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

Bribery Warrants Global War

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, January 14, 2009

Editor’s Note: This article by Ben Heineman and Al Larson was also posted on Bloomberg.com. Mr. Heineman is the former Senior Vice President for Law and Public Affairs at General Electric. The bribery scandal involving Siemens AG, Europe’s largest engineering company, is the latest evidence that corruption of public officials remains a pernicious problem as […]

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Posted in Corporate Social Responsibility, Legislative & Regulatory Developments, Op-Eds & Opinions | Tagged , , , | 2 Comments

Top 5 Delaware Cases from 2008 — Rebuttal to Professor Brown

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, January 13, 2009

Last year, I replied to Professor J. Robert Brown’s list of the top 5 Delaware cases that, in his view, supported his negative perspective of Delaware law that remains the constant refrain on his blog called: The Race to the Bottom. My introductory explanation from my rebuttal of last year was as follows: … I […]

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Do Shareholder Rights Affect the Cost of Bank Loans?

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, January 12, 2009

In our paper Do Shareholder Rights Affect the Cost of Bank Loans? which was recently accepted for publication in the Review of Financial Studies, we analyze the relationship between firm-level corporate governance measured by the governance index of Gompers, Ishii, and Metrick (2003, henceforth GIM) and the cost of bank loans issued to publicly traded […]

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Court Rules on Alleged Breach of Indenture Reporting Covenant

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, January 11, 2009

In the last several years, there have been a number of situations where issuers have failed to file reports with the SEC on a timely basis and bondholders alleged that such failure violated certain provisions of the Trust Indenture Act (“TIA”), that are incorporated into all public debt indentures. In the first case that was […]

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The Story of Paramount Communications v. QVC Network

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, January 10, 2009

Editor’s Note: This post is from Ehud Kamar of University of Southern California. In the chapter The Story of Paramount Communications v. QVC Network: Everything Is Personal, which is forthcoming in the book Corporate Stories (J. Mark Ramseyer ed., Foundation Press, 2009), I tell the story of the famous contest between Viacom and QVC over […]

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Posted in Mergers & Acquisitions, Securities Regulation | Tagged , | 2 Comments

Proxy Season 2009

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, January 9, 2009

The outlook for proxy season 2009 This proxy season will be significantly affected by the credit crisis and the ensuing global economic turmoil. Investors and politicians have joined in an outcry over a perception of excessive executive pay, reckless risk-taking by management and inadequate board oversight at some companies. Prosecutors have launched investigations at numerous […]

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Posted in Boards of Directors, Corporate Elections & Voting, Practitioner Publications | Tagged , , , , , | Comments Off on Proxy Season 2009

Principles for Reforming Executive Pay

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, January 8, 2009

Editor’s Note: The following post by Ben W. Heineman Jr. was published on Wednesday in the online edition of Business Week. Reining in excessive management compensation will be high on the “to-do” list of the 111th Congress. The rocket fuel that sent the financial sector soaring into the stratosphere (where it ultimately exploded) was excessive […]

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

Blog reaches 3 Million Hits

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, January 7, 2009

As the hit counter on the right hand side of this blog indicates, our Harvard Law School Corporate Governance Blog has recently reached the 3-million-hits mark. Our blog, which was founded in December 2006, has been enjoying robust growth in traffic. A chart depicting the monthly traffic on our blog since its inception is displayed below: […]

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Posted in Program News & Events | Tagged | 1 Comment

Some Thoughts for Boards of Directors in 2009

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, January 6, 2009

Over the past year and a half, a perfect storm of economic conditions has triggered an extraordinary downward spiral: the subprime meltdown, liquidity crises, extreme market volatility, controversial government bailouts, consolidations of major banking institutions and widespread economic turmoil both domestically and abroad. Many corporations now find themselves in uncharted territory, with a new paradigm […]

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Posted in Boards of Directors, Corporate Elections & Voting, Mergers & Acquisitions, Practitioner Publications, Securities Regulation | Tagged , , | 1 Comment

Blockholder Trading, Market Efficiency, and Managerial Myopia

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, January 5, 2009

In my paper Blockholder Trading, Market Efficiency, and Managerial Myopia which was recently accepted for publication in the Journal of Finance, I analyze how outside blockholders can induce managers to undertake efficient real investment through their informed trading of the firm’s shares. The model developed in this paper addresses two broad issues. First, it shows […]

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