CONFERENCE
The 2nd CGEM
.jpg)
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 |
|
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 | |
17, November 2007, Saturda
| 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 | |