Question 2 In the U.S., the majority part of the shares has been owned by individual investors. On the other hand, in countries including Japan and Germany, institutional investors such as banks and other big financial institutions are mostly the owners of the stocks of publicly open companies. Are the agency problems likely to be more detrimental in the U.S. than in Japan and Germany? Why or why not? Besides, in recent years in the U.S., mutual funds and pension funds have been becoming the major owners of these stocks. What can be the effects of this trend on corporate control and agency problems