Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation

Regulating Systemic Risk: Towards an Analytical Framework

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, January 23, 2011

Our paper, Regulating Systemic Risk: Towards an Analytical Framework, forthcoming in the Notre Dame Law Review, attempts to construct an analytical framework that both captures the systemic transmission of economic shocks and explains the behavioral and other market failures that justify regulatory intervention. The paper starts by describing two otherwise independent correlations that can combine […]

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Posted in Academic Research, Bankruptcy & Financial Distress, Empirical Research, Financial Regulation, Legislative & Regulatory Developments | Tagged , , | Comments Off on Regulating Systemic Risk: Towards an Analytical Framework

Compensation Season 2011

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, January 22, 2011

For many public companies, the new year marks the beginning of compensation season. Setting pay and targets for the new year, determining achievement of performance objectives for the past year and preparing the annual proxy statement contribute to a busy first quarter for compensation committees and management teams working with them. In 2011, companies will […]

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Posted in Executive Compensation, Practitioner Publications | Tagged , , , | 1 Comment

Board Interlocks and Earnings Management Contagion

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, January 21, 2011

In the paper, Board Interlocks and Earnings Management Contagion, which was recently made publicly available on SSRN, we test whether earnings management (like a virus) spreads from firm to firm via board connections of shared directors (virus carriers). We use earnings restatements to identify firms that managed earnings and to identify the period when these […]

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SEC Submits Brief Supporting Validity of Proxy Access

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, January 20, 2011

The Securities and Exchange Commission (SEC) yesterday submitted its initial brief in the widely-followed case of Business Roundtable and Chamber Of Commerce v. Securities And Exchange Commission. The litigation was commenced by the Business Roundtable and the Chamber of Commerce to challenge the validity of the proxy access rules adopted by the SEC in August […]

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The SEC’s First Non-Prosecution Agreement

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, January 20, 2011

The SEC yesterday announced its first use of a non-prosecution agreement, one of the new investigative tools that the agency unveiled nearly a year ago. The SEC simultaneously filed an enforcement action against a former sales executive of Carter’s, Inc. See SEC v. Elles, Civ. Action No. 1:10-CV-4118 (N.D. Ga.). The Commission did not bring […]

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The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, January 19, 2011

In the paper, The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting, which was recently made publicly available on SSRN, I show that frequent renegotiation is an integral part of bank lending. Its role is as a complement to restrictive lending agreements that place significant constraints on borrowers’ behaviors. Indeed, it is precisely […]

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Some Thoughts for Boards of Directors in 2011

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, January 18, 2011

I. Introduction In the coming year, boards of directors face a two-fold challenge: they must implement the various new legislative, regulatory and “best practice” mandates relating to corporate governance, while at the same time tailoring them to the needs of each corporation and implementing them in ways that will promote the board’s core mission of […]

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Posted in Boards of Directors, Corporate Elections & Voting, Executive Compensation, Legislative & Regulatory Developments, Practitioner Publications | Tagged , , , , , , | 1 Comment

Classified Boards, the Cost of Debt, and Firm Performance

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, January 17, 2011

In the paper, Classified Boards, the Cost of Debt, and Firm Performance, which was recently made publicly available on SSRN, I analyze the effects of classified boards on bondholders’ wealth and the cost of debt, as well as the implications on firm performance. The empirical results suggest that classified boards are strongly associated with a […]

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Focus in 2011 Will Remain on Executive Compensation

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, January 16, 2011

This has been an eventful year in corporate governance. As companies prepare for the 2011 proxy season, it is important to review some of the legislative and regulatory events and key trends of 2010 that are expected to have an impact over the next year. Data from the last proxy season and the revised proxy […]

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UK Financial Services Authority Issues the Final-Form Remuneration Code

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, January 15, 2011

On 17 December 2010, the UK’s Financial Services Authority (“FSA”) issued the final form of the revised Remuneration Code (the “Code”). [1] The Code introduces significant restrictions on the way in which remuneration policies and structures are operated within financial institutions in the UK and beyond. The Code builds upon international standards set by the […]

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Posted in Banking & Financial Institutions, Executive Compensation, International Corporate Governance & Regulation, Legislative & Regulatory Developments, Practitioner Publications | Tagged , , , , , | Comments Off on UK Financial Services Authority Issues the Final-Form Remuneration Code
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