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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
Audited Financial Reporting and Voluntary Disclosure as Complements
In the paper, Audited Financial Reporting and Voluntary Disclosure as Complements: A Test of the Confirmation Hypothesis, which was recently made publicly available on SSRN, we examine the hypothesis that audited financial reporting and voluntary disclosure of managers’ private information are complementary mechanisms for communicating with investors, not substitutes. More specifically, we test the hypothesis […]
Click here to read the complete postThe SEC Departs from an Important Safeguard
Recently, the SEC made permanent the delegation of its statutory formal order investigation authority to the Director of the Division of Enforcement. This delegation, which the Enforcement Director has sub-delegated to senior enforcement staff, essentially transfers the SEC’s broad authority to invoke its subpoena power to numerous of its enforcement staff without any apparent oversight. […]
Click here to read the complete postSubprime Crisis and Board (In-)Competence
In the paper, Subprime Crisis and Board (In-)Competence: Private vs. Public Banks in Germany, which was recently made publicly available on SSRN, we examine evidence for a systematic underperformance of Germany’s state-owned banks in the current financial crisis and study if the bank losses can be traced to the quality of bank governance. For this […]
Click here to read the complete postProxy Plumbing Fixes are Desperately Needed
The U.S. proxy system is set to undergo a comprehensive review for the first time in nearly 30 years. The Securities and Exchange Commission (SEC) recently voted unanimously to issue a concept release “seeking public comment on the U.S. proxy system and asking whether rule revisions should be considered to promote greater efficiency and transparency.” […]
Click here to read the complete postFinally, Governance Becomes Possible
Thirty years late, the new Dodd-Frank Act hands shareholders power to influence the composition of boards and shape CEO pay. But will these institutional investors, on whom Americans depend for their financial security, use their authority responsibly? Will corporate boards welcome and accept good faith dialogue with their shareholders? Will both sides forego short term […]
Click here to read the complete postCorporate Tax Avoidance and Stock Price Crash Risk
In the paper, Corporate Tax Avoidance and Stock Price Crash Risk: Firm-Level Analysis, which is forthcoming in the Journal of Financial Economics, we examine the association between the extent of a firm’s tax avoidance and its future stock price crash risk. Recently, Desai, Dyck, and Zingales (2007) and Desai and Dharmapala (2006) put forth a […]
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Posted in Academic Research, Accounting & Disclosure, Empirical Research
Tagged Risk, Stock performance, Tax avoidance, Taxation
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Regulating UK Bankers’ Pay
Introduction On 29 July 2010, the UK’s Financial Services Authority (the “FSA”) published a consultation paper which sets out proposals to make significant amendments to its existing Remuneration Code (the “Code”). [1] If implemented in the proposed form, these revisions will have a significant impact on how remuneration policies and practices at UK financial institutions […]
Click here to read the complete postDodd-Frank’s Dangers and the Case for a Systemic Emergency Insurance Fund
In light of the liquidation strategy for failing financial firms set forth in Dodd-Frank, I have now posted a revised version of a forthcoming article calling for a “Systemic Emergency Insurance Fund” to augment the FDIC’s resolution authority. This version, co-authored with Chris Muller, is entitled Confronting Financial Crisis: Dodd-Frank’s Dangers and the Case for […]
Click here to read the complete postProxy Access Rule Will Lead to Greater Controversy
Editor’s Note: Kathleen L. Casey is a Commissioner at the U.S. Securities and Exchange Commission. This post is based on Commissioner Casey’s statement at a recent open meeting of the SEC, which is available here. The views expressed in the post are those of Commissioner Casey and do not necessarily reflect those of the Securities […]
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Posted in Corporate Elections & Voting, Legislative & Regulatory Developments, Regulators Materials, Securities Litigation & Enforcement
Tagged Proxy access, SEC
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Enhancing Corporate Suffrage Through Proxy Access
Editor’s Note: Elisse B. Walter is a Commissioner at the U.S. Securities and Exchange Commission. This post is based on Commissioner Walter’s statement at a recent open meeting of the SEC, which is available here. The views expressed in the post are those of Commissioner Walter and do not necessarily reflect those of the Securities […]
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Posted in Corporate Elections & Voting, Legislative & Regulatory Developments, Regulators Materials, Securities Litigation & Enforcement
Tagged Proxy access, SEC
Comments Off on Enhancing Corporate Suffrage Through Proxy Access