The Recurrent Crisis in Corporate Governance

Overview

In the late 1990s the American corporation forged ahead in gains in efficiency and earnings performance with strong reflections in stock price appreciation. However, the events of Enron and the bursting of the bubble of unlimited increases in the price of Internet, telecom and energy company shares have caused the authors of this book to take another look at American corporate governance. The authors use a scholar-practitioner approach to show what is missing in today's corporate governance and to support a case ...

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Recurrent Crisis in Corporate Governance

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Overview

In the late 1990s the American corporation forged ahead in gains in efficiency and earnings performance with strong reflections in stock price appreciation. However, the events of Enron and the bursting of the bubble of unlimited increases in the price of Internet, telecom and energy company shares have caused the authors of this book to take another look at American corporate governance. The authors use a scholar-practitioner approach to show what is missing in today's corporate governance and to support a case for activating the board of directors, with leadership from an independent chair, to put new controls on management and take responsibility for the result.

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Editorial Reviews

From the Publisher

Named by The Economist as one of six "best books" in economics and business for 2003.

"With a penetrating analysis of the recent failures so glaringly revealed in the spate of corporate scandals, and broad new insights into what went wrong, the book charts a new course to avoid such failings in the future. Combining first-rate scholarship with originality, the book sets a new standard for all who are interested in corporate governance." —John Snow,Former Chairman and COO, CSX Corporation and Former Co-Chair of the Conference Board Commission on Public Trust and Private Enterprise

20% discount when ordered using discount code F4MAC

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Product Details

  • ISBN-13: 9780804750868
  • Publisher: Stanford University Press
  • Publication date: 8/18/2004
  • Edition description: 1
  • Edition number: 1
  • Pages: 192
  • Product dimensions: 5.50 (w) x 8.50 (h) x 0.60 (d)

Meet the Author

Paul MacAvoy is at Yale School of Management.

Ira Millstein is at Weil Gotshal and Manges.

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Table of Contents

List of Figures and Tables
List of Appendix Tables
Preface
List of Abbreviations
1 Introduction and Summary 1
2 The Current Crisis 6
3 The Emergence and Development of the Governance Problem 11
4 The Ambivalent Results of Extant Research on the Impact of Strong Governance on Corporate Performance 32
5 A New Approach for Determining the Effect of Strong Governance on Corporate Performance 43
6 'Where Was the Board?' Share Price Collapse and the Governance Crisis of 2000-2002 66
7 Proposals for Reform of Corporate Governance 95
App. A Technical Implementation Issues in the Analysis of EVA for CalPERS-rated Companies 120
App. B Database of EVA Estimates 125
References 133
Index 143
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