Overview
Aims and objectives
This 5-year Integrated Project funded by the EU’s Sixth Research and Development Framework Programme (‘FP6’) was completed in the spring of 2010. The CBR organised the Corporate Governance subnetwork of REFGOV, as part of which it coordinated the work of research groups in Belgium, France, Hungary, Italy, Portugal and the UK. The CBR also contributed to the Fundamental Rights subnetwork of REFGOV.
The aim of the corporate governance subnetwork within REFGOV was to carry out a programme of empirical research on corporate governance that was comparative in scope, broadly interdisciplinary, and informed by developments in reflexive theories of learning and evolution. The empirical work included legal studies of the development of norms and standards in the corporate governance field at global, European, national and sectoral level; econometric analysis of the impact of corporate governance norms on financial development and managerial practice; and case studies of the operation of corporate governance standards at sector and enterprise level.
Results: Corporate Governance Subnetwork
One of the concrete themes examined concerns the growing influence of the so-called ‘shareholder value norm’ in policy and practice. A first empirical finding, based on a comprehensive mapping of developments in company legislation and corporate governance codes in a wide range of countries in the EU and overseas, is that corporate governance standards based on the shareholder value approach, in particular norms relating to independent boards and minority shareholder protection in takeover bids, were very widely adopted in many countries during the course of the 1990s and 2000s. The shareholder value model originated in common law/liberal market systems, such as the UK, and then spread to civil law/coordinated market regimes. It was widely diffused in developing and transition countries. However, the empirical work has also established that this convergence on the shareholder value approach has taken place largely at the level of formal laws, and has had a more limited impact on the practice of governance at market or firm level. Thus econometric analysis has shown that formal strengthening of shareholder rights has not, on the whole, been correlated with financial development, in the sense of producing an increase, for example, in stock market capitalization or private credit relative to GDP. These findings call into question some of the core predictions of mainstream corporate governance theory as well as the expectations of policy-makers in this field. Case studies of regulatory change have provided possible explanations for the non-effect of legal reforms, by highlighting the role of path dependencies at national level. Case studies of the Hungarian and Slovenian corporate governance codes have stressed the importance of local path-dependent factors, arising from the transition process, in limiting the degree of convergence with Anglo-American practice. A case study of the operation of the Belgian corporate governance code illustrates the lack of fit between norms designed for the liquid capital markets and dispersed ownership which characterize British and American practice, and the concentrated ownership structures of most Belgian listed companies.
Sectoral and firm-level case studies show how, in a number of contexts, the influence of the shareholder-value norm has been mediated by institutional and organisational practices which reflect a stakeholder-orientated or communitarian logic. Econometric analysis of the relationship between corporate governance forms and HRM practices at workplace level in Britain and France identified growing financial pressures on firms in both countries, but also evidence of ‘negotiated shareholder value’ or rent-sharing between workers and shareholders, in particular in the French case. The use of contractual devices for risk-sharing and deliberation between stakeholders was highlighted by a study of the construction of the Heathrow Terminal 5 building. This work suggested that, even in the context of the strongly shareholder-orientated UK system, utility regulation and contractual governance could play a role in lengthening time horizons, thereby mitigating short-term financial pressures, and embedding a learning-based approach to problem solving. A study of hedge fund activism demonstrated the limits of the shareholder value approach in continental Europe and Japan, against the background of a communitarian ethic within firms and a relational approach to investment practice from institutional shareholders. The analysis of network relations in the wine producing sector stressed the endogeneity of practices with regard to local conditions, which led to different forms of network relations emerging across the different countries studied, but also within them, as different regions exhibited divergent tendencies. This work also shows that transnational norms governing SMEs and network forms may play a role in removing barriers to the emergence of effective forms of inter-firm contracting.
