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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
- Renata J. Ferrari
- Andrew Freedman
- Ray Garcia
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- Steven J. Williams
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
Speaking of Corporate Social Responsibility
Linguists suggest that obligatory future-time-reference (FTR) in a language reduces the psychological importance of the future. Applying this to a corporate context, we theorize in this paper that companies with strong-FTR languages as their official/working language would be less future orientated and hence perform worse in future-oriented activities such as corporate social responsibility (CSR)—firms’ environmental, […]
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Posted in Academic Research, Corporate Social Responsibility, Empirical Research, International Corporate Governance & Regulation
Tagged Corporate culture, Corporate Social Responsibility, International governance, Sustainability
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The Effects of Mandatory Transparency in Financial Market Design
Many financial markets have recently become subject to new regulations requiring transparency. In our recent NBER working paper, The Effects of Mandatory Transparency in Financial Market Design: Evidence from the Corporate Bond Market, we study how mandatory transparency affects trading in the corporate bond market. In July 2002, the Trade Reporting and Compliance Engine (TRACE) […]
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Posted in Academic Research, Accounting & Disclosure, Empirical Research, Securities Regulation
Tagged Bonds, Corporate debt, Disclosure, Market reaction, Securities regulation, Transparency
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Supreme Court Upholds Fraud-On-The-Market Presumption in Halliburton
On June 23, 2014, the United States Supreme Court issued its much-anticipated decision in Halliburton Co. v. Erica P. John Fund, Inc. Halliburton called into question the very foundation of a securities class action—the presumption of class-wide reliance. A unanimous Court answered the question today, and the presumption of reliance lives. The Court’s decision may, […]
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Today [June 20, 2014], I want to speak to you about the current state of our securities markets—an issue that I know is on your minds and one that is well-suited for the financial capital of the world. The U.S. securities markets are the largest and most robust in the world, and they are fundamental […]
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Posted in Practitioner Publications, Regulators Materials, Securities Regulation, Speeches & Testimony
Tagged Broker-dealers, Capital markets, Equity securities, High-frequency trading, Intermediaries, Investor protection, NASDAQ, NYSE, Regulation NMS, SEC, Securities regulation
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Measuring Readability in Financial Disclosures
The Fog Index has become a popular measure of financial disclosure readability in recent accounting and finance research. The SEC has even contemplated the use of the Fog Index to help identify poorly written financial documents. However, the measure has migrated to financial applications without its efficacy in the context of business disclosures having been […]
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Posted in Academic Research, Accounting & Disclosure
Tagged Disclosure, Filings, Information environment, SEC, Shareholder communications
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Bebchuk Included in the Thomson Reuters List of Most Influential Authors in all Research Fields
Professor Lucian Bebchuk was recently included in the list of most highly cited authors in academic research during 2002-2012 issued by Thomson Reuters. Spotlighting the standout researchers of the last decade, Thomson Reuters has issued Highly Cited Researchers, a compilation of influential names in science. These researchers earned the distinction by writing the greatest numbers […]
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Posted in Academic Research, Program News & Events
Tagged Citations, Program on Corporate Governance, Rankings
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CFTC Provides Streamlined No-Action Relief Filing Procedure
The Division of Swap Dealer and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (“CFTC” or the “Commission”) recently issued CFTC Letter No. 14-69 (May 12, 2014) (the “Letter”), which provides to certain commodity pool operators (“CPOs”) who delegate (the “Delegating CPO”) their CPO responsibilities to registered CPOs (the “Designated CPO”) a standardized, […]
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Posted in Derivatives, Financial Regulation, Practitioner Publications, Securities Regulation
Tagged CFTC, Commodities, Derivatives, Financial regulation, No-action letters, Securities regulation, Swaps, Swaps entities
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Volcker Rule: Observations on Interagency FAQs, OCC Interim Examination Guidelines
More than six months after the release of final Volcker Rule regulations, banking organizations continue to grapple with a long list of interpretive questions and an opaque process for seeking clarity from the Volcker agencies. Regulatory silence broke for a brief moment this past week in the form of a short interagency FAQ and, from […]
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Posted in Banking & Financial Institutions, Financial Regulation, Practitioner Publications, Securities Regulation
Tagged Banks, Compliance and disclosure interpretation, Financial institutions, Financial regulation, OCC, Proprietary trading, Securities regulation, Securitization, Volcker Rule
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