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The 4th CG

The 4th ASIAN CORPORATE GOVERNANCE CONFERENCE
Co-hosted by Asian institute of Corporate Governance at Korea University
Center for Financial Law at Seoul National University
and
Global Corporate Governance Forum at World Bank

May 19-20, 2005
LG-POSCO Hall, Korea Univesity
Seoul, Korea

May 19, 2005 (Thursday) : LG-POSCO

Time Session Venue
8:30-9:00 Registration Auditorium
9:00-9:50 Welcome and Introductory Remarks
Yoon-Dae Euh, President, Korea University
Opening Speech : Duck-Soo Han
Deputy Prime Minster and Minster of Finance and Economy of Korea
9:50-10:15 Coffee Break
10:15-11:50 1A: Valuation I LP432
1B: Monitoring LP433
1C: Corporate Governance in General LP530
12:00-12:45 Keynote Speech: Franklin Allen, University of Pennsylvania Auditorium
12:45-13:45 Luncheon Multifunction room(6F)
13:45-15:35 2A: Investor Protection LP432
2B: Mergers and Acquisitions LP433
15:35-15:50 Coffee Break
15:50-17:25 3A: Valuation II LP432
3B: Business Group LP433
3C: Shareholder Liability LP530
17:25-17:45 Cocktail
17:45-19:30 Dinner Multifunction room(6F)
Introductory Remarks: Jang Rho Lee, Korea University
Keynote Speaker: Randall Morck, University of Alberta

May 20, 2005 (Friday) : LG-POSCO

Time Session Venue
9:30-10:00 Registration
10:00-10:15 Coffee Break
10:15-11:50 4A: Ownership LP432
4B: Tunneling LP433
4C: Directors and Management LP530
11:50-12:00 Coffee Break
12:00-13:45 Luncheon Multifunction room(6F)
13:45-15:35 5A: IPO and Firm Performance LP432
5B: Transparency and Disclosure LP433
5C: Hostile Takeovers LP530
15:35-15:50 Coffee Break
15:50-17:25 6A: Compensation LP432
6B: Accounting LP433
17:25-18:00 Cocktail

1A Valuation I (LP432)

Chair: Randall Morck, University of Alberta

▲  TOP
Does Corporate Governance Predict Firms' Market Values? Evidence from New Panel Data
Bernard Black, University of Texas
Hasung Jang, Korea University
Woochan Kim, KDI School of Public Policy and Management
Kyung Suh Park, Korea University

Corporate Governance, Agency Costs and Expected Stock Returns: Evidence from Analysts’ Earnings Forecast s
Kevin C.W. Chen, Hong Kong University of Science and Technology
Zhihong Chen, Hong Kong University of Science and Technology
K.C. John Wei, Hong Kong University of Science and Technology

Takeovers, Governance and the Cross-Section of Returns
K.J. Martijn Cremers, Yale University
Vinay B. Nair, University of Pennsylvania
Kose John, New York University

Discussant

Yijo Koskinen, Boston University and CEPR
Dongcheol Kim, Korea University
K.C. John Wei, Hong Kong University of Science and Technology

1B Monitoring (LP433)

Chair: Franklin Allen, University of Pennsylvania

▲  TOP
How Do Business Ties Influence Proxy Voting by Mutual Funds ?
Gerard F. David, University of Michigan
E. Han Kim, University of Michigan

Monitoring: Which Institutions Matter?
Xia Chen, University of British Columbia
Jarrad Harford, University of Washington
Kai Li, MIT and University of British Columbia

Golden Shares and Welfare: a Theoretical Approach
Miguel A. Garcia-Cestona, University of Barcelona
Vicente Salas, University of Zaragoza

Discussant

Stijn Claessens, University of Amsterdam and World Bank
Cheol Park, Seoul National University
Kwangwoo Park, KAIST

1C Corporate Governance in General (LP530)

Chair: Kon Sik Kim, Seoul National University

▲  TOP
Shareholder Value, Corporate Governance and the Protection of Employee Interests: Are Corporate Law and Labor Law Merging Fields of Policy and Scholarship?
Ian Ramsay, Melbourne University

Legal Capital
Peter Muelbert, Mainz University

Discussant

Ronald Gilson, Stanford Law School and Columbia Law School
Wen-Yeu Wang, National Taiwan University

2A Investor Protection (LP432)

Chair: E. Han Kim, University of Michigan

▲  TOP
The Value of Investor Protection: Firm Evidence from Cross?Border Mergers
Arturo Bris, Yale University
Christos Cabolis, Yale University and ALBA

Investor Protection and the Demand for Equity
Mariassunta Giannetti, Stockholm School of Economics, CEPR and ECGI
Yrjo Koskinen, Boston University and CEPR

Committing to Protect Investors in Emerging Markets: Can Local Exchanges Provide value-relevant bonding mechanisms?
Kathryn L. Dewenter, University of Washington
Chang-soo Kim, Yonsei University
Ungki Lim, Yonsei University
Walter Novaes, Pontificia Universidade Catolica in Brazil

Culture Rules: The Foundations of the Rule of Law and Other Norms of Governance
Amir N. Licht, University of California Berkeley
Chanan Goldschmidt, Interdisciplinary Center Herzliya
Shalom H. Schwartz, Hebrew University of Jerusalem

Discussant

Mariassunta Giannetti, Stockholm School of Economics, CEPR and ECGI
Arturo Bris, Yale University
Joseph Fan, Chinese University of Hong Kong
Rema Hanna, MIT

2B Mergers and Acquisitions (LP433)

Chair: Erik Bergolf, Stockholm School of Economics

▲  TOP
Foreign Blockholders, Shareholder Rights, and Corporate Governance: Evidence from Partial Acquisitions of U.S. Firms by Foreign Firms
Jun-Koo Kang, Michigan State University
Jin-Mo Kim, Michigan State University

The Impact of the Structure of Debt on Target Gains
Thomas Jandik, University of Arkansas
Anil K. Makhija, Ohio State University

Cross-Border Equity Flows in privately Held Firms
Douglas Cumming, University of New South Wales
Grant Fleming, Australian National University
Armin Schwienbacher, University of Amsterdam

Does Overvaluation Lead to Bad Mergers? Evidence from Insider Trading and Long-term Performance
Weihong Song, Boston College

Discussant

Kai Li, MIT and University of British Columbia
Thomas J Chemmanur, Boston College
Anil K. Makhija, Ohio State University
Armin Schwienbacher, University of Amsterdam

3A Valuation II (LP432)

Chair: Jun-Koo Kang, Michigan State University

▲  TOP
Tycoons Turned Leaders: Market Valuation of Political Connections
Pramuan Bunkanwanicha, University of Paris 1
Yupana Wiwattanakantang, Hitotsubashi University

Corporate Governance and Firm Value ? the Impact of the 2002 Governance Rules
Vidhi Chhaochharia, Cornell University
Yaniv Grinstein, Cornell University

Governance Discount: Valuation of the Korean Business Groups after the Asian Financial Crisis
Kooyul Jung, KAIST
Byungmo Kim, KAIST
Yong-Cheol Kim, University of Wisconsin-Milwaukee

Discussant

Sung Wook Joh, Korea University
Christos Cabolis, Yale University and ALBA
Yupana Wiwattanakantang, Hitotsubashi University

3B Business Group (LP433)

Chair: Stijn Claessens, University of Amsterdam and World Bank

▲  TOP
The Choice of Group Structure: Divide and Rule
Hasung Jang, Korea University
Hyung Cheol Kang, Korea University
Kyung Suh Park, Korea University

Do Business Groups Use Dividends to Fund Investments?
Radhakrishnan Gopalan, University of Michigan
Vikram Nanda, University of Michigan
Amit Seru, University of Michigan

