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Next Week

2021 Wallenberg Lecture 

“The Iron Law of Financial Regulation” 

Delivered by 
Professor Roberta Romano

Sterling Professor of Law, Yale University and ECGI

Thursday, 28 October 2021 
Online | 16:00 CEST | 10:00 EDT

View Programme | Event Page | Registration

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About the Event
The 2021 Wallenberg Lecture is taking place on 28 October 2021, online. The lecture, which will be delivered by Prof. Roberta Romano (Yale University and ECGI), will develop on Prof. Romano's earlier lecture series following the global financial crisis, which advocated a serious, comprehensive reassessment of financial regulation after a fixed period. With the benefit of information regarding the impact of regulatory alternatives available at the time of such a reassessment, errors and mismatched solutions that resulted from crisis-driven legislation can be reconsidered and rectified.

The lecture will review the components of what Prof. Romano terms the “iron law of financial regulation” - that following a crisis, legislators will act despite its being an importune time regarding the availability of information regarding a crisis’ causes and corresponding solutions, creating a complex, regulatory ratchet, increasing costs that can have adverse unintended consequences, and then provide preliminary findings regarding the empirical foundations for the iron law.

Prof. Romano is Sterling Professor of Law at Yale Law School and Director of the Yale Law School Center for the Study of Corporate Law. Her research has focused on state competition for corporate charters, the political economy of takeover regulation, shareholder litigation, institutional investor activism in corporate governance and the regulation of securities markets and financial instruments and institutions.

She is a fellow of the American Academy of Arts and Sciences, ECGI Fellow, a research associate of the National Bureau for Economic Research, a past President of the American Law and Economics Association and the Society for Empirical Legal Studies, and a past co-editor of the Journal of Law, Economics and Organization.

She is a recipient of numerous awards and honours, including the William & Mary Law School’s Marshall-Wythe Medallion, and is the author of The Genius of American Corporate Law (1993) and The Advantage of Competitive Federalism for Securities Regulation (2002), editor of Foundations of Corporate Law, 2d ed. (2010) and co-editor with Shen Wei, of Financial Regulation After the Global Financial Crisis: US and China Perspectives (2017) (in Chinese).
The lecture will be discussed by Prof. Franklin Allen, Professor of Finance and Economics and Executive Director of the Brevan Howard Centre at Imperial College London, and ECGI Fellow. He was formerly Executive Editor of the Review of Financial Studies and Managing Editor of the Review of Finance.  He is a past President of the American Finance Association, the Western Finance Association, the Society for Financial Studies, the Financial Intermediation Research Society and the Financial Management Association, and a Fellow of the Econometric Society. 
Working Paper Prizes
The Prizes for the best papers in the ECGI Working Paper Series' (Law and Finance) in 2020 will be awarded after the lecture, with a brief presentation of the papers by the authors. The prizes are sponsored by Cleary Gottlieb Steen & Hamilton and The European Corporate Governance Research FoundationThe full programme is outlined below.

This event will follow the ECGI General Assembly Meeting taking place on the same day. A separate communication has issued to the ECGI members to access this meeting.
Thursday 28 October 2021
CEST Timezone (Brussels)

16:00 (10:00 EDT)   The Wallenberg Lecture'The Iron Law of Financial Regulation' 
Delivered by 
Roberta Romano, (Yale University and ECGI)
Discussant: Prof. Franklin Allen (Imperial College London and ECGI) 
17:30 (11:30 EDT)  ECGI Working Paper Prize Sessions:                     

ECGI Finance Prize

“Risk Mitigating versus Risk Shifting: Evidence from Banks Security Trading in Crises" (ECGI Finance Working Paper 713/2020)
José-Luis Peydró (Imperial College London and CEPR), Andrea Polo (Luiss University, EIEF, CEPR and ECGI), Enrico Sette (Bank of Italy) 

Cleary Gottlieb Hamilton & Steen Law Prize

The Global Diffusion of Stewardship Codes" (ECGI Law Working Paper 526/2020)
Dionysia Katelouzou (Kings College London), Mathias Siems (European University Institute and ECGI)
18:50 (12:50 EDT)  Closing Remarks  


The ECGI is a global research network and international scientific non-profit association providing a forum for debate and dialogue between academics, legislators and practitioners, focusing on major corporate governance issues. 

The Wallenberg Foundations is the collective name for the public and private foundations formed by the Wallenberg family or established in memory of family members. The Foundations grant funding to excellent researchers and research projects beneficial to Sweden, having granted more than 35 billion Swedish kronor to date.

ECGRF was established to support the continuing flow of academic research on corporate governance and stewardship for the public good. The integrity of that research is enshrined in its statutes. It was established under Belgian Law as an international not-for-profit Foundation.

Cleary Gottlieb Steen & Hamilton LLP is a global law firm established in 1946, operating as a single, integrated global partnership. The firm employs approximately 1,300 lawyers from more than 50 countries.

Copyright © 2021 European Corporate Governance Institute (ECGI), All rights reserved.

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