Category Archives: Program News & Events

Bebchuk Leads SSRN’s 2015 Citation Rankings

Statistics released publicly by the Social Science Research Network (SSRN) indicate that, as was the case at the end of each of the eight preceding years, Professor Lucian Bebchuk led SSRN citation rankings for law professors at the end of 2015. As of the end of December 2015, Bebchuk ranked first among all law school professors in all fields in terms of the total number of citations to his work (as well as second in the total number of downloads of his work on SSRN).

Professor Bebchuk’s papers (available on his SSRN page here) have attracted a total of 4,373 citations. His top ten papers in terms of citations are as follows:

SSRN is the leading electronic service for social science research, and its electronic library contains (as of December 2015) 539,398 full-text documents by 297,574 authors. SSRN’s rankings in terms of citations are available here and SSRN’s rankings in terms of downloads are available here.

Program Hiring Post-Doctoral Fellows and Senior Associates


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The Program on Corporate Governance is seeking applications from highly qualified candidates who are interested in working with the Program as post-doctoral fellows or senior associates in the fields of corporate governance and/or law and finance.

Post-Doctoral Fellows: Applicants for a position of a post-doctoral fellow should be interested in spending between one and three years in preparation for a career in academia or in policy research. Applicants should have a J.D. or an LL.M. degree from a U.S. law school, or a doctoral degree in finance, accounting or business economics. Applicants may also be candidates who would be completing work on a doctoral dissertation in law or another discipline during their period as fellows.

Senior Associates: Applicants for the position of senior associate should be interested in working with the Program on some of its activities in the areas of corporate governance and law and finance. Applicants should have a J.D. or an LL.M. degree from a U.S. law school. Law firm experience in a relevant area of legal practice would be a plus.

During the period of their appointment, post-doctoral fellows and senior associates will be expected to work on research and corporate governance activities of the Program, with the allocation to projects depending on their interests and program requirements.

Applications will be considered on a rolling basis. Applicants should send the following to the coordinator of the Program, at coordinator@corpgov.law.harvard.edu: (1) a curriculum vitae; and (2) a 2-3 page statement describing the applicant’s interests, experience, reasons for seeking the position, career plans, and the kind of Program projects and activities in which they would be interested in being involved.

Harvard Convenes the 2015 Executive Compensation & Corporate Governance Roundtable

The Harvard Law School Program on Corporate Governance and the Harvard Law School Program on Institutional Investors convened the Harvard Roundtable on Executive Compensation & Corporate Governance last Wednesday, October 21, 2015. The event brought together for a roundtable discussion 62 prominent experts with a wide range of perspectives on the subject, including senior officers from leading institutional investors (both mutual funds and public pension funds) with aggregate assets under management exceeding $13 trillion, and from significant issuers, prominent advisors, and academics. Participants in the event, and the topics of discussion, are set out below.

The Roundtable discussion on issues relating to the process of determining executive compensation included discussion of the work of proxy advisors and their interaction with investors and issuers, engagement between issuers and investors themselves and compensation disclosure issues, such as pay-for-performance disclosure and pay-ratio disclosure. The Roundtable then moved to a discussion of the substantive terms of compensation arrangements, including compensation levels, composition, and structures. Issues that were considered included the composition of long-term and short-term incentive pay and contractual provisions such as claw-backs and hedging policies. The Roundtable ended with a discussion of current issues in corporate governance, including lessons from the 2015 proxy season, current thinking on engagement with investors, and proxy access.

The Roundtable was co-organized by Lucian Bebchuk, Stephen Davis, and Scott Hirst, and was supported by a number of co-sponsors (listed here), the supporting organizations of the Program on Corporate Governance (listed on the program site here), and the institutional members of the Harvard Institutional Investor Forum (listed here).

The participants in the Harvard Roundtable on Executive Compensation & Corporate Governance included:

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Harvard Convenes the Roundtable on Shareholder Engagement

The Harvard Law School Program on Corporate Governance and the Harvard Law School Program on Institutional Investors convened the Harvard Roundtable on Shareholder Engagement last Wednesday, June 17. The event brought together for a roundtable discussion 81 prominent experts with a wide range of perspectives on the subject, including senior officers from institutional investors (both mutual funds and public pension funds) with aggregate assets under management exceeding $16 trillion, senior officers from companies with aggregate market capitalization exceeding $1.4 trillion, and representatives from many leading activist hedge funds, investment banks and corporate law firms. Participants in the event, and the topics of discussion, are set out below.

