VIP lecture in Corporate Governance: Market Efficiency after the Financial Crisis

Solvay Brussels School - Economics & Management - News

Solvay Brussels School invites you to the inaugural Goldschmidt Chair Distinguished Lecture in Corporate Governance on the 10th of May 2011.

This guest lecture will be given by Professor Ronald J. Gilson, Charles J. Meyers Professor of Law and Business at Stanford Law School, and the Marc and Eva Stern Professor of Law and Business at Columbia Law School.

An experienced practitioner of corporate and securities law before entering academia, Ronald J. Gilson is the author of major casebooks on corporate law and corporate acquisitions. He has written widely on U.S. and comparative corporate law and governance, on venture capital and on contracting for innovation.  Professor Gilson was a reporter of the American Law Institute's Corporate Governance Project. He is a Fellow of the American Academy of Arts and Sciences and the European Corporate Governance Institute and is the independent board chair for American Century Investments in Mountain View, which manages over $30 billion in assets.

"The financial crisis created a lot of losers.  In addition to investors, financial institutions and nations, academic theory, including corporate governance and, especially, the governance of financial institutions, have been dealt a major setback.  Litigation in the U.S. concerning the performance of boards of directors is widespread.  How could directors have  missed what is now said to be obvious: the bubble in the U.S. housing market and the resulting dramatic overpricing of mortgage-based derivatives?  Underlying the claimed failure of corporate governance theory is the widely asserted failure of the efficient capital market hypothesis (ECMH).  If directors were relying on securities prices, including the price of their own institution's stock, in assessing the risk undertaken by their corporations, then governance was premised on the ECMH's tenet that all public information is reflected in securities prices.  But how can the ECMH and, in turn, a director-centered governance concept, survive the apparently extended mispricing of mortgage backed securities and collateral debt obligations?  The lecture will address the proper formulation of the ECMH, analyze the financial crisis in light of that formulation, and set out the post-crisis reform strategy suggested by that analysis."

The lecture will be introduced by Marco Becht, Léo Goldschmidt Professor of Corporate Governance at SBS-EM.

The Léo Goldschmidt Chair in Corporate Governance contributes to international teaching and research in corporate governance, in order to promote, among future leaders in society, a better understanding of the nature of the interactions both within a corporation and with its various constituencies.

Distinguished Lectures bring leading international personalities in corporate governance to the Solvay Brussels School and provide a platform for them to share their thoughts on the latest developments in the field.

 

Lecture starts at 18.15. More info and registration:

ikram [dot] sefiani [at] solvay [dot] edu
02/650.48.66

 

 

To know more about Ronald J. Gilson, go here