-
Supported By:
Subscribe or Follow
Program on Corporate Governance Advisory Board
- William Ackman
- Peter Atkins
- David Bell
- Kerry E. Berchem
- Richard Brand
- Daniel Burch
- Paul Choi
- Jesse Cohn
- Arthur B. Crozier Christine Davine
- Renata J. Ferrari
- John Finley
- Andrew Freedman
- Ray Garcia
- Byron Georgiou
- Joseph Hall
- Jason M. Halper
- Paul Hilal
- Carl Icahn William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino Jonathan Watkins
- Steven J. Williams
- Daniel Wolf
HLS Faculty & Senior Fellows
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
Diversity in the Boardroom is Important and, Unfortunately, Still Rare
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 a recent forum titled “Closing the Gender Gap: Global Perspectives on Women in the Boardroom;” his complete remarks are available here. The views expressed in the post are those of Commissioner […]
Click here to read the complete post
Posted in Boards of Directors, Regulators Materials, Speeches & Testimony
Tagged Diversity, SEC
1 Comment
Access to the Mutual Fund Proxy
One topic missing from the early analysis of the SEC’s proxy access rulemaking [1] has been mutual funds as issuers. Though, a few experts have recognized the importance of mutual funds as shareholders. For example, Ira Millstein and Stephen Davis welcomed proxy access and noted that it “places a colossal bet that shareholders will patrol […]
Click here to read the complete postThe Most Influential People in Corporate Governance
A review of the most recent Directorship 100 list – a list of the most influential people in corporate governance put together each year by Directorship magazine – indicates that individuals affiliated with Harvard Law School and its Program on Corporate Governance play a central role in the corporate governance landscape. This year’s Directorship 100 […]
Click here to read the complete post
Posted in Program News & Events
Tagged Directorship Magazine, General governance
Comments Off on The Most Influential People in Corporate Governance
The Market Reaction to Corporate Governance Regulation
In the paper, The Market Reaction to Corporate Governance Regulation, which was recently made publicly available on SSRN, we investigate the market reaction to recent legislative and regulatory actions pertaining to corporate governance. The managerial power view of governance suggests that executive pay, the existing process of proxy access, and various governance provisions (e.g., staggered […]
Click here to read the complete postMoving Forward with Corporate Environmental, Social and Governance Disclosure in Canada
Whether the issue is climate change, biodiversity, labour and supply chains, or human rights, corporate sustainability disclosure is of increasing relevance to shareholders. In a recent report submitted to Ontario, Canada’s minister of finance, the Ontario Securities Commission (OSC) made various recommendations regarding corporate reporting that may be controversial to some, but are a step […]
Click here to read the complete postShadow Banking and Financial Regulation
Without a safety net, banking is unstable. This proposition finds support in economic theory. In an influential analysis, Douglas Diamond and Philip H. Dybvig showed that banks without deposit insurance exhibit multiple equilibria—one of which is a bank run. [1] And financial history confirms this hypothesis. Banking panics were common in the U.S. before the […]
Click here to read the complete postCEO Turnover and Retention Light
In the paper, CEO Turnover and Retention Light: Retaining Former CEOs on the Board, forthcoming in the Journal of Accounting Research, unlike prior CEO turnover literature which characterizes the board’s decision as a choice between retaining versus replacing the CEO, we focus instead on the CEO’s decision rights and introduce a third option in which […]
Click here to read the complete post
Posted in Academic Research, Boards of Directors, Empirical Research
Tagged Boards of Directors, Executive turnover, Retention
Comments Off on CEO Turnover and Retention Light
Shareholder Proxy Access: Time To Get Ready
As we described in our recent memo, the SEC has adopted rules affording shareholders access to company proxy statements for the nomination of director candidates. The new regime, which includes new access Rule 14a-11 and amendments to Rule 14a-8, is expected to become effective in early November and will be applicable for the 2011 proxy […]
Click here to read the complete postManagerial Miscalibration
In the paper, Managerial Miscalibration, which was recently made publicly available on SSRN, we study whether top corporate executives are miscalibrated as well as the determinants of their miscalibration. Miscalibration is a form of overconfidence examined in psychology, economics, and law. Although it is often analyzed in lab experiments, there is scant evidence about the […]
Click here to read the complete post
Posted in Academic Research, Empirical Research
Tagged Decision-making, Miscalibration
Comments Off on Managerial Miscalibration
Spotlight on Boards
Current focus on the performance of corporate boards prompts revisiting what is expected from the board of directors of a major public company – not just the legal rules, but also the aspirational “best practices” that have come to have almost as much influence on board and company behavior. Boards are expected to: Choose the […]
Click here to read the complete post