ECGTN Activities: Young scientists in Zurich 
            March 8-10, 2006 
            Sponsors: ETH Zurich, European Corporate Governance Training 
            Network, Nestlé, Review of Finance, Swiss Re, SWX Swiss Exchange, 
            Wharton Financial Institutions Center 



            Wednesday 8 March 2006: Young Scientists Research Projects 


            Arrival of the eight ECGTN young scientists 
            16.00–18.00 Research Plans/Paper Abstracts and Outlines 
            Theodosios Dimopoulos: "Board Turnover and its Relation to 
            Corporate Performance: Evidence from UK, France and Germany"
            Günseli Tümer-Alkan: "Creditor Concentration"
            Michel Kowalik: "The Basle II IRB Approach and its Impact on the 
            Incentives for Risk-Taking by Banks" 

            Comments: René Stulz (Ohio State), Joe McCahery (Amsterdam and 
            Tilburg) and Reinier Kraakman (Harvard)

            Venue: ETH Zentrum, Rämistrasse 101, Room HG G 50.1 
            20.00–22.00 Dinner at Le Dezaley 
            (Swiss specialty cheese fondue – other dishes also available) 



            Thursday 9 March 2006: ECGTN Activities and ECGI Open Meeting 


            09.00–12.00 Working Papers
            Samuel Lee: "Information Sales and Speculative Monitoring"
            Zacharias Sautner: "Corporate Governance and the Design of Stock 
            Option Programs" (with Martin Weber)
            Peter Szilagyi: "How Relevant is Payout Policy under Low Shareholder 
            Protection" (with Luc Renneboog) 

            Comments: Gerard Hertig (ETH Zurich), Joe McCahery (Amsterdam and 
            Tilburg) and Reinier Kraakman (Harvard) 

            Venue: ETH Zentrum, Rämistrasse 101, Room HG F 33.4 
            12.30–13.30Lunch with ECGI board members 
            17.45-20.00ECGI Open Meeting (public session) (See ECGI website)



            Friday 10 March 2006: Alternative Views of Corporate Governance 
            Conference 
			

            The Anglo-Saxon model of corporate governance is just one view of 
            corporate governance. Many jurisdictions insure that not only 
            shareholders but also workers are represented in the governance 
            process. Non Anglo-Saxon views of corporate governance are reflected 
            in diverging degrees of State intervention. More generally, smaller 
            firms often provide examples of different approaches to corporate 
            governance. The purpose of this conference is to consider such 
            alternative views. 


            Session 1: Worker-Shareholder Conflicts
            09.00-10.30How Does Legal Protection of Labor and Financiers Affect 
            Corporate Restructuring Decisions?
            Julian Atanassov and E. Han Kim, Ross School of Business, University 
            of Michigan
            Discussant: Paolo Volpin, London Business School  

            Do Entrenched Managers Pay Their Workers More?
            Henrik Cronqvist, Fisher College of Business, Ohio State University, 
            Fredrik Heyman, Trade Union Institute for Economic Research, Mattias 
            Nilsson, Worcester Polytechnic Institute, Helena Svaleryd, and Jonas 
            Vlachos, The Research Institute of Industrial Economics
            Discussant: Clifford Holderness, Boston College 
             
            10.30-10.45Coffee break 
            Session 2: Allocating Control Rights
            10.45-13.00 Asymmetric Information and the Choice of Corporate 
            Governance Arrangements
            Lucian Arye Bebchuk, Harvard Law School
            Discussant: James Dow, London Business School
             
            Who Should Control a Corporation? Towards a Contingency Stakeholder 
            Theory for Allocating Ownership Rights
            Alessandro Zattoni, Strategic and Entrepreneurial Department, 
            University of Bocconi
            Discussant: Mary O’Sullivan, Wharton School, University of 
            Pennsylvania  
            A Theory of Optimal Expropriation, Mergers and Industry Competition
            Arturo Bris, IMD, Yale School of Management and ECGI and Neil 
            Brisley, Richard Ivey School of Business, University of Western 
            Ontario
            Discussant: Mike Burkart, Stockholm School of Economics  
            13.00-14.00 Lunch 
            Session 3: Differences between Countries
            14.00-15.30The Origins of the German Corporation – Finance, 
            Ownership and Control
            Julian Franks, London Business School, Colin Mayer, and Hannes F. 
            Wagner, Saïd Business School, University of Oxford
            Discussant: Reinier Kraakman, Harvard Law School 
             
            Cross-Country Variations in Capital Structures: The Role of 
            Bankruptcy Codes
            Viral V. Acharya, London Business School, Rangarajan K. Sundaram and 
            Kose John, Stern School, New York University
            Discussant: Elu von Thadden, University of Manheim  
            15.30-15.45 Tea break 
            Session 4: Private Equity
            15.45-17.15Institutional Investors and Private Equity
            Kasper Meisner Nielsen, Copenhagen Business School and Centre for 
            Economic and Business Research
            Discussant: Ludovic Phalippou, University of Amsterdam  
            Regulatory Harmonization and the Development of Private Equity 
            Markets
            Douglas Cumming, Lally School of Management and Technology, 
            Rensselaer Polytechnic Institute and Sofia Johan, Centre for Company 
            Law, Tilburg University 
            Discussant: Vinay Nair, Wharton School, University of Pennsylvania
             
            19.00–22.30 Dinner for invited participants