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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
- Joseph Hall
- Jason M. Halper William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino
- Steven J. Williams
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
Creditor Rights and Corporate Risk-Taking
In a recent working paper Creditor Rights and Corporate Risk-Taking, we study the effect of creditor rights in bankruptcy on corporate risk-taking. In particular, we ask: What effect does the strength of creditor rights have on firms’ investment decisions? In other words, while a harsh penalty in default reduces fraud and opportunistic behavior by debtors, […]
Click here to read the complete postDrafting Disclosure Relating to Board Leadership and Risk Oversight
For some years now, corporate governance experts have debated the best model of board leadership for public companies. Studies have compared the historically prevailing U.S. model – in which the chief executive officer also serves as chairman of the board — with different approaches that are more common in other countries, such as the typical […]
Click here to read the complete postTaking Stock: What Has the Troubled Asset Relief Program Achieved?
Editor’s Note: Elizabeth Warren is the Leo Gottlieb Professor of Law at Harvard Law School, and the Chair of the Congressional Oversight Panel established in 2008 to review the current state of financial markets and the regulatory system. This post is based on a recent report of the Panel. The complete report is available here. […]
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Posted in Bankruptcy & Financial Distress, Financial Crisis, Regulators Materials
Tagged FDIC, Financial crisis, TARP
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Shareholder Choice in a World of Proxy Access
Editor’s Note: Stanley Keller is partner of Edwards Angell Palmer Dodge LLP. This post is by Mr. Keller, Robert Todd Lang and Charles M. Nathan. Mr. Lang is a partner of Weil, Gotshal & Manges LLP; and Mr. Nathan is a partner of Latham & Watkins LLP. The views expressed in this paper are solely […]
Click here to read the complete postSecurity Issue Timing
In our forthcoming Journal of Finance paper entitled Security Issue Timing: What Do Managers Know, and When Do They Know It?, we complete a large-scale empirical analysis of companies who sell put options on their own stock. A unique feature of our setting is the ability to investigate option exercises and expirations directly. Also, since […]
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Posted in Academic Research, Empirical Research, Securities Regulation
Tagged Capital markets, Market timing
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House Passes Wall Street Reform and Consumer Protection Act
Financial sector reform legislation continues to progress through Congress. Earlier this month, the House of Representatives passed its version of the legislation, summarized in this Davis Polk memorandum. The Senate is expected to begin discussion of its draft of the legislation when it returns in January 2010. The House bill, named the Wall Street Reform […]
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Posted in Financial Crisis, Financial Regulation, Legislative & Regulatory Developments, Practitioner Publications, Securities Regulation
Tagged Dodd-Frank Act, Financial regulation, Resolution authority
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Executive Compensation and the Maturity Structure of Corporate Debt
In our paper, Executive Compensation and the Maturity Structure of Corporate Debt, which was recently accepted for publication in the Journal of Finance, we investigate the role of short-term debt in reducing agency costs of debt arising from executive incentive contracts. Specifically, we examine the effect of the two portfolio sensitivities on the maturity structure […]
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Posted in Academic Research, Empirical Research, Executive Compensation
Tagged Agency costs, Corporate debt, Debt maturity, Executive Compensation
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UK Pre-Budget Report Targets Banking Sector
As part of today’s UK Pre-Budget Report, the Chancellor of the Exchequer, Alistair Darling, announced two important measures targeting the banking sector. The first is the introduction of the much-heralded bank bonus tax, which will apply with immediate effect until April 5, 2010, to bonuses over £25,000. The second is the introduction of the Code […]
Click here to read the complete postA Review of Corporate Governance in UK Banks and other Financial Industry Entities
In February I was asked by the Prime Minister to review corporate governance in UK banks in the light of the experience of critical loss and failure throughout the banking system. The terms of reference were subsequently extended to include other financial institutions. To limit immediate crisis damage and to stem the risk of further […]
Click here to read the complete postThe Global Financial Crisis
The Global Financial Crisis, recently published by Foundation Press, describes the basic causes of the financial crisis; analyzes the regulatory, political and market responses to it; and discusses the merits of various recent reform proposals. Written by Hal S. Scott, the Nomura Professor and Director of the Program on International Financial Systems at Harvard Law […]
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