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

Paul W. MacAvoy

Chapter 6 in The Recurrent Crisis in Corporate Governance, 2003, pp 66-94 from Palgrave Macmillan

Abstract: 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.

Keywords: Corporate Governance; Cash Flow; Stock Price; Audit Committee; Stock Option (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-4039-4688-1_6

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DOI: 10.1057/9781403946881_6

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