The Public Company Transformed

Brian R. Cheffins has been since 1998 the S.J. Berwin Professor of Corporate Law at Cambridge University. He has held visiting appointments at Columbia, Duke, Harvard, Oxford, Stanford, the University of British Columbia and the University of Western Ontario. Professor Cheffins has written widely in the areas of corporate law, corporate governance and business history.

List of Figure List of Tables Chapter One: Introduction The Public Company Transformed -- a Brief Chronology This Book's Contribution Iconic Public Companies Transformed AT&T General Electric Overview of the Book Chapter Two: Managerial Capitalism Key Features The Rise of Managerial Capitalism Financial Capitalism Emerges Financial Capitalism in Retreat When Did Ownership Separate From Control in Large Public Companies? Why Did Ownership Separate from Control? Managerial Capitalism in Operation The "Core Fissure" in US Corporate Governance How Much "Personal Gain"? Other Goals? What Constrained Management? Internal Constraints External Constraints Chapter Three -- The 1970s: Managerial Capitalism Sustained But "Something Happened" Continuity and Change Were the Public Company's Days Numbered? Managerial Capitalism Falters American Management Falling Behind? The Conglomerate Crack-Up Illicit Payments Internal Constraints Shareholders Boards External Constraints Regulation Unions Competitors The Market for Corporate Control Chapter Four -- The 1980s: Managerial Capitalism Taken Over Don't Just Manage - Lead! The Deal Decade Takeovers Leveraged Buyouts End of an Era Internal Constraints Boards Shareholders External Constraints Regulation Unions Competitors The Public Company Executive in Transition Chapter Five -- The 1990s: Gloom to Euphoria and Back From Stagnation to Overdrive to Hangover America Falling Behind? Rallying Overdrive Hangover Internal Constraints A Governance Vacuum Boards Shareholders External Constraints Unions Regulation Competitors The CEO as Corporate Icon Chapter Six: The 2000s: The Decade From Hell Changing Circumstances for the Public Company The Public Company's Challenges Corporate Scandals SOX Private Equity The Financial Crisis Internal Constraints Boards Shareholders External Constraints The Market for Corporate Control Unions Regulation Competitors The Retreat of the Iconic Chief Executive Banks, Their "Free Pass" and the Financial Crisis Chapter Seven: The Future of the Public Company Extinction of the Public Company? What's New? Private Equity Unicorns and IPOs The Public Company Retains Center Stage The End of the Berle-Means Corporation? Internal Constraints Boards Shareholders External Constraints Unions Regulation Competitors What Does the Future Hold for Public Company Executives? CEO/Founders Return of the Imperial CEO? Embattled? Managerial Capitalism Redux? Index