Infectious greed: how deceit and risk corrupted the financial markets
A look at American financial markets focuses on the troubling trends and runaway greed that seem to be infecting American business.
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York
Times Books
2003
|
| Ausgabe: | 1st. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Zusammenfassung: | A look at American financial markets focuses on the troubling trends and runaway greed that seem to be infecting American business. |
| Beschreibung: | Includes bibliographical references (p. [413]-445) and index |
| Beschreibung: | xii, 464 p. 25 cm |
| ISBN: | 0805072675 |
Internformat
MARC
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| 245 | 1 | 0 | |a Infectious greed |b how deceit and risk corrupted the financial markets |c Frank Partnoy |
| 246 | 1 | 3 | |a How deceit and risk corrupted the financial markets |
| 250 | |a 1st. ed. | ||
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| 500 | |a Includes bibliographical references (p. [413]-445) and index | ||
| 520 | 3 | |a A look at American financial markets focuses on the troubling trends and runaway greed that seem to be infecting American business. | |
| 650 | 4 | |a Corporations |x Auditing |z United States | |
| 650 | 4 | |a Corporations |x Corrupt practices |z United States | |
| 650 | 4 | |a Financial services industry |x Corrupt practices |z United States | |
| 650 | 4 | |a Fraud |z United States |x Prevention | |
| 650 | 4 | |a Securities fraud |z United States | |
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Datensatz im Suchindex
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|---|---|
| adam_text | preface xix
Acknowledgments xxiii
Chapter 1 the importance of investor
Confidence 1
Asleep at the Wheel 2
Investor Attitude 4
Investor Confidence and the Stock Market 6
Long Term economic Effects 1 1
Our Approach 1 3
Endnotes 1 5
Chapter 2 the structure of corporations i 7
Business Forms 1 B
People in business 2 1
Separation of Ownership and Control 22
Can Investors Influence Managers? 24
Are Investors Helpless? 25
A System of Problems 2B
xi
£^^| CONTENTS
International monitoring 3D
Summary 31
Endnotes 3 1
PART 1 THE FAILURE OF EXECUTIVES 33
Chapter 3 executive compensation
and Incentives 35
Types of Executive Compensation 36
Base Salary and Bdnus 37
Stock Dptidns 3B
Options and Accounting 39
Stock Options and (Mis)Alignment 40
Who Gets Options? 43
CED Pay Around the World 44
Hidden Compensation 46
Summary 4B
Endndtes 49
Chapter4 executive behavior 51
Options and Fraud 52
Timing of Sales 54
Company loans—A Potential Abuse 58
Grand Theft 6D
Adelphia 6D
Enron 63
Tyco 6 3
Why Da Some Executives Misbehave? 64
Contents ^gQ|
Summary 65
Endndtes 66
part 2 the failure df monitoring
Systems 69
Chapter5 accountants and auditors 71
accounting functidns 72
Auditing 74
The Changing Role df Accounting 75
From Management to Fraud 7B
Fraud, plain and Simple 79
Consultants 82
When the Auditor is alsd a Consultant 83
Fear of All Sums 84
An international Perspective 85
Summary 86
Endndtes 87
Chapter 6 the board of directors B9
Current Board Regulations 9 1
More Attention on directors 92
Who Are Directors? 95
The Board s Functions 97
Problems with Boards 98
is Enron s Board Partially to Blame? 1D3
Summary 1 D5
Endndtes 1 D6
l^m CONTENTS
Chapter7 investment banks 109
Some Historical perspective l 1 D
Investment Banking Activities 1 1 3
IPO Problems 1 16
IPDs and Fraud 1 IB
Structured Deals 1 22
Summary 1 27
Endndtes 1 27
Chapter 8 analysts i 31
The Traditional Role of the Analyst 1 32
Can analysts Predict? 135
Analyst Compensation 1 37
Potential Conflicts of Interest 1 4O
Analysts at Investment Banks l 4 1
Just Who Is the Client? 1.45
Changing Roles i 46
Summary i47
Endndtes l 47
CHAPTER 9 more Failed monitors: Credit Rating
Agencies and Lawyers l 5 1
Credit Rating Agencies 1 5 1
A Brief Historical Perspective 1 52
The Ratings 1 54
Criticism 1 56
Enron 1 5B
Summary of Credit Agency Problems 1 6 1
Attorneys l 61
contents ^s^|
Protecting Lawyers 1 63
summary of attorney problems 1 64
endnotes 1 64
PART 3 SHORTCOMINGS IN ENFORCEMENT
AND INVESTOR ACTIVISM 1 6 7
Chapter 10 the securities and exchange
Commission 1 69
The securities acts 1 7 1
Organizational Structure of the SEC 1 72
Assessment of the acts and the SEC l 74
SEC Problem areas 1 76
Arthur Levitt s I Told you So l 79
The Man in the Middle: Harvey Pitt 1 BO
Summary lS3
Endnotes 1 B4
Chapter 11 investor activism ib7
