-
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
EU Proposed Financial Transaction Tax – Fortune or Folly?
Since the financial crisis, there has been frequent talk of the introduction of a financial transaction tax. This tax, often referred to as “Tobin tax” after its original advocator, James Tobin, in the 1970s, would impose a levy on individual transactions undertaken by a financial institution. The subject has been discussed at G20 summits since […]
Click here to read the complete postEndogenous Information Flows and the Clustering of Announcements
One of the most important ingredients to the process of price discovery in financial markets is the flow of new information, particularly apparent during times of market “crisis,” when it often seems that bad news is being reported simultaneously from multiple sources. While it is not surprising that firms’ news are affected by market and […]
Click here to read the complete post
Posted in Academic Research, Accounting & Disclosure, Empirical Research
Tagged Disclosure, Earnings disclosure, Information environment, Market timing, Stock returns
Comments Off on Endogenous Information Flows and the Clustering of Announcements
Say on Pay: Identifying Investor Concerns
Advisory shareowner votes on executive compensation were the big story of proxy season 2011, the inaugural year for “say on pay” at most U.S. public companies. The Dodd-Frank Wall Street Reform and Consumer Protection Act, which President Obama signed into law in August 2010, requires U.S. public companies to provide their shareowners with a non-binding […]
Click here to read the complete post“Presumption of Prudence” for Fiduciaries in ERISA Litigation
In companion decisions issued recently, the United States Court of Appeals for the Second Circuit has ruled that retirement-plan fiduciaries should have the benefit of a “presumption of prudence” when faced with claims by employees concerning losses on their employer’s stock. The cases are In re Citigroup ERISA Litigation, No. 09-3804-CV (2d Cir. Oct. 19, […]
Click here to read the complete postWhat Do Boards Really Do? Evidence from Minutes of Board Meetings
In our paper, What Do Boards Really Do? Evidence from Minutes of Board Meetings, which was recently made available on SSRN, we analyze a unique database from a sample of real-world boardrooms – minutes of board meetings and board-committee meetings of eleven business companies for which the Israeli government holds a substantial equity interest. We […]
Click here to read the complete post
Posted in Academic Research, Boards of Directors
Tagged Board dynamics, Board meetings, Board performance, Boards of Directors
Comments Off on What Do Boards Really Do? Evidence from Minutes of Board Meetings
Boards Respond to Stakeholder Concerns
The economic crisis, increased rules and regulations, and heightened scrutiny of boards’ roles have corporate directors feeling pressure to be more effective in the boardroom. PwC’s 2011 Annual Corporate Director Survey (the Survey) of 834 corporate directors offers insight into the biggest corporate governance issues facing directors today. Because 67% of respondents represent companies with […]
Click here to read the complete postToward Final Position Limit Rules on Certain Derivatives
Editor’s Note: The following post comes to us from Mark D. Young, partner in the Derivatives Regulation and Litigation practice at Skadden, Arps, Slate, Meagher & Flom LLP, and is based on a Skadden memorandum by Mr. Young, Prashina J. Gagoomal, and Timothy S. Kearns. On Tuesday, October 18, the U.S. Commodity Futures Trading Commission […]
Click here to read the complete post
Posted in Derivatives, Legislative & Regulatory Developments, Securities Regulation
Tagged CFTC, Derivatives, Dodd-Frank Act, Position limits
Comments Off on Toward Final Position Limit Rules on Certain Derivatives
The 2011 U.S. Director Compensation and Board Practices Report
The Conference Board, NASDAQ OMX and NYSE Euronext jointly released The 2011 U.S. Director Compensation and Board Practices Report, a benchmarking tool with more than 120 corporate governance data points searchable by company size (measurable by revenue and asset value) and industrial sectors. The report is based on a survey of public companies registered with […]
Click here to read the complete postThe Volcker Rule Proposals on Bank Investments in Private Funds
On October 11th and 12th, the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Securities and Exchange Commission (the “regulators”) proposed for comment implementing rules (the “Proposed Rules”) for Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”). The Volcker […]
Click here to read the complete post