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

FDIC Final Policy Statement Onerous and Unclear

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, September 8, 2009

At a meeting of the Board of Directors of the FDIC on August 26, 2009, the FDIC adopted a Final Statement of Policy on Qualifications for Failed Bank Acquisitions. The final policy statement establishes standards and requirements for private investors acquiring or investing in failed insured depository institutions, including through holding companies formed for that […]

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Posted in Financial Crisis, Financial Regulation, Legislative & Regulatory Developments, Practitioner Publications, Private Equity | Tagged | Comments Off on FDIC Final Policy Statement Onerous and Unclear

Capital Structure as a Strategic Variable

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, September 7, 2009

  The standard corporate finance paradigm posits that a firm determines its optimal capital structure by making tradeoffs between the tax advantages of debt, the expected costs of financial distress, the impact of asymmetric information, and the implications for managerial incentives. But when financial policy affects a firm’s competitive position in product or input markets, […]

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SEC Commissioner Sets Out Principles for Harmonization

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, September 6, 2009

(Editor’s Note: The post below by Commission Aguilar is a transcript of his remarks at the Joint Meeting of the Securities and Exchange Commission and Commodity Futures Trading Commission last week.) Good morning. I, too, would like to welcome the panelists and the members of the public present here, as well as those observing by […]

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Posted in Financial Regulation, Legislative & Regulatory Developments, Regulators Materials, Securities Regulation, Speeches & Testimony | Tagged , | Comments Off on SEC Commissioner Sets Out Principles for Harmonization

25 Professors Submit Amicus Brief in Supreme Court Investment Advisory Case

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, September 5, 2009

Editor’s Note: This post is by John Coates of Harvard Law School. On September 3, 2009, twenty-five corporate law and finance professors and scholars – including several contributors to this blog – filed an amici curiae brief in the case of Jones et al. v. Harris Associate L.P. The case is now pending before the […]

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Posted in Court Cases, Securities Regulation | Tagged , , , | 1 Comment

Motives and Consequences Of Financial Regulation

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, September 4, 2009

The motives and consequences of financial regulation are once again being hotly debated in the current global financial crisis. However, this debate is hardly new. In my paper The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 19th Century, which was co-written with Tobias Moskowitz of the University of Chicago […]

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Delaware Dominant in Choice of Law for Merger Agreements

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, September 3, 2009

In our paper “Delaware’s Competitive Reach:  An Empirical Analysis of Public Company Merger Agreements” recently posted to the SSRN (and available here) my co-author Matthew Cain of the Notre Dame Mendoza College of Business and I evaluate the selection of governing law and forum clauses in merger agreements between public firms from 2004-2008. In contrast […]

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CFOs, CEOs and Earnings Management

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, September 2, 2009

  In our paper, CFOs and CEOs: Who Have the Most Influence on Earnings Management?, which was recently accepted for publication in the Journal of Financial Economics, we investigate whether Chief Financial Officer (CFO) equity incentives are associated with earnings management. Extant research has primarily focused on how chief executive officer (CEO) equity incentives affect […]

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Treasury Proposes Comprehensive Supervision of OTC Derivatives

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, September 1, 2009

On August 11, the Treasury Department released the Over-the-Counter Derivatives Markets Act of 2009 (“OCDMA”), its legislative proposal to regulate the over-the-counter (OTC) derivatives industry. The proposed legislation provides an approach to comprehensively regulating OTC derivative transactions and the entities that enter into OTC derivatives transactions. Through its proposal, the Treasury Department is recommending the […]

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Posted in Legislative & Regulatory Developments, Practitioner Publications, Securities Regulation | Tagged , , , | 2 Comments

Shareholder Activism, Say on Pay and Executive Compensation

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, August 31, 2009

Executive pay is taking center stage in the governance reform debate, with significant attention given to a proposal to mandate an annual advisory shareholder vote on the executive compensation report, known as “say on pay,” following the example of United Kingdom (U.K.). I have recently completed two studies examining this proposal—the first considers the impact […]

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Posted in Academic Research, Boards of Directors, Corporate Elections & Voting, Empirical Research, Executive Compensation, International Corporate Governance & Regulation, Legislative & Regulatory Developments | Tagged , , | Comments Off on Shareholder Activism, Say on Pay and Executive Compensation

Treasury Inc.: How the Bailout Reshapes Corporate Theory & Practice

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, August 30, 2009

In my recent paper, currently in the submission process, Treasury Inc.: How the Bailout Reshapes Corporate Theory and Practice, I explore the implications of the U.S. Treasury Department and the Federal Reserve’s controlling ownership positions in many companies through its decision to take equity in TARP bailout participants. I show how existing corporate theory is […]

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