Understand and recognize governance-based differences between a pyramidal business group (e.g., the joint venture related to Brasil Telecom) and that of a widely held firm (i.e., a typical U.S. firm's ownership structure);
understand that to avoid market failure firms must anticipate and adjust to the non-market institutional “rules of the game,” which vary greatly across nations; and
understand the range of strategic choices and their optimal application to protect minority shareholder rights.
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