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Chapter 14 - Stockholder rights and corporate governance. The goals of this chapter are: Identifying different kinds of stockholders and understanding their objectives and legal rights, knowing how corporations are governed and explaining the role of the board of directors in protecting the interests of owners, analyzing the function of executive compensation and debating if top managers are paid too much,. | Chapter 14 Stockholder Rights and Corporate Governance Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Ch. 14: Key Learning Objectives Identifying different kinds of stockholders and understanding their objectives and legal rights Knowing how corporations are governed and explaining the role of the board of directors in protecting the interests of owners Analyzing the function of executive compensation and debating if top managers are paid too much Evaluating various ways stockholders can promote their economic and social objectives Understanding how the government protects against stock market abuses, such as fraudulent accounting and insider trading 14- Stockholders Stockholders (also called shareholders) The legal owners of business corporations Types of stockholders Individual stockholders are people who directly own shares of stock issued by companies Institutions, such as pension funds, mutual funds, insurance companies, and . | Chapter 14 Stockholder Rights and Corporate Governance Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Ch. 14: Key Learning Objectives Identifying different kinds of stockholders and understanding their objectives and legal rights Knowing how corporations are governed and explaining the role of the board of directors in protecting the interests of owners Analyzing the function of executive compensation and debating if top managers are paid too much Evaluating various ways stockholders can promote their economic and social objectives Understanding how the government protects against stock market abuses, such as fraudulent accounting and insider trading 14- Stockholders Stockholders (also called shareholders) The legal owners of business corporations Types of stockholders Individual stockholders are people who directly own shares of stock issued by companies Institutions, such as pension funds, mutual funds, insurance companies, and university endowments Called institutional investors 14- Stockholders Trends In 2010, institutions accounted for 63% of the value of all U.S. stocks, worth $15 trillion About eight times the value of institutional holdings two decade earlier Slightly over half of all U.S. households own stocks, either directly or indirectly through holdings in mutual funds Older people are more likely to own stock, slightly less than 40% of young households do so At all ages, equity ownership is higher as income and education rises 14- Household versus Institutional Ownership in the United States Figure 14.2 14- Objectives of Stock Ownership To produce a return greater than they could receive from alternative investments Stockholders make money when the price of the stock rises (capital appreciation) and when they receive their share of the company’s earnings (called dividends) Bull markets (in which share prices rise overall) alternate with bear markets (in which share prices fall overall) .
