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James J. Park - The Valuation Treadmill, Inbunden

Inbunden, Engelska, 2022

The Valuation Treadmill

How Securities Fraud Threatens the Integrity of Public Companies

Av James J. Park

1168 kr

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Beskrivning
Public companies now face constant pressure to meet investor expectations. A company must continually deliver strong short-term performance every quarter to maintain its stock price. This valuation treadmill creates incentives for corporations to deceive investors. Published more than twenty years after the passage of Sarbanes-Oxley, which requires all public companies to invest in measures to ensure the accuracy of their disclosures, The Valuation Treadmill shows how securities fraud became a major regulatory concern. Drawing on case studies of paradigmatic securities enforcement actions involving Xerox, Penn Central, Apple, Enron, Citigroup, and General Electric, the book argues that corporate securities fraud emerged as investors increasingly valued companies based on their future performance. Corporations now have an incentive to issue unrealistically optimistic disclosure to convince markets that their success will continue. Securities regulation must do more to protect the integrity of public companies from the pressure of the valuation treadmill.
Produktinformation
  • Utgivningsdatum: 2022-07-28
  • Mått: 156 x 235 x 16 mm
  • Vikt: 400 g
  • Format: Inbunden
  • Språk: Engelska
  • Antal sidor: 200
  • Förlag: Cambridge University Press
  • ISBN: 9781108837187
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Mer om författaren

James J. Park is Professor of Law at UCLA School of Law. He writes and teaches in the areas of securities regulation and corporate law. He was an editor of Can Delaware Be Dethroned? Evaluating Delaware's Dominance of Corporate Law (with Iman Anabtawi, Stephen Bainbridge, & Sung Hui Kim, 2018).

Recensioner i media

'The Valuation Treadmill traces the history of securities fraud regulation in a novel way, with valuation as a conceptual through-thread. Professor Park builds from six examples of major securities frauds to buttress his proposals to modernize securities fraud regulation, focusing on financial market projections and earnings management. He presents a forceful, and often persuasively skeptical, argument that modern valuation methodologies are being abused, so much so that securities fraud threatens the integrity of public markets.' Frank Partnoy, Professor of Law, University of California Berkeley School of Law

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