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- All HBS Web (83)
- Faculty Publications (32)
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- February 2014
- Article
Accountability of Independent Directors—Evidence from Firms Subject to Securities Litigation
By: Francois Brochet and Suraj Srinivasan
We examine which independent directors are held accountable when investors sue firms for financial- and disclosure-related fraud. Investors can name independent directors as defendants in lawsuits, and they can vote against their re-election to express displeasure over...
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Keywords:
Independent Directors;
Litigation Risk;
Class Action Lawsuits;
Director Accountability;
Reputation;
Boards Of Directors;
Corporate Governance;
Debt Securities;
Corporate Accountability;
Lawsuits and Litigation
Brochet, Francois, and Suraj Srinivasan. "Accountability of Independent Directors—Evidence from Firms Subject to Securities Litigation." Journal of Financial Economics 111, no. 2 (February 2014): 430–449.
- 2013
- Working Paper
Accountability of Independent Directors—Evidence from Firms Subject to Securities Litigation
By: Francois Brochet and Suraj Srinivasan
We examine which independent directors are held accountable when investors sue firms for financial and disclosure related fraud. Investors can name independent directors as defendants in lawsuits, and they can vote against their re-election to express displeasure over...
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Brochet, Francois, and Suraj Srinivasan. "Accountability of Independent Directors—Evidence from Firms Subject to Securities Litigation." Working Paper, 2013. (Harvard Business School Working Paper, No. 13-104, June 2013.)
- Teaching Interest
Overview
By: Lynn S. Paine
Ms. Paine currently teaches Boards of Directors and Corporate Governance in the second-year MBA program. She also co-chairs the HBS flagship programs for corporate directors Making Corporate Boards More Effective, Advanced Corporate Director Seminar, as well as its...
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- February 2016 (Revised July 2017)
- Case
Leadership and Independence at the Federal Reserve
By: David Moss and Marc Campasano
“From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy.” Ron Paul, a Republican from...
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Keywords:
Government Legislation;
Central Banking;
Policy;
Financial Crisis;
Business and Government Relations;
Banking Industry;
Public Administration Industry;
United States
Moss, David, and Marc Campasano. "Leadership and Independence at the Federal Reserve." Harvard Business School Case 716-040, February 2016. (Revised July 2017.)
- 26 Jul 2013
- Working Paper Summaries
Accountability of Independent Directors-Evidence from Firms Subject to Securities Litigation
Keywords:
by Francois Brochet & Suraj Srinivasan
- 27 Apr 2010
- First Look
First Look: April 27
ideas across academic communities. The Predictive Value of Accruals and Consequences for Market Anomalies Authors:Francois Brochet, Seunghan Nam, and Joshua Ronen Publication:The Journal of Accounting, Auditing and Finance (forthcoming)...
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Martha Lagace
- 28 May 2019
- Research & Ideas
Investor Lawsuits Against Auditors Are Falling, and That's Bad News for Capital Markets
audit committees have improved their ability and willingness to monitor auditors. Investors can ask for and insist on strong audit committees of...
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- 17 Jan 2012
- First Look
First Look: January 17
spending on the private sector. Our key innovation is to use changes in congressional committee chairmanship as a source of exogenous variation in state-level federal expenditures. In doing so, we show that fiscal spending shocks appear...
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Sean Silverthorne
- 30 Jul 2001
- What Do You Think?
What’s the Future of Corporate Governance?
adaptability of the organization over time. As he put it, "By focusing too strongly on financial records (and audit committee work), we lose sight of the fact that departments like operations and human...
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by James Heskett
- 24 Nov 2003
- Research & Ideas
Boards and Corporate Governance: A Balanced Scorecard Approach
directors. Independent directors are now expected to play a greater role, audit committees are required to take on greater responsibilities, and senior managers and boards are being held more accountable for...
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Re: Robert S. Kaplan & Krishna G. Palepu
- 30 Mar 2018
- What Do You Think?
What Should Mark Zuckerberg Do?
request. The following day, Zuckerberg personally met with employees and posted a promise to audit and restrict access to user information by the developers of apps. He also agreed to testify before a United States congressional View Details
- 21 Jul 2009
- First Look
First Look: July 21
strategic postures are reflected—and embedded—in different organizational postures. In 2009 the CEOs of both companies face new global strategic and organizational choices. Purchase this case: http://hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=909415 The Role...
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Martha Lagace
- 05 May 2003
- Research & Ideas
SEC Commissioner Sees “Healing and Reform”
through," he said, noting that the drive for investment banking revenues on Wall Street led to conflicts of interest between those sectors. "Self-governing, particularly in the auditing process, was a disaster." Out of...
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by Catherine Walsh
- 17 Jul 2000
- What Do You Think?
Where Is the Microsoft Board?
start-ups is different than in established large organizations. More often, a director is an investor, friend, expert, and resource. Involvement of a director is more intense, often resulting in daily or at least weekly contact with management at all levels. Insiders...
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by James Heskett
- 03 Nov 2003
- What Do You Think?
Can Investors Have Too Much Accounting Transparency?
not only a company's numbers but also the systems that produce the numbers. Finally, public accountants will have to evaluate the work of the boards' audit committees that hired them. The bill for the...
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by James Heskett
- 30 Jun 2015
- First Look
First Look: June 30, 2015
anticorruption ratings are domiciled in countries with low corruption risk ratings and strong anticorruption enforcement, operate in high corruption risk industries, have recently faced a corruption enforcement action, employ a Big Four View Details
Keywords:
Carmen Nobel
- 28 Apr 2003
- Research & Ideas
Shareholders Key to Corporate Reform
more balanced and comprehensive if management believes that directors might seek an independent opinion. It should be noted that there is a precedent for providing directors with independent funding: The Sarbanes-Oxley Act requires that View Details
- 08 Jul 2002
- What Do You Think?
Have We Carried the Concept of Alignment Too Far?
Article In the past several weeks we have been treated to vastly restated earnings, the conviction of an entire accounting firm, and the baiting by congressional committees of witnesses drawn from the ranks of corporate managers. We are...
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by James Heskett
- 20 Jan 2003
- Research & Ideas
Fixing Corporate Governance: A Roundtable Discussion at Harvard Business School
parts of the organization. With deficient information and knowledge, you can't put all the pieces together or understand when something might be going wrong. Jay Lorsch: There was a cycle of greed throughout the system, and boards, for their part, allowed it to go...
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by Garry Emmons
- 07 Oct 2002
- Research & Ideas
What Leaders Need to Do To Restore Investor Confidence
look at the design of option plans and be much more careful about the rate at which they vest. There'll be talk about whether some of the proceeds should go into incentive banks, with a claw-back if there's poor performance. We'll talk about whether directors on View Details
Keywords:
by Harvard Management Update