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Corporate Governance Regulation: How Poor Management Is Destroying the Global Economy

Book Description

Why U.S. corporate governance regulation has lost its way, and what must be done to improve it

Modern history persuasively demonstrates the inexorable link that binds comprehensive regulation to the global economy. This important book, rather than simply recount a litany of corporate governance failures, persuasively explains why, despite policymakers' best intentions, regulation has failed in the modern era. An objective study intended for a diverse readership, Corporate Governance Regulation unveils the underlying, root causes of regulatory failure. The result: A compelling and original analysis, broadly suited for a global audience of all backgrounds.

  • Written by published, subject-area experts, the authors carefully delineate how U.S. corporate governance regulation, beginning with Sarbanes Oxley, lacks an adequate rational basis, as may be attributed to a non-existent policy dialogue

  • The witnessed result: A conspicuous lack of regulatory efficacy, enormous costs, coupled with paltry benefits

  • The focus is upon reigniting a stalled, non-productive policy dialogue, by eschewing stale, overly-polemicized arguments, as needed to develop a common ground

Drawing from an eclectic, analytic framework, governance experts Nicholas Vakkur and Zulma Herrera offer both the professional and global citizen alike a multi-dimensional understanding of issues critical to global economic health. Nuanced and persuasively argued, Corporate Governance Regulation represents a formidable catalyst in the elusive, ongoing quest for global economic stability.

Table of Contents

  1. Cover
  2. Series Page
  3. Title Page
  4. Copyright
  5. Preface
    1. Notes
  6. Introduction
  7. Chapter 1: Virtue Lost
    1. Introduction
    2. Methodology
    3. Methodological Limitations
    4. The Modern Corporation and Virtue
    5. The Policy Framework
    6. Conclusions
    7. Notes
  8. Chapter 2: An Introduction to WorldCom: A Policy Primer
    1. Introduction
    2. WorldCom
    3. The Source of Conflict
    4. Rules versus Laws
    5. The Case for Intentionality
    6. Regulatory Contribution
    7. WorldCom as a Basis for the Sarbanes-Oxley Act
    8. Notes
  9. Chapter 3: The Enactment Process
    1. Introduction
    2. The Enactment Process
    3. The Law's Effects
    4. Current Arguments in Favor of the Sarbanes-Oxley Act
    5. Institutional Precedents
    6. Notes
  10. Chapter 4: CEO Perception
    1. Summary
    2. Introduction
    3. Summary of Relevant Literature
    4. Survey
    5. Results
    6. Discussion
    7. Appendix to Chapter 4
    8. Notes
  11. Chapter 5: Sarbanes-Oxley's Effect on Investor Risk
    1. Summary
    2. Introduction
    3. Extending CAPM
    4. Hypotheses
    5. Evaluation of Risk
    6. Estimation and Results
    7. Notes
  12. Chapter 6: An Audit of Sarbanes-Oxley
    1. Introduction
    2. A Conceptual Foundation
    3. Internal Controls
    4. The Audit Framework
    5. Effect on Unintentional Sources of Error
    6. Effect on Corporate Malfeasance
    7. Conclusions
    8. Notes
  13. Chapter 7: The Underlying Vision
    1. Econometrics in Policy Analysis
    2. A Model Predicated on “Unobservables”
    3. Conclusions
    4. Notes
  14. Chapter 8: The Argument for Accountability
    1. Introduction
    2. Professional Liability
    3. Policy Misuse
    4. The Case for Culpability
    5. The Improbability of Accountability
    6. Conclusions
    7. Notes
  15. Chapter 9: Why Sarbanes-Oxley?
    1. Introduction
    2. Methodology
    3. The Port Huron Statement
    4. Why Sarbanes-Oxley?
    5. Notes
  16. About the Authors
    1. Nicholas Vakkur
    2. Zulma J. Herrera
  17. Index