Page: Amy Frieder

Amy Frieder is a John M. Olin Fellow in Empirical Law and Finance and is also a second-year JD student at Harvard Law School. She is currently researching the relationship between campaign finance programs and diversity among elected officials. Amy has participated as a student attorney in the law school’s Voting Rights Litigation and Advocacy Clinic, has worked…Read more »

Page: Johnny Tang

Johnny Tang is a John M. Olin Fellow in Empirical Law and Finance. He is a third-year economics PhD student at Harvard University. His research focuses on finance and behavioral economics, including how capital and fiduciary regulations affect financial institutions and how investor psychology affects financial markets. His research has been cited in outlets including…Read more »

Page: Jessica Ljustina

Jessica Ljustina is a John M. Olin Fellow in Empirical Law and Finance. She is also a third-year JD student at Harvard Law School. Her planned fellowship project is to review and extend the empirical research on hedge fund activism and long-term firm performance. More generally, her academic interests include corporate governance, M&A, and bankruptcy. Prior to…Read more »

Page: Botir Kobilov

Botir Kobilov is a John M. Olin Fellow in Empirical Law and Finance. He is a second-year PhD student at Harvard Business School. His current work focuses on issues of corporate governance; behavioral biases, beliefs and expectations that influence financial decisions of capital markets participants; and how information and its disclosure plays an important role in…Read more »

Page: Maria Lucia Passador

Maria Lucia Passador is a John M. Olin Fellow in Empirical Law and Finance and an LL.M. Candidate at Harvard Law School. She holds a Combined Bachelor and Master of Science in Law (J.D. equivalent) with highest honors and a Ph.D. in Business Law both from Bocconi University, where she also works as an Academic…Read more »

Page: Dev Patel

Dev Patel is a John M. Olin Fellow in Empirical Law and Finance and a third-year PhD student in the Harvard Economics Department. Under this fellowship, he is examining how expanding the poor’s access to formal financial institutions impacts structural transformation during India’s rural banking boom. His other research studies questions in gender and education,…Read more »

Page: Fellows Spring 2021 Workshop

February 3, 2021 Alex Albright, The Fingerprints of Algorithms in Policy Jessica Ljustina, Hedge Fund Activism and Long-Term Firm Performance: A Review of Empirical Research February 10, 2021 Amy Frieder, Dialing for Dollars and Diversity: Campaign Finance Systems and Their Effect on Electing More Women, Young People, and People of Color to Public Office Dev Patel,  Financial Inclusion…Read more »

Page: Gayane Matevosyan

Gayane Matevosyan is a John M. Olin Fellow in Empirical Law and Finance. She is also a first-year student at Harvard Law School. Her research focuses on the effect of regulation on credit rating agencies following the 2008 financial crisis. At HLS, Gayane is involved in the Harvard International Law Journal, Mock Trial Association, Women’s Law…Read more »

Page: Ria Sen

Ria Sen is a John M. Olin Fellow in Empirical Law and Finance. She is also a JD candidate at Harvard Law School. Her current work focuses on understanding and measuring the impact of governance issues on U.S. public pension fund performance. Prior to HLS, Ria worked as a consultant in McKinsey’s Strategy & Corporate…Read more »

Page: 2019 Corporate Governance Roundtable

November 5-6, 2019Wasserstein Hall, Harvard Law School1585 Massachusetts Avenue,  Cambridge, MA 02138 Co-Organizers: Lucian Bebchuk, Stephen Davis, and Roberto Tallarita Supported by The Harvard Roundtable on Corporate Governance is grateful for the co-sponsorship of Abernathy MacGregor, Alexion, American Express, Bank of America, Boston Consulting Group, Broadridge, Brunswick Group, CFA Institute, Chevron, the Coca-Cola Company, Deloitte, Edelman,…Read more »

