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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
Does Private Equity Create Wealth?
Does private equity create value when it acquires a company in a leveraged buyout? If so, how? This question has fascinated scholars ever since the first big wave of buyouts occurred in the mid-1980’s, but has yet to be resolved. A second, even bigger wave of LBO transactions in 2003-2007, brought to a shuddering halt […]
Click here to read the complete postCorporate Ownership and Control: British Business Transformed
U.K. corporate governance is characterized by a separation of ownership and control, in the sense that a majority of British publicly traded companies lacks a shareholder owning a sufficiently sizeable voting block to dictate corporate policy. This pattern has not only influenced the tenor of corporate governance debate in Britain but serves to distinguish the […]
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Posted in Academic Research, Boards of Directors, International Corporate Governance & Regulation
Tagged Control rights, Ownership
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Implementation of the Foreign Investment and National Security Act
My colleagues Margaret M. Ayres and Jeanine P. McGuinness have prepared a memorandum entitled “FINSA Final Regulations,” which discusses the final regulations recently issued by the U.S. Department of the Treasury to implement the Foreign Investment and National Security Act of 2007. That law amended the 1988 “Exon-Florio” statute and made significant changes to the […]
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Posted in International Corporate Governance & Regulation, Legislative & Regulatory Developments, Mergers & Acquisitions, Practitioner Publications
Tagged FINSA, Treasury Department
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Experts on the Future of the SEC
Editor’s Note: This post comes to us from Craig Eastland of Thomson West Information Center. On October 23rd, Henry Waxman’s House Committee on Oversight and Government Reform began hearings on regulatory oversight of financial markets. Alan Greenspan, John Snow, and Christopher Cox testified. SEC Chairman Cox, the only currently-serving official to testify, is in a […]
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Posted in Financial Crisis, Financial Regulation, Op-Eds & Opinions
Tagged Disclosure, Financial regulation, OTC derivatives, SEC
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Do Stock Mergers Create Value for Acquirers?
In our forthcoming Journal of Finance article entitled Do Stock Mergers Create Value for Acquirers?, we investigate and find support for the hypothesis that overvalued firms create value for long-term shareholders by using their equity as currency, which is consistent with a market-timing theory of acquisitions. One of the primary empirical predictions of the market-timing […]
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Posted in Academic Research, Empirical Research, Mergers & Acquisitions
Tagged Market timing, Shareholder value
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EESA Limits on Executive Pay at Affected Institutions
On Oct. 3, the Emergency Economic Stabilization Act of 2008 (the EESA) became law.[1] The EESA authorizes the U.S. Treasury Department to acquire up to $700 billion in “troubled assets” from financial institutions.[2] It designates the overall program as the Troubled Assets Relief Program (TARP). The authority of the Treasury to acquire troubled assets continues […]
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Posted in Boards of Directors, Executive Compensation, Financial Crisis, Practitioner Publications, Securities Regulation
Tagged Clawbacks, Financial crisis, Golden parachutes, TARP, Treasury Department
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Underfunded Pension Liability: Lenders and Buyers Beware
My firm has recently issued a memorandum entitled “Underfunded Pension Liability: Lenders and Buyers Beware,” which considers the risks posed by underfunded defined benefit pension plans to sponsors and acquirers of and lenders to companies with such plans. These risks have been heightened by the current market downturn, low interests rates and the impact of […]
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Posted in International Corporate Governance & Regulation, Practitioner Publications, Securities Regulation
Tagged FASB, Fried Frank, Pension funds
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Broken Deals: Who’s to Blame?
Who’s to blame when a signed deal falls through? This question is especially relevant with respect to LBO buyers these days. Deals negotiated when times were good and credit was easy look much less appealing if not disastrous now that the short term economic outlook is bleak and the credit environment has soured. In particular, […]
Click here to read the complete postA Pragmatic Approach to the Phased Consolidation of Financial Regulation in the United States
Editor’s Note: This post is by Howell Jackson of Harvard Law School. I recently issued a paper entitled A Pragmatic Approach to the Phased Consolidation of Financial Regulation in the United States, which recommends an approach to reforming the US system of financial regulation. The proposal comes against the backdrop of dramatic increases in market […]
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Posted in Financial Crisis, Financial Regulation, HLS Research, Securities Regulation
Tagged Federal Reserve, Financial regulation, Treasury Department
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