1. Family ?rms have a wide range of incentives that may not be in the interest of diversi?ed shareholders. Discuss the main issues surrounding succession and family entrenchment.
2. Who are the owners of a corporation: shareholders, bondholders, workers, society, or someone else? What is the meaning of the statement that some constituency owns a corporation? What is the difference between an ownership relationship and a contract relationship to the corporation? Are these two kinds of relationships superior to other kinds of relationships?