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Author: Anita Anand
Publisher: Oxford University Press, USA
ISBN: 0190096535
Category : Business & Economics
Languages : en
Pages : 187
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Book Description
"This is a book about the ways in which capital markets have come to be shaped by the ubiquity of sophisticated investors. In particular, the majority of today's investors have the economic might and technical capacity to play a role in the decision-making of the corporations in which they invest. This brings with it a host of benefits, such as better corporate strategy and mechanisms to ameliorate the moral hazard that can exist when the people who bear the risk of corporate activity are different than those who make decisions. It also poses regulatory challenges, and a key element of this book is an examination of the ways in which our thinking about corporations and capital markets must change to reflect the prevalence of sophisticated shareholders"--
Author: Anita Anand
Publisher: Oxford University Press, USA
ISBN: 0190096535
Category : Business & Economics
Languages : en
Pages : 187
Get Book Here
Book Description
"This is a book about the ways in which capital markets have come to be shaped by the ubiquity of sophisticated investors. In particular, the majority of today's investors have the economic might and technical capacity to play a role in the decision-making of the corporations in which they invest. This brings with it a host of benefits, such as better corporate strategy and mechanisms to ameliorate the moral hazard that can exist when the people who bear the risk of corporate activity are different than those who make decisions. It also poses regulatory challenges, and a key element of this book is an examination of the ways in which our thinking about corporations and capital markets must change to reflect the prevalence of sophisticated shareholders"--
Author: Anita Anand
Publisher:
ISBN: 9780190096564
Category : Corporate governance
Languages : en
Pages : 186
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Book Description
This is a text about the ways in which capital markets have come to be shaped by the ubiquity of sophisticated investors. In particular, many of today's investors have the economic might & technical capacity to play a role in the decision-making of the corporations in which they invest. This phenomenon brings with it a host of benefits, such as mechanisms to ameliorate the moral hazard that can exist when the people who bear the risk of corporate activity are different from those who make decisions. A key element of this work is an examination of the ways in which thinking about corporations & capital markets must change to reflect the prevalence of sophisticated shareholders. The book develops a concept - shareholder-driven corporate governance - to explain the role of powerful shareholders & to propose a regulatory scheme that furthers their participation in corporate decision-making.
Author: Donald H. Chew
Publisher: Columbia University Press
ISBN: 0231519974
Category : Business & Economics
Languages : en
Pages : 393
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Book Description
Effective corporate governance, or the set of controls and incentives that drive top management, originates both outside and inside the firm and assures investors who hope to commit their capital. Essential when buying stocks in one's own country, effective corporate governance is even more important abroad, where information can be less reliable and investor influence (or protection) more limited. In this collection of articles from the Journal of Applied Corporate Finance, more than thirty leading scholars and practitioners discuss the possibilities and limitations of global corporate finance and governance systems, whether in Europe and North America or in the emerging markets of Israel, India, Korea, and South Africa. Essays discuss the political roots of American corporate finance; the structural and financial variations between international corporations; control premiums and the effectiveness of corporate governance systems; debt, folklore, and cross-country differences in financial structures; the driving forces behind the East Asian Financial Crisis of 1997; corporate ownership and control in India, Germany, France, and the United Kingdom; financial and economic lessons of Italy's privatization program; changes in Korean corporate governance; sovereign wealth funds; and the new organization of Canadian business trusts. A special roundtable discussion addresses shareholder activism in the U.K.
Author: Donald H. Chew
Publisher: Columbia University Press
ISBN: 0231148577
Category : Business & Economics
Languages : en
Pages : 385
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Book Description
Corporate governance constitutes the internal and external institutions, markets, policies, and processes designed to help companies maximize their efficiency and value. In this collection of classic and current articles from the Journal of Applied Corporate Finance, thought leaders such as Michael Jensen and Robert Monks discuss the corporate mission of value maximization and the accomplishments and limitations of U.S. governance in achieving that end. They address the elements driving corporate value: the board of directors, compensation for CEOs and other employees, incentives and organizational structure, external ownership and control, role of markets, and financial reporting. They evaluate best practice methods, challenges in designing equity plans, the controversy over executive compensation, the values of decentralization, identifying and attracting the "right" investors, the evolution of shareholder activism, creating value through mergers and acquisitions, and the benefits of just saying no to Wall Street's "earnings game." Grounded in solid research and practice, U.S. Corporate Governance is a crucial companion for navigating the world of modern finance.
