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

Repealing Classified Boards in S&P 500 Companies

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, March 22, 2012

The Harvard Law School Shareholder Rights Project (SRP) is a clinical program at Harvard Law School through which faculty, staff and students assist public pension funds and charitable organizations to improve corporate governance at publicly traded companies in which they are shareowners. Below are links to joint press releases issued earlier this week by the […]

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Greek Restructuring: Why Isn’t It (Yet) a Credit Event?

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, March 21, 2012

Recent developments arising out of the Greek sovereign debt crisis have required the ISDA Determinations Committee to determine whether a “Credit Event” has occurred under credit default swaps (“CDS”) referencing Greek sovereign debt. The Determinations Committee concluded on 1 March 2012 that a Credit Event has not yet occurred. We explain below why this is […]

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Posted in Derivatives, Financial Crisis, International Corporate Governance & Regulation, Practitioner Publications | Tagged , , , , | 1 Comment

Detecting Deceptive Discussions in Conference Calls

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, March 21, 2012

Considerable accounting and finance research has attempted to identify whether reported financial statements have been manipulated by executives. Most of these classification models are developed using accounting and financial market explanatory variables. Despite extensive prior work, the ability of these models to identify accounting manipulations is modest. In the paper, Detecting Deceptive Discussions in Conference […]

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Posted in Academic Research, Accounting & Disclosure, Empirical Research | Tagged , , | 1 Comment

Delaware Court Reaffirms Revlon Duties and Fiduciary Duty of Disclosure

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, March 20, 2012

In its recent Micromet [1] preliminary injunction decision, the Delaware Chancery Court reaffirmed that (i) Revlon’s enhanced scrutiny is a reasonableness standard based on the particular circumstances of the target company and (ii) Delaware’s fiduciary duty of disclosure only requires that the information provided to shareholders for purposes of their vote on a merger be […]

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Posted in Accounting & Disclosure, Boards of Directors, Court Cases, Practitioner Publications | Tagged , , , , , | Comments Off on Delaware Court Reaffirms Revlon Duties and Fiduciary Duty of Disclosure

UK Supreme Court on Protection of Client Monies

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, March 20, 2012

The Lehman Brothers International (Europe) (In Administration) (“LBIE”) client money litigation has generated significant interest. It deals with fundamental issues concerning the protections given by financial institutions to their clients. The decisions of the High Court and Court of Appeal on LBIE were keenly followed by the market. [1] Certain key points were appealed to […]

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Posted in Banking & Financial Institutions, Court Cases, Financial Regulation, International Corporate Governance & Regulation, Practitioner Publications | Tagged , , , , | Comments Off on UK Supreme Court on Protection of Client Monies

Transparency, Liquidity, and Valuation

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, March 19, 2012

Reductions in the liquidity and valuation of securities traded in global capital markets during the recent financial crisis have demonstrated the importance of understanding more fully the drivers of a firm’s stock market liquidity and associated linkages to valuation. In the paper, Transparency, Liquidity, and Valuation: International Evidence on When Transparency Matters Most, forthcoming in […]

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Posted in Academic Research, Accounting & Disclosure, Empirical Research | Tagged , , , | 1 Comment

Finding Common Ground on Environmental and Social Metrics

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, March 18, 2012

Investors and companies are both increasingly interested in sustainability issues. These issues typically revolve around environmental and social factors that have real but potentially long-term or contingent impacts on corporate financial value. This, in turn, makes traditional accounting metrics less valuable in assessing sustainability issues than in analysis of many other business issues. Therefore, both […]

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Proposed Initiatives May Affect Capital Formation and Public Reporting Requirements

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, March 17, 2012

Recent regulatory and legislative initiatives relating to capital formation and public reporting requirements, if implemented, would have a significant effect on privately held companies and publicly traded small and emerging businesses. Although the ultimate outcomes and timing of these initiatives are unknown, we expect at least some of them to be adopted in 2012. Because […]

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Posted in Accounting & Disclosure, Legislative & Regulatory Developments, Practitioner Publications, Private Equity, Securities Regulation | Tagged , , , , | 1 Comment

Predicting Future Merger Activity

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, March 16, 2012

I’m frequently asked to explain merger activity and to predict the level of future merger activity. In part in response to these requests and in part as the consequence of a long career of advising as to mergers, I’ve identified many of the factors that determine merger activity, but a complete catalog is beyond me […]

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The Effectiveness of Institutional Investors in Evaluating Analysts

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, March 16, 2012

In the paper, The Effectiveness of Institutional Investors in Evaluating Analysts, which was recently made publicly available on SSRN, we examine the effectiveness of institutional investors in evaluating analysts by comparing the performance of recommendations made by AAs—star analysts elected by institutional investors—with those made by other analysts. We ask four related questions. First, does […]

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