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Rami Makhzoumi Corporate Governance Chair
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Guest Speaker:
Dr. Bassam Farah
Topic: Multinational Enterprise (MNE) Parent-Subsidiary Governance Mechanisms and Performance
Date: December 6, 2016

We investigate whether, how, and why the mechanisms used by multinational enterprises (MNEs) to govern their foreign subsidiaries actually impact the performance of those subsidiaries. We contribute to the extant literature in four ways. First, by extending the distinct but related literatures on corporate governance (CG), agency theory, and MNE parent-foreign subsidiary relationships, we develop a new theoretical framework and propose that MNE parent-foreign subsidiary governance mechanisms impact long-term but not short-term subsidiary performance, although these effects diminish at higher levels. Second, we test this theoretical model on a large panel of Japanese MNEs with subsidiaries in more than 100 countries from 1990 to 2013 using subsidiary survival analysis, time-series subsidiary growth analysis, and time-series subsidiary employee productivity analysis. Third, we show that Japanese MNE parent-subsidiary governance mechanisms [i.e. ownership, expatriates, risk, and regional headquarters (RHQ)] generally impact foreign subsidiary long-term performance (survival) and in a nonlinear manner, but do not impact foreign subsidiary short-term performance (sales growth and employee productivity). Fourth, with these findings, we help to partially address the puzzle in the literature on whether, how, and why CG mechanisms impact firm performance.


Guest Speaker:
H.E. Mr Raed Charafeddine
Topic: A Wider Perspective on Corporate Governance
Date: November 2, 2016

Mr. Raed H. Charafeddine has been the First Vice-Governor at Banque du Liban, Lebanon’s central bank, since April 2009. Prior to his current mission he spent twenty years in the banking sector where he held senior Executive positions at leading commercial banks in Lebanon and in the UAE. Mr. Charafeddine is the Alternate Governor for Lebanon at the International Monetary Fund as well at the Arab Monetary Fund’s Board of Governors and the Alternate Chairman of the Capital Markets Authority in Lebanon. Mr. Charafeddine is a visiting lecturer in world-renowned Universities. His speeches focus on topics related to Central Banking and on Arab Countries in Transitions specifically on the monetary, economic, financial, social and cultural aspects. He is also a contributor to many national and international forums on the issues of governance, human and organizational development, civil society, and interfaith dialogue. His papers and presentations are gathered on his website: Mr. Charafeddine is a holder of Masters and Bachelor degrees in Business Administration from the University of North Carolina, Charlotte.

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Guest Speaker: Dr.Ahmad Ismail
Topic: Smart Investments by Smart Money: Evidence from Acquires Projected Synergies 
Date: October 6, 2016

We document that in the merger announcement quarter institutions increase their holdings more significantly in acquirers that disclose synergy forecasts. We find that firms announcing the highest synergies and paying the lowest Premium-to-Synergy ratios realize larger changes in abnormal operating performance from pre-to post-acquisition. Institutions tend to select the acquisitions that are likely to create value as this ability is reflected in the
significantly positive buy and hold abnormal returns for the high synergy and high change in ownership. Hedge funds increase their holdings by fifteen percent in acquirers that disclose synergy forecasts (compared to 3% change for total institutions) and by nineteen percent ( compared to 4% for total institutions) in acquirers that underpay for their targets. We interpret our results as evidence that institutional investors and especially hedge funds are able to identify value enhancing acquisitions at the time of the announcement.


Guest Speaker
Dr.Keith Myers 
Topic : Governance of the Oil and Gas Sector: principles, practices and challenges 
Date: April 18, 2016

Keith Myers joined BP in 1987, having graduated with a geology PhD at Imperial College. Following a variety of technical roles, he became Senior Commercial Advisor leading several major business negotiations for new business access. He also led strategy for BP’s business in West Africa in the Strategic Alliance with Statoil. Since 2000 Keith has been an advisor to numerous energy companies on strategy and partnership issues. He went on to found Richmond Energy Partners in 2006 to provide independent advice to investors in smaller oil and gas companies. REP now advises some of the largest funds and institutions investing in the sector and provides exploration strategy and benchmarking services for the global exploration industry. Keith takes a keen interest in the oil sector governance and serves as a member of the Natural Resource Governance Institute and is on the guest teaching faculty of the Blavatnik School of Governance at Oxford University.
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