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The 1st CGEM

CORPORATE GOVERNANCE IN EMERGING MARKETS
15 ~ 17 November 2007
Istanbul, Turkey

The first International Research Conference on Corporate Governance in Emerging Markets

The conference has been an activity of Emerging Markets Corporate Governance Network (EMCGN) with the attendance of 145 researchers from 30 countries. Having been organized by the Global Corporate Governance Forum (GCGF) and Asian Institute Corporate Governance (AICG) and endorsed by Corporate Governance Forum of Turkey (CGFT), Yale University Millstein Governance Center, European Corporate Governance Institute (ECGI) and International Corporate Governance Network (ICGN), the conference has brought together the world's leading scientists such as Randall Mork, Stijn Claessens and Bernard Black with emerging countries' researchers and scientists. Articles presented during the conference were focused on governance issues in emerging countries and the relationship between political power and governance systems. Melsa Ararat, the chair of the organizing committee and also the coordinator of EMCGN has announced that the next conference is planned to be held in 2009. The bookproceedings which will include summaries of sessions and a conference synthesis report is planned to be published in the second quarter of 2008 by the Global Corporate Governance Forum.

Presenter Dsicussant
10:00 ~ 11:30 Special Session 1 (Turkey)
Effectiveness of the Turkish Corporate Governance System : CEO Changes and Performance M. Banu Durukan
Serdar Ozkan
Fatih Dalkilic
Yilmaz
Arguden
Bank Disclosure and Market Assessment of Financial Fragility : Evidence from Equity Prices of Turkish Banks Maria Fabiana
Penas
Gunseli Tumer- Alkan
Halit Gonenc
Board Composition and Control Mechanisms in ISE50 : Form Outscores Substance Bengi Ertuna
Ali Tukel
Melsa Ararat
11:00 ~ 12:30 Break
12:30 ~ 14:00 Special Session 2 (Turkey)
Shortcomings of Existing Mechanisms for Management Oversight in Public Companies listed at the ISE and a Proposal for Reinforcement through Shareholder Control Reha Tanor
Hande Bengisu
Ender Colak
Auditor Selection, Client Firm Characteristics, and Corporate Governance: Evidence from an Emerging Market Mine Aksu
Turkan Onder
Kemal Saatcioglu
Burcin
Yurtoglu
The Impact of Institutional, Political, and Economic Accounts on Business Groups' Structural Choices in Turkey Kader Sahin Ayse Karaevli
14:30 ~ 16:00 Parallel Session 1 & 2
Parallel Session 1 (14:30 ~ 16:00) Author(s) Discussant
Ownership Changes and Investment in Transition Countries Klaus Gugler
Evgeni Peev
Isil Erel
Does Corporate Governance Predict Firms' Performance: The Case of Ukraine Vitaliy Zheka Lubimor Lizal
Corporate Governance and Dividend Policy in Poland Oskar Kowalewski
Ivan Stetsyuk
Oleksandr Talavera
Jan Hanousek
Parallel Session 2 (14:30 ~ 16:00) Author(s) Discussant
Tunneling and Propping: Evidence from Rights and Bonus Issues by Turkish Business Group Firms Halit Gonenc Yishay Yafeh
Do Governance Reforms Increase Information of Analysts' Stock Recommendations? Evidence From a Newly Emerging Market Omar Farooq
Sheraz Ahmed
Halit Gonenc
Corporate Governance and Firm Performance in Africa: A Dynamic Panel Data Analysis Anthony
Kyereboah- Coleman
Burcin Yurtoglu
16:30 ~ 18:00 Parallel Session 3 & 4
Parallel Session 3 (16:30 ~ 18:00) Author(s) Discussant
Quality of Governance Regimes and Cross Listing Behaviour of Emerging Market Firms Burkhard Schrage
Paul Vaaler
Dennis Mueller
Corporate Governance Ratings in Emerging Markets: Implications for Market Valuation, Internal Firm Performance, Dividend Payouts and Policy Matthew Morey Rene Adams
Parallel Session 4 (16:30 ~ 18:00) Author(s) Discussant
The Effect of Cross Listing on the Sensitivity of Managerial Compensation to Firm Performance Bin Ke
Oliver Rui
Wei Yu
Raghavendra Rau
Financing Motivated M&As : Evidence from Corporate China Julan Du
Oliver Rui
Sonia Wong
Jie Gan
Regulatory Underpricing: Determination of Chinese Extreme IPO returns Lihui Tian
William Megginson
Igor Filatotchev
19:00 ~ 20:00 Welcome cocktail
20:00 ~ 22:00 Dinner for invited participants
Sabanci University - Private Dining Room
Welcome by the host and organisers

