Harvard Corporate Governance

APRIL 19, 2023

Over the past decade, private equity investment in physician services has emerged as a driving trend toward the financialization of health care, with investors mining health services organizations to extract wealth. For a discussion of Arrow’s theories and evolving health care markets, see this symposium.

Equity 247

Equity Marketability 247

Harvard Corporate Governance

APRIL 22, 2022

Notably, the damage payment received by the outside investors is offset in part by the reduced value of their equity stake. The investors make rational inferences based on the firm’s decision to disclose and, in case it is revealed that the firm hid material information, the investors can bring suit against the firm to recover damages.

Equity Financing 255

Equity Financing Equity Finance 255

Harvard Corporate Governance

JUNE 13, 2024

Following the Court’s decision, companies’ diversity, equity, and inclusion (DEI) policies and programs that focus on specific underrepresented (racial) groups have resulted in a rise in backlash and reverse discrimination lawsuits (i.e., Harvard , which eliminated affirmative action in college admissions.

Equity 245

Equity 245

Harvard Corporate Governance

SEPTEMBER 7, 2023

Well-run diversity, equity, and inclusion (DE&I) initiatives can yield many benefits, including improved talent attraction and retention rates, better decision-making through diverse perspectives, and stronger relationships with customers, clients, and suppliers. Strine, Jr.;

Equity 230

Equity 230

Harvard Corporate Governance

JUNE 15, 2022

Understanding equity markets’ assessment of income inequality is important because equity markets allocate capital and send valuation signals to firms, informing and possibly shaping corporate policies that contribute to or mitigate income inequality. However, it is largely unknown how U.S.

Equity 225

Equity Marketability Finance 225

Brian DeChesare

JANUARY 22, 2025

We sometimes get questions about why we dont offer an equity research course. People are convinced that financial modeling in equity research is vastly different from investment banking and that research requires different or more specialized skills. IB is all about deals , while ER is all about coverage.

Equity 64

Equity Banking Start-ups Finance 64

Harvard Corporate Governance

SEPTEMBER 12, 2022

ISS Say-on-Pay and Equity Compensation Plan Voting. The data on say-on-pay negative recommendations derives from ISS publications and SEC disclosure summarizing the rationales with respect to the negative recommendations issued by ISS at annual meetings of Russell 3000 and S&P 500 companies through June 30, 2022.

Equity 240

Equity 240

Harvard Corporate Governance

NOVEMBER 8, 2022

Decoupling”—the unbundling of the rights and obligations of equity and debt through derivatives and other means—has posed unique challenges for corporate and debt governance. In 2021 and 2022, the Securities and Exchange Commission (SEC) voted out proposals directed at decoupling, as well as other proposals that may affect decoupling.

Equity 200

Equity Banking Finance Marketability 200

Harvard Corporate Governance

JANUARY 13, 2024

In our memo early last year, we noted that private equity investors and dealmakers faced considerable uncertainty heading into 2023 following a challenging 2022. Not many would have predicted the rebound in equity markets in the second half of 2023 or the rising (for now) prospects of a soft landing for the broader U.S.

Equity 163

Equity Finance Marketability 163

Harvard Corporate Governance

DECEMBER 13, 2023

During the 2023 proxy season in North America there was a surge of shareholder opposition on equity plans, with a rare failure in Canada and a significant rise in failures among U.S. Executive compensation continues to be an area of great interest to investors as companies seek to align the long-term interests of management and shareholders.

Equity 167

Equity 167

Harvard Corporate Governance

AUGUST 28, 2023

Pension funds and institutional investors around the world have been allocating an increasing fraction of their assets under management to private equity (PE), venture capital (VC), and other types of private funds. in 2020, and 79% of investors stating that they expect to allocate a larger proportion of their funds to private equity by 2025.

