Corporate Governance and Capital Markets - CFS Finance Summer School 2007

Organization

Jan Pieter Krahnen (Frankfurt University and Director of CFS) and Christian Laux (Frankfurt University and Program Director at CFS) jointly with ECGTN (European Corporate Governance Training Network)

Faculty

Yakov Amihud (New York University) - Mergers, acquisitions, and restructurings

Francesca Cornelli (London Business School) - Venture capital and private equity

David Yermack (New York University) - Corporate governance and shareholder value

Information

The CFS-ECGTN Summer School 2007

offers in a scenic setting a stimulating environment for Ph.D. students to learn about the latest developments in their field from renowned international faculty,

helps postgraduate researchers in the positioning of their work through the exchange of research ideas and discussion of their research projects; in particular, they will have the opportunity to present their own work,

facilitates the establishment of contacts between young researches coming from various universities and research institutions.

For one week, young economists from different countries meet with renowned faculty at the Training Center of the Bundesbank for an intensive week of learning and interaction. The faculty will give lectures on topics of current research interest. In afternoon sessions, the participants will have the opportunity to present their own research and discuss it with the faculty and other participants. In addition, there will be time for broader discussions and exchange of ideas, which may on occasions even lead to new joint projects

Program

12.08.2006

-	Arrival
6:00 p.m - 7:00 p.m.	Dinner
7:00 p.m - 9:00 p.m.	Welcome Reception

13.08.2006

9:00 a.m. - 10:30 a.m.	Lecture Yakov Amihud Topic: Evidence on M&As - causes and determinants
10:30 a.m. - 11:00 a.m.	Coffee Break
11:00 a.m. - 12:30 p.m.	Lecture Yakov Amihud Topic: The effects of M&As on stockholder wealth
12:30 p.m. - 1:30 p.m.	Lunch
2:00 p.m. - 3:30 p.m.	Lecture Yakov Amihud Topic: The effect of M&As on bondholder wealth
3:30 p.m. - 4:00 p.m.	Coffee Break
4:00 p.m. - 5:30 p.m.	Student Presentation
6:00 p.m - 7:00 p.m.	Dinner

14.08.2006

9:00 a.m. - 10:30 a.m.	Lecture Yakov Amihud Topic: Corporate diversification
10:30 a.m. - 11:00 a.m.	Coffee Break
11:00 a.m. - 12:30 p.m.	Lecture Yakov Amihud Topic: Divestitures
12:30 p.m. - 1:30 p.m.	Lunch
2:00 p.m. - 3:30 p.m.	Lecture Yakov Amihud Topic: Institutional investors and dividends
3:30 p.m. - 4:00 p.m.	Coffee Break
4:00 p.m. - 5:30 p.m.	Student Presentation
6:00 p.m - 7:00 p.m.	Dinner
7:15 p.m. - 10:00 p.m.	Trip to Castle Johannisberg

15.08.2006

9:00 a.m. - 10:30 a.m.	Lecture Francesca Cornelli Topic: Control Theory
10:30 a.m. - 11:00 a.m.	Coffee Break
11:00 a.m. - 12:30 p.m.	Lecture Francesca Cornelli Topic: Corporate Governance Theory: Large Shareholders
12:30 p.m. - 1:30 p.m.	Lunch
2:00 p.m. - 3:30 p.m.	Lecture Francesca Cornelli Topic: Corporate Governance Theory: The Role of the Stock Market
3:30 p.m. - 4:00 p.m.	Coffee Break
4:00 p.m. - 5:30 p.m.	Student Presentation
6:00 p.m - 7:00 p.m.	Dinner

16.08.2006

9:00 a.m. - 10:30 a.m.	Lecture Francesca Cornelli Topic: Venture Capital Theory
10:30 a.m. - 11:00 a.m.	Coffee Break
11:00 a.m. - 12:30 p.m.	Lecture Francesca Cornelli Topic: Venture Capital: Empirical Tests
12:30 p.m. - 1:30 p.m.	Lunch
2:00 p.m. - 3:30 p.m.	Lecture Francesca Cornelli Topic: Private Equity: Empirical Tests
3:30 p.m. - 4:00 p.m.	Coffee Break
4:00 p.m. - 5:30 p.m.	Student Presentation
6:00 p.m - 7:00 p.m.	Dinner

17.08.2006

9:00 a.m. - 10:30 a.m.	Lecture David Yermack Topic: How important is Corporate Governance
10:30 a.m. - 11:00 a.m.	Coffee Break
11:00 a.m. - 12:00 p.m.	Lecture David Yermack Topic: Corporate Governance around the World
12:00 p.m. - 1:00 p.m.	Lunch
1:30 p.m. - 3:30 p.m.	Lecture David Yermack Topic: Boards of Directors and Company Value
3:30 p.m. - 4:00 p.m.	Coffee Break
4:00 p.m. - 5:30 p.m.	Student Presentation
6:00 p.m - 7:00 p.m.	Dinner
7:30 p.m - 10:30 p.m.	Weingut Belz

18.08.2006

9:00 a.m. - 10:30 a.m.	Lecture David Yermack Topic: Management Incentives from Ownership and Compensation
10:30 a.m. - 11:00 a.m.	Coffee Break
11:00 a.m. - 12:30 p.m.	Lecture David Yermack Topic: Executive Stock Options
12:30 p.m. - 1:30 p.m.	Lunch
2:00 p.m. - 3:30 p.m.	Lecture David Yermack Topic: Shareholder Activism
3:30 p.m. - 4:00 p.m.	Coffee Break
4:00 p.m. - 5:30 p.m.	Student Presentation
6:00 p.m - 7:00 p.m.	Dinner

19.08.2006

-	Departure

General

Time and location:

The sixth CFS Summer School will be held at the Training Center of the Deutsche Bundesbank, situated 30 miles west of Frankfurt at the riverside of the Rhine and in the midst of one of the most famous wine growing areas in Germany. The program will start on Monday morning and is scheduled to end on Saturday evening. Meals and lodging will be provided from Sunday evening (August 12) until Sunday morning (August 19). Social events will also be organized.

Venue

Training Center of the Deutsche Bundesbank, Eltville/Rheingau, Germany

Erbacher Straße 18, 65343 Eltville am Rhein, Phone.: ++49-(0)6123-9 01-0

Costs

€ 1350,-

The total fee is EUR 1350,- (including lodging and full board at the Training Center). A limited number of fellowships will be available to students.

Contact

Applications:

The deadline for online applications is: May 31, 2007.

The following documents must be provided with the application:

Curriculum Vitae (in English language)
One-page description of applicant`s research
Applicants who wish to present a research paper should submit the paper or an extended paper abstract.
Optional: Letter of recommendation

Participation will be confirmed after June 1, 2007.

All documents should be sent in electronic version as a PDF or Word document to:

Contact:

Ms. Roberta Ciut

Center for Financial Studies

Mertonstraße 17-21, 60325 Frankfurt am Main, Germany

Phone: +49-(0)69-798 22568

Fax: +49-(0)69-798 30077

E-mail: summerschool(at)ifk-cfs.de