商学　６３‐１・２☆／３．今西

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1 financial crisis Teitelman Berle-Dodd 3 4 R. Teitelman, An Excursion with Adolf Berle, The Deal Magazine, January 3, 2011, http : // com/thedealeconomy/an excursion with adolph berle.php A. A. Berle, Corporate Powers as Powers in Trust, Harvard Law Review, Vol.44, ; E. M. Dodd, For Whom Are Corporate Managers Trustees?, Harvard Law Review, Vol.45, ; Berle, For Whom!

2 The Banking Act of 1933Glass-Steagall Act ! Corporate Managers Are Trustees : A Note, Harvard Law Review, Vol.45, P.A.Loomis,Jr.&B.K.Rubman, Corporate Governance in Historical Perspective, Hofstra Law Review, Vol.8, 1979, p.143.

3 40 MBS CDOs 6 Berle & Means Berle shareholder primacy grandfather Berle 9 Berle 1930 Berle 1932 Berle 1932 Berle 10 Berle & Means K. Hennessy, D. Holtz-Eakin & B. Thomas The Financial Crisis Inquiry Report : Final Report of the National Commission on the Causes of the financial and Economic Crisis in the United States, Official Government Edition, January 2011, p.422. Available at http : //c cdn1.cloudfiles.rackspacecloud.com/fcic_final_report_full.pdf A. A. Berle & G. C. Means, The Modern Corporation and Private Property, New York, MacMillan, W. W. Bratton & M. L. Wachter, Shareholder Primacy s Corporatist Origins : Adolf Berle and the Modern Corporation, The Journal of Corporation Law, Vol.34, 2008, pp Berle, Corporate Powers as Powers in Trust 2 7 Bratton & Wachter, op. cit., pp ; Bratton & Wachter, Tracking Berle s Footsteps : The Trail of The Modern Corporation s Last Chapter, Seattle University Law Review, Vol.33, 2010, p.855.

4 quasipublic corporation corporate revolution 11 Berle & Means

5 Eells Eells Eells 13 Eells Berle & Means, op. cit., pp R. Eells, The Government of Corporation, New York, Free Press of Glencoe, 1962.

6 LBO leveraged buyout 1980 LBO 1970 Law & Economics B. Tricker, Editorial : Corporate Governance the new focus of interest, Corporate Governance : An International Review, Vol.1, 1993, p.1.

7 44 LBO CalPERS TIAA-CREF

8 Blair share value A. P IT , ,000 M. M. Blair, For Whom Should Corporations Be Run? : An Economic Rationale for Stakeholder Management, Long Range Planning, Vol.31, 1998, p.195.

9 Presbyterian 18 Church SOX PCAOB ; Public Company Accounting Oversight Board G. Zandstra, Enron, Board Governance and Moral Failings, Corporate Governance, Vol.2, No.2, 2002, p.17. Ibid., p.17. Ibid., p.17.

10 47 21 SOX SOX Lehman Shock present financial crisis subprime mortgage crisis too big to fail Lang & Jagtiani mortgage market , , SOX W.W.Lang&J.A.Jagtiani, The Mortgage and Financial Crises : The Role of Credit Risk Management and Corporate Governance, Atlantic Economic Journal, Vol.38, 2010, pp

11 Lang & Jagtiani, The Mortgage and Financial Crises, Atlantic Economic Journal, Vol.38, 2010, p Lang 3 mortgage underwriting standards RMBS Ibid., p.126. A. Pacces, Uncertainty and the Financial Crisis, Journal of Financial Transformation, Vol.29, 2010, p.80.

12 adjustable-rate mortgages 26 Lang BNP Tarraf OECD OECD Steering Group on Corporate Governance Kirkpatrick W. Poole, Cause and Consequences of the Financial Crisis of , Harvard Journal of Law and Public Policy, 2010, Vol.33, p.426. Lang & Jagtiani, op. cit., p.131. H. Tarraf, Literature Review on Corporate Governance and the Recent Financial Crisis, 2010, p.2. Available at SSRN : http : //ssrn.com/abstract P. Yeoh, Causes of the Global Financial Crisis : Learning from the Competing Insights, International Journal of Disclosure and Governance, Vol.7, 2010, p.53.

13 50 30 Knott G. Kirkpatrick, The Corporate Governance lessons from the Financial Crisis, OECD, 2009, February 27, p.2. J. H. Knott, Governance and the Financial Meltdown : The Implications of Madisonian Checks and Balances for Regulatory Reform APSA 2010 Annual Meeting Paper, p.5. Available at SSRN website : http : //ssrn.com /abstract Ibid., p.5.

14 Social Stakeholder Control of Corporate Power Stakeholder Theory Market Stockholder Control of Corporate Power Stockholder Theory Kirkpatrick 35 Ibid., pp.5 6. Stakeholder theory Stockholder theory Kirkpatrick, op. cit., p.2.

15 52 1 Berle 36 Dodd-Frank Wall Street Reform and Consumer Protection Act too big to fail bailout 37 Title IX Subtitle E Subtitle G say on pay clawback proxy access 38 Autumn 2009, 65 Dodd-Frank Wall Street Reform and Consumer Protection Act, H. R D. Polk, Summary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Enacted into Law on July 21, 2010, pp ; CCH Attorney-Editor Staff, Dodd-Frank Wall Street Reform and Consumer Protection Act : Law, Explanation and Analysis, Wolters Kluwer, 2010, p.38.

16 53 SECsay on pay National Association of Corporate Directors Financial Crisis Inquiry Commission : FCIC FCIC 42 FCIC 1930 Official 43 Government Edition FCIC 9 captains of finance The Financial Crisis Inquiry Report, Official Government Edition. P. Krugman, Bankers without A Clue, The New York Times, January 15, Krugman

17 54 systemic breakdown FCIC Commissioner Conclusions of the Financial Crisis Inquiry Commission Commissioners dissenting from the report P. J. Wallison global nature of the crisis 46 FCIC 47 The Financial Crisis Inquiry Report, pp.xvii xxv. Wallison 100 HP Official Government Edition Authorized Edition Wallison Introduction8 Note to the Reader 6 Official Government Edition IntroductionThe Financial Crisis Inquiry Report : Final Report of the National Commission on the Causes of the financial and Economic Crisis in the United States, Authorized Edition, New York, PublicAffairs, Ibid., p.414. Ibid., p.416.

18 55 risk 48 repricing 1 49 Wallison Wallison , residential mortgage 2008 Wallison 51 Ibid., p.422. Ibid., p.421. Ibid., p.444. Ibid., p ,700 2,700 Alt-A Alternative A mortgage A 2007 Alt-A 4.5 The Financial Crisis Inquiry Report, Official Government Edition, p Lang & Jagtiani Wallison 2,700 Wallison Alt-A

19 56

バーリ＆ミーンズの株式会社論

バーリ＆ミーンズの株式会社論 The Modern Corporation and Private Property The Modern Corporation and Private Property The journal of Law and Economics Harvard Law Review The Modern Corporation and Private Property Harvard

商学 ６３‐１・２☆／３．今西

商学　６３‐１・２☆／３．今西