Overview

The failure of Enron has pushed the issue of corporate disclosure policies in the US onto the front pages of major newspapers, into the halls of Congress and onto the agendas of key players in the regulatory community and the private sector. Only a few years ago, the Asian financial crisis of 1997 called attention to the devastating impact of disclosure failures on the world economy. Today, the increasingly multinational character of equity markets has intensified the need for systems that are global in nature. While many countries impose disclosure rules on their public corporations, differences in accounting standards, verification and enforcement across countries are introducing uncertainty and risk that inhibit cross-border movement of capital. This text focuses on the disjunction between national systems of corporate disclosure and the increasingly global character of capital markets. The authors offer recommendations for public and private decision-makers on the accounting and reporting reforms necessary to improve disclosure in international equities trading.

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9780815708902

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Reviews

Following the Money provides a lucid and compact survey of the institutions, laws, sets of standards, key actors, and consequences of deviance concerning reporting norms. For providing a broad overview of all these issues at a time when a normally inattentive public is most likely to absorb at least part of the picture, the authors are to be commended. - David Kowalewski, Alfred University, Perspectives on Political Science, 6/1/2003

Following the Money provides a lucid and compact survey of the institutions, laws, sets of standards, key actors, and consequences of deviance concerning reporting norms. For providing a broad overview of all these issues at a time when a normally inattentive public is most likely to absorb at least part of the picture, the authors are to be commended. --David Kowalewski, Alfred University, Perspectives on Political Science, 6/1/2003

Author Information

George J. Benston is John H. Harland Professor of Finance at Goizueta Business School, Emory University. Michael Bromwich is CIMA Professor of Accounting and Financial Management at the London School of Economics. Robert E. Litan is a senior fellow in Economic Studies at the Brookings Institution and vice president for research and policy at the Kauffman Foundation. Among his many books is Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity (Yale University Press, 2007), written with William J. Baumol and Carl J. Schramm. Alfred Wagenhofer is professor of management accounting and control at the University of Graz, Austria, and professor at the European Institute for Advanced Studies in Management, Brussels.

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