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What is corporate governance?
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Key topics
 The big picture
 Stock price formation
 Fundamental value analysis
International corp. governance

Incentive mechanisms
 Decision system
Performance monitoring
 Incentive based compensation
 Bankruptcy system
 Ownership structure
 Creditor structure
 Capital structure
 Market for corporate control
Labor market competition
Product market competition

Related topics
Transaction cost economics
 Positive economics



Creditor structure

Introduction: The creditor structure is here defined by the distribution of debt and by the identity of the creditors. These structures are also of importance in corporate governance because they can determine the incentives of managers and thereby the economic efficiency of the corporations they manage. Two references on creditor structures are Berle [1926], and Stiglitz [1985].


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