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HLS Faculty & Senior Fellows
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
The (Agency) Problem of Risk Incentives within Financial Institutions
In the paper, Downside Risk and Agency Problems in the U.S. Financial Sector: Examining the Effect of Risk Incentives from 2007 to 2010, I consider risk incentives within financial institutions in the presence of two types of potential agency problems: the standard manager-shareholder agency problem and the risk-shifting problem between shareholders and society. First, I […]
Click here to read the complete postSEC Shapes New Disclosure Requirements
At an open meeting in September, the SEC voted to propose rules that would require a public company to provide certain enhanced disclosures about its short-term borrowings in its filings with the SEC. The SEC also voted to approve the issuance of an interpretive release to provide guidance regarding the SEC’s current disclosure requirements in […]
Click here to read the complete postHow to Fix Bankers’ Pay
In a recent essay, written for a special issue of the American Academy of Arts and Sciences’ Daedalus journal on lessons from the financial crisis, I discuss how bankers’ pay should be fixed. The essay, How to Fix Bankers’ Pay, discusses two distinct sources of risk-taking incentives: first, executives’ excessive focus on short-term results; and, […]
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Posted in Academic Research, Banking & Financial Institutions, Executive Compensation, HLS Research
Tagged Banks, Executive Compensation, Financial institutions, Incentives, Risk, Risk-taking
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Management as a Profession: A Business Lawyer’s Critique
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. An article related to this post appeared in the online edition of the Harvard Business Review. As debates about the purpose of business and business […]
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Posted in Corporate Social Responsibility, Op-Eds & Opinions
Tagged Business school, Compliance & ethics
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Tests of Ex Ante versus Ex Post Theories of Collateral
In our paper, Tests of Ex Ante versus Ex Post Theories of Collateral Using Private and Public Information, forthcoming in the Journal of Financial Economics, we test the empirical predictions generated by two broad classes of theories about why borrowers pledge collateral. The first set of theories motivates collateral as a way for good borrowers […]
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Posted in Academic Research, Banking & Financial Institutions, Empirical Research
Tagged Banks, Collateral, Contracts, Debt contracts, Federal Reserve
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Pharma Industry Consultant Indicted For Tipping Inside Information
The federal government’s focus on insider trading and hedge funds continues, with the recent filing of a criminal complaint and SEC enforcement action against a French medical doctor, who served on a steering committee overseeing a clinical trial of a drug under development by Human Genome Sciences, Inc. (“HGSI”). US v. Benhamou, 10-MAG-2424 (S.D.N.Y. Nov. […]
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Posted in Court Cases, Practitioner Publications, Securities Litigation & Enforcement
Tagged Fund managers, Hedge funds, Insider trading, US v. Benhamou
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Comparing CEO Employment Contract Provisions
In our paper, Comparing CEO Employment Contract Provisions: Differences between Australia and the U.S., forthcoming in the Vanderbilt Law Review, we compare and contrast CEO employment contracts across two very different common law countries. In the wake of the global financial crisis, executive compensation is front page news, with soaring rhetoric about excessive pay to […]
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Posted in Academic Research, Empirical Research, Executive Compensation
Tagged Australia, Contracts, Executive Compensation, Management contracts
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Mortgage Lending Practice after the Dodd-Frank Act
I. Introduction On July 21, 2010, the President signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), enacting numerous provisions intended to reform the mortgage lending industry with an eye towards consumer protection. Many of these provisions are contained within Title XIV of the Dodd-Frank Act, the Mortgage Reform and Anti-Predatory […]
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