Financial Architecture and Manager Dishonesty: Lessons from US Corporate Scandals

Radu Vranceanu

doi:10.1556/aoecon.55.2005.1.1

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Acta Oeconomica

Volume/Issue:: Volume 55: Issue 1

Financial Architecture and Manager Dishonesty: Lessons from US Corporate Scandals

Author:

Radu Vranceanu

Radu Vranceanu ESSEC, Graduate Business School BP 50105, 95021 Cergy-Pontoise (Paris), France

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Pages:: 1–22

Online Publication Date:: 19 Jul 2005

Publication Date:: 01 Mar 2005

Article Category:: Journal Article

DOI:: https://doi.org/10.1556/aoecon.55.2005.1.1

Keywords:: financial architecture; financial architecture; corporate scandals; activism; Sarbanes-Oxley Act; honesty

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During the US Internet bubble (1995-2001), several top executives dismissed both the law and ethical norms transferring large chunks of company wealth into their own hands. This paper investigates the key economic factors that brought about the proliferation of dishonest managerial behaviour, focussing on the weak internal control, perverse incentives related to managers' compensation schemes and conflicts of interest in the banking and auditing sectors. In order to prevent further abuses, the US administration imposed several regulatory changes, mainly through the Sarbanes- Oxley Act of 2002; we argue why some of its provisions might be taken one step further.

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Acta Oeconomica Periodical of the Hungarian Academy of Sciences

Print ISSN:: 0001-6373

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Péter Benczúr, Joint Joint Research Center, European Commission
Dóra Benedek, International Monetary Fund
Balázs Égert, OECD
Dániel Prinz, World Bank
Rok Spruk, University of Ljubljana, School of Economics and Business, Slovenia

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Anders Åslund, