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

Benefits Trust and Walgreens Collaborate on Political Spending Disclosure

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, February 17, 2013

The UAW Retiree Medical Benefits Trust (Trust) and leading drugstore chain Walgreen Co. (Walgreens) recently announced an agreement to a multi-year collaboration in which the company would develop a best practice policy approach to corporate political spending and lobbying activities. A product of constructive dialogue between the Trust and Walgreens, the agreement highlights the utility […]

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Posted in Accounting & Disclosure, Practitioner Publications | Tagged , , , | 1 Comment

Acquisition Financing: The Year Behind and the Year Ahead

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, February 16, 2013

Just like 2007… and not much like it at all. So it was in the financing markets in 2012. Capital flowed to non-investment grade issuers in amounts reminiscent of the earlier time. However, those issuers mainly seized upon rising debt investor confidence in order to consummate refinancings, repricings and dividend recapitalizations, while the banks that […]

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Posted in Banking & Financial Institutions, Mergers & Acquisitions, Practitioner Publications | Tagged , , , | Comments Off on Acquisition Financing: The Year Behind and the Year Ahead

IOSCO Requirements for Distribution of Complex Financial Products

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, February 15, 2013

On January 21, 2013, the International Organization of Securities Commissions (IOSCO), of which the Financial Industry Regulatory Authority, Inc. is an affiliate member, published its final report on Suitability Requirements With Respect to the Distribution of Complex Financial Products. The report can be found at https://www.iosco.org/library/pubdocs/pdf/IOSCOPD400.pdf. The report sets forth nine principles relating to the […]

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Posted in Banking & Financial Institutions, International Corporate Governance & Regulation, Legislative & Regulatory Developments, Practitioner Publications | Tagged , , , | Comments Off on IOSCO Requirements for Distribution of Complex Financial Products

CEO Wage Dynamics

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, February 15, 2013

There is considerable debate over the level of executive pay. On one side, Bebchuk and Fried (2004) and others argue that weak governance allows executives to effectively set their own pay while disregarding market forces and shareholder value. On the other side, Gabaix and Landier (2008) and others argue that executive pay is determined in […]

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Posted in Academic Research, Executive Compensation | Tagged , , | 1 Comment

Directors and Information Technology Oversight

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, February 14, 2013

The “IT confidence gap” Overseeing a company’s information technology activities is a significant challenge for directors. The pace of change in this area is rapid, the subject matter is complicated, and the highly technical language used to describe emerging technologies and evolving risks makes this a challenging area. And many companies are relying more and […]

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SEC Enforcement in the Second Term of the Obama Administration

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, February 14, 2013

At the beginning of the first Obama administration, the United States Securities and Exchange Commission (SEC or the Commission) was an agency on the ropes, with some knowledgeable observers even speculating that it might not survive the revision to the financial regulatory apparatus that was anticipated in the wake of the financial crisis. Although the […]

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Large-Scale Governance Reforms in S&P 500 Companies

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, February 13, 2013

Editor’s Note: Lucian Bebchuk is the Director of the Shareholder Rights Project (SRP), Scott Hirst is the SRP’s Associate Director, and June Rhee is the SRP’s Counsel. The SRP, a clinical program operating at Harvard Law School, works on behalf of public pension funds and charitable organizations seeking to improve corporate governance at publicly traded […]

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ISS Governance QuickScore: Back to the Future

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, February 13, 2013

ISS, the dominant proxy advisory firm, recently unveiled its new ISS Governance QuickScore product, which will replace its Governance Risk Indicators (“GRId”) next month. ISS asserts that QuickScore is an improvement on the GRId product because it is “quantitatively driven” (with a “secondary policy-based overlay”). Using an algorithm purportedly derived from correlations between governance factors […]

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Investor Horizons and Corporate Policies

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, February 13, 2013

In our paper, Investor Horizons and Corporate Policies, forthcoming in the Journal of Financial and Quantitative Analysis, we study the effect of investor horizons on corporate behavior. Institutional ownership of U.S. firms has increased dramatically during the last fifty years, and institutional investors today own the great majority of U.S. firms. However, institutional investors are […]

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Litigation of Investor Claims: State v. Federal Court

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, February 12, 2013

The Stanford Law School Securities Class Action Clearinghouse and Cornerstone Research recently released their analysis of securities class action filings in 2012. They report that 152 new securities class actions were filed last year, a 19 percent decline from the 188 new filings in 2011. Of particular interest is the observation that only thirteen cases […]

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