In an award ceremony held in New York City last month, the Investor Responsibility Research Center Institute (IRRCi) announced the winners of its the 2013 prize competition. The academic award went to Harvard Law School Professor Lucian Bebchuk LL.M. ’80 S.J.D. 84, HLS Senior Fellow and Tel-Aviv University Professor Alma Cohen, and Harvard Business School Professor Charles Wang. The trio received the award for their study, “Learning and the Disappearing Association between Governance and Returns,” which was published last month by the Journal of Financial Economics.
Eight Harvard Law School faculty members were recently ranked among the top 100 corporate governance scholars in the world, in all corporate areas, including management, law, economics, and finance. Included on the American Academy of Management’s list of 100 “high-impact scholars” were HLS Professors Lucian Bebchuk, John Coates, Reiner Kraakman, Mark Roe ’75, Steven Shavell and Cass Sunstein ’78. Former HLS Dean and current Visiting Professor Elena Kagan ’86 and HLS Lecturer on Law Leo Strine also were featured on the list.
On Feb. 15, Harvard Law School Professor Lucian Bebchuk testified before the U.S. Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection at a hearing entitled “Pay for Performance: Incentive Compensation at Large Financial Institutions.”
Whether owners of limited liability companies should be subject to personal liability has been the subject of much controversy lately, in the U.S. and around the world. On Jan. 25, Bruno Salama, spoke to an HLS audience on the topic in the context of his research project and book “The End of Limited Liability in Brazil” tracing the status of corporate limited liability and veil piercing in Brazil. A professor of law at the Fundação Getulio Vargas in Sao Paulo, Salama was joined by HLS Professors Reinier Kraakman and Mark Roe ’75 at an event organized by the Harvard Law School Brazilian Studies Association.
For the last several years, former Harvard Law School Dean Robert C. Clark ’72 has broken with tradition in teaching his mergers and acquisitions course. It isn’t enough to read leading cases, he realized; students still may leave the classroom without any real understanding of how to structure a deal, identify and avoid pitfalls, and recognize why personalities matter—in short, how M&As work in the real world.
In December, Harvard Law School’s International Human Rights Clinic submitted an amicus curiae brief to the U.S. Supreme Court in support of petitioners in a major Alien Tort Statute (“ATS”) case, Kiobel v. Royal Dutch Petroleum Co. The brief in Kiobel v. Royal Dutch Petroleum Co. argues that corporations can be held liable for violations of the law of nations under the ATS.
The Committee on Disclosure of Corporate Political Spending, co-chaired by Harvard Law School Professor Lucian A. Bebchuk LL.M. ’80 S.J.D. ’84 and Robert J. Jackson, Jr. ’05, associate professor at Columbia Law School, submitted a rulemaking petition to the Securities and Exchange Commission. The petition urges the commission to develop rules to require public companies to disclose to shareholders the use of corporate resources for political activities.