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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
Credit Default Swaps and the Empty Creditor Problem
In the paper, Credit Default Swaps and the Empty Creditor Problem, which was recently made publicly available on SSRN, my co-author, Martin Oehmke of Columbia University, and I propose a limited commitment model of credit default swaps. While many commentators have raised concerns about the ex-post inefficiency of the empty-creditor problem that arises when a […]
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Posted in Academic Research, Accounting & Disclosure, Empirical Research
Tagged Credit default swaps
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Supreme Court Limits Federal “Honest Services” Fraud Statute
Since the enactment of the “honest services” fraud statute, 18 U.S.C. § 1346, which defines the scope of the federal mail and wire fraud statutes to include the use of interstate means of communication to effect a “scheme or artifice to defraud … another of the intangible right of honest services,” federal prosecutors have used […]
Click here to read the complete postBoard Structure and Price Informativeness
In our paper, Board Structure and Price Informativeness, forthcoming in the Journal of Financial Economics, we theoretically and empirically identify important interactions between internal and external governance mechanisms. We find evidence that stock market monitoring is a substitute for board monitoring. The strength of this relation is influenced by other governance mechanisms such as pay-performance […]
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Posted in Academic Research, Boards of Directors, Empirical Research
Tagged Board independence, Board monitoring, Boards of Directors
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Bebchuk to Become President of the Western Economic Association International
The corporate governance and law and finance research of Lucian Bebchuk, Director of the Program on Corporate Governance, was recently recognized by the Western Economic Association International (WEAI). The WEAI elected Bebchuk to serve as its Vice-President during 2010-2011, President-elect during 2011-2012, and President during 2012-2013. Founded in 1922, WEAI is a non-profit, educational organization […]
Click here to read the complete postDelaware’s Antitakeover Statute Continues to Give Hostile Bidders a Meaningful Opportunity for Success
In their article, Is Delaware’s Antitakeover Statute Unconstitutional? Evidence from1988–2008, Professor Guhan Subramanian and co-authors Steven Herscovici and Brian Barbetta (“SHB”) claim to present “the first systematic empirical evidence since 1988 on whether Section 203 gives bidders a meaningful opportunity for success” after studying a small sample (sixty) of “hostile” or “unsolicited” tender offers for […]
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Posted in Academic Research, HLS Research, Legislative & Regulatory Developments, Mergers & Acquisitions, Practitioner Publications
Tagged Antitakeover, Bidders, Delaware law, Delaware legislation
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The Aftermath of Deepwater Horizon
The Deepwater Horizon incident is a seminal event for the offshore oil and gas industry. The ramifications will be felt by exploration and production companies, oilfield services companies and oilfield equipment manufacturers, both in the United States and around the world, for years to come in the form of a more difficult political environment, a […]
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Posted in Boards of Directors, Practitioner Publications
Tagged Deepwater Horizons, Risk, Risk management
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The Determinants of Leverage and Pricing in Buyouts
In the paper, Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts, which was recently made publicly available on SSRN, my co-authors (Ulf Axelson at the London School of Economics; Tim Jenkinson at the University of Oxford, and Per Strömberg at the Stockholm School of Economics) and I empirically investigate the determinants […]
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Posted in Academic Research, Empirical Research, Private Equity
Tagged Buyouts, Leverage
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Senate-House Conference Agrees on Final Volcker Rule
Early Friday morning, the House-Senate Conference on the Dodd-Frank Act of 2010 (the “Act”) agreed on the final legislative text of the Act, including Section 619 (the “Volcker Rule”). The Volcker Rule is a revised version of an amendment introduced by Senators Merkley (D–OR) and Levin (D–MI) in the final stages of the Senate debate, […]
Click here to read the complete postVolcker Rule Looms Over Asset Management and Fund Activities of Financial Institutions
The “Volcker Rule” – first introduced in the context of current financial reform legislation by the President in January – looms large in the financial regulatory reform package approved by the Senate on May 20, 2010 (the “Senate Bill”). As highlighted in this publication, fundamental questions remain regarding how the Volcker Rule would function in […]
Click here to read the complete postProxy Access is Back to Life
Editor’s Note: Lucian Bebchuk and Scott Hirst, respectively, the Director and the Executive Director of the Program on Corporate Governance, are the authors of Private Ordering and the Proxy Access Debate, discussed here, and co-editors of the Harvard Roundtable on Proxy Access, discussed here. Media reports indicate that last night, as part of the agreement […]
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Posted in Legislative & Regulatory Developments, Op-Eds & Opinions
Tagged Dodd-Frank Act, Proxy access
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