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The 2nd CG

The 2nd Asia Corporate Governance Conference Program
(Preliminary as of October 19)
May 16 - 17, 2002
Shilla Hotel, Seoul

"Please press the right button of your mouse and download the paper if you have any problems in opening the PDF file directly on this website."

Thursday, (May 16)

8:30-10:00 1A Corporate Policies and Corporate Governance (Topaz)
1B Legal Development and Corporate Governance (Ruby)
10:00-10:30 Coffee Break 10:00 - 10:30 (Lobby)
10:30-12:00 2A Panel Discussion: Corporate Governance Regulations in East Asian Countries (Ruby)
2B Ownership Structures and Corporate Governance (Topaz)
12:00-14:00 Luncheon (Dynasty2)
Keynote Speaker: Franklin Allen, University of Pennsylvania
'Corporate Governance in Asia'
14:00-15:30 3A Law and Corporate Governance (Ruby)
3B Corporate Control (Topaz)
15:30-16:00 Coffee Break (Lobby)
16:00-17:30 4A Law and Finance (Ruby)
4B Corporate Governance and Firm Performance (Topaz)
18:30-20:30 Dinner (Dynasty2)
Introductory Remarks: Sang Koo Nam, Korea University
Keynote Speaker: Andrei Shleifer, Harvard University
'Strategies for Protecting Investors'

Friday (May 17)

8:30-10:00 5A Corporate Governance Issues in Emerging Markets(Ruby)
5B Does Corporate Governance Matter? (Topaz)
10:00-10:30 Coffee Break (Lobby)
10:30-12:00 6A Panel Discussion: Institutional Investors and Management's Perspectives on Corporate Governance
Chair: Hasung Jang, Korea University
Keynote Speech: Yun Churl Jeon, Deputy Prime Minster and Minster of Finance and Economy of Korea
Panelists :
Mark Mobius, President of Templeton Emerging Investment
Buhmsoo Choi, Executive Vice President of Kookmin Bank
George Dallas, Managing Director of Standard & Poor's
Ki-Kwon Doh, CEO of Goodmorning Securities

1A Corporate Policies and Corporate Governance (Topaz)

Chair: Franklin Allen, University of Pennsylvania

▲  TOP
Overbidding vs. Fire-Sales in Bankruptcy Auctions
Espen Eckbo, Dartmouth College
Karin Thorburn, Dartmouth College

Economic Shock, Business Group, and Determinants of Firm Value and Restructuring: Evidence from the Korean Financial Crisis
Jae Seung Baek, Pyung Taek University
Jun-Koo Kang, Michigan State University
Kyung Suh Park, Korea University

Corporate Control Contests and the Disciplining Effect of Spin-Offs: A Theory of Performance and Value Improvements in Spin-Offs
Thomas J. Chemmanur, Boston College
An Yan, Fordham University

Why Do Firms Choose Value-Destroying Rights Offerings? Theory and Evidence from Hong Kong
Zheng Wang, City University of Hong Kong
Xueping Wu, City University of Hong Kong

Discussant

Keun Kwan Ryu, Seoul National University
Stijn Claessens, University of Amsterdam and CEPR
Art Durnev, University of Michigan
Jay Ritter, University of Florida

1B Legal Development and Corporate Governance (Ruby)

Chair: Bernard Black, Stanford University

▲  TOP
Establishing a New Stock Market for Shareholder Value Oriented Firms in Korea
Steve Choi, University of California, Berkeley
Kon Sik Kim, Seoul National University

Adaptation and Convergence in Corporate Governance: The Case of Chinese Listed Companies
Iain MacNeil, University of Aberdeen

Institutional Change and M&A in Japan: Diversity Through Deals
Curtis J. Milhaupt, Columbia University
Mark D. West, University of Michigan

The Globalization of Insider Trading Prohibitions
Frank Gevurtz, University of Pacific

