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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
Testimony by Commissioner Pierce for Senate Nomination Hearing
Chairman Crapo, Ranking Member Brown, and members of the Committee, thank you for considering my nomination to be a member of the Securities and Exchange Commission. Having served as a Commissioner for two and a half years, I am honored that the President has nominated me to serve another term. If confirmed, I look forward […]
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Posted in Practitioner Publications, Regulators Materials, Securities Litigation & Enforcement, Securities Regulation, Speeches & Testimony
Tagged Capital markets, Investor protection, Retirement plans, SEC, Securities enforcement, Securities regulation
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Statement by Caroline Crenshaw for Senate Nomination Hearing
Chairman Crapo, Ranking Member Brown and distinguished Senators of the committee: Thank you for the opportunity to appear here today. It is an honor to testify before you regarding my nomination to be a Commissioner of the Securities and Exchange Commission, where I have worked for the past seven years, and in whose mission I […]
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Posted in Practitioner Publications, Regulators Materials, Securities Litigation & Enforcement, Securities Regulation, Speeches & Testimony
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A Thoughtful Approach in Uncertain Times
The coronavirus pandemic gave the global economy an unprecedented shock that has raised the stakes for one of the compensation committee’s most challenging tasks—determining when and how to apply discretion to adjust executives’ incentive pay for circumstances outside their control. The question of when to make discretionary adjustments is always a tricky one. Although the […]
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Posted in Accounting & Disclosure, Executive Compensation, Financial Crisis, Practitioner Publications
Tagged Accountability, COVID-19, Executive Compensation, Executive performance, Financial crisis, Incentives, Long-Term value, Pay for performance, Transparency
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Behavioral Biases of Analysts and Investors
Financial analysts and stock market investors alike are subject to behavioral biases. Objective analyst forecasts can potentially help correct investor misperceptions. On the other hand, biased forecasts can reinforce or incite investor misperceptions. Furthermore, data on analyst behavior provide a rich window of insight into the nature of psychological bias among an important and incentivized […]
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Posted in Academic Research, Empirical Research
Tagged Analyst forecasts, Analysts, Behavioral finance, Decision-making, Earnings announcements, Financial reporting, Forecasting, Investor horizons
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SEC Enforcement Actions Against Companies for Misleading COVID-19 Claims
The U.S. Securities and Exchange Commission (the “SEC”) filed enforcement actions on May 14, 2020, against two unrelated companies, Turbo Global Partners, Inc. (“Turbo”) and Applied BioSciences Corp. (“APPB”). The SEC charged both companies with securities fraud based on alleged materially misleading statements that the companies were offering and shipping products to combat the coronavirus […]
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Posted in Accounting & Disclosure, Practitioner Publications, Securities Litigation & Enforcement
Tagged COVID-19, Disclosure, SEC, SEC enforcement, Securities enforcement, Securities fraud
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Firm-Level Climate Change Exposure
Climate change has started to significantly affect a large number of firms in the economy. A challenge for investors, regulators, and policy makers lies in the difficulty to properly quantify firm-level exposure to climate change, with respect to the associated risks but also in terms of the opportunities that come with it. Complications stem from […]
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Posted in Academic Research, Accounting & Disclosure, Empirical Research, ESG
Tagged Climate change, Earnings announcements, Environmental disclosure, ESG, Firm performance, Risk, Risk assessment, Shocks, Sustainability
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Seventh Circuit Holds That Price Impact Must Be Decided at the Class Certification Stage
The Seventh Circuit Court of Appeals has just issued a decision of special interest to defendants in securities class actions under Section 10(b) of the Exchange Act. The Court vacated the district court’s certification of a class in a lawsuit against Allstate, holding that the district court failed to consider defendants’ evidence that the misrepresentations […]
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Posted in Court Cases, Practitioner Publications, Securities Litigation & Enforcement, Securities Regulation
Tagged Basic, Class actions, Exchange Act, Fraud-on-the-Market, Halliburton, Market efficiency, Market reaction, Section 10(b), Securities litigation, Securities regulation, Shareholder suits, Shareholder value
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Our Approach to Sustainability
This past January, BlackRock wrote to clients about how we are making sustainability central to the way we invest, manage risk, and execute our stewardship responsibilities. This commitment is based on our conviction that climate risk is investment risk and that sustainability-integrated portfolios, and climate-integrated portfolios in particular, can produce better long-term, risk-adjusted returns. Our efforts around […]
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Posted in Accounting & Disclosure, Corporate Elections & Voting, ESG, Institutional Investors, Practitioner Publications
Tagged Climate change, COVID-19, Diversity, Engagement, Environmental disclosure, ESG, Institutional Investors, Institutional voting, Proxy season, Proxy voting, Shareholder activism, Transparency
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The Real Effects of Modern Information Technologies
Modern information technologies have greatly facilitated timely dissemination of information to a broad base of investors at low costs. In our paper entitled The Real Effects of Modern Information Technologies, we exploit the staggered implementation of the EDGAR system from 1993 to 1996 as a shock to information dissemination technologies to examine their effects on […]
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Posted in Academic Research, Accounting & Disclosure, Comparative Corporate Governance & Regulation, Empirical Research, Securities Regulation
Tagged Disclosure, EDGAR, Firm performance, Information environment, Innovation, Managerial style, Profitability, Securities regulation, Shocks
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Comment Letter on Proposed Regulation of ESG Standards in ERISA Plans
To Whom It May Concern: We are writing in opposition to proposed rule RIN 1210-AB95. We believe the rule is not only unnecessary, but Is based on a woefully incorrect understanding of the current state of investing knowledge and theory, Endangers the retirement security of Americans rather than protects it, Is Internally inconsistent, Applies an […]
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