Page: 2019 Shareholder Engagement Roundtable

June 12-13, 2019 Wasserstein Hall, Harvard Law School1585 Massachusetts Avenue,  Cambridge, MA 02138 Co-Organizers: Lucian Bebchuk, Stephen Davis, and Roberto Tallarita Supported by The Harvard Roundtable on Corporate Governance is grateful for the co-sponsorship of Abernathy MacGregor, American Express, Assurant, Avangrid, Bank of America, Boston Consulting Group, Broadridge, Brunswick Group, CFA Institute, Chevron, the Coca-Cola Company, Credit…Read more »

Page: Roberto Tallarita

Roberto Tallarita is an Associate Director and Research Fellow of the Program on Corporate Governance. He is also an S.J.D. candidate and a Terrence M. Considine Fellow in Law and Economics at Harvard Law School. His most recent and current projects focus on the social and political dimensions of the corporation, shareholder voting structures, and normative…Read more »

Page: Scott Hirst

Scott Hirst is the Director of Institutional Investor Research for the Program on Corporate Governance. In addition, he serves as an Associate Professor of Law at Boston University, teaching Corporations, Corporate Governance, and Mergers & Acquisitions. His research seeks to explain phenomena in corporate law, securities regulation, and related areas, and to inform policy making…Read more »

Page: 2018 Corporate Governance Roundtable

October 9-10, 2018 Wasserstein Hall, Harvard Law School, 1585 Massachusetts Avenue Cambridge, MA 02138 Co-Organizers: Lucian Bebchuk, Stephen Davis, Scott Hirst, and Roberto Tallarita Supported by The Harvard Roundtable on Corporate Governance is grateful for the co-sponsorship of Abernathy MacGregor, the AES Corporation, Agility Executive Search, American Express, Assurant, Bank of America, Broadridge, Brunswick Group,…Read more »

Page: 2018 Corporate Governance Roundtable

March 14 -15, 2018 Wasserstein Hall, Harvard Law School, 1585 Massachusetts Avenue Cambridge, MA 02138 Co-Organizers: Lucian Bebchuk, Stephen Davis, Matt Filosa, and Scott Hirst Supported by The Harvard Roundtable on Corporate Governance is grateful for the co-sponsorship of Abernathy MacGregor, the AES Corporation, American Express, Bank of America, Broadridge, Brunswick Group, Cartica Management, CFA…Read more »

Page: 2017 Corporate Governance Roundtable

October 24-25, 2017 Wasserstein Hall, Harvard Law School, 1585 Massachusetts Avenue Cambridge, MA 02138 Co-Organizers: Lucian Bebchuk, Stephen Davis, and Scott Hirst Supported by The Harvard Roundtable on Corporate Governance is grateful for the co-sponsorship of Abernathy MacGregor, Assurant, Bank of America, Broadridge, Brunswick Group, CamberView Partners, Cartica Management, Center for Audit Quality, CFA Institute,…Read more »

Page: 2017 Shareholder Engagement Roundtable

June 14 – 15, 2017 Wasserstein Hall, Harvard Law School, 1585 Massachusetts Avenue Cambridge, MA 02138 Co-Organizers: Lucian Bebchuk, Stephen Davis, and Scott Hirst Supported by The Harvard Roundtable on Shareholder Engagement is grateful for the co-sponsorship of Abernathy MacGregor, The AES Corporation, Assurant, Bank of America, Broadridge, Brunswick, CamberView, Cartica Management, CFA Institute, the Coca-Cola…Read more »

Page: 2017 Corporate Governance Roundtable

March 14-15, 2017 Wasserstein Hall, Harvard Law School, 1585 Massachusetts Avenue Cambridge, MA 02138 Co-Organizers: Lucian Bebchuk, Stephen Davis, and Scott Hirst Supported by In addition to Deloitte, the Harvard Roundtable on Corporate Governance is grateful for the co-sponsorship of Abernathy MacGregor, American Express, Bank of America, Broadridge, Brunswick Group, CamberView, Capital One, Cartica, Center…Read more »

