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HLS Faculty & Senior Fellows
Program on Corporate Governance Advisory Board
- Peter Atkins
- David Bell
- Kerry E. Berchem
- Richard Brand
- Daniel Burch
- Paul Choi
- Jesse Cohn
- Arthur B. Crozier
- Renata J. Ferrari
- Andrew Freedman
- Ray Garcia
- Joseph Hall
- Jason M. Halper William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino
- Steven J. Williams
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
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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The Trouble with Basic: Price Distortion after Halliburton
The Supreme Court’s decision in Basic, Inc. v. Levinson is widely credited with spawning a vast industry of securities fraud litigation by removing the requirement of individualized proof of reliance as an obstacle to class certification. Modern criticisms of private litigation coupled with questions about the validity of the economic premises on which Basic relied […]
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Posted in Academic Research, Court Cases, Securities Litigation & Enforcement
Tagged Class actions, Efficiency, Securities fraud, Securities litigation, Supreme Court
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Trendsetter Barometer — Business Outlook Report
Quarterly Highlights PwC commissioned independent research firm BSI Global Research Inc. to interview 243 chief executive officers (CEOs/CFOs) of leading privately held US businesses in the second quarter of 2012. The interviewees were asked about their current business performance, the state of the economy, and their expectations for business growth over the next 12 months. […]
Click here to read the complete postFrom Independence to Politics in Financial Regulation
The dominant paradigm in the U.S. financial regulatory apparatus has long centered on independent agencies like the Federal Reserve, the FDIC, and the SEC. Compared to politically controlled appointees, theorists argue, independent bureaucrats offer invaluable advantages, such as greater expertise and the ability to prioritize long-term policy goals over immediate gains. Since the early 1990s, […]
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Posted in Academic Research, Banking & Financial Institutions, Financial Crisis, Financial Regulation, International Corporate Governance & Regulation
Tagged Dodd-Frank Act, Financial crisis, Financial institutions, Financial reform, Financial regulation, International governance, Systemic risk
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Lawsuit Against Short Sellers Dismissed on Constitutional Grounds
On August 16, 2012, New York Supreme Court Justice Carol R. Edmead dismissed a defamation action brought by Silvercorp Metals Inc. (“Silvercorp”), a publicly-traded company, against a hedge fund and a group of other defendants who issued negative reports opining that Silvercorp might be engaging in fraud. This decision has important ramifications for professional investors […]
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Posted in Court Cases, Practitioner Publications
Tagged Hedge funds, Short sales
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Lessons from the Wet Seal Consent Solicitation
Editor’s Note: Greg Taxin is managing director of Clinton Group, Inc. On Friday, October 5, 2012, the Wet Seal (Nasdaq: WTSLA) made an unusual announcement: a majority of its board had agreed to step down and be replaced by nominees selected by a shareholder. It did so even though its board had been duly elected […]
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