EDHEC-Risk Concept Industry Analysis Featured Analysis Latest EDHEC-Risk Surveys Features Interviews Indexes and Benchmarking FTSE EDHEC-Risk Efficient Index Series FTSE EDHEC-Risk ERAFP SRI Index EDHEC-Risk Alternative Indexes EDHEC IEIF Quarterly Commercial Property Index (France) Hedge Fund Index Research Equity Index Research Amundi "ETF, Indexing and Smart Beta Investment Strategies" Research Chair Rothschild & Cie "Active Allocation to Smart Factor Indices" Research Chair Index Regulation and Transparency ERI Scientific Beta Performance and Risk Reporting Hedge Fund Performance Performance Measurement for Traditional Investment CACEIS "New Frontiers in Risk Assessment and Performance Reporting" Research Chair Asset Allocation and Alternative Diversification Real Assets Meridiam Infrastructure/Campbell Lutyens "Infrastructure Equity Investment Management and Benchmarking" Research Chair Natixis "Investment and Governance Characteristics of Infrastructure Debt Instruments" Research Chair Société Générale Prime Services (Newedge) "Advanced Modelling for Alternative Investments" Research Chair CME Group "Exploring the Commodity Futures Risk Premium: Implications for Asset Allocation and Regulation" Strategic Research Project Asset Allocation and Derivative Instruments Volatility Research Eurex "The Benefits of Volatility Derivatives in Equity Portfolio Management" Strategic Research Project SGCIB "Structured Investment Strategies" Research ALM and Asset Allocation Solutions ALM and Private Wealth Management AXA Investment Managers "Regulation and Institutional Investment" Research Chair BNP Paribas Investment Partners "ALM and Institutional Investment Management" Research Chair Deutsche Bank "Asset-Liability Management Techniques for Sovereign Wealth Fund Management" Research Chair Lyxor "Risk Allocation Solutions" Research Chair Merrill Lynch Wealth Management "Risk Allocation Framework for Goal-Driven Investing Strategies" Research Chair Ontario Teachers' Pension Plan "Advanced Investment Solutions for Liability Hedging for Inflation Risk" Research Chair Non-Financial Risks, Regulation and Innovations Risk and Regulation in the European Fund Management Industry Index Regulation and Transparency Best Execution: MiFID and TCA Mitigating Hedge Funds Operational Risks FBF "Innovations and Regulations in Investment Banking" Research Chair EDHEC-Risk Publications All EDHEC-Risk Publications EDHEC-Risk Position Papers IPE EDHEC-Risk Institute Research Insights AsianInvestor EDHEC-Risk Institute Research Insights P&I EDHEC-Risk Institute Research for Institutional Money Management Books EDHEC-Risk Newsletter Events Events organised by EDHEC-Risk Institute EDHEC-Risk Smart Beta Day Amsterdam 2017, Amsterdam, 21 November, 2017 EDHEC-Risk Smart Beta Day North America 2017, New York, 6 December, 2017 Events involving EDHEC-Risk Institute's participation EDHEC-Risk Institute Presentation Research Programmes Research Chairs and Strategic and Private Research Projects Partnership International Advisory Board Team EDHEC-Risk News EDHEC-Risk Newsletter EDHEC-Risk Press Releases EDHEC-Risk in the Press Careers EDHEC Risk Institute-Asia EDHEC Business School EDHEC-Risk Executive Education EDHEC-Risk Advances in Asset Allocation Blended Learning Programme 2017-2018 Yale School of Management - EDHEC-Risk Institute Certificate in Risk and Investment Management Yale SOM-EDHEC-Risk Harvesting Risk Premia in Alternative Asset Classes and Investment Strategies Seminar, New Haven, 5-7 February, 2018 Investment Management Seminars Contact EDHEC-Risk Executive Education Contact Us ERI Scientific Beta EDHEC PhD in Finance
Corporate Governance Capital Allocation within Conglomerates 24 May, 2012 - Singapore
At a special presentation in Singapore on 24 May, Florencio López de Silanes, Professor of Finance at EDHEC Business School, and Member of EDHEC-Risk Institute, will be drawing on his ongoing research to discuss how firms allocate capital internally across business units, and what is the importance of investment opportunities vs. the power of division managers in capital expenditure budget allocations. Professor López de Silanes will present new empirical evidence based on a unique dataset drawn from internal accounting systems of a worldwide conglomerate.

  • 5:45pm

  • 6:00pm
    Presentation: Capital Allocation within Conglomerates
    Florencio López de Silanes, Professor of Finance, EDHEC Business School and Member, EDHEC-Risk Institute
    • How do firms allocate capital internally across business units? Do divisions with better investment opportunities receive larger capital expenditure budgets? Or is capital allocated based on the power and connections of division managers?
    • Building a unique dataset drawn from internal accounting systems of a worldwide conglomerate
    • Empirical findings: of capital buffers and connections
    • Implications for budgeting rules and managerial policies within firms

  • 7:30pm
    Question & Answer Session

  • 8.00pm
About the Speaker

Professor López de Silanes’ research interests lie in the fields of international corporate finance and financial markets, and legal reform and privatisation. Prior to joining EDHEC, he was an advisor on these topics to several governments, international institutions and corporations. Among other distinctions, he received Harvard University’s Wells Prize for the Best Dissertation in Economics (1995), the Brattle Prize for Distinguished Paper in the Journal of Finance (1999), and the Jensen Prize for Best Papers in the Areas of Corporate Finance and Organisations in the Journal of Financial Economics (2000).
Event Details
  When   Between 24/05/2012 05:30 PM and 24/05/2012 09:00 PM
Where   EDHEC Risk Institute—Asia, One George Street, Seventh Floor, Singapore
Contact Details
  Name   Syh Jiuan NG
E-mail   syhjiuan.ng@edhec-risk.com
Phone   +65 6438 0030