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1、Chapter1CORPORATEGOVERNANCEANDCONTROLMARCOBECHT°ECARES,UniversiteLibredeBruxellesandEuropeanCorporateGovernanceInstitute(ECGI)´PATRICKBOLTON∗BendheimCenterforFinanceatPrincetonUniversity,NBER,CEPRandECGIAILSAROELL¨∗BendheimCenterforFinanceatPrincetonUniversity,CEPRandECGIContents
2、Abstract3Keywords31.Introduction42.Historicalorigins:abriefsketch52.1.Howrepresentativeiscorporategovernment?52.2.Whomshouldcorporategovernmentrepresent?73.Whycorporategovernanceiscurrentlysuchaprominentissue73.1.Theworld-wideprivatizationwave83.2.Pensionfundsandactiveinvestors93
3、.3.Mergersandtakeovers123.4.Deregulationandcapitalmarketintegration123.5.The1998Russia/EastAsia/Brazilcrisis123.6.ScandalsandfailuresatmajorUSAcorporations134.Conceptualframework134.1.Agencyandcontracting134.2.Ex-anteandex-postefficiency134.3.Shareholdervalue144.4.Incompletecontra
4、ctsandmultipleconstituencies144.5.Whydoweneedregulation?164.6.Dispersedownership174.7.Summaryandconclusion17°WearegratefultoBernardoBortolotti,MathiasDewatripont,RichardFrederick,StuGillan,PeterGourevitch,MiltonHarris,GerardHertig,TakeoHoshi,SteveKaplan,RobertaRomano,ChristianRyd
5、qvistandScottVergesforhelpfulinputandcomments.HandbookoftheEconomicsofFinance,EditedbyG.M.Constantinides,M.HarrisandR.Stulz©2003ElsevierB.V.Allrightsreserved2M.Bechtetal.5.Models195.1.Takeovermodels195.2.Blockholdermodels245.3.Delegatedmonitoringandlargecreditors295.4.Boardmodels
6、315.5.Executivecompensationmodels335.6.Multi-constituencymodels355.6.1.Sharingcontrolwithcreditors355.6.2.Sharingcontrolwithemployees376.Comparativeperspectivesanddebates416.1.Comparativesystems426.2.Viewsexpressedincorporategovernanceprinciplesandcodes476.3.Otherviews497.Empiric
7、alevidenceandpractice497.1.Takeovers507.1.1.Incidenceofhostiletakeovers507.1.2.Correctionofinefficiencies537.1.3.Redistribution547.1.4.Takeoverdefenses547.1.5.One-share–one-vote557.1.6.Hostilestakesandblocksales587.1.7.Conclusionandunresolvedissues587.2.Largeinvestors597.2.1.Owner
8、shipdispersionandvotingcontrol607.2.2.Ow
