Gatekeepers: The Professions and Corporate Governance

Hardcover | June 1, 2006

byJohn C. Coffee Jr.

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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, securitiesanalysts, 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 Coffee, world-renowned Professor of Corporate Law, examines how these gatekeepingprofessions 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 theloyal 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.

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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, securitiesanalysts, credit-rating agencies - exist to guar...

John Coffee is the Adolf A. Berle Professor of Law at Columbia University Law School and Director of its Center on Corporate Governance. Listed by the National Law Journal as one of 'The 100 Most Influential Lawyers in the United States', he is a Fellow of the American Academy of Arts and Sciences, a leading international authority on...

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Kobo ebook|Nov 15 2012

$133.39 online$173.23list price(save 22%)
Format:HardcoverDimensions:400 pages, 9.21 × 6.14 × 1.18 inPublished:June 1, 2006Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199288097

ISBN - 13:9780199288090

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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