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After Enron : Improving Corporate Law and Modernising Securities Regulation in Europe and the US - John Armour

After Enron

Improving Corporate Law and Modernising Securities Regulation in Europe and the US

By: John Armour (Editor), Joseph A. McCahery (Editor), Ronald J. Gilson (Contribution by), Reinier Kraakman (Contribution by), Donald C. Langevoort (Contribution by)

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At the end of the twentieth century, it was thought by many that the Anglo-American system of corporate governance was performing effectively. Some observers claimed to see an international trend towards convergence around this model, in which firms raise finance on capital markets from dispersed investors, and corporate governance seeks to keep managers accountable to shareholders. There can be no denying that the recent corporate governance crisis in the US - Enron and related scandals - has caused many to question their faith in this view. This collection of essays provide 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 first view argues that the events of the 'fall' have indicated a need for greater regulation to curb the excesses of the market. The second view suggests that Enron was merely an aberration, which 'self-corrected' anyway, and consequently the regulatory response has been unnecessarily restrictive. 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. It is for the reader, and ultimately history, to decide which view is correct.

...covers a wide range of issues and succeeds in touching upon the critical areas, which need further analysis...an important contribution to the corporate law literature. Stelios Andreadakis International and Comparative Law Quarterly Vol 57, Jan 08 This is an important book...the standing of the contributors is such that the book provides an excellent overview of current thinking in this area of corporate law...Hart Publishing and the editors of this volume are to be congratulated for the important contribution that After Enron has made to contemporary corporate law reform debates. Roman Tomasic Australian Journal of Corporate Law 2007

Acknowledgementsp. v
List of Contributorsp. ix
Introduction After Enron: Improving Corporate Law and modernizing Securities Regulation in Europe and the USp. 1
Stock Markets and Informationp. 27
The Mechanisms of Market Efficiency Twenty Years Later. The Hindsight Biasp. 29
Taming the Animal Spirits of the Stock Markets: A Behavioural Approach to Securities Regulationp. 65
Corporate Scandals in Historical and Comparative Contextp. 127
Icarus and American Corporate Regulationp. 129
Corporate Governance after Enron: An Age of Enlightenmentp. 155
Financial Scandals and the Role of Private Enforcement: The Parmalat Casep. 159
A Theory of Corporate Scandals: Why the US and Europe Differp. 215
Evaluating Regulatory Responses: The US and UKp. 235
The Case for Shareholder Access to the Ballotp. 237
Rules, Principles, and the Accounting Crisis in the United Statesp. 265
The Oligopolistic Gatekeeper: The US Accounting Professionp. 295
The Liability Risk for Outside Directors: A Cross-Border Analysisp. 343
The Legal Control of Directions Conflicts of Interest in the United Kingdom: Non-Executive Directors Following the Higgs Reportp. 367
Reforming EU Company Law and Securities Regulationp. 413
Enron and Corporate Governance Reform in the UK and the European Communityp. 415
Modern Company and Capital Market Problems: Improving European Corporate Governance After Enronp. 445
Who Should Make Corporate Law? EC Legislation versus Regulatory Competitionp. 497
Company and Takeover Law Reforms in Europe: Misguided Harmonization Efforts or Regulatory Competition?p. 545
The Regulatory Process for Securities Law-Making in the EUp. 575
EC Company Law Directives and Regulations: How Trivial Are They?p. 641
Indexp. 701
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9781841135311
ISBN-10: 1841135313
Audience: BAC
Format: Paperback
Language: English
Number Of Pages: 728
Published: 14th November 2006
Country of Publication: GB
Dimensions (cm): 23.4 x 15.6  x 3.6
Weight (kg): 1.01
Edition Number: 1

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