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Product Identifiers

PublisherPalgrave Macmillan The Limited

ISBN-101137330260

ISBN-139781137330260

eBay Product ID (ePID)166253172

Product Key Features

Number of PagesXiv, 315 Pages

LanguageEnglish

Publication NameDisorganized Crimes : Why Corporate Governance and Government Intervention Failed, and What We Can Do about It

Publication Year2013

SubjectCommercial / General, Finance / Financial Risk Management, Economic History, Corporate, Industries / Financial Services, Corporate Finance / General

TypeTextbook

AuthorBernard E. Munk

Subject AreaLaw, Business & Economics

FormatHardcover

Dimensions

Item Height0.8 in

Item Weight23.1 Oz

Item Length10.9 in

Item Width6.3 in

Additional Product Features

Intended AudienceScholarly & Professional

LCCN2013-032256

Reviews'Dr Munk's book covers governance issues from a truly economic perspective. As a result of the financial crisis, many have discarded economics to find guiding principles to frame regulation of corporations and financial entities. I learned and thought about many issues as a result of reading this impressive book that highlight and illustrate how these principles, including the responsibilities of boards of directors and corporate officials, interact and how incentives and penalties impact the relations among the various stakeholders of the firm.' - Myron S. Scholes, Frank E. Buck Professor of Finance, Emeritus, Stanford University Graduate School of Business, Stanford University, USA 'Bernie Munk concludes that the most important failure of American capitalism is that corporate boards have defaulted on their responsibility to protect the shareholders from the excessive risk taking by management. Hundreds of managements have 'cooked the books' by the seemingly innocuous practice of smoothing quarterly earnings. Some boards including Enron's were corrupted by the top managers, hundreds have been co-opted. Munk provides a long list of policy remedies to shift the primary allegiance of boards to the shareholders. One start would be to establish a new institution that would score the success of boards of the largest 100 and then the largest 500 public firms in representing shareholder interests. A powerful and timely read.' - Robert Z. Aliber, Professor of International Finance and Economics Emeritus, Booth School of Business, University of Chicago, USA 'Bernard Munk brings one of the most incisive minds in the world of business to the analysis of modern-day corporate governance. He is a master at critiquing the people and process weaknesses in the system and pointing the way to a more constructive higher ground, one in which all stakeholders of a 21st century corporation will benefit. His book should be high on the reading list in global boardrooms and investment firms.' - James Kristie - Editor, Directors & Boards 'It is not often in the history of economic thought that a book emerges which is a cross between a Dostoyevskeite analysis of crime and punishment and a well-reasoned assault on established doctrine. Dr. Munk has accomplished that feat with this monograph on corporate mis-governance. As a one time graduate student of the University of Chicago he is dismayed that the real world of the corporate boardroom seems to operate often in sinister fashion inconsistent with the benign working of the invisible hands e" and worse still, the capital markets fail miserably on occasion to exert any discipline. Most of the time these failures are hidden from view but during the asset and credit bubble busts which have become a regular feature in our age of monetary instability there have been a series of spectacular corporate scandals. With great precision, drawing on his own considerable business experience, Dr. Munk shows how these remained for so long undetected and what changes in institutional arrangements are essential to containing this on-going menace to our economic prosperity.' - Brendan Brown, Economist and author of The Global Curse of the Federal Reserve 'A must read to anyone concerned about governance. The book offers insightful, innovative and timely perspective on Governance of great relevance to corporate, national and global organizations.' - Yoram (Jerry) Wind, The Lauder Professor, Professor of Marketing, The Wharton School, University of Pennsylvania, USA, 'Mr Munk's book covers governance issues from a truly economic perspective. As a result of the financial crisis, many have discarded economics to find guiding principles to frame regulation of corporations and financial entities. I learned and thought about many issues as a result of reading this impressive book that highlight and illustrate how these principles, including the responsibilities of boards of directors and corporate officials, interact and how incentives and penalties impact the relations among the various stakeholders of the firm.' - Myron S. Scholes, Frank E. Buck Professor of Finance, Emeritus, Stanford University Graduate School of Business, Stanford University, USA 'Bernie Munk concludes that the most important failure of American capitalism is that corporate boards have defaulted on their responsibility to protect the shareholders from the excessive risk taking by management. Hundreds of managements have 'cooked the books' by the seemingly innocuous practice of smoothing quarterly earnings. Some boards including Enron's were corrupted by the top managers, hundreds have been co-opted. Munk provides a long list of policy remedies to shift the primary allegiance of boards to the shareholders. One start would be to establish a new institution that would score the success of boards of the largest 100 and then the largest 500 public firms in representing shareholder interests. A powerful and timely read.' - Robert Z. Aliber, Professor of International Finance and Economics Emeritus, Booth School of Business, University of Chicago, USA 'Bernard Munk brings one of the most incisive minds in the world of business to the analysis of modern-day