A further goal of the work of the corporate governance subnetwork has been to integrate empirical research within the broader theoretical framework of reflexive law theory. In particular, reflexive insights were applied to analysis of the recent financial crisis. The perverse effects of bonus regimes and executive payment systems, and the ineffectiveness of internal audit mechanisms and external shareholder monitoring, highlight the limited effectiveness of incentive systems based on new-institutionalist approaches to governance.
Another of the concrete themes explored by the subnetwork relates to corporate social responsibility (‘CSR’). Because corporate reputation has an economic value, firms are incentivised to respond to demands from shareholder activists and the wider public to minimize the harms they displace on to third parties. However, our empirical research suggests that CSR often misses its targets. Investors with a ‘socially responsible’ agenda are deterred from seeing it through, because these activities involve high costs to them, whereas the benefits flow to other investors, or to ‘society’ generally. From a reflexive point of view, what is missing is the kind of learning process which would embed CSR in organisational practices.
Results: Fundamental Rights Subnetwork
The research from this Work Package shows that, in the current state of the law and practice, social rights (at both national and Community level) are not an effective counterweight to pressures for market integration, and are not playing an effective role in channelling regulatory competition. The Court’s expansionary approach to free movement jurisprudence, coupled with its pre-emptive reading of social policy directives, threatens to undermine member state autonomy and diversity in the labour law field, putting into question the conditions for effective regulatory learning.
Project leader
Simon Deakin
Visiting fellow
Prabirjit Sarkar
Research associates
John Armour (University of Oxford)
John Buchanan
Catherine Barnard (University of Cambridge)
Nina Cankar (University of Ljubljana)
Jodie Kirshner (University of Cambridge)
Sue Konzelmann (Birkbeck College, London)
Viviana Mollica (Queen Mary, University of London)
John Paterson (University of Aberdeen)
Stephen Pratten (King’s College London)
Mathias Siems (University of East Anglia)
Simon Turner (London School of Hygiene and Tropical Medicine)
Frank Wilkinson
Project status
Completed
Project dates
2005-2010
Funding
European Union Sixth Research and Development Framework Programme
Output
Journal articles
Armour, J., Deakin, S., Lele, P. and Siems, M. (2009) ‘How do legal rules evolve? Evidence from a cross-national comparison of shareholder, creditor and worker protection’ American Journal of Comparative Law, 57: 579-630.
Armour, J., Deakin, S., Sarkar, P., Siems, M. and Singh, A. (2009) ‘Shareholder protection and stock market development: an empirical test of the legal origins hypothesis’ Journal of Empirical Legal Studies, 6: 343-380.
Barnard, C. (2008) ‘Viking and Laval: an introduction’ Cambridge Yearbook of European Legal Studies, 10: 463-292.
Barnard, C. (2009) ‘”British jobs for British workers”: the Lindsey Oil Refinery dispute and the future of local labour clauses in an integrated EU market’ Industrial Law Journal, 38: 245-77.
Barnard, C. ‘”British jobs for British workers”‘: the Lindsey Oil Refinery dispute’, L’Homme et la Société, forthcoming.
Cankar, N., Deakin, S. and Simoneti, M. (2010) ‘The reflexive properties of corporate governance codes: the reception of the “comply-or-explain” approach in Slovenia’ Journal of Law and Society, 37: 501-25.
Armour, J., Deakin, S., Mollica, V. and Siems, M. (2009) ‘Law and financial development: what we are learning from time series evidence’ Brigham Young University Law Review: 1435-1500.
Conway, N., Deakin, S., Petit, H., Rebérioux, A., Konzelmann, S. and Wilkinson, F. (2008) ‘The influence of stock market listing on human resource management: evidence for France and Britain’ British Journal of Industrial Relations, 46: 631-673.
Deakin, S. and Whittaker, D. (2007) Re-embedding the corporation? Comparative perspectives on corporate governance, employment relations and corporate social responsibility’ Corporate Governance: An International Review, 15: 1-4.
