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

Buying the Verdict

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, May 9, 2018

Firms are legally obligated to operate within the standards of their operating jurisdictions. Even so, and despite the fact that firms spend substantial capital in order to stay within this legal framework, infractions occur. While many of these infractions are settled privately, a large number do make it into the court system to be adjudicated. […]

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The Uncertain Role of IPOs in Future Securities Class Actions

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, May 9, 2018

Though IPO-related class actions accounted for just four percent of all securities class actions over the past decade, according to ISS Securities Class Action Services (SCAS) data, much ink has been spilled in recent months over whether the U.S. Securities and Exchange Commission (SEC) might bar IPO-related lawsuits in lieu of arbitration. Supporters of arbitration […]

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The Impact of DOL Guidance on ESG-Focused Plans

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, May 8, 2018

Last week the U.S. Department of Labor (DOL) issued a bulletin (the Bulletin) on its prior interpretations related to considerations of ESG factors by ERISA plan fiduciaries. Since then there has been some speculation that perhaps the positions outlined in the Bulletin would act as a speed bump to the increasing focus by investors on […]

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Bid Anticipation, Information Revelation, and Merger Gains

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, May 8, 2018

A large body of research documents that market reactions to takeover announcements are, on average, neutral or even slightly negative for acquirers. This evidence presents a value-creation puzzle: Why do acquirers pursue takeovers if they do not overtly benefit from the deals? The puzzle seems to contradict both the common assumption that acquirers are value-maximizers […]

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The Future of Merger Litigation in Federal Courts?

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, May 7, 2018

In January 2016, the Delaware Chancery Court issued its decision in In re Trulia, Inc. Stockholders Litigation, which announced that the court would approve “disclosure only” settlements that had become commonplace in M&A transactions only if the supplemental disclosures provided to a company’s stockholders in connection with those settlements were “plainly material.” Since that decision, […]

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CEO Attributes, Compensation, and Firm Value: Evidence from a Structural Estimation

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, May 7, 2018

Researchers and regulators have long been interested in understanding chief executive officer (CEO) compensation contracts. This interest comes from the relatively large size of CEO compensation, in relation to other firm employees, and because of the important role the CEO has in running a firm. A striking finding is that variation in both the size […]

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Integrated Alpha: The Future of ESG Investing

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, May 7, 2018

When making investment choices, a company’s adherence to ESG principles is one that we believe is becoming increasingly relevant in today’s climate. Our research shows that companies which exhibit these principles not only historically outperform ones that do not incorporate them into the company’s DNA, but may experience less downside risk also. Investors are looking […]

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The Business Case for Clawbacks

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, May 6, 2018

In the world of corporate governance, a string of recent corporate scandals has highlighted the criticality of effective risk management and the potential financial and reputational harm that can result from inappropriate actions or ineffective oversight (see Figure 1). The executives of these companies received large pay packages for their stewardship and leadership, largely provided […]

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Do Women CEOs Earn More and Have More Diverse Boards?

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, May 5, 2018

As gender equity and diversity in corporate leadership continue to be critical discussions, research is regularly published showing links between these factors and company performance. Based on an analysis of Equilar 100 companies—the largest U.S.-listed firms to file proxy statements to the SEC before March 31—women CEOs had a higher representation of women on their […]

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The Evolving Market for Retail Investment Services and Forward-Looking Regulation Adding Clarity and Investor Protection while Ensuring Access and Choice

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, May 4, 2018

Good afternoon. It is wonderful to be in Philadelphia. It is wonderful to be at Temple University. It is very kind of Temple to host this event. I will speak for about 30 minutes and then take questions. Before I move to today’s topic—the relationship between Main Street investors and investment professionals—I ask for your […]

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