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After Enron
By
John Armour and Joseph A. McCahery
Description
At the end of the twentieth century it
was thought by many that the Anglo-American system of corporate
governance was performing effectively and some observers claimed to
see an international trend towards convergence around this model.
There can be no denying that the recent corporate governance crisis
in the US has caused many to question their faith in this view. This
collection of essays provides a comprehensive attempt to answer the
following questions: firstly, what went wrong - when and why do
markets misprice the value of firms, and what was wrong with the
incentives set by Enron? Secondly, what has been done in response,
and how well will it work - including essays on the Sarbanes-Oxley
Act in the US, UK company law reform and European company law and
auditor liability reform, along with a consideration of corporate
governance reforms in historical perspective. Three approaches
emerge. The first two share the premise that the system is
fundamentally sound, but part ways over whether a regulatory response
is required. The third view, in contrast, argues that the various
scandals demonstrate fundamental weaknesses in the Anglo-American
system itself, which cannot hope to be repaired by the sort of
reforms that have taken place.
\"This collection of papers by
leading US and European corporate law scholars provides fresh and
rigorous analyses of the recent corporate governance scandals and the
strategies devised by regulators to guard against future governance
failures.\"
Randall Thomas, John Beasley Professor
of Law and Business, Vanderbilt University School of Law, Vanderbilt
University.
John Armour is University Senior
Lecturer in Law, Cambridge University and research associate at the
Centre for Business Research, University of Cambridge.
Joseph A McCahery is Professor of
Corporate Governance and Business Innovation at the University of
Amsterdam Faculty of Economics and Econometrics and Professor of
International Business Law at Tilburg University Faculty of Law.
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