Deakin, S. (2006) ‘Die Wiederkehr der Zünfte? Netzwerkbeziehungen aus historischer Perspektive’ Kritische Vierteljarhresschrift für Gesetzgebung und Rechtswissenschaft, 2/3 2006, 150-162.
Deakin, S. (2007) Re-embedding the corporation? Comparative perspectives on corporate governance, employment relations and corporate social responsibility’ Corporate Governance: An International Review, 15: 1-4.
Deakin, S. (2008) ‘Regulatory competition after Laval’ Cambridge Yearbook of European Legal Studies, 10: 581-609.
Deakin, S. (2009) ‘Legal origin, juridical form and industrialisation in historical perspective: the case of the employment relationship and the joint stock company’, Socio-Economic Review, 7: 35-65.
Deakin, S. (2009) ‘Reflexive harmonisation and European company law’ European Law Journal, 15: 224-45.
Deakin, S. and Hobbs, R. (2007) ‘False dawn for CSR? Shifts in regulatory policy and the response of the corporate and financial sector in Britain’ Corporate Governance: An International Review, 15: 68-76.
Deakin, S. and Sarkar, P. (2008) ‘Assessing the long-run economic impact of labour law systems: a theoretical reappraisal and analysis of new time series data’, Industrial Relations Journal, 39: 453-487.
Deakin, S., Lourenço, A. and Pratten, S. (2009) ‘No “third way” for economic organization? Networks and quasi-markets in broadcasting’ Industrial and Corporate Change, 18: 51-75.
Deakin, S. and Wilkinson, F. (2010) ‘Labour markets, financial crisis and regulatory reform: the emerging agenda for labour law’, L’Homme et la Société, forthcoming.
Deakin, S. (2010) ‘Corporate governance, finance and growth: unravelling the relationship’ Acta Juridica: 191-218.
Deakin, S., Demetriades, P. and James, G. (2010) ‘Creditor rights and banking system development in India’ Economics Letters, 108: 19-21.
Konzelmann, S., Fovargue-Davies, M., and Wilkinson, F. (2010) ‘Governance, regulation and financial market instability: the implications for policy’ Cambridge Journal of Economics doi:10.1093/cje/bep086.
Sarkar, P., and Singh, A. (2009) ‘Law, finance and development: further analyses of longitudinal data’ Cambridge Journal of Economics, 34: 325-46.
Schnyder, G. (2010) ‘How political institutions determine corporate governance reforms: the polity, law and corporate practices in the case of Switzerland’ New Political Economy, 15, forthcoming.
Schnyder, G. (2011) ‘Revisiting the party paradox of finance capitalism: social democratic preferences and corporate governance reforms in Switzerland, Sweden, and the Netherlands’ Comparative Political Studies, 44, forthcoming.
Schouten, M. and Siems, M. (2010) ‘The evolution of ownership disclosure rules across countries’ Journal of Corporate Law Studies (forthcoming).
Siems, M. (2010) ‘The web of creditor and shareholder protection: a comparative legal network analysis’ Arizona Journal of International and Comparative Law (forthcoming).
Siems, M. (2010) ‘Convergence in corporate governance: a leximetric approach’ Journal of Corporation Law, 35: 729-765.
Siems, M. and Deakin, S. (2010) ‘Comparative law and finance: past, present and future research’ Journal of Institutional and Theoretical Economics, 166: 120-140.
Siems, M. and Lele, P. (2009) ‘Der Schutz von Aktionären im Rechtsvergleich: Eine leximetrische und ökonometrische Untersuchung’, Zeitschrift für das gesamte Handels- und Wirtschaftsrecht, 173: 119-141.
Turner, S. (2010) ‘Networks of learning in the English wine industry: communitarian, distanciated, organisational and redundant’, forthcoming, Journal of Economic Geography.
