Gatekeepers

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.