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

Why did some banks perform better during the crisis?

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, August 29, 2009

Throughout the world, many large banks have seen most of their equity destroyed by the crisis that started in the U.S. subprime sector in 2007 and governments have had to infuse capital in banks in many countries to prevent outright failure. Many observers have argued that ineffective regulation contributed or even caused the collapse. If […]

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FDIC Releases Policy Statement Restricting Private Equity Investments in Failed Banks

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, August 28, 2009

The FDIC issued yesterday its final policy statement on private equity investments in failed banks. In early July, the FDIC issued a proposed policy statement containing stringent restrictions on these types of transactions. While the final policy statement relaxes some of these limitations, it continues to impose significantly higher requirements for private equity investors seeking […]

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Guaranteed Bonuses Can Induce Risk-Taking

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, August 27, 2009

(Editor’s Note: This post is based on an op-ed piece by Lucian Bebchuk published today on Wall Street Journal Online and available here.) Financial firms seeking to attract and retain talent are reported to be making a substantial use of guaranteed bonuses, and the French Economy Minister recently called for limits on guaranteed bonuses. While […]

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Posted in Executive Compensation, Financial Crisis, Financial Regulation, Op-Eds & Opinions | Tagged , , | 1 Comment

A Critique of the President’s Financial Regulation Reforms

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, August 27, 2009

(Editor’s Note: This post by Richard A. Posner is the second part of a two-part series, and is based on a recent article in Lombard Street; the first part was posted on the Forum here.) If the proposals in the Obama Administration’s report on financial regulatory reform are adopted, the restriction on the size or […]

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Using Nonfinancial Measures to Assess Fraud Risk

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, August 26, 2009

  In our paper, Using Nonfinancial Measures to Assess Fraud Risk, which is forthcoming in the Journal of Accounting Research, we investigate whether publicly available nonfinancial measures (NFMs), such as the number of retail outlets, warehouse space, or employee headcounts, can be used to assess the likelihood of fraud. More specifically, we test whether inconsistencies […]

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Is the Supreme Court Determined to Expand Corporate Power?

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, August 25, 2009

(Editor’s Note: This essay was written by Robert Monks and Harvard Law School Visiting Professor Peter Murray.) One of the phrases bandied about during the confirmation hearings for Judge Sonia Sotomayor’s nomination to the United States Supreme Court is “judicial activism” – a tendency of judges to use the cases they decide to implement their […]

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Financial Decisions and Firm Location

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, August 24, 2009

  In our paper Financial Structure, Acquisition Opportunities, and Firm Locations, which was recently accepted for publication in the Journal of Finance, we investigate the relation between firms’ locations and their corporate finance decisions. More specifically, we examine whether these choices are related to whether or not the firm is located within an industry cluster, […]

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The Case For Aggressive Enforcement Of The Sarbanes-Oxley “Claw Back” Provison

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, August 23, 2009

(Editor’s Note: This post comes to us from Daniel J. Hurson of the Hurson Law Firm LLP, and relates to a recent client memorandum by Mr. Hurson, which can be found here.) In a recent forum post, John F. Savarese and Wayne M. Carlin of Wachtell Lipton are critical of the SEC’s recent filing of […]

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The Need for a Principled Approach to Compensation Reform

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, August 22, 2009

  The global economic crisis has aggravated existing concerns about executive compensation practices. Executive and key employee pay practices among large financial sector companies in particular have drawn public scrutiny and condemnation. Lost jobs and lost savings, as well as extensive government support for the financial sector and the automobile industry, means that executive compensation […]

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Posted in Executive Compensation, Financial Crisis, Practitioner Publications | Tagged , | 2 Comments

Competitive Effects of IPOs

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, August 21, 2009

  In our paper The New Game in Town: Competitive Effects of IPOs, which was recently accepted for publication in the Journal of Finance, we investigate the returns and operating performance of publicly traded firms around the time of large IPOs in their industry with two goals in mind. First, we seek to measure the […]

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