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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
- Renata J. Ferrari
- Andrew Freedman
- Ray Garcia
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- Jason M. Halper William P. Mills
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Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
Mandatory Disclosure and Operational Risk: Evidence from Hedge Fund Registration
In our forthcoming Journal of Finance article, Mandatory Disclosure and Operational Risk: Evidence from Hedge Fund Registration, we use the SEC rule adopted on December 2, 2004 that required hedge fund managers to register as investment advisers by February 1, 2006 as an opportunity to test the potential value and materiality of operational risk and […]
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Posted in Academic Research, Empirical Research, Securities Regulation
Tagged Disclosure, Hedge funds, Registration statements, Risk, SEC
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The Ban and the TARP
Recently the SEC announced that its ban on short selling in financial company stocks would expire three (3) days after the enactment by Congress of the Troubled Asset Relief Program. It was an arbitrary decision to tie the expiration of the ban to the Congressional action and, even if it made sense when the SEC […]
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Posted in Financial Crisis, Practitioner Publications, Securities Regulation
Tagged Bailouts, SEC, Short sales, TARP
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SEC Announces Extension of Emergency Short Selling Orders and Related Action
The SEC recently issued a statement announcing that it was extending certain temporary emergency orders and describing other actions relating to short selling rules. The following temporary orders are being extended: • The order prohibiting short selling in public financial companies specified by the securities exchanges on which the shares of those companies are listed. […]
Click here to read the complete postCSC Publishing Releases Fall Update of Delaware Laws Governing Business Entities
Corporation Service Company’s publishing division has released the Fall 2008 Edition of Delaware Laws Governing Business Entities, a two-volume set containing annotated Delaware business statutes and other useful research features. The books, which are published in collaboration with legal publisher LexisNexis, are updated every six months to ensure that readers have access to current statutory […]
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Posted in Legislative & Regulatory Developments, Practitioner Publications
Tagged CSC, Delaware articles, Delaware law
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A lesson from 1929 for the hedge funds
Editor’s Note: This post by our Guest Contributors John Armour of the University of Oxford and Brian Cheffins of the University of Cambridge was published today on ft.com. The current credit crisis has many reaching for their history books, seeking to find out what lessons might be drawn from previous financial disasters. There is a […]
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Posted in International Corporate Governance & Regulation, Op-Eds & Opinions, Securities Regulation
Tagged Financial crisis, Hedge funds, Investment banking
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Landed Interests and Financial Underdevelopment in the United States
Recently, in the Law, Economics, and Organization Seminar here at the Law School, I presented my paper, co-authored with Rodney Ramcharan, entitled Landed Interests and Financial Underdevelopment in the United States. In our paper, we explore how the structure of banking across counties in the United States was shaped in the early part of the […]
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Posted in Academic Research, Banking & Financial Institutions
Tagged Banks, Financial development, Mortgage lending
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Corporate Governance, Promises Made, Promises Broken
My forthcoming book, Corporate Governance, Promises Made, Promises Broken, presents my views about what corporate governance is all about and what sorts of corporate governance institutions and mechanisms work best. Corporate governance consists of a farrago of legal and economic devices that induce the people in charge of companies with publicly owned and traded stock […]
Click here to read the complete postEarnings Restatements, Changes in CEO Compensation, and Firm Performance
In our forthcoming Accounting Review paper entitled Earnings Restatements, Changes in CEO Compensation, and Firm Performance, we provide insights into the design and efficacy of chief executive officer (CEO) compensation contracts following an earnings restatement. Using a sample of 289 restatements and the year prior to restatement announcement as the benchmark year, we find that […]
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Posted in Academic Research, Empirical Research, Executive Compensation
Tagged Equity-based compensation, Executive Compensation, Firm performance, Restatements
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A Multi-disciplinary Perspective of the Emergency Economic Stabilization Act of 2008
In this memorandum, a team composed of experts in my firm’s financial institutions, corporate governance, real estate, capital markets, executive compensation, hedge fund, private equity, asset management, white collar defense and litigation departments discusses our collective view on the likely interpretation of the Emergency Economic Stabilization Act’s most important provisions, the key ambiguities and questions […]
Click here to read the complete postUncle Sam should claw back Wall Street bonuses
Editor’s Note: For a related piece published in the San Francisco Chronicle by Professor Jesse Fried, the author of this post, see here. Warren Buffett aptly called the credit-related derivatives invented, marketed, and held by Wall Street firms “financial weapons of mass destruction.” These weapons have now gone off, putting the economy at risk. The […]
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