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Andrei Shleifer asks Is There a Major Problem with Corporate Governance in the United States?

In: Corporate Governance in the US and Europe

Author

Listed:
  • Geoffrey Owen

    (Interdisciplinary Institute of Management, London School of Economics and Political Science)

  • Tom Kirchmaier

    (Interdisciplinary Institute of Management, London School of Economics and Political Science)

  • Jeremy Grant

    (Graduate Institute of International Studies)

Abstract

The distinction between civil law and common law countries comes down to the question of who has the ultimate trust of society, lawmakers (legislators) or law enforcers (judges). It is argued that common law, which puts much more trust in law enforcers and gives much greater discretion to the courts, is better placed to protect shareholders, and so fosters the development of efficient capital markets. The current tendency under Sarbanes-Oxley for more prescriptive capital market rules might be counterproductive.

Suggested Citation

  • Geoffrey Owen & Tom Kirchmaier & Jeremy Grant, 2006. "Andrei Shleifer asks Is There a Major Problem with Corporate Governance in the United States?," Palgrave Macmillan Books, in: Corporate Governance in the US and Europe, chapter 17, pages 91-95, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51245-0_17
    DOI: 10.1057/9780230512450_17
    as

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