Harvard Corporate Governance

MARCH 24, 2022

The global IPO market made up for lost time in 2021. After a slow 2019 and a pandemic-battered 2020, new issues came roaring back last year—3,021 listings (inc. That was a major increase from 2020, itself a record year for blank check companies. Coates (discussed on the Forum here ). SPACs) raised US$601.2 A boom across regions.

Marketability 246

Marketability Equity 246

Harvard Corporate Governance

JULY 29, 2022

The 2020 updates to proxy advisory rules were the result of a thorough process that was conducted by Commission staff across ten years and two politically distinct administrations, yet the framework implemented by the 2020 rules has been substantially gutted in the span of just a few months—without ever having taken effect.

Marketability 227

Marketability 227

Harvard Corporate Governance

MAY 12, 2022

CAP analyzed payouts under long-term incentive plan performance cycles that ended in 2015 through 2020. We selected these companies to provide a broad representation of market practice across large US public companies. This analysis includes 120 companies from ten industries with median revenue of $36B. Key Takeaways.

Marketability 277

Marketability 277

Harvard Corporate Governance

JUNE 16, 2022

Introduction and Market Update. Markets experienced heightened volatility during the quarter, with Russia’s invasion of Ukraine exacerbating already challenging inflation, pandemic, supply chain and oil price considerations, amongst others. Likewise, the S&P 500 hit its lowest level in a year, approaching bear market levels.

Marketability 307

Marketability Technology 307

Harvard Corporate Governance

OCTOBER 31, 2023

Now that the labor market is shifting, HCM has become even more critical as companies navigate new market-related challenges. They hired aggressively in 2020 and 2021 to ensure they had the resources to pursue new product development and customer groups.

Technology 284

Technology Marketability 284

Harvard Corporate Governance

JANUARY 26, 2023

Davis is a Senior Fellow at the Harvard Law School Program on Corporate Governance and Chair of the Best Practice Principles Oversight Committee (OC) 2020-2022; and Konstantinos Sergakis is a Professor of Capital Markets Law and Corporate Governance, University of Glasgow, and Chair of the OC 2023-Present.

Marketability 259

Marketability 259

Benzinga

JANUARY 18, 2023

18, 2023 (GLOBE NEWSWIRE) -- The global cryptocurrency market size was valued at USD 826.6 million in 2020. Fortune Business Insights™ has published these insights in its latest research report titled, "Cryptocurrency Market Forecast, 2023-2028.". Cryptocurrency Market Size in 2020. Pune, India, Jan.

Marketability 105

Marketability Finance 105

Harvard Corporate Governance

OCTOBER 22, 2022

Activists won at least one board seat at 29% of campaigns that went to a vote or settled this proxy season, according to Insightia’s Activism module, compared to at 54% and 34% of campaigns throughout the 2020 and 2021 proxy seasons, respectively.

Marketability 247

Marketability Equity 247

Global Finance

FEBRUARY 4, 2023

billion in 2020. A Subway sale would be the biggest restaurant M&A deal since Inspire Brands bought Dunkin’ for $11.3

Marketability 122

Marketability 122

Harvard Corporate Governance

DECEMBER 2, 2022

They are influenced by market pressures, stores of capital, and hot topics in governance. But during bull and bear markets, during recessions and times of growth, activists continue to look for opportunity, and companies continue to find themselves in the crosshairs. Activist campaigns.

Marketability 324

Marketability 324

Harvard Corporate Governance

MARCH 31, 2022

Last year, most companies refrained from split performance years, discretionary awards, liquidity-focused metrics, and other pandemic-induced responses of 2020. We’re seeing some likely permanent pandemic-influenced changes, as talent market considerations and ongoing uncertainty prod boards to challenge traditional practices.

Marketability 224

Marketability 224

Global Finance

AUGUST 1, 2024

When valuations shift so drastically, it’s usually due to “a major event” or “a failed deal, or even a market correction,” Carl Niedbala, co-founder of risk management firm Founder Shield, said. “It’s Valuations are more tempered compared to the highs of 2020 and 2021,” Chan says.

Marketability 122

Marketability Finance Corporate Finance 122

Harvard Corporate Governance

NOVEMBER 27, 2022

The vast majority of S&P 500 companies are now tying executive compensation to some form of ESG performance— growing from 66 percent in 2020 to 73 percent in 2021. Companies are embracing different approaches to factoring ESG into executive pay and are continuing to refine their ESG measures as they expand their reach.

