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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 Christine Davine
- Renata J. Ferrari
- Andrew Freedman
- Ray Garcia
- Byron Georgiou
- Joseph Hall
- Jason M. Halper William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino Jonathan Watkins
- Steven J. Williams
HLS Faculty & Senior Fellows
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
Market Reaction Surrounding SEC Filings
By arguing that the SEC’s EDGAR system provides instantaneous access to information in periodic SEC filings, recent studies document significant stock price reactions surrounding both 10-K and 10-Q filings. In our forthcoming The Accounting Review paper Market Reaction Surrounding the Filing of Periodic SEC Reports, we scrutinize these findings by taking into consideration the following […]
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Posted in Academic Research, Accounting & Disclosure, Empirical Research, Securities Regulation
Tagged Earnings disclosure, Filings, Market reaction, SEC
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The SEC’s Upcoming Agenda to Protect Investors
Editor’s Note: The post below by Chairman Mary Schapiro is a transcript of remarks by her to the Council of Institutional Investors, Spring Meeting, April 2009. When I first arrived at the SEC two months ago, I noticed a very large, framed quote prominently displayed outside the Chairman’s Office. It’s a quote from former Chairman […]
Click here to read the complete postIOSCO Report on Hedge Fund Oversight
The Technical Committee of the International Organization of Securities Commissions (“IOSCO”) recently published a consultation report (the “Hedge Fund Report”) that offers detailed recommendations for global regulation of hedge funds. The Hedge Fund Report solicits comments on the following key recommendations: Requiring prime brokers and banks, which are already regulated entities in all jurisdictions, to […]
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Posted in Financial Crisis, Practitioner Publications, Securities Regulation
Tagged Fund managers, Hedge funds, Investor protection, Risk, Risk disclosure, Short sales, White & Case
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Triggering a Poison Pill
Stockholder rights plans, commonly referred to as “poison pills,” were developed more than 25 years ago to fend off opportunistic “hostile” offers and other abusive takeover transactions. Poison pills traditionally have been designed to deter unauthorized share accumulations by imposing substantial dilution upon any stockholder who acquires shares in excess of a specified ownership threshold […]
Click here to read the complete postEvolution of Corporate Ownership
In our paper, The evolution of corporate ownership after IPO: The impact of investor protection, which was recently accepted for publication in the Review of Financial Studies, we examine the ownership structure for newly public firms, and how that structure changes over time. We assemble new panel data on corporate ownership covering a large panel […]
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Posted in Academic Research, Empirical Research, Securities Regulation
Tagged Blockholders, Firm performance, Investor protection, Ownership
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The Robustness of SOX
Editor’s Note: This post comes from Thomas Bowe Hansen of the University of New Hampshire, and Grace Pownall and Xue Wang of Emory University. In our paper, The Robustness of the Sarbanes Oxley Effect on the U.S. Capital Market, which was recently accepted for publication in the Review of Accounting Studies, we re-evaluate the effects […]
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Posted in Accounting & Disclosure, Banking & Financial Institutions, Empirical Research, Legislative & Regulatory Developments, Securities Regulation
Tagged Accounting standards, Capital markets, Going private, SOX
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Proposed Short Sale Restrictions
In an open meeting held yesterday, the Securities and Exchange Commission voted unanimously to issue proposals to revive restrictions on short sales in equity securities. The Commission indicated that its forthcoming release would seek comment on five proposed rules that adopt two alternative approaches to short sale restrictions: Price Tests – These proposals include: • […]
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Posted in Legislative & Regulatory Developments, Practitioner Publications, Securities Regulation
Tagged Circuit breaker, SEC, Short sales
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Managerial Incentives and Hedge Fund Performance
In our recently accepted Journal of Finance paper Role of Managerial Incentives and Discretion in Hedge Fund Performance, we demonstrate empirically that, in the case of hedge funds, managerial incentives and discretion are associated with better performance. While the prior corporate finance literature has examined this question, the results are hard to interpret given significant […]
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Posted in Academic Research, Accounting & Disclosure, Empirical Research
Tagged Fund managers, Hedge funds, Incentives
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Expanding EU Role in Financial Regulation
The economic crisis has produced a bewildering array of regulatory and economic responses at all levels of government. It is difficult, if not impossible, to have a complete overview of all these responses. A pattern that has emerged in European responses to the crisis, however, is the increased role the EU plays in laying down […]
Click here to read the complete postTunnel-Proofing the Executive Suite
In my forthcoming Review of Financial Studies paper “Tunnel-Proofing the Executive Suite: Transparency, Temptation, and the Design of Executive Compensation”, I model the problem of providing incentives for the faithful performance of the CEO’s role as a custodian of a complex bundle of assets whose value is opaque to outsiders. In particular, I model a […]
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Posted in Academic Research, Accounting & Disclosure, Boards of Directors, Empirical Research, Executive Compensation
Tagged Executive Compensation, Executive performance, Incentives, Shareholder value, Tunneling
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