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11-Jul-2005

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A Theory Of Corporate Scandals: Why The USA And Europe Differ, Oxford Rev. Econ.
Policy
 









Excerpts: A wave of financial irregularity in the USA in 2001-2 culminated in
the Sarbanes-Oxley Act. A worldwide stockmarket bubble burst over this same
period, with the actual market decline being proportionately more severe in
Europe. Yet, no corresponding wave of financial scandals involving a similar
level of companies occurred in Europe. Given the higher level of public and
private enforcement in the USA for securities fraud, this contrast seems
perplexing. This paper submits that different kinds of scandals characterize
different systems of corporate governance. (...)
Source: A Theory Of Corporate Scandals: Why The USA And Europe Differ[
http://oxrep.oxfordjournals.org/cgi/content/abstract/21/2/198 ], J. C. Coffee,
Jr, DOI: 10.1093/oxrep/gri012, Oxford Review of Economic Policy, Summer 2005
Contributed by Pritha Das - prithadas01yahoo.com

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