Group Control Motive as a Determinant of Ownership Structure in Business Conglomerates ? Evidence from Korea’s Chaebols
Woochan Kim, KDI School of Public Policy and Management
Youngjae Lim, KDI
Taeyoon Sung, KAIST

Discussant

Stijn Claessens, University of Amsterdam
Vladmir Atanasov, Babson College
Vikram Nanda, University of Michigan

3C Shareholder Liability (LP530)

Chair: Ian Ramsay, Melbourne University

▲  TOP
Some Aspects of Shareholder Liability
Has Grigoleit, Regensburg University

A Possible Controlling Shareholders' Fiduciary Duty Doctrine in China
Xin Tang, Tsinghua University

Controlling Shareholders and Corporate Governance: Complicating the Taxonomy
Ronald Gilson, Stanford Law School & Columbia Law School

Discussant

Jin-Hee Ryu, Korea University
Peter Muelbert, Mainz University
Ok-Rial Song, Seoul National University

4A Ownership (LP432)

Chair: Bernard Black, University of Texas

▲  TOP
Determinants of the Family Ownership: Choice between Controlling Power and Firm Performance
Hasung Jang, Korea University
Hyung Cheol Kang, Korea University
Kyung Suh Park, Korea University

The Unwinding of Cross-shareholding: Causes, Effects, and Implications
Miyajima Hideaki, Waseda University and RIETI
Kuroki Fumiaki, Nissay Research Insititute

The Origins of the German Corporation ? Finance, Ownership and Control
Julian Franks, London Business School
Colin Mayer, University of Oxford
Hannes F. Wagner, University of Munich

Discussant

Randall Morck, University of Alberta
Hannes F. Wagner, University of Munich
Myung Hyun Cho, Korea University

4B Tunneling (LP433)

Chair: Florencio Lopez-de Silanes, Yale University

▲  TOP
Business Groups and Tunneling: Evidence from Private Securities Offerings by Korean Chaebols
Jae-Seung Baek, Hankuk University of Foreign Studies
Jun-Koo Kang, Michigan State University
Inmoo Lee, Korea University and National University of Singapore

How Does Law Affect Finance? An Empirical Examination of Tunneling in an Emerging Market
Vladimir Atanasov, Babson College
Conrad S. Ciccotello, Georgia State University
Stanley B. Gyoshev, Drexel University

Guanxi, Tunneling, Propping and Expropriation Evidence from Connected Party Transactions in China
Stephen Cheung, City University of Hong Kong
Lihua Jing, City University of Hong Kong
P. Raghavendra Rau, Purdue University
Aris Stouraitis, City University of Hong Kong

Discussant

Florencio Lopez-de-Silanes, Yale University
Aris Stouraitis, City University of Hong Kong
Kee-Hong Bae, Korea University and Queen’s University

4C Directors and Management (LP530)

Chair: Hideki Kanda, Tokyo University

▲  TOP
Transformation of Liability Regime of Corporate Management in Japan
Tomotaka Fujita , Tokyo University

The Independent Director in Chinese Corporate Governance
Donald C. Clarke, George Washington University Law School

Discussant

Hwa-Jin Kin, Woo, Yun, Kang, Jeong & Han
Xin Tang, Tsinghua University

5A IPO and Firm Performance (LP432)

Chair: Thomas J Chemmanur, Boston College

▲  TOP
Dual-Class IPOs, Share Recapitalizations and Unifications: A Theoretical Analysis
Thomas J Chemmanur, Boston College
Yawen Jiao, Boston College

Affiliated Mutual Funds and the Allocation of Initial Public Offerings
Jay R. Ritter, University of Florida
Donghang Zhang, University of South Carolina

Board Structure, Banking Firm Performance and the Bank Holding Company Organizational Form
Renee B. Adams, Stockholm School of Economics
Hamid Mehran, Federal Reserve Bank of New York

