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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 Christine Davine
- Renata J. Ferrari
- Andrew Freedman
- Ray Garcia
- Byron Georgiou
- Joseph Hall
- Jason M. Halper William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino Jonathan Watkins
- Steven J. Williams
HLS Faculty & Senior Fellows
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
Reinventing Depositions
The Covid Crisis will affect every aspect of litigation. Growing familiarity with video-conferenced hearings likely will lead to the elimination of wasteful status-conference calendars, in which scores of lawyers sit around a courtroom for hours waiting for a 10-minute appearance to update the court on developments in a particular case. Courtroom automation, largely limited thus […]
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Posted in Practitioner Publications, Securities Litigation & Enforcement
Tagged Civil procedure, Commercial litigation, COVID-19, Depositions, Discovery, Securities litigation
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Board Leadership and Performance in a Crisis
Every industry across the globe has faced a crisis at some point in time. While most large companies survive, many struggle for years following a period of severe adversity. Others prevail and become stronger than before. How companies address crises has changed over time, as has the role of the board. Amid COVID-19’s rapid spread […]
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Posted in Accounting & Disclosure, Boards of Directors, Practitioner Publications
Tagged Board performance, Boards of Directors, Corporate culture, COVID-19, Long-Term value, Management, Risk, Risk oversight, Succession
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Born Out of Necessity: A Debt Standstill for COVID-19
Introduction Rich and poor countries alike are facing an unprecedented economic crisis as they attempt to contain the impact of the COVID-19 pandemic. A downturn of this magnitude can cause tremendous long-term damage, with critical economic linkages between employees, businesses, and banks at risk of disappearing forever. Scores of firms will close permanently unless urgent […]
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Posted in Academic Research, Empirical Research, Financial Crisis, International Corporate Governance & Regulation
Tagged COVID-19, Debt, Emerging markets, Financial crisis, G20, IMF, International governance, Liquidity, Moral hazard, Sovereign debt, World Bank
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REITs and COVID-19: 15 Key Issues for Boards as they Chart the Course Forward
Many REIT boards are now broadening their focus beyond the immediate firestorms unleashed by COVID-19, to longer-term risk-management and strategic planning issues that take account of the radically changed environment. Following is a list of 15 key issues to be considered with a 3-, 6- and 12-month lens, and beyond. Many boards have already considered these issues […]
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Posted in Accounting & Disclosure, Boards of Directors, ESG, Practitioner Publications
Tagged Boards of Directors, Disclosure, Long-Term value, Oversight, REITs, Risk management
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States are Leading the Charge to Corporate Boards: Diversify!
While the federal government is considering statutes and regulations that mandate gender and racial diversity on corporate boards of directors, the states have already begun to take action. Already a dozen states have enacted or are poised to enact requirements to enhance diversity on boards. The statutes are grounded on a large body of empirical […]
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Posted in Accounting & Disclosure, Boards of Directors, ESG, Practitioner Publications
Tagged Board composition, Boards of Directors, California, Disclosure, Diversity, ESG, State law
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Power and Statistical Significance in Securities Fraud Litigation
The event study—a statistical tool borrowed from financial economics—has become a critical tool in securities fraud litigation. In litigation, event studies are used to measure the extent to which market prices react to the release of new information. Their results are introduced as evidence on the efficiency the market in which the securities trade, the […]
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Posted in Academic Research, Empirical Research, Securities Litigation & Enforcement
Tagged Class actions, Fraud-on-the-Market, SEC, SEC enforcement, Section 10(b), Securities fraud, Securities litigation
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Navigating Down-Round Financings
Although we all hope for a quick return to stability, the current environment raises the possibility of an increase in down-round financings—private company financings in which the company has a reduced valuation from its prior financing round. In recent weeks, we have observed pressure on valuations and the emergence of more onerous, less company-friendly terms […]
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Posted in Boards of Directors, Practitioner Publications, Private Equity, Securities Litigation & Enforcement, Securities Regulation
Tagged Boards of Directors, Capital formation, Dilution, Fiduciary duties, Private equity, Private firms, Securities litigation, Shareholder suits, Venture capital firms
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World Economic Forum Pledges to Stand By Stakeholders in the COVID-19 Era
The novel coronavirus (COVID-19) pandemic has posed unprecedented health risks and has led to global economic disruptions. The World Economic Forum (WEF), an international organization that fosters public-private cooperation on global, regional and industry agendas, released this month the “Stakeholder Principles in the COVID Era” (Stakeholder Principles) as part of its COVID Action Platform and called […]
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Posted in ESG, Practitioner Publications
Tagged COVID-19, ESG, Long-Term value, Shareholder primacy, Shareholder value, Stakeholders, Sustainability, World Economic Forum
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Carbon Premium around the World
Apart from COVID-19, few topics garner as much global attention these days as the looming climate crisis. And let us not forget that before the outbreak of the pandemic the front pages of most newspapers were filled with stories and pictures of the extraordinary wildfires in Australia, which by some estimates have cost the country […]
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Posted in Academic Research, ESG, Institutional Investors, International Corporate Governance & Regulation
Tagged Climate change, Environmental disclosure, ESG, Index funds, Institutional Investors, International governance, Risk, Sustainability
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First Quarter 2020 Class Actions
I. Appellate Courts Begin to Consider How Bristol-Myers Applies to Class Actions This quarter, appellate courts wrestled for the first time with the application of Bristol-Myers Squibb Co. v. Superior Court of Cal., 137 S. Ct. 1773 (2017), to class actions. In Bristol-Myers, the Supreme Court held that the scope of a state court’s power […]
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Posted in Court Cases, Practitioner Publications, Securities Litigation & Enforcement
Tagged Class actions, Discovery, Forum selection, Jurisdiction, Securities litigation, Standing, U.S. federal courts
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