18th Mitsui Life Symposium on Governance and Markets

Stephen M. Ross School of Business
University of Michigan
Ann Arbor, MI
May 21-22, 2010

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