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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
FINRA Proposes Changes to Research Quiet Period
FINRA has issued and is requesting comment on Proposed Research Registration and Conflict of Interest Rules. The proposed rules would replace the existing NYSE and NASD Rules governing research analyst conflicts of interest and would also supersede the proposed changes to those rules published by the SEC in January 2007. Significantly, the proposed rules would […]
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Posted in Practitioner Publications, Securities Regulation
Tagged Conflicts of interest, FINRA, IPOs, NASD, NYSE
3 Comments
Research on the Adoption of IFRS
I have recently completed two working papers that address issues related to the adoption of International Financial Reporting Standards (IFRS). In the first paper, entitled Market Reaction to the Adoption of IFRS in Europe, my co-authors and I examine the European stock market reaction to sixteen events associated with the adoption of International Financial Reporting […]
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Posted in Academic Research, Accounting & Disclosure, Empirical Research, International Corporate Governance & Regulation, Securities Regulation
Tagged Accounting, Europe, Fair values, IFRS, Market reaction
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Hiring Cheerleaders: Board Appointments Of “Independent” Directors
In our recent working paper entitled Hiring Cheerleaders: Board Appointments Of “Independent” Directors, we test the hypothesis that boards appoint independent directors who, while technically independent according to regulatory definitions, nonetheless may be overly sympathetic to management. Rather than adopting the typical approach in the literature, which seeks to relate measures of board independence (e.g., […]
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Posted in Academic Research, Boards of Directors, Empirical Research
Tagged Board independence, Boards of Directors, Firm performance
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M&A Perspectives – The Failure of Private Equity
We call your attention to a special M&A event, “M&A Perspectives – The Failure of Private Equity,” which will be accessible at no cost by web seminar on October 30, 2008 in Wilmington, DE, from 3:00 p.m. – 4:30 p.m. Eastern Time. With the Lyondell Chemical case on appeal, and with the Huntsman/Hexion merger still […]
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Posted in Mergers & Acquisitions, Practitioner Publications, Private Equity, Program News & Events
Tagged CSC, Private equity
1 Comment
Third Circuit Upholds Validity of SEC: Amendments Clarifying Exemptions from Section 16 Liability
The Third Circuit recently upheld the validity of two clarifying amendments adopted by the SEC in 2005. The amendments clarified two important exemptions from shortswing-profit liability under Section 16(b) of the Securities Exchange Act: (1) Rule 16b-3, which exempts certain transactions between an issuer and its officers or directors; and (2) Rule 16b-7, which exempts […]
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Posted in Court Cases, Legislative & Regulatory Developments, Practitioner Publications, Securities Regulation
Tagged Exchange Act s.16, Rule 16b, SEC, U.S. federal courts
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The Trust Has Left the Building: $23,000 on Spa Treatments
It looks like the folks at AIG have taken “tone at the top” to heart. Unfortunately, their tone isn’t of the type that is good news for taxpayers, who now own 80% of AIG. As this Washington Post article describes, two former AIG CEOs were grilled during a House Committee on Oversight and Government Reform […]
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Posted in Boards of Directors, Practitioner Publications
Tagged AIG, Board leadership, Oversight, Social capital
2 Comments
Corporate Governance, Enforcement, and Firm Value: Evidence from India
Recently in the Law and Economics Seminar here at Harvard Law School, we presented our paper entitled Corporate Governance, Enforcement, and Firm Value: Evidence from India. This paper analyzes the connections between corporate governance, stock market development and firm value using a sequence of reforms to India’s corporate governance regime as a source of exogenous […]
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Posted in Academic Research, Empirical Research, International Corporate Governance & Regulation, Securities Regulation
Tagged Firm valuation, Governance reform, India
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Developments in Takeover Defenses
As discussed in our recent Webcast on Developments in Takeover Defenses, Latham & Watkins LLP has prepared a new model of advance notice bylaw provisions that have been updated and modernized, not only to address the issues raised in the recent decisions in JANA Master Fund, Ltd. v. CNET Networks, Inc. and Levitt Corp. v. […]
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Posted in Boards of Directors, Mergers & Acquisitions, Practitioner Publications
Tagged Charter & bylaws, JANA Fund v. CNET, Levitt v. Office Depot, Takeover defenses
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Incentives for Innovation
I recently presented a pair of papers on the topic of “Incentives for Innovation” at the Finance Department Seminar at Harvard Business School. In the first paper, entitled “Motivating Innovation”, I model the process of innovation using a class of Bayesian decision models known as bandit problems. Innovation in this setting is the discovery, through […]
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Posted in Academic Research, Private Equity
Tagged Entrepreneurs, Incentives, Innovation, Pay for performance
1 Comment
A global survey to find out what investors really think about the crisis
One of the features of the current financial crisis is the comparative lack of comment from the bulk of the market participants. Certain high profile investors such as George Soros and Warren Buffett have been widely quoted, but might not be regarded as typical industry participants. We also have the recent testimony by some of […]
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Posted in Academic Research, Empirical Research, Financial Crisis, Practitioner Publications
Tagged Capital markets, Financial crisis, Investment banking
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