What is shareholder activism? 1 89
Does institutional Shareholder Activism
Pay Off? 1 9 5
Potential Roadblocks to Effective
Shareholder Activism 196
The Future Role of Shareholder Activists
2QD
Summary ZD1
Endnotes ZO 1
jQnHj CONTENTS
PART 4 RESTORING CONFIDENCE 2D5
Chapter 12 new rules, regulations, and
Policies 2D7
A Review df the Corporate Problems 2O9
Sarbanes Dxley Act of 2DD2 2 1 1
Public Company Accounting Oversight Board
2 l l
Auditor independence 213
Corporate Responsibility 214
Enhanced Financial Disclosures 2 l 6
analysts Conflcts of interest 2 1 7
SEC Resources and Authority 2 1 7
CORPORATE AND CRIMINAL FRAUD ACCOUNTABILITY
AND PENALTIES 21 S
Summary of the act 2 1 B
dther Proposals for Change 2 1 9
New York Stock Exchange 22D
Expensing Stock Options 222
More Change 225
endndtes 225
Chapter 13 create good incentives
for Long Term Solutions 227
The Power of Incentives 227
Dur Recommendations 229
Stock and Stock Option Incentives 229
Insider Equity Sales 230
Changing Option Structure 231
Auditing Firm Incentives 234
Boards of Directors 237
Contents ^^^^B
Investment Banks and Analyst incentives 239
credit rating agencies 242
shareholders 243
Summary 245
endndtes 246
Chapter 14 regaining investor confidence 247
Protecting investors (Not) 24B
Investor Confidence 253
Failing to Regain Confidence 256
REGAINING THE CONFIDENCE 25V
SUMMARY 262
ENDNDTES 263
Index 26 5
|
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| discipline | Wirtschaftswissenschaften |
| edition | 1st. ed. |
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| spelling | Partnoy, Frank Verfasser aut Infectious greed how deceit and risk corrupted the financial markets Frank Partnoy How deceit and risk corrupted the financial markets 1st. ed. New York Times Books 2003 xii, 464 p. 25 cm txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references (p. [413]-445) and index A look at American financial markets focuses on the troubling trends and runaway greed that seem to be infecting American business. Corporations Auditing United States Corporations Corrupt practices United States Financial services industry Corrupt practices United States Fraud United States Prevention Securities fraud United States Kreditwesen (DE-588)4032950-1 gnd rswk-swf Korruption (DE-588)4032524-6 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Kreditwesen (DE-588)4032950-1 s Korruption (DE-588)4032524-6 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010036411&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Partnoy, Frank Infectious greed how deceit and risk corrupted the financial markets Corporations Auditing United States Corporations Corrupt practices United States Financial services industry Corrupt practices United States Fraud United States Prevention Securities fraud United States Kreditwesen (DE-588)4032950-1 gnd Korruption (DE-588)4032524-6 gnd |
| subject_GND | (DE-588)4032950-1 (DE-588)4032524-6 (DE-588)4078704-7 |
| title | Infectious greed how deceit and risk corrupted the financial markets |
| title_alt | How deceit and risk corrupted the financial markets |
| title_auth | Infectious greed how deceit and risk corrupted the financial markets |
| title_exact_search | Infectious greed how deceit and risk corrupted the financial markets |
| title_full | Infectious greed how deceit and risk corrupted the financial markets Frank Partnoy |
| title_fullStr | Infectious greed how deceit and risk corrupted the financial markets Frank Partnoy |
| title_full_unstemmed | Infectious greed how deceit and risk corrupted the financial markets Frank Partnoy |
| title_short | Infectious greed |
| title_sort | infectious greed how deceit and risk corrupted the financial markets |
| title_sub | how deceit and risk corrupted the financial markets |
| topic | Corporations Auditing United States Corporations Corrupt practices United States Financial services industry Corrupt practices United States Fraud United States Prevention Securities fraud United States Kreditwesen (DE-588)4032950-1 gnd Korruption (DE-588)4032524-6 gnd |
| topic_facet | Corporations Auditing United States Corporations Corrupt practices United States Financial services industry Corrupt practices United States Fraud United States Prevention Securities fraud United States Kreditwesen Korruption USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010036411&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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