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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
IPO Pricing in Business Groups
In the paper Channeling Funds into the Group: IPO Pricing in Business Groups, which was recently made publicly available on SSRN, we demonstrate that business groups use financial intermediaries to boost the stock prices of affiliated firms in initial public offerings (IPO). This is done when mutual funds belonging to the group strategically participate in […]
Click here to read the complete postThe Corporate Capture of the United States
Editor’s Note: Robert Monks is the founder of Lens Governance Advisors, a law firm that advises on corporate governance in the settlement of shareholder litigation. American corporations today are like the great European monarchies of yore: They have the power to control the rules under which they function and to direct the allocation of public […]
Click here to read the complete postOn the Importance of Internal Control Systems in the Capital Allocation Decision
In the paper, On the Importance of Internal Control Systems in the Capital Allocation Decision: Evidence from SOX, which was recently made publicly available on SSRN, I investigate the effects of information problems across corporate hierarchies on internal capital allocation decisions by using the Sarbanes-Oxley Act (SOX) as a quasi-natural experiment of a shock to […]
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Posted in Academic Research, Empirical Research, Legislative & Regulatory Developments
Tagged Capital allocation, Capital markets, Financial reporting, Information asymmetries, Internal control, SOX
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Risk Management and the Board of Directors – An Update for 2012
I. Introduction Overview Corporate risk taking and the monitoring of risks have remained front and center in the minds of boards of directors, legislators and the media, fueled by the powerful mix of continuing worldwide financial instability; ever-increasing regulation; anger and resentment at the alleged power of business and financial executives and boards, including particularly […]
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Posted in Boards of Directors, Practitioner Publications
Tagged Board monitoring, Boards of Directors, Fiduciary duties, Risk management, Risk oversight, Risk-taking
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Governance and Disclosure Practices of Venture-Backed IPOs
Background Wilson Sonsini Goodrich & Rosati recently surveyed various corporate governance and disclosure practices of venture-backed companies incorporated in the United States and involved in U.S. initial public offerings (IPOs) from January 2010 through June 2011. A copy of the report is available here. We believe that this is the first such survey specifically relating […]
Click here to read the complete postDoes Gender Matter in the Boardroom?
In our paper, Does Gender Matter in the Boardroom? Evidence from the Market Reaction to Mandatory New Director Announcements, we examine how the market perceives the appointment of female directors on average as well as how the market perceives their appointment relative to men. Many countries are introducing initiatives to promote boardroom gender diversity. Since […]
Click here to read the complete postProgress on International OTC Derivatives Reform
On 11 October 2011, the Financial Stability Board (the “FSB”) published its second progress report (the “Report”) [1] and accompanying press release [2] on the implementation of reforms to the over-the-counter (“OTC”) derivatives market. This follows its initial progress report published on April 15, 2011, [3] in which it expressed concern regarding many jurisdictions’ likelihood […]
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Posted in Derivatives, Practitioner Publications, Securities Regulation
Tagged Capital requirements, Clearing houses, Derivatives, FSB, OTC derivatives
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Say on Pay Leading to Better Communication About Compensation
Editor’s Note: Mary Schapiro is Chairman of the U.S. Securities and Exchange Commission. This post is based on Chairman Schapiro’s remarks to TheCorporateCounsel.Net “Say-on-Pay Workshop Conference”, which are available here. The views expressed in the post are those of Chairman Schapiro and do not necessarily reflect those of the Securities and Exchange Commission, the other […]
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Posted in Executive Compensation, Regulators Materials, Securities Regulation, Speeches & Testimony
Tagged Dodd-Frank Act, Executive Compensation, Say on pay, SEC, Shareholder voting
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