The essay reviews two recent book-length treatments of the rise of institutional shareholder power in the corporate governance arrangements of Western corporations, the internal incentives of those shareholders, and the economic consequences.The books reviewed: Corporate Governance and...

Ranking or evaluating corporate governance has become a big business. Trillions of dollars of investment capital is now allocated with reference to third-party commercial scoring of firms' corporate governance arrangements. Media outlets rank companies with the best governance, and proxy...