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Program on Corporate Governance Advisory Board
- William Ackman
- Peter Atkins
- David Bell
- Kerry E. Berchem
- Richard Brand
- Daniel Burch
- Paul Choi
- Jesse Cohn
- Arthur B. Crozier Christine Davine
- Renata J. Ferrari
- John Finley
- Andrew Freedman
- Ray Garcia
- Byron Georgiou
- Joseph Hall
- Jason M. Halper
- Paul Hilal
- Carl Icahn William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino Jonathan Watkins
- Steven J. Williams
- Daniel Wolf
HLS Faculty & Senior Fellows
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
Financing Through Asset Sales
In our paper, Financing Through Asset Sales, which was recently made publicly available on SSRN, we analyze a source of financing that is first-order in reality but relatively unexplored in the literature — selling non-core assets such as a division or a plant. Asset sales are substantial in practice: in 2010, there were $133bn of […]
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Posted in Academic Research
Tagged Asset management, Equity capital, Information asymmetries
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Proposed Rules for Global Derivatives Market
Today [May 1, 2013], the Commission considers issuing a release proposing rules and interpretive guidance applicable to certain market intermediaries, participants, clearing agencies, data repositories, and trade execution facilities that are involved in cross-border transactions of security-based swaps. The proposed release is over 1,000 pages, contains over 2,000 footnotes, and requests comments on more than […]
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Posted in Derivatives, International Corporate Governance & Regulation, Practitioner Publications, Regulators Materials, Securities Regulation, Speeches & Testimony
Tagged Derivatives, Dodd-Frank Act, International governance, SEC, SEC rulemaking, Securities regulation, Swaps, Systemic risk, Transparency
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Challenges Facing the Audit Profession and PCAOB Initiatives
As you know, over the past couple of years, together with the board members and staff of the Public Company Accounting Oversight Board, I have been working to enhance the reliability of the external audit function and its usefulness to U.S. capital markets. I will start off with an overview of some of the more […]
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Posted in Accounting & Disclosure, Practitioner Publications, Regulators Materials, Speeches & Testimony
Tagged Accounting, Audit committee, Audits, Capital markets, General governance, PCAOB, Public firms
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Court Dismisses Insider Preference Claims Against Affiliates of Goldman Sachs
Firms offering comprehensive financial services scored a significant victory on April 9, 2013, when Judge Robert Sweet of the United States District Court for the Southern District of New York dismissed Capmark Financial Group Inc.’s (“Capmark”) insider preference action against four lender affiliates of The Goldman Sachs Group, Inc. (“Goldman Sachs”), which arose out of […]
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Posted in Banking & Financial Institutions, Bankruptcy & Financial Distress, Court Cases, Practitioner Publications
Tagged Bankruptcy, Debtor-creditor law, Financial institutions, Goldman Sachs, U.S. federal courts
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Supreme Court: Presumption Against Extraterritoriality Applies to Alien Tort Statute
On April 17, 2013, the Supreme Court issued its decision in Kiobel v. Royal Dutch Petroleum Co., __ U.S. __ (2013), addressing the scope of the Alien Tort Statute, 28 U.S.C. § 1350 (“ATS”). In Kiobel, the Court sharply limited the availability of U.S. courts to hear claims brought by foreign nationals against other foreign […]
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Posted in Court Cases, International Corporate Governance & Regulation, Practitioner Publications
Tagged Extraterritoriality, Human rights, International governance, Royal Dutch Shell, Supreme Court
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M&A Representations and Warranties Insurance: Tips for Buyers and Sellers
No less than two years ago, had one tried to initiate a conversation with a Private Equity Sponsor or an M&A lawyer regarding M&A “reps and warranties” insurance (i.e., insurance designed to expressly provide insurance coverage for the breach of a representation or a warranty contained in a Purchase and Sale Agreement, in addition to […]
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Posted in Mergers & Acquisitions, Practitioner Publications
Tagged Bidders, Deal protection, Insurance
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Resource Allocation within Firms and Financial Market Dislocation
Do firm boundaries mediate the effect of shocks to the financial intermediation sector? When the functioning of the intermediation sector is impaired – as was the case in the recent financial crisis – shocks can be transmitted to the broader economy since funds may not flow to highest value use without incurring significant cost. This […]
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Posted in Academic Research, Bankruptcy & Financial Distress, Financial Crisis
Tagged Capital allocation, Capital markets, Financial crisis, Management, Shocks
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Navigating Key Dodd-Frank Rules Affecting Swaps End Users
Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) enacted a new regime of substantive regulation of over-the-counter (“OTC”) derivatives under U.S. securities and commodities laws. Over the course of 2013, many key provisions of Dodd-Frank are being implemented by the Commodity Futures Trading Commission (the “CFTC”) with respect to “swaps.” […]
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Posted in Derivatives, Financial Regulation, International Corporate Governance & Regulation, Practitioner Publications, Securities Regulation
Tagged CFTC, Dodd-Frank Act, International governance, OTC derivatives, Penelope Christophorou, SEC, Swaps, Swaps entities
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The Regulatory Aftermath of the Global Financial Crisis
Some 5 ½ years out from the Autumn 2008 Lehman Brothers collapse, the massive effort by the world’s leading economies to reset the regulation of the financial system is now entering its final stages. The momentum for reform remains strong, particularly with respect to shadow banking. But the main elements of the 2008-2009 G20 regulatory […]
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Posted in Academic Research, Comparative Corporate Governance & Regulation, Financial Crisis, International Corporate Governance & Regulation
Tagged Australia, Dodd-Frank Act, EU, Financial crisis, International governance
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