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Nitzan Shilon Photo

Nitzan Shilon

S.J.D. 2013

Byse Fellow

John M. Olin for Law, Economics, and Business Fellow

Fulbright Scholar

nshilon at


Essays in American Corporate Governance in the Aftermath of the 2008-2009 Financial Crisis

My research employs game theory methodology and empirical methods to analyze specific issues in American corporate governance in the aftermath of the 2008-2009 financial crisis. My essays: (i) empirically challenge the efficacy of post-crisis Chief Executive Officer (“CEO”) stock ownership policies, voluntary adopted by S&P 500 firms to curb CEO excessive risk taking and short term focus. I use this paradigm in order to challenge current arrangements pertaining the allocation of power between boards and shareholders. I also put forward specific reforms to address those issues; (ii) provide empirical evidence and discuss why post-crisis excess-pay clawbacks voluntarily adopted by S&P 500 firms are extremely weak and sub-optimal, why the Dodd-Frank Act will improve such arrangements and how the types of excess pay not reached by Dodd-Frank Act should be addressed; and (iii) construct a game theoretical model that induces executives to credibly signal their beliefs in the face of hostile takeovers. I discuss how Delaware takeover law shall be adjusted accordingly, and show that such a new arrangement will not only improve efficiency and distributive issues but will also reduce systemic risk.

Fields of Research and Supervisors

  • Corporate Finance with Professor Lucian Bebchuk, Harvard Law School, Overall Faculty Supervisor
  • Corporate Law Policy with Professor Renier Kraakman, Harvard Law School
  • Corporate Governance and Corporate Control policy with Professor Guhan Subramanian, Harvard Business School and Harvard Law School

Additional Research Interests

  • Economic Analysis of Law
  • Game Theory
  • Empirical Analysis of Law


  • Harvard Law School, S.J.D. Candidate 2006-2013
  • Harvard Law School, LL.M. 2006
  • Tel Aviv University, M.A. 2006
  • Tel Aviv University, LL.B.
  • Tel Aviv University, B.A. (Economics)

Academic Appointments and Fellowships

  • Harvard Law School, 2010, Byse Fellow, “The Meltdown of American Corporate Governance in the Aftermath of the 2008-2009 Financial Crisis?!” (Sole Instructor)
  • Harvard Law School, 2008-2009, Graduate Program Fellow, LL.M. Paper Writers’ Workshop
  • Harvard University, 2007-2008, “Corporate Governance & Corporate Law Policy: Seminar” (Sole Instructor)
  • Harvard Law School, 2006-2008, Graduate Program Teaching Fellow, LL.M. Corporations Section Leader
  • Harvard University, 2007, Teaching Assistant, “Economics: A Critical Approach (Prof. Stephen A. Marglin)”
  • Harvard Business School and Harvard Law School, 2006-2007, Teaching Assistant, “Negotiation advanced: Deal Design and Implementation”, (Prof. Jim Sebenius & Prof. Guhan Subramanian)

Representative Publications

  • “Excess-Pay Clawbacks” (with Jesse Fried), The Journal of Corporation Law, volume 37 (forthcoming 2011); also available at SSRN:
  • “Illusory CEO Stock Ownership Policies”, Harvard Law School John M. Olin for Law Economics and Business fellows’ Discussion Paper Series (forthcoming, 2012)

Additional Research Interests

  • Languages: English, Hebrew
  • Bar admission: Israel Bar Association; New York Bar Association
  • Hobbies: travelling; playing tennis

Last Updated: March 12, 2015