Corporate Governance

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THE CURRENT CRISIS OF INVESTOR CONFIDENCE:
CORPORATE GOVERNANCE AND THE IMBALANCE OF POWER
By
Richard L. Wise

Master’s Thesis submitted in partial fulfillment of
graduation requirements of the Fletcher School of Law
and Diplomacy's Global of Master Arts Program

Copyright Richard L. Wise 2002

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TABLE OF CONTENTS
OVERVIEW ..................................................................................................................................................................... 1 ANALYSIS: DEVELOPMENT OF A MODEL ........................................................................................................... 6 1.

SYSTEMIC WEAKNESSES: ...................................................................................................................................... 6

2.

THE DYNAMICS OF POWER – THE THREE GROUPS: ............................................................................................. 11 A.
B.

3.

Dramatis Personae ........................................................................................................................................ 11 The Model ...................................................................................................................................................... 12 FORCES IMPELLING CONCEALMENT AND DISCLOSURE. ...................................................................................... 21

A.
B.

Forces Impelling Concealment ...................................................................................................................... 21 Forces Impelling Disclosure: ........................................................................................................................ 27

LESSONS LEARNED FROM CURRENT CASES .................................................................................................... 29 RECENT RECOMMENDATIONS .............................................................................................................................. 32 LESSONS LEARNED FROM THE U.K. AND GERMANY ..................................................................................... 37 CONCLUSIONS AND RECOMMENDATIONS ........................................................................................................ 41 ENDNOTES .................................................................................................................................................................... 47 BIBLIOGRAPHY ........................................................................................................................................................... 50 APPENDIX 1 .................................................................................................................................................................. 53 APPENDIX 2 .................................................................................................................................................................. 55 APPENDIX 3 .................................................................................................................................................................. 65 APPENDIX 4 .................................................................................................................................................................. 70 APPENDIX 5 .................................................................................................................................................................. 72

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THE CURRENT CRISIS OF INVESTOR CONFIDENCE:
CORPORATE GOVERNANCE AND THE IMBALANCE OF POWER

Overview

Ted Seabrook, Phillips Exeter Academy's venerable wrestling coach during the 1960's when I was a student there, taught me an invaluable lesson that I have found applicable to a myriad of situations beyond the grappling mat. In describing how to bring a man down when, for example, the wrestlers begin in...
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