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Past Deutsche Bank Lectures

2004 Deutsche Bank Lecture 

Corporate Governance and Economic Performance

Prof Ailsa Roell, Senior Research Fellow, Economics and Finance, Bendheim Center for Finance, Princeton University


In 2004 the Deutsche Bank Lecture was given by Ailsa Roell.  She spoke on the subject of “Corporate Governance and Economic Performance”.  The subject of corporate governance has risen to the fore around the world and the question of how corporate governance affects corporate and economic performance is one of the most important issues that policy makers need to address.  


 Ailsa Roell reported studies that showed a very substantial impact of corporate governance on corporate performance.  One in particular suggested a more than 8% difference in the annual stock return between firms with good and bad corporate governance.  


She then examined the contribution made by different aspects of corporate governance such as large shareholder and minority shareholder activism, boards, executive compensation and litigation.  She reported that despite the significant overall influence of corporate governance, none of these factors had a clear relation to performance.


The lecture drew on the recently published survey paper by M. Becht, P. Bolton and A. Roell, 'Corporate governance and Control', published 2004 by North Holland Elsevier as chapter 1 of the Handbook of Economics and Finance (edited by Constantinides, Harris and Stulz)

Lecture Slides


2003 Deutsche Bank Lecture

European Banking Integration: where do we stand?

Professor Xavier Freixas is President of the European Finance Association and Director of the Center for Financial Economics Research of the Universitat Pompeu Fabra, Barcelona. 


2002 Deutsche Bank Lecture

European Financial Integration

Professor Bruno Biais, Professor of Finance, Université de Toulouse I and Fellow of the Institut Universitaire de France