-
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
On the Regulation of Investment Advisory Services
In the paper, On the Regulation of Investment Advisory Services: Where Do We Go from Here?, which was recently made publicly available on SSRN, I examine the regulation of investment advisory services. A controversy has arisen over the regulation of investment advisers in the United States. Traditionally, larger registered investment advisers (RIAs) have been regulated […]
Click here to read the complete post
Posted in Academic Research, Banking & Financial Institutions, Securities Regulation
Tagged Broker-dealers, Financial advisers, FINRA, SEC, SROs
Comments Off on On the Regulation of Investment Advisory Services
2012 Proxy Season Developments: SEC Legal Bulletin and ISS Guidelines
Editor’s Note: James Morphy is a partner at Sullivan & Cromwell LLP specializing in mergers & acquisitions and corporate governance. This post is based on a Sullivan & Cromwell publication. As issuers and shareholders look ahead to the 2012 proxy season, they should be aware of recent publications by the SEC’s Division of Corporation Finance […]
Click here to read the complete postThe Reliability of Voluntary Disclosures: Evidence from Hedge Funds
In the paper, The Reliability of Voluntary Disclosures: Evidence from Hedge Funds, which was recently made publicly available on SSRN, we examine the reliability of these voluntary disclosures by hedge funds, by tracking changes to statements of performance in the publicly available hedge fund databases recorded at different points in time between 2007 and 2011. […]
Click here to read the complete post
Posted in Academic Research, Accounting & Disclosure, Empirical Research, Financial Regulation
Tagged Disclosure, Firm performance, Hedge funds, Information asymmetries
Comments Off on The Reliability of Voluntary Disclosures: Evidence from Hedge Funds
Surveying Sponsor-Backed Going Private Transactions
Weil, Gotshal & Manges LLP recently conducted our fifth annual survey of sponsor-backed going private transactions. Weil surveyed 60 sponsor-backed going private transactions announced from January 1, 2010 through December 31, 2010 with a transaction value (i.e., enterprise value) of at least $100 million (excluding target companies that were real estate investment trusts). Thirty-nine of […]
Click here to read the complete post
Posted in Mergers & Acquisitions, Practitioner Publications
Tagged Break fees, Go-shop, Going private, Target firms, Tender offer
1 Comment
CEO Inside Debt Holdings and the Riskiness of Firm Investment and Financial Policies
In the paper, Seeking Safety: The Relation Between CEO Inside Debt Holdings and the Riskiness of Firm Investment and Financial Policies, forthcoming in the Journal of Financial Economics, we investigate whether CEOs with large inside debt holdings protect the value of their holdings by implementing less risky investment and financial policies. The recent near-collapse of […]
Click here to read the complete postCorporate Governance and Shareholder Activism in 2011
In recent years, a small number of activist shareholders have increasingly sought to use their equity stock holdings to exert influence over business management. Proponents of “shareholder democracy” have successfully pushed shareholder proposals offered for votes at the annual meetings of public corporations that change the manner in which directors are elected and in which […]
Click here to read the complete postDelaware Court Upholds Board Discretion in Setting Compensation Practices
In dismissing a wide-ranging stockholder challenge to compensation practices at Goldman Sachs, the Delaware Court of Chancery has issued a strong reaffirmation of traditional principles of the common law of executive compensation. The decision emphasizes that boards are free to encourage and reward risk-taking by employees and that Delaware law protects directors who adopt compensation […]
Click here to read the complete postTwo New Corporate Forms to Advance Social Benefits in California
On October 9, 2011, California Governor Jerry Brown signed into law competing bills that create two new corporate forms in California — a “flexible purpose corporation” and a “benefit corporation” — intended to allow entrepreneurs and investors the choice of organizing companies that can pursue both economic and social objectives. The new corporate forms differ […]
Click here to read the complete post