Weekly Roundup: June 23–June 30, 2016

This roundup contains a collection of the posts published on the Forum during the week of June 23–June 30, 2016.

Non-GAAP Financial Measures: The SEC’s Evolving Views

Posted by Nicolas Grabar and Sandra Flow, Cleary Gottlieb Steen & Hamilton LLP, on Friday, June 24, 2016

Tags: Accounting, Accounting standards, Compliance and disclosure interpretation, Disclosure, Earnings announcements,Financial reporting, Foreign issuers, Performance measures, Regulation G, Regulation S-K, SEC, Securities regulation,Taxation

Delaware Share Ownership and the Blockchain

Posted by Marco A. Santori, Pillsbury Winthrop Shaw Pittman LLP, on Friday, June 24, 2016

Tags: Banks, Bitcoin, Blockchain, Capital markets, Clearing houses, Delaware law, Financial regulation, Financial technology, Intermediaries, IPOs, Market efficiency, Securities regulation, State law

Brexit: Legal Implications

Posted by Ben Perry, Sullivan & Cromwell LLP, on Friday, June 24, 2016

Tags: Banks, Brexit, Contracts, EU, Europe, Financial institutions, Financial regulation, Foreign banks, International governance, Legal systems, UK

The Day After Brexit

Posted by Alec J. Burnside, Cadwalader, Wickersham & Taft LLP, on Friday, June 24, 2016

Tags: Banks, Brexit, Contracts, Cross-border transactions, EU, Europe, Financial institutions, Financial regulation,Taxation, UK

SEC and Mining Disclosures

Posted by Nicolas Grabar and Sandra Flow, Cleary Gottlieb Steen & Hamilton LLP, on Sunday, June 26, 2016

Tags: Disclosure, Information environment, International governance, Liability standards, Regulation S-K, Reporting regulation, SEC, SEC rulemaking, Transparency

Golf Buddies and Board Diversity

Posted by Sumit Agarwal, National University of Singapore, on Monday, June 27, 2016

Tags: Board composition, Boards of Directors, Diversity, Singapore, Social capital, Social networks

The Legal Consequences of Brexit

Posted by Simon Witty, Davis Polk & Wardwell LLP, on Monday, June 27, 2016

Tags: Antitrust, Banks, Brexit, Capital markets, Contracts, EU, Financial institutions, Financial regulation, Foreign banks,International governance, Mergers & acquisitions, Securities regulation, Taxation, UK

Do Courts Matter for Firm Value? Evidence from the U.S. Court System

Posted by Stefano Colonnello, IWH and Christoph Herpfer, EPFL, on Tuesday, June 28, 2016

Tags: Corporate liability, Firm valuation, Forum selection, Incorporations, Jurisdiction, Legal systems, Shareholder suits,Shareholder value, State law, Supreme Court, U.S. federal courts

Pushbacks and Delaware Appraisal Arbitrage

Posted by Jack B. Jacobs, Sidley Austin LLP, on Tuesday, June 28, 2016

Tags: Appraisal rights, Arbitrage, Buyouts, Delaware cases, Delaware law, DGCL, Hedge funds, In re Appraisal of Dell,Merger litigation, Mergers & acquisitions, Shareholder voting, Transkaryotic

Brexit: What Does the Vote Mean for Business?

Posted by Barnabas Reynolds, Shearman & Sterling LLP, on Tuesday, June 28, 2016

Tags: Banks, Brexit, Cross-border transactions, Derivatives, EU, Europe, Financial institutions, Financial regulation,International governance, Legal systems, UK

Focusing the Lens of Disclosure on Board Diversity, Non-GAAP, and Sustainability

Posted by Mary Jo White, U.S. Securities & Exchange Commission, on Tuesday, June 28, 2016

Tags: Accounting, Accounting standards, Board composition, Boards of Directors, Disclosure, Diversity, Engagement,Environmental disclosure, ESG, Financial reporting, Investor protection, SEC, Securities regulation, Sustainability,Transparency

Does the Market Value CEO Styles?

Posted by Luo Zuo, Cornell University, on Wednesday, June 29, 2016

Tags: Behavioral finance, Earnings announcements, Executive performance, Firm performance, Management, Manager characteristics, Managerial style, Market reaction

Seven Deadly Fallacies of Activist Investing’s Critics

Posted by Charles Nathan, Finsbury LLC, on Wednesday, June 29, 2016

Tags: Boards of Directors, Firm performance, Institutional Investors, Long-Term value, Management, Proxy voting,Shareholder activism, Shareholder value, Shareholder voting, Short-termism

The Role of Mutual Funds in Corporate Governance

Posted by Yawen Jiao, University of California, Riverside, on Thursday, June 30, 2016

Tags: Information asymmetries, Information environment, Inside information, Institutional Investors, Investor horizons,ISS, Liquidity, Mutual funds, Proxy advisors, Proxy voting, Shareholder proposals, Shareholder voting, Short-termism,Stakeholders

Engagement: New Imperatives

Posted by Paula Loop, PricewaterhouseCoopers LLP, on Thursday, June 30, 2016

Tags: Boards of Directors, Compensation committees, Disclosure, Engagement, Executive Compensation, Institutional Investors, Long-Term value, Proxy access, Proxy contests, Proxy voting, Say on pay, Transparency

Light at the End of the (Channel) Tunnel

Posted by Christopher Leonard, Akin Gump Strauss Hauer & Feld LLP, on Thursday, June 30, 2016

Tags: Banks, Brexit, Capital markets, Cross-border transactions, ESMA, EU, Europe, Financial institutions, Financial regulation, International governance, Jurisdiction, UK