Venture Capital Fund 189

Venture Capital Fund Equity Finance Marketability 189

Class VI Partner

MARCH 24, 2025

Rollover equity is a powerful tool that can provide unique benefits to business owners who are selling their company in an M&A transaction. Understanding how rollover equity works, when it is used, and its impact on deal structuring… Source

Equity 52

Equity 52

Harvard Corporate Governance

FEBRUARY 21, 2024

Posted by Sean Feller, Krista Hanvey, and Christina Andersen, Gibson, Dunn & Crutcher LLP, on Wednesday, February 21, 2024 Editor's Note: Sean Feller and Krista Hanvey are Partners, and Christina Andersen is Of Counsel at Gibson, Dunn & Crutcher LLP.

Equity 225

Equity EBITDA Market Capitalization Marketability 225

Value Scope

SEPTEMBER 6, 2024

NFL Votes to Allow Private Equity Last week, NFL owners voted to allow private equity to acquire up to a 10% passive stake in a given franchise. The NFL is the last major professional sports league to allow private equity. The details of private equity investments in professional sports are presented in the following table.

Equity 130

Equity Start-ups Compliance 130

Benzinga

DECEMBER 11, 2024

What To Know: According to a Wall Street Journal report , private-equity firm Story3 Capital Partners sent a takeover offer to medical-apparel maker Figs, valuing the company at more than $1 billion. The private-equity firm reportedly offered $6 per share for all of the outstanding common shares it doesn’t already own, according to.

Private Equity Firm 59

Private Equity Firm Equity 59

Harvard Corporate Governance

FEBRUARY 25, 2023

Posted by Tina Shah Paikeday, and Nisa Qosja, Russell Reynolds Associates, on Saturday, February 25, 2023 Editor's Note: Tina Shah Paikeday is the Global Head of the Diversity, Equity & Inclusion Practice, and Nisa Qosja is a Knowledge Consultant at Russell Reynolds Associates. This post is based on their Russell Reynolds memorandum.

Equity 322

Equity 322

Harvard Corporate Governance

MAY 23, 2023

Posted by Brian R. Cheffins and Bobby V. Reddy (University of Cambridge) , on Tuesday, May 23, 2023 Editor's Note: Brian Cheffins is the S. Berwin Professor of Corporate Law, and Bobby V. Reddy is an Associate Professor of Finance at the University of Cambridge. This post is based on their recent paper , forthcoming in The Company Lawyer.

Equity 213

Equity Marketability Market Capitalization Finance 213

Harvard Corporate Governance

JUNE 7, 2022

An early examination of 2022 proxy season voting statistics yields a number of notable observations: We have seen several types of proposals that attracted majority support for the first-time this season, including shareholder proposals addressing racial equity and civil rights audits, sexual harassment concerns and gender pay equity.

Equity 344

Equity 344

Harvard Corporate Governance

AUGUST 8, 2024

The ownership, governance and financing of corporate America look radically different today than they did only a few decades ago, due to conflicting trends in the ownership of corporate equity on the one hand and corporate debt on the other. more…)

Marketability 236

Marketability Corporate Finance Equity Finance 236

Mckinsey and Company

FEBRUARY 13, 2025

Global uncertainties remained in 2024, but the path forward for private equity became clearer, with a rebound in dealmaking and distributions.

Equity 103

Equity Marketability Corporate Finance Finance 103

Financial Times M&A

MARCH 20, 2025

Consortium led by William Chisholm scoops up majority stake in storied sports franchise in historic deal

Equity 142

Equity 142

Harvard Corporate Governance

APRIL 21, 2023

In July 2021, State Street Global Advisors, Russell Reynolds Associates, and the Ford Foundation partnered to study best practices for effective board oversight of racial and ethnic diversity, equity, and inclusion (“ The Board’s Oversight of Racial and Ethnic Diversity, Equity, and Inclusion ”).

Equity 309

Equity Marketability 309

Harvard Corporate Governance

FEBRUARY 2, 2024

Consequently, fund families managing both equity and bond funds are more likely to hold stocks and bonds from the same company simultaneously (“dual holdings”). Using detailed holding data of mutual funds, our paper first documents a rising trend in mutual fund dual holdings of U.S. publicly traded firms.

