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

NASAA and the SEC: Presenting a United Front to Protect Investors

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, April 20, 2014

I have been NASAA’s liaison since I was asked by NASAA to take on that role early in my tenure at the SEC, and it is truly a pleasure to continue our dialogue with my fifth appearance here at the 19(d) conference. This conference, as required by Section 19(d) of the Securities Act, is held […]

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Posted in Practitioner Publications, Regulators Materials, Securities Litigation & Enforcement, Securities Regulation, Speeches & Testimony | Tagged , , , , , , , , , , , | Comments Off on NASAA and the SEC: Presenting a United Front to Protect Investors

Segregation of Initial Margin Posted in Connection with Uncleared Swaps

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, April 19, 2014

Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act and Commodity Futures Trading Commission (“CFTC”) Rules 23.702 and 23.703 thereunder (together, the “Rules”), swap dealers are required to notify their counterparties that they have the right to require segregation with a third-party custodian of any initial margin (also known as “independent amounts”) posted […]

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Posted in Derivatives, Financial Regulation, Practitioner Publications, Securities Regulation | Tagged , , , , , , , , , | 1 Comment

The Robust Use of Civil and Criminal Actions to Police the Markets

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, April 18, 2014

I have participated in this event for many years and have always considered this conference to be all about the compliance and legal issues that are most important to the integrity of our securities markets. Now, as Chair of the SEC, I would like to thank you for the work you do day in and […]

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Equity Overvaluation and Short Selling

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, April 18, 2014

In our paper, In Short Supply: Equity Overvaluation and Short Selling, which was recently made publicly available on SSRN, we use detailed equity lending data to examine the role of constraints on equity prices. We find that constrained stocks underperform, the short interest ratio (SIR) has a nonlinear association with constraints, constrained stocks have negative […]

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Executive Compensation Under Dodd-Frank: an Update

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, April 17, 2014

The Dodd-Frank law took effect July 21, 2010. [1] Subtitle E of Title IX of Dodd-Frank addresses “Accountability and Executive Compensation” (§§951-957). Since the enactment of the act, the Securities and Exchange Commission (SEC) has adopted final rules as to two of the provisions, proposed rules as to two others and has not yet proposed […]

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Posted in Accounting & Disclosure, Executive Compensation, Practitioner Publications, Securities Regulation | Tagged , , , , , , , , , | Comments Off on Executive Compensation Under Dodd-Frank: an Update

Corporate Governance According to Charles T. Munger

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, April 17, 2014

Berkshire Hathaway Vice Chairman Charlie Munger is well known as the partner of CEO Warren Buffett and also for his advocacy of “multi-disciplinary thinking”—the application of fundamental concepts from across various academic disciplines to solve complex real-world problems. One problem that Munger has addressed over the years is the optimal system of corporate governance. How […]

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By the Numbers: Venture-Backed IPOs in 2013

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, April 16, 2014

2013 was the strongest year for venture-backed initial public offerings (IPOs) in almost a decade: 82 deals (the most since 2007) generated aggregate proceeds of over $11.2 billion, an average offering amount of $137.2 million. At least one venture-backed company went public each month in 2013, and the pace of IPOs has accelerated in the […]

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Shareholder Voting in an Age of Intermediary Capitalism

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, April 16, 2014

Shareholder voting, once given up for dead as a vestige or ritual of little practical importance, has come roaring back as a key part of American corporate governance. Where once voting was limited to uncontested annual election of directors, it is now common to see short slate proxy contests, board declassification proposals, and “Say on […]

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Beyond Efficiency in Securities Regulation

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, April 15, 2014

In my paper, Beyond Efficiency in Securities Regulation, recently made available on SSRN, I argue that the emergence of algorithmic trading calls into question the foundation underpinning today’s securities laws: the understanding that securities prices reflect all available information in the market. Securities regulation has long looked to the Efficient Capital Markets Hypothesis (ECMH) for […]

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European Commission Proposes to Moderate Short-termism and Reduce Activist Attacks

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, April 14, 2014

Two articles (among several) in a comprehensive proposal to revise EU corporate governance would have a significant beneficial impact if they were to be adopted in the United States. In large measure they mirror recommendations by Chief Justice Leo E. Strine, Jr., in two essays: Can We do Better by Ordinary Investors? A Pragmatic Reaction […]

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Posted in Accounting & Disclosure, Institutional Investors, International Corporate Governance & Regulation, Practitioner Publications | Tagged , , , , , , , , , | Comments Off on European Commission Proposes to Moderate Short-termism and Reduce Activist Attacks
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