NBER WORKING PAPER SERIES CORPORATE GOVERNANCE AND CONTROL Marco Becht Patrick Bolton Alisa Roell Working Paper 9371 http://www.nber.org/papers/w9371 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge,MA 02138 December 2002 Literature survey prepared for the Handbook of the Economics of Finance,edited by George Constantinides, Milton Harris and Rene Stulz,North-Holland (2002).We are grateful to Bernardo Bortolotti,Mathias Dewatripont,Richard Frederick,Stu Gillan,Peter Gourevitch,Milton Harris,Gerard Hertig,Takeo Hoshi, Steve Kaplan,Roberta Romano,Christian Rydqvist and Scott Verges for helpful input and comments.The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research 2002 by Marco Becht,Patrick Bolton,and Alisa Roell.All rights reserved.Short sections of text,not to exceed two paragraphs,may be quoted without explicit permission provided that full credit,including notice,is given to the source.NBER WORKING PAPER SERIES CORPORATE GOVERNANCE AND CONTROL Marco Becht Patrick Bolton Alisa Röell Working Paper 9371 http://www.nber.org/papers/w9371 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 December 2002 Literature survey prepared for the Handbook of the Economics of Finance, edited by George Constantinides, Milton Harris and René Stulz, North-Holland (2002). We are grateful to Bernardo Bortolotti, Mathias Dewatripont, Richard Frederick, Stu Gillan, Peter Gourevitch, Milton Harris, Gerard Hertig, Takeo Hoshi, Steve Kaplan, Roberta Romano, Christian Rydqvist and Scott Verges for helpful input and comments.The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research. © 2002 by Marco Becht, Patrick Bolton, and Alisa Röell. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source