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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
Harvard Corporate Faculty Lead SSRN Rankings
Statistics released by the Social Science Research Network (SSRN) indicate that, as of the end of 2010, Harvard Law School faculty members associated with the Program on Corporate Governance featured prominently on SSRN author rankings. These faculty captured six of the top 100 slots – including the number one slot – among the top 100 […]
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Posted in Academic Research, Program News & Events
Tagged Program on Corporate Governance, SSRN
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Does Shareholder Proxy Access Improve Firm Value?
In our paper, Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge, which was recently made publicly available on SSRN, we use a natural experiment to assess the shareholder wealth implications of shareholder proxy access. We study stock returns on October 4, 2010, when the SEC unexpectedly delayed proxy access for […]
Click here to read the complete postE-Proxy Reform, Activism, and the Decline in Retail Shareholder Voting
Shareholder voting is a hot button issue for regulators and policy makers in the United States as well as in Europe. However, amending the proxy system can be challenging, given the many unintended consequences of single changes on the system as a whole. The recent e-proxy reform by the U.S. Securities and Exchange Commission (SEC) […]
Click here to read the complete postMaking Sense of Executive Compensation
In the attempt of promoting financial stability and better risk-management practices, the Dodd-Frank Act has introduced a number of significant executive compensation rules affecting all public U.S. companies. In my paper, Making Sense of Executive Compensation, which was recently made publicly available on SSRN and is forthcoming in the Delaware Journal of Corporate Law, I […]
Click here to read the complete postThe Effect of Tax Authority Monitoring and Enforcement on Financial Reporting Quality
In the paper, Uncle Sam Is Watching: The Effect of Tax Authority Monitoring and Enforcement on Financial Reporting Quality, which was recently made publicly available on SSRN, we examine the relation between tax enforcement and financial reporting quality. We proxy for financial reporting quality using the extent to which earnings map into cash flows and […]
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Posted in Academic Research, Accounting & Disclosure, Empirical Research, Legislative & Regulatory Developments
Tagged Financial reporting, IRS, Taxation
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The Window Closing Pill – One Response to Stealth Stock Acquisitions
The recent announcement of accumulations of stock in J.C. Penney and Fortune Brands substantially in excess of the five percent Schedule 13D reporting threshold prior to any public disclosure has focused attention on possible inadequacies in the regulatory system in providing companies, their stockholders, and the trading markets with advance notice of significant ownership by […]
Click here to read the complete postInside Debt and the Design of Corporate Contract
In the paper, Inside Debt and the Design of Corporate Contract, which was recently made publicly available on SSRN, we investigate whether debtholders recognize the incentive effects of executive debt-like compensation when contracting with the firm. Top executives in the United States are commonly compensated with both equity and debt. While prior research has examined […]
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Posted in Academic Research, Empirical Research, Executive Compensation, Private Equity
Tagged Debt-like compensation, Executive Compensation, Inside debt, Leverage
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Value Judgments: Tried and True Techniques Bridge Divergent Valuations
Valuation is usually the fundamental issue in getting to agreement on a bank deal. Persistent high unemployment, the housing slowdown and significant and changing government policy have combined to exacerbate uncertainty over future performance of bank assets. This can create challenges for parties to get to agreement on how to value a bank’s balance sheet […]
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Posted in Banking & Financial Institutions, Financial Crisis, Mergers & Acquisitions, Practitioner Publications
Tagged Banks, Contingent value right, Firm valuation
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CEO Education, CEO Turnover, and Firm Performance
In the paper, CEO Education, CEO Turnover, and Firm Performance, which was recently made publicly available on SSRN, we analyze the effects of CEO education on CEO turnover (firing and replacement) and firm performance. Our primary interest is on the role that CEO education plays in a firm’s decision to replace its current CEO, the […]
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Posted in Academic Research, Empirical Research
Tagged Executive education, Executive turnover, Firm performance
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Trends in Asset Allocation and Portfolio Composition
In its annual Institutional Investment Report, which was released on November 11, The Conference Board provides a comprehensive analysis of the asset growth and portfolio composition of institutional investors operating in the United States. It documents the presence over 30 years of different types of institutional investors in single asset classes such as equity, debt […]
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