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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
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 […]
Click here to read the complete postAre Two Heads Really Better Than One? Evidence from the Thrift Crisis
In the paper, Are Two Heads Really Better Than One? Evidence from the Thrift Crisis, which was recently made publicly available on SSRN, we provide the first explicit tests of whether unitary leadership protects the interests of taxpayers, who become the residual claimants when financial institutions exploit underpriced deposit insurance through more risky investment policies. […]
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Posted in Academic Research, Banking & Financial Institutions, Bankruptcy & Financial Distress, Empirical Research, Financial Crisis, Legislative & Regulatory Developments
Tagged Deposit insurance, Risk, Thrifts
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Enforceability and Effectiveness of Typical Shareholders Agreement Provisions
The Corporation Law Committee of the Association of the Bar of the City of New York prepared a report on The Enforceability and Effectiveness of Typical Shareholders Agreement Provisions, which was published in the August 2010 issue of The Business Lawyer. In this report, the Corporation Law Committee reviews provisions that are often contained in […]
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Posted in Boards of Directors, Corporate Elections & Voting, Practitioner Publications
Tagged Boards of Directors, Shareholders agreements
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CEO Turnover, CEO-Related Factors, and Innovation Performance
In the paper New Dogs New Tricks: CEO Turnover, CEO-Related Factors, and Innovation Performance, which was recently made publicly available on SSRN, we examine the association between CEO turnover and innovation performance in the sample period 1993-2005. We find strong empirical support for the notion that CEO turnover is associated with higher levels of innovation, […]
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Posted in Academic Research, Boards of Directors, Empirical Research
Tagged Executive turnover, Innovation, Patents
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HP Severance Case Raises Governance Concerns
On Aug. 6, 2010, Mark Hurd stepped down as chairman, president and chief executive officer of Hewlett-Packard Company. His resignation was at HP’s request. He was provided, among other things, a severance payment of approximately $12 million. Today’s column considers whether the severance payment, given the circumstances involved in Mr. Hurd’s departure, can be reconciled […]
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Posted in Court Cases, Executive Compensation, Practitioner Publications
Tagged Contracts, HP, Management contracts, Severance, Termination
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Earnings Quality and International IPO Underpricing
In the paper, Earnings Quality and International IPO Underpricing, forthcoming in The Accounting Review, we examine the impact of country-level earnings quality on IPO underpricing. When firms convert from private to public ownership through an initial public offering (IPO), they typically sell shares at a price that is below the market price that prevails once […]
Click here to read the complete postDon’t Divorce the GC and Compliance Officer
Editor’s Note: Ben W. Heineman, Jr. is a former GE senior vice president for law and public affairs and a senior fellow at Harvard University’s schools of law and government. This article originally appeared in Corporate Counsel magazine. The role of the chief compliance (and ethics) officer is currently a hot, if confused topic. What […]
Click here to read the complete postHow the Government Is Creating Another Housing Bubble
Editor’s Note: Peter J. Wallison is a senior fellow at the American Enterprise Institute. This post is based on an article by Mr. Wallison and Edward J. Pinto, a resident fellow at the AEI. It is hard to believe, but it looks like the government will soon use the taxpayers’ checkbook again to create a […]
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