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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
Supreme Court to Weigh in on Presumption of Reliance in Securities Class Actions: Goldman Sachs v. Arkansas Teacher Retirement System
On March 29, the United States Supreme Court heard oral argument in Goldman Sachs Group, Inc., et al. v. Arkansas Teacher Retirement System, et al., No. 20-222. The closely-watched case raises a host of important issues concerning the substantive and procedural requirements for certifying a securities fraud class action. Most notably, the Court will clarify […]
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Posted in Court Cases, Practitioner Publications, Speeches & Testimony
Tagged Basic, Class actions, Fraud-on-the-Market, Reliance, Rule 10b-5, Securities fraud, Securities litigation, Supreme Court
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Gender Diversity in the Silicon Valley
Fenwick has released its updated study about gender diversity on boards and executive management teams of the technology and life science companies included in the Silicon Valley 150 Index and very large public companies included in the Standard & Poor’s 100 Index. The Fenwick Gender Diversity Survey uses 25 years of data to provide a better picture […]
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Posted in Accounting & Disclosure, Boards of Directors, ESG, Practitioner Publications
Tagged Board composition, Boards of Directors, California, Diversity, ESG, Human capital, Management, Tech companies
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Federal Court Dismisses Derivative Complaint Seeking to Impose ESG Initiatives on a Public Company
In the past year, there has been a concerted effort by certain plaintiff firms to weaponize environmental, social, and governance (“ESG”) principles to attack corporate boards. On March 19, 2021, the United States District Court for the Northern District of California in Ocegueda v. Zuckerberg, Ca. No. 3:20-cv-04444-LB (N.D. Cal. Mar. 19, 2021), struck a blow against these efforts by […]
Click here to read the complete postStatement by Acting Director Coates on SPACs, IPOs and Liability Risk under the Securities Laws
Over the past six months, the U.S. securities markets have seen an unprecedented surge in the use and popularity of Special Purpose Acquisition Companies (or SPACs). Shareholder advocates—as well as business journalists and legal and banking practitioners, and even SPAC enthusiasts themselves —are sounding alarms about the surge. Concerns include risks from fees, conflicts, and […]
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Posted in Mergers & Acquisitions, Practitioner Publications, Regulators Materials, Securities Litigation & Enforcement, Securities Regulation, Speeches & Testimony
Tagged Capital formation, Investor protection, IPOs, Merger litigation, Mergers & acquisitions, PSLRA, SEC, SEC enforcement, Securities enforcement, Securities litigation, Securities regulation, SPACs
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Sustainable Investing in Equilibrium
Sustainable investing considers not only financial objectives but also environmental, social, and governance (ESG) criteria. Assets managed with an eye on sustainability have grown to tens of trillions of dollars and seem poised to grow further. Given this rapid growth, the effects of sustainable investing on asset prices and corporate behavior are important to understand. […]
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Posted in Academic Research, Accounting & Disclosure, Empirical Research, ESG
Tagged Climate change, Corporate Social Responsibility, Environmental disclosure, ESG, Institutional Investors, Long-Term value, Sustainability
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Weekly Roundup: April 2–8, 2021
Does Target Firm Insider Trading Signal the Target’s Synergy Potential in Mergers and Acquisitions? Posted by Inho Suk (SUNY Buffalo) and Mengmeng Wang (UNC Greensboro), on Friday, April 2, 2021 Tags: Information asymmetries, Information environment, Insider trading, Market efficiency, Mergers & acquisitions, Signaling, Target firms Comment Letter on Rule 144 Holding Period and Form 144 Filings Posted by Daniel J. Taylor (The Wharton […]
Click here to read the complete postPCAOB Approves Formation of New Standards Advisory Group to Further Enhance Stakeholder Engagement and Provide Advice
The Public Company Accounting Oversight Board (PCAOB) today [March 29, 2021] approved the formation of a new advisory group that further expands the PCAOB’s stakeholder engagement and provides new opportunities for investors and other stakeholders to advise the Board. Today’s unanimous vote to approve the charter of the Standards Advisory Group (SAG) creates an 18-person […]
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Posted in Accounting & Disclosure, Practitioner Publications, Securities Regulation
Tagged Accounting, Accounting standards, Audits, PCAOB, Sarbanes–Oxley Act, Securities regulation
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Credit for Climate Action
The Fourth National Climate Assessment, issued by the U.S. Global Change Research Program, found that climate change is already having an impact on businesses and communities across the United States. The report also found that, without significant global mitigation and adaptation efforts, climate change will inflict increasing disruption and damage. International reports have made similar […]
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Posted in Accounting & Disclosure, Banking & Financial Institutions, ESG, Institutional Investors, Practitioner Publications
Tagged Banks, Climate change, Environmental disclosure, ESG, Financial institutions, Institutional Investors, Risk assessment, Risk management, Sustainability
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Using Household Balance Sheets to Promote Consumer Welfare and Define the Necessary Role of the Welfare State
In a recent paper, I point out that access to credit sometimes provides a provide a path out of poverty and even a gateway to real prosperity for those who use the funds to start a business, but when credit is granted improvidently it can lead to financial ruin for the borrower up to and […]
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Posted in Academic Research, Banking & Financial Institutions, Financial Regulation
Tagged Bank loans, Banks, Consumer protection, Credit risk, Credit supply, Debt, Financial institutions, Financial regulation, Liquidity, Stakeholders, Systemic risk
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