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Murder on the City Express – Who is Killing the London Stock Exchange’s Equity Market?

Harvard Corporate Governance

peers on at least one significant measure – the market capitalization to Gross Domestic Product (“GDP”) ratio. exchanges have seen a consistent rise in the aggregate market capitalization to GDP ratio since at least 2017, the equivalent metric for the U.K. As we underscored in a previous paper , while the U.S.

Equity 206
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Chancery Invalidates Elon Musk’s $55.8 Billion Equity Compensation Package

Harvard Corporate Governance

3] The Grant On January 21, 2018, Tesla’s Board of Directors (the “Board”) [4] unanimously approved the Grant, which would vest based on Tesla’s achievement of certain market capitalization goals, as well as operational milestones related to revenue and adjusted EBITDA targets. The process arrived at an unfair price.” [3]

Equity 217
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An Early Look at 2023 CEO & CFO Pay Actions

Harvard Corporate Governance

billion and median market capitalization of $7.0 This post investigates compensation actions for CEOs and CFOs at S&P 1500 companies that have fiscal year ends between 9/30 and 11/30. The sample consists of fifty cross-industry companies with median revenue of $4.6 incentive compensation) slightly lower for CFOs (more…)

Equity 218
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Mega Grants: Why Would a Board Approve Nine-Figure CEO Pay?

Harvard Corporate Governance

Mega grants are large, one-time equity awards with long vesting periods (up to 10 years) granted in lieu of or in addition to annual awards with the intended purpose of providing significant incentive to achieve long-term targets. We recently published a paper on SSRN (“Mega Grants: Why Would A Board Approve Nine-Figure CEO Pay?”)

Equity 230
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Dissecting the Long-Term Performance of the Chinese Stock Market

Harvard Corporate Governance

The A share market is the second largest in the world in terms of total market capitalization, trailing only the US equity markets. The number of listed firms has been growing since then, with more than 5,000 firms now listed in the two exchanges and the newly established Beijing Stock Exchange.

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Tornetta v. Musk: Post-Trial Opinion

Harvard Corporate Governance

s directors breached their fiduciary duties by awarding Elon Musk a performance-based equity-compensation plan. For a tranche to vest, Tesla’s market capitalization must increase by $50 billion and Tesla must achieve either an adjusted EBITDA target or a revenue target in four consecutive fiscal quarters.

EBITDA 332
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Do Activists Beat the Market?

Harvard Corporate Governance

companies with market capitalizations greater than $500 million at the time of campaign announcement. individuals, private equity funds, family offices). Our empirical review included campaigns waged between 2018 and H1 2023 at U.S. more…)