Gatekeepers: The Professions and Corporate Governance / Edition 1

by John C. Coffee Jr.

Overview

In the wake of a series of corporate governance disasters in the US and Europe which have gained almost mythic status - Enron, WorldCom, Tyco, Adelphia, HealthSouth, Parmalat - one question has not yet been addressed. A number of 'gatekeeping' professions - auditors, attorneys, securities analysts, credit-rating agencies - exist to guard against these governance failures. Yet clearly these watchdogs did not bark while corporations were looted and destroyed. But why not?

To answer these questions, a more detailed investigation is necessary that moves beyond journalism and easy scapegoating, and examines the evolution, responsibilities, and standards of these professions. John C. Coffee Jr, world-renowned Professor of Corporate Law, examines how these gatekeeping professions developed, to what degree they failed, and what reforms are feasible. Above all, this book examines the institutional changes and pressures that caused gatekeepers to underperform or neglect their responsibilities, and focuses on those feasible changes that can restore gatekeepers as the loyal agents of investors.

This informed and readable view of the players on the contemporary business stage will be essential reading for investors, professionals, executives and business academics concerned with issues of good governance.

Product Details

ISBN-13:	9780199288090
Publisher:	Oxford University Press
Publication date:	07/27/2006
Series:	Clarendon Lectures in Management Studies
Edition description:	New Edition
Pages:	400
Product dimensions:	9.30(w) x 6.30(h) x 1.20(d)

About the Author

John C. Coffee Jr., Adolf A. Berle Professor of Law, Columbia Law School

John C. Coffee Jr. is the Adolf A. Berle Professor of Law and Director of the Center on Corporate Governance at Columbia Law School. He is a fellow at the American Academy of Arts & Sciences and has been repeatedly listed by the National Law Journal as among its "100 Most Influential Lawyers in America". He has served as a reporter to The American Law Institute for its Corporate Governance Project and on the Legal Advisory Board to the New York Stock Exchange. He is the author of several casebooks and scholarly works, including Entrepreneurial Litigation: Its Rise, Fall, and Future (Harvard University Press, 2016).

Table of Contents

1. IntroductionPart I: What Happened?2. The Failure of Gatekeepers3. Explaining Gatekeeper Failure? 4. A Comparative PerspectivePart II: The Development of Gatekeepers5. The Rise, Fall, and Redefinition of the Auditor: From Bookkeeper to Professional to Information Consultant6. Corporate Attorneys as Gatekeepers: The Short History of a Developing Concept7. Securities Analysts8. The Ratings AgenciesPart III: The Search for Reform9. What Went Wrong? 10. What Should Work? (And How to Get There)11. Conclusion: The Future of Gatekeeping