Contracts versus Institutions: A Critique of Corporate Governance Theory
Speaker(s)
Director
Discussant(s)
Professor of Law and Finance
While there is no accompanying paper to this presentation, this critique of Corporate Governance theory focuses on some of the following headings:
Introduction: What has been Happening?
Carl Fürstenberg‘s view
Conventional Economics: Contract Theory and Governance
The Conventional Approach to Corporate Governance
Contract Theory and Governance
Applications
A Real World Example: Union Bank of Switzerland
A management-focussed interpretation
Why then the Ascendancy of “Market Discipline“
Why in the nineties?
Does it Matter? Challenges for Economic Theory
Challenges for Descriptive Analysis
Implications for Investment Allocations
Normative Concerns
The role of permanence
Mechanisms of governance
The Politics of Corporate Governance