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

Weekly Roundup: February 2–8, 2018

Stock Market Evaluation, Moon Shots, and Corporate Innovation Posted by Ming Dong (York University), David Hirshleifer (UC Irvine), and Siew Hong Teoh (UC Irvine), on Friday, February 2, 2018 Tags: Behavioral finance, Capital allocation, Capital formation, Firm valuation, Innovation, Long-Term value, Market efficiency, R&D, Risk-taking, Stock mispricing Compensation in the 2018 Proxy Season Posted by Holly M. Bauer, Bradd L. Williamson and Adam L. Kestenbaum, Latham […]

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Will Tenure Voting Give Corporate Managers Lifetime Tenure?

In the past decade, many household name companies, including Alibaba, Facebook and Google (now Alphabet, Inc.), have adopted management-friendly dual-class voting systems justified as giving their executives the freedom to operate the companies toward long term value maximization and sheltering them from shareholder pressures for short-term outcomes. However, many institutional investors dislike these structures because […]

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SLB No. 14I Strikes Again

When the SEC released its latest SLB in November last year, companies—well, Apple—pounced on the possibility of excluding shareholders proposals on the basis of, well, the board had a good think about it and decided that they were already doing it and/or that it was irrelevant. Now, all sorts of companies are targeting lobbying spending […]

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Cryptocurrency 2018

Blockchain technology and the virtual currency, or cryptocurrency, that uses this technology are revolutionizing the way businesses function and deliver goods and services. Even as cryptocurrency becomes a widely debated topic, gaining the critical attention of regulators and policymakers, individuals and businesses are investing billions of dollars in cryptocurrency annually. To understand how blockchain and […]

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Virtual Currencies

I am pleased that the Committee is holding this hearing to bring greater focus to the important issues that cryptocurrencies, initial coin offerings (ICOs) and related products and activities present for American investors and our markets. I am also pleased to join my counterpart, Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo, for our second […]

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Top Universities for Corporate Directors

With the college football season recently coming to a close, there’s no question who’s Number 1 on the field. When it comes to the top schools for turning out board members at public companies, there are also a couple of clear winners. A recent Equilar study using data from its BoardEdge platform uncovered the results.

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Institutional Investor Engagement: How to Create a “Stewardship Culture”

Institutional investors matter. The share of equity investments held by institutional investors, such as mutual funds, pension funds, insurance companies and hedge funds, has increased significantly in recent years, and many such assets are now managed by specialized asset managers. A broad consensus has now emerged that involving these professional institutional investors can be an […]

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HLS Forum Sets New Records in 2017

The operations of the Harvard Law School Forum on Corporate Governance during 2017 set several new records. These records include: Having more than 100,000 unique viewers in a month: Publishing over 800 posts during a year; Having visitors from over 220 countries and territories during the year; and More than 2 million page views. Established […]

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BlackRock’s Call for Companies to Deliver Financial & Social Value

On Tuesday, January 16th, BlackRock Chairman and CEO Laurence Fink released his annual letter to CEOs outlining a bold vision linking the prosperity of companies to their ability to deliver both financial performance as well as positive contributions to society. Entitled “A Sense of Purpose,” the letter highlights BlackRock’s increasingly active approach to shareholder engagement, […]

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Dinner Table Human Capital and Entrepreneurship

We document three new facts about entrepreneurship. First, a majority of male entrepreneurs start a firm in the same or a closely related industry as their fathers’ industry of employment. Second, this tendency is correlated with intelligence: higher-IQ entrepreneurs are less likely to follow their fathers. Third, an entrepreneur that starts a firm in the […]

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