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KEYNOTE SPEAKERS
Monday, 25 June 2012
David L. Yermack - New York University, USA
http://people.stern.nyu.edu/dyermack/
Talk Title:
"Recent developments in shareholder voting and corporate governance"
Abstract:
Shareholder voting has become a surprisingly active research area in corporate finance and a contentious area for regulators. Derivative securities have created new problems involving "empty voting," over voting," and "empty creditors," enabling active investors to manipulate the outcomes of mergers, proxy fights, and bankruptcies, sometimes with significant transfers of debt and equity value. In the U.S. and other countries, the shareholder franchise has expanded in areas such as executive compensation and director elections, with uncertain implications for the value of affected companies. This talk will review research developments in these areas and discuss open issues and regulatory challenges.
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Tuesday, 26 June 2012
Jay R. Ritter - University of Florida, USA
http://bear.warrington.ufl.edu/ritter/
Talk Title:
"The Death of the IPO Market for Small Companies"
Abstract:
In both Europe and the U.S., investors have earned very low returns on small company IPOs. The number of small companies going public in the U.S. dropped by more than 80% from 1980-2000 to 2001-2011. In the U.S., the Jumpstart Our Business Startups (JOBS) Act has been passed, relaxing Sarbanes-Oxley requirements and removing constraints on sell-side analyst conflicts of interest in order to stimulate the market for small company IPOs. The problem is not a broken IPO market, however. The problem is the lack of profitability of small companies. Technological changes have increased the importance of getting big fast, and companies are choosing to merge as a way of accomplishing this.
Plenary_Talk_Pres_Slides_Jay_Ritter.pdf Plenary_Talk_Pres_Slides_David_Yermack.pdf Plenary_Talk_Paper_David_Yermack.pdf
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