Corporate Governance – The Empirics
Zach Sautner (Frankfurt School of Finance and Management)
 

10.00-10.30 Coffee

Session: Common Ownership

10.30-11.30 The Effect of Diversification on Price Informativeness and Asset Values
Alex Edmans (London Business School) Doron Levit (Wharton), and Devin Reilly (Analysis Group)
Discussant: Ernst Maug (University of Mannheim)Paper
 

11.30-12.30 Common Ownership, Competition, and Top Management Incentives
Miguel Antón (IESE Business School), Florian Ederer (Yale), Mireia Giné (IESE Business School), and Martin Schmalz (University of Michigan)
Discussant: Laurent Bach (Stockholm School of Economics & SHoF)
 

12.30-13.30  Lunch

Session: Interactions amongst Blockholders

13.30-14.30 Wolf Pack Activism
Alon Brav (Duke), Amil Dasgupta (London School of Economics), and Richmond Mathews (University of Maryland)
Discussant: Doron Levit (Wharton)
 

14.30-15.30 Standing on the Shoulders of Giants: The Effect of Passive Investors on Activism
Ian Appel (Boston College), Todd Gormley (Olin Business School), Donald B. Keim (Wharton)
Discussant: Rüdiger Fahlenbrach (Swiss Finance Institute)Paper
 

15.30-16.00 Coffee

Session: Competition for Flow

16.00-17.00 Blockholder Short-Term Incentives, Structures, and Governance
Fenghua Song (Pennsylvania State University)
Discussant: Jing Zeng (Frankfurt School of Finance and Management)Paper
 

17.00-18.00 Venture Capital and Capital Allocation
Giorgia Piacentino (Olin Business School)
Discussant: Hongda Zhong (London School of Economics)
 

19.00 Drinks & Dinner

SATURDAY 10 June, 2017


Session: Influences on Institutional Investors

09.30-10.30 Influence of Public Opinion on Investor Voting and Proxy Advisors
Reena Aggarwal (Georgetown University), Isil Erel (Ohio State University), and Laura Starks (University of Texas at Austin)
Discussant: Per Stromberg (Stockholm School of Economics & SHoF)
 

10.30-11.00 Coffee

Session: How to Govern

11.00-12.00 Activism, Strategic Trading, and Liquidity
Kerry Back (Rice University), Slava Fos (Boston College), Pierre Collin-Dufresne (Swiss Finance Institute), Tao Li (City University of Hong Kong), and Alexander Ljungquist (Stern School of Business & SHoF)
Discussant: Kostas Zachariadis (Queen Mary University of London)
 

12.00-13.00 Activism and Takeovers
Mike Burkart (London School of Economics & SHoF) and Samuel Lee (Santa Clara University & SHoF)
Discussant: Clemens Otto (HEC Paris)
 
13.00 Lunch & End

 

Financial support from Vinnova is gratefully acknowledged

DETAILS

START TIME: Fri, 9 June 2017 9:00 am

END TIME: Sat, 10 June 2017 1:00 pm

LOCATION: Swedish House of Finance, Drottninggatan 98, Stockholm