-
Supported By:
Subscribe or Follow
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
Financial Reporting Challenges for 2012
Reflecting the continued uncertainty and volatility of the global economic environment, this year’s financial reporting challenges center around the identification, analysis and disclosure of risks and uncertainties. Those responsible for preparing, certifying, reviewing and/or signing their companies’ forthcoming annual reports on Form 10-K should be aware of recent disclosure guidance issued by the Securities and […]
Click here to read the complete post
Posted in Accounting & Disclosure, Financial Regulation, Practitioner Publications
Tagged Compliance and disclosure interpretation, Financial reporting, PCAOB, SEC
Comments Off on Financial Reporting Challenges for 2012
Narrative Disclosure and Earnings Performance
In the paper, Narrative Disclosure and Earnings Performance: Evidence from R&D Disclosures, which was recently made publicly available on SSRN, I examine whether earnings performance relates to the quantity of narrative R&D disclosure that firms provide concurrently in their financial reports. A large body of research examines how managers’ incentives to voluntarily disclose information depend […]
Click here to read the complete post
Posted in Academic Research, Accounting & Disclosure, Empirical Research
Tagged Disclosure, Earnings management, Firm performance, R&D
Comments Off on Narrative Disclosure and Earnings Performance
Bebchuk Testifies on Compensation at Large Financial Firms
Editor’s note: Lucian Bebchuk is Professor of Law, Economics, and Finance and Director of the Corporate Governance Program at Harvard Law School. The Program has issued several studies on compensation authored or co-authored by Professor Bebchuk, including Regulating Bankers’ Pay, Paying for Long-Term Performance, The Wages of Failure: Executive Compensation at Bear Stearns and Lehman […]
Click here to read the complete post
Posted in Executive Compensation, Financial Crisis, Program News & Events, Speeches & Testimony
Tagged Banks, Executive Compensation, Financial crisis, Risk-taking, US Senate
Comments Off on Bebchuk Testifies on Compensation at Large Financial Firms
The Outlook for Bank M&A in 2012
This time last year appeared to hold the promise of increased deal activity, as a series of significant strategic deals were announced in the waning days of 2010 and fundamentals appeared to be aligned. That promise began to manifest itself in the opening months of the year, with several significant deals. As the year wore […]
Click here to read the complete post
Posted in Banking & Financial Institutions, Mergers & Acquisitions, Practitioner Publications
Tagged Banks
Comments Off on The Outlook for Bank M&A in 2012
Challenges in Board Leadership
All directors share the responsibility of helping a board resolve challenging board issues. Lead directors, however, frequently guide the board through critical situations. Although there are many different issues that a board may encounter that are well suited for a lead director’s involvement, a lead director often plays a key role in resolving the following […]
Click here to read the complete postSecurities Litigation: Recent Supreme Court Decisions and Future Trends
Recent and Upcoming Supreme Court Decisions In 2011, the Supreme Court decided three significant securities cases: Matrixx Initiatives, Inc. v. Siracusano 131 S. Ct. 1309 (2011), regarding statistical significance in the context of securities fraud; Erica P. John Fund, Inc. v. Halliburton Co. 131 S. Ct. 2179 (2011), addressing the relationship between loss causation and […]
Click here to read the complete post
Posted in Court Cases, Practitioner Publications, Securities Litigation & Enforcement
Tagged Class actions, Morrison v. National Australia Bank Ltd., Securities litigation, Supreme Court
Comments Off on Securities Litigation: Recent Supreme Court Decisions and Future Trends
Comparing Corporate Governance Principles & Guidelines
Although discussions continue to be robust about effective corporate governance practices, review of the aspirational governance principles and guidelines issued by influential board, management and investor affiliated associations and pension funds indicates significant areas of agreement. Areas of apparent agreement include, for example, the appropriate voting standard in director elections (majority voting in uncontested elections […]
Click here to read the complete postBanks and the Global Credit Crisis
In our paper, The Credit Crisis Around the Globe: Why Did Some Banks Perform Better?, forthcoming in the Journal of Financial Economics, we investigate the determinants of the relative stock return performance of large banks across the world during the period from the beginning of July 2007 to the end of December 2008. Our study […]
Click here to read the complete post
Posted in Academic Research, Banking & Financial Institutions, Empirical Research, Financial Crisis, Financial Regulation, International Corporate Governance & Regulation
Tagged Banks, Financial crisis, Financial regulation, Risk-taking, Stock returns
Comments Off on Banks and the Global Credit Crisis
Executive Pay and the Financial Crisis: A Response to René Stulz
Editor’s Note: Below is the response by Professor Lucian Bebchuk to the opening statement of Professor René Stulz in an online debate between the two of them at a World Bank forum. The debate focused on the question: Has executive compensation contributed to the financial crisis? The moderator’s introduction to the debate is available here; […]
Click here to read the complete postCFTC Rule on Protection of Swap Collateral
In adopting final rules on the treatment of cleared swap customer collateral, the CFTC has taken a major step in defining the architecture of market-wide swap clearing, a key pillar of the Dodd-Frank Act’s derivatives reform. After receiving intense arguments for divergent types of collateral protection, the CFTC adopted the “legal segregation, operational commingling” (“LSOC”) […]
Click here to read the complete post
Posted in Banking & Financial Institutions, Practitioner Publications, Securities Regulation
Tagged CFTC, Clearing houses, Collateral, Dodd-Frank Act, Swaps
Comments Off on CFTC Rule on Protection of Swap Collateral