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2016 GCGC

10-11 June 2016

Contracts versus Institutions: A Critique of Corporate Governance Theory


Martin Hellwig



Alan Morrison

Professor of Law and Finance  


While there is no accompanying paper to this presentation, this critique of Corporate Governance theory focuses on some of the following headings:


Introduction: What has been Happening?

Carl Fürstenberg‘s view

Conventional Economics: Contract Theory and Governance

The Conventional Approach to Corporate Governance

Contract Theory and Governance


A Real World Example: Union Bank of Switzerland

A management-focussed interpretation

Why then the Ascendancy of “Market Discipline“

Why in the nineties?

Does it Matter? Challenges for Economic Theory

Challenges for Descriptive Analysis

Implications for Investment Allocations

Normative Concerns

The role of permanence

Mechanisms of governance

The Politics of Corporate Governance

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