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The Current Crisis

In: The Recurrent Crisis in Corporate Governance

Author

Listed:
  • Ira M. Millstein
  • Paul W. MacAvoy

Abstract

In the space of less than twelve months in 2001–2, more than a quarter of the largest corporations in the American economy experienced downturns in current sales revenues or prospects for future revenues that caused their common share prices to fall from the $50 range to $1 or less. The levelling of gross domestic product, termed a recession by media alarmists, played a major role in this collapse, but the failure of Internet services, information technology, and telecommunications to grow as rapidly as had been forecast played an even greater role. The most spectacular declines were in equipment companies for these industries where more than $1.5 trillion of investor share value disappeared.

Suggested Citation

  • Ira M. Millstein & Paul W. MacAvoy, 2003. "The Current Crisis," Palgrave Macmillan Books, in: The Recurrent Crisis in Corporate Governance, chapter 2, pages 6-10, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-4688-1_2
    DOI: 10.1057/9781403946881_2
    as

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