corporate governance. He is a master at critiquing the people and process weaknesses in the system and pointing the way to a more constructive higher ground, one in which all stakeholders of a 21st century corporation will benefit. His book should be high on the reading list in global boardrooms and investment firms.' - James Kristie - Editor, Directors & Boards 'It is not often in the history of economic thought that a book emerges which is a cross between a Dostoyevskeite analysis of crime and punishment and a well-reasoned assault on established doctrine. Dr. Munk has accomplished that feat with this monograph on corporate mis-governance. As a one time graduate student of the University of Chicago he is dismayed that the real world of the corporate boardroom seems to operate often in sinister fashion inconsistent with the benign working of the invisible hands - and worse still, the capital markets fail miserably on occasion to exert any discipline. Most of the time these failures are hidden from view but during the asset and credit bubble busts which have become a regular feature in our age of monetary instability there have been a series of spectacular corporate scandals. With great precision, drawing on his own considerable business experience, Dr. Munk shows how these remained for so long undetected and what changes in institutional arrangements are essential to containing this on-going menace to our economic prosperity.' - Brendan Brown, Economist and author of The Global Curse of the Federal Reserve, 'Dr Munk's book covers governance issues from a truly economic perspective. As a result of the financial crisis, many have discarded economics to find guiding principles to frame regulation of corporations and financial entities. I learned and thought about many issues as a result of reading this impressive book that highlight and illustrate how these principles, including the responsibilities of boards of directors and corporate officials, interact and how incentives and penalties impact the relations among the various stakeholders of the firm.' - Myron S. Scholes, Frank E. Buck Professor of Finance, Emeritus, Stanford University Graduate School of Business, Stanford University, USA 'Bernie Munk concludes that the most important failure of American capitalism is that corporate boards have defaulted on their responsibility to protect the shareholders from the excessive risk taking by management. Hundreds of managements have 'cooked the books' by the seemingly innocuous practice of smoothing quarterly earnings. Some boards including Enron's were corrupted by the top managers, hundreds have been co-opted. Munk provides a long list of policy remedies to shift the primary allegiance of boards to the shareholders. One start would be to establish a new institution that would score the success of boards of the largest 100 and then the largest 500 public firms in representing shareholder interests. A powerful and timely read.' - Robert Z. Aliber, Professor of International Finance and Economics Emeritus, Booth School of Business, University of Chicago, USA 'Bernard Munk brings one of the most incisive minds in the world of business to the analysis of modern-day corporate governance. He is a master at critiquing the people and process weaknesses in the system and pointing the way to a more constructive higher ground, one in which all stakeholders of a 21st century corporation will benefit. His book should be high on the reading list in global boardrooms and investment firms.' - James Kristie - Editor, Directors & Boards 'It is not often in the history of economic thought that a book emerges which is a cross between a Dostoyevskeite analysis of crime and punishment and a well-reasoned assault on established doctrine. Dr. Munk has accomplished that feat with this monograph on corporate mis-governance. As a one time graduate student of the University of Chicago he is dismayed that the real world of the corporate boardroom seems to operate often in sinister fashion inconsistent with the benign working of the invisible hands and worse still, the capital markets fail miserably on occasion to exert any discipline. Most of the time these failures are hidden from view but during the asset and credit bubble busts which have become a regular feature in our age of monetary instability there have been a series of spectacular corporate scandals. With great precision, drawing on his own considerable business experience, Dr. Munk shows how these remained for so long undetected and what changes in institutional arrangements are essential to containing this on-going menace to our economic prosperity.' - Brendan Brown, Economist and author of The Global Curse of the Federal Reserve 'A must read to anyone concerned about governance. The book offers insightful, innovative and timely perspective on Governance of great relevance to corporate, national and global organizations.' - Yoram (Jerry) Wind, The Lauder Professor, Professor of Marketing, The Wharton School, University of Pennsylvania, USA, 'Dr Munk's book covers governance issues from a truly economic perspective. As a result of the financial crisis, many have discarded economics to find guiding principles to frame regulation of corporations and financial entities. I learned and thought about many issues as a result of reading this impressive book that highlight and illustrate how these principles, including the responsibilities of boards of directors and corporate officials, interact and how incentives and penalties impact the relations among the various stakeholders of the firm.' - Myron S. Scholes, Frank E. Buck Professor of Finance, Emeritus, Stanford University Graduate School of Business, Stanford University, USA 'Bernie Munk concludes that the most important failure of American capitalism is that corporate boards have defaulted on their responsibility to protect the shareholders from the excessive risk taking by management. Hundreds of managements have 'cooked the books' by the seemingly innocuous practice of smoothing