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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
FAS 157 and the Impact of Corporate Governance Mechanisms
In our paper, Value Relevance of FAS 157 Fair Value Hierarchy Information and the Impact of Corporate Governance Mechanisms, forthcoming in The Accounting Review, we use banking firm data from the first three quarters of 2008 to examine two important research questions related to fair value information provided by banks under FAS 157. First, we […]
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Posted in Academic Research, Accounting & Disclosure, Empirical Research
Tagged Fair values
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Detailed Summary of Senate Financial Reform Bill
Financial regulatory reform is reaching the legislative end game. On May 22, 2010, the United States Senate passed the Restoring American Financial Stability Act of 2010 (the “Senate bill”) by a vote of 59 to 39. The Senate bill is the culmination of nearly a year of work by the Senate – including a month […]
Click here to read the complete postPending U.S. and E.U. Legislation Promises Broad Changes for Private Fund Managers
Responding to the recent financial crisis, the U.S. and E.U. governments are taking steps to implement a broad extension of regulatory power to a wide range of private investment fund managers that previously operated globally subject to limited or no direct regulation. Pending U.S. Legislation The Restoring American Financial Stability Act, passed by the Senate, […]
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Posted in International Corporate Governance & Regulation, Legislative & Regulatory Developments, Practitioner Publications, Private Equity
Tagged Dodd-Frank Act, E.U. Fund Manager Directive, Hedge funds, Private funds
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Combining Banking with Private Equity Investing
In the paper, “An Unfair Advantage”? Combining Banking with Private Equity Investing, which was recently made publicly available on SSRN, we explore the phenomenon and economics of private equity investment by bank-affiliated groups. This paper is motivated by recent regulatory efforts to limit the ability of banks to undertake proprietary investing and trading activities. Despite […]
Click here to read the complete postUnderstanding RiskMetrics Shareholder Rights “GRId”
As we described in a prior memo, RiskMetrics has replaced its Corporate Governance Quotient (CGQ) with Governance Risk Indicators (GRIds). Using the new GRIds methodology, RiskMetrics will identify the level of concern (low, medium and high) for each company across four categories of corporate governance metrics used by RiskMetrics: Board Structure, Compensation, Audit and Shareholder […]
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Posted in Comparative Corporate Governance & Regulation, Practitioner Publications
Tagged Governance indices, GRId, ISS
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Agency Costs, Mispricing, and Ownership Structure
In our NBER working paper, Agency Costs, Mispricing, and Ownership Structure, we propose an explanation based on stock market mispricing for why firms with a controlling shareholder raise outside equity even when they cannot commit not to expropriate minority shareholders. Our main idea is that the controlling shareholder takes advantage of stock market mispricing to […]
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Posted in Academic Research, Empirical Research, International Corporate Governance & Regulation, Private Equity
Tagged Controlling shareholders, Stock mispricing
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OECD Provides Guidance for Anti-Bribery Compliance Programs
In March 2010, a working group of the Organization of Economic Cooperation and Development (“OECD”), representing the thirty OECD member nations and eight other countries (the “Working Group”), issued its much-awaited Good Practice Guidance for anti-bribery compliance programs. For global companies, this represents what could well be the most significant set of compliance and ethics […]
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Posted in Accounting & Disclosure, Corporate Social Responsibility, International Corporate Governance & Regulation, Practitioner Publications
Tagged Anti-corruption, Compliance & ethics, OECD
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Delaware Chancery Court Allows Preferred Stockholder Derivative Action
In a recent decision, the Delaware Court of Chancery for the first time held that preferred stockholders have standing to bring derivative suits on behalf of a corporation. MCG Capital Corp. v. Maginn, C.A. No. 4521-CC (Del. Ch. May 5, 2010). The plaintiff was the sole holder of Jenzabar, Inc.’s preferred stock but held no […]
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Posted in Corporate Elections & Voting, Court Cases, Practitioner Publications, Securities Litigation & Enforcement
Tagged Derivative suits, Gheewalla, MCG Capital Corp. v. Maginn
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