Finance Seminar with Charlotte Ostergaard, BI

On November 10, 2017 Charlotte Ostergaard will present "Why Do Boards Exist? Governance Design in the Absence of Corporate Law"

Fredag, 10 november, 2017 - 11:00 to 12:15

The Department of Finance is proud to announce the upcoming seminar with Charlotte Ostergaard, BI Norwegian Business School 

Charlotte Ostergaard will present:

Why Do Boards Exist? Governance Design in the Absence of Corporate Law

AUTHORS
Mike Burkart, London School of Economics and Political Science
Salvatore Miglietta, BI Norwegian Business School
Charlotte Ostergaard, BI Norwegian Business School

ABSTRACT
We study how owners trade off costs and benefits of establishing a board in a historical setting, where boards are optional and authority over corporate decisions can freely be allocated across the general meeting, the board, and management. We find that large owners and boards are substitutes, and that boards exist in firms most prone to have collective action problems. Boards monitor, advise, and mediate among shareholders, and these different roles entail different allocations of authority. Boards also arise to balance the need for small shareholder protection with the need to curb managerial discretion.

Location:
Solbjerg Plads 3, 2000 Frederiksberg
Room: SPs13

Sidst opdateret: Department of Finance // 19/10/2017