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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
- Byron Georgiou
- Joseph Hall
- Jason M. Halper William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino
- Steven J. Williams
HLS Faculty & Senior Fellows
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
Other People’s Money: The Unrealized Conflicts of Securities Lending
The primary goal of most institutional investors, such as public pension funds, is to prudently invest their assets and develop a portfolio that will accommodate long-term financial needs. Accordingly, these investors typically hold large blocks of individual securities in their portfolio, hoping that the value of those securities will appreciate over time. Over the past […]
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Posted in Institutional Investors, Practitioner Publications
Tagged BLB&G, Securities lending
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The Relation Between Firm-Level Corporate Governance and Market Value: A Study of India
In our paper, The Relation between Firm-level Corporate Governance and Market Value: A Study of India, which was recently made publicly available on SSRN, we provide a detailed overview of the practices of publicly traded firms in India, and identify areas where governance practices are relatively strong or weak, relative to developed countries. We also […]
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Posted in Academic Research, Comparative Corporate Governance & Regulation, Empirical Research, International Corporate Governance & Regulation
Tagged ICGI, India
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Implicit Compensation
Each year, CEOs sell billions of dollars of stock in their firms. Previous empirical work demonstrates that CEOs earn abnormal returns on these trades, suggesting some trading based on material non-public information. Critics of CEO compensation practices offer this fact as evidence of a manager-dominated process. According to their story, CEOs earn “extra” compensation from […]
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Posted in Academic Research, Boards of Directors, Empirical Research, Executive Compensation
Tagged Equity-based compensation, Insider trading
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Just Say No to Wall Street: Putting a Stop to the Earnings Game
In a Journal of Applied Corporate Finance paper, Just Say No to Wall Street: Putting a Stop to the Earnings Game, my co-author, Joseph Fuller of The Monitor Group, and I discuss the notion of putting an end to the “earnings game.” This requires that CEOs reclaim the initiative by avoiding earnings guidance and managing […]
Click here to read the complete postSupreme Court to Decide Rule on Class Waivers in Arbitration Clauses
The U.S. Supreme Court recently granted certiorari in a case that is likely to resolve important outstanding questions regarding attempts to limit arbitration clauses so that they do not permit class action arbitrations. The case, AT&T Mobility LLC v. Concepcion, No. 09-893, presents the question whether the Federal Arbitration Act preempts state laws holding such […]
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Posted in Court Cases, Practitioner Publications, Securities Litigation & Enforcement
Tagged Arbitration, Class actions, Supreme Court
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Bankers Beware
A recent Delaware Chancery bench decision from VC Laster denying a motion for a preliminary injunction to block the merger of Zenith National with Fairfax Holdings suggests increased sensitivity around issues of conflicts of interest for financial advisers. In addressing disclosure claims relating to a potential conflict of interest affecting Zenith’s financial adviser, the court […]
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Posted in Court Cases, Mergers & Acquisitions, Practitioner Publications, Private Equity
Tagged Delaware cases, Delaware law, Financial advisers, In re Zenith
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Lucian Bebchuk’s Keynote Speech at the ICGN Annual Meeting
Lucian Bebchuk delivered a keynote address at the annual meeting of the International Corporate Governance Network (ICGN) taking place this month in Toronto, Canada. The meeting drew over 400 participants from 40 countries. Bebchuk’s speech focused on reforming executive pay structures to tighten the link between pay and long-term performance. The address built on three […]
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Posted in Academic Research, HLS Research, Program News & Events
Tagged ICGN
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Are Sovereign Wealth Fund Investments Politically Biased?
Our paper, Are Sovereign Wealth Fund Investments Politically Biased? Comparing Mutual and Sovereign Funds, which was recently made publicly available on SSRN, belongs to a series of studies on Sovereign Wealth Funds and their role in the new financial architecture. The study is a background paper for the Global Development Outlook 2010. The resilience of […]
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Posted in Academic Research, Empirical Research, Institutional Investors, International Corporate Governance & Regulation
Tagged OECD, Sovereign Wealth Funds
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Delaware Court Adopts Unified Standard for Controlling Stockholder Going Private Transactions
In a recent Delaware decision issued in In re CNX Gas Corp. Shareholders Litigation, C.A. No. 5377-VCL (Del Ch. May 25, 2010), Vice Chancellor Travis Laster imposed additional requirements for controlling stockholders and boards to obtain the benefit of the more deferential business judgment standard of review by a court in litigation over a going […]
Click here to read the complete postThe Dark Side of Outside Directors
In the paper, The Dark Side of Outside Directors: Do They Quit When They are Most Needed? which was recently made publicly available on SSRN, my co-authors (Rüdiger Fahlenbrach from the Ecole Polytechnique Fédérale de Lausanne and the Swiss Finance Institute and Angie Low from the Nanyang Technological University) and I focus on a cost […]
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