Lucian Bebchuk
Lucian Bebchuk, Professor of Law, Economics, and Finance, and Director of the Corporate Governance Program at Harvard Law School, is co-author, with Holger Spamann, of Regulating Bankers’ Pay.
Lucian Bebchuk, Professor of Law, Economics, and Finance, and Director of the Corporate Governance Program at Harvard Law School, is co-author, with Holger Spamann, of Regulating Bankers’ Pay.
Once upon a time, in the 1990's, investors could out-perform the market by trading solely on firms' anti-takeover provisions. Nowadays, investors have learned to price these provisions - rewarding fir… read more
Spending by corporations on political campaigns and candidates raises well-known questions about democracy and private power. But another important question is often overlooked: who should decide for … read more
It is now widely accepted that it is important to reward bankers for long-term results, because tying their compensation to short-term returns encourages them to take excessive risks. But tying execut… read more
Credit rating agencies play a crucial role in modern capital markets, but they completely failed in the years preceding the financial crisis. And the problem hasn’t gone away: as long as issuers of se… read more
In a report just filed with the US court that is overseeing the bankruptcy of Lehman Brothers, a court-appointed examiner described how the firms' executives deliberately pursued an aggressive investm… read more
The US Supreme court recently struck down limits on companies’ freedom to spend money on political elections, fueling fears that shareholders’ interests will trump those of other groups, such as consu… read more
There is now intense debate about how the pay levels of top executives compare with the compensation given to rank-and-file employees. But, while such comparisons can tell us much about the dynamics o… read more
As governments around the world develop policies to deal with failing financial institutions, they should be sure to pick their beneficiaries wisely. In particular, they should study and avoid the mis… read more
Standard pay arrangements give executives broad discretion over when they sell shares and exercise options awarded to them as part of compensation plans. But such discretion is both unnecessary and co… read more
