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Corporate Governance in ContextCorporations, States, and Markets in Europe, Japan, and the US$
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Klaus J. Hopt, Eddy Wymeersch, Hideki Kanda, and Harald Baum

Print publication date: 2005

Print ISBN-13: 9780199290703

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780199290703.001.0001

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Market Discipline, Information Processing and Corporate Governance *

Market Discipline, Information Processing and Corporate Governance *

Chapter:
(p.378) (p.379) Market Discipline, Information Processing and Corporate Governance*
Source:
Corporate Governance in Context
Author(s):

Martin F. Hellwig

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199290703.003.0020

This chapter discusses the rhetoric, the semantics, and the reality of ‘market discipline’ in the 1990s. It begins with a discussion of what financial ‘markets’ actually do and in what sense one can speak of ‘markets’ as performing such functions differently from other institutions. In particular, it discusses the specifics of information processing in different institutions and different governance structures. Finally, the chapter returns to a discussion of ‘market discipline’ and corporate governance.

Keywords:   market discipline, financial markets, corporate governance

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