Behavioral Finance In Corporate Governance Independent Directors Non Executive Chairs And The Importance Of The Devil S Advocate
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Behavioral Finance In Corporate Governance Independent Directors Non Executive Chairs And The Importance Of The Devil S Advocate
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Author : Randall Morck
language : en
Publisher:
Release Date : 2004
Behavioral Finance In Corporate Governance Independent Directors Non Executive Chairs And The Importance Of The Devil S Advocate written by Randall Morck and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Abstract: The Common Law, parliamentary democracy, and academia all institutionalize dissent to check undue obedience to authority; and corporate governance reformers advocate the same in boardrooms. Many corporate governance disasters could often be averted if directors asked hard questions, demanded clear answers, and blew whistles. Work by Milgram suggests humans have an innate predisposition to obey authority. This excessive subservience of agent to principal, here dubbed a "type II agency problem", explains directors' eerie submission. Rational explanations are reviewed, but behavioral explanations appear more complete. Experimental work shows this predisposition disrupted by dissenting peers, conflicting authorities, and distant authorities. Thus, independent directors, chairs, and committees excluding CEOs might induce greater rationality and more considered ethics in corporate governance. Empirical evidence of this is scant - perhaps reflecting problems identifying genuinely independent directors.
Perspectives On Corporate Governance
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Author : F. Scott Kieff
language : en
Publisher: Cambridge University Press
Release Date : 2010-07-30
Perspectives On Corporate Governance written by F. Scott Kieff and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07-30 with Law categories.
The events that began with the collapse of Enron, WorldCom, Tyco, and Adelphia and continued into the financial crisis of 2008 teach us an important lesson: corporate governance matters. Although it is widely acknowledged that good corporate governance is a linchpin of good corporate performance, how can one improve corporate governance and its impact on corporate and overall economic performance. This book offers a diverse and forward-looking set of approaches from experts, covering the major areas of corporate governance reform and analyzing the full range of issues and concerns. Written to be both theoretically rigorous and grounded in the real world, the book is well suited for practicing lawyers, managers, lawmakers, and analysts, as well as academics conducting research or teaching a wide range of courses in law schools, business schools, and economics departments.
Applied Corporate Finance
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Author : Aswath Damodaran
language : en
Publisher: John Wiley & Sons
Release Date : 2014-10-27
Applied Corporate Finance written by Aswath Damodaran and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-27 with Business & Economics categories.
Aswath Damodaran, distinguished author, Professor of Finance, and David Margolis, Teaching Fellow at the NYU Stern School of Business, have delivered the newest edition of Applied Corporate Finance. This readable text provides the practical advice students and practitioners need rather than a sole concentration on debate theory, assumptions, or models. Like no other text of its kind, Applied Corporate Finance, 4th Edition applies corporate finance to real companies. It now contains six real-world core companies to study and follow. Business decisions are classified for students into three groups: investment, financing, and dividend decisions.
Corporate Law And Financial Instability
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Author : Andreas Kokkinis
language : en
Publisher: Routledge
Release Date : 2017-11-20
Corporate Law And Financial Instability written by Andreas Kokkinis and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-20 with Law categories.
Virtually all large banks and other financial institutions in the UK and internationally are public limited liability companies whose shares are listed on one or several stock exchanges. As such, their corporate governance and, in particular, the incentives faced by their directors and senior managers are to a significant extent determined by corporate and securities law rules such as directors’ duties, directors’ liability in insolvency, takeover regulation, disclosure obligations, shareholder rights and rules on executive remuneration. At the same time, systemically important financial institutions in the UK are licensed, regulated and supervised by the Prudential Regulation Authority (PRA). This book explores the relationship between, on the one hand, the broader corporate law, corporate governance and securities law framework and, on the other, the prudential regulatory framework. Although the book’s main focus is on UK law, much of the policy argumentation is relevant globally and therefore appropriate international comparisons are drawn, and analysis of EU law and regulation is included. The book argues that the corporate law regime, which focuses on shareholder empowerment and profit maximisation, operates as an antithesis to prudential regulatory objectives thus undermining the safety and soundness of banks and other financial institutions by encouraging risky behaviour that may be in the best interests of their shareholders, but is clearly not in the public interest.
Deviate To Win Insights From A Turnaround Investor
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Author : Jason Ader
language : en
Publisher: First Edition Design Pub.
Release Date : 2020-03-25
Deviate To Win Insights From A Turnaround Investor written by Jason Ader and has been published by First Edition Design Pub. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-03-25 with Business & Economics categories.
With the good fortune to be mentored by financial industry visionaries Ron Baron and Alan Greenberg, Jason learned to think outside the box and challenge conventional wisdom early in his career. Companies can fall out of favor with the investment herd and see their share price plunge, not because of diminished inherent value but because of programmed trading volatility and a lack of accurate, reliable information. In some instances, poor performance is due to misdirected or disengaged leadership. These situations often present investment opportunities for seasoned turnaround investors like Jason Ader. One of the key principles of Jason's unique investment perspective is that "the crowd is usually wrong." When industry analysts reach a consensus view about a stock, he often reaches the opposite conclusion. Jason's approach is not that of what is typically referred to as an activist investor--hostile, flamboyant and boisterous--but rather that of a corporate collaborator, a sympathetic advocate for uncovering value, enhancing performance, and achieving a higher stock price for shareholders. Jason's history of successful turnaround investments spans a variety of industries and includes Las Vegas Sands Corp., Bwin Interactive Entertainment, The Stars Group Inc., International Game Technology, Papa John's Pizza, First Bank of Nevada, Adelie Foods Group, and others. In his book, Jason explains his unconventional analysis that uncovers underperforming companies with underlying value, and the solutions that helped return them to profitability and restore shareholder value.
