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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
Corporate Governance, Firm Valuation & Stock Returns
In our paper, “Thirty Years of Corporate Governance: Firm Valuation & Stock Returns”, which we recently presented at the Seminar in Law, Economics, and Organization here at Harvard Law School, we introduce a comprehensive corporate governance database starting in 1978 and ending in 1989, which tracks for a sample of approximately 1,000 unique firms whether […]
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Posted in Academic Research, Comparative Corporate Governance & Regulation, Empirical Research, HLS Research
Tagged Firm valuation, G-Index, Stock returns
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Merger Arbitrage, Beneficial Ownership Reporting and Proxy Contests: The SEC’s Perry Order
Earlier this year, on July 21, 2009, the US Securities and Exchange Commission issued a cease-and-desist order charging investment adviser Perry Corp. (Perry) with securities law violations for its failure to report timely under Section 13(d) of the Securities Exchange Act of 1934 its beneficial ownership of more than 5 percent of the outstanding common […]
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Posted in Mergers & Acquisitions, Practitioner Publications, Securities Litigation & Enforcement, Securities Regulation
Tagged Exchange Act, Exchange Act s.13, Risk, Risk arbitrage, Rule 13d-1, SEC
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The SEC’s Strategic Plan for Regulatory Reform
(Editor’s Note: Earlier this month the SEC released for comment its draft Strategic Plan for 2010-2015, including their strategic goals and outcomes for regulatory reforms and investor information. We have extracted below the list of strategic goals and outcomes, and the discussion and initiatives associated with the regulatory reforms and investor information goals. The complete […]
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Posted in Accounting & Disclosure, Legislative & Regulatory Developments, Regulators Materials, Securities Litigation & Enforcement, Securities Regulation
Tagged Disclosure, Financial regulation, SEC
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SEC and CFTC Release Joint Report on Harmonization of Regulation
The Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) (collectively, the “Commissions”) released a joint report on October 16, 2009 (the “Report”) reviewing the key elements of the Commissions’ regulatory schemes and providing recommendations for regulatory harmonization. The Report was produced in response to a request in Treasury’s White Paper on […]
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Posted in Financial Regulation, Legislative & Regulatory Developments, Practitioner Publications, Securities Litigation & Enforcement, Securities Regulation
Tagged CFTC, Fiduciary duties, Financial regulation, Risk, Risk management, Rule 15a-6, SEC
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How Law Affects Lending
In our paper, How Law Affects Lending, which was recently accepted for publication in the Review of Financial Studies, we exploit variation in legal institutions of twelve transition economies to investigate the effect of legal change on the supply of credit. Our study focuses on twelve Central Eastern European (CEE) transition economies. We assemble […]
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Posted in Academic Research, Banking & Financial Institutions, Bankruptcy & Financial Distress, Empirical Research
Tagged Credit supply, Debtor-creditor law, Europe
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Considerations for Public Company Directors in the Current Environment
The current economic and regulatory landscape poses unprecedented challenges for public companies and their boards of directors. They are facing scrutiny from shareholders, Congress, regulators and the public, and new proposals to address the causes of the financial crisis have been emerging on almost a daily basis for over a year now. Many of these […]
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Posted in Boards of Directors, Corporate Elections & Voting, Executive Compensation, Legislative & Regulatory Developments, Practitioner Publications
Tagged Board leadership, Boards of Directors, Clawbacks, Executive Compensation, Risk, Risk management, Say on pay, Shareholder proposals
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Regulation of OTC Derivatives and the Proposed OTC Derivatives Markets Act
(Editor’s Note: The post below is a transcript of Mr. Gensler’s recent testimony to the House Committee on Financial Services, omitting introductory and conclusory comments. Mr. Gensler’s complete written testimony can be found here.) I would like to address much-needed regulatory reform of OTC derivatives in the context of two principal goals: lowering risk to […]
Click here to read the complete postDo Buyouts (Still) Create Value?
The leveraged buyout (LBO) wave of the 1980s was an important phenomenon well studied by academics and practitioners. However, given the rise of the private equity industry, changes in the characteristics of firms targeted for buyouts, and changes in the structure of the transactions themselves, the mechanisms through which buyouts can create value have […]
Click here to read the complete postRegulate OTC Derivatives by Deregulating Them
As a result of the current financial crisis, there have been multiple calls for strict new regulation of over-the-counter (OTC) financial derivatives. In a new article entitled Regulate OTC Derivatives by Deregulating Them, I propose instead that we consider returning to the common law approach to “off-exchange” derivatives—“deregulate” them by refusing to allow traders who […]
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Posted in Academic Research, Derivatives, Legislative & Regulatory Developments, Securities Regulation
Tagged Financial regulation, Hedging, OTC derivatives
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