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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
Golf Buddies and Board Diversity
Studies have shown that firms benefit from corporate boards comprising men and women. Yet in 2014, women’s share of board seats in developed economies averaged 16.7 percent, varying from 3 percent in Japan to 19 percent in the US, and 30 percent in France. There is a gender glass ceiling in board representation. But women […]
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Posted in Academic Research, Boards of Directors, Comparative Corporate Governance & Regulation, Empirical Research
Tagged Board composition, Boards of Directors, Diversity, Singapore, Social capital, Social networks
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The Day After Brexit
An exit vote yesterday, June 23, 2016, will confront many companies with a host of challenges. Our presentation, available here, discusses the immediate legal questions firms will need to examine: Does the vote trigger break clauses or termination rights in my contracts? Will my seconded staff have to return to base? Will my firm’s passport to do cross-border business […]
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Posted in Banking & Financial Institutions, Financial Regulation, International Corporate Governance & Regulation, Practitioner Publications
Tagged Banks, Brexit, Contracts, Cross-border transactions, EU, Europe, Financial institutions, Financial regulation, Taxation, UK
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Brexit: Legal Implications
In a referendum held in the UK on June 23, 2016, a majority of those voting voted for the UK to leave the EU. This post briefly summarizes some of the main legal implications of the “leave” vote and is primarily for the benefit of those outside the UK who have not followed the referendum campaign […]
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Posted in Banking & Financial Institutions, Financial Regulation, International Corporate Governance & Regulation, Practitioner Publications
Tagged Banks, Brexit, Contracts, EU, Europe, Financial institutions, Financial regulation, Foreign banks, International governance, Legal systems, UK
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Delaware Share Ownership and the Blockchain
On May 2, 2016, at the second annual Consensus conference in New York, Delaware Governor Jack Markell announced his support for the creation of a new method of representation of corporate share ownership. In addition to traditional certificated and uncertificated shares, all Delaware corporations (including a majority of the Fortune 500) will soon have the […]
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Posted in Accounting & Disclosure, Banking & Financial Institutions, Financial Regulation, Legislative & Regulatory Developments, Practitioner Publications, Securities Regulation
Tagged Banks, Bitcoin, Blockchain, Capital markets, Clearing houses, Delaware law, Financial regulation, Financial technology, Intermediaries, IPOs, Market efficiency, Securities regulation, State law
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Weekly Roundup: June 17–June 23, 2016
The New EU Market Abuse Regulation Posted by Simon Witty, Davis Polk & Wardwell LLP, on Friday, June 17, 2016 Tags: Debt securities, Disclosure, ESMA, EU, Europe, Fraud-on-the-Market, Inside information, Insider trading,International governance, Listing standards, Securities regulation What are the Consequences of Regulating Executive Compensation? Posted by Anya Kleymenova, University of Chicago, on Friday, June […]
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Posted in Weekly Roundup
Tagged Weekly Roundup
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Activist Investors and Target Identification
Considering the growing amount of capital available to established activists and new entrants, the trend for increasing shareholder activity in the US and globally is likely to continue. This post reviews the first phase of an activist’s campaign and perhaps the most important component of any activist investment strategy: how activists go about identifying undervalued and […]
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Posted in Boards of Directors, Corporate Elections & Voting, Mergers & Acquisitions, Practitioner Publications
Tagged Boards of Directors, Firm performance, Firm valuation, Hedge funds, Ownership structure, Proxy advisors, Proxy contests, Proxy voting, Shareholder activism, Shareholder nominations, Shareholder value, State law, Target firms
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The Value of Creditor Control in Corporate Bonds
In our article, The Value of Creditor Control in Corporate Bonds, recently published in the Journal of Financial Economics, we introduce a measure that captures the premium in bond prices that is due to the value of creditor control. We estimate the premium as the difference in the bond price and an equivalent synthetic bond […]
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Posted in Academic Research, Bankruptcy & Financial Distress, Empirical Research
Tagged Bankruptcy, Bondholders, Bonds, Cash flows, Control rights, Covenants, Credit default swaps, Credit risk, Debt contracts, Debt securities, Debtor-creditor law, Distressed companies, Liquidity
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