The Governance and Regulation of Financial Institutions
Lessons from the Crisis

Wednesday, 16th June 2010

An academic conference to be held at the Madrid campus of the IESE Business School during the Spanish Presidency of the EU
Background | Programme | Research Newsletter Volume 8

09.15-09.45 Conference reception  
Welcome and Opening Remarks
09.45-10.00 Professor Jordi Canals, Dean, IESE Business School, University of Navarra, ECGI Board Member
Session 1: Chaired by Marc Hertgen, Policy Officer, European Commission-DG Internal Market
10.00-10.50
Corporate Governance of Banks after the Financial Crisis – Theory, Evidence, Reforms (ECGI Law Working Paper 130/2009 - see paper)
Peter O. Muelbert, Professor, Faculty of Law and Economics, and Director of the Center for German and International Law of Financial Services, University of Mainz

Discussant: Paul Davies, Allen & Overy Professor of Corporate Law, University of Oxford
 
10.50-11.40

Market freedom and the global recession (see paper)
Domenico Giannone, Professor, Universite' Libre de Bruxelles-ECARES

Discussant: Xavier Freixas, Professor, Universitat Pompeu Fabra, Barcelona

 
11.40-12.00 Coffee break
Session 2: Chaired by Stéphane Rottier, Advisor, National Bank of Belgium
12.00-12.50 Boards of Banks Around the World (see paper)
Daniel Ferreira, Reader in Finance, London School of Economics

Discussant: Maria Gutierrez, Associate Professor, Universidad Carlos III de Madrid
 
12.50-13.40 Host's Dilemma: Rethinking EU Banking Regulation in Light of the global Crisis (see paper)
Katharina Pistor, Michael Sovern Professor of Law, Columbia Law School

Discussant: Dr Alessio Maria Pacces, Associate Professor of Law and Economics, Erasmus School of Law
 
Lunch
13.40-15.00 Guest speaker
Michael Bray, Partner, Clifford Chance, London
Session 3: Chaired by Marco Becht, Professor of Finance and Economics, Université Libre de Bruxelles (ULB)
15.00-15.40 Bank CEO Incentives and the Credit Crisis (ECGI Finance Working Paper 256/2009 - see paper)
Ruediger Fahlenbrach, Swiss Finance Institute Assistant Professor of Finance, EPFL (Ecole Polytechnique Fédérale de Lausanne)
 
15.40-16.20 On Bankers’ Pay and Risk-Taking
Based on Wages of Failure: Executive Compensation at Bear Stearns and Lehman 2000-2008 (ECGI Finance Working Paper 287/2010 - see paper) and Regulating Bankers' Pay (see paper)

Holger Spamann, Lecturer on Law and Executive Director, Program on Corporate Governance, Harvard Law School
 
16.20-16.50 Coffee break
16.50-17.30 Yesterday’s Heroes: Compensation and Creative Risk-Taking (see paper - revised May 2010)
Jose Scheinkman, Theodore A Wells '29 Professor of Economics, Princeton University
 
17.30-18.00 Session discussant: Tom Kirchmaier, Lecturer, MBS & FMG/LSE
Session 4: Policy Panel
18.00-19.00 Panel
Xavier Vives, Professor of Economics and Financial Management, IESE Business School, University of Navarra
Guido Ferrarini, Professor of Business Law and Capital Markets Law, University of Genoa
 
Closing remarks
19.00-19.15 Jose Manuel Campa, Secretary of State for Economic Affairs, Ministry of Economy and Finance, Spain  
19.15-20.30 Post-conference cocktails and tapas

The organisers are most grateful for the sponsorship of this conference by leading international law firm Clifford Chance

The conference is co-funded under the grant:

Politics, Economics and Global Governance: The European Dimensions, PEGGED Collaborative Projects (CPs) Funded under the EU's Seventh Framework Programme, Contract no. SSH-CT-2008-217559