1. Do you believe corporate governance should be narrowly defined to encompass shareholders only or more broadly to incorporate all stakeholders? Explain your answer.

2. Of the external factors impacting corporate governance, which do you believe is likely to be the most important? Be specific.

3. Discuss the advantages and disadvantages of the friendly versus hostile approaches to corporate takeovers. Be specific.

4. Do you believe that corporate takeover defenses are more motivated by the target’s managers attempting to entrench themselves or to negotiate a higher price for their shareholders? Be specific.