Discussant

John Coffee, Columbia University
Tom Heller, Stanford University
Amir N. Licht, Interdisciplinary Center Herzliya, Israel
Alexander Loke, National University of Singapore

2A Panel Discussion: Corporate Governance Regulations in East Asian Countries (Ruby)

Chair: Stijn Claessens, University of Amsterdam and CEPR

▲  TOP
Recent Development in Corporate Governance Regulation in China
Lu Tong, Chinese Centre of Corporate Governance, Institute of World Economics & Politics

Corporate Governance in Indonesia (TBA)
Marcelino Pandin, Indonesian Institute for Corporate Directorship

Recent Corporate Governance Reform in Malaysia
Philip T.N. Koh, Malaysian Institute for Corporate Governance

Corporate Governance in Thailand
Piman Limpaphayom, Asian University of Science and Technology

Recent Changes in Corporate Governance Regulation in Philippine
Francisco Roman, Asian Institute of Management Center for Corporate Responsibility (TBA)

2B Ownership Structures and Corporate Governance (Topaz)

Chair: Jay Ritter, University of Florida

▲  TOP
Cross Shareholding and Corporate Financial Policy
Daehong T. Jang, Hallym University
Kyung-Soo Kim, Sung Kyun Kwan University
Woo Tack Kim, Hallym University
Sangsoo Park, Kyung Hee University

On the Determinants, Costs, and Benefits of Pyramidal Ownership: Evidence on Expropriation of Minority Interests
Najah Attig, Laval University
Klaus Fischer, Laval University
Yoser Gadhoum, University of Quebec

Ownership Structure, Expropriation, and Performance of Group-Affiliated Companies in Korea
Seajin Chang, Korea University

From State to State: Improving Corporate Governance when the Government is a Large Block Holder
Henk Berkman, The University of Auckland
Rebel A. Cole, The University of New South Wales
Jiang Fu, The University of Auckland

Discussant

Yong H. Kim, University of Cincinnati
Renee B. Adams, Federal Reserve Bank of New York
Woochan Kim, KDI School of Public Policy and Management
George Lihui Tian, London Business School

3A Law and Corporate Governance (Ruby)

Chair: Tom Heller, Stanford University

▲  TOP
Competition Among Securities Markets: A Path Dependent Perspective
John Coffee Jr., Columbia University

A (behavioral) Law and Economics Approach to Reforming Asian Corporate Governance
Alexander Loke, National University of Singapore

Do Portfolio Investors Fear Expropriation?
Mariassunta Giannetti, Stockholm School of Economics
Anrei Simonov, Stockholm School of Economics

Culture, Law, and Finance: Cultural Dimensions of Corporate Governance Laws
Chanan Goldschmidt, Interdisciplinary Center Herzliya, Israel
Amir N. Licht, Interdisciplinary Center Herzliya, Israel
Shalom H. Schwartz, Hebrew University in Jerusalem, Israel

Discussant

Bernard Black, Stanford University
Kon Sik Kim, Seoul National University
Iain MacNeil, University of Aberdeen
Mark West, University of Michigan

3B Corporate Control (Topaz)

Chair: Larry Lang, Chinese University of Hong Kong

▲  TOP
Managers, Workers, and Corporate Control
Marco Pagano, Universita di Salerno, Italy
Paolo Volpin, London Business school

Government Shareholding and the Value of China's Modern Firms
George Lihui Tian, London Business School

Have India's Financial Market Reforms Made Any Changes on Firms' Corporate Financing Patterns?
Sayuri Shirai, The Asian Development Bank Institute & Keio University,

Crony Lending: Thailand before the Financial Crisis
Chutatong Charumilind, Cornell University
Raja Kali. University of Arkansas
Yupana Wiwattanakantang, Hitotsubashi University

Discussants

Youngseok Park, Sogang University
Rebel A. Cole, University of New South Wales
Thomas J. Chemmanur, Boston College
Suk Heun Yoon, Hallym University

4A Law and Finance (Ruby)

