[下载]A.Blueprint.for.Corporate.Governance

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<p> 232603.rar (856.47 KB, 需要: 8 个论坛币) 本附件包括：

• Managment - A Blueprint for Corporate Governance.pdf

2008-8-1 15:11:00 上传

[下载]A.Blueprint.for.Corporate.Governance
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<br/></p><p>Chapter 1: Corporate Governance:<br/>An Overview 1<br/>Introduction 1<br/>The Modern Corporation 2<br/>Civic Republicanism 3<br/>Liberalism 5<br/>The Corporation Complicates the World 6<br/>The Separation of Management and Ownership 8<br/>The Trustee Approach 9<br/>Managerial Capitalism and the Managerial Technocracy 11<br/>The Contractual Shareholder Model 14<br/>Chapter 2: The Governance Structure of<br/>American Corporations 17<br/>A Schematic Contractual Governance Structure 17<br/>The Owners 19<br/>Voting Rights 24<br/>The Board of Directors 25<br/>Corporate Executives and Senior Managers 26<br/>Creditors 27<br/>Relationships With Suppliers and Customers 28<br/>An Organic Version of the Modern Corporation 29<br/>Do Managers Accept the Shareholder Supremacy Model? 31<br/>Chapter 3: Markets: Can You Trust Them? 33<br/>Introduction 33<br/>Financial Market Efficiency 34<br/>Weak-Form Efficiency (Past Prices) 35<br/>v<br/>vi CONTENTS<br/>Semistrong-Form Efficiency (Public Information) 37<br/>Strong-Form Efficiency 43<br/>Market Inefficiencies and Anomalies 45<br/>IPOs 45<br/>Earnings Announcements 46<br/>The 2000 NASDAQ Crash 47<br/>What Market Efficiency Means for Managers and<br/>Governance 48<br/>How Are We Doing? 48<br/>Don’t Try to Outguess or Beat the Market 50<br/>Don’t Try to Fool Investors 51<br/>Transparency and Market Efficiency 53<br/>Chapter 4: Valuation 57<br/>Introduction 57<br/>Valuing Common Stock 57<br/>Cash Dividends and Earnings 59<br/>Investors’ Required Rate of Return 59<br/>The Capital Asset Pricing Model 62<br/>Does the CAPM Work? 64<br/>Assets in Place Versus Growth Opportunities 65<br/>An Expanded Valuation Model 66<br/>Relative Valuation Using Comparables 70<br/>Chapter 5: Corporate Governance Issues in<br/>Investment Decisions 73<br/>Introduction 73<br/>The NPV Rule 74<br/>A Stylized NPV Example 75<br/>The Data 75<br/>The Present Values 77<br/>Interpreting NPV 78<br/>Do Investors Behave as Predicted by the NPV Rule? 79<br/>Implication of the NPV Rule for Internal Allocation of<br/>Capital 81<br/>CONTENTS vii<br/>Legitimate and Illegitimate Criticisms of the NPV Rule 82<br/>Strategic Options and the NPV Rule 84<br/>Competitive Analysis Approach 85<br/>Chapter 6: Corporate Governance Issues<br/>and the Financing Decision 89<br/>Introduction 89<br/>The Setup 91<br/>Shareholder/Bondholder Conflicts of Interest 93<br/>The Events 94<br/>How Creditors Protect Themselves with Covenants 95<br/>Shareholder/Manager Conflicts of Interest 96<br/>The Financing Decision and Customers 99<br/>The Financing Decision and Employees 100<br/>Bank Debt Versus Public Debt 101<br/>Does Where You Raise Funds Matter? 103<br/>Chapter 7: Corporate Governance Dividend<br/>Issues 105<br/>Introduction 105<br/>The Setup: Why Pay Cash Dividends? 