Harvard Corporate Governance

MARCH 31, 2023

on Friday, March 31, 2023 Editor's Note: Victoria Gaytan and Hilary Novik-Sandberg are Vice Presidents at BlackRock Investment Stewardship. As such, they may impact companies’ ability to deliver the long-term financial returns on which our clients depend to meet their investing goals. This post is based on their BlackRock memorandum.

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Harvard Corporate Governance

JULY 26, 2023

This post is based on their Sustainable Investment Survey. About the survey This group of respondents represents the most balanced profile to date for this survey, showing that the interest in sustainable investment issues run far and wide. Schanzenbach and Robert H.

Technology 130

Technology Marketability 130

Harvard Corporate Governance

JUNE 20, 2022

Key Points: The proposal on ESG disclosures for investment advisers and registered investment companies would introduce requirements for advisers and registered funds that consider ESG factors in their investment processes to disclose more about those factors’ role in investment decisions. more…).

Compliance 189

Compliance 189

Harvard Corporate Governance

JANUARY 13, 2023

on Friday, January 13, 2023 Editor's Note: Sandy Boss is Global Head of Investment Stewardship, John McKinley and Michelle Edkins are Managing Directors at BlackRock, Inc. We manage assets on behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and regions.

Capital Structure 231

Capital Structure 231

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. Schanzenbach and Robert H. Background.

Finance 303

Finance Marketability 303

Harvard Corporate Governance

SEPTEMBER 7, 2022

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

Equity 237

Equity Marketability 237

Harvard Corporate Governance

NOVEMBER 16, 2022

Welcome to the Compliance Outreach Program of the Securities and Exchange Commission’s Investment Adviser/Investment Company National Seminar. As is customary, I’d like to note that my views are my own, and I’m not speaking on behalf of my fellow Commissioners or the staff.

Compliance 183

Compliance Finance 183

Harvard Corporate Governance

MARCH 1, 2023

Hart and Luigi Zingales; and Reconciling Fiduciary Duty and Social Conscience: The Law and Economics of ESG Investing by a Trustee (discussed on the Forum here ) by Max M. So-called Environmental, Social, and Governance (“ESG”) investment practices have come under increasing legal scrutiny. Schanzenbach and Robert H.

Marketability 218

Marketability 218

Harvard Corporate Governance

AUGUST 12, 2023

(discussed on the Forum here ) by Scott Hirst, Kobi Kastiel, and Tamar Kricheli-Katz; Reconciling Fiduciary Duty and Social Conscience: The Law and Economics of ESG Investing by a Trustee by Max M. 4237 , would amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 (ERISA). The bill, H.R.

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Harvard Corporate Governance

FEBRUARY 2, 2023

Hart and Luigi Zingales; and Reconciling Fiduciary Duty and Social Conscience: The Law and Economics of ESG Investing by a Trustee (discussed on the Forum here ) by Robert H. Sitkoff and Max M. Schanzenbach. These reports are wrong. This summary aims clarify the effect of the Biden Rule and what has changed from the Trump Rule.

Marketability 223

Marketability 223

Harvard Corporate Governance

SEPTEMBER 18, 2023

In Discretionary Investing by ‘Passive’ S&P 500 Funds , we show this assumption is false as a matter of both law and empirical fact. These deviations amount to over $60 billion in discretionary investment decisions, roughly equivalent to Target Corporation’s entire market capitalization. in the fourth quarter of 2022 alone.

Market Capitalization 218

Market Capitalization Marketability 218

Harvard Corporate Governance

DECEMBER 18, 2022

The proposal is designed to ensure that registered funds maintain an appropriate balance of liquid investments, standardize their classification of liquid investments, mitigate the dilution of remaining shareholders’ interests following net purchases or net redemptions and file timely reports that detail their liquidity risk management.

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Harvard Corporate Governance

MARCH 22, 2024

Bebchuk and Roberto Tallarita; Reconciling Fiduciary Duty and Social Conscience: The Law and Economics of ESG Investing by a Trustee (discussed on the Forum here ) by Max M. Confusion surrounding ESG (environmental, social, and governance) data and mislabeling of sustainable investment products complicates adoption and regulation.

