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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
Capital Adequacy Rules, Catastrophic Firm Failure, and Systemic Risk
In the paper, Capital Adequacy Rules, Catastrophic Firm Failure, and Systemic Risk, which was recently made publicly available on SSRN, I study capital adequacy rules based on Value-at-Risk (VaR), leverage ratios, and stress testing. VaR is the basis of Basel II, and all three approaches are proposed in Basel III. Due to the 2007 credit […]
Click here to read the complete postMoney Market Fund Reform
Editor’s Note: Mary Schapiro is Chairman of the U.S. Securities and Exchange Commission. This post is based on a statement from Chairman Schapiro, available here. The views expressed in this post are those of Chairman Schapiro and do not necessarily reflect those of the Securities and Exchange Commission, the other Commissioners, or the Staff. Three Commissioners, […]
Click here to read the complete postMoney Market Funds Need Further Study
Editor’s Note: Luis A. Aguilar is a Commissioner at the U.S. Securities and Exchange Commission. This post is based on a statement from Commissioner Aguilar, available here. The views expressed in the post are those of Commissioner Aguilar and do not necessarily reflect those of the Securities and Exchange Commission, the other Commissioners, or the […]
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Posted in Legislative & Regulatory Developments, Securities Regulation, Speeches & Testimony
Tagged Money market funds, SEC, Securities regulation
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Delaware Case Raises Question About Structuring Director Compensation
A recent opinion of the Delaware Chancery Court, Seinfeld v. Slager, [1] addresses the legal standard applicable to directors’ decisions about their own pay under Delaware law, an important topic as to which there is little prior law. In an opinion by Vice Chancellor Glasscock, the Court held that a derivative claim alleging that directors […]
Click here to read the complete postHandling a Corporate Crisis
The ongoing fallout from the 2008 financial crisis has generated a host of unprecedented challenges for broker-dealer, investment banking, investment advisory, and other financial services firms. Last year alone, the industry was hit with wave upon wave of criminal prosecutions, regulatory enforcement proceedings, and parallel private civil actions. In fiscal year 2011, U.S. Attorneys’ offices […]
Click here to read the complete postThe Evolving Importance of Banks and Securities Markets
In our recent NBER working paper, The Evolving Importance of Banks and Securities Markets, we evaluate empirically the changing importance of banks and securities markets as economies develop. In particular, we focus on assessing whether economies increase their demand for the types of services provided by securities markets relative to the services provided by banks […]
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Posted in Academic Research, Banking & Financial Institutions, Empirical Research, Securities Regulation
Tagged Banks, Financial development, Securities regulation
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From the Shareholders’ Spring to the Autumn of Activism
This alert discusses some of the recent regulatory developments and debate in the UK and at EU level which may have an impact on institutional investors (asset managers and asset owners) and public companies and takes a look at some examples of investor activism in these jurisdictions. I. Shareholder Spring — Recent Examples of Activism […]
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Posted in Boards of Directors, Institutional Investors, International Corporate Governance & Regulation, Practitioner Publications
Tagged Boards of Directors, EU, Institutional Investors, International governance, Remuneration, Shareholder activism, Stewardship Code, UK
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Mid-Year Securities Litigation Update
The first half of 2012 has not seen the series of landmark Supreme Court decisions that were handed down in 2011, but it has been a significant period as lower courts apply these decisions in different areas and in a number of different contexts. And the Supreme Court did decide one case–Credit Suisse Securities (USA) […]
Click here to read the complete postFinancial Regulation in General Equilibrium
In our recent NBER working paper, Financial Regulation in General Equilibrium, my co-authors (Charles Goodhart of the London School of Economics, Dimitrios P. Tsomocos of the University of Oxford, and Alexandros Vardoulakis of the Banque de France) and I explore how different types of financial regulation could combat many of the phenomena that were observed in the […]
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Posted in Academic Research, Financial Crisis, Financial Regulation
Tagged Defaults, Financial crisis, Financial regulation, Shadow banking
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Dispute Resolution for Earnouts and Purchase Price Adjustments
We have written before of certain pitfalls that await dealmakers utilizing earnouts and purchase price adjustments. An oft-shared aspect of those two deal provisions was the subject of a recent Delaware decision by Chancellor Strine — the employment of an independent accountant to resolve post-closing disputes between the parties. The outcome, while hardly surprising, offers […]
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