WASHINGTON, May 15, 2013 (GLOBE NEWSWIRE) -- BlackRock and the National Association of Corporate Directors (NACD) are pleased to announce the winners of the Global Challenge for Innovation in Corporate Governance: Yu Zhang, assistant professor of strategy at The Paul Merage School of Business at the University of California, Irvine and Javier Gimeno, professor of strategy at INSEAD in France. Their winning paper is titled "Earnings Pressure and Long-Term Corporate Governance: Can Long-Term-Oriented Investors and Managers Fend off Short-Term Analyst Earnings Pressures?"
The Global Challenge invited the academic community to submit research papers that applied emerging theories to develop innovative corporate governance practices. Submissions were received from thirty seven colleges and universities, across 13 countries and six continents, including Australia, Brazil, Canada, Ethiopia, France, India, Japan, the Netherlands, South Africa, Spain, Switzerland, the United Kingdom and the United States.
Papers were judged by leading corporate directors, corporate governance practitioners and academics based on how effectively the ideas presented could be implemented to enhance corporate governance and responsible investment business practices.
"As leading practices in corporate governance evolve to keep pace with changing economic and regulatory environments, harnessing new ideas from the academic community will aid boards in preparing for the future," said Ken Daly, president and CEO of NACD.
In addition to cash awards, Zhang and Gimeno will be recognized at NACD's 2013 Spring Forum, where they will present their winning paper to corporate directors and other business leaders. To learn about and attend the NACD Spring Forum, please visit www.NACDonline.org/SpringForum.
"As a long-term investor we are in regular dialogue with companies about how they balance short term financial targets while building a successful business for the long term. I'm therefore pleased that the concepts presented in the winning paper provide us with practical information to evaluate how companies might succeed in striking that balance," said Richard Kushel, Senior Managing Director and Deputy Chief Operating Officer at BlackRock.
For more information about the program, visit www.NACDonline.org/CallForPapers.
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At March 31, 2013, BlackRock's AUM was $3.936 trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of March 31, 2013, the firm has approximately 10,600 employees in 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at www.blackrock.com.
The National Association of Corporate Directors (NACD) is the only membership organization focused exclusively on advancing exemplary board leadership. Based on more than 35 years of experience, NACD identifies, interprets, and provides insights and information that corporate board members rely upon to make sound strategic decisions, confidently confront complex business challenges, and enhance shareowner value. With more than 13,000 corporate director members, NACD provides world-class director education, director training, and proprietary research about leading boardroom and corporate governance practices to promote director professionalism and bolster investor confidence. Furthermore, to create more effective and efficient corporate boards, NACD provides independent board evaluations and custom-tailored in-boardroom education and training programs, as well as director-led conferences, forums, and peer-exchange learning opportunities to share ideas about current and emerging issues. Fostering collaboration among directors and governance stakeholders, NACD is shaping the future of board leadership. To learn more about NACD, visit www.NACDonline.org. To join, contact Kelly Dodd at kkdodd@NACDonline.org or 202-380-1891.