Page: 2016 Roundtable on Corporate Governance

March 15–16, 2016 Wasserstein Hall, Harvard Law School, 1585 Massachusetts Avenue Cambridge, MA 02138 Co-Organizers: Lucian Bebchuk, Stephen Davis, and Scott Hirst Supported by In addition to Deloitte, the Harvard Roundtable on Corporate Governance is grateful for the co-sponsorship of the Society of Corporate Secretaries and Governance Professionals, Aon Hewitt, Broadridge, Camberview, CFA Institute, Coca-Cola,…Read more »

Page: 2016 Roundtable on Shareholder Engagement

June 8–9, 2016 Supported by In addition to Deloitte, the Harvard Roundtable on Shareholder Engagement is grateful for the co-sponsorship of the Society of Corporate Secretaries and Governance Professionals, the Abernathy MacGregor Group, Analysis Group, Aon Hewitt, Blue Harbour Group, Broadridge, Brunswick Group, CamberView, Cartica Management LLC, Center for Audit Quality, CFA Institute, Citi, Citrix Systems,…Read more »

Page: 2016 Corporate Governance Roundtable

November 1–2, 2016 Wasserstein Hall, Harvard Law School, 1585 Massachusetts Avenue Cambridge, MA 02138 Co-Organizers: Lucian Bebchuk, Stephen Davis, and Scott Hirst The Harvard Roundtable on Corporate Governance is grateful for the co-sponsorship of The Society for Corporate Governance, Abernathy MacGregor, The AES Corporation, Aetna, Aimco, American Express, Analysis Group, Aon Hewitt, Applied Materials, Assurant,…Read more »

Page: Advisory Board

The Program seeks to foster interaction between HLS faculty and students and the world of practice and policy. To facilitate the connection between HLS and the world of practice and policy, the Program established an advisory board of distinguished practitioners. The following currently serve as members of the advisory board: William Ackman Pershing Square Capital Management…Read more »

Page: Corporate Governance Roundtable

The Harvard Law School Corporate Governance Roundtable, operated by the Harvard Law School Program on Corporate Governance, aims to contribute to discourse, policy making and education with respect to current issues in corporate governance. The Roundtable is supported by a broad group of members, including corporations and their advisors. An advisory council consisting of leading…Read more »

Page: Stephen M. Davis

Stephen Davis, Ph.D. is associate director of the Harvard Law School Programs on Corporate Governance and Institutional Investors, and a senior fellow at the Program on Corporate Governance. He has been a nonresident senior fellow in governance at the Brookings Institution, where he co-directed the World Forum on Governance, and a senior advisor on governance…Read more »

Page: 2002

Op-Ed by Lucian Bebchuk: Settling for Less, New York Times, December 27, 2002 Op-Ed by Lucian Bebchuk and Oliver Hart: A Threat to Dual-Class Shares, Financial Times, May 31, 2002

Page: 2003

Op-Ed by Lucian Bebchuk: Why Shareholders Must Have More Power, Financial Times, October 21, 2003 Op-Ed by Howell Jackson: It’s Even Worse Than You Think, New York Times, October 9, 2003 Op-Ed by Lucian Bebchuk and Alma Cohen: Not-So-Fierce Rivalry, The Daily Deal, January 31, 2003

Page: 2004

Nice Work if You Can Get It, Wall Street Journal, December 23, 2004. In “Pay Without Performance” (Harvard University Press, 278 pages, $24.95), Lucian Bebchuk and Jesse Fried, two notable legal scholars, argue that CEOs are too often given incentives to pump up short-term earnings at the expense of long-term financial soundness and that CEOs…Read more »

Page: 2005

How large companies can make shareholders happy, The Age.com, December 22, 2005. Indeed, the chief proponent of shareholder empowerment, Harvard law professor Lucian Bebchuk, has conceded as much. In an article published in the Harvard Law Review earlier this year, Bebchuk commented that: “I do not view increasing shareholder power as an end in and…Read more »

Page: 2006

Compensation Experts Offer Ways to Help Curb Executive Salaries, New York Times, December 30, 2006. Executive compensation issues are tricky; the devil is often deep in the footnotes of proxy statements, employment agreements and stock option plans. It will take a concerted effort by both investors and boards to effect real change. Otherwise, lawmakers have…Read more »