Book chapters
Buchanan, J. and Deakin, S. (2009) ‘In the shadow of corporate governance reform: change and continuity in management practice in Japanese listed companies’, in D. H. Whittaker and S. Deakin (eds.) Corporate Governance and Managerial Reform in Japan (Oxford: Oxford University Press).
Deakin, S. (2007) ‘Is the ‘modernisation’ of company law a threat to employee voice within the enterprise? A British perspective’, in D. Sadowski and M. Weiss (eds.) Corporate Governance and Codetermination (Berlin: de Gruyter).
Deakin, S. (2008) ‘The return of the guild? Network relations in historical perspective’, in M. Amstutz and G. Teubner (eds.) Contractual Networks: Legal Issues of Multilateral Cooperation, Hart Publishing,
Deakin, S. (2010) ‘Corporate governance and financial crisis in the long run’, in P. Zumbansen and C. Williams (eds.) The Embedded Firm Corporate Governance, Labour Law and Financial Capitalism (Cambridge: Cambridge University Press), forthcoming.
Deakin, S. and Rebérioux, A. (2009) ‘Corporate governance, labour relations and human resource management in Britain and France: convergence or divergence?’, in J.-P. Touffut (ed.) Does Corporate Ownership Matter? (Cheltenham: Edward Elgar.
Deakin, S. and Singh A. (2009) ‘The stock market, the market for corporate control and the theory of the firm: legal and economic perspectives and implications for public policy’, in P.-O. Bjuggren and D. Mueller (eds.), The Modern Firm, Corporate Governance and Investments (Cheltenham: Elgar).
Sarkar, P. (2009) ‘Corporate governance, stock market development and private capital accumulation: a case study of India’, in S. Marjit (ed.) India Macroeconomics Annual 2008 (New Delhi: Sage India).
Siems, M. and Lele, P. (2009) ‘Shareholder protection – a leximetric approach’, in T. G. Arun and J. Turner (eds.) Corporate Governance and Development: Reform, Financial Systems and Legal Framework (Cheltenham: Edward Elgar).
Singh, A. (2009) ‘The past, present and future of industrial policy in India: adapting to the changing domestic and international environment’, in M. Cimoli, G. Dosi and J. Stiglitz (eds) Industrial Policy and Development. The Political Economy of Capabilities and Accumulation (Oxford: Oxford University Press).
Singh, A. and Zammit, A. (2011), ‘The global economic and financial crisis: which way forward?’, in P. Arestis, R. Sobreira and J.L. Oreiro, (eds.) An Assessment of the Global Impact of the Financial Crisis (Basingstoke: Palgrave Macmillan), forthcoming.
Working papers
Amour, J., Deakin, S., Mollica, V. and Siems, M. (2009) ‘Law and financial development: what we are learning from time-series evidence’, working paper.
Armour, J., Deakin, S., Lele, P. and Siems, M. (2009) ‘How do legal rules evolve? Evidence from a cross-country comparison of shareholder, creditor and worker protection’, CBR Working Paper No. 382 and ECGI-Law Working Paper 129/2009.
Armour, J., Deakin, S., Mollica, V. and Siems, M. (2010) ‘Law and financial development: what we are learning from time-series evidence’ CBR WP No. 399, ECGI WP 148/2010, March 2010.
Barnard, C. and Deakin, S. (2007) ‘Memorandum by Dr. Catherine Barnard and Professor Simon Deakin’, evidence to UK House of Lords European Union Committee, HL Paper 120, 2007, 113-115.
Cankar, N., Deakin, S. and Simoneti, M. (2008) ‘The reflexive properties of corporate governance codes: the transplantation and reception of the “comply or explain” approach in Slovenia’, CBR Working Paper No. 371.
Chai, D., Deakin, S. and McLaughlin, C. (2010) ‘Corporate governance, gender equality and family-friendly practices in British firms’ working paper, in progress.
Chai, D., Deakin, S. and McLaughlin, C. (2010) ‘Reflexive regulation and gender equity: regulatory strategies, responses and outcomes’ working paper, in progress.
