Corporate Governance

Author: Jonathan R. Macey
Publisher: Princeton University Press
ISBN: 9780691148021
Format: PDF, ePub, Docs
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Even in the wake of the biggest financial crash of the postwar era, the United States continues to rely on Securities and Exchange Commission oversight and the Sarbanes-Oxley Act, which set tougher rules for boards, management, and public accounting firms to protect the interests of shareholders. Such reliance is badly misplaced. In Corporate Governance, Jonathan Macey argues that less government regulation--not more--is what's needed to ensure that managers of public companies keep their promises to investors. Macey tells how heightened government oversight has put a stranglehold on what is the best protection against malfeasance by self-serving management: the market itself. Corporate governance, he shows, is about keeping promises to shareholders; failure to do so results in diminished investor confidence, which leads to capital flight and other dire economic consequences. Macey explains the relationship between corporate governance and the various market and nonmarket institutions and mechanisms used to control public corporations; he discusses how nonmarket corporate governance devices such as boards and whistle-blowers are highly susceptible to being co-opted by management and are generally guided more by self-interest and personal greed than by investor interests. In contrast, market-driven mechanisms such as trading and takeovers represent more reliable solutions to the problem of corporate governance. Inefficient regulations are increasingly hampering these important and truly effective corporate controls. Macey examines a variety of possible means of corporate governance, including shareholder voting, hedge funds, and private equity funds. Corporate Governance reveals why the market is the best guardian of shareholder interests.

The Death of Corporate Reputation

Author: Jonathan Macey
Publisher: FT Press
ISBN: 0133039714
Format: PDF, Docs
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Why did the financial scandals really happen? Why are they continuing to happen? In The Death of Corporate Reputation, Yale's Jonathan Macey reveals the real, non-intuitive reason, and offers a new path forward. For over a century law firms, investment banks, accounting firms, credit rating agencies and companies seeking regular access to U.S. capital markets made large investments in their reputations. They treated customers well and sometimes endured losses in transactions or business deals in order to sustain and nurture their reputations as faithful brokers and “gate-keepers.” This has changed completely . The existing business model among leading participants in today’s capital markets no longer treats customers as valued clients whose trust must be earned and nurtured, but as one-off “counter-parties” to whom no duties are owed and no loyalty is required . The rough and tumble norms of the market-place have replaced the long-standing reputational model in U.S. finance. This book describes the transformation in American finance from the old reputational model to the existing laissez faire model and argues that the change came as a result of three factors: (1) the growth of reliance on regulation rather than reputation as the primary mechanism for protecting customers and (2) the increasing complexity of regulation, which made technical expertise rather than reputation the primary criterion on which customers choose who to do business with in today’s markets ; and (3) the rise of the “cult of personality” on Wall Street, which has led to a secular demise in the relevance of companies’ reputations and the concomitant rise of individual “rain-makers” reputation as the basis for premium pricing of financial services. This compelling book will drive the debate about the financial crisis and financial regulation for years to come -- both inside and outside the industry.

Pay Without Performance

Author: Lucian A. Bebchuk
Publisher: Harvard University Press
ISBN: 9780674020634
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The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.

Broken Promises Hearts and Pockets

Author: Orville Winthorp Taylor
Publisher:
ISBN: 9789769557956
Format: PDF
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"...an important study of the evolution of Jamaican labour from its plantation origins until the early decades of the twenty first-century"--Page ix.

The Book of Broken Promises

Author: Bruce Kushnick
Publisher: CreateSpace
ISBN: 9781505211962
Format: PDF, Kindle
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Broken Promises is the third book in a trilogy spanning 18 years. Bruce Kushnick, author, senior telecom analyst and industry insider, lays out, in all of the gory details, how America paid over $400 billion to be the first fully fiber optic-based nation yet ended up 27th in the world for high-speed Internet (40th in upload speeds). But this is only a part of this story. With over four million people filing with the FCC to 'Free the Net', one thing is abundantly clear -- customers know something is terribly wrong. Every time you pay your bills you notice that the price of your services keeps going up, you don't have a serious choice for Internet (ISP), broadband or cable service, much less competitors fighting for your business, or maybe you can't even get very fast broadband service. Worse, over the last few years, America's ISPs and cable companies have been rated "the most hated companies in America". While Net Neutrality concerns (detailed in Broken Promises) are important, the actions are only a first step and will most likely be tied up in court for the next few years. More importantly, it does not resolve most of the customer issues and there is nothing else on the horizon that will fix what's broken. Broken Promises documents the massive overcharging and failure to properly upgrade the networks, the deceptive billing practices, the harms caused from a lack of competition, the gaming and manipulating of the regulatory system, from the states to the FCC, and exposes the companies' primary strategy: How much can we get away with? There has been little, if any, regard for the customers they serve.--From http://newnetworks.com/bookbrokenpromises/ --(viewed on June 12, 2015).

