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

Tackling the Climate Crisis

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, August 18, 2021

Despite the challenges, Ceres continued to expand our networks of powerful investors and companies, adding 44 new members in 2020. Just before the year began, we released the new Ceres Roadmap 2030, a 10-year action plan to help companies navigate and succeed in the accelerated transition to a just, inclusive, net zero emissions future. And […]

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CEO Tenure and Firm Value

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, August 18, 2021

Among academics and practitioners, there is an ongoing debate over whether CEOs stay in office too long. Empirically, a mosaic of evidence suggests that corporate outcomes – such as earnings management (Ali and Zhang, 2015), firm-customer and firm-employee relationships (Luo et al., 2014), innovation (Wu et al., 2005), net investments (Pan et al., 2016), and […]

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Effective Disclosure Controls Concerning Cybersecurity Breaches and Risks

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, August 18, 2021

In yet another important signal of the SEC’s increasing focus on how public companies respond to, and issue disclosures concerning, significant cyber breaches, the Commission announced yesterday that it had entered into a settled administrative order with Pearson plc, finding violations of the negligence-based antifraud provisions of the Securities Act and imposing a $1 million […]

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Board Diversity Deliberations

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, August 17, 2021

Director support among U.S.-listed companies is dropping this year as investors expect boards to accelerate their diversity commitments for not only gender, but also racial and ethnic diversity. Average support for director elections at S&P 500 companies dropped to 96.1% in the first half of 2021, and a similar decline has also been exhibited in […]

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The Need to Validate Exogenous Shocks: Shareholder Derivative Litigation, Universal Demand Laws and Firm Behavior

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, August 17, 2021

As researchers in finance and accounting seek to identify causal relationships in “real-world” data, they often turn to legal changes to provide a quasi-exogenous shocks. As a recent example, a growing number of academic use the adoption of universal demand (UD) laws to examine the causal effect of litigation risk on various firm outcomes (e.g., […]

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What Boards Need to Know Before, During, and After an Acquisition

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, August 17, 2021

Making an acquisition is a major step for a company. For all the possible benefits, however, there are many challenges that can derail a deal and destroy the anticipated shareholder value. Navigating those pitfalls is vital to an acquisition delivering on its potential. Here are the steps boards should take at each stage of an […]

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Blackrock Flexes Its Muscles During the 2020-21 Proxy Period

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, August 16, 2021

Although BlackRock, which manages assets valued at over $9 trillion, and its CEO, Laurence Fink, have long played an outsized role in promoting corporate sustainability and social responsibility, BlackRock has also long been a target for protests by activists. As reported by Bloomberg, “[e]nvironmental advocates in cities including New York, Miami, San Francisco, London and […]

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Business Groups: Panics, Runs, Organ Banks and Zombie Firms

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, August 16, 2021

Unlike in the US, large firms in many foreign stock markets come in business groups: sets of seemingly distinct firms—each with its own stock price, annual reports, public shareholders, board of directors and CEO—but all effectively controlled by on apex firm, often itself controlled by a tycoon of wealthy family. Business groups were commonplace in […]

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Let Your Mission Guide Your Executive Pay

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, August 16, 2021

Many business thinkers have criticized corporate “short-termism” that discourages crucial long-term investments in intangible capabilities. Executive pay programs get much of the blame, as even “long-term incentives” last only three years, with the goals for each year’s tranche reset annually. Those brief periods are understandable given that most company strategies in fast-paced markets require agile […]

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DOJ Indicts Founder of Nikola for Allegedly Defrauding Retail SPAC Investors

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, August 15, 2021

On July 29, 2021, the U.S. Attorney’s Office for the Southern District of New York unsealed a securities and wire fraud indictment against Trevor Milton, the founder and one-time chairman of Nikola Corporation (“Nikola”), a pre-revenue electric- and hydrogen-powered vehicle company which went public through a merger with a special-purpose acquisition company (“SPAC”). The Indictment […]

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