Technology 128

Technology Marketability 128

Harvard Corporate Governance

AUGUST 15, 2022

The last two decades have seen a dramatic increase in the amount of capital invested in passive index funds. While these funds help investors earn benchmark index returns for relatively low fees, the increase in passive investing is not without controversy. Passive investors, by definition, hold portfolios that simply track an index.

Finance 150

Finance Marketability 150

Harvard Corporate Governance

MAY 11, 2022

The Division announced an enhanced focus on five “significant areas”: (i) private funds; (ii) environmental, social and governance (“ESG”) investing; (iii) standards of conduct, including Regulation Best Interest, fiduciary duty and Form CRS; (iv) information security and operational resiliency; and (v) emerging technologies and crypto-assets.

Compliance 232

Compliance Technology 232

Harvard Corporate Governance

NOVEMBER 17, 2023

Normal 0 false false false EN-US ZH-CN AR-SA Globally, investment in so-called ESG (environmental, social, governance) funds has grown exponentially in recent years, far outstripping the rate of growth of assets under management more generally. Yet distinguishing amongst these various explanations is a challenge.

Marketability 218

Marketability 218

Harvard Corporate Governance

OCTOBER 12, 2023

Attacks on ESG Investing and “Woke Capitalism“ are also attacks on company endorsements of and support for Sustainability. In the last year there has been a mounting wave of attacks against “ Woke Capitalism” and ESG Investing. Strine, Jr. Interestingly these public attacks on “woke capitalism” include Wal-Mart as much as BlackRock.

223

223

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. We differ in our views about the regulation of firms’ relationships with their employees generally. more…).

Corporate Finance 311

Corporate Finance Banking Finance Marketability 311

Harvard Corporate Governance

SEPTEMBER 1, 2022

Securities and Exchange Commission (SEC) published a Staff Bulletin providing guidance regarding conflicts of interest under broker-dealer Regulation Best Interest (Reg BI) and investment adviser fiduciary duty standards. [1] 5] A few themes running through the Bulletin are discussed below. more…).

Compliance 228

Compliance 228

Harvard Corporate Governance

MAY 19, 2023

on Friday, May 19, 2023 Editor's Note: John Galloway is Global Head of Investment Stewardship at Vanguard, Inc. This post is based on a publication by Vanguard Investment Stewardship. Posted by John Galloway, Vanguard, Inc.,

Marketability 128

Marketability 128

Harvard Corporate Governance

JANUARY 17, 2023

Bebchuk and Roberto Tallarita; Reconciling Fiduciary Duty and Social Conscience: The Law and Economics of ESG Investing by a Trustee (discussed on the Forum here ) by Robert H. million, the SEC focus was on statements made by the adviser regarding how it integrated ESG into its investment decision-making process. Sitkoff and Max M.

Compliance 228

Compliance 228

Harvard Corporate Governance

NOVEMBER 22, 2023

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

Marketability 180

Marketability 180

Harvard Corporate Governance

AUGUST 17, 2022

Securities and Exchange Commission (SEC) proposed new disclosure and naming requirements for funds that consider environmental, social and governance (ESG) factors in their investment decisions. The same week the proposed rules were released, the SEC announced that BNY Mellon Investment Adviser, Inc. agreed to pay a $1.5

Banking 248

Banking Marketability 248

Harvard Corporate Governance

AUGUST 26, 2023

Securities and Exchange Commission (SEC or Commission) proposed new rules for broker-dealers (Proposed Rule 15(1)-2) and investment advisers (Proposed Rule 211(h)(2)-4) on the use of predictive data analytics (PDA) and PDA-like technologies in any interactions with investors. [1] Kleiman, Jamie Brigagliano , Benson Cohen and Ranah Esmaili.

Technology 189

Technology 189

Mckinsey and Company

MARCH 26, 2024

It’s time to raise investment and catch the next productivity wave.