106<br/>Solving Informational Asymmetry Problems 107<br/>Dividends, Free Cash Flow, and Conflicts of Interest 110<br/>Dividends and Growth Opportunities 110<br/>Dividends and Legal Systems 111<br/>Dividends, Taxes, and Share Repurchases 113<br/>An Example of Disgorging Cash: Ford Motor Company 114<br/>Explicit Free Cash Flow Dividend/Share Repurchase<br/>Policies 115<br/>Chapter 8: Corporate Governance and<br/>Managerial Compensation 117<br/>Introduction 117<br/>The Problem 118<br/>viii CONTENTS<br/>Measuring Effort and Performance 119<br/>Common Pay and Performance Schemes 121<br/>Base Salary Examples 122<br/>Short-Term Incentive Plans 123<br/>Short-Term Incentive Examples 124<br/>Problems With Short-Term Incentive Plans 125<br/>Problems with Accounting Measures 125<br/>Problems with Budgets 126<br/>Potential Gaming Behavior 127<br/>Long-Term Incentive Plans 128<br/>Examples of Long-Term Incentive Plans 130<br/>Problems with Stock Option and Restricted Stock Plans 130<br/>Reported Earnings and Paying Managers with Stock<br/>or Stock Options 132<br/>Abusive Manipulation of Earnings 134<br/>EVA: A Very Popular Compensation Plan and Corporate<br/>Governance Metric 136<br/>A Stylized EVA Example 137<br/>Using EVA to Set Compensation 140<br/>The Evidence About Pay and Performance 141<br/>Pay and Performance in 2000 142<br/>Chapter 9: The Corporate Control Market 149<br/>Introduction 149<br/>Why a Corporate Control Market? 150<br/>A Restructuring Plan for LeisurePark 151<br/>A Tender Offer for LeisurePark 153<br/>Mergers and Acquisitions 155<br/>United Airlines and US Airways 156<br/>Hewlett-Packard and Compaq 158<br/>When Do Mergers Create Value? 159<br/>How Can Mergers Destroy Shareholder Value? 161<br/>Divestitures, Spin-Offs, and Carve-Outs 162<br/>Going Public: IPOs 164<br/>Why Go Public? 164<br/>LBOs and MBOs 165<br/>Why LBOs and MBOs? 166<br/>Potential Problems for Public Investors 167<br/>CONTENTS ix<br/>Chapter 10: The Board of Directors and<br/>Shareholders Rights 169<br/>Introduction 169<br/>A Historical Perspective 170<br/>From World War II to the 1970s 170<br/>Boards Again Attract Attention 171<br/>Composition and Compensation of the Board of Directors 172<br/>Board Committees 173<br/>Board Compensation 174<br/>The CEO and the Board Chair 178<br/>Shareholder Rights 178<br/>Voting Rights 179<br/>How Many Votes for Each Shareholder? 179<br/>Confidentiality Issues 180<br/>ERISA and Institutional Investor Voting<br/>Responsibilities 181<br/>Electing the Board of Directors 181<br/>Cumulative Voting 181<br/>Staggered Boards 182<br/>Poison Pills, Supermajority Rules, and Greenmail 183<br/>A Shareholder Rights Plan at First Virginia Banks (FVA) 184<br/>Evidence About Antitakeover Devices 184<br/>Board Governance and Firm Performance 185<br/>Chapter 11: Alternative Governance<br/>Systems: Germany and Japan 187<br/>Introduction 187<br/>The German System 188<br/>German Governing Boards 189<br/>Absence of Corporate Control Market 190<br/>Universal Banking: A German Governance Solution 191<br/>Advantages of Universal Banking 191<br/>Disadvantages of Universal Banking 193<br/>Banks May Care About Firm Survival, Not Share<br/>Price 194<br/>Weak Investor Protection Laws 194<br/>x CONTENTS<br/>Absence of an Equity Market Hinders Formation of<br/>New Firms 195<br/>What’s the Evidence with Respect to Germany? 196<br/>Why German Firms Adopt an American Governance<br/>Structure 197<br/>The Japanese Keiretsu 199<br/>Reciprocal and Control-Oriented Share Ownership 200<br/>Relational Contracting 202<br/>A Critique of the Keiretsu 204<br/>Advantages of the Keiretsu 204<br/>Disadvantages of the Keiretsu 205<br/>Japanese Reforms 206<br/>Convergence or Diversity? 207<br/>OECD Principles of Corporate Governance 209<br/>Notes 211<br/>Index 215<br/>About the Author 227</p>

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关键词：Governance Corporate Blueprint print Nance Board

额···好贵啊

很冲动滴买下了，，，不过内容真的很丰富

很棒啊....很好的资料

不错的资料！

up................

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