Gatekeepers
The Professions and Corporate Governance
Series: Clarendon Lectures in Management Studies;
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Product details:
- Publisher OUP Oxford
- Date of Publication 11 April 2019
- ISBN 9780198835288
- Binding Paperback
- No. of pages400 pages
- Size 234x162x20 mm
- Weight 600 g
- Language English 0
Categories
Short description:
John C. Coffee Jr, a leading international expert on business and law, traces the evolution of the four main 'gatekeeping' professions: auditors, lawyers, securities analysts, and credit-rating agencies, and examines the role and development of these professions.
MoreLong description:
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.
Table of Contents:
Introduction
Part I: What Happened?
The Failure of Gatekeepers
Explaining Gatekeeper Failure?
A Comparative Perspective
Part II: The Development of Gatekeepers
The Rise, Fall, and Redefinition of the Auditor: From Bookkeeper to Professional to Information Consultant
Corporate Attorneys as Gatekeepers: The Short History of a Developing Concept
Securities Analysts
The Ratings Agencies
Part III: The Search for Reform
What Went Wrong?
What Should Work? (And How to Get There)
Conclusion: The Future of Gatekeeping