What problem does it solve? Analysts often treat governance as a vague discount or a checklist score, which hides how weak boards actually destroy value. This Skill fixes the firm's true objective function, maps who really controls it, and converts governance findings into a priced probability of management change. ## Core Features & Use Cases - Objective Function Setting: Runs the four-link test (managers vs stockholders, stockholders vs lenders, firms vs markets, firms vs society) and the (T, E, B) matrix to decide whether stock price maximization is legitimate. - Ownership and Control Mapping: Computes economic stakes, voting stakes, control wedges, group totals, and look-through interests for dual-class, pyramid, and shell structures, then identifies the marginal investor. - Value of Control Pricing: Values the firm under status quo and restructured management, then derives the expected value of control and the market-implied probability of change. - Use Case: Before valuing a family-controlled company with a staggered board, use this Skill to determine who controls the firm, whether market beta is legitimate, and what a hostile discipline scenario is worth per share. ## Quick Start Analyze the governance of this publicly traded company and estimate the probability that its current management gets replaced.