Chai, D., Deakin, S., Sarkar, P. and Singh, A. (2010) ‘Product market competition, corporate governance and legal origin’ working paper, in progress.
Cheffins, B. and Armour, J. (2007) ‘The eclipse of private equity’ CBR WP No. 339.
Deakin, S. (2006) ‘Legal diversity and regulatory competition: which way for Europe?’ CBR WP No. 323, March 2006.
Deakin, S. (2007) ‘Is the “modernisation” of company law a threat to employee voice within the enterprise? A British perspective”, WP REFGOV CG-6.
Deakin, S. (2007) ‘Reflexive governance and European company law’ CBR WP No. 346.
Deakin, S. (2008) ‘Legal origin, juridical form and industrialization in historical perspective: the case of the employment contract and the joint-stock company’, CBR Working Paper No. 369.
Deakin, S., Pratten, S. and Lourenço, A. (2007) ‘No third way for economic organization? Networks and quasi-markets in broadcasting’ mimeo.
Deakin, S., Sarkar, P. and Singh, A. (2010) ‘An end to consensus? The (selective) impact of legal reform on financial development’ working paper, in progress.
Kirshner, J. (2009) ‘A third way: regional restructuring and the Societas Europaea’ CBR Working Paper No. 385.
Konzelmann, S., Wilkinson, F., Forvargue-Davies, M. and Sankey, D. (2009) ‘Governance, regulation and financial market instability: the implications for policy’ CBR WP No. 392, September 2009.
Konzelmann, S., Forvargue-Davies, M. and Schnyder, G. (2010) ‘Varieties of liberalism? Anglo-Saxon capitalism in crisis’ CBR WP No. 403, June 2010.
Lüpold, G. and Schnyder, G. (2009) ‘Horse, cow, sheep or “thing in itself”: the cognitive origins of corporate governance in Switzerland, Germany and the US, 1910s-1930s’, CBR Working Paper No. 383.
Sarkar, P. (2008) ‘Do the English legal origin countries have dispersed shareholder ownership and more developed financial systems?’ CBR Working Paper No. 375.
Sarkar, P., and Singh, A. (2009) ‘Law, finance and development: further analyses of longitudinal data’ CBR Working Paper No. 387.
Schnyder, G. (2010) ‘Varieties of insider corporate governance: centre-right preferences and the determinants of reform in the Netherlands, Sweden and Switzerland’ CBR WP No. 406, June 2010.
Schouten, M. and Siems, M. (2009) ‘The evolution of ownership disclosure rules across countries’ CBR WP No. 393, December 2009.
Schnyder, G. (2008) ‘Does social democracy matter? Corporate governance reforms in Switzerland and Sweden (1980-2005)’ CBR Working Paper No. 370.
Schnyder, G. (2008) ‘Revisiting the party paradox of finance capitalism: evidence from Switzerland, Sweden and the Netherlands’, CBR Working Paper No. 372.
Siems, M. and Deakin, S. (2009) ‘Comparative law and finance: past present and future research’, Working paper.
Turner, S. (2009) ‘Networks of learning in the English wine industry: communitarian, distanciated, organisational and redundant’ CBR Working Paper No. 386.
Conference/Workshop papers
Barnard, C. and Deakin, S. (2007) ‘Flexibility, inclusion and fundamental rights: atypical workers in the UK’, presented to CELS workshop, Cambridge, March 2007.
Barnard, C. (2008) ‘Viking and Laval: an introduction’, presentation to Cambridge REFGOV workshop, ‘Reflexive Governance and Free Movement: the cases of Viking, Laval and Rüffert’, September 2008.
Buchanan, J. (2010) ‘Why do boards act differently in Japan and the UK? A focus on shareholder value’ presented to workshop at Waseda University, Tokyo, January 2010.
