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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
Guide to Public ADR Offerings in the U.S.
I. Introduction In the United States, the shares of many foreign corporations are traded in the form of American Depositary Shares (“ADSs”) that represent the underlying foreign shares on a share-for-share, partial-share or multiple-share basis. ADSs are usually issued by a U.S. commercial bank (the “Depositary”), which holds the underlying foreign shares directly or through […]
Click here to read the complete postManagerial Overconfidence and Accounting Conservatism
In our paper, Managerial Overconfidence and Accounting Conservatism, forthcoming at the Journal of Accounting Research, we provide evidence on the relation between CEO overconfidence, an important managerial trait, and the aggressiveness of financial reporting. Building on a growing literature in finance which shows that overconfidence can distort investment, financing, and dividend policies, we demonstrate that […]
Click here to read the complete postContributing to the Declassification of 21 S&P 500 Companies: Final Tally of the Results of the ACGI’s 2011 Work
Editor’s Note: Lucian Bebchuk is Professor of Law, Economics and Finance at Harvard Law School, and Scott Hirst is a Lecturer on Law at Harvard Law School; both were affiliated with the American Corporate Governance Institute (ACGI) during the period discussed in this post. Their earlier posts about the work of the ACGI are available […]
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Posted in Boards of Directors, Corporate Elections & Voting, Program News & Events
Tagged ACGI, Board declassification, Boards of Directors, Florida SBA, Shareholder proposals, Staggered boards
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Innovation and Institutional Ownership
In our forthcoming American Economic Review paper, Innovation and Institutional Ownership, we examine the incentives to innovate at the firm level by studying the relationship between innovation and institutional ownership. Innovation is the main engine of growth. But what determines a firm’s ability to innovate? Innovating requires taking risk and forgoing current returns in the hope of future […]
Click here to read the complete postDisclosure of Certain Iran-Related Activities
On August 10, 2012, President Obama signed the Iran Threat Reduction and Syria Human Rights Act of 2012 (ITR Act) into law. Section 219 of the ITR Act (Section 219) requires companies that file public reports with the U.S. Securities and Exchange Commission (SEC) to disclose certain additional information in their annual and quarterly reports, […]
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Posted in Accounting & Disclosure, Banking & Financial Institutions, Legislative & Regulatory Developments, Practitioner Publications, Securities Regulation
Tagged Disclosure, Financial institutions, Securities regulation
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October 2012 Dodd-Frank Progress Report
This posting, the October 2012 Davis Polk Dodd-Frank Progress Report, is one in a series of Davis Polk presentations that illustrate graphically the progress of the rulemaking work that has been done and is yet to occur under the Dodd-Frank Act. The Progress Report has been prepared using data from the Davis Polk Regulatory Tracker™, […]
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Posted in Legislative & Regulatory Developments, Practitioner Publications, Securities Regulation
Tagged CFTC, Dodd-Frank Act, SEC, SEC rulemaking
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Interbank Discipline
In the paper Interbank Discipline, recently posted on SSRN and forthcoming in the UCLA Law Review, I examine the increasingly important role that banks play monitoring and disciplining other banks. As a result of the transformation of banking over the last three decades, today’s complex banks typically have numerous relationships with other banks. As a […]
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Posted in Academic Research, Banking & Financial Institutions, Financial Regulation
Tagged Banks, Financial institutions, Financial regulation, Systemic risk
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IRS Regulations Affecting Liability Management Transactions
I. Highlights On September 13, 2012, the U.S. Treasury Department and the Internal Revenue Service (the “IRS”) published final regulations that will affect the U.S. federal income tax treatment of debt restructurings, amend-and-extend agreements, debt exchange offers, further issuances of outstanding debt, and other liability management transactions. These “publicly traded” regulations will increase the tax […]
Click here to read the complete postTime for a Fresh Look at Equity Market Structure and Self-Regulation
Editor’s Note: Daniel M. Gallagher is a Commissioner at the U.S. Securities and Exchange Commission. This post is based on a statement from Commissioner Gallagher, available here. The views expressed in the post are those of Commissioner Gallagher and do not necessarily reflect those of the Securities and Exchange Commission, the other Commissioners, or the […]
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Posted in Securities Regulation, Speeches & Testimony
Tagged SEC, SEC rulemaking, Securities regulation, SROs
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