HBLR is hiring!
Incoming and current HLS students: we’re very excited to announce that we are opening Upper Masthead and Board applications for the upcoming year’s Volume XIV (2023–2024).
The Harvard Business Law Review (HBLR) is a student organization aiming to be the premier source of articles concerning laws governing business organization and capital markets. We publish articles by scholars, practitioners, and policymakers on corporate law and governance, securities and capital markets law, financial regulation and financial institutions, law and finance, financial distress and bankruptcy, and related subjects.
On Volume 12, you will find articles about board diversity and corporate purpose, labor capital, litigation risks, Facebook, human capital accounting, mandatory board gender-balancing, and ESG accountability.
HBLR stands at the intersection of law and business and is committed to publishing research and commentary on a wide range of developments in business and commercial law. We welcome you to learn more about our print submissions process.
If you want to get involved in HBLR, please find our resources for each class and program below.
Shifting Influences on Corporate Governance: Capital Market Completeness and Policy Channeling
Ronald J. Gilson and Curtis J. Milhaupt
Corporate governance scholarship is typically portrayed as driven by single factor models, for example, shareholder value maximization, director primacy or team production. These governance models are Copernican; one factor is or should be the center of the corporate governance solar system. In this essay, we argue that, as with binary stars, the shape of the governance system is at any time the result of the interaction of two central influences, which we refer to as capital market completeness and policy channeling. In contrast to single factor models, which reflect a stable normative statement of what should drive corporate governance, in our account the relation between these two governance influences is dynamic.