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

Superstar CEOs

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

Editor’s Note: This post comes from Ulrike Malmendier of the University of California, Berkeley and Geoffrey A. Tate of the University of California, Los Angeles. Compensation, status, and press coverage of managers in the U.S. follow a highly skewed distribution: a small number of ‘superstars’ enjoy the bulk of the rewards. However, the “tournament” for […]

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Posted in Empirical Research, Executive Compensation | Tagged , , , | 1 Comment

Supreme Court rejects post-merger stockholder claims

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

In an important decision, the Delaware Supreme Court has firmly rejected post-merger stockholder claims that directors failed to act in good faith in selling the company, even if it were assumed that they did nothing to prepare for an impending offer and did not even consider conducting a market check before entering into a merger […]

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Posted in Court Cases, Mergers & Acquisitions, Practitioner Publications | Tagged , , , , , | 1 Comment

Efficient and Effective Enforcement by the SEC

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

Editor’s Note: The post below by Commissioner Troy Paredes is a transcript of remarks by him at the 2009 Southeastern Securities Conference on March 19, 2009 in Atlanta, Georgia. It is an honor to be speaking here today at the 2009 Southeastern Securities Conference. Before I begin, I must say the standard disclaimer: The views […]

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Posted in Regulators Materials, Securities Litigation & Enforcement, Speeches & Testimony | Tagged , | Comments Off on Efficient and Effective Enforcement by the SEC

Lyondell Chemical Co. v. Ryan

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

Editor’s Note: This post is part of the Delaware law series, which is cosponsored by the Forum and Corporation Service Company; links to other posts in the series are available here. Last night, the Supreme Court of Delaware handed down its much anticipated decision in Lyondell Chemical Company v. Ryan, a case concerning whether the […]

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Public-Private Investment Funds

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

On 23 March the Treasury released highly anticipated details regarding the Public-Private Investment Fund (“PPIF”) portion of the Financial Stability Plan. The PPIF plan is intended to address the “legacy” assets at the center of the global financial crisis. These assets include both residential and commercial real estate loans held directly on the balance sheets […]

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Posted in Financial Crisis, Legislative & Regulatory Developments, Practitioner Publications, Securities Regulation | Tagged , , , , , | 1 Comment

Making Sense of Cents

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

In our recently accepted Journal of Finance paper Making Sense of Cents: An Examination of Firms That Marginally Miss or Beat Analyst Forecasts, we provide evidence on the short and long-term price and profitability performance associated with managers undertaking myopic actions to meet short term earnings benchmarks, either through real operating decisions or management of […]

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Why do countries adopt IFRS?

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

The International Accounting Standards Board (IASB) was established in 2001 to develop International Financial Reporting Standards (IFRS). Since then, nearly 70 countries have mandated IFRS for all listed companies. Further, about 23 countries have either mandated IFRS for some listed companies or allow listed companies to voluntarily adopt IFRS. However, as of 2007, at least […]

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Posted in Academic Research, Accounting & Disclosure, Empirical Research, International Corporate Governance & Regulation, Securities Regulation | Tagged , , | 2 Comments

Hedge Funds in the Crosshairs

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

By virtually any measure, 2008 was a watershed year on the hedge fund enforcement front. Driven by the turmoil that has reshaped our capital and credit markets, enforcement efforts soared to new heights. Regulators and prosecutors redefined their enforcement priorities, commenced an unprecedented number of investigations and enforcement actions, and, according to a senior SEC […]

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The Challenge for Financial Regulation

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

Editor’s Note: This post by Benjamin Heineman is based on an op-ed post by the author appearing in The Washington Post. Finding a new balance between public regulation and private decision-making is a paramount issue of the time. The crisis in capitalism stems from the systemic failures of business judgment in the financial sector which […]

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Posted in Financial Crisis, Financial Regulation, Legislative & Regulatory Developments, Op-Eds & Opinions | Tagged , , , , | 1 Comment

Satisficing Contracts

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

In my working paper Satisficing Contracts which I recently presented at the Law, Economics and Organizations Workshop here at Harvard Law School, my co-author Antoine Faure-Grimaud and I analyze a contracting model with two agents, each facing thinking costs, in which equilibrium incomplete contracts arise endogenously. The basic situation we model is an investment in […]

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