Tipping Sacred Cows: Kick the Bad Work Habits That Masquerade as Virtues by Jake Breeden.
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However, Mr Breeden's hopes that they will become a blueprint for corporate America may prove unfounded.
Mr Breeden's solution is to hand more power both to the board and to shareholders.
Smith Breeden is advising most clients to hold investment-grade bonds with durations of four months to six years.
Mr Breeden also places big constraints on the freedom of management and board to act independently from shareholders.
Mr Breeden's reforms will no doubt invite the sort of quibbles from governance experts that all such lists attract.
When interest rates are low and stable, a Ginnie Mae or other high-quality mortgage fund should generate some extra income, Smith Breeden's Mr. Dektar says.
WSJ: The Intelligent Investor: Are Bond Rates on a Road to Nowhere?
Mr Breeden says that Mr Capellas has embraced his ideas enthusiastically.
Market prices of subprime bonds reflect "extremely harsh assumptions for how borrowers will behave, " said Jeffrey Wheeler, a portfolio manager at Smith Breeden Associates in Durham, N.
As long as interest rates rise less than half a percentage point a year, investors will do better holding ten-year Treasurys than cash, figures Dektar of Smith, Breeden.
The 30-year TIPS bond is now priced as if inflation will be 1.94% through 2020, according to fixed-income managers Smith Breeden Associates, down from 2.14% in July.
Moreover, Mr Breeden has said that the new code should be written into the company's articles of incorporation, ensuring that it can be changed only by shareholder vote.
"The Fed will drag rates down everywhere just by holding the short-term rate lower in the U.S., " says Dan Dektar, chief investment officer at Smith Breeden Associates in Durham, N.
WSJ: The Intelligent Investor: Why Bondholders Should Be Worried
If they want to avoid reregulation, argues Mr Breeden, firms must do much more to address the legitimate concerns of investors that American managers still lack proper checks and balances.
With other forms of debt either in short supply or too risky, institutional investors are loading up on longer-term government bonds, says Daniel Dektar, chief investment officer of Smith Breeden Associates, a Durham, N.
At current rates bond buyers are "paying a tax to recapitalize the banking system and make debt costs lighter for people and companies, " observes Daniel Dektar, chief investment officer at Smith Breeden Associates, a Durham, N.
The four adults held captive -- Edwin Sanabria, Herbert Knowles, Tamara Breeden and Derwin McLemire -- were locked in a pitch-black, 13-by-7 foot room that housed the former boiler used to heat the building, police said.
If Black tries to force the Hollinger International board to hand over the cash, he risks violating a consent agreement with the SEC and putting the company under the control of former SEC chief Richard Breeden , who as head of the investigative committee is already giving him fits.
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