For Vishnu’s sake man, you lack even rudimentary familiarity with corporations in theory and practice. You’re as qualified to criticize them as I am to debate Tibetan theonomy.
http://www.economics.harvard.edu/files/faculty/57_internal-capital-markets-jf-march-97.pdf
http://cier.uchicago.edu/papers/students/krislertthesis.pdf
Damn, that last one was the wrong paper. I’ll post the one I was looking for later.
Edit: It’s not available freely, it turns out, but Peter Klein blogged on it here.