有哪些信誉好的足球投注网站- 1、有哪些信誉好的足球投注网站（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。。
- 2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击 这里二次下载。
- 3、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
- 4、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
- 5、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
- 6、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
- 7、VIP文档为合作方或网友上传，每下载1次， 网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档
查看更多
MECHANISMS TO MITIGATE AGENCY PROBLEMS AND INFO ASYMMETRY ( 29)培训教材.ppt
中国最大的资料库下载 Mechanisms to Mitigate Agency Problems and Info Asymmetry Internal vs. External Government laws and regulations Securities markets and participants The Firm Ownership structure Board of directors (internal contracting) Management External Contracting Financial institutions Other stakeholders Creditors Law, Enforcement and Regulations Functions of Government Providing the firm with service and protections Establishment and Protection of Property Rights Imposing tax and regulations Government Intervention in the US Securities Markets Securities Act 1933 Securities Exchange Act 1934 and SEC Voting rights Prohibition on inside trading(is it economic rational?) Ownership and trading disclosure Curbing the advantages of professional analysts More on the issue disclosure(voluntary or compulsory) Regulations on control transfer Securities Markets Information Collection through the price and to direct the capital allocation Monitoring role Disciplining role Ownership Structure Shareholders Activism Voting Generating proposal to vote Monitoring mgt Problems: Free-riding Pension Fund and Wealthy Persons Ownership Structure Ownership Structure, Capital Structure and Restraints on Mgt Optimal CS for shareholders exists but mgt would like to use less leverage for risk-averse. Major Shareholders is also mgts Major nonmanagement shareholders Empirical Evidences Friend and Lang(1988) Close held firms Publicly held firms No major nonmgt shareholds Major nonmgt shareholds No major nonmgt shareholds Major nonmgt shareholds Mean 0.227 0.264 0.220 0.249 Std dev 0.148 0.142 0.120 0.132 Ownership vs. Performance Does ownership affect firm performance? Is ownership structure an endogenous or exogenous? If ownership structure affects performance, according to economic Darwinism, why not all firm to pursue the ‘Optimal’ ones? Causality is complex. Board Oversight Approval of major financing, investment decisions Controlling the firm’s capital structure Hiring outside cons
文档评论（0）