Corporate Finance 284

Corporate Finance Finance Equity Marketability 284

Harvard Corporate Governance

MAY 28, 2023

Currently, reports on Form PF for private equity fund advisers (usually including real estate and private credit within this category) are filed annually. [2] 2] Unlike many other SEC filings, Form PF filings are not public.

Equity 225

Equity Compliance 225

Harvard Corporate Governance

APRIL 20, 2023

Shifting from equity to debt financing is not simply a matter of optimizing a firm’s cost of capital, however. Highly leveraged firms are now commonplace in many U.S. industries. It also has profound implications for the firm’s behavior and investor outcomes.

Debt Financing 257

Debt Financing Equity Finance Marketability 257

Harvard Corporate Governance

FEBRUARY 15, 2024

those say-on-pay votes that achieved less than 50% shareholder approval), say-on-golden-parachute results and results of equity plan proposals, as well as recent guidance from the proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis. more…)

Equity 300

Equity 300

Harvard Corporate Governance

JUNE 27, 2023

It is no exaggeration to say that over its roughly forty-year history, private equity has revolutionized both corporate finance and corporate governance. Today, private equity is one of the major global asset classes, and it has attracted a truly staggering amount of capital over a relatively short period of time.

Corporate Finance 225

Corporate Finance Finance Equity Marketability 225

Harvard Corporate Governance

MARCH 28, 2023

Highlights Base Salary : Approximately 80% of CEOs and CFOs received salary increases Of those who received an increase, the median increase was 4.4% incentive compensation) slightly lower for CFOs (more…)

Equity 226

Equity Market Capitalization Marketability 226

Harvard Corporate Governance

JANUARY 20, 2025

For example, during our sample period, the market share of RI equity funds in Norway constituted about 48% of the total equity mutual fund assets under management, while in Australia the comparable figure is 11% and, in the U.S., a little less than 5%. Thus, the question arises as to the reasons for these wide disparities.

Finance 120

Finance Equity Marketability 120

Harvard Corporate Governance

APRIL 8, 2024

The argument is that the point of saying that fiduciary duties are owed to the corporate entity is to fix those duties on the one thing that is essential about that entity, which is to say, the permanent equity capital.

Equity 230

Equity 230

Mckinsey and Company

AUGUST 1, 2024

The cofounder and CEO of Opportunity@Work talks about the nonprofit’s mission to broaden equitable access to career opportunities for workers skilled through alternative routes.

Equity 137

Equity 137

Harvard Corporate Governance

OCTOBER 6, 2024

and multinational corporations, financial institutions and private equity sponsors. In this alert, we discuss: The continued rollout of the EU’s ambitious, progressive legislative path against the backdrop of continuing regulatory uncertainty in the U.S.;

Equity 247

Equity 247

Financial Times M&A

MARCH 22, 2025

The US buyout giant bought bikemaker Accell at the peak of a pandemic-era deals boom. It has just completed a painful restructuring

Equity 120

Equity 120

Harvard Corporate Governance

OCTOBER 16, 2022

In fact, it was through these enforcement actions, particularly against private equity advisers, that the venture industry learned to become hypervigilant regarding disclosures around conflicts, as well as fees and expenses. The landscape appears to be changing under Gary Gensler’s leadership of the SEC.

Equity 254

Equity 254

Harvard Corporate Governance

JULY 17, 2023

In a recent Harvard Law School Forum on Corporate Governance post we drew attention to declining equity markets in the United Kingdom and canvassed various possible explanations for the trend. The UK has, the United States aside, a uniquely well-developed equity market, with origins traceable back to the 16 th century.

Marketability 189

Marketability Equity Finance 189

Harvard Corporate Governance

AUGUST 5, 2024

In this year’s proxy roundup, we have analyzed the use of environmental, social and governance (“ESG”) metrics in cash and equity incentive plans among the largest 100 public companies. [1] However, incentive plans can also pay out in part or in full on the basis of nonfinancial metrics, including ESG metrics.

Equity 251

Equity 251

Financial Times M&A

MARCH 19, 2025

Social media group is valued at $44bn, matching the price the billionaire paid in 2022

Equity 99

Equity 99