INSEAD Library

Includes bibliographical references and index

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Corporate Governance Adrift A Critique of Shareholder Value Contents List of Figures List of Tables List of Boxes Acknowledgements Foreword 1 Finance-led capitalism: an inventory The rise to power of market finance A technological revolution? Market finance and ICT: cross-fertilization Notes 2 A critique of the foundations of shareholder value The intellectual genesis of shareholder value The theory of the firm and shareholder value Conclusion Notes 3 The convergence of the European model in question The empirical diversity of the models of corporate governance Convergence or divergence? The outlines of an answer Conclusion Notes 4 Corporate governance regimes Financial players and types of governance Forms of control, corporate strategies and the accumulation of capital The stock market as the mainspring of governance Annex Notes 5 Accounting, finance and the firm Companies and accounting: theoretical elements The renaissance of the static approach: fair value A critical analysis of fair value vii viii ix x xi 1 2 13 19 21 22 23 32 45 47 49 49 60 71 73 75 76 83 92 99 112 113 114 119 126 Conclusion Notes 6 The logics of finance Information technology and the hybridization of banks and markets Asset valuation Debt valuation Credit risk transfers and market instability The vagaries of asset management and their effect on financial instability Note 7 Financial crises and the economic cycle Innovation and the valuation of businesses The dynamic of credit and stock prices Financial deflation and balance sheet restructuring Prudential regulation and monetary policy 8 Reinterpreting the financial scandals of the Enron era Examining the US crisis: the Enron case The chain of information in question Beyond gatekeeper failure: shareholder sovereignty at the root of the crisis US and European responses Conclusion Notes 9 In favour of economic democracy The necessary interweaving of economics and politics The failure of shareholder sovereignty Economic democracy beyond shareholder sovereignty Economic democracy and social ownership of capital Conclusion: in favour of a European model of governance Note Bibliography Index 137 138 139 140 143 151 162 172 182 183 185 188 193 202 224 225 233 237 243 249 250 252 254 257 263 268 273 275 276 294