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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
2018 Annual Corporate Governance Review
We are pleased to present the 2018 Annual Corporate Governance Review. For the second year in a row, Georgeson partnered with Proxy Insight on the coordination of voting data and analytics. Proxy Insight was instrumental in sourcing the annual meeting and proxy voting data contained in this report. New This Year The 2018 report provides […]
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Posted in Boards of Directors, Corporate Elections & Voting, Executive Compensation, Practitioner Publications
Tagged Boards of Directors, Compensation ratios, Executive Compensation, Proxy voting, Say on pay, Shareholder proposals, Shareholder voting
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Bebchuk-Hirst Study of Index Funds Wins IRRC Institute Prize
The IRRC Institute has announced that its 2018 annual investor research prize will be awarded to a study by Lucian Bebchuk and Scott Hirst, Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy. Upon announcing the study winning the $10,000 prize, the IRRC Institute’s Executive Director Jon Lukomnik described the study as making “a […]
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Posted in Academic Research, Program News & Events
Tagged Index funds, IRRC Institute, Program on Corporate Governance
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Manager Sentiment and Stock Returns
In this study, we investigate the asset pricing implications of manager sentiment, focusing on its predictability for future U.S. stock market returns. Intuitively, investors may simply follow managers’ sentiment in financial disclosures, even though this sentiment may not represent fully the underlying fundamentals of the firm. Hence, high manager sentiment may lead to speculative market […]
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Posted in Academic Research, Accounting & Disclosure
Tagged Disclosure, Financial reporting, Firm performance, Forecasting, Information environment, Management, Market reaction, Stock returns
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Corporate Governance Case Study: Tesla, Twitter, and the Good Weed
Perhaps no company in the world has the perception of its brand being tied to one person more than Tesla Inc. (Tesla) and its CEO and now former chairman of the board, Elon Musk. As at least one journalist phrased it, “Elon Musk is Tesla. Tesla is Elon Musk.” And Musk is not just the […]
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Posted in Accounting & Disclosure, Boards of Directors, Practitioner Publications, Securities Litigation & Enforcement, Securities Regulation
Tagged Boards of Directors, Disclosure, Elon Musk, Management, Oversight, Regulation FD, SEC, SEC enforcement, Securities enforcement, Securities fraud, Securities regulation, Settlements, Social media, Tesla
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CEO Transitions: Mitigating Risks and Accelerating Value Creation
CEO transitions have always been challenging, but never more so than in today’s environment. As a board governance, leadership consulting and search firm, Russell Reynolds Associates is asked regularly to conduct CEO searches and support long-term CEO succession planning. We advise our clients not to forget about transition planning as a distinct process that needs […]
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Posted in Boards of Directors, Practitioner Publications
Tagged Boards of Directors, Engagement, Executive turnover, Long-Term value, Management, Shareholder activism, Stakeholders, Succession
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SEC Rulemaking Over the Past Year, the Road Ahead and Challenges Posed by Brexit, LIBOR Transition and Cybersecurity Risks
Thank you Jason [Healey] for that kind introduction. For many, December is a time to reflect on the past year and to look forward to what the New Year may bring. I believe organizations also should mark milestones, take stock of what has been done and what needs to be done, and adjust course accordingly. […]
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Posted in Practitioner Publications, Regulators Materials, Securities Litigation & Enforcement, Securities Regulation, Speeches & Testimony
Tagged Brexit, Capital formation, Cybersecurity, Investor protection, LIBOR, Proxy voting, SEC, SEC enforcement, SEC rulemaking, Securities enforcement, Securities regulation, Shareholder voting
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Opening Remarks at the Municipal Securities Conference
Good morning and welcome. I am delighted to help kick off the inaugural Municipal Securities Conference, although I regret that because of other meetings and commitments, I am doing so from our New York office. Before going any further, I want to make it clear that my remarks are my own and do not necessarily […]
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Posted in Accounting & Disclosure, Practitioner Publications, Securities Regulation, Speeches & Testimony
Tagged Disclosure, Financial reporting, Information environment, Municipal securities, Retail investors, SEC, Securities regulation, Transparency
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Weekly Roundup: November 30-December 6, 2018
Proxy Voting and the Future of Corporations Posted by David A. Katz and Laura A. McIntosh, Wachtell, Lipton, Rosen & Katz, on Friday, November 30, 2018 Tags: Corporate Social Responsibility, Institutional Investors, Institutional voting, International governance, Long-Term value, Proxy voting, SEC, Securities regulation, Shareholder activism, Shareholder value, Shareholder voting PLX, Burden of Proof for Damages, and the Internal Logic of Delaware Law Posted by Holger Spamann (Harvard […]
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Posted in Weekly Roundup
Tagged Weekly Roundup
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Principles for a Responsible Civilian Firearms Industry
As investors, we have come together to develop a framework to advance a responsible civilian firearms industry in the United States of America. We believe in the rule of law and respect the 2nd Amendment of the U.S. Constitution. As asset owners and asset managers, we have a duty to our beneficiaries who depend on […]
Click here to read the complete postAcquirer Reference Prices and Acquisition Performance
How do investors adjust their estimates of a stock’s value in response to an acquisition announcement? Rationally, the acquirer’s new stock price should reflect the synergistic gains associated with the merger, the premium paid to target company shareholders, the method of payment, and other value-relevant information associated with the acquisition. But what if the acquirer’s […]
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Posted in Academic Research, Empirical Research, Mergers & Acquisitions
Tagged Firm performance, Firm valuation, Market conditions, Market efficiency, Mergers & acquisitions, Target firms
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