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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
Risk and The Chief Legal Officer: Expanding Exposure
My firm has prepared a memo entitled “Risk and The Chief Legal Officer: Expanding Exposure,” which addresses what we believe is expanding exposure facing Chief Legal Offices (CLOs) of US public companies. The first two sections briefly address the two key underpinnings of this phenomenon: (1) increasing focus on the CLO as a central player […]
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Posted in Boards of Directors, Practitioner Publications, Securities Regulation
Tagged CLOs, Risk, Risk management
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Executive Compensation: What Obama’s Plan Means
Editor’s Note: This article was recently published by the author, Ben Heineman, in Business Week. Mr. Heineman is General Electric’s former senior vice-president for law and public affairs, and is author of “High Performance with High Integrity”. The Administration’s attempt to deal with excessive pay is more about procedure than substance and will allow most […]
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Posted in Executive Compensation, Legislative & Regulatory Developments, Op-Eds & Opinions
Tagged Executive Compensation, Say on pay, TARP
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Back to Purchasing Troubled Assets
Editor’s Note: This post is by Lucian Bebchuk of Harvard Law School. The plan proposed by Treasury Secretary Paulson last September focused on the government’s purchasing “troubled assets” from banks and other financial institutions. Critics (including myself) stressed the huge difficulties that would be involved in the government’s placing a value on troubled assets and […]
Click here to read the complete postMoral Hazard and Managerial Compensation
In our recently accepted American Economic Review paper entitled Has Moral Hazard Become a More Important Factor in Managerial Compensation? we estimate a model of moral hazard with data spanning a sixty-year period in order to investigate how well two specific channels explain secular changes in managerial compensation and to assess their relative importance. First, […]
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Posted in Academic Research, Empirical Research, Executive Compensation
Tagged Executive Compensation, Moral hazard, Welfare cost
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More on the Administration’s Compensation Guidelines
Related to the recent op-ed piece from Professor Bebchuk regarding the new Treasury executive guidelines, here are key fixes to those new guidelines recommended by Jesse Brill, Chair of CompensationStandards.com: One key aspect of the Obama Adminstration’s new $500,000 cap that has not gotten sufficient attention is the unlimited amount of restricted stock and stock […]
Click here to read the complete postReactions to Bebchuk on the Administration’s Compensation Guidelines
In response to Lucian Bebchuk’s post from yesterday, Bernard Sharfman writes: I also agree that the proposed salary caps are mainly symbolic. In 2008, Wall Street paid out $18.4 billion in bonuses to its approximately 164K plus employees. Based on this data and the limited number of firms and number of employees (5 per firm) […]
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Posted in Boards of Directors, Executive Compensation, Practitioner Publications, Securities Regulation
Tagged Compensation guidelines
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The Administration’s Executive Pay Guidelines
Editor’s Note: This post is based on an op-ed piece by Lucian Bebchuk in today’s Wall Street Journal. Critics of the administration’s proposed guidelines on executive compensation say they are a dangerous intrusion into corporate boards’ authority and would make it difficult for financial firms to fill executive positions. These criticisms are unwarranted. If anything, […]
Click here to read the complete postSEC vs. Mark Cuban
I have recently filed an amicus brief on behalf of myself and Professor Bainbridge of the UCLA Law School, Professor Jonathan Macey of Yale Law School, Professor Alan Bromberg of SMU Law School and Professor Henderson of the University of Chicago Law School in the litigation filed against Mark Cuban by the SEC in the […]
Click here to read the complete postThe Financial Crisis and the Future of Financial Regulation
It is stating the obvious to say that over the last 18 months, and even more so the last four, the world financial system – and particularly but not exclusively the world banking system – has suffered a crisis as bad as any since the stock market crashes of 1929 and the various banking crises […]
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