The Roundtable sessions focused on shareholder engagement with issuers. The Roundtable began with a general discussion of current debates on shareholder activism. The participants discussed a variety of topics, including the debate on whether activism is beneficial for the long-term and the debate on buybacks and distributions to shareholders. The Roundtable then moved to a discussion of engagements with respect to activist interventions, including engagement between issuers and investors (both activists and non-activist), and among investors. The Roundtable, which was co-organized by Lucian Bebchuk, Stephen Davis, and Scott Hirst, was sponsored by a number of co-sponsors (listed here), the supporting organizations of the Program on Corporate Governance (listed on the Program site here), and the institutional members of the Harvard Institutional Investor Forum (listed here).

The participants in the Roundtable on Shareholder Engagement included:

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The Forum’s New Look

The Harvard Law School Forum on Corporate Governance and Financial Regulation is pleased to present a newly redesigned website. The Forum will continue to be available at its old address, http://blogs.law.harvard.edu/corpgov, which will automatically redirect to its new address, http://corpgov.law.harvard.edu.

Since the Forum was created in 2006, its audience has grown to hundreds of thousands of monthly visits and thousands of Twitter followers and subscribers to our newsletter, many of whom now access the Forum on mobile devices. The Forum has been completely redesigned with these trends in mind, and the new design will enhance readability, navigation, search, and mobile accessibility. Comments or feedback on the redesigned site can be sent to: techsupport@corpgov.law.harvard.edu.

Harvard Convenes the Corporate Governance Roundtable

The Harvard Law School Program on Corporate Governance and the Harvard Law School Program on Institutional Investors convened the Harvard Roundtable on Corporate Governance last Wednesday, March 18. The event brought together for a roundtable discussion 75 prominent experts with a wide range of perspectives on this subject, including those of investors, issuers, advisors, and academics. Participants in the event, and the topics of discussion, are set out below.

The Roundtable, which was co-organized by Lucian Bebchuk, Stephen Davis, and Scott Hirst, was sponsored by a number of co-sponsors (listed here), the supporting organizations of the Program on Corporate Governance (listed on the program site here), and the institutional members of the Harvard Institutional Investor Forum (listed here).

The Roundtable sessions focused on board composition, and other current issues in corporate governance. The Roundtable began with discussion of board composition issues. The participants discussed a variety of issues on the topic, including director experience and skills, director tenure and age, board refreshment, board diversity and board evaluations. The Roundtable then moved to a discussion of proxy access and other current issues in corporate governance, and engagement between issuers and investors on such issues.

The participants in the Harvard Roundtable on Corporate Governance included:

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Bebchuk Leads SSRN’s 2014 Citation Rankings

Statistics released publicly by the Social Science Research Network (SSRN) indicate that, as was the case at the end of each of the seven preceding years, Professor Lucian Bebchuk led SSRN citation rankings for law professors at the end of 2014. As of the end of December 2014, Bebchuk ranked first among all law school professors in all fields in terms of the total number of citations to his work (as well as the total number of downloads of his work on SSRN).

Professor Bebchuk’s papers (available on his SSRN page here) have attracted a total of 4,314 citations. His top ten papers in terms of citations are as follows:

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The Short-Termism Debate at the Federalist Society Convention

The following post relates to an empirical study of hedge fund activism issued by the Harvard Law School Program on Corporate Governance and co-authored by Professor Lucian Bebchuk, Alon Brav, and Wei Jiang. Lucian Bebchuk is Professor of Law, Economics, and Finance at Harvard Law School. Alon Brav is Professor of Finance at Duke University and a Senior Fellow of the Program. Wei Jiang is Professor of Finance at Columbia Business School, and a Senior Fellow of the Program.

