Objectif du cours
The course tries to cover in a comparative way the main models of corporate governance and their specific problems. It focuses also on the minority shareholders' protection and on the integration of the European Financial markets through the recent harmonization of financial regulation
Plan du cours
International corporate governance: Bank oriented (Japan, Germany, cont. EU) versus market oriented(US, UK)
- The anglosaxon model and the "public company"
- Agency costs from separation of ownership and control. External solutions: market for products, market for managers, and market for corporate control
- Agency costs from separation of ownership and control. Internal solutions: board of directors, debt and Lbo solutions
- Agency costs from separation of ownership and control. Internal solutions: incentive schemes, stock options and monitoring by institutional investors
-The Continental European Model: ownership-control separation through “legal devices"
- Major effects of Ownership/Control separation through legal devices
- Shareholder expropriations: some cases
- The Law and Finance Approach
- The Financial Services Action Plan and major EU directives
- Economics of Takeover. Mkt rule and Equal opportunity rule
- The Nabisco takeover and the movie "Barbarians at the gates"
Evaluation des étudiants
Denis D. K. and J.J. McConnell (2003), “International corporate governance”, Ecgi working paper n. 5/2003, published on Journal of Financial and Quantitative Analysis, 38(1), 1-36.
M. Burkart, F. Panunzi (2006) Takeovers, ECGI Working paper n. 118-2006.
Schleifer and R. W. Vishny, “A Survey of Corporate Governance“, Journal of Finance 1997, 737-783.
Slides used in class
Période : non semestrialisé
Unité d'enseignement : U.E. 2 : Opérations d'ingénierie financière
Langue : anglais
ECTS : 2.50