This paper sets forth that governance brokerage can be regarded as a natural outgrowth of the actual practice of Corporate Governance. To lay the foundations of our subject, firstly we delve into the dual nature of any transaction. Then we move on to define what the expression quot;governance...

In this paper we put forward an alternative approach to dealing with the Charter of any organization, that essential document which ought to be regarded as the mainstay of governance. In the first place, we show that an organization carries out its tasks by becoming a responsive mechanism to...

In this paper, we explain how enterprise risk management creates value for shareholders. In contrast to the existing finance literature, we emphasize the organizational benefits of risk management. We show how a firm should choose its risk appetite and measure risk when implementing enterprise...

In recent years, the cost to merchants of accepting credit cards has risen without any corresponding new benefits. This trend has sparked a wide-ranging struggle between merchants and banks, as merchants have begun to seek greater control over payment systems. The conflict is playing itself out...

This paper examines the association between a mutual fund manager's personal fund investment and mutual fund performance. My database of newly-released managerial ownership disclosures reveals that fund ownership levels vary across mutual fund managers and, in many instances, are quite large. I...

The allegations of malfeasance in the investment management industry - market timing, late trading, revenue sharing, and several others - involve a broad range of mutual fund operations. This Article seeks to explain the common source of these irregularities by focusing upon a trait they share:...

This is a summary, practitioner-oriented article which summarizes our research on debt and hybrid decoupling. Equity decoupling refers to the unbundling of the rights and obligations normally associated with shares. Debt decoupling refers to the unbundling of the economic and governance rights...

Most U.S. public companies have a single class of voting common shares: voting power is proportional to economic ownership. Linking votes to shares is often thought to be desirable, because, as residual claimants, shareholders have an incentive to exercise voting power well. The linkage also...

Modern scholarship on corporate law treats equity-holders, managers and/or directors as the primary levers of corporate governance. In recent years, however, economists and legal scholars have increasingly recognized that creditors often engage in governance as well. Creditors engage in...