[国外经济类书籍大全]-amacom-a-blueprint

ABlueprintforCorporateGovernanceAMACOMAMERICANMANAGEMENTASSOCIATIONFredR.KaenABlueprintforCorporateGovernance..........................9818$$$$FM12-09-0208:28:40PS..........................9818$$$$FM12-09-0208:28:41PSThisPageIntentionallyLeftBlankABlueprintforCorporateGovernanceStrategy,Accountability,andthePreservationofShareholderValueFredR.KaenAmericanManagementAssociationNewYork•Atlanta•Brussels•BuenosAires•Chicago•London•MexicoCitySanFrancisco•Shanghai•Tokyo•Toronto•Washington,D.C...........................9818$$$$FM12-09-0208:28:42PSSpecialdiscountsonbulkquantitiesofAMACOMbooksareavailabletocorporations,professionalassociations,andotherorganizations.Fordetails,contactSpecialSalesDepartment,AMACOM,adivisionofAmericanManagementAssociation,1601Broadway,NewYork,NY10019.Tel.:[phone].Fax:[phone].Website::strategy,accountability,andthepreservationofshareholdervalue/FredR.Kaen.p.cm.Includesbibliographicalreferencesandindex.ISBN0-8144-0586-X1.Corporategovernance.2.Corporategovernance—UnitedStates.I.Title.HD2741.K3272003658.4—dc212002014162
2003FredR.Kaen.Allrightsreserved.PrintedintheUnitedStatesofAmerica.Thispublicationmaynotbereproduced,storedinaretrievalsystem,ortransmittedinwholeorinpart,inanyformorbyanymeans,electronic,mechanical,photocopying,recording,orotherwise,withoutthepriorwrittenpermissionofAMACOM,adivisionofAmericanManagementAssociation,1601Broadway,NewYork,NY10019.Printingnumber10987654321..........................9818$$$$FM12-09-0208:28:42PSCONTENTSChapter1:CorporateGovernance:AnOverview1Introduction1TheModernCorporation2CivicRepublicanism3Liberalism5TheCorporationComplicatestheWorld6TheSeparationofManagementandOwnership8TheTrusteeApproach9ManagerialCapitalismandtheManagerialTechnocracy11TheContractualShareholderModel14Chapter2:TheGovernanceStructureofAmericanCorporations17ASchematicContractualGovernanceStructure17TheOwners19VotingRights24TheBoardofDirectors25CorporateExecutivesandSeniorManagers26Creditors27RelationshipsWithSuppliersandCustomers28AnOrganicVersionoftheModernCorporation29DoManagersAccepttheShareholderSupremacyModel?31Chapter3:Markets:CanYouTrustThem?33Introduction33FinancialMarketEfficiency34Weak-FormEfficiency(PastPrices)35v..........................9818$$CNTS12-09-0208:31:49PSviCONTENTSSemistrong-FormEfficiency(PublicInformation)37Strong-FormEfficiency43MarketInefficienciesandAnomalies45IPOs45EarningsAnnouncements46The2000NASDAQCrash47WhatMarketEfficiencyMeansforManagersandGovernance48HowAreWeDoing?48Don’tTrytoOutguessorBeattheMarket50Don’tTrytoFoolInvestors51TransparencyandMarketEfficiency53Chapter4:Valuation57Introduction57ValuingCommonStock57CashDividendsandEarnings59Investors’RequiredRateofReturn59TheCapitalAssetPricingModel62DoestheCAPMWork?64AssetsinPlaceVersusGrowthOpportunities65AnExpandedValuationModel66RelativeValuationUsingComparables70Chapter5:CorporateGovernanceIssuesinInvestmentDecisions73Introduction73TheNPVRule74AStylizedNPVExample75TheData75ThePresentValues77InterpretingNPV78DoInvestorsBehaveasPredictedbytheNPVRule?79ImplicationoftheNPVRuleforInternalAllocationofCapital81..........................9818$$CNTS12-09-0208:31:49PSCONTENTSviiLegitimateandIllegitimateCriticismsoftheNPVRule82StrategicOptionsandtheNPVRule84CompetitiveAnalysisApproach85Chapter6:CorporateGovernanceIssuesandtheFinancingDecision89Introduction89TheSetup91Shareholder/BondholderConflictsofInterest93TheEvents94HowCreditorsProtectThemselveswithCovenants95Shareholder/ManagerConflictsofInterest96TheFinancingDecisionandCustomers99TheFinancingDecisionandEmployees100BankDebtVersusPublicDebt101DoesWhereYouRaiseFundsMatter?103Chapter7:CorporateGovernanceDividendIssues105Introduction105TheSetup:WhyPayCashDividends?106SolvingInformationalAsymmetryProblems107Dividends,FreeCashFlow,andConflictsofInterest110DividendsandGrowthOpportunities110DividendsandLegalSystems111Dividends,Taxes,andShareRepurchases113AnExampleofDisgorgingCash:FordMotorCompany114ExplicitFreeCashFlowDividend/ShareRepurchasePolicies115Chapter8:CorporateGovernanceandManagerialCompensation117Introduction117TheProblem118..........................9818$$CNTS12-09-0208:31:50PSviiiCONTENTSMeasuringEffortandPerformance119CommonPayandPerformanceSchemes121BaseSalaryExamples122Short-TermIncentivePlans123Short-TermIncentiveExamples124ProblemsWithShort-TermIncentivePlans125ProblemswithAccountingMeasures125ProblemswithBudgets126PotentialGamingBehavior127Long-TermIncentivePlans128ExamplesofLong-TermIncentivePlans130ProblemswithStockOptionandRestrictedStockPlans130ReportedEarningsandPayingManagerswithStockorStockOptions132AbusiveManipulatio