Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation

Codifying FINRA’s Front-Running Policy

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, July 1, 2012

FINRA has proposed to codify its front-running policy, originally adopted by the NASD in 1987, as new FINRA Rule 5270. [1] The new rule would expand the policy to prohibit member firms and their associated persons from engaging in a broader range of front-running transactions ahead of a customer block order in securities. The rule […]

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Posted in Derivatives, Practitioner Publications, Securities Regulation | Tagged , , , , , | 1 Comment

Corporate Political Spending: Why the New Critics Are Wrong

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, June 30, 2012

Since the Supreme Court’s 2010 Citizens United decision held that corporate political expenditures are free speech under the First Amendment, various groups and individuals have advocated imposing new limits on corporate political activity. These efforts include calls on shareholders to demand that corporations refrain from involvement in the political process. Such demands have been buttressed […]

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Posted in Academic Research, Corporate Elections & Voting, Court Cases, Legislative & Regulatory Developments, Practitioner Publications | Tagged , , | 3 Comments

Using Economic Analysis in SEC Rulemaking

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, June 29, 2012

Editor’s Note: Elisse B. Walter is a Commissioner at the U.S. Securities and Exchange Commission. This post is based on Commissioner Walter’s recent remarks at the Conference on Current Topics in Financial Regulation, which are available here. The views expressed in the post are those of Commissioner Walter and do not necessarily reflect those of […]

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Insider Trading and Stock Splits

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, June 29, 2012

In our paper, Insider Trading and Stock Splits, which was recently made publicly available on SSRN, we examine whether stock splits create value to shareholders. Inside traders capitalize on their edge in information. Typically, they buy before good news is released or sell before bad. Insiders have an even greater advantage if they can create […]

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Posted in Academic Research, Empirical Research, International Corporate Governance & Regulation, Securities Regulation | Tagged , , , , | Comments Off on Insider Trading and Stock Splits

Most Influential People in Finance

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, June 28, 2012

Professor Lucian Bebchuk has been named as one of the 100 most influential people in finance by Treasury & Risk magazine. The list prepared by the magazine puts together individuals who had significant impact on the world of finance this year. Individuals on the list include Federal Reserve Board chairman Ben Bernanke, Berkshire Hathaway CEO […]

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Posted in Program News & Events | Tagged , | 1 Comment

Proxy Access Proposals: Review of 2012 Results and Outlook for 2013

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, June 28, 2012

Pursuant to SEC rule changes that took effect in September 2011, shareholders are now permitted to submit and vote on “proxy access proposals” – that is, proposals to give shareholders the right to include director nominees in the company’s proxy materials. Over 20 such shareholder proposals (half of which were binding) were submitted during the […]

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Posted in Corporate Elections & Voting, Practitioner Publications, Securities Regulation | Tagged , , , , , | 1 Comment

Should the SEC Tighten its 13(d) Rules?

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, June 27, 2012

Editor’s Note: Lucian Bebchuk is Professor of Law, Economics, and Finance at Harvard Law School. Robert J. Jackson, Jr. is Associate Professor of Law at Columbia Law School. The upcoming issue of the Harvard Business Law Review will feature our article The Law and Economics of Blockholder Disclosure. The article is available here, and PowerPoint […]

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Posted in HLS Research, Securities Regulation | Tagged , , , , | 1 Comment

Corporate Law and the Team Production Problem

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, June 27, 2012

In the paper, Corporate Law and the Team Production Problem, which was recently made publicly available on SSRN, I discuss an alternative framework to the principal-agent model for understanding corporate law. For much of the last three decades, the dominant perspective in corporate law scholarship and policy debates about corporate governance has adopted the view […]

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Posted in Academic Research, Boards of Directors, Corporate Elections & Voting | Tagged , , , , , | 1 Comment

The Shareholder Value Myth

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, June 26, 2012

Shareholder-value thinking dominates the business world today. Professors, policymakers, and business leaders routinely chant the mantras that public companies “belong” to their shareholders; that the proper goal of corporate governance is to maximize shareholder wealth; and that shareholder wealth is best measured by share price (meaning share price today, not share price next year or […]

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Posted in Academic Research, Boards of Directors, Corporate Elections & Voting, Op-Eds & Opinions | Tagged , , , | 2 Comments

Fiduciary Duties to 401(k) Plans

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, June 25, 2012

On March 31, 2012, the U.S. District Court for the Western District of Missouri awarded plaintiffs more than $35 million in a class action suit over certain breaches of duty related to 401(k) plan expenses. The case was brought on behalf of participants in two 401(k) plans sponsored by a major manufacturer of power and […]

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Posted in Institutional Investors, Practitioner Publications, Securities Regulation | Tagged , , , | 1 Comment
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