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Program on Corporate Governance Advisory Board
- Peter Atkins
- David Bell
- Kerry E. Berchem
- Richard Brand
- Daniel Burch
- Paul Choi
- Jesse Cohn
- Arthur B. Crozier
- Renata J. Ferrari
- Andrew Freedman
- Ray Garcia
- Joseph Hall
- Jason M. Halper William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino
- Steven J. Williams
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
Hedge Fund Activism, Corporate Governance, and Firm Performance
Alon Brav, Wei Jiang and Frank Partnoy and I have recently released a paper, entitled Hedge Fund Activism, Corporate Governance, and Firm Performance. The abstract is as follows: Using a large hand-collected data set from 2001 to 2006, we find that activist hedge funds in the U.S. propose strategic, operational, and financial remedies and attain […]
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Posted in Academic Research, Empirical Research, Securities Regulation
Tagged Firm performance, Hedge funds, Shareholder activism
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Fiduciary Duties for Activist Shareholders
Together with Iman Anabtawi, I have just issued a new article on SSRN entitled Fiduciary Duties for Activist Shareholders. The article is to be published in the Stanford Law Review, and a current draft is available here. The article was recently profiled in the Financial Times. Fiduciary Duties for Activist Shareholders argues that corporate law […]
Click here to read the complete postDo Investment Banks Advising on M&A Deals Misuse Confidential Information?
We have recently released a paper, entitled The Dark Role of Investment Banks in the Market for Corporate Control. Our paper studies M&A transactions in the US in the 20 year-period 1984 to 2003. Its focus is on transactions in which the investment bank advising the bidder in an M&A transaction also holds a stake […]
Click here to read the complete postHarmonization of GAAP and IFRS
Two committees of the American Accounting Association have produced detailed reports evaluating the SEC’s proposal to accept financial statements prepared in accordance with International Financial Reporting Standards (IFRS) from foreign-private issuers without reconciliation to U.S. GAAP (the SEC subsequently voted in favor of the proposal on November 15, 2007). This proposal was also discussed by […]
Click here to read the complete postThe Shifting Balance of Power Between Shareholders and the Board
I have recently completed a paper, entitled “The Shifting Balance of Power Between Shareholders and the Board: News Corp’s Exodus to Delaware and Other Antipodean Tales”. The paper is posted on SSRN here. The abstract to the paper is as follows: The balance of power between shareholders and the board of directors is a contentious […]
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Posted in Academic Research, Boards of Directors, Financial Regulation, Institutional Investors
Tagged Boards of Directors, Delaware cases, Delaware law, Incorporations, Institutional Investors, Shareholder power
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Contractarians, Waiver of Liability Provisions, and the Race to the Bottom
We have just posted a paper on SSRN, Opting Only In: Contractarians, Waiver of Liability Provisions, and the Race to the Bottom, challenging one of the core positions of the contractarian approach to corporate law. Contractarians espouse an enabling approach to regulation allowing corporations to opt in or opt out and oppose a mandatory approach […]
Click here to read the complete post‘Law and Finance’ Revisited
I have just released a working paper on the measurement of shareholder protection around the world, entitled “’Law and Finance’ Revisited” and available on SSRN here. The abstract is as follows: The “Antidirector Rights Index” from La Porta et al.’s “Law and Finance” (1998) has been used as a measure of shareholder protection in almost […]
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Posted in Academic Research, Empirical Research, HLS Research, International Corporate Governance & Regulation
Tagged Investor protection, Legal systems
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Blog and Program Members Included in the “500 Leading Lawyers” List
Lawdragon magazine presented its third annual list of the “500 Leading Lawyers in America,” and the list includes eight individuals who are affiliated with the Harvard Law School Program on Corporate Governance and/or the Harvard Law School Corporate Governance Blog. The 500 Leading Lawyers list includes professor Lucian Bebchuk (Harvard Law School), who serves as […]
Click here to read the complete postSEC Advisory Committee Interim Report on Improvements to Financial Reporting
On February 14, the SEC Advisory Committee on Improvements to Financial Reporting presented its interim report to the Securities and Exchange Commission. The report includes 12 developed proposals, conceptual approaches representing the Committee’s initial views on matters, and currently identified matters for further consideration. The key themes of the report are the following: increasing emphasis […]
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Posted in Accounting & Disclosure, Legislative & Regulatory Developments, Securities Regulation
Tagged Financial reporting, GAAP, IFRS, PCAOB, SEC
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