"The globalization of capital markets since the 1980s has been accompanied by a vigorous debate over the convergence of corporate governance standards around the world towards the shareholder model. But even before the financial and economic crisis of 2008/2009, the dominance of the shareholder...

Much has been written about the current crisis in the global financial system, and many thoughtful analyses have examined the causes and consequences of that crisis. This paper joins those analyses that argue that the crisis reveals flaws in the theoretical underpinnings of capital market...

To prevent financial markets from imploding again, as they did in the fall of 2008, regulators must find ways to limit the amount of “leverage” financial institutions utilize. Excessive "leverage" means financing with too much debt relative to the amount of equity a firm has. Numerous...