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Corporate Governance in the US and Europe: where are we now?

Geoffrey Owen|, Tom Kirchmaier|, Jeremy Grant
Palgrave Macmillan (November 2005)

The economic history of the last decade has witnessed two distinct phases: the stock market bubble of the late 1990s, and its subsequent bursting in 2000, which brought to light Enron, WorldCom and other corporate scandals in the US and Europe. Both these phases called into question the effectiveness of current corporate governance mechanisms such as the role of the board of directors, executive remuneration and the nature of shareholder activism. The subsequent debate has often produced heated discussion and controversial solutions such as the passage of the Sarbanes-Oxley Act in 2002. 

In light of events, the London School of Economics and Political Science and New York University convened a high level gathering of practitioners and academics in the fields of finance, law and public policy. These included Harvard's Michael Jensen, one of the most prominent advocates of shareholder value, and Martin Lipton, one of the leading corporate lawyers in the US and a long time advocate of a wider role for the corporation in society. The issues and insights discussed are captured in a concise and accessible manner in this volume.  

  • Sir Geoffrey Owen is senior fellow at the Institute of Management, LSE. His research interests include corporate governance, corporate strategy and global industry competition. He was formerly editor of the Financial Times.
  • Tom Kirchmaier is lecturer in management at LSE. He holds a degree in economics from the University of Regensburg, Germany, and an MSc and PhD from LSE. His research interests include corporate governance, restructuring and performance.
  • Jeremy Grant is currently on academic sabbatical based at the Graduate Institute of International Studies in Geneva, Switzerland, and LSE. His research focuses on corporate governance, M&A, takeover defences and anti-trust regulation of mergers. He previously worked for JP Morgan in corporate finance.

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