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FEM11118 Lecture notes 6

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Last document update: 5 year ago

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  • September 5, 2019
  • September 5, 2019
  • 34
  • 2018/2019
  • Class notes
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By: ggoutoftouch • 5 year ago

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FEM11118: ADVANCED CORPORATE
FINANCE AND GOVERNANCE

LECTURE 6
CORPORATE GOVERNANCE:
BOARD OF DIRECTORS

,TODAY

Corporate governance codes
On country level


Board of directors
RvC


Legal systems

Corporate governance and performance




2

,REQUIRED READING


Denis, D.K., J.J. McConnell, 2003.
International corporate governance. Journal of
Financial and Quantitative Analysis 38 (1), 1-
36.




3

, CORPORATE GOVERNANCE


Deals with the ways in which suppliers of finance to
corporations assure themselves of getting a return on
their investment

Separation of ownership and control leads to agency
problems Principal investing money and agent acting/making decisions on the principals behalf
03:30 for agency problems
Ownership concentration
Large vs. small shareholders has effect on
- Overinvestments
- Empire building
how managers are monitored. Threat of - Expropriation
takeover also plays a role =fraud

Executive compensation
- managers staying at job too long




4

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