Buchanan, J., Chai, D. and Deakin, S. (2010) ‘Limits to convergence in corporate governance: the case of hedge fund activism in Japan’ presented to REFGOV CG workshop, Brussels, May 2010, Strategic Management Conference, Rome, September 2010, and to seminar at Korea University, Seoul, November 2009.
Cankar, N., Deakin, S. and Simoneti, M. (2007) ‘The reflexive properties of corporate governance codes: the transplantation and reception of the “comply or explain” approach in Slovenia’, presented to EGOS conference, Vienna, July.
Chai, D., Deakin, S. and McLaughlin, C. (2010) ‘Corporate governance, gender equality and family-friendly practices in British firms’ presented to REFGOV CG workshop, Brussels, May 2010. Chai, D., Buchanan, J. and Deakin, S. (2010) ‘Limits to convergence in corporate governance: the case of hedge fund activism in Japan’ presented to REFGOV CG workshop, Brussels, May 2010 and, September 2010.
Chai, D., Deakin, S., Sarkar, P. and Singh, A. (2009) ‘Product market competition, corporate governance and legal origin: a theoretical and empirical contribution’ presentation to REFGOV CG workshop, Cambridge, 24-25 June 2009, and to Strategic Management Conference, Washington DC, October 2009.
Conway, N., Deakin, S., Konzelmann, S., Petit, H., Rebérioux, A. and Wilkinson, F. (2007) ‘Corporate governance and employment relations in Britain and France : the impact of regulatory change’ paper presented to the SASE conference, Copenhagen, June 2007.
Conway, N., Deakin, S., Petit, H., Rebérioux, A., Konzelmann, S. and Wilkinson, F. (2008) ‘The influence of stock market listing on human resource management: evidence for France and Britain’ presented to WERS-REPONSE workshop, DARES, Paris, 11 September 2008.
Deakin, S., and Hobbs, R. (2006) ‘False dawn for CSR? Shifts in regulatory policy and the response of the corporate and financial sectors in Britain’, Doshisha Workshop, January 2006, and FP6 meeting, Louvain-la-Neuve, February 2006.
Deakin, S. (2006) Return of the Guild? Network Relations in Historical Perspective Florence FP 6 meeting, December 2006.
Deakin, S. (2007) ‘Reflexive governance and EU company law’. Presentation to the Irish European Law Forum, Tenth Annual Conference, Regulating Liberalising Markets and Social Europe: New Governance in the EU, University College, Dublin, 19 January 2007.
Deakin, S. (2007) ‘System and evolution in corporate governance’, presentation to Refgov workshop, University of Bristol, December 2006.
Deakin, S. (2008) ‘Regulatory competition after Laval’ presentation to seminar at Columbia Law School, August 2008 and to Cambridge REFGOV workshop, ‘Reflexive Governance and Free Movement: the cases of Viking, Laval and Rüffert’, September 2008.
Deakin, S. (2009) ‘Corporate governance, finance and growth: unravelling the relationship’, inaugural Mike Larkin Memorial Lecture, University of Cape Town, March 2009.
Deakin, S. (2009) presentation of ‘The legal origins hypothesis: what we are learning from time series evidence’, presentation to EBRD, London, January 2009, legal origins conference at Brigham Young University, February 2009, corporate governance seminar, University of Auckland, April 2009, and conference at Birmingham Business School, July 2009.
Deakin, S. (2009) ‘Regulatory competition: comparing EU and US approaches’, presentation to workshop on Cartesio, EUI, January 2009.
Deakin, S. and Koukiadaki, A. (2009) ‘Systemic deliberation and contractual governance: the case of T5’ presentation prepared for REFGOV CG workshop, Cambridge, 24-25 June 2009.
Deakin, S. (2009) ‘Law and financial development: what we are learning from time-series evidence’ presentation REFGOV workshop, Universitat Pompeu Fabra, October 2009.