Overcoming Cognitive Biases In Strategic Management And Decision Making
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Author : Siniksaran, Enis
language : en
Publisher: IGI Global
Release Date : 2024-02-12
Overcoming Cognitive Biases In Strategic Management And Decision Making written by Siniksaran, Enis and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-12 with Business & Economics categories.
The persistent presence of cognitive biases has influenced rational decisions and strategic management since the 1970s. These prejudiced errors in judgment, often systematic and predictable, breach the foundational assumptions of economic theory, leading to dire consequences such as social inequality, financial collapse, and governmental inefficiency. Even the brightest minds are not immune, making it crucial to address these biases head-on. Overcoming Cognitive Biases in Strategic Management and Decision Making unravels the complex tapestry of biases that infiltrate decision-making processes at all levels. From social injustice biases and reasoning errors to action-inaction and social biases, the book confronts the myriad of ways that biases manifest in critical moments. These pose a significant threat to sound decision-making in various fields, impacting professionals ranging from judges and doctors to public officials. The repercussions of unchecked biases are far-reaching, leading to flawed outcomes that echo through society. The urgent need for a strategic response to mitigate these biases and enhance decision-making processes forms the crux of the problem this book seeks to address.
Banking Governance Performance And Risk Taking
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Author : Faten Ben Bouheni
language : en
Publisher: John Wiley & Sons
Release Date : 2016-09-16
Banking Governance Performance And Risk Taking written by Faten Ben Bouheni and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-16 with Business & Economics categories.
Development of emerging countries is often enabled through non-conventional finance. Indeed, the prohibition of interest and some other impediments require understanding conventional finance and Islamic finance, which both seek to be ethical and socially responsible. Thus, comparing and understanding the features of Islamic banking and conventional banking, in a globalized economy, is fundamental. This book explains the features of both conventional and Islamic banking within the current international context. It also provides a comparative view of banking governance, performance and risk-taking of both finance systems. It will be of particular use to practitioners and researchers, as well as to organizations and companies who are interested in conventional and Islamic banking.
Banking Law
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Author : Andreas Kokkinis
language : en
Publisher: Routledge
Release Date : 2021-03-16
Banking Law written by Andreas Kokkinis and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-16 with Business & Economics categories.
Banking regulation and the private law governing the bank-customer relationship came under the spotlight as a result of the global financial crisis of 2007–2009. More than a decade later UK, EU and international regulatory initiatives have transformed the structure, business practices, financing models and governance of the banking sector. This authoritative text offers an in-depth analysis of modern banking law and regulation, while providing an assessment of its effectiveness and normative underpinnings. Its main focus is on UK law and practice, but where necessary it delves into EU law and institutions, such as the European Banking Union and supervisory role of the European Central Bank. The book also covers the regulation of bank corporate governance and executive remuneration, the promises and perils of FinTech and RegTech, and the impact of Brexit on UK financial services. Although detailed, the text remains easy to read and reasonably short; pedagogic features such as a glossary of terms and practice questions for each chapter are intended to facilitate learning. It is a useful resource for students and scholars of banking law and regulation, as well as for regulators and other professionals who are interested in reading a precise and evaluative account of this evolving area of law.
Corporate Governance And Directors Independence
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Author : Yuan Zhao
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2011-01-01
Corporate Governance And Directors Independence written by Yuan Zhao and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Business & Economics categories.
More and more, the agenda of corporate governance reform has been calling for a dramatic change in the composition and structure of boards of publicly traded companies, with particular criticism reserved for the role of independent directors. This timely, ground-breaking book takes a new and rigorous approach to this important issue. Investigating board independence from a distinctly original perspective, the author's systematic analysis explores the effective interaction of such aspects as the following: What specific functions are expected of independent directors? How these functions fit with the unitary board structure? Why independent directors are seen as inherently necessary for corporate governance? Whether board independence can be compatible with other governance mechanisms? How mainstream company law is applied to independent directors. The analysis leads to a series of solutions designed to eliminate the real and perceived obstacles to the proper functioning of independent directors. In the process, the author discusses such critical 'moments' in corporate governance as monitoring, public relations, social responsibility, shareholder activism, the danger of 'groupthink', remuneration, collective liability, and codes of conduct. The discussion and analysis chart a course through which independent directors can better serve the goal of improving the system of corporate governance. As such, it will be greatly appreciated by investors, corporate counsel for institutional investors, and policymakers and academics in relevant areas of both business and law.
Advances In Mergers And Acquisitions
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Author : Sydney Finkelstein
language : en
Publisher: Emerald Group Publishing
Release Date : 2018-05-18
Advances In Mergers And Acquisitions written by Sydney Finkelstein and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-18 with Business & Economics categories.
The chapters published in this volume provide cutting edge ideas by leading scholars, and help to inform mergers and acquisitions research around the world.