-
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
Decoding Inside Information
In our paper, Decoding Inside Information, forthcoming in the Journal of Finance, we employ a simple empirical strategy to decode the information in insider trading. Our analysis rests on the basic premise that insiders, while possessing private information, trade for many reasons, and that by identifying ex-ante those insiders whose trades are “routine” (and hence […]
Click here to read the complete post
Posted in Academic Research, Empirical Research, Securities Litigation & Enforcement, Securities Regulation
Tagged Insider trading, SEC enforcement
Comments Off on Decoding Inside Information
SEC Disclosure Guidance on Exposures to European Sovereign Debt
On Friday, January 6, 2012, the staff of the SEC’s Division of Corporation Finance issued the fourth installment in its new Disclosure Guidance Topic series. Topic No. 4 focuses on the exposures of registrants to the debt of certain European countries. The staff specifically highlighted its concern about “the risks to financial institutions that are […]
Click here to read the complete post
Posted in International Corporate Governance & Regulation, Practitioner Publications, Securities Regulation
Tagged Disclosure, Risk, SEC, Sovereign debt
Comments Off on SEC Disclosure Guidance on Exposures to European Sovereign Debt
Board Focus 2012: Issues and Developments
Governance developments in 2011 brought some good news. Shareholder governance proposals were at their lowest level since 2002. Support declined for controversial proposals, such as shareholders’ right to call special meetings or act by written consent, and ISS conceded that its recommendations about written consent proposals should reflect the company’s governance as a whole. Even […]
Click here to read the complete postA New Playbook for Global Securities Litigation and Regulation
Key developments in both the litigation and regulatory context are compelling multinational corporations to reassess their global securities litigation and regulatory compliance strategies. In the litigation context, recent U.S. Supreme Court activity has limited the ability of overseas plaintiffs to bring securities class action claims within the United States. As such, plaintiffs have shifted litigation […]
Click here to read the complete postA Blueprint for Contingent Convertible Securities?
It has probably not escaped the attention of the reader that European banks, and their ability to meet their continuing funding needs, have been some of the principal victims of the continuing uncertainty surrounding the future of the Eurozone, due to their exposures to Eurozone sovereign debt. As part of its general efforts to increase […]
Click here to read the complete post
Posted in Banking & Financial Institutions, International Corporate Governance & Regulation, Practitioner Publications, Securities Regulation
Tagged Basel Committee, Capital requirements, Debt-equity ratio, Europe, Securities regulation
Comments Off on A Blueprint for Contingent Convertible Securities?
Executive Pay and the Financial Crisis
Editor’s Note: Lucian Bebchuk is Professor of Law, Economics, and Finance and Director of the Corporate Governance Program at Harvard Law School. This post is the opening statement in an online debate at a World Bank forum between Lucian Bebchuk and René Stulz on the question: Has executive compensation contributed to the financial crisis? The […]
Click here to read the complete postREIT and Real Estate M&A and Restructurings
Despite a sluggish year-end, overall deal activity in 2011 was strong, continuing the recovery from the post-crisis slump. In addition to strong overall volume (roughly $70 billion of deals), 2011 was impressive for its range of deals, from large-scale public-to-public mergers in the consolidating industrial and healthcare sectors, to major private-to-public acquisitions as private (often […]
Click here to read the complete post
Posted in Mergers & Acquisitions, Practitioner Publications
Tagged REITs, Restructurings
Comments Off on REIT and Real Estate M&A and Restructurings
Defending a Strong Volcker Rule
Editor’s Note: Senator Jeffrey Merkley (D-Oregon) is a member of the Senate Banking Committee. Three years ago we were standing in the aftermath of the greatest financial implosion since 1929. High stakes gambling and risky bets gone bad on Wall Street had left our financial system near collapse and our economy in shambles. This crisis […]
Click here to read the complete postCFTC Swap Reporting Regime Rules
The CFTC has adopted two final rules — a Swap Data Reporting Rule and a Real-Time Reporting Rule — that, in less than a fully coordinated manner, establish the new Dodd-Frank Act reporting regime for swaps. [1] The rules require market participants to report a host of swap information upon execution or shortly thereafter to […]
Click here to read the complete post
Posted in Accounting & Disclosure, Practitioner Publications, Securities Regulation
Tagged CFTC, Dodd-Frank Act, Reporting regulation, Swaps
Comments Off on CFTC Swap Reporting Regime Rules
Tightening the Limits on Big US Banks
The Federal Reserve on December 20 issued its proposal to implement heightened prudential requirements for the largest US financial institutions as a result of the ongoing financial crisis. These institutions will have to design and implement compliance, recordkeeping and reporting procedures for the new standards in addition to the multitude of new restrictions imposed by […]
Click here to read the complete post