New PDF release: A blueprint for corporate governance: strategy,

By Fred R. Kaen

ISBN-10: 081440586X

ISBN-13: 9780814405864

Fresh occasions have grew to become the highlight at the factor of company responsibility -- specially in terms of maintaining shareholder price. within the glossy company, non-owners in general deal with daily operations, and their judgements have an immediate influence at the company's total worth. yet what can administration do to absolutely impression proportion fee and safeguard shareholder funding?

A Blueprint for company Governance is exclusive in that it addresses shareholder worth from a managerial standpoint. this crucial booklet covers all crucial company governance concerns from this perspective, offering exact details and insights on:

* modern asset pricing versions, and the way they could aid managers make sure optimum returns on shareholder cash * monetary constructions and dividend regulations designed to strengthen shareholder pursuits * equipment for executives, managers and forums of administrators to paintings as one to reinforce and bring up shareholder price.

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Extra info for A blueprint for corporate governance: strategy, accountability, and the preservation of shareholder value

Example text

This convinced us that something had to change. This Georgia-Pacific objective takes us to our next topic: stock prices and stock markets. CHAPTER 3 MARKETS: CAN YOU TRUST THEM? INTRODUCTION H ow do managers know whether they are managing the company in the best interests of the owners? If financial markets are efficient, the answer is simple: Managers should monitor the share price of the company’s common stock to find out what public investors think about the company, its future prospects, and its management decisions.

Investors’ and borrowers’ expectations of interest rates are captured in the yield curve or term structure of interest rates and in the prices of interest-rate financial contracts. The manager, by taking a view on whether interest rates will be lower or higher in the future, is, in effect, trying to outguess the market. Again, the overwhelming evidence is that hardly anyone has been able to do so consistently. What holds for stock prices and interest rates also holds for foreign exchange rates and commodity prices.

Typically, the board is made up of both inside and outside members. Inside members hold management positions in the company, whereas outside members do not. The outside members are often referred to as independent directors, although this characterization is misleading because some outside members may have direct connections to the company as creditors, suppliers, customers, or professional consultants. These latter may be described as quasi-independent members. The governance issue is: Who do the inside and quasi-independent members represent?

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A blueprint for corporate governance: strategy, accountability, and the preservation of shareholder value by Fred R. Kaen


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