Chair: Andrei Shleifer, Harvard University

▲  TOP
Courts: The Lex Mundi Project
Simeon Djankov, The World Bank
Florencio Lopez-de-Silanes, Yale University
Rafael La Porta, Harvard University
Andrei Shleifer, Harvard University

Corporate Governance, Investor Protection and Performance in Emerging Markets
Leora F. Klapper, The World Bank
Inessa Love, The World Bank

The Interplay of Firm-specific Factors and Legal Regimes in Corporate Governance and Firm Valuation
Art Durnev, University of Michigan
E. Han Kim, University of Michigan

Control Values and Changes in Corporate Law in Brazil
Tatiana Nenova, The World Bank

Discussant

Simon Johnson, Massachusetts Institute of Technology
Mariassunta Giannetti, Stockholm School of Economics
Chris Mallin, Birmingham University
Kee-Hong Bae, Korea University

4B Corporate Governance and Firm Performance (Topaz)

Chair: Cheol Eun, Georgia Institute of Technology

▲  TOP
Long-term Performance of Choebols and Non-Choebols in Korea
Keun Lee, Seoul National University
Keun Kwan Ryu, Seoul National University
Jung Mo Yoon, Seoul National University

Ownership Concentration and Executive Compensation in Closely Held Firms: Evidence From Hong Kong
Stephen Cheung, City University of Hong Kong
Aris Stouraitis, City University of Hong Kong

Corporate Governance and Firm Profitability: Evidence from Korea before the Economics Crisis
Sung Wook Joh, Korea Development Institute

Firm Performance, Governance Structure, and Top Management Turnover in Chinese Listed Firm
Michael Firth, Hong Kong Polytechnic University
Peter M.Y. Fung, Hong Kong Polytechnic University
Oliver Rui, Hong Kong Polytechnic University

Discussant

Vidhan Goyal, Hong Kong UST
Daesik Kim, Hanyang University
Joseph P. H. Fan, Hong Kong University of Science and Technology
Jinbae Kim, Korea University

5A Corporate Governance Issues in Emerging Markets (Ruby)

Chair: Espen Eckbo, Dartmouth College

▲  TOP
Does Corporate Governance Matter? Evidence from Korean Market
Bernard Black, Stanford University
Hasung Jang, Korea University
Woochan Kim, KDI School of Public Policy and Management

Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centers
Stijn Claessens, University of Amsterdam and CEPR
Daniela Klingebiel, The World Bank
Sergio L. Schmukler, The World Bank

Do External Auditors Perform a Corporate Governance Role in Emerging Markets? Evidence from East Asia
Joseph P. H. Fan, Hong Kong University of Science and Technology
T.J. Wong, Hong Kong University of Science and Technology

Law, Finance and Economic Growth in China
Franklin Allen, University of Pennsylvania
Jun Qian, Boston College
Meijun Qian, Boston College

Discussant

Jun Qian, Boston College
Cheol Eun, Georgia Institute of Technology
Inessa Love, The World Bank
Sung Wook Joh, Korea Development Institute

5B Does Corporate Governance Matter? (Topaz)

Chair: E. Han Kim, Business School, University of Michigan

▲  TOP
Capital Flow, Ownership Structure and Corporate Governance in Japan (TBA)
Larry Lang, Chinese University of Hong Kong
Raymond So, Chinese University of Hong Kong

Institutional Causes, Macroeconomic Symptoms
Simon Johnson, Massachusetts Institute of Technology

Votes without Dividends: An Examination of Managerial Control Through Bank Trust Departments
Renee B. Adams, Federal Reserve Bank of New York
Joao A.C. Santos, Federal Reserve Bank of New York

Can Foreign Firms Bond Themselves Effectively by Renting U.S. Securities Laws?
Jordan Siegel, Massachusetts Institute of Technology

Discussant

Jinyoung Shin, Ajou University (TBA)
Tatiana Nenova, The World Bank
Sang Yong Park, Yonsei University
Andrei Simonov, Stockholm School of Economics