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active market American Anglo-American Aufsichtsrat auto assemblers automotive executives automotive industry basic agreement billion business relationships company's competitive contractual governance systems corporate control Corporate Ownership corporate stakeholders cross-shareholdings customers Daimler-Benz Deutsche Bank Deutsche Bundesbank directors Dodwell Marketing Consultants Dresdner Bank economic equity ownership financial institutions formal contracts Fuji Fuji Heavy Industries Fuyo Fuyo group German and Japanese German banks German contractual governance German corporate Germany and Japan Hausbank hazards important individual managers industrial corporations industrial groups intragroup investment in specialized INVESTMENT TIME HORIZONS investors Japanese companies Japanese contractual governance Japanese corporations keiretsu lenders lifetime employment long-term relationships main bank major market for corporate Mitsubishi Corp Mitsubishi Heavy Industries Mitsubishi Motors moral hazards Nissan Motor ownership structure parties production purchase purpose assets relational contracting restrictions safeguards shown in Exhibit specialized assets Sumitomo Sumitomo group supervisory boards supply contracts takeover Toyota trading relationships transactions vertical integration Vorstand Zaibatsu