Compliance 351

Compliance Finance Equity Marketability 351

Value Scope

APRIL 9, 2021

Click to Download: Transcending Fair Market Value Transcending Fair Market Value “Beauty is in the eyes of the beholder.” intrinsic value, fair value, fair market value). Its price is $100,000, and its FMV is $100,000 (assuming it was bought at arms-length in an active market), but I may have agreed to pay much more.

Fair Market Value 130

Fair Market Value Marketability Finance Intangible Assets 130

Value Scope

APRIL 9, 2021

Click to Download: Transcending Fair Market Value. Transcending Fair Market Value. Margaret Wolfe Hungerford (née Hamilton), who authored many books, often under the pseudonym of ‘The Duchess’ When I think about value, I (like most in my profession) think first about fair market value (“FMV”). It transcends FMV.

Fair Market Value 130

Fair Market Value Marketability Finance Intangible Assets 130

Harvard Corporate Governance

NOVEMBER 2, 2022

Private debt funds raise capital commitments through closed-end funds (like private equity) and make senior loans (like banks) directly to, mostly, middle-market firms (i.e. Despite its explosive growth, the private debt market remains relatively understudied. firms with annual revenue between $10 million and $1 billion).

Banking 220

Banking Equity Marketability Finance 220

Harvard Corporate Governance

JULY 14, 2022

In 2020, the Commission adopted a rule that addressed several matters concerning proxy advisory firms. We have, however, continued to hear from many investors that certain conditions in the 2020 rule might restrain independent proxy voting advice. more…).

Marketability 188

Marketability 188

Harvard Corporate Governance

AUGUST 2, 2023

Investor voting decisions have become more nuanced, universal proxy rules have raised the stakes for getting engagement right, and ongoing economic and market uncertainty put the company’s governance and strategy under additional scrutiny.

Marketability 187

Marketability 187

Benchmark Report

FEBRUARY 18, 2022

So if you are a business owner considering selling your company, the good news is that right now, it's a seller's M&A market. That's up 38% from the same quarter in 2020—and more than any other quarter on record. When market conditions shift, buyers have the upper hand in deal negotiations.

Marketability 93

Marketability 93

Harvard Corporate Governance

AUGUST 8, 2023

trillion by the end of 2020. As S&P Dow Jones, the world’s largest index provider, writes on its website, “An index provider is a specialized firm that is dedicated to creating and calculating market indices and licensing its intellectual capital as the basis of passive products.” more…)

Finance 188

Finance Marketability 188

Harvard Corporate Governance

OCTOBER 24, 2022

Perhaps the most important corporate law debate over the last several years concerns whether directors and executives should manage corporations to maximize value for investors, or to also take into account the interests of other stakeholders or society (see, e.g., Hart and Zingales, 2017 ; Bebchuk and Tallarita, 2020 ; Rock, 2021 ).

Marketability 261

Marketability 261

Harvard Corporate Governance

JUNE 14, 2022

Bebchuk and Roberto Tallarita (discussed on the Forum here ); Companies Should Maximize Shareholder Welfare Not Market Value by Oliver Hart and Luigi Zingales (discussed on the Forum here ); Reconciling Fiduciary Duty and Social Conscience: The Law and Economics of ESG Investing by a Trustee by Max M.

Finance 244

Finance Marketability 244

Harvard Corporate Governance

OCTOBER 16, 2023

More and more technology companies have selected these structures at the initial public offering stage, including Palantir, Snapchat, Lyft, Airbnb, and Dropbox (as well as Google and Facebook), and in 2020 they accounted for a majority of the IPO market by value.

Equity 230

Equity Technology Marketability 230

Harvard Corporate Governance

JULY 15, 2022

The September 2020 amendments recalibrated the rule to balance the benefit of allowing shareholder proposals to be included in a company’s proxy materials with the reality that consideration of such proposals consumes company and shareholder resources.

Marketability 203

Marketability 203

Harvard Corporate Governance

FEBRUARY 18, 2023

(discussed on the Forum here ) by Scott Hirst, Kobi Kastiel, and Tamar Kricheli-Katz; Does Enlightened Shareholder Value add Value (discussed on the Forum here ) by Lucian Bebchuk, Kobi Kastiel, Roberto Tallarita; and Companies Should Maximize Shareholder Welfare Not Market Value (discussed on the Forum here ) by Oliver D.