Page: 2007

Extreme CEO Payoffs: When Shareholders Lose, CNNMoney.com, December 10, 2007 Still, compensation consultants have “strong incentives to use their discretion to benefit the CEO,” according to a 2003 study by Lucian Bebchuk of Harvard University and Jesse Fried of the University of California at Berkeley. “Providing advice that hurts the CEO’s pocketbook is hardly a…Read more »

Page: 2008

Wall Street Bonuses Under Fire, National Public Radio, On Point, December 22, 2008 Were the incentives wrong? This hour, On Point: Huge pay, huge bonuses, and where they brought us. Tom Ashbrook discusses the subject with three guests: Louise Story, business reporter for The New York Times. Her big story last week was headlined “On…Read more »

Page: 2009

High CEO Pay May Correlate With Lower Long-Term Stock Value, According To Two Studies,Huffington Post, December 31, 2009 But two recent studies suggest that lavish CEO compensation may in fact undermine shareholder wealth. […] A separate study led by Harvard Law’s Lucian Bebchuk investigated the relationship between future company performance and “CEO pay slice” (CPS)…Read more »

Page: 2010

Bankers Arouse Public Anger. But Will They Change?, Christian Science Monitor, December 30, 2010 How did these bankers fare? The top five executives at Bear Stearns and Lehman made roughly $250 million apiece in sales of stock and bonuses in the 2000 to 2008 period, notes Harvard economist Lucian Bebchuk. There was no “claw back”…Read more »

Page: 2011

Op-Ed by Mark Roe: Reforming Repo Rules, Project Syndicate, December 2011 A Former Treasury Adviser On How To Really Fix Wall Street, New Republic, Decemeber 17, 2011 An opinion piece by HLS Visiting Assistant Professor Morgan Ricks: Any serious program for Wall Street reform should start with two words: “term out.” “Terming out” is a…Read more »

Page: 2012

Op-Ed by Mark Roe: Corporate Short-Termism in the Fiscal Cliff’s Shadow, Project Syndicate, December 2012 Op-Ed by Lucian Bebchuk: Voluntary Disclosure on Corporate Political Spending Is Not Enough,New York Times DealBook, December 17, 2012 The price of sadness. And other surprising insights from the social sciences, Boston Globe, Novemeber 25, 2012 Political corporations hurt shareholders:…Read more »

Page: 2013

Why shield corporations from disclosing political spending?, Reuters, December 16, 2013 Corporate disclosure of political spending has been kicking around in shareholder proposals for about a decade, but the SEC was pushed into the debate in 2011, when a group of 10 law professors with varying views on the impact of such spending joined together…Read more »

Page: 2014

Is The Harvard Shareholder Rights Program Breaking The Law?, ValueWalk, December 18, 2014 The Harvard Shareholder Rights Program (HSRP) has spent the last few years pushing back against board staggering, where directors are given multi-year terms so that they don’t all go up for re-election at the same time (the Senate, for example, follows a…Read more »

Page: Fellows

Fellows Spring 2021 Workshop The schedule of the spring 2021 sessions of empirical presentations by fellows is available here. Current Fellows Amy Frieder Research: The relationship between campaign finance programs and diversity among elected officials. Tami Groswald Ozery Research: Corporate and Securities Law, Comparative Corporate Governance, Law and Development Theories (with Particular Interest in their Application…Read more »

Page: Working Papers

To get email announcements about new working papers, please join our Mailing List. 2021 Deals in the Time of Pandemic Guhan Subramanian and Caley Petrucci Discussion Paper No. 2021-6 Exit vs. Voice Eleonora Broccardo, Oliver Hart and Luigi Zingales Discussion Paper No. 2021-5 Will Nasdaq’s Diversity Rules Harm Investors? Jesse M. Fried Discussion Paper No. 2021-4…Read more »