Do Japanese CEOs Matter?
Sanghoon Ahn, HKUST and Hitotsubashi University
Utpal Bhattacharya, Indiana University
Taehun Jung, Hitotsubashi University
Giseok Nam, Hitotsubashi University

Discussant

Erik Berglof, Stockholm School of Economics
Inmoo Lee, Korea University and National University of Singapore
Hyun Han Shin, Yonsei University
Renee B. Adams, Stockholm School of Economics

5B Transparency and Disclosure (LP433)

Chair: Ronald Gilson, Stanford Law School and Columbia Law School

▲  TOP
R 2 around the World: New Theory and New Tests
Li Jin, Harvard University
Stewart C. Myers, MIT

The Emergence of Corporate Pyramids in China
Joseph Fan, Chinese University of Hong Kong
T. J. Wong, Chinese University of Hong Kong
Tianyu Zhang, Chinese University of Hong Kong

Do Non-Executive Employees Have Private Information That Is Relevant to Outside Investors?
Dong Lee, University of Kentucky

Obtaining a Driving License in India: An Experimental Approach to Studying Corruption
Marianne Bertrand, University of Chicago
Simeon Djankov, World Bank
Rema Hanna, MIT
Sendhil Mullainathan, Harvard University

Discussant

Dong Lee, University of Kentucky
Jeong-Bon Kim, Hong Kong Polytechnic University
Joong Hyuk Kim, Korea University
Miyajima Hideaki, Waseda University and RIETI

5C Hostile Takeovers (LP530)

Chair: Ronald Gilson, Stanford Law School and Columbia Law School

▲  TOP
Livedoor vs. NBS Case (2005): Recent Judicial Decisions on a Hostile Takeover Battle in Japan and their Implications
Kenichi Osugi, Chuo University

In the Shadow of Delaware: The Rise of Hostile Takeovers in Japan
Curtis Milhaupt, Columbia Law School

Ownership Structure, Defensive Tactics, and Mandatory Bids: Efficient Transfer of Control in Controlling Minority Ownership Structure
Ok-Rial Song, Seoul National University

Discussant

Hideki Kanda, Tokyo University (or Tomotaka Fujita, Tokyo University )
Curtis Milhaupt, Columbia Law School
Ian Ramsay, Melbourne University

6A Compensation (LP432)

Chair: Hugh Patrick, Columbia University

▲  TOP
Financial Contracts for CEOs: Expropriation or Effective Corporate Governance?
Yong H. Kim, University of Cincinnati
Olivier Maisondieu Laforge, University of Nebraska

The Good, The Bad and The Lucky: CEO Pay and Skill
Robert Daines, Stanford University
Vinay B. Nair, University of Pennsylvania
Lewis Kornhauser, New York University Law school

The Composition of Institutional Ownership and the Structure of CEO Compensation
Jae Yong Shin, University of Wisconsin-Madison

Discussant

Yarniv Grinstein, Cornell University
Yong H. Kim, University of Cincinnati
Li Jin, Harvard University

6B Accounting (LP433)

Chair: Hasung Jang, Korea University

▲  TOP
Ownership Structure, Business Group Affiliation, Listing Status, and Earnings Management: Evidence from Korea
Jeong-Bon Kim, Hong Kong Polytechnic University
Cheong H. Yi, Hong Kong Polytechnic University

Industry Expertise in the Global Economy: Empirical Evidence for the Big Five Auditors
Michael Ettredge, University of Kansas
Soo Young Kwon, Korea University
Chee Yeow Lim, Nanyang Technological University

Accounting Institutional Environment and the Value Relevance of Accounting Earnings
Etty R. Wulandari, Capital Market Supervisory Agency Indonesia
Asheq R. Rahman, Nanyang Techonological University

Discussant

T. J. Wong, Chinese University of Hong Kong
Kevin C.W. Chen, Hong Kong University of Science and Technology
Jin Bae Kim, Korea University