Corporate Governance (eBook)

Promises Kept, Promises Broken

Jonathan R. Macey (Autor)

eBook Download: PDF

2008
Princeton University Press (Verlag)
978-1-4008-2978-1 (ISBN)

Infos

Even in the wake of the biggest financial crash of the postwar era, the United States continues to rely on Securities and Exchange Commission oversight and the Sarbanes-Oxley Act, which set tougher rules for boards, management, and public accounting firms to protect the interests of shareholders. Such reliance is badly misplaced. In Corporate Governance, Jonathan Macey argues that less government regulation--not more--is what's needed to ensure that managers of public companies keep their promises to investors. Macey tells how heightened government oversight has put a stranglehold on what is the best protection against malfeasance by self-serving management: the market itself. Corporate governance, he shows, is about keeping promises to shareholders; failure to do so results in diminished investor confidence, which leads to capital flight and other dire economic consequences. Macey explains the relationship between corporate governance and the various market and nonmarket institutions and mechanisms used to control public corporations; he discusses how nonmarket corporate governance devices such as boards and whistle-blowers are highly susceptible to being co-opted by management and are generally guided more by self-interest and personal greed than by investor interests. In contrast, market-driven mechanisms such as trading and takeovers represent more reliable solutions to the problem of corporate governance. Inefficient regulations are increasingly hampering these important and truly effective corporate controls. Macey examines a variety of possible means of corporate governance, including shareholder voting, hedge funds, and private equity funds. Corporate Governance reveals why the market is the best guardian of shareholder interests.

Autor

Jonathan R. Macey is the Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law at Yale Law School. He is the author of a number of books, including Macey on Corporation Laws.

Produkt-Details

• Zusatzinfo: 1 line illus. 5 tables.
• Verlagsort: Princeton
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Allgemeines / Lexika
• Themenwelt: Recht / Steuern ► EU / Internationales Recht
• Themenwelt: Recht / Steuern ► Strafrecht ► Kriminologie
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht ► Gesellschaftsrecht
• Themenwelt: Sozialwissenschaften
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
• Schlagworte: Abuse of authority • Accounting scandals • accredited investor • Activist shareholder • Agency Cost • Alternative Trading System • Andrew Fastow • Anti-Takeover Statute • A Random Walk Down Wall Street • Arthur Levitt • Auditor • bank failure • barriers to entry • Board of Directors • bribery • Burton Malkiel • Business Ethics • Business failure • Business Roundtable • Buyback • Buy–sell agreement • Chiarella v. United States • Class action • collusion • Comparative Advantage • Corporate Crime • Corporate Governance • Corporate Law • corporate raid • corporation • Credit (finance) • cronyism • Defensive Acquisition • defensive strategy • Derivative Suit • Directors and officers liability insurance • Economic planning • Economics • empire-building • Employment • Enron • equity funding • Executive compensation • False Claims Act • Finance • Fraud • Golden Parachute • greenmail • Hedge Fund • High-yield debt • Hostile Takeover Bid • Impossibility • independent director • Information asymmetry • Insider Trading • Insolvency • institutional investor • Investment • investment advice • investment company • Investment Company Act of 1940 • Investor • Job Security • Laddering • Late trading • Litigation risk • Management entrenchment • National Bureau of Economic Research • nexus of contracts • plaintiff • Ponzi scheme • Principal–agent problem • Private Equity • Public Company • Public Offering • Put Option • Race to the Bottom • Real options valuation • Reasonable Person • Restructuring • Revaluation of fixed assets • Ronald Coase • Sarbanes–Oxley Act • Securities Act of 1933 • Shareholder • Shareholder Rights Plan • Shareholder Value • Share Price • Share repurchase • state actor • systemic risk • Takeover • Tax • The Modern Corporation and Private Property • The nature of the firm • The Wealth Effect • Trading Strategy • unconscionability • Unocal Corp. v. Mesa Petroleum Co. • Whistleblower
• ISBN-10: 1-4008-2978-X / 140082978X
• ISBN-13: 978-1-4008-2978-1 / 9781400829781