Page: Faculty

The following HLS faculty members (including regular visitors) have strong research interests in corporate governance: Lucian A. Bebchuk Robert Charles Clark John C. Coates IV Alma Cohen Allen Ferrell Jesse M. Fried Oliver Hart Howell Jackson Reinier H. Kraakman J. Mark Ramseyer Mark J. Roe Robert Sitkoff Holger Spamann Leo E. Strine, Jr. Guhan Subramanian

Page: Annual Reports

A detailed account of the Program’s activities can be found in its annual reports: 2018/2019 2017/2018 2016/2017  2015/2016 2014/2015 2013/2014 2012/2013 2011/2012 2010/2011 2009/2010 2008/2009 2007/2008 2006/2007 2005/2006

Page: Hotels

Below is the information for the hotels where we have arranged for discounted rates. Please request the Harvard rate when calling to make your reservation. The Charles Hotel and the Sheraton Commander are within walking distance of the law school, but please note that the Hyatt Regency Cambridge and the Hotel Marlow would require a…Read more »

Page: Courses

Courses taught at Harvard Law School on topics related to corporate governance include the following: 2020-2021 Fall Bankruptcy Controlling Shareholders Corporate Finance Corporate Governance: The Short-Termism Problem Corporations Professor Jesse Fried Professor Reinier Kraakman Professor J. Mark Ramseyer Professor Holger Spamann Corporations from a Comparative Perspective Deals Empirical Law and Economics Hedge and Private Equity Funds:…Read more »

Page: Prizes

Victor Brudney Prize Established by the Program on Corporate Governance in honor of Professor Victor Brudney, Robert B. and Candice J. Haas Professor in Corporate Finance Law, Emeritus. This prize may be awarded annually to the best student paper on a topic related to corporate governance. 2020-2021 Ria Sen, J.D. 2021 Trust(ee) Issues: Understanding the…Read more »

Page: The Harvard Law School Program on Corporate Governance Fund

Funds in the Corporate Governance Program Fund are used to support the activities of the Harvard Law School Program on Corporate Governance. The Fund is a “spend down endowment” fund that has both the flexibility for principal to be accessed to meet current needs and the benefit of monies being invested in the Harvard endowment…Read more »

Page: Speakers & Events

2020-2021 Sep. 8 Howell Jackson (HLS) and Steven Schwarcz (Duke Law) Protecting Financial Stability: Lessons from the Coronavirus Pandemic Sep. 10 Karen Karniol-Tambou (Bridgewater) and Vivian Lau (One Tusk)  What Private Funds Do Sep. 14 Christian Leuz (Chicago Booth) Adoption of CSR and Sustainability Reporting Standards: Economic Analysis and Review Sep. 16 Meredith Kotler and…Read more »

Page: About the Program

The Program on Corporate Governance seeks to foster research and scholarship about corporate governance and facilitate discourse in this field among academics, practitioners, and policy-makers. The Program’s Advisory Board consists of William Ackman, Peter Atkins, David Bell, Richard Brand, Daniel Burch, Paul Choi, Jesse Cohn, Creighton Condon, Arthur B. Crozier, Michael Delikat, John Finley, Bruce H. Goldfarb, Joseph…Read more »

Event: 2015 Roundtable on Shareholder Engagement

June 16–17, 2015 Co-Organizers: Lucian Bebchuk, Stephen Davis, and Scott Hirst   • Agenda • List of Participants • Background Materials The Harvard Roundtable on Shareholder Engagement is grateful for the co-sponsorship of the Society of Corporate Secretaries and Governance Professionals, American Express, Ameriprise Financial, Best Buy, Broadridge, CF Industries, CFA Institute, Citrix Systems, Coca-Cola,…Read more »

Page: Data

Data available for selected papers issued by faculty associated with the Program on Corporate Governance includes the following: Data on the Entrenchment Index 1990-2006 [based on Bebchuk, Cohen, and Ferrell, “What Matters in Corporate Governance?” The Review of Financial Studies, Vol. 22 (2), February 2009, pp. 783-827.] Links to 1260 studies that use the Entrenchment Index…Read more »

Page: Join Our Mailing List

Join the e-mail list of the Program on Corporate Governance and receive e-mails about new working papers and publications in corporate governance.