文档介绍：Mechanisms to Mitigate Agency Problems and Info Asymmetry
Internal vs. External
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Internal Mechanisms
Ownership Structure
Board Oversight
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External Mechanisms
Government
Security Markets
Financial Institutions
Contracting Devices
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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
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Law, Enforcement and Regulations
Functions of Government
Providing the firm with service and protections
Establishment and Protection of Property Rights
Imposing tax and regulations
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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 pulsory)
Regulations on control transfer
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Securities Markets
Information Collection through the price and to direct the capital allocation
Monitoring role
Disciplining role
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Ownership Structure
Shareholders Activism
Voting
Generating proposal to vote
Monitoring mgt
Problems:
Free-riding
Pension Fund and Wealthy Persons
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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
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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
Std dev
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