Compliance 274

Compliance Marketability 274

Harvard Corporate Governance

AUGUST 22, 2023

The Securities and Exchange Commission, by a vote of 3 to 2, approved significant changes to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (Amendments) on July 12, 2023. [1]

Marketability 100

Marketability Banking 100

Harvard Corporate Governance

JUNE 27, 2022

Bebchuk and Roberto Tallarita (discussed on the Forum here ); Companies Should Maximize Shareholder Welfare Not Market Value by Oliver Hart and Luigi Zingales (discussed on the Forum here ); Reconciling Fiduciary Duty and Social Conscience: The Law and Economics of ESG Investing by a Trustee by Max M. In fact, U.S.

Finance 317

Finance Marketability 317

Harvard Corporate Governance

APRIL 13, 2022

Since 2020, diversity has become a central concern for corporations and their leaders, prompting many corporations to voluntarily integrate gender and racial diversity in particular, into their Corporate Social Responsibility (“CSR”), or Environmental, Social and Governance (“ESG”) disclosures. by Jesse M. Strine, Jr.

Marketability 240

Marketability 240

Brian DeChesare

JANUARY 4, 2023

Any discussion of the financial markets in 2022 needs to acknowledge one important fact upfront: it was the worst year for stocks and bonds since at least 1871. Meanwhile, disasters kept emerging in the riskiest parts of the market, such as crypto (see: FTX , Celsius, etc.), 2020: +38%. SPACs , and growth/speculative stocks.

Marketability 98

Marketability Start-ups Treasury Dividends 98

Harvard Corporate Governance

FEBRUARY 8, 2023

trillion of volume in 2020 as well as with the five-year average (excluding 2021), and in a sense was the inverse of 2020, which saw a precipitous decline in M&A activity in the first half at the outset of the Covid-19 pandemic, followed by a surge in the second half driven by massive liquidity and low interest rates.

Finance 173

Finance Marketability 173

Harvard Corporate Governance

JUNE 20, 2023

Capital markets reflect this enhanced focus on climate change risks and the risks associated with a decarbonized energy transition. In our recent study, we examine corporate communication strategies on climate change-related transition risk of Russell 3000 constituents over a 2011-2020.

Finance 214

Finance Equity Marketability 214

Harvard Corporate Governance

AUGUST 16, 2022

meetings in 2022 compared to 2021 (+6.37% increase, following an +8% increase from 2020 to 2021). A frothy IPO and SPAC-merger market in 2021 led to many companies holding first-year AGMs in 2022. Last year’s SPACs and IPOs expand this year’s proxy season. research team covered more than 200 additional U.S. more…).

Marketability 182

Marketability 182

Harvard Corporate Governance

AUGUST 28, 2023

in 2020, and 79% of investors stating that they expect to allocate a larger proportion of their funds to private equity by 2025. This cash flow data constitutes part of the information that the institutions managing retirement savings are mandated to report to the Capital Market, Insurance, and Savings Authority at the Ministry of Finance.

Venture Capital Fund 189

Venture Capital Fund Equity Finance Marketability 189

IVSC

DECEMBER 29, 2022

those who provide additional data and indexes for the valuation such as prices, comparable evidence and market information). These stakeholders include specialists (e.g. somebody that is an expert in an aspect of the asset being valued), service organisations (e.g. IVS General Standards Improvement Project – indicative timeline.

Marketability 246

Marketability Business Valuation 246

Harvard Corporate Governance

JUNE 16, 2022

I want to encourage market participants to comment. In 2020, there were approximately 3 million indexes, ranging in type, from broad-based and widely-used, to narrow, customized or bespoke indices for specific users. [2] 1] Take index providers as an example. more…).

Marketability 202

Marketability 202

Musings on Markets

JULY 1, 2022

As inflation has taken center stage, markets have gone into retreat globally, and across asset classes. In 2022, as bond rates have risen, stock prices have fallen, and crypto has imploded, even true believers are questioning what the bottom for markets might be, and when we will get there.

Marketability 99

Marketability Risk Premium Start-ups Equity 99

Harvard Corporate Governance

APRIL 27, 2023

in 2021, and very few companies reported negative ratios following two strong years of stock market performance 43% of CAP:SCT ratios are greater than 1.0X in 2020, and this year represents the highest slope relationship between ratios and TSR (more…) Vanbastelaer, Kyle McCarthy, Nathan Grantz, and Anish Tamhaney.

Total Shareholder Return 140

Total Shareholder Return Marketability 140