The valuation treadmill: how securities fraud threatens the integrity of public companies
Public companies now face constant pressure to meet investor expectations. A company must continually deliver strong short-term performance every quarter to maintain its stock price. This valuation treadmill creates incentives for corporations to deceive investors. Published more than twenty years a...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, United Kingdom
Cambridge University Press
2022
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| Schlagworte: | |
| Online-Zugang: | BSB01 UBG01 Volltext |
| Zusammenfassung: | Public companies now face constant pressure to meet investor expectations. A company must continually deliver strong short-term performance every quarter to maintain its stock price. This valuation treadmill creates incentives for corporations to deceive investors. Published more than twenty years after the passage of Sarbanes-Oxley, which requires all public companies to invest in measures to ensure the accuracy of their disclosures, The Valuation Treadmill shows how securities fraud became a major regulatory concern. Drawing on case studies of paradigmatic securities enforcement actions involving Xerox, Penn Central, Apple, Enron, Citigroup, and General Electric, the book argues that corporate securities fraud emerged as investors increasingly valued companies based on their future performance. Corporations now have an incentive to issue unrealistically optimistic disclosure to convince markets that their success will continue. Securities regulation must do more to protect the integrity of public companies from the pressure of the valuation treadmill |
| Beschreibung: | Title from publisher's bibliographic system (viewed on 18 Jul 2022) Introduction -- Xerox and the pressure to meet projections -- Penn Central and the decline of managerialism -- Apple and the controversy of projections litigation -- Enron and Sarbanes-Oxley -- Citigroup and the Financial Crisis of 2008 -- General Electric and the problem of earnings management -- The future of securities fraud regulation -- Conclusion |
| Beschreibung: | 1 Online-Ressource (x, 188 Seiten) |
| ISBN: | 9781108938556 |
| DOI: | 10.1017/9781108938556 |
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Datensatz im Suchindex
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| discipline | Rechtswissenschaft |
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| illustrated | Not Illustrated |
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| indexdate | 2024-07-10T09:39:05Z |
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| isbn | 9781108938556 |
| language | English |
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| spelling | Park, James 1975- (DE-588)1179827236 aut The valuation treadmill how securities fraud threatens the integrity of public companies James J. Park, University of California, Los Angeles Cambridge, United Kingdom Cambridge University Press 2022 1 Online-Ressource (x, 188 Seiten) txt rdacontent c rdamedia cr rdacarrier Title from publisher's bibliographic system (viewed on 18 Jul 2022) Introduction -- Xerox and the pressure to meet projections -- Penn Central and the decline of managerialism -- Apple and the controversy of projections litigation -- Enron and Sarbanes-Oxley -- Citigroup and the Financial Crisis of 2008 -- General Electric and the problem of earnings management -- The future of securities fraud regulation -- Conclusion Public companies now face constant pressure to meet investor expectations. A company must continually deliver strong short-term performance every quarter to maintain its stock price. This valuation treadmill creates incentives for corporations to deceive investors. Published more than twenty years after the passage of Sarbanes-Oxley, which requires all public companies to invest in measures to ensure the accuracy of their disclosures, The Valuation Treadmill shows how securities fraud became a major regulatory concern. Drawing on case studies of paradigmatic securities enforcement actions involving Xerox, Penn Central, Apple, Enron, Citigroup, and General Electric, the book argues that corporate securities fraud emerged as investors increasingly valued companies based on their future performance. Corporations now have an incentive to issue unrealistically optimistic disclosure to convince markets that their success will continue. Securities regulation must do more to protect the integrity of public companies from the pressure of the valuation treadmill Securities fraud Securities / Valuation Corporations Erscheint auch als Druck-Ausgabe 978-1-108-83718-7 https://doi.org/10.1017/9781108938556 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Park, James 1975- The valuation treadmill how securities fraud threatens the integrity of public companies Securities fraud Securities / Valuation Corporations |
| title | The valuation treadmill how securities fraud threatens the integrity of public companies |
| title_auth | The valuation treadmill how securities fraud threatens the integrity of public companies |
| title_exact_search | The valuation treadmill how securities fraud threatens the integrity of public companies |
| title_exact_search_txtP | The valuation treadmill how securities fraud threatens the integrity of public companies |
| title_full | The valuation treadmill how securities fraud threatens the integrity of public companies James J. Park, University of California, Los Angeles |
| title_fullStr | The valuation treadmill how securities fraud threatens the integrity of public companies James J. Park, University of California, Los Angeles |
| title_full_unstemmed | The valuation treadmill how securities fraud threatens the integrity of public companies James J. Park, University of California, Los Angeles |
| title_short | The valuation treadmill |
| title_sort | the valuation treadmill how securities fraud threatens the integrity of public companies |
| title_sub | how securities fraud threatens the integrity of public companies |
| topic | Securities fraud Securities / Valuation Corporations |
| topic_facet | Securities fraud Securities / Valuation Corporations |
| url | https://doi.org/10.1017/9781108938556 |
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