NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

 

Corporate Governance

 

Lucian Bebchuk, Organizer

 

Royal Sonesta Hotel

5 Cambridge Parkway

Cambridge, Massachusetts

 

July 29 and 30, 2004

 

PROGRAM

 

THURSDAY, JULY 29:   

 

 

 8:45 a.m.

Coffee and Pastries

 

 

 9:00 a.m.

JOHN CORE, WAYNE GUAY, and TJOMME RUSTICUS,

 

University of Pennsylvania

 

Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Analysts’ Expectations

 

 

 

Discussant: RANDALL MORCK, University of Alberta and NBER

 

 

 9:50 a.m.

K.J. MARTIJN CREMERS, Yale University

 

VINAY NAIR, University of Pennsylvania

 

CHENYANG WEI, New York University

 

The Impact of Shareholder Control on Bondholders

 

 

 

Discussant: PAUL GOMPERS, Harvard University and NBER

 

 

10:40 a.m.

Break

 

 

11:00 a.m.

BENJAMIN HERMALIN, UC, Berkeley

 

Trends in Corporate Governance

 

 

 

Discussant: OLIVER HART, Harvard University and NBER

 

 

11:50 a.m.

STUART L. GILLAN, University of Delaware,

 

JAY C. HARTZELL and LAURA T. STARKS, University of Texas

 

Explaining Corporate Governance: Boards, Bylaws, and Charter Provisions

 

 

 

Discussant: PER STROMBERG, University of Chicago and NBER

 

 

12:40 p.m.

Lunch

 

 

1:40 p.m.

LUCIAN BEBCHUK, Harvard University and NBER

 

ALMA COHEN, Analysis Group

 

ALLEN FERRELL, Harvard University

 

Corporate Governance and Shareholder Value

 

 

 

Discussant: RAYMOND FISMAN, Columbia University and NBER

 

 

 2:30 p.m.

DAVID YERMACK, New York University

 

Flights of Fancy:

 

Corporate Jets, CEO Perquisites, and Inferior Shareholder Returns

 

 

 

Discussant: MICHAEL WEISBACH, University of Illinois and NBER

 

 

3:20 p.m.

Break

 

 

 3:40 p.m.

PAUL A. GOMPERS, Harvard University and NBER

 

JOY ISHII, Harvard University

 

ANDREW METRICK, University of Pennsylvania and NBER

 

Incentives vs. Control: An Analysis of U.S. Dual-Class Companies

 

 

 

Discussant: GUHAN SUBRAMANIAN, Harvard University

 

 

 4:30 p.m.

BERNARD BLACK, University of Texas

 

HASUNG JANG, Korea University

 

WOOCHAN KIM, KDI School of Public Policy and Management

 

Predicting Firms Corporate Governance Choices: Evidence from Korea

 

 

 5:20 p.m.

Adjourn

 

 

 6:30 p.m.

Group Dinner - Location to be Announced

 

 

FRIDAY, JULY 30:

 

 

 9:00 a.m.

Coffee and Pastries

 

 

 

JOINT SESSION WITH THE LAW AND ECONOMICS PROGRAM

 

 

8:30 a.m.

MICHAEL GREENSTONE, MIT and NBER

 

PAUL OYER, Stanford University and NBER

 

ANNETTE VISSING-JORGENSEN, Northwestern University and NBER

 

Mandated Disclosure, Stock Returns, and the 1964 Securities Acts Amendments

 

 

 

Discussant: HOWARD CHANG, University of Pennsylvania

 

 

9:15 a.m.

ALLEN FERRELL, Harvard University

 

Mandated Disclosure and Stock Returns:

 

Evidence from the Over-the-Counter Market

 

 

 

Discussant: JOSHUA LERNER, Harvard University and NBER

 

 

 

CORPORATE GOVERNANCE PROGRAM

 

 

10:15 a.m.

RENE STULZ, Ohio State University and NBER

 

CRAIG DOIDGE, University of Toronto

 

G. ANDREW KAROLYI, Ohio State University

 

Why Do Countries Matter So Much for Corporate Governance?

 

 

 

Discussant: SIMON JOHNSON, MIT

 

 

11:00 a.m.

Adjourn

 

 

 

 

 

 

7/19/04