DISCLAIMERS: These notes are incomplete. In addition to gaps in the text, some figures are used without proper citation (many were taken from Dayan and Abbott, 2000), and there are many gaps in the bibliography. Hopefully at some point I will have the time and impetus to come back to this material. Right now, use as is.-TWT

earlier version of this paper was presented to " South African Economic Policy under Democracy: A Ten Year Review " held at Mostertsdrift in Stellenbosch, 28/10/2005. Useful comments received from Murray Leibbrandt and Geeta Kingdon are gratefully acknowledged and the usual disclaimers apply. The work reported here is an outcome of a collaborative project between researchers at the

I thank my colleagues in the Sloan Governance Project and the Corporate Law group at Columbia Law School, and particularly Mark Roe, for background discussions that contributed greatly to the view presented here. The usual disclaimers apply with unusual force, however, as this paper was drafted in trans-Pacific flight, at an altitude inaccessible to even their wise counsel.

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This is a PDF file of an unedited manuscript that has been accepted for publication. As a service to our customers we are providing this early version of the manuscript. The manuscript will undergo copyediting, typesetting, and review of the resulting proof before it is published in its final form. Please note that during the production process errors may be discovered which could affect the co...

Approved for public release; distribution unlimited. NOTICES Disclaimers The findings in this report are not to be construed as an official Department of the Army position unless so designated by other authorized documents. Citation of manufacturer's or trade names does not constitute an official endorsement or approval of the use thereof. Destroy this report when it is no longer needed. Do not...

This is a PDF file of an unedited manuscript that has been accepted for publication. As a service to our customers we are providing this early version of the manuscript. The manuscript will undergo copyediting, typesetting, and review of the resulting galley proof before it is published in its final citable form. Please note that during the production process errors may be discovered which coul...