The article discusses how the structure of capital markets in the US, Japan, and Germany affects the role of banks and stock markets in corporate governance. In the US, the stock market is vibrant, leading to a strong venture capital market. This allows successful entrepreneurs to regain control from venture capitalists through initial public offerings. This contrasts with Japan and Germany, where banks have more control but lack an active market for corporate control. The US venture capital market sees quick exits and initial public offerings as common ways for venture capitalists to exit investments.