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"AEI-Brookings Joint Center for Regulatory Studies"
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Following the Money: The Enron Failure and the State of Corporate Disclosure
A Brookings Institution Press and American Enterprise Institute publicationA few years ago, Americans held out their systems of corporate governance and financial disclosure as models to be emulated by the rest of the world. But in late 2001 U.S. policymakers and corporate leaders found themselves facing the largest corporate accounting scandals in American history. The spectacular collapses of Enron and Worldcom-as well as the discovery of accounting irregularities at other large U.S. companies-seemed to call into question the efficacy of the entire system of corporate governance in the United States.In response, Congress quickly enacted a comprehensive package of reform measures in what has come to be known as the Sarbanes-Oxley Act. The New York Stock Exchange and the NASDAQ followed by making fundamental changes to their listing requirements. The private sector acted as well. Accounting firms-watching in horror as one of their largest, Arthur Andersen, collapsed after a criminal conviction for document shredding-tightened their auditing procedures. Stock analysts and ratings agencies, hit hard by a series of disclosures about their failings, changed their practices as well.Will these reforms be enough? Are some counterproductive? Are other shortcomings in the disclosure system still in need of correction?These are among the questions that George Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer address in Following the Money. While the authors agree that the U.S. system of corporate disclosure and governance is in need of change, they are concerned that policymakers may be overreacting in some areas and taking actions in others that may prove to be ineffective or even counterproductive.Using the Enron case as a point of departure, the authors argue that the major problem lies not in the accounting and auditing standards themselves, but in the system of enforcing those standards.
eBook
High-Stakes Antitrust
After nearly twenty years of a \"less is more\" approach to antitrust, the Department of Justice under the Clinton administration took action against several major corporations that rely on financial, transportation, and electronic networks to support their business-Visa/MasterCard, American Airlines, and Microsoft. In High Stakes Antitrust, noted scholars with divergent opinions examine the impact and validity of the Justice Department's actions. Some believe that it was well within the law to pursue these companies, while others argue that the administration exceeded its authority. They all agree, however, that the impact of the Clinton administration's antitrust policies will be felt for quite some time.
eBook
Broadband
A Brookings Institution Press and American Enterprise Institute publication There is widespread concern in the telecommunications industry that public policy may be impeding the continued development of the Internet into a high-speed communications network. In the absence of ubiquitous, high-speed ¡°broadband¡± Internet connections for residential and small-business customers, the demand for IT equipment and new Internet service applications may stagnate. Broadband policy is controversial in large part because of the differences in the regulatory regimes faced by different types of carriers. Cable television companies face neither retail price regulation of their cable modem services nor any requirements to make their facilities available to competitors. Local telephone companies, on the other hand, face both retail price regulation for their DSL service and a requirement imposed by the 1996 Telecommunications Act that they ¡°unbundle¡± their network facilities and lease them to rivals. Finally, new entrants are largely unregulated, but many rely on facilities leased from the incumbent telephone companies at regulated rates to connect to their customers. This asymmetric regulation is the focus of this volume, in which telecommunications scholars address the public policy issues that have arisen over the deployment of new high-speed telecommunications services. Robert W. Crandall is a senior fellow in the Economic Studies program at the Brookings Institution. His previous books include (with Martin Cave) Telecommunications Liberalization on Two Sides of the Atlantic (2001) and (with Leonard Waverman) Who Pays for Universal Service? (Brookings 2000). James H. Alleman is an associate professor in interdisciplinary telecommunications at the College of Engineering and Applied Science, University of Colorado, on leave at Columbia University.
eBook