18th Mitsui Life Symposium on Governance and Markets
Stephen M. Ross School of Business
University of Michigan
Ann Arbor, MI
May 21-22, 2011
FRIDAY, MAY 21
Session 1: Monitoring and Incentives
Chair: E. Han Kim, University of Michigan
Golden Parachutes and the Wealth of Shareholders
Lucian Bebchuk, Harvard Law and NBER
Alma Cohen, Tel-Aviv University, Eitan Berglas School of Economics, Harvard Law, and NBER
Charles C.Y. Wang, Stanford University
DISCUSSANT: Jarrad Harford, University of Washington
Short-Term Termination without Deterring Long-Term Investment – A Theory of Debt and Buyouts
Alex Edmans, University of Pennsylvania
DISCUSSANT: Zhiguo He, University of Chicago
Session 2: CEO Preferences
Chair: Bob Dittmar, University of Michigan
Behavioral Consistency in Corporate Finance: CEO Personal and Corporate Leverage
Henrik Cronqvist, Claremont McKenna College
Anil Makhija, Ohio State University
Scott E.Yonker, Ohio State University
DISCUSSANT: Jeffrey Coles, Arizona State University
Risk Premia in Executive Compensation – A Life-Cycle Perspective
Florian Peters, University of California Berkeley and University of Zurich
DISCUSSANT: Luke Taylor, University of Pennsylvania
PANEL DISCUSSION
Panel Discussion: CEO Compensation
Moderator: Amy Dittmar, University of Michigan
Lucian Bebchuk, William J. Friedman and Alicia Townsend Friedman Professor of Law, Economist, and Finance, Harvard Law
Carol Bowie, Head, Governance Institute at RiskMetrics Group
Fritz Henderson, former President /CEO and current Consultant for international operations at General Motors
Steven Kaplan, Neubauer Family Professor of Entrepreneurship and Finance, University of Chicago Booth School
Session 3: Resource Allocation
Chair: MP Narayanan, University of Michigan
Impact of Investor Protection Law on Corporate Policy: Evidence from the Blue Sky Laws
Ashwini Agrawal, New York University
DISCUSSANT: Oguzhan Ozbas, University of Southern California
Internal Capital Markets and Corporate Politics in a Banking Group
Martijn Cremers, Yale University
Rocco Huang, Federal Reserve Bank of Philadelphia
Zacharias Sautner, University of Amsterdam
DISCUSSANT: Vojislav Maksimovic, University of Maryland
Session 4: Global Governance
Chair: Haitao Li, University of Michigan
Monitoring Managers – Does it Matter?
Francesca Cornelli, London Business School and CEPR
Zbigniew Kominek, European Bank for Reconstruction and Development
Alexander Ljungqvist, New York University, ECGI and CEPR
DISCUSSANT: Radhakrishnan Gopalan, Washington University at St. Louis
Does Governance Travel Around the World – Evidence from Institutional Investors
Reena Aggarwal, Georgetown University
Isil Erel, Ohio State University
Miguel Ferreira, Universidade Nova de Lisboa
Pedro Matos, University of Southern California
DISCUSSANT: Andres Almazan, University of Texas Austin
SATURDAY, MAY 22
Session 5: Inside the Boardroom
Chair: Tyler Shumway, University of Michigan
Does Financial Experience Help Banks during Credit Crises?
Nuno Fernandes, IMD
Eliezer Fich, Drexel University
DISCUSSANT: Matthew Rhodes-Kropf, Harvard Business School
Boardroom Brawls: Determinants and Consequences of Disputes Involving Directors
Anup Agrawal, University of Alabama
Mark Chen, Georgia State University
DISCUSSANT: Enrichetta Ravina, Columbia University
Session 6: CEO Horizons
Chair: Uday Rajan, University of Michigan
Does Delaware Entrench Management?
Murali Jagannathan, Binghamton University
Adam C. Pritchard, University of Michigan Law School
DISCUSSANT: David Denis, Purdue University
Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent
Viral Acharya, New York University
Marco Pagano, Università di Napoli
Paolo Volpin, London Business School
DISCUSSANT: Michael Fishman, Northwestern University
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