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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
- 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
The Wheatley Review of LIBOR: Final Report
The final report of the Wheatley Review on LIBOR has been published. The report concludes that LIBOR should be retained as a benchmark, but, as expected, recommends a comprehensive reform of LIBOR, which includes replacing the British Bankers Association (BBA) with a new independent administrator of LIBOR. Given the different contexts (as well as the […]
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Posted in Banking & Financial Institutions, Financial Regulation, International Corporate Governance & Regulation, Practitioner Publications
Tagged Banks, Financial institutions, Financial reform, Financial regulation, International governance, LIBOR, Oversight
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Gender Diversity on Public Company Boards
The issue of gender diversity in the corporate boardroom has risen to new prominence in the wake of recent efforts to impose quotas for women directors for companies in the European Union. The EU’s recent initiative has provoked controversy not only as to the optimal gender balance of boardrooms but also as to whether a […]
Click here to read the complete postRational Boundaries for Cost-Benefit Analysis in SEC Rulemaking
In a recent paper co-authored with Connor Raso, I argued that D.C. Circuit’s Business Roundtable decision has set a very high bar for cost-benefit analysis in rulemaking by financial regulators like the SEC. In 2011, the court struck down the agency’s long-pondered proxy access rule—a rule expressly authorized by Dodd-Frank—and did so in a way […]
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Posted in Academic Research, Legislative & Regulatory Developments, Securities Regulation
Tagged Cost-benefit analysis, SEC, SEC rulemaking, Securities regulation
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Court Vacates Position Limit Rules
Summary On October 18, 2011, the Commodity Futures Trading Commission (“CFTC”) adopted interim and final rules on positions limits applicable to options, futures contracts and swaps (including swaptions) related to 28 agricultural, metal and energy commodity contracts under Part 151 of its regulations (the “Position Limit Rules”) as well as amended existing position limits applicable […]
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Posted in Banking & Financial Institutions, Derivatives, Financial Regulation, Practitioner Publications
Tagged CFTC, Derivatives, Financial regulation, Futures, Position limits, Swaps
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Changes to CFTC Regulations Affecting Private Funds
Who Is Affected? As a result of recent changes made to the Commodity Exchange Act by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) and new Commodity Futures Trading Commission (the CFTC) rules, private fund sponsors investing in commodity interests need to examine their portfolios and determine whether they are subject […]
Click here to read the complete postIndustry Expertise on Corporate Boards
In our paper, Industry Expertise on Corporate Boards, which was recently made publicly available on SSRN, we propose and study a measure of board industry expertise. The question of who should sit on corporate boards has attracted significant academic and regulatory efforts in recent years. For example, on December 16, 2009, the U.S. Securities and […]
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Posted in Academic Research, Boards of Directors
Tagged Boards of Directors, Director qualifications, Innovation
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Investor Protection through Audit Oversight
Editor’s Note: The following post comes to us from Lewis H. Ferguson, board member of the Public Company Accounting Oversight Board. This post is based on Mr. Ferguson’s remarks at an SEC Financial Reporting Conference. The views expressed in this post are those of Mr. Ferguson and should not be attributed to the PCAOB as […]
Click here to read the complete postInside Debt, Bank Default Risk, and Performance during the Crisis
The role of executive compensation as a possible cause of the recent financial crisis has attracted significant attention from the public, policy makers, and researchers. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd Frank Act), which was signed into law on July 21, 2010, requires the regulatory agencies to prohibit the incentive-based […]
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Posted in Academic Research, Banking & Financial Institutions, Executive Compensation, Financial Crisis
Tagged Banks, Defaults, Executive Compensation, FDIC, Financial crisis, Inside debt, Risk
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Pan-European Short Selling Regulation
I. Introduction and Overview As previously described in our memorandum on the pan-European short selling regulation [1], the European Commission (the Commission) adopted a proposal on September 15, 2010 to harmonize the regulation of short sales and credit default swaps across the European Union. [2] On March 14, 2012, the European Parliament and the Council […]
Click here to read the complete postWhich Skills Matter in the Market for CEOs?
In the paper, Which Skills Matter in the Market for CEOs? Evidence from Pay for CEO Credentials, which was recently made publicly available on SSRN, we show that boards’ compensation decisions reward several reputational, career, and educational credentials of CEOs using a panel of S&P 1,500 firms between 1993 and 2005. Our study is motivated […]
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Posted in Academic Research, Executive Compensation
Tagged Executive Compensation, Labor markets
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