quarterly earnings. Some boards including Enron's were corrupted by the top managers, hundreds have been co-opted. Munk provides a long list of policy remedies to shift the primary allegiance of boards to the shareholders. One start would be to establish a new institution that would score the success of boards of the largest 100 and then the largest 500 public firms in representing shareholder interests. A powerful and timely read.' - Robert Z. Aliber, Professor of International Finance and Economics Emeritus, Booth School of Business, University of Chicago, USA 'Bernard Munk brings one of the most incisive minds in the world of business to the analysis of modern-day corporate governance. He is a master at critiquing the people and process weaknesses in the system and pointing the way to a more constructive higher ground, one in which all stakeholders of a 21st century corporation will benefit. His book should be high on the reading list in global boardrooms and investment firms.' - James Kristie - Editor, Directors & Boards 'It is not often in the history of economic thought that a book emerges which is a cross between a Dostoyevskeite analysis of crime and punishment and a well-reasoned assault on established doctrine. Dr. Munk has accomplished that feat with this monograph on corporate mis-governance. As a one time graduate student of the University of Chicago he is dismayed that the real world of the corporate boardroom seems to operate often in sinister fashion inconsistent with the benign working of the invisible hands - and worse still, the capital markets fail miserably on occasion to exert any discipline. Most of the time these failures are hidden from view but during the asset and credit bubble busts which have become a regular feature in our age of monetary instability there have been a series of spectacular corporate scandals. With great precision, drawing on his own considerable business experience, Dr. Munk shows how these remained for so long undetected and what changes in institutional arrangements are essential to containing this on-going menace to our economic prosperity.' - Brendan Brown, Economist and author of The Global Curse of the Federal Reserve 'A must read to anyone concerned about governance. The book offers insightful, innovative and timely perspective on Governance of great relevance to corporate, national and global organizations.' - Yoram (Jerry) Wind, The Lauder Professor, Professor of Marketing, The Wharton School, University of Pennsylvania, USA, 'Dr Munk's book covers governance issues from a truly economic perspective. As a result of the financial crisis, many have discarded economics to find guiding principles to frame regulation of corporations and financial entities. I learned and thought about many issues as a result of reading this impressive book that highlight and illustrate how these principles, including the responsibilities of boards of directors and corporate officials, interact and how incentives and penalties impact the relations among the various stakeholders of the firm.' - Myron S. Scholes, Frank E. Buck Professor of Finance, Emeritus, Stanford University Graduate School of Business, Stanford University, USA 'Bernie Munk concludes that the most important failure of American capitalism is that corporate boards have defaulted on their responsibility to protect the shareholders from the excessive risk taking by management. Hundreds of managements have 'cooked the books' by the seemingly innocuous practice of smoothing quarterly earnings. Some boards including Enron's were corrupted by the top managers, hundreds have been co-opted. Munk provides a long list of policy remedies to shift the primary allegiance of boards to the shareholders. One start would be to establish a new institution that would score the success of boards of the largest 100 and then the largest 500 public firms in representing shareholder interests. A powerful and timely read.' - Robert Z. Aliber, Professor of International Finance and Economics Emeritus, Booth School of Business, University of Chicago, USA 'Bernard Munk brings one of the most incisive minds in the world of business to the analysis of modern-day corporate governance. He is a master at critiquing the people and process weaknesses in the system and pointing the way to a more constructive higher ground, one in which all stakeholders of a 21st century corporation will benefit. His book should be high on the reading list in global boardrooms and investment firms.' - James Kristie - Editor, Directors & Boards 'It is not often in the history of economic thought that a book emerges which is a cross between a Dostoyevskeite analysis of crime and punishment and a well-reasoned assault on established doctrine. Dr. Munk has accomplished that feat with this monograph on corporate mis-governance. As a one time graduate student of the University of Chicago he is dismayed that the real world of the corporate boardroom seems to operate often in sinister fashion inconsistent with the benign working of the invisible hands - and worse still, the capital markets fail miserably on occasion to exert any discipline. Most of the time these failures are hidden from view but during the asset and credit bubble busts which have become a regular feature in our age of monetary instability there have been a series of spectacular corporate scandals. With great precision, drawing on his own considerable business experience, Dr. Munk shows how these remained for so long undetected and what changes in institutional arrangements are essential to containing this on-going menace to our economic prosperity.' - Brendan Brown, Economist and author of The Global Curse of the Federal Reserve 'A must read to anyone concerned about governance. The book offers insightful, innovative and timely perspective on Governance of great relevance to corporate, national and global organizations.' - Yoram (Jerry) Wind, The Lauder Professor, Professor of Marketing, The Wharton School, University of Pennsylvania, USA

