- Title Pages
- Preface
- Abbreviations
- The Contributors
- Change of Governance in Historic Perspective: The German Experience
- Corporate Governance Changes in the 20<sup>th</sup> Century: A View from Italy
- Historical Pathways of Reform: Foreign Law Transplants and Japanese Corporate Governance
- Asking the Wrong Question: Changes of Governance in Historical Perspective?
- Politics on Wall Street: The Implications of Eliot Spitzer on State-Federal Relations in the Regulation of Public Corporations and Capital Markets in the United States
- Scandals, Regulation, and Supervisory Agencies: The European Perspective
- European Company Law and Corporate Governance: Where Does the Action Plan of the European Commission Lead?
- Changing Models in Corporate Governance – Implications of the US Sarbanes-Oxley Act
- Enron and Corporate Law Reform in the UK and the European Community
- Ongoing Modernization of Japanese Company Law
- Japanese Perspectives, Autonomous Firms, and the Aesthetic Function of Law
- Corporate Governance Crises and Related Party Transactions: A Post-Parmalat Agenda
- Legal Ground Rules in Coordinated and Liberal Market Economies
- Corporatist versus Market Approaches to Governance
- Regulatory Paternalism: When is it Justified?
- The Regulation of Regulation: Judicialization, Convergence, and Divergence in Administrative Law
- The Proper Role of Bureaucracy in a Modern Market Economy: The Case of Japan
- The Role of Bureaucracy in Deregulation – The Case of Justice System Reform in Japan
- The Transatlantic Financial Markets Regulatory Dialogue
- Market Discipline, Information Processing and Corporate Governance<sup>*</sup>
- Implementation of the Corporate Governance Codes
- The Market for Corporate Control: The Legal Framework, Alternatives, and Policy Considerations
- Antitrust, State Aid, and the Governance of Public Undertakings
- Sector-Specific Regulations and Antitrust: Corporate Governance of Public Undertakings in Japan
- Information Theory and the Role of Intermediaries
- Using Basel II to Facilitate Access to Finance: The Disclosure of Internal Credit Ratings
- The Multiple Roles of Banks? Convenient Tales from Modern Japan
- Legal Explanations on Bank Behavior
- Redirecting Japan's Multi-level Governance
- Gatekeeper Failure and Reform: The Challenge of Fashioning Relevant Reforms
- The Changing World of the CPAs in Japan
- Changes of Governance in Europe, Japan, and the US: Discussion Report
- Selected Bibliography
- Annex 1 Modernising Company Law and Enhancing Corporate Governance in the European Union – A Plan to Move Forward
- Annex 2 The Combined Code on Corporate Governance July 2003
- Annex 3 The Sarbanes-Oxley Act
- Index
Gatekeeper Failure and Reform: The Challenge of Fashioning Relevant Reforms
Gatekeeper Failure and Reform: The Challenge of Fashioning Relevant Reforms
- Chapter:
- (p.599) Gatekeeper Failure and Reform: The Challenge of Fashioning Relevant Reforms
- Source:
- Corporate Governance in Context
- Author(s):
John C. Coffee
- Publisher:
- Oxford University Press
This chapter focuses on an alternative explanation for the wave of accounting and financial reporting irregularities that surfaced in 2001–2002: namely, that the gatekeepers failed. That is, the professionals who serve investors by preparing, verifying, or certifying corporate disclosures to the securities markets that acquiesced in managerial fraud; not in all cases, to be sure, but at a markedly higher rate than during the immediately preceding period. While the gatekeeper concept will be discussed and refined later, this term certainly includes the auditors, securities analysts, and securities attorneys who prepare, review, or analyse disclosure documents. Part II of the chapter develops competing, but complementary, explanations for gatekeeper failure. Part III maps out the range of strategies available to regulators. Part IV proposes alternative reforms intended to make gatekeepers more responsive to the interests of investors.
Keywords: gatekeepers, accounting, financial reporting, financial regulation, corporate governance
Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
Please, subscribe or login to access full text content.
If you think you should have access to this title, please contact your librarian.
To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .
- Title Pages
- Preface
- Abbreviations
- The Contributors
- Change of Governance in Historic Perspective: The German Experience
- Corporate Governance Changes in the 20<sup>th</sup> Century: A View from Italy
- Historical Pathways of Reform: Foreign Law Transplants and Japanese Corporate Governance
- Asking the Wrong Question: Changes of Governance in Historical Perspective?
- Politics on Wall Street: The Implications of Eliot Spitzer on State-Federal Relations in the Regulation of Public Corporations and Capital Markets in the United States
- Scandals, Regulation, and Supervisory Agencies: The European Perspective
- European Company Law and Corporate Governance: Where Does the Action Plan of the European Commission Lead?
- Changing Models in Corporate Governance – Implications of the US Sarbanes-Oxley Act
- Enron and Corporate Law Reform in the UK and the European Community
- Ongoing Modernization of Japanese Company Law
- Japanese Perspectives, Autonomous Firms, and the Aesthetic Function of Law
- Corporate Governance Crises and Related Party Transactions: A Post-Parmalat Agenda
- Legal Ground Rules in Coordinated and Liberal Market Economies
- Corporatist versus Market Approaches to Governance
- Regulatory Paternalism: When is it Justified?
- The Regulation of Regulation: Judicialization, Convergence, and Divergence in Administrative Law
- The Proper Role of Bureaucracy in a Modern Market Economy: The Case of Japan
- The Role of Bureaucracy in Deregulation – The Case of Justice System Reform in Japan
- The Transatlantic Financial Markets Regulatory Dialogue
- Market Discipline, Information Processing and Corporate Governance<sup>*</sup>
- Implementation of the Corporate Governance Codes
- The Market for Corporate Control: The Legal Framework, Alternatives, and Policy Considerations
- Antitrust, State Aid, and the Governance of Public Undertakings
- Sector-Specific Regulations and Antitrust: Corporate Governance of Public Undertakings in Japan
- Information Theory and the Role of Intermediaries
- Using Basel II to Facilitate Access to Finance: The Disclosure of Internal Credit Ratings
- The Multiple Roles of Banks? Convenient Tales from Modern Japan
- Legal Explanations on Bank Behavior
- Redirecting Japan's Multi-level Governance
- Gatekeeper Failure and Reform: The Challenge of Fashioning Relevant Reforms
- The Changing World of the CPAs in Japan
- Changes of Governance in Europe, Japan, and the US: Discussion Report
- Selected Bibliography
- Annex 1 Modernising Company Law and Enhancing Corporate Governance in the European Union – A Plan to Move Forward
- Annex 2 The Combined Code on Corporate Governance July 2003
- Annex 3 The Sarbanes-Oxley Act
- Index
