BoardsofDirectorsasanEndogenouslyDeterminedInstitution:ASurveyoftheEconomicLiteratureBenjaminE.HermalinUniversityofCaliforniaatBerkeleyandMichaelS.WeisbachUniversityofIllinoisJune15,2000AbstractThispapersurveystheeconomicliteratureonboardsofdirectors.Althoughalegalrequirementformanyorganizations,boardsarealsoanendogenouslydeterminedgovernancemechanismforaddressingagencyproblemsinherenttomanyorg...
1CorporateGovernance,MonitoringandtheOwnershipStructureoftheFirm:anOverviewPaoloPasquarielloNewYorkUniversity-SternSchoolofBusinessAbstractThispaperprovidesanoverviewofthemostrecentattemptsbytheliteraturetoexplaintherelationshipbetweenCorporateControlconsiderations,monitoringcostsandtheownershipstructureresultingfromapublicoffering.Theempiricalevidencecurrentlyavailableisanalyzed.Twomaintheoret...
TakashiNARUSAWA,MasafumiEMORIandSatoshiOHMORIApril1,2001RebirthofJapaneseCompaniesThroughGovernanceReforms1NRIPapersNo.25April1,2001Copyright2001byNomuraResearchInstitute,Ltd.RebirthofJapaneseCompaniesThroughGovernanceReformsTakashiNARUSAWA,MasafumiEMORIandSatoshiOHMORIIUrgentNeedforStructuralReformsinJapaneseFirms1CorporateEarningsBegantoRecover2InadequateRecoveryinEarnings3DelayedStructuralRe...
OrientLongmanEconomicsCorporateGovernanceandtheIndianPrivateSectorJairusBanajiandGautamModyCorporateGovernanceandtheIndianPrivateSectoristhefirstextensivestudyofcorporategovernanceissuesintheIndianmarketintheperiodcoincidingwiththereleaseoftheSEBIguidelinesearlyin2000.ConductedbytwovisitingfellowsoftheUniversityofOxfordoveraperiodoftwoandahalfyears(1998–2000),thestudyexaminestheissueofcorporat...
SEPARATIONOFOWNERSHIPANDCONTROLEugeneF.FamaUniversityofChicagoandMichaelC.JensenHarvardBusinessSchoolmjensen@hbs.eduAbstractThispaperanalyzesthesurvivaloforganizationsinwhichdecisionagentsdonotbearamajorshareofthewealtheffectsoftheirdecisions.Thisiswhattheliteratureonlargecorporationscallsseparationof“ownership”and“control.”Suchseparationofdecisionandriskbearingfunctionsisalsocommontoorgani...
CorporateGovernanceRuleProposalsReflectingRecommendationsfromtheNYSECorporateAccountabilityandListingStandardsCommitteeAsApprovedbytheNYSEBoardofDirectorsAugust1,2002ThefollowingistheprincipaltextoftherulefilingsubmittedbytheExchangetotheSecuritiesandExchangeCommissiononAugust16,2002.Itincludestheproposedcorporategovernancestandards,aswellastherelatedchangesmadetocertainotherExchangerules.Itals...
1Information,ContingencyandtheEvolutionofUSCorporateMonitoringbyPaulJ.Miranti,Jr.SchoolofBusinessRutgersUniversityNewBrunswick,NJ08903andMaryEllenOGradyRamapoCollegeMahwah,NJ07430-16802Information,ContingencyandtheEvolutionofUSCorporateMonitoringSynopsisThisessayevaluatestheevolutionoffourmodelsofUScorporategovernanceandthewaysthattheyusedinformationfrom1840tothecontemporaryera.Drawingonthework...