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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
Financial Reporting Frequency, Information Asymmetry, and the Cost of Equity
In our paper, Financial Reporting Frequency, Information Asymmetry, and the Cost of Equity, forthcoming in the Journal of Accounting and Economics, we examine the impact of financial reporting frequency on information asymmetry and the cost of equity. While it may seem obvious that more frequent disclosures will reduce information asymmetry and the cost of equity, […]
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Posted in Academic Research, Accounting & Disclosure, Empirical Research
Tagged Accounting, Financial reporting, Information asymmetries
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ISS Proposes 2013 Voting Policy Updates
On Tuesday, October 16, Institutional Shareholder Services (ISS) proposed updates to its proxy voting guidelines for the 2013 proxy season. ISS’s proposed policy would: Recommend voting against boards of directors who do not act on shareholder proposals that were approved by the vote of a majority of shares cast in the prior year; Revise ISS’s […]
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Posted in Corporate Elections & Voting, Executive Compensation, Institutional Investors, Practitioner Publications
Tagged Executive Compensation, Institutional Investors, ISS, Proxy season, Proxy voting, Say on pay, Shareholder proposals
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The Relation between CEO Compensation and Past Performance
Most of the empirical work on executive compensation investigates the role of contemporaneous performance measures in setting cash compensation, ignoring the relevance of past performance measures and the structure of cash compensation. In our paper, The Relation between CEO Compensation and Past Performance, forthcoming in The Accounting Review, we focus on the relation between cash […]
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Posted in Academic Research, Empirical Research, Executive Compensation
Tagged Adverse selection, Bonuses, Executive Compensation, Executive performance, Moral hazard, Performance measures
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Lucian Bebchuk and Martin Lipton to Debate Blockholder Regulation
Next Tuesday, November 13, the Conference Board will host a debate in New York City between Lucian Bebchuk, a professor of Law, Economics and Finance at Harvard Law School, and Martin Lipton, a founding partner of Wachtell, Lipton, Rozen & Katz (WLRK) on the regulation of outside blockholders. Those interested in attending the debate can […]
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Posted in Academic Research, Corporate Elections & Voting, Program News & Events
Tagged Reporting regulation, Schedule 13D, SEC, Shareholder power, The Conference Board
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Istanbul Stock Exchange Moves First on Mandatory Electronic Voting
Abstract Turkey’s New Company Law paved the way for its national stock exchange to be the first in the world to require the issuers change their company statutes in order to allow electronic participation and voting at their general assemblies. A recent regulation mandated all listed companies to use a single electronic portal to allow […]
Click here to read the complete postFair Value Accounting for Financial Instruments
In our paper, Fair Value Accounting for Financial Instruments: Does it improve the Association between Bank Leverage and Credit Risk?, which was recently made publicly available on SSRN, we contribute to the debate on whether financial instruments should be measured at fair value in financial statements. Accounting standard setters have been deliberating the role of […]
Click here to read the complete postCitigroup: A Symbol of Board Resurgence?
Editor’s Note: Ben W. Heineman, Jr. is a former GE senior vice president for law and public affairs and a senior fellow at Harvard University’s schools of law and government. This post is based on an article that appeared in the Harvard Business Review online. At the center of the corporate wreckage of the past […]
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Posted in Boards of Directors, Op-Eds & Opinions
Tagged Accountability, Boards of Directors, Management
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The New Era of Swaps Market Reform
Editor’s Note: Gary Gensler is chairman of the Commodity Futures Trading Commission. This post is based on Chairman Gensler’s remarks before the George Washington University Center for Law, Economics and Finance Conference, available here. The days of the opaque swaps market are ending. On October 12, 2012, we are shifting to a new era of […]
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Posted in Financial Crisis, Financial Regulation, Securities Regulation, Speeches & Testimony
Tagged CFTC, Dodd-Frank Act, Financial reform, LIBOR, Risk management, Swaps, Transparency
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Mutual Fund Sales Notice Fees
My recent article, Mutual Fund Sales Notice Fees: Are a Handful of States Unconstitutionally Exacting $200 Million Each Year?, forthcoming in the Hastings Constitutional Law Quarterly, describes the political compromise struck in 1996 between Congress and state securities regulators. That year, Congress enacted the National Securities Markets Improvement Act of 1996 (NSMIA), which effected multiple […]
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Posted in Academic Research, Securities Regulation
Tagged David Geffen, Dechert, Filing fees, Mutual funds, Securities regulation, State law, Taxation
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Middle Market Private Equity Buyer/Public Target M&A Deal Study
Overview We regularly conduct studies on private equity buyer acquisitions of U.S. public companies with equity values greater than $500 million (“large market” deals) to monitor market practice reflected by these high-profile transactions. Recognizing the importance of M&A activity in the $100 million to $500 million target equity value range (“middle market” deals), we are […]
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Posted in Mergers & Acquisitions, Practitioner Publications, Private Equity
Tagged Private equity, Target firms
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