105

105

Harvard Corporate Governance

DECEMBER 24, 2022

1] In addition, the final rules will require disclosure on Form N-PX of how institutional investment managers (“managers”) voted on “say-on-pay” matters. [2] 2] The final rules will be effective on July 1, 2024, covering votes occurring on or after July 1, 2023. more…).

227

227

Mckinsey and Company

APRIL 18, 2024

The demand for nature and biodiversity investments is growing—Saker Nusseibeh talks about how to meet clients where they are and encourage them to move forward with a long-term view.

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Harvard Corporate Governance

APRIL 1, 2022

There is evidence of social contagion of investment behavior in financial markets that does not derive from rational information processing. To better capture these dynamics, the Efficient Markets Hypothesis can be complemented by the Darwinian perspective of natural selection on investment strategies. more…).

Finance 204

Finance Marketability Technology 204

Harvard Corporate Governance

JANUARY 12, 2024

household retirement accounts at the end of 2021 (Investment Company Institute, 2022). The Securities and Exchange Commission (SEC) requires mutual funds to provide the public with detailed information about their portfolio holdings and investment activities so mutual fund investors know how their money is being managed.

Equity 122

Equity Marketability 122

Harvard Corporate Governance

JULY 5, 2022

While such uncertainty could be an important barrier to sustainable investing, to date, little attention has been devoted to the role of ESG uncertainty in portfolio decisions and asset pricing. Our paper Sustainable Investing with ESG Rating Uncertainty (forthcoming in the Journal of Financial Economics ) aims to fill this gap.

Finance 218

Finance Equity Marketability 218

Brian DeChesare

MARCH 27, 2024

If you go by most online discussions, investment banking spring weeks in the U.K. If you want to work in investment banking in London , these “spring weeks” (1-2-week mini-internships in your first or second year of university) are helpful but not necessarily required. OK, So What Are the Downsides of Investment Banking Spring Weeks?

Banking 90

Banking Start-ups Finance Corporate Finance 90

Harvard Corporate Governance

OCTOBER 25, 2022

The growing divide in the ESG regulatory landscape between states became clear with the passage of legislation in Maine and Texas in 2021, which adopted contradictory ESG policies for state pension fund investments. ideological interests. more…).

Banking 174

Banking 174

Business Wire M&A

JUNE 1, 2023

NEW YORK--(BUSINESS WIRE)--MGG Investment Group LP (“MGG”) today announced that it has made a debt and equity investment to support Access & Integrated Practice Holdings’ acquisition of United Medical Systems Inc. (“UMS”), Terms of the transaction were not disclosed.

Equity 98

Equity 98

NYT M&A

MARCH 16, 2024

TikTok’s turn in geopolitical cross hairs highlights the narrowing paths to liquidity for investments in Chinese companies.

Mergers & Acquisitions 105

Mergers & Acquisitions 105

Harvard Corporate Governance

FEBRUARY 5, 2024

Posted by Amy D. Roy and Robert A. Skinner, Ropes & Gray LLP, on Monday, February 5, 2024 Editor's Note: Amy D. Roy and Robert A. Skinner are Partners at the Ropes & Gray securities litigation group in Boston. This post is based on their Ropes & Gray memorandum.

Marketability 216

Marketability 216

Harvard Corporate Governance

JANUARY 18, 2023

Posted by Sandy Boss, John Roe and Jessica McDougall, BlackRock, Inc, on Wednesday, January 18, 2023 Editor's Note: Sandy Boss is Global Head of Investment Stewardship, John Roe is Head of Investment Stewardship (BIS) in the Americas, and Jessica McDougall is a Director at BlackRock Inc. Introduction. Introduction.

128

128

Harvard Corporate Governance

SEPTEMBER 13, 2022

on Tuesday, September 13, 2022 Editor's Note: Paul Bodnar is Global Head of Sustainable Investing and Elizabeth Kent is a Managing Director at BlackRock, Inc. This post is based on a comment letter submitted to the SEC regarding the proposed rules on ESG disclosures for investment funds and advisers by BlackRock. BlackRock, Inc.

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