Dewey Edition23

Number of Volumes1 vol.

IllustratedYes

Dewey Decimal338.60973

Table Of Content1. Who's the Fish? 2. Behind Every Great Fortune is a Great Crime 3. Seeing One's Friends Getting Rich is Upsetting 4. Round Up the Usual Suspects 5. Carrots for Good Governance 6. The Conflicts of Managerial Capitalism 7. Call Them Disorganized Crimes 8. Connecting the Dots 9. The Corporate Governance Dilemma 10. Micro Risks and Macro Disturbances 11. Crime and Punishment 12. Foolish Bankers and Burdened Taxpayers 13. No Place to Hide 14. Remediation 15. Financial Alchemy

SynopsisDisorganized crimes - outbreaks of corporate misgovernance which grow out of the inherent conflict of interest between managers and shareholders are no new thing. Economists since Adam Smith have been aware of the dilemma of having professional managers in charge of 'other people's money'. However, neither current corporate governance practices nor government regulation have prevented major financial fiascos arising out of this conflict. In the last episode (the Credit Crisis of 2007-2009), disorganized crimes nearly collapsed the global financial economy. This book explains how and why these disruptions occur and how we can modify current governance practices and government regulation to reduce the losses to shareholders and avoid serious macroeconomic disturbances such as the Great Recession. Linking two major outbreaks of the past decade (the Enron Era and the Credit Crisis of 2007-8) the book shows what is common to each. It explains how and why industry monitors such as boards, auditors and ratings agencies break down, and how management incentives, corporate compensation and promotion systems leave Directors free of liability, but companies exposed. Disorganized crimes are disruptive and costly. This book lays out a path for avoiding financial fiascos or at the least significantly reducing their impact - a path that focuses on creating measures that make markets work in tandem with regulations, rather than adversely as is presently the case., Corporate misgovernance and the failure of government regulation have led to major financial fiascos. 'Disorganized crimes' are disruptive and costly. Munk links the two major eras of corporate misgovernance during the last decade to explain how these events occur and what can be done to prevent them from re-occurring.

LC Classification NumberHD61

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Disorganized Crimes : Why Corporate Governance and Government Intervention Failed, and What We Can Do about It by Bernard E. Munk (2013, Hardcover)

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