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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
FDIC Proposal May Inhibit Private Equity Investments in Failed Banks
The FDIC recently issued a proposed policy statement laying down stringent new ground rules for private equity investments in failed banks. Currently, private equity firms face significant regulatory challenges in structuring investments in banks and thrifts. The Federal Reserve (in the case of bank acquisitions) and the OTS (in the case of thrift acquisitions) remain […]
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Posted in Financial Crisis, Financial Regulation, Practitioner Publications, Private Equity, Securities Regulation
Tagged Banks, Failed banks, FDIC, Private equity
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Identifying and Deflating Asset Bubbles
Editor’s Note: This post is by Hugh C. Beck, a member of the Securities and Exchange Commission staff. Despite its ostensible focus on stability, the Obama administration’s financial reform proposal offers no plan to prevent asset bubbles like the one in subprime loan securities that triggered the current crisis. Although expected, this outcome is disappointing […]
Click here to read the complete postThe Fall of the Toxic-Assets Plan
Editor’s Note: This post is based on an op-ed piece by Lucian Bebchuk published today on Wall Street Journal online. The plan for buying troubled assets — which was earlier announced as the central element of the administration’s financial stability plan — has been recently curtailed drastically. The Treasury and the FDIC have attributed this […]
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Posted in Financial Crisis, Financial Regulation, Op-Eds & Opinions
Tagged FDIC, Toxic assets, Treasury Department
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Management Persuasion Tactics
In our paper, Concede or Deny: Do Management Persuasion Tactics Affect Auditor Evaluation of Internal Control Deviations?, which was recently accepted for publication in the Accounting Review, we study when and how management persuasion tactics reduce auditors’ judgments about observed internal control deviations. By requiring auditors to opine on the effectiveness of a client’s internal […]
Click here to read the complete postBankUnited Bid Reveals Complexity of FDIC Decision Process
Editor’s Note: This post is Eduardo Gallardo’s colleagues Kimble Cannon, Dhiya El-Saden and Chris Bellini. The post discusses the recently disclosed bids in the Federal Deposit Insurance Corporation’s May 2009 auction of BankUnited Financial Corp. The bids show that the “highest” bidder did not necessarily win the auction, and that the FDIC’s decision making process […]
Click here to read the complete postDelaware Law Changes to Facilitate Voluntary Adoption of Proxy Access
On April 10, 2009, Delaware’s governor signed into law legislation that has the potential to impact significantly the election of directors. These changes are effective August 1, 2009, but generally would not affect companies until the 2010 proxy season. This Commentary describes the legislative changes and their practical impact, as well certain questions raised by […]
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Posted in Corporate Elections & Voting, Legislative & Regulatory Developments, Practitioner Publications
Tagged Delaware law, Georgeson, Proxy access, Proxy voting, Shareholder elections, Shareholder voting
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Opportunities for Reform Born Out of a Market Collapse
“When the music stops, in terms of liquidity, things will be complicated. As long as the music is playing, you’ve got to get up and dance. We’re still dancing.” Former Chairman and CEO of Citigroup Inc., Charles O. Prince, July 9, 2007, four months before being ousted after reporting an unexpected $11 billion write-off of […]
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Posted in Banking & Financial Institutions, Bankruptcy & Financial Distress, Boards of Directors, Financial Crisis, Practitioner Publications
Tagged BLB&G, Board independence, Boards of Directors, Citigroup, Financial crisis, Risk, Risk management, Subprime securities
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Are Independent Audit-Committee Members Objective?
In our forthcoming Accounting Review paper, Are Independent Audit-Committee Members Objective? Experimental Evidence, we use an experimental economic setting to explore whether bonuses tied to current and future investor wealth similar in nature to stock based compensation affects an audit committee member’s (ACM) preference for biased financial reporting. Our motivation to examine ACM preference arises […]
Click here to read the complete postDynamic Incentive Accounts
In our paper, Dynamic Incentive Accounts, which was recently updated after being presented at the Harvard Law School / Sloan Foundation Conference on Corporate Governance in March, we study how executive compensation might be reformed to address a number of issues that were important contributors to the recent financial crisis. We consider a setting in […]
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