Perspectives in Corporate Finance: Study of Contracts and Institutions. Kose John, NYU FMA Doctoral Consortium October 2005 . Introduction. Corporate Governance An active research area in Finance, Economics, Accounting and Law
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
Kose John, NYU
FMA Doctoral Consortium
--US firms in the top decile of a “governance index” (related to takeover defenses and shareholder rights) earned significantly higher abnormal returns over those in the lowest decile.
The Governance Structure
Large Shareholder Monitoring
Manager controls investment
and enjoys private benefits
Myriad structures possible
Results on the nature and interaction of he mechanisms imply that four natural groupings arise
Family-Based Governance Structures
Bank-Based Governance Structures
Market-Based Governance Structures
The Good Project
The Bad Project