Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation

The Economic Consequences of Legal Origins

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, October 10, 2007

Recently, in the Law School’s Seminars in Law & Economics and Law, Economics, and Organization, Florencio Lopez de Silanes presented his latest work with Rafael La Porta and Andrei Shleifer (LLS) on legal origins. Over the last ten years, LLS and different co-authors collected data on various sets of legal rules in up to 129 […]

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Posted in Academic Research, Empirical Research, International Corporate Governance & Regulation | Tagged , | 1 Comment

CEO Tenure, Performance and Turnover

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, October 9, 2007

The Program on Corporate Governance has recently released our paper CEO Tenure, Performance and Turnover in S&P 500 Companies.  As Dennis Berman noted recently, our study identifies two groups of CEOs, ”owner-CEOs” and ”manager-CEOs,” and shows that manager-CEO retirements increase substantially during the fifth year of the CEO’s tenure.  The abstract of the piece is […]

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Shareholder Rights?

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, October 8, 2007

A recent decision of the federal District Court for the District of Massachusetts has ruled that I cannot serve as class representative in a securities-fraud class-action because, the court said, I am an “activist shareholder.”  The decision concludes: “Both [John P.M.] Higgins and Monks are “shareholder activists” and, as such, subject to unique defenses.  Specifically, […]

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Posted in Corporate Elections & Voting, Legislative & Regulatory Developments, Practitioner Publications, Securities Regulation | Tagged , | 3 Comments

Corporations Shouldn’t Be Democracies

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, October 7, 2007

Editor’s Note: This post is from Lynn A. Stout of Cornell Law School. We also recently posted a comment letter from thirty-nine other law professors urging the SEC not to adopt any proposal that would interfere with shareholder access to the corporate ballot. That post is available here. The Wall Street Journal recently published my […]

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Posted in Corporate Elections & Voting, Op-Eds & Opinions, Securities Regulation | Tagged , | 2 Comments

What in the XBRL is Going On?

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, October 6, 2007

The SEC recently pulled out all the stops in marketing its “landmark” announcement that the XBRL taxonomy for U.S. financial reports using GAAP is ready to be tested by third parties–but not the general public quite yet–with an intended completion date of December 5th.  (When their work is finished, XBRL tags will allow investors and […]

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Posted in Financial Regulation, Practitioner Publications | Tagged , , , , | 1 Comment

Comment Letter of Thirty-Nine Law Professors in Favor of Placing Shareholder-Proposed Bylaw Amendments on the Corporate Ballot

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, October 5, 2007

Editor’s Note: This post is from Lucian Bebchuk of Harvard Law School. Thirty-nine law professors, including myself, have filed a comment letter in favor of placing shareholder-proposed bylaw amendments on the corporate ballot. The SEC has been seeking comments on two proposals that would allow companies to exclude all or some shareholder-proposed bylaw amendments concerning […]

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Scheme Liability, Section 10(b), and Stoneridge

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, October 4, 2007

Next Tuesday, the Supreme Court of the United States will hear oral argument in Stoneridge Investment Partners v. Scientific Atlanta, the most important securities-law case in years.  The question presented–when, if ever, shareholders may sue third parties for their participation in allegedly fraudulent transactions with a public corporation–could have profound economic and legal implications. The […]

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Posted in Court Cases, Practitioner Publications, Securities Regulation | Tagged , , | Comments Off on Scheme Liability, Section 10(b), and Stoneridge

Motivations for Public Equity Offers: An International Perspective

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, October 2, 2007

I have recently posted my article Motivations for Public Equity Offers: An International Perspective, coauthored with Woojin Kim.  The article examines the reasons that firms tap public equity markets by analyzing the ultimate uses of the funds raised through both initial public offerings (IPOs) and seasoned equity offerings (SEOs) in 38 countries between 1990 and […]

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The Rise of the Statutory Business Trust

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, October 1, 2007

This Thursday and Friday, Harvard Law Professor Robert Sitkoff, recently named one of Lawyers Weekly‘s up and coming lawyers of 2007, will travel to Delaware for a stay as a visiting scholar at Widener University School of Law.  The visit will feature a presentation of his article Agency Costs, Charitable Trusts, and Corporate Control: Evidence […]

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Posted in Financial Regulation, HLS Research, Program News & Events | Tagged | Comments Off on The Rise of the Statutory Business Trust

The “Tellabs Excuse” and Confidential Witnesses

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, September 28, 2007

Editor’s Note: This post is from J. Robert Brown, Jr. of the University of Denver Sturm College of Law. When the Supreme Court decided Tellabs, Inc v. Makor Issues last June, holding that securities-fraud plaintiffs must plead facts giving rise to a “powerful or cogent” inference of scienter to survive a motion to dismiss under the […]

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Posted in Court Cases, Securities Regulation | Tagged , , , | 1 Comment
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