Weekly Roundup: May 4-10, 2018

This roundup contains a collection of the posts published on the Forum during the week of May 4-10, 2018.

Corporate Purpose: ESG, CSR, PRI and Sustainable Long-Term Investment

Posted by Martin Lipton, Wachtell, Lipton, Rosen & Katz, on Friday, May 4, 2018

Tags: Accountability, Boards of Directors, Corporate Social Responsibility, DOL, ERISA, ESG, International governance, Long-Term value, Risk oversight, Stewardship, Sustainability

The Evolving Market for Retail Investment Services and Forward-Looking Regulation Adding Clarity and Investor Protection while Ensuring Access and Choice

Posted by Jay Clayton, U.S. Securities and Exchange Commission, on Friday, May 4, 2018

Tags: Broker-dealers, Capital markets, Conflicts of interest, Disclosure, Financial advisers, Investor protection, Retail investors, SEC, Securities enforcement, Securities regulation

Do Women CEOs Earn More and Have More Diverse Boards?

Posted by Dan Marcec, Equilar, Inc., on Saturday, May 5, 2018

Tags: Board composition, Boards of Directors, Diversity, Executive Compensation, Management

The Business Case for Clawbacks

Posted by Kathryn Neel, Seymour Burchman, and Olivia Voorhis, Semler Brossy Consulting Group, LLC, on Sunday, May 6, 2018

Tags: Accounting, Clawbacks, Dodd-Frank Act, Executive Compensation, Financial reporting, Materiality, Misreporting, Oversight, Pay for performance, Reputation, Risk management, Securities enforcement

Integrated Alpha: The Future of ESG Investing

Posted by George Mussalli and Mike Chen, PanAgora Asset Management, on Monday, May 7, 2018

Tags: Asset management, Corporate Social Responsibility, Environmental disclosure, ESG, Firm performance, Fund performance, Stock returns, Sustainability

CEO Attributes, Compensation, and Firm Value: Evidence from a Structural Estimation

Posted by T. Beau Page (Tulane University), on Monday, May 7, 2018

Tags: Agency costs, Boards of Directors, Compensation ratios, Executive Compensation, Firm valuation, Management, Manager characteristics, Risk-taking, Shareholder value

The Future of Merger Litigation in Federal Courts?

Posted by Andrew Ditchfield and Neal A. Potischman, Davis Polk & Wardwell LLP, on Monday, May 7, 2018

Tags: Disclosure, Exchange Act, Materiality, Merger litigation, Mergers & acquisitions, Rule 10b-5, Securities Act, Settlements, U.S. federal courts

Bid Anticipation, Information Revelation, and Merger Gains

Posted by Wenyu Wang (Indiana University), on Tuesday, May 8, 2018

Tags: Efficiency, Information environment, Market reaction, Mergers & acquisitions, Shocks, Takeovers, Target firms

The Impact of DOL Guidance on ESG-Focused Plans

Posted by Ning Chiu, Betty M. Huber, and Charles Shi, Davis Polk & Wardwell LLP, on Tuesday, May 8, 2018

Tags: Asset management, Corporate Social Responsibility, DOL, Engagement, ERISA, ESG, Fiduciary duties, Institutional Investors, Investment advisers, Proxy voting

The Uncertain Role of IPOs in Future Securities Class Actions

Posted by Jeff Lubitz, Institutional Shareholder Services, Inc., on Wednesday, May 9, 2018

Tags: Arbitration, Class actions, IPOs, Public firms, SEC, Securities litigation, Shareholder suits, Tech companies

Buying the Verdict

Posted by Lauren Cohen (Harvard Business School) and Umit G. Gurun (University of Texas at Dallas), on Wednesday, May 9, 2018

Tags: Jurisdiction, Public perception, Reputation, Securities litigation

An Investor Consensus on U.S. Corporate Governance & Stewardship Practices

Posted by Michael McCauley, Florida State Board of Administration, on Wednesday, May 9, 2018

Tags: Boards of Directors, Engagement, Institutional Investors, Long-Term value, Shareholder rights, Shareholder value, Shareholder voting, Stewardship, Transparency

Materiality Matters: Targeting the ESG Issues that Impact Performance

Posted by Emily Steinbarth and Scott Bennett, Russell Investments, on Thursday, May 10, 2018

Tags: Climate change, Corporate Social Responsibility, Environmental disclosure, ESG, Firm performance, Materiality, Sustainability

Netflix Approach to Governance: Genuine Transparency with the Board

Posted by David F. Larcker (Stanford University) and Brian Tayan (Stanford University), on Thursday, May 10, 2018

Tags: Accountability, Board independence, Board oversight, Board performance, Boards of Directors, Corporate culture, Information asymmetries, Information environment, Netflix, Transparency

Beaches and Bitcoin: Remarks before the Medici Conference

Posted by Hester M. Pierce, U.S. Securities and Exchange Commission, on Thursday, May 10, 2018

Tags: Bitcoin, Blockchain, Cryptocurrency, Financial technology, ICOs, Investor protection, Securities enforcement, Securities regulation