$1)$ The discussion in $1)$ to $2)$ is a simple example of the agency problem that widely exists in corporations. Corporate ownership varies around the world. Historically, individuals have owned the majority of shares in public corporations in the US$.$ In Germany, however, banks, other large financial institutions, and other companies own most of the stock in public corporations. Do you think agency problems are likely to be more or less severe in Germany than in the US$?$ Why? Please list at least two reasons for your conclusion. $(4$ points$)$