Governance in Family/Unlisted Firms


Conference Program


Program - At a Glance

Thursday, June 15
08:30 - 12:00 Session 1:
The Performance of Family Firms
12:00 - 14:00 Lunch Break
14:00 - 17:30 Session 2:
Minority Protection
19:00 - 22:00
Boat Trip and Dinner on Lake Thun


Friday, June 16
08:30 - 12:00 Session 3: Corporate Governance in Family/Unlisted Firms
12:00 - 14:00 Lunch Break
14:00 - 17:30 Roundtable Discussion:
Family Firms - Answering the Challenges
17:30 - 18:30
19:00 - 22:00 Conference Dinner


Saturday, June 17
08:30 - 12:00 Session 4: Financing New Ventures and the Decision to Go Public
12:00 - 14:00 Farewell Lunch

Detailed Academic Program

Session #1 The Performance of Family Firms
Date Thursday, June 15, 08:30 – 12:00
Belén Villalonga (Harvard Business School)

‹How Do Family Ownership, Control, and Management Affect Firm Value?›
Paper 1:
The effect of family control on firm value and performance: Evidence from Europe

Roberto Barontini (Sant’Anna School of Advanced Studies) and Lorenzo Caprio* (Università Cattolica del Sacro Cuore)
Paper 2:
Performance and Behavior of Family Firms: Evidence From the French Stock Market

David Sraer (CREST and GREMAQ) and David Thesmar* (ENSAE and CEPR)
(10:00) Coffee Break
Paper 3:
Stock Market Performance of Family Firms

Marcel Corstjens* (INSEAD), Katrina Maxwell (INSEAD), Urs Peyer (INSEAD), and Ludo Van der Heyden (INSEAD)
Paper 4:
The Causal Effect of Board Size in the Performance of Small and Medium-Sized Firms

Morten Bennedsen (Copenhagen Business School and CEBR), Hans Christian Kongsted (Copenhagen Business School and Centre for Applied Microeconometrics), and Kasper Nielsen* (Copenhagen Business School and CEBR)
(11:30) Discussion and Closing Remarks


Session #2 Minority Protection
Date Thursday, June 15, 14:00 – 17:30
Julian Franks (London Business School)

‹Spending Less Time with the Family: The Decline of Family Ownership in the UK›
Paper 1:
Bankruptcy, Creditor Protection and Debt Contracts

Stefano Rossi* (Stockholm School of Economics) and Nicola Gennaioli (Stockholm School of Economics)
Paper 2:
External Governance and Debt Agency Costs of Family Firms

Andrew Ellul* (Kelley School of Business, Indiana University), Levent Guntay (Kelley School of Business, Indiana University), and Ugur Lel (Board of Governors, Federal Reserve System)
(15:30) Coffee Break
Paper 3:
Protecting Minority Investors :
Listed vs. Unlisted Firms

Claudio Loderer* (Universität Bern) and
Urs Wälchli (Universität Bern)
Paper 4:
Benefits and Costs of Control-Enhancing Mechanisms in U.S. Family Firms

Raffi Amit* (The Wharton School, University of Pennsylvania) and Belén Villalonga (Harvard Business School)
(17:00) Discussion and Closing Remarks


Session #3 Corporate Governance in Family/Unlisted Firms
Date Friday, June 16, 08:30 – 12:00
Marco Becht (Université Libre de Bruxelles and ECGI)

‹Shareholder Activism in the UK›
Paper 1:
Succession and Corporate Governance in Family Firms

Marco Pagano* (Università di Napoli Federico II, CSEF, CEPR, and ECGI) and Fausto Panunzi (Bocconi University and CEPR)
Paper 2:
Firm Performance, Entrenchment and CEO Succession in Family-Managed Firms

David Hillier* (Leeds University Business School) and Patrick McColgan (Aberdeen University Business School)
(10:00) Coffee Break
Paper 3: (10:30)
Inside the Family Firm: The Role of Families in Succession Decisions and Performance

Morten Bennedsen* (Copenhagen Business School and CEBR), Kasper Nielsen (University of Copenhagen and CEBR), Francisco Pérez-González (Columbia University), and Daniel Wolfenzon (New York University and NBER)
Paper 4:
What can we learn from small firms about executive compensation?

Rebel Cole* (DePaul University) and Hamid Mehran (Federal Reserve Bank of New York)
(11:30) Discussion and Closing Remarks


Roundtable Discussion: Family Firms - Answering the Challenges
We have invited a number of distinguished guests to share their thoughts about family firms.
Date: Friday, June 16, 14:00 – 17:30
Introduction: (14:00) Claudio Loderer (Universität Bern) and Christoph Kaserer (TU München)
(14:15) Short Presentations
  » Mathias Margreiter
(Daniel Swarovski Group)
  » Heinz-Peter Elstrodt
(McKinsey & Company)
  » Karl Spielberger
  » Peter Nobel (Universität St. Gallen and Nobel & Hug Attorneys at Law)
  » Kurt Schiltknecht
(BZ Group and Universität Basel)
  » Rudolf Stämpfli
(Stämpfli AG Confederation of Swiss Employers)
(16:30) Roundtable Discussion
conducted by Christoph Kaserer (TU München)
After the roundtable discussion, refreshments will be served in the Foyer of Hotel Seepark.


Session #4 Financing New Ventures and the
Decision to Go Public
Date Saturday, June 17, 08:30 – 12:00
John J. McConnell (Purdue University)

‹Corporate Governance and Going Public: Entrepreneurs v. The Establishment›
Paper 1:
Favoritism or Markets in Capital Allocation?

Mariassunta Giannetti* (Stockholm School of Economics, CEPR, and ECGI) and Xiaoyun Yu (Kelley School of Business, Indiana University)
Paper 2:
Dual-Class IPOs, Share Recapitalizations, and Unifications: A Theoretical Analysis

Thomas Chemmanur* (Boston College) and Yawen Jiao (Boston College)
(10:00) Coffee Break
Paper 3:
The Going Public Decision and the Product Market

Thomas Chemmanur (Boston College), Shan He (Boston College), and Debarshi Nandy* (York University)
Paper 4:
Shareholder Diversification and the Decision to go Public

Andriy Bodnaruk (Maastricht University), Eugene Kandel (Hebrew University), Massimo Massa (INSEAD), and Andrei Simonov* (Stockholm School of Economics)
(11:30) Discussion and Closing Remarks

* presenting author

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