Harvard Corporate Governance

AUGUST 24, 2022

ESG ratings are intended to provide information to market participants (investors, analysts, and corporate managers) about the relation between corporations and non-investor stakeholders interests. Demand for ESG Information. Demand for ESG information has exploded in recent years. In this post, we examine these concerns.

Marketability 351

Marketability 351

Harvard Corporate Governance

DECEMBER 5, 2022

To determine progress, ISS Corporate Solutions assessed data on the Governance Quality Scores (GQS) of companies against a series of 11 cyber security GQS questions, including: “How often does senior leadership brief the board on information security matters?” senior leadership briefing boards on information security, only a minimal increase.

240

240

Harvard Corporate Governance

JANUARY 22, 2025

There is an extensive body of studies that documents that corporate insiders with access to insider information are able to earn abnormal returns by trading their firms shares. This is why, prior to information releases by companies, there may be trading bans to prevent insiders from exploiting their informational advantage.

Data Analysis 111

Data Analysis Corporate Finance Finance Marketability 111

Harvard Corporate Governance

OCTOBER 2, 2022

In our latest analysis of cyber‑related disclosures in the proxy statements and Form 10-K filings of Fortune 100 companies, we found more companies providing information about how they are rising to the challenges. Yet in some areas, the gaps in information are nearly universal. more…).

361

361

Harvard Corporate Governance

JUNE 29, 2022

We ask that the Commission develop rules to require public companies to disclose sufficient information to allow investors to assess the extent to which firms invest in their workforce. Here, we focus on key elements of that information that we all agree are important. Our post proceeds in three parts.

Corporate Finance 320

Corporate Finance Banking Finance Marketability 320

Harvard Corporate Governance

APRIL 3, 2022

The rules would also require foreign issuers to disclose information about material cybersecurity incidents on Forms 6-K and 20-F. whether the company “has remediated or is currently remediating the incident.”. whether the company “has remediated or is currently remediating the incident.”. more…).

277

277

Harvard Corporate Governance

MAY 3, 2022

There is no compelling justification for the SEC to break from this responsibility and single out for concealment and opacity information from defendants who settle with the SEC.

Marketability 279

Marketability 279

Harvard Corporate Governance

APRIL 4, 2022

Open Finance seeks to harness the potential of new platform technology to enhance customer data access, sharing, portability, and interoperability—thereby leveling the informational playing field and fostering greater competition between incumbent financial institutions and a new breed of fintech disruptors.

Finance 274

Finance Technology Banking 274

Harvard Corporate Governance

FEBRUARY 3, 2024

The Factbook contains more than 100 tables and figures with updated comparative information across 49 different jurisdictions. The information, which is provided and vetted with national authorities, covers issues as diverse as ownership structures, regulatory oversight, board duties, shareholder rights and sustainability disclosure.

Marketability 291

Marketability 291

Harvard Corporate Governance

MAY 4, 2022

E/S information can travel three pathways to affect investors and a fourth to affect other stakeholders: E/S Information that impacts future cash flows from the company to investors and thus the value of the enterprise (“ESG integration” or just “ESG”).

Beta 273

Beta Marketability 273

IVSC

OCTOBER 30, 2024

Objectives of the IVSC Academic Forum: Amplifying Academic Insights : Ensure academic perspectives inform IVS development. Chaired by Mauro Bini (Bocconi University) and Frank Harrington (Technological University Dublin), the forum provides academics a voice in the evolution of International Valuation Standards (IVS).

Finance 130

Finance Technology Intangible Assets Business Valuation 130

Harvard Corporate Governance

APRIL 23, 2024

Altdata generally is understood to include information about an organization that is available outside of traditional financial and regulatory reporting channels, press releases, or other authorized materials. What is alternative data? more…)

Marketability 227

Marketability 227

Harvard Corporate Governance

FEBRUARY 14, 2023

This controversy raises a natural question: is ESG investing only about aligning investments with nonpecuniary beliefs or is ESG investing spotlighting oft ignored, but financially material, information? The primary contribution of our work is to investigate more broadly—focusing on the materiality of the information underlying ESG ratings.

