Third Paris Spring Corporate Finance Conference, 2011 (audio)

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This podcast contains the presentations and discussions of the Third Paris Spring Corporate Finance Conference on 19/20 May 2011, organized by HEC Paris and Université Paris-Dauphine in Paris at the headquarters of the French Banking Federation. All video clips are full-length, with about 25 min. per paper presentation, and 20 min. for discussion, response and plenary debate.
The first video is the keynote address by Franklin Allen (Wharton), on “Stakeholder Capitalism, Corporate Governance and Firm Value” (60 min.).

The conference included 13 papers, chosen from over 300 submissions, on a variety of topics in corporate finance. The first two papers address empirically the differences between private and public papers. The third paper is a theoretical investigation of rollover freezes, followed by an empirical paper on the impact of debt overhang on durable goods guarantees. The next two papers investigate the relationship between legal job security (paper #5) and stock market liquidity (paper #6) on incentives for innovation. The following three papers focus on various aspects of credit supply, notably during a financial crisis, with two theoretical papers on the role of shortages of liquid assets (paper #7), of optimal policy interventions (paper #8) followed by an empirical analysis of cyclical demand and supply effects (paper #9). The next session offers two papers on mergers and acquisitions, highlighting the role of R&D activity for merger strategies in an industry (paper #10) and the effect of deal anticipation in takeover bids and their evolution over time (paper #11). The final two papers analyze the impact on investments of the increased price informativeness acquired in cross-listings (paper #12), and the importance of agency costs in firms’ cash holdings (paper #13).
New episodes will be added every week.