Author: Shuangge Wen
Publisher: Routledge
ISBN: 1136019847
Category : Law
Languages : en
Pages : 271
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Book Description
Rising defaults in the financial market in 2007, the current widespread economic recession and debt crisis have added impetus to existing doubts about companies’ governance, and cast new light on future trends in shareholder-oriented corporate practice. Taking account of these developments in the field and realising the current need for changes in governance, this book offers a thorough exploration of the origins, recent changes and future development of the corporate objective—shareholder primacy. Legal and theoretical aspects are examined so as to provide a comprehensive and critical account of the practices reflecting shareholder primacy in the UK. In the wake of the financial crisis, this book investigates the direction of future policy, with particular attention to changes in governing rules and regulations and their implications for preserving the objective of shareholder primacy. It examines current UK and EU reform proposals calling for long-term and socially-responsible corporate performance, and the potential friction between proposed legal changes and commercial practices. This book will be useful to researchers and students of company law, and business and management studies.
Author: Anita Indira Anand
Publisher: Oxford University Press
ISBN: 0190096551
Category : Law
Languages : en
Pages : 187
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Book Description
How effectively can governing mechanisms forged before the surge of activist investment continue to protect shareholders and efficiently order capital markets? This is a pressing question for scholars and practitioners of corporate law, as well as for market participants generally. In order to illuminate the extent to which the growing trend of shareholder activism calls for a new understanding of the kind of shareholder-corporate relations the law should facilitate, this book introduces the concept of shareholder-driven corporate governance. This concept refers to the evident phenomenon of shareholder involvement in corporate governance and offers a normative endorsement of this development. In order to secure the benefits of investors' increasing involvement in corporate affairs, regulatory regimes must grapple with a number of considerations. This book is based on the idea that shareholder corporate governance is a welcome development, but that it does not come without regulatory challenges. For one, it requires rejecting the idea that well-ordered capital markets can be achieved through corporate law which is subservient to private ordering. The mandatory character of, for example, securities regulation is vital to fostering shareholder involvement in corporate affairs. Defenders of shareholder corporate governance must also confront the matter of "wolf packs," or loosely formed bands of investors who defy existing regulatory categories but nonetheless exert collective influence. Regulation that is sensitive to both the inadequacies of past approaches to corporate-shareholder relations and the novel challenges posed by increasing shareholder activism will be able to harness activism, allowing capital markets to flourish.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264116052
Category :
Languages : en
Pages : 78
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Book Description
This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Author: Ekrem Solak
Publisher: Routledge
ISBN: 1000069745
Category : Law
Languages : en
Pages : 237
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Book Description
This book provides a complete framework for contemporary shareholder activism and its implications for US corporate governance, which is based on director primacy theory. Under director primacy theory, shareholders do not wish to be involved in the management of the company; in the rare event that they wish to be involved, it is considered a transfer of power from the board of directors to shareholders, which in turn reduces the efficiency of centralised decision-making in public companies. However, this book demonstrates that shareholders do not use their power to transfer corporate control from the board to themselves, and that some form of shareholder activism is even collaborative, which is a new paradigm for US corporate governance. This book shows that while monitoring remains a key contribution of shareholders, they also bring new informational inputs to corporate decision-making that could not be obtained under the traditional board model. Accordingly, contemporary shareholder activism enhances the board’s decision-making and monitoring capacity, without undermining the economic value of the board's authority. Therefore, this book argues that the complete approach of contemporary shareholder activism should be accommodated into US corporate governance. In doing so, this book considers not only legal and regulatory developments in the wake of the 2007–2008 financial crisis, but also the governance developments through by-law amendments. Furthermore, the author makes several recommendations to soften the current director primacy model: establishing a level playing field for private ordering, adopting the proxy access default regime, the majority voting rule, the universal proxy rules, and enhancing the disclosure requirements of shareholders. The book will be of interest to academics and students of corporate governance, both in the US and internationally.
Author: Jennifer G. Hill
Publisher: Edward Elgar Publishing
ISBN: 1782546855
Category : Law
Languages : en
Pages : 638
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Book Description
Much of the history of corporate law has concerned itself not with shareholder power, but rather with its absence. Recent shifts in capital market structure require a reassessment of the role and power of shareholders. These original, specially commiss
Author: Maria Goranova
Publisher: Springer
ISBN: 1137373938
Category : Business & Economics
Languages : en
Pages : 349
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Book Description
In this volume, leading management experts offer critical insights into the promises and illusions of shareholder empowerment, the discrepancies between theory and practice, and the challenges posed by variations in global corporate governance regimes.
