公司理财（罗斯）第1章（英文）.docVIP

公司理财(罗斯)第1章(英文) 1- Separation of Ownership and Control Board of Directors Management Assets Debt Equity Shareholders Debtholders 1- Do Shareholders ControlManagerial Behavior Shareholders vote for the board of directors who in turn hire the management team Contracts can be carefully constructed to be incentive compatible There is a market for managerial talentthis may provide market discipline to the managersthey can be replaced If the managers fail to imize share price they may be replaced in a hostile takeover 1- 15 Financial Markets The financial markets are compose