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

Proposed Money Market Reforms Fail to Address Key Issues

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, September 17, 2009

Despite last year’s near-miss of a Money Market Fund catastrophe, the SEC’s current Money Market Reform proposal asks for only modest reforms that fail to address the key issues of this $3.8 trillion financial intermediary; indeed, that may well aggravate systemic risk.   First, the proposal does not appreciate that there are really two separate MMF […]

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Do Analysts Understand Street Earnings?

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, September 16, 2009

  In my forthcoming Review of Accounting Studies paper entitled Do analysts and investors fully understand the persistence of the items excluded from Street earnings?, I investigate whether analysts and investors fully understand the persistence of the items excluded from Street earnings and whether their ability to understand it has improved since the adoption of […]

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Shareholder Opportunism in a World of Risky Debt

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, September 15, 2009

  According to the Treasury Department’s June 2009 report on the financial crisis, the collapse of AIG is Exhibit One in the case for more aggressive federal regulation of derivative contracts. Contrary, however, to the view adopted by Treasury, AIG did not fail merely because it sold credit default swaps linked to subprime mortgages. Rather, […]

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How Does Internal Control Regulation Affect Financial Reporting?

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, September 14, 2009

  In our paper How does internal control regulation affect financial reporting? which was recently accepted for publication in the Journal of Accounting and Economics, we examine the financial reporting effects of the Federal Depository Insurance Corporation Improvement Act (FDICIA) internal control provisions. The internal control provisions of the FDICIA provide exemptions that allow us […]

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Treasury Department Proposes Bank Capital Reforms

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, September 13, 2009

SUMMARY Late yesterday, the U.S. Treasury Department issued a policy statement entitled “Principles for Reforming the U.S. and International Regulatory Capital Framework for Banking Firms” (the “Policy Statement”). The Policy Statement, which was developed in consultation with the U.S. bank regulatory agencies, sets forth eight “core principles that should shape a new international capital accord”. […]

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Posted in Accounting & Disclosure, Banking & Financial Institutions, Financial Crisis, Financial Regulation, Practitioner Publications, Private Equity | Tagged , | Comments Off on Treasury Department Proposes Bank Capital Reforms

Proposed Pay Reform Rules Raise Questions

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, September 12, 2009

On July 17, the Securities and Exchange Commission (SEC) published in the Federal Register proposed changes in proxy statement disclosure rules affecting executive compensation as well as other matters. On July 31 the House of Representatives passed the Corporate and Financial Institution Compensation Fairness Act of 2009 (H.R. 3269) (the Compensation Fairness Act or the […]

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Overcoming Short-termism: A Call for A More Responsible Approach to Investment and Business Management

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, September 11, 2009

Introduction We believe a healthy society requires healthy and responsible companies that effectively pursue long-term goals. Yet in recent years, boards, managers, shareholders with varying agendas, and regulators, all, to one degree or another, have allowed short-term considerations to overwhelm the desirable long-term growth and sustainable profit objectives of the corporation. We believe that short-term […]

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Regulation Fair Disclosure and the Cost of Equity Capital

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, September 11, 2009

  Regulation Fair Disclosure (hereafter, Reg FD) was adopted by the SEC in 2000 to prohibit the selective disclosure of material information. The SEC was concerned that selective disclosure enables a privileged few, who are privy to the information, to profit at the expense of the investing public and that this unequal access to information […]

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Elements of Effective Systemic Regulation

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, September 10, 2009

In the wake of the financial crisis, there has been no shortage of approaches to regulatory reform, both here in Germany and globally. In a relatively brief period, we have witnessed a number of proposed changes to the rules and regulations that govern our industry and markets more broadly. Driving these are several common themes, […]

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Posted in Financial Crisis, Financial Regulation, Op-Eds & Opinions, Practitioner Publications | Tagged , , | 2 Comments

Why Financial Pay Shouldn’t be Left to the Market

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, September 9, 2009

(Editor’s Note: This post is Lucian Bebchuk’s most recent column in his series of monthly commentaries titled “The Rules of the Game” for the international association of newspapers Project Syndicate, which are available here.) Although some financial firms are reforming how they pay their employees, governments around the world are seriously considering regulating such firms’ […]

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