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

Panel Discussion on Transactional Practice

The Harvard Law School Program on Corporate Governance is pleased to announce the availability of the video of its event on transactional practice. The event, which was held earlier this month, is the second of the Program’s series entitled Introduction to Corporate Practice. The series’ aim is to expose students to leading practitioners and their […]

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Our Representation on the Most-Influential-Corporate-Governance-Players List

Directorship magazine issued its second annual Directorship 100 list – a list of the 100 “most influential people on corporate governance.” The list includes such well-known figures as Chairman Barney Frank, Chairman Ben Bernanke, Treasury Secretary Henry Paulson, SEC Chair Christopher Cox, Goldman Sachs CEO Lloyd Blankfein, activist investor Carl Ichan, and Blackstone CEO Steve […]

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To Guide or Not to Guide? Causes and Consequences of Stopping Quarterly Earnings Guidance

In “To Guide or Not to Guide? Causes and Consequences of Stopping Quarterly Earnings Guidance”, which I co-wrote with Joel F. Houston and Jennifer W. Tucker, and which was recently accepted for publication in Contemporary Accounting Research, we investigate the importance of quarterly earnings guidance. Quarterly earnings guidance—managers’ public forecasts of forthcoming earnings—is widespread yet […]

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Bailout Bill

A Congressional section-by-section summary of the bailout bill to be voted on shortly by Congress is available here. The full draft of the bill is available here.

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U.S. v. Stein

In the recent decision of U.S. v. Stein, the US Court of Appeals for the Second Circuit upheld the dismissal of all charges against thirteen former partners and employees of KPMG, holding that the government had violated defendants’ Sixth Amendment rights by pressuring KPMG to cut off payment of their legal fees. The court affirmed […]

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Family Control of Firms and Industries

Recently, in the Law, Economics, and Organization Seminar here at the Law School, I presented my paper, co-authored with Raphael Amit, entitled Family Control of Firms and Industries. In our study, we use the variation in the prevalence of family control within and across industries in the United States to test the two broad explanations […]

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A Better Plan For Addressing The Financial Crisis

Editor’s Note: The post below is an op-ed piece published by Lucian Bebchuk in the Wall Street Journal this morning. This op-ed piece is based on his discussion paper, A Plan for Addressing the Financial Crisis, which was just issued by the Harvard Law School Program on Corporate Governance and is available here. Treasury Secretary […]

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Posted in Financial Crisis, Financial Regulation, HLS Research, Legislative & Regulatory Developments | Tagged , , | 2 Comments

Cross-Border Business Combination Transactions

At a recent public meeting, the Securities and Exchange Commission adopted a number of amendments to the rules that apply to cross-border tender offers, business combinations and rights offerings. The SEC also approved the issuance of interpretive guidance on several topics related to cross-border transactions. These amendments and guidance largely follow the SEC’s May 2008 […]

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Which Way Out?

Editor’s Note: This op-ed by Professor Howell Jackson will be published in the print edition of the Christian Scientist Monitor tomorrow. While many agree that dramatic governmental action is needed to restore confidence in financial markets, there is less consensus on the precise form that action should take. Secretary Paulson has sketched out one approach […]

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Posted in Financial Crisis, HLS Research, Legislative & Regulatory Developments, Op-Eds & Opinions | Tagged , , , , | 1 Comment

Fed Relaxes Traditional Control Rules for Private Equity and Other Minority Investments in Banks and Bank Holding Companies

Yesterday, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued a policy statement (the “Equity Policy Statement”) that relaxed and clarified its long-standing control rules relating to minority investments in banks and bank holding companies (“Banking Organizations”). These changes and clarifications relate to four principal areas: • expanded director rights; • […]

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Posted in Legislative & Regulatory Developments, Practitioner Publications, Private Equity, Securities Regulation | Tagged , , , | 1 Comment