Past Deutsche Bank Lectures
2004 Deutsche Bank Lecture
Corporate Governance and Economic Performance
Ailsa Roell, Senior Research Fellow, Economics and Finance, Bendheim
Center for Finance, Princeton University
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.
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.
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.
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)
2003 Deutsche Bank Lecture
Banking Integration: where do we stand?
Xavier Freixas is President of the European Finance Association and Director
of the Center for Financial Economics Research of the Universitat Pompeu
2002 Deutsche Bank Lecture
Biais, Professor of Finance,
Université de Toulouse I and Fellow of the Institut Universitaire de