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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
Determinants of Corporate Cash Policy
In our paper, Determinants of Corporate Cash Policy: Insights from Private Firms, forthcoming in the Journal of Financial Economics, we exploit a database of private firms to help understand public firms’ cash policies. It is worth noting that the cash policy of private firms in itself is of great interest to financial economists due to […]
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Posted in Academic Research
Tagged Agency costs, Cash flows, General governance, Private firms, Public firms
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Delaware Court Ruling Raises Questions About Informal NYSE Interpretations
Louisiana Municipal Police Employees Retirement System v. Bergstein [1] concerns a $120 million equity grant to the Chief Executive Officer of Simon Property Group, Inc. (“SPG”) and a related amendment to SPG’s stock incentive plan that was required to make the grant. The shareholder plaintiff alleges that the board of directors’ amendment of the plan […]
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Posted in Corporate Elections & Voting, Court Cases, Executive Compensation, Practitioner Publications
Tagged Delaware cases, Delaware law, Equity-based compensation, Executive Compensation, Management, NYSE, Shareholder voting
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Piercing the Corporate Veil
Editor’s Note: The following post comes to us from Michael Hutchinson, partner at Mayer Brown LLP, and is based on a legal update by Mr. Hutchinson and Martin Mankabady. The Supreme Court’s decision in the case of Petrodel v Prest, handed down June 12, 2013, marks a crucial shift in the extent to which the […]
Click here to read the complete postExploring Uncharted Territories of the Hedge Fund Industry
It is virtually impossible to obtain accurate historical data on the entire universe of hedge funds. In our paper, Exploring Uncharted Territories of the Hedge Fund Industry: Empirical Characteristics of Mega Hedge Fund Firms, forthcoming in the Journal of Financial Economics, we identify previously unexplored data sources whereby collecting data on fewer than four hundred […]
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Posted in Academic Research, Empirical Research, Private Equity
Tagged Asset management, Financial reporting, Hedge funds, Private equity
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The Future in Law and Finance
Traditionally, law and finance has been concerned with investor protection. That would be enough if the future were predictable. However, because the future is in fact uncertain and unpredictable, the prices of financial assets are flawed and in the short run they may result in serious mistakes, if not widespread crises. Although these mistakes are […]
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Posted in Academic Research, Banking & Financial Institutions, Financial Regulation
Tagged Banks, Basel Committee, Central banking, Financial crisis, Financial institutions, Financial regulation, Risk assessment, Risk management, Shadow banking
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Good Faith: The New Frontier of Agreements to Negotiate
Negotiating a term sheet, LOI, or other preliminary document can sometimes feel a bit like the Wild West: local laws and unintended consequences can vary from town to town. Even a concept as seemingly straightforward as agreeing to negotiate in good faith can yield extremely different results depending on jurisdiction. The Delaware Supreme Court’s recent […]
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Posted in Court Cases, Practitioner Publications
Tagged Delaware cases, Delaware law, Duty of good faith, Exclusivity, Jurisdiction, State law
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Harvard Convenes the Roundtable on Executive Compensation
The Harvard Law School Program on Corporate Governance and the Harvard Law School Program on Institutional Investors convened its Roundtable on Executive Compensation last Thursday, June 27. This event brought together for a roundtable discussion prominent representatives of the investor, issuer, advisor, and academic communities. Participants in the event, and the topics of discussion, are […]
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Posted in Executive Compensation, Program News & Events
Tagged Executive Compensation, Program on Corporate Governance
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Should Your Company Adopt A Forum Selection Bylaw?
Editor’s Note: Victor Lewkow is a partner at Cleary Gottlieb Steen & Hamilton LLP. This post is based on a Cleary Gottlieb memorandum by Mr. Lewkow, Neil Whoriskey, and Julie Yip-Williams, and is part of the Delaware law series, which is co-sponsored by the Forum and Corporation Service Company; links to other posts in the […]
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Posted in Boards of Directors, Court Cases, Practitioner Publications
Tagged Boards of Directors, Charter & bylaws, Delaware cases, Delaware law, DGCL, Forum selection, Shareholder rights
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Legal Diversification
Diversification is the best protection investors have from the risks of capital investment. Modern portfolio theory requires that investors diversify their holdings by investing in firms whose financial returns are influenced by different factors. That has traditionally meant investing in firms in different industries. The object is to identify the factors that could cause a […]
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Posted in Academic Research
Tagged Diversification, Legal systems, Risk management, Securities regulation, Systemic risk
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Lucian Bebchuk Delivers Presidential Address to the Western Economic Association International
In the recent annual meeting of the Western Economic Association International (WEAI), held in Seattle this past weekend, Professor Lucian Bebchuk delivered a presidential address entitled “The Rent-Protection Theory of Corporate Ownership and Control.” Bebchuk served as President of the WEAI during 2012-2013, its President-Elect during 2011-2012, and its Vice-President in 2010-2011. Past presidents of […]
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Posted in Program News & Events
Tagged WEAI
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