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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
- Renata J. Ferrari
- Andrew Freedman
- Ray Garcia
- Joseph Hall
- Jason M. Halper William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino
- Steven J. Williams
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
An Update on Diversity and Financial Literacy
Editor’s Note: Luis A. Aguilar is a Commissioner at the U.S. Securities and Exchange Commission. This post is based on Commissioner Aguilar’s remarks at the Hispanic Association on Corporate Responsibility’s Corporate Directors Summit; the complete remarks are available here. The views expressed in the post are those of Commissioner Aguilar and do not necessarily reflect […]
Click here to read the complete postPrivate Equity and the Resolution of Financial Distress
In the paper, Private Equity and the Resolution of Financial Distress, which was recently made publicly available on SSRN, we examine how private equity owners influence the outcome of distressed restructurings and the costs of financial distress. The impact of PE ownership on the likelihood or severity of distress is unclear. There are several reasons […]
Click here to read the complete postDerivatives Market’s Payment Priorities in Bankruptcy
Stanford Law Review recently published my article, The Derivatives Market’s Payment Priorities as Financial Crisis Accelerator, in which I analyze the Bankruptcy Code’s role in undermining the stability of systemically-vital financial institutions. Chapter 11 bars bankrupt debtors from immediately repaying their creditors, so that the bankrupt firm can reorganize without creditors’ cash demands shredding the […]
Click here to read the complete postRisk and Incentive: An Event Study Approach
In the paper, Risk and Incentive: An Event Study Approach, which was recently made publicly available on SSRN, we take an event study approach to reexamine the standard principal-agent model prediction with respect to executives who have likely experienced an exogenous risk shock. Existing empirical studies of the relationship between risk and incentives provide mixed […]
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Posted in Academic Research, Empirical Research, Executive Compensation
Tagged Contracts, Incentives, Optimal contracting, Pay for performance, Risk
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Moving toward Board Declassification in Fourteen S&P 500 Companies
Editor’s Note: This post relates to two press releases issued by the American Corporate Governance Institute (the “ACGI”), an organization that Lucian Bebchuk and Scott Hirst are affiliated with. One press release, issued jointly by the ACGI and the Florida State Board of Administration is available here; the other press release, issued jointly by the […]
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Posted in Boards of Directors, Corporate Elections & Voting, Institutional Investors
Tagged ACGI, Boards of Directors, Florida SBA, Shareholder proposals, Staggered boards
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Concentrating on Governance
In our paper, Concentrating on Governance, forthcoming in the Journal of Finance, we develop a unified account of the costs and benefits of external governance and explore the economic determinants of the resulting trade-offs for shareholder value. The importance of corporate governance is broadly recognized, but there is a great deal of disagreement on whether […]
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Posted in Academic Research, Empirical Research, Mergers & Acquisitions
Tagged Agency costs, Antitakeover, General governance, Shareholder value
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Promising Steps on Bank Pay Reforms
Editor’s Note: Simon Wong is a Partner at Governance for Owners, an Adjunct Professor of Law at the Northwestern University School of Law, and a Visiting Fellow at the London School of Economics and Political Science. This post is based on an article that recently appeared in the Butterworths Journal of International Banking and Financial […]
Click here to read the complete postComments on the SEC’s Proposal for Beneficial Ownership Reporting and Security-Based Swaps
Recently we filed a comment letter with the Securities and Exchange Commission regarding its proposal to readopt existing rules to preserve the “status quo” with respect to the treatment of security-based swaps under the beneficial ownership reporting rules. Our letter reiterates our belief, as reflected in the rulemaking petition we filed In March with the […]
Click here to read the complete postThe Supreme Court Considers Loss Causation at Time of Class Certification
The Supreme Court heard oral arguments recently in Erica P. John Fund, Inc. v. Halliburton Co., No. 09-1403, a private securities fraud case in which the Court is expected to address whether a class may be certified even where plaintiffs fail to establish that the alleged misstatements had an impact on the price of the […]
Click here to read the complete postMergers, Spin-offs, and Employee Incentives
Many mergers are driven by the desire to reduce competition in the product market and to develop new products to enter into new markets. In our paper, Mergers, Spin-offs, and Employee Incentives, forthcoming in The Review of Financial Studies, we argue that these two motives may be in conflict with each other in that mergers […]
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Posted in Academic Research, Empirical Research, Mergers & Acquisitions
Tagged Incentives, Innovation
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