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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



Positive economics

Introduction: Positive economics is one of the most prominent theories about what economic theory is all about. Positive economics has nothing to do per se with corporate governance. However, it is not difficult to argue that much corporate governance research can be categorized as positive economics. This is mainly because of its preoccupation with hypothesis production and hypothesis testing / verification. Two classic references on positive economics are Milton Friedman [1953] and Fritz Machlup [1955].


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