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