Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation

Senate Bill Passes with Broad Corporate Governance and Compensation Provisions

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, May 21, 2010

Last night the Senate passed the Restoring American Financial Stability Act of 2010 . As discussed in a prior memorandum published on the Forum, the Senate Bill would federalize significant governance and executive compensation matters that have historically been a matter of state law. The bill would affect all US public companies and would especially […]

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Posted in Corporate Elections & Voting, Executive Compensation, Legislative & Regulatory Developments, Practitioner Publications | Tagged , | 1 Comment

Are International Accounting Standards-Based and US GAAP-Based Accounting Amounts Comparable?

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, May 21, 2010

In our paper, Are International Accounting Standards-Based and US GAAP-Based Accounting Amounts Comparable? which was recently made publicly available on SSRN, we seek to determine the extent to which application of International Financial Reporting Standards (IFRS) as applied by non-US firms (hereafter, IFRS firms) results in accounting amounts that are comparable to those resulting from […]

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Posted in Academic Research, Accounting & Disclosure, Comparative Corporate Governance & Regulation, Empirical Research, International Corporate Governance & Regulation | Tagged , | Comments Off on Are International Accounting Standards-Based and US GAAP-Based Accounting Amounts Comparable?

Inside the Corporate Governance Complex

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, May 20, 2010

Editor’s Note: Suzanne Stevens is a senior editor at The Deal. This post relates to a recent article by Ms. Stevens in The Deal, which is available here. In an article titled What Berle and Means have wrought in the May 17 issue of The Deal magazine and available on thedeal.com, my colleague Michael Rudnick […]

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Posted in Comparative Corporate Governance & Regulation, Op-Eds & Opinions, Program News & Events | Tagged , | Comments Off on Inside the Corporate Governance Complex

Estimating the Effects of Large Shareholders Using a Geographic Instrument

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, May 19, 2010

In our paper, Estimating the Effects of Large Shareholders Using a Geographic Instrument, forthcoming in the Journal of Financial and Quantitative Analysis, we develop and test a new instrumental variable framework which allows us to separate selection effects from treatment effects for a large group of blockholders and to quantify their impact on several aspects […]

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Posted in Academic Research, Corporate Elections & Voting, Empirical Research | Tagged | Comments Off on Estimating the Effects of Large Shareholders Using a Geographic Instrument

Red Flags for Say-on-Pay Voting

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, May 18, 2010

For investors, the advent of advisory shareowner votes on executive compensation — at more than 300 companies in 2010 — is an opportunity and a challenge. These votes can be catalysts for shareowner discussions with directors and management about pay concerns, including the structure and size of executive compensation. But they also oblige shareowners to […]

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Posted in Executive Compensation, Institutional Investors, Practitioner Publications | Tagged , , | 1 Comment

CEO Replacement under Private Information

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, May 17, 2010

In the paper, CEO Replacement under Private Information, forthcoming in the Review of Financial Studies, we derive joint implications for the optimal CEO compensation and replacement policy based on a model of “information-based entrenchment.” In our model, the CEO’s desire to become entrenched is endogenous and does not derive from exogenously specified private benefits of […]

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Posted in Academic Research, Empirical Research, Executive Compensation | Comments Off on CEO Replacement under Private Information

The Wall Street Takeover and the Next Financial Meltdown: Problems and Solutions

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, May 16, 2010

Editor’s Note: This post comes to us from James Kwak, co-author of 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown, and co-founder of the blog The Baseline Scenario. 13 Bankers, the book that I co-write with Simon Johnson, was released one month ago. The book has gotten more attention than I had […]

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Posted in Banking & Financial Institutions, Financial Crisis, Financial Regulation, Op-Eds & Opinions | Tagged | 3 Comments

The Corporate Responsibility to Respect Human Rights

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, May 15, 2010

Late last month, the latest report under my mandate as Special Representative of the U.N. Secretary General on business and human rights was released in advance of the June session of the U.N. Human Rights Council (Council). This is my last interim report before I submit my final recommendations next year. In this posting I […]

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Posted in Academic Research, Corporate Social Responsibility, International Corporate Governance & Regulation | Tagged , | Comments Off on The Corporate Responsibility to Respect Human Rights

The Consequences of Entrepreneurial Finance

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, May 14, 2010

In the paper, The Consequences of Entrepreneurial Finance: A Regression Discontinuity Analysis, which was recently made publicly available on SSRN, my co-authors (William Kerr and Antoinette Schoar) and I document the role of angel funding for the growth, survival, and access to follow-on funding of high-growth start-up firms. We use a regression discontinuity approach to […]

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Posted in Academic Research, Empirical Research, Private Equity | Tagged , | 1 Comment

Current Corporate Governance Trends in Germany

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, May 14, 2010

About a decade or so ago, publicly traded German operating companies were characterized by stable management boards with mostly German nationals serving as board members, and stable shareholder bases characterized by a preponderance of cross-holdings by German banks, insurance companies and other operating companies. In general, there was little shareholder activism and German companies were […]

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Posted in Boards of Directors, International Corporate Governance & Regulation, Practitioner Publications | Tagged , , | 1 Comment
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