Last week, The Federalist Society’s 2014 National Lawyers Convention featured a session dedicated to the short-termism debate and the evidence put forward by Professors Lucian Bebchuk, Alon Brav, and Wei Jiang in their study, The Long-Term Effects of Hedge Fund Activism. The session began with a presentation by Professor Bebchuk that outlined the key findings and implications of the study. Three panelists then offered their reactions to the study: Jonathan Macey, Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law, Yale Law School; Robert Miller, Professor of Law and F. Arnold Daum Fellow in Corporate Law, University of Iowa College of Law; and Steven Rosenblum, a partner at Wachtell, Lipton, Rosen & Katz. The debate was moderated by E. Norman Veasey, former Chief Justice, Delaware Supreme Court.

Professor Bebchuk’s presentation slides are available here. The Bebchuk-Brav-Jiang study is available here, and posts about the study, including one published by critics of the study, are available on the Forum here.

Harvard Convenes the Executive Compensation Roundtable

The Harvard Law School Program on Corporate Governance and the Harvard Law School Program on Institutional Investors convened the Harvard Roundtable on Executive Compensation last Thursday, November 6. The event brought together for a roundtable discussion prominent representatives of the investor, issuer, advisor, and academic communities. Participants in the event, and the topics of discussion, are set out below.

The Roundtable, which was co-organized by Lucian Bebchuk, Stephen Davis, and Scott Hirst, was sponsored by Pearl Meyer & Partners. In addition to Pearl Meyer & Partners, the Roundtable was supported by a number of co-sponsors (listed here), the supporting organizations of the Program on Corporate Governance (listed on the program site here), and the institutional members of the Harvard Institutional Investor Forum (listed here).

The Roundtable sessions focused on both the process for determining executive compensation, and on substantive pay arrangements. The Roundtable discussion on issues relating to the process of determining executive compensation included discussion of the work of proxy advisors and their interaction with investors and issuers, engagement between issuers and investors themselves and compensation disclosure issues. The Roundtable then moved to a discussion of the substantive terms of compensation arrangements, including compensation levels, composition, and structures. Issues that were considered included the choice of peer groups, the composition of long-term and short-term incentive pay and contractual provisions such as claw-backs and golden parachutes.

The participants in the Harvard Roundtable on Executive Compensation included:

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Why Commissioner Gallagher is Mistaken about Disclosure of Political Spending

Lucian Bebchuk is Professor of Law, Economics, and Finance at Harvard Law School. Robert J. Jackson, Jr. is Professor of Law at Columbia Law School. Bebchuk and Jackson served as co-chairs of the Committee on Disclosure of Corporate Political Spending, which filed a rulemaking petition requesting that the SEC require all public companies to disclose their political spending, discussed on the Forum here. Bebchuk and Jackson are also co-authors of Shining Light on Corporate Political Spending, published last year in the Georgetown Law Journal. A series of posts in which Bebchuk and Jackson respond to objections to an SEC rule requiring disclosure of corporate political spending is available here.

Last week, Securities and Exchange Commissioner Daniel Gallagher took the unusual step of publishing a letter to the editor of the New York Times expressing his opposition to the SEC even considering companies’ disclosure of political spending. In his letter, the Commissioner vows “to fight to keep” the subject off the SEC’s agenda. As explained below, however, his letter fails to provide a substantive basis for his vehement opposition to transparency in corporate spending on politics.

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  • Cosponsored By:

  • Supported By:

  • Programs Faculty & Senior Fellows

    Lucian Bebchuk
    Alon Brav
    Robert Charles Clark
    John Coates
    Alma Cohen
    Stephen M. Davis
    Allen Ferrell
    Jesse Fried
    Oliver Hart
    Ben W. Heineman, Jr.
    Scott Hirst
    Howell Jackson
    Robert J. Jackson, Jr.
    Wei Jiang
    Reinier Kraakman
    Robert Pozen
    Mark Ramseyer
    Mark Roe
    Robert Sitkoff
    Holger Spamann
    Guhan Subramanian

  • Program on Corporate Governance Advisory Board

    William Ackman
    Peter Atkins
    Joseph Bachelder
    John Bader
    Allison Bennington
    Richard Brand
    Daniel Burch
    Richard Climan
    Jesse Cohn
    Isaac Corré
    Scott Davis
    John Finley
    David Fox
    Stephen Fraidin
    Byron Georgiou
    Carl Icahn
    Jack B. Jacobs
    Paula Loop
    David Millstone
    Theodore Mirvis
    James Morphy
    Toby Myerson
    Morton Pierce
    Barry Rosenstein
    Paul Rowe
    Rodman Ward