NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

 

SUMMER INSTITUTE 2006

 

Corporate Governance Project Workshop

(joint meeting with the Law and Economics Program)

 

Lucian Bebchuk, Organizer

 

July 31, 2006

 

Royal Sonesta Hotel

Charles AB & Parkview Room

40 Edwin H. Land Blvd.

Cambridge, Massachusetts

 

PRELIMINARY PROGRAM

 

 

SUNDAY, JULY 30:

 

 

 6:30 pm

Group Dinner – Legal Sea Foods, Kendall Sq., Cambridge

 

 

MONDAY, JULY 31

 

 

 8:30 am

Coffee and pastries

 

 

MANAGEMENT TURNOVER

 

 

 9:00 am

STEVEN KAPLAN, University of Chicago and NBER

 

BERNADETTE MINTON, Ohio State University

 

How Has CEO Turnover Changed?  Increasingly Performance Sensitive Boards and Increasingly Uneasy CEOs

 

 

 

Discussant: STUART GILLAN, Texas Tech University

 

 

 9:50 am

DIRK JENTER, MIT and NBER

 

FADI KANAAN, MIT

 

CEO Turnover and Relative Performance Evaluation

 

 

 

Discussant: JARAD HARFORD, University of Washington

 

 

10:40 am

Break

 

 

EXECUTIVE COMPENSATION

 

 

11:00 am

VIDHI CHHAOCHHARI, The World Bank

 

YANIV GRINSTEIN, Cornell University

 

CEO Compensation and Board Structure

 

 

 

Discussant: CHESTER SPATT, Securities and Exchange Commission

 

 

11:50 am

XAVIER GABAIX, MIT and NBER

 

AUGUSTIN LANDIER, New York University

 

Why Has CEO Pay Increased So Much?

 

 

 

Discussant: JEREMY STEIN, Harvard University and NBER

 

 

12:40 pm

Lunch

 

 

SHAREHOLDER ACTIVISM

 

 

 1:40  pm

MICHAEL BRADLEY and ALON BRAV, Duke University

 

ITAY GOLDSTEIN, University of Pennsylvania

 

WEI JIANG, Columbia University

 

Costly Communication, Shareholder Activism, and Limits to Arbitrage

 

 

 

Discussant: RONALD MASULIS, Vanderbilt University

 

 

 2:30 pm

MARCO BECHT, Université Libre de Bruxelles

 

JULIAN FRANKS, London Business School

 

COLIN MAYER, University of Oxford

 

STEFANO ROSSI, Stockholm School of Economics

 

Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund

 

 

 

Discussant: ANDREW METRICK, University of Pennsylvania and NBER

 

 

3:20 pm

Break

 

 

DETECTING MISBEHAVIOR

 

 

3:40 pm

RANDAL A. HERON, Indiana University

 

ERIK LIE, University of Iowa

 

Does Backdating Explain the Stock Price Pattern around Executive Stock Option Grants?

 

 

 

Discussant: JOHN CORE, University of Pennsylvania

 

 

 4:30 pm

ALEXANDER DYCK, University of Toronto

 

ADAIR MORSE, University of Michigan

 

LUIGI ZINGALES, University of Chicago and NBER

 

Who Blows the Whistle on Corporate Fraud?

 

 

 

Discussant: JOHN DONOHUE, Yale University and NBER

 

 

 5:20 pm

Adjourn

 

 

 

 

6/2/06