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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


 

 


The market for corporate control

Introduction: The market for corporate control is here defined as equity transactions that are large enough to change the control of the company. This market is of major importance in corporate governance because it determines the incentives of managers and thereby the economic efficiency of the companies they manage. Two classic references on the market for corporate control are Manne [1965] or Marris [1964].


Contents

  • Table - Hypotheses: Effects of market for corporate control on corporate performance and other other kinds of institutions of relevance for corporate governance.
  • Table - International corporate governance: Tentative characterization of legal and empirical state of large firm markets for corporate control as of 1980-95: 1) Developing countries. 2) Germany. 3) Japan. 4) Anglo-American countries. 5) Denmark.
 
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