Deakin, S. (2010) ‘Measuring law: problems and possible solutions’ presentation to Center for Law and Globalization symposium, Measuring Law: How to Get it Right in Real-World Circumstances, Washington DC, March 2010.
Deakin, S. (2010) ‘Corporate governance, finance and growth’ presentation to Good Governance and Regulation Leadership Forum, organized by Central Bank of Nigeria and Nigerian SEC, Abuja, May 2010.
Deakin, S., Sarkar, P. and Singh, A. (2010) ‘An end to consensus? The (selective) impact of legal reform on financial development’ presented to REFGOV CG workshop, Brussels, May 2010.
Deakin, S. (2010) ‘Takeover bids in the UK: legal and regulatory issues’, presented to workshop at Waseda University, Tokyo, January 2010.
Hamilton, J. (2010) ‘East meets west: the role of economic theory in Russia’s transition’ presented to REFGOV CG workshop, Brussels, May 2010.
Konzelmann, S. (2006) ‘Corporate governance and employment relations in Britain and France’. Presentation to CG workshop, University of Bristol, 13 December 2006.
Konzelmann, S., Fovargue-Davies, M. and Schnyder, G. (2010) ‘Varieties of liberalism: Anglo-Saxon capitalism in crisis?’ presented to REFGOV CG workshop, Brussels, May 2010.
Konzelmann, S., Fovargue-Davies, M and Schnyder, G (2010) ‘Anglo-Saxon liberal market economies in crisis? The implications for policy and regulatory reform.’ Wharton School Conference on Corporate Governance and the Global Financial Crisis, September 2010.
Konzelmann, S., Fovargue-Davies, M and Schnyder, G (2010) ‘Varieties of liberalism: philosophy of the state and financial market reform.’ Philosophy of Management International Conference, Oxford, July 2010.
Konzelmann, S., Wilkinson, F., Fovargue-Davies, M. and Sankey, D. (2010) ‘Governance, regulation and financial market instability: the implications for policy.’ ESRC QUB Institute of Governance (Law School) Seminar: Re-Engineering the Corporation. London, March 2010.
Konzelmann, S., Wilkinson, F.,and Fovargue-Davies, M. (2010) ‘Governance, regulation and the financial market crisis.’ European Association for Evolutionary Political Economy. Amsterdam, Netherlands, November 2009.
Kirshner, J. (2009) ‘Regulatory competition in Europe: the Societas Europaea’ presentation to REFGOV CG workshop, Cambridge, 24-25 June 2009.
Sarkar, P. and Singh, A. (2009) ‘Law, finance and development: further analyses of longitudinal data’ presentation to REFGOV CG workshop, Cambridge, 24-25 June 2009.
Siems, M. (2009) ‘The web of creditor and shareholder protection: a comparative legal network analysis’ University of Manchester Research Seminar Series, November 2009.
Siems, M. (2010) guest lecture on ‘Shareholder protection and law & finance’, King’s College, London, Department of Management, February 2010.
Siems, M. (2010) guest lecture on ‘Comparative law and finance’, Chiba University, Faculty of Law and Economics, Chiba-shi, Japan, April 2010..
Siems, M. and Deakin, S. (2010) ‘Comparative law and finance: past present and future research’, presentation to the REFGOV CG workshop, Cambridge, 24-25 June 2009.
Singh, A. (2009),’ The world economic and financial crisis’, Cornell University, September at the invitation of the Department of Economics, the Hans Bethe House, the South Asia Program, Cornell Law School, the Program in International Studies in Planning, and the Tolani Senior Professorship in International Trade Policy.
Media coverage
Singh, A. (2009) gave a long interview to RAESON the Danish magazine (equivalent of the UK magazines The New Statesman or The Spectator) on the subject of the current world economic crisis. Published in Danish on the December 2nd, 2009 issue of the magazine. An official English translation of the article is available on the internet.
News
1 August 2005: CBR members elected to British Academy