Topics in Financial Economics Term 2. Lecture 8: Corporate governance Takeovers Governing the governors Cheap talk Slack. Corporate governance and control. This discussion draws on Schelifer and Vishny and on Ch 10 of the Gale Notes (see module page) Fundamental questions
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Governing the governors
Then there is a PBE (t,f,m) such that (wi, wi+1) f-1(mi) and f(mi) = ti for all I and conversely.
(Harris, et al 2003, Lichetberg et al (1989) US mfg data)