NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.
Universities Research Conference
Corporate Governance
May 9 and 10, 2003
Bengt Holmström and Steven Kaplan, Organizers
Royal Sonesta Hotel
5 Cambridge Parkway
Cambridge, MA
PROGRAM
FRIDAY, MAY 9:
8:30 AM Continental Breakfast
Session 1: Executive Incentives: Compensation and Turnover
9:00 AM SIMI KEDIA, Harvard University
NARAYANAN SUBRAMANIAN, ATREYA CHAKRABORTY and
SHAHBAZ ALI SHEIKH, Brandeis University
Performance Incentives, Performance Pressure, and Executive Turnover
Discussant: JEREMY STEIN, Harvard University and NBER
10:15 AM Break
10:45 AM CHRIS MCNEIL, Pennsylvania State University
GREG NIEHAUS and ERIC POWERS, University of South Carolina
Management Turnover in Subsidiaries of Conglomerates Versus Stand-alone Firms
FRANCISCO PEREZ-GONZALEZ, Columbia University
Inherited Control and Firm Performance
Discussant: MARIANNE BERTRAND, University of Chicago and NBER
12:00 N Lunch
Session 2: Boards of Directors
1:15 PM RENEE ADAMS, Federal Reserve Bank of New York
DANIEL FERREIRA, Getulio Vargas Foundation
HARLEY RYAN, Louisiana State University
ROY WIGGINS, Bentley College
Director Compensation, Board Independence, and Barriers to Effective Monitoring
Discussant: GEORGE BAKER, Harvard University and NBER
2:30 PM Break
Session 3: Panel Discussion on Governance:
3:00 PM PAUL ATKINS, Commissioner, Securities and Exchange Commission
DAVID KARP, Wachtell, Lipton, Rosen & Katz
RANDY KROSZNER, Council of Economic Advisors and NBER
4:30 PM Adjourn
6:00 PM Reception and Dinner
Royal Sonesta Hotel
SATURDAY, MAY 10:
8:30 AM Continental Breakfast
Session 4: Corporate Governance and Firm Performance
9:00 AM RAJESH AGGARWAL, Dartmouth College
ANDREW SAMWICK, Dartmouth College and NBER
Empire-Builders and Shirkers: Investment, Firm Performance, and Managerial Incentives
BERNARD BLACK, Stanford University
HASUNG JANG, Korea University
WOOCHAN KIM, KDI School of Public Policy and Management
Does Corporate Governance Affect Firms' Market Values? Evidence from Korea
Discussant: MICHAEL WEISBACH, University of Illinois and NBER
10:15 AM Break
Session 5: Investor Behavior and Government
10:45 AM R. GASTON GELOS, International Monetary Fund
SHANG-JIN WEI, International Monetary Fund and NBER
Transparency and International Investor Behavior
MARIASSUNTA GIANNETTI and ANDREI SIMONOV, Stockholm School of Economics
Which Investors Fear Expropriation? Evidence From Investors' Stock Picking
MIHIR DESAI, Harvard University and NBER
ALEXANDER DYCK, Harvard University
LUIGI ZINGALES, University of Chicago and NBER
The Protecting Hand: Taxation and Corporate Governance
Discussant: RENE STULZ, Ohio State University and NBER
12:30 PM Adjourn
3/13/03