Walt and the Promise of Progress City

Author: Sam Gennawey
Publisher: Ayefour Publishing
ISBN: 9780615540245
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Walt Disney's vision for a city of tomorrow, EPCOT, would be a way for American corporations to show how technology, creative thinking, and hard work could change the world. He saw this project as a way to influence the public's expectations about city life, in the same way his earlier work had redefined what it meant to watch an animated film or visit an amusement park. Walt and the Promise of Progress City is a personal journey that explores the process through which meaningful and functional spaces have been created by Walt Disney and his artists as well as how guests understand and experience those spaces.

The Promise and Limits of Private Power

Author: Richard M. Locke
Publisher: Cambridge University Press
ISBN: 1107031559
Format: PDF, ePub
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This book examines and evaluates various private initiatives to enforce fair labor standards within global supply chains. Using unique data (internal audit reports, and access to more than 120 supply chain factories and 700 interviews in 14 countries) from several major global brands, including NIKE, HP, and the International Labor Organization's Factory Improvement Programme in Vietnam, this book examines both the promise and the limitations of different approaches to actually improve working conditions, wages, and working hours for the millions of workers employed in today's global supply chains. Through a careful, empirically grounded analysis of these programs, this book illustrates the mix of private and public regulation needed to address these complex issues in a global economy.

Guide to Passing the PSI Real Estate Exam

Author: Lawrence Sager
Publisher: Dearborn Real Estate
ISBN: 9780793188345
Format: PDF, ePub
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This new edition provides the latest and most comprehensive information available to help students prepare for the PSI Real Estate Exam. Based on the PSI Examination Content Outline, this text offers more questions and answers than any other PSI book. Highlights: * Over 800 exam-style questions with rationales pinpoint subjects that require additional review. * Six practice exams--3 salesperson, 2 broker, and 1 math--help students prepare for the actual exam. * Content aligned with PSI exam outline. * Matching review quizzes help students focus on key terms.

The Broken Table

Author: Chris Rhomberg
Publisher: Russell Sage Foundation
ISBN: 1610447751
Format: PDF, Docs
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When the Detroit newspaper strike was settled in December 2000, it marked the end of five years of bitter and violent dispute. No fewer than six local unions, representing 2,500 employees, struck against the Detroit News, the Detroit Free Press, and their corporate owners, charging unfair labor practices. The newspapers hired permanent replacement workers and paid millions of dollars for private security and police enforcement; the unions and their supporters took their struggle to the streets by organizing a widespread circulation and advertising boycott, conducting civil disobedience, and publishing a weekly strike newspaper. In the end, unions were forced to settle contracts on management's terms, and fired strikers received no amnesty. In The Broken Table, Chris Rhomberg sees the Detroit newspaper strike as a historic collision of two opposing forces: a system in place since the New Deal governing disputes between labor and management, and decades of increasingly aggressive corporate efforts to eliminate unions. As a consequence, one of the fundamental institutions of American labor relations—the negotiation table—has been broken, Rhomberg argues, leaving the future of the collective bargaining relationship and democratic workplace governance in question. The Broken Table uses interview and archival research to explore the historical trajectory of this breakdown, its effect on workers' economic outlook, and the possibility of restoring democratic governance to the business-labor relationship. Emerging from the New Deal, the 1935 National Labor Relations Act protected the practice of collective bargaining and workers' rights to negotiate the terms and conditions of their employment by legally recognizing union representation. This system became central to the democratic workplace, where workers and management were collective stakeholders. But efforts to erode the legal protections of the NLRA began immediately, leading to a parallel track of anti-unionism that began to gain ascendancy in the 1980s. The Broken Table shows how the tension created by these two opposing forces came to a head after a series of key labor disputes over the preceding decades culminated in the Detroit newspaper strike. Detroit union leadership charged management with unfair labor practices after employers had unilaterally limited the unions' ability to bargain over compensation and work conditions. Rhomberg argues that, in the face of management claims of absolute authority, the strike was an attempt by unions to defend workers' rights and the institution of collective bargaining, and to stem the rising tide of post-1980s anti-unionism. In an era when the incidence of strikes in the United States has been drastically reduced, the 1995 Detroit newspaper strike stands out as one of the largest and longest work stoppages in the past two decades. A riveting read full of sharp analysis, The Broken Table revisits the Detroit case in order to show the ways this strike signaled the new terrain in labor-management conflict. The book raises broader questions of workplace governance and accountability that affect us all.