Finance 255

Finance Equity Marketability 255

Harvard Corporate Governance

OCTOBER 8, 2022

2] As adopted, the rule generally requires disclosure of five years of pay versus performance data in proxy and information statements in which executive compensation information is required to be included pursuant to Item 402 of SEC Regulation S-K.

Compliance 255

Compliance 255

Harvard Corporate Governance

JULY 22, 2022

1] Thus, the board’s fiduciary duties require that it exercise oversight—within its informed, good faith discretion—of the company’s strategy and “mission-critical” risks in pursuit of long-term value, including by implementing and monitoring an effective compliance program and related system of controls. [2]. more…).

Compliance 275

Compliance Equity 275

Harvard Corporate Governance

DECEMBER 10, 2023

This sweeping new law imposes significant reporting obligations upon entities that are required to report beneficial ownership and registrant information to the U.S. On January 1, 2024, the Corporate Transparency Act (“CTA”) comes into effect. Treasury’s Financial Crimes Enforcement Network (“FinCEN”).

231

231

Harvard Corporate Governance

MARCH 21, 2023

Blaszczak (“Blaszczak II”), this time delivering a victory to defendants accused of insider trading based on non-public predecisional government information. [1] The information related to upcoming announcements by CMS adjusting the reimbursement rates for Medicare and Medicaid services. United States, 140 S.

248

248

Harvard Corporate Governance

JULY 30, 2024

Introduction About twelve years ago, when we first wrote about the relevance of social and environmental information to corporate governance [1] , scholars and practitioners alike raised three main issues: Why is social-environmental information a relevant legal and accounting problem? [2] This post is based on their recent report.

Finance 274

Finance Compliance 274

Harvard Corporate Governance

NOVEMBER 10, 2022

For many companies, the Chief Information Security Officer (CISO) is the executive with accountability for cyber risk.

308

308

Harvard Corporate Governance

MAY 20, 2022

Earlier this year, the Department of Justice and the Federal Trade Commission launched a public inquiry to seek comments on new evidence of M&A’s effects on competition to inform potential revisions to the merger guidelines , including how to deal with common ownership. more…).

Marketability 336

Marketability Finance Equity 336

Harvard Corporate Governance

JULY 12, 2022

Second, we provide actionable insights on creating productive, informative ESG engagement (i.e., the specific data and information used to communicate ESG risks, activities and impacts). As a result, IR teams that are just beginning to make ESG a standard part of their process can use our findings in two ways. Disconnects and Demands.

Marketability 335

Marketability 335

Harvard Corporate Governance

JUNE 22, 2023

Securities and Exchange Commission (SEC) Rule 10b5-1 provides corporate insiders at public firms with an affirmative defense against allegations of trading on material non-public (inside) information when they buy or sell their firm’s shares. In the article titled, When and How Are Rule 10b5-1 Plans Used for Insider Stock Sales?

Finance 265

Finance 265

Harvard Corporate Governance

OCTOBER 11, 2023

According to the Commission, shortening the 13D window will mitigate information asymmetries between everyday investors, on the one hand, and 13D filers and “informed bystanders,” on the other hand. The Commission’s position ignores that disparities in information and perspective are central to the functioning of our markets. [2]

Marketability 203

Marketability 203

Harvard Corporate Governance

MARCH 29, 2024

The dominant view that promotes enforcement actions against trading based on material, nonpublic information highlights their potential to reduce firms’ cost of capital and increase investment and welfare. Specifically, do illegally informed traders rationally internalize legal risks?

Finance 217

Finance Marketability 217

Harvard Corporate Governance

MAY 10, 2022

In doing so, directors should look beyond the information they receive from management and actively inquire about processes employed and issues identified. This is not only best practice, but a fulfillment of director fiduciary duty, which includes the “duty of care,” or responsibility to adequately inform oneself prior to making decisions.

