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FINS3626 Final Exam Notes

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TOPIC 7 AGENCY PROBLEM, DEBT AS A GOVERNANCE MECHANISM, SHAREHOLDER ACTIVISM Governance • The explicit and implicit law of the firm • Mechanisms to: o Ensure balance of power and responsibility o Minimise the conflict of interest – between agents and principals o Improve firm performance Agency Problems and costs • Reduction of managerial effort • Inefficient investment policies – over/ under investment • Extraction of resources o Transfer pricing to associates o Excessive monetary rewards & perks • Earning manipulation/ creative accounting

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27 Pages Complete Study Notes 1-2 Years old
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Topics this document covers:
Economy Business Finance Corporate finance Management Shareholders Corporate law Employment compensation Say on pay Corporate governance Executive compensation Management entrenchment
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Complete Study Notes typically cover at least half a semester’s content or several topics in greater depth. They are typically greater than 20 pages in length and go into more detail when covering topics.

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Topics this document covers:
Economy Business Finance Corporate finance Management Shareholders Corporate law Employment compensation Say on pay Corporate governance Executive compensation Management entrenchment
Sample Text:
S., Canada, UK Insider system: Germany, Japan, Asia - Market-based system - Managers vs. small, dispersed shareholders - Relatively strong external mechanisms (Takeover threat) - Work for shareholders - L/T large investor based system - Manager, controlling shareholders, small shareholders - Weak external mechanisms - Work for employees Mechanisms of Corporate Gov...
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