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‘Where Was the Board?’ Share Price Collapse and the Governance Crisis of 2000–2002

In: The Recurrent Crisis in Corporate Governance

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  • Paul W. MacAvoy

Abstract

The last half of the 1990s was a period in which the economy expanded at a rate in excess of long term growth rates, due principally to investments in technical change resulting from new Internet and communications products. The promise of these products had beneficial effects across industry and trade, so that there was a balloon-like increase in share prices through much of the economy. By 2000 share price increases had, according to many financial analysts, developed into an authentic ‘bubble’; but this was not long lasting, and inventory accumulation and other over investments brought the economy down by the end of 2001.

Suggested Citation

  • Paul W. MacAvoy, 2003. "‘Where Was the Board?’ Share Price Collapse and the Governance Crisis of 2000–2002," Palgrave Macmillan Books, in: The Recurrent Crisis in Corporate Governance, chapter 6, pages 66-94, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-4688-1_6
    DOI: 10.1057/9781403946881_6
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