Econometrica: Jan 2001, Volume 69, Issue 1

Corporate Governance

DOI: 10.1111/1468-0262.00177
p. 1-35

Jean Tirole

The paper first develops an economic analysis of the concept of shareholder value, describes its approach, and discusses some open questions. It emphasizes the relationship between pledgeable income, monitoring, and control rights using a unifying and simple framework.

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