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<16, November 2007, Friday>

09:00 ~ 09:15
Welcoming Speech by Philip Armstrong (Global Corporate Governance Forum)
09:15 ~ 10:00
Presented by Mark Roe(Harvard Law School)
10:15 ~ 11:45 Parallel Sessions 5 & 6
Parallel Session 5 (10:15 ~ 11:45) Author(s) Discussant
How Does Law Affect Finance; an examination of financial tunelling Vladimir Atanasov
Bernard Black
Conrad Ciccotello Stanley Gyoshev
Morten Bennedsen
Privatization,Large Shareholders' Incentives to Expropriate and Firm Performance Jianping Deng
Jie Gan
Jia He
William Megginson
Parallel Session 6 (10:15 ~ 11:45) Author(s) Discussant
What Segments Equity Markets? Christian Lundblad Sumru Altug (TBC)
Why Does Investor Protection Matter for the Cost of Equity? Mehmet Deniz Yavuz Hakan Orbay
12:00 ~ 13:00 Lunch
13:00 ~ 14:30 Parallel Sessions 7 & 8
Parallel Session 7 (13:00 ~ 14:30) Author(s) Discussant
Corporate Governance, Stock Market Development, and Private Capital Accumulation: A Case Study of India Prabirjit Sarkar Art Durnev
Can CG Reforms Increase Firms' Market Values: Evidence from India Bernard Black, Vikramaditya S. Khanna Sung-Wook Joh
Parallel Session 8 (13:00 ~ 14:30) Author(s) Discussant
Private Contracting and Corporate Governance: Evidence from the Provision of Tag-Along Rights in an Emerging Market Morten Bennedsen Kasper Meisner
Nielsen, and Thomas Vester Nielsen
Klaus Gugler
Evolution and Determinants of Firm-Level Corporate Governance Quality in Brazil Ricardo Leal
Alexandre Silveira
A. L.Carvalhal-da- Silva
Lucas A. B. de C. Barros
Kyung-Suh Park
14:45 ~ 16:15 Parallel Sessions 9 & 10
Parallel Session 9 (14:45 ~ 16:15) Author(s) Discussant
The Effect of Ownership Structures on Corporate Payout Policy; ?ncentive Allignment or Entrenchement Sung Wook JOH
Yong Kyung Ko
Shang-Jin Wei (TBC)
Who Cares About Control-Ownership Disparity in Emerging Markets? Unbundling Foreign Portfolio Investors Shang-Jin Wei Bernardo Bortolotti
Parallel Session 10 (14:45 ~ 16:15) Author(s) Discussant
Do US Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation Between Corporate Governance and Shareholder Wealth Isil Erel
Reena Aggarwal
Rene M. Stulz
Rohan Williamson
Christian Lundblad
Corporate Governance and Firm Value: Endogeneity-Free Evidence from Korean Dong Wook Lee
Jung Yong Choi
Kyung-Suh Park
Kee-Hong Bae
16:15 ~ 16:30 Coffee Break
16:30 ~ 18:00 Parallel Session 11 & 12
Do Controlling Shareholders' Expropriation Incentives Derive Between Corporate Governance and Firm Value? Evidence from the Link Aftermath of Korean Financial Crisis Kee-Hong Bae Jaeseung Baek
Jun-Koo Kang
Matthew
Morey
Race to the Top Among Stock Exchanges: Theory and Evidence Kathryn Dewenter
Walter Novaes
Ricardo Leal
Parallel Session 12 (16:30 ~ 18:00) Author(s) Discussant
The Nontradable Sharereform in the Chinese Stock Market Andrea Beltratti Bernardo
Bortolotti
Kai Li
How Does the Grabbing Hand Grab? Tunneling Assets from Chinese Listed Companies to the State Yan-Leung Cheung
P. Raghavendra Rau
Aris Stouraitis
Joseph Fan (TBC)
19:00 ~ 20:00 Departure from conference site for dinner(Sabanci Museum Restaurant)
20:00 ~ 23:00 Dinner

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<17, November 2007, Saturday>

10:00 ~ 10:30 Keynote Speech(Antonio Borges) 10:45 ~ 12:15 Parallel Sessions 13 & 14
Parallel Session 13 (10:45 ~ 12:15) Author(s) Discussant
Stealing from Thieves: Firm Governance and Performance when States are Predatory Art Durnev
Larry Fauver
Randall Morck
Corporate Governance and Regulation : Can There Be Too Much of a Good Thing? Stijn Claessens Valentina G. Bruno Mark Roe
Parallel Session 14 (10:45 ~ 12:15) Author(s) Discussant
The invisible Hand in Corporate Governance Vidhi Chhaochharia
Luc Laeven
Bernard Black
Corporate Governance Quality - Trends and Real Effects Kenichi Ueda
Gianni De Nicolo
Luc Laeven
Jonathan Kopell (TBC)
Stock Taking & Open Discussion Forum 12:30 ~ 13:00 Invited Talk : R. Morck
13:00 ~ 14:00 Lunch
14:00 ~ 15:00 Forum 1 Chair / Presenter
Determinants of Board Compositions and the Role of the Board in Emerging Markets and implications for Corporate Performance Hasung Jang / B. Black
15:15 ~ 16:15 Forum 2 Chair / Presenter
Corporate Governance and Enforcement Mechanisms in Emerging Markets J. Koppel / S. Claessens
16:30 Closing cocktail

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