By Fred R. Kaen

Contemporary occasions have grew to become the highlight at the factor of company responsibility -- in particular in terms of preserving shareholder worth. within the glossy company, non-owners usually deal with daily operations, and their judgements have a right away effect at the company's total worth. yet what can administration do to definitely effect percentage rate and defend shareholder funding?

A Blueprint for company Governance is exclusive in that it addresses shareholder worth from a managerial viewpoint. this significant booklet covers all crucial company governance matters from this perspective, offering unique details and insights on:

* modern asset pricing types, and the way they could aid managers be sure optimum returns on shareholder cash * monetary constructions and dividend rules designed to improve shareholder pursuits * tools for executives, managers and forums of administrators to paintings as one to reinforce and raise shareholder price.

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Extra resources for Blueprint for Corporate Governance, A: Strategy, Accountability, and the Preservation of Shareholder Value

Sample text

David Thatcher, president of Critical Path, Incorporated, pleaded guilty to faking or backdating sales to meet quarterly revenue targets.

The Anglo-American governance solution to these relational issues generally emphasizes well-specified contractual terms. Other governance systems, however, such as the Japanese, have historically relied on long-standing relationships between individuals in the respective companies and unwritten expectations of reciprocal actions. Still other arrangements for dealing with this governance-related problem are to have cross ownership between the automotive company and its suppliers so that opportunistic behavior on the part of one party has negative financial consequences for that THE GOVERNANCE STRUCTURE OF AMERICAN CORPORATIONS 29 party.

On March 31, 2000, ArrowPoint Communications Inc. went public at $34 a share on the NASDAQ. Late in the afternoon of March 31, the shares traded at $96, for an underpricing of $62 a share! 2 million shares outstanding after the IPO, so the company left $2,120,400,000 on the table. Here’s another puzzle: The stock price of the typical IPO does worse than the average stock (underperforms the market) during its first three years of trading. Why? Do investors overprice the stock initially? If so, why don’t investors learn from past experiences?

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