332

332

Harvard Corporate Governance

NOVEMBER 21, 2022

Given the demand for this information and the current lack of uniformity, regulators are considering reporting mandates to provide frameworks for disclosing ESG activities. We find that the relative amount of material information increased by 11% after the release of voluntary standards. Jones Graduate School of Business. Our Findings.

Start-ups 270

Start-ups Finance 270

Harvard Corporate Governance

JULY 8, 2024

We consider it one of our responsibilities to be an informed, engaged shareholder on their behalf, given the business decisions that companies make have a direct impact on our clients’ long-term investment outcomes and financial well-being.

203

203

Harvard Corporate Governance

AUGUST 13, 2024

Under the Program, whistleblowers who voluntarily provide the Criminal Division with original and truthful information about corporate misconduct that results in a criminal or civil forfeiture greater than $1 million are now eligible for a financial award. more…)

225

225

Harvard Corporate Governance

FEBRUARY 1, 2024

Public corporate disclosures are a critical communication tool for firms, informing stakeholders about practices and performance. While firm disclosures traditionally target investors, consumers may also use these resources to inform their purchase decisions. In our paper, “ How do Consumers Use Firm Disclosure?

Marketability 225

Marketability 225

Harvard Corporate Governance

MARCH 20, 2023

To her credit, Commissioner Crenshaw set forth a number of potential reforms, including a heightened disclosure regimen for such larger private issuers (resembling the Regulation A—Tier 2 disclosure requirements) and the reconstitution of the Form D to provide meaningful information. 30, 2023)). more…)

233

233

Harvard Corporate Governance

MAY 4, 2023

Yet the Commission fails to identify any particular need for the additional information or provide a clear picture of how the information might further the Commission’s investor protection mission. Today, we are voting on the recommendation to finalize the first of two outstanding proposals to amend Form PF. 5] (more…)

Compliance 224

Compliance Equity 224

Harvard Corporate Governance

JANUARY 13, 2023

As part of our fiduciary duty to our clients, we consider it one of our responsibilities to promote sound corporate governance, as an informed, engaged shareholder on their behalf. In order to make informed decisions, shareholders need sufficient and timely information. Philosophy on investment stewardship.

Capital Structure 238

Capital Structure 238

Harvard Corporate Governance

MAY 1, 2024

Although academics and practitioners generally view corporate governance as context-specific, existing measures of governance quality in the literature typically do not incorporate contextual information. Can observed contextual information be leveraged to improve measures of governance quality? more…)

Technology 217

Technology 217

Harvard Corporate Governance

AUGUST 9, 2023

However, managerial information is typically not available for all firms, despite the availability and usefulness of information for a subset of firms provided by various surveys, e.g., the Duke University/Federal Reserve CFO Surveys and the Conference Board CEO Surveys. How does this information impact asset prices and returns?

Corporate Finance 214

Corporate Finance Finance Marketability 214

Harvard Corporate Governance

OCTOBER 11, 2023

Today, the Commission adopted final rules to shorten the deadlines by which beneficial owners of a company — those who own more than 5 percent of the company — must inform the public of their position. Today’s adoption updates rules that first went into effect more than 50 years ago. 1] (more…)

Marketability 209

Marketability 209

Harvard Corporate Governance

JUNE 29, 2023

The newly-formed International Sustainability Standards Board (ISSB) is expected to adopt two reporting standards in June: one on climate-related risks, and a second on other sustainability related information. The world’s largest asset manager, Blackrock, Inc.,

Technology 322

Technology 322

Harvard Corporate Governance

JULY 16, 2024

Its occurrence is often attributed to recent events, from information technology and globalization to population aging and shifts in antitrust enforcement. The focus on the recent decades prevails as standard datasets provide much more information about this period. more…)

Finance 210

Finance Technology 210