Graeme Guthrie
The Firm Divided
Manager-Shareholder Conflict and the Fight for Control of the Modern Corporation
Graeme Guthrie
The Firm Divided
Manager-Shareholder Conflict and the Fight for Control of the Modern Corporation
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The Firm Divided blends the narrative of events involving particular firms and individuals with the insights of that academic research to present a coherent framework that ties the various strands of corporate governance-good and bad-together.
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The Firm Divided blends the narrative of events involving particular firms and individuals with the insights of that academic research to present a coherent framework that ties the various strands of corporate governance-good and bad-together.
Produktdetails
- Produktdetails
- Verlag: Oxford University Press, USA
- Seitenzahl: 352
- Erscheinungstermin: 3. April 2017
- Englisch
- Abmessung: 239mm x 163mm x 30mm
- Gewicht: 612g
- ISBN-13: 9780190641184
- ISBN-10: 0190641185
- Artikelnr.: 47865442
- Verlag: Oxford University Press, USA
- Seitenzahl: 352
- Erscheinungstermin: 3. April 2017
- Englisch
- Abmessung: 239mm x 163mm x 30mm
- Gewicht: 612g
- ISBN-13: 9780190641184
- ISBN-10: 0190641185
- Artikelnr.: 47865442
Graeme Guthrie is a professor in the School of Economics and Finance at Victoria University of Wellington, New Zealand. His research has appeared in the top journals on finance and economics, and as a consultant he has provided advice on a wide variety of issues in relation to agriculture, electricity, gas, real estate, and telecommunications, much of it using real options analysis. He is the author of Real Options in Theory and Practice (Oxford University Press).
Contents
Preface v
I Monitor 1
1 A gadfly in the ointment
The consequences of separating ownership and control 3
2 Whose side are you on?
The role of the board of directors 23
3 Overseeing the unseeable
The conflict between managers and shareholders 47
II Motivate 69
4 Narrowing the gap
The incentives generated by managerial ownership 71
5 A primer on pay
Executive compensation and efficient contracting 97
6 Hiding high pay
Executive compensation and managerial power 135
7 Separating the wheat from the chaff
Incentives generated by executives' career concerns 169
IIIDelegate 205
8 With one hand tied behind their back
Delegating monitoring to external capital markets 207
9 No skin in the game
Delegating monitoring to financial analysts 239
10 Crashing the party
Delegating monitoring to large shareholders 275
IVSell 309
11 A new broom
The market for corporate control 311
12 Bypassing the board
Offensive tactics in hostile takeovers 341
13 Fighting back
Defensive tactics in hostile takeovers 377
V The rules of the game matter as well 413
14 Caught in the middle
Reforming the legal and regulatory environment 415
Epilog 431
Acknowledgments 433
Notes 435
Bibliography 509
Preface v
I Monitor 1
1 A gadfly in the ointment
The consequences of separating ownership and control 3
2 Whose side are you on?
The role of the board of directors 23
3 Overseeing the unseeable
The conflict between managers and shareholders 47
II Motivate 69
4 Narrowing the gap
The incentives generated by managerial ownership 71
5 A primer on pay
Executive compensation and efficient contracting 97
6 Hiding high pay
Executive compensation and managerial power 135
7 Separating the wheat from the chaff
Incentives generated by executives' career concerns 169
IIIDelegate 205
8 With one hand tied behind their back
Delegating monitoring to external capital markets 207
9 No skin in the game
Delegating monitoring to financial analysts 239
10 Crashing the party
Delegating monitoring to large shareholders 275
IVSell 309
11 A new broom
The market for corporate control 311
12 Bypassing the board
Offensive tactics in hostile takeovers 341
13 Fighting back
Defensive tactics in hostile takeovers 377
V The rules of the game matter as well 413
14 Caught in the middle
Reforming the legal and regulatory environment 415
Epilog 431
Acknowledgments 433
Notes 435
Bibliography 509
Contents
Preface v
I Monitor 1
1 A gadfly in the ointment
The consequences of separating ownership and control 3
2 Whose side are you on?
The role of the board of directors 23
3 Overseeing the unseeable
The conflict between managers and shareholders 47
II Motivate 69
4 Narrowing the gap
The incentives generated by managerial ownership 71
5 A primer on pay
Executive compensation and efficient contracting 97
6 Hiding high pay
Executive compensation and managerial power 135
7 Separating the wheat from the chaff
Incentives generated by executives' career concerns 169
IIIDelegate 205
8 With one hand tied behind their back
Delegating monitoring to external capital markets 207
9 No skin in the game
Delegating monitoring to financial analysts 239
10 Crashing the party
Delegating monitoring to large shareholders 275
IVSell 309
11 A new broom
The market for corporate control 311
12 Bypassing the board
Offensive tactics in hostile takeovers 341
13 Fighting back
Defensive tactics in hostile takeovers 377
V The rules of the game matter as well 413
14 Caught in the middle
Reforming the legal and regulatory environment 415
Epilog 431
Acknowledgments 433
Notes 435
Bibliography 509
Preface v
I Monitor 1
1 A gadfly in the ointment
The consequences of separating ownership and control 3
2 Whose side are you on?
The role of the board of directors 23
3 Overseeing the unseeable
The conflict between managers and shareholders 47
II Motivate 69
4 Narrowing the gap
The incentives generated by managerial ownership 71
5 A primer on pay
Executive compensation and efficient contracting 97
6 Hiding high pay
Executive compensation and managerial power 135
7 Separating the wheat from the chaff
Incentives generated by executives' career concerns 169
IIIDelegate 205
8 With one hand tied behind their back
Delegating monitoring to external capital markets 207
9 No skin in the game
Delegating monitoring to financial analysts 239
10 Crashing the party
Delegating monitoring to large shareholders 275
IVSell 309
11 A new broom
The market for corporate control 311
12 Bypassing the board
Offensive tactics in hostile takeovers 341
13 Fighting back
Defensive tactics in hostile takeovers 377
V The rules of the game matter as well 413
14 Caught in the middle
Reforming the legal and regulatory environment 415
Epilog 431
Acknowledgments 433
Notes 435
Bibliography 509