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

Portfolio Manager Compensation in the U.S. Mutual Fund Industry

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, April 14, 2018

According to the Investment Company Institute, about half of all households in the United States invest in mutual funds, and the assets managed by them totaled more than $16 trillion at year-end 2016. Given the importance of mutual funds in the economy, understanding fund managers’ incentives is a key issue for academics, regulators, practitioners, and […]

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Dodd-Frank is a Pigouvian Regulation

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, April 13, 2018

In this Note, recently published in the Yale Law Journal, we show that Dodd Frank’s compliance costs have furthered the Act’s goal of reducing systemic risk. Specifically, our article analyzes the all of the spinoffs and divestitures that have occurred at eleven systemically important financial institutions (SIFIs) since Dodd-Frank went into effect in 2010 and […]

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2018 Proposed Amendments to the Delaware General Corporation Law

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, April 13, 2018

Legislation proposing to amend the General Corporation Law of the State of Delaware (the “General Corporation Law”) has been released by the Corporate Council of the Corporation Law Section of the Delaware State Bar Association and, if approved by the Corporation Law Section, is expected to be introduced to the Delaware General Assembly. If enacted, […]

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Weekly Roundup: April 6–12, 2018

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, April 13, 2018

Activist Arbitrage in M&A Acquirers Posted by Wei Jiang (Columbia University), Tao Li (University of Florida), and Danqing Mei (Columbia University), on Friday, April 6, 2018 Tags: Activist arbitrageurs, Arbitrage, Institutional Investors, Mergers & acquisitions, Proxy advisors, Risk arbitrage, Shareholder activism, Shareholder voting In the Spirit of Full Cybersecurity Disclosure Posted by Christine Mazor and Sandra Herrygers, Deloitte & Touche LLP, on Friday, April 6, 2018 Tags: Boards […]

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How Investors Can (and Can’t) Create Social Value

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, April 12, 2018

Most investors have a single goal: to earn the highest financial return. These socially-neutral investors maximize their risk-adjusted returns and would not accept a lower financial return from an investment that also produced social benefits. An increasing number of socially-motivated investors have goals beyond maximizing profits. Some seek to align their investments with their social […]

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Does Tax Deductibility Affect CEO Pay? The Case of the Health Insurance Industry

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, April 12, 2018

The ratio of CEO pay to that of ordinary workers has exploded over the last four decades, going from less than 30-to-1 in the 1970s to more than 200-to-1 by 2000 and in most subsequent years (Mishel and Schieder 2017). There is an ongoing debate about the causes of this increase in CEO compensation. Many […]

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The Purpose of the Corporation

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, April 11, 2018

Whether the purpose of the corporation is to generate profits for its shareholders or to operate in the interests of all of its stakeholders has been actively debated since 1932, when it was the subject of dueling law review articles by Columbia law professor Adolf Berle (shareholders) and Harvard law professor Merrick Dodd (stakeholders). Following […]

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The Information Value of Corporate Social Responsibility

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, April 11, 2018

A significant portion of the U.S. corporate expense budget is allocated to corporate social responsibility (CSR) spending. Given its importance, there has been a long-standing debate on its desirability from shareholders’ perspective. Several studies posit that CSR creates shareholder value through maximizing stakeholder value, a result known as “doing well by doing good” (Edmans, 2011; […]

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10 Tips for Upcoming Annual Shareholder Meetings

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, April 11, 2018

With spring beginning, many public companies are getting ready for their annual shareholder meetings. Here are some tips to consider as part of the planning process. Meeting Logistics. Check and double-check meeting logistics. While this may sound basic, it is important to confirm and reconfirm the venue, in addition to all meeting participants and service […]

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Review and Analysis of 2017 U.S. Shareholder Activism

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, April 10, 2018

Shareholder activist hedge funds grew modestly in 2017, not yet restoring global activist fund assets under management (“AUM”) to 2015 highs. Moreover, the rate of formation of new activist funds continued to decline, and the “winners” in this environment—those activists attracting the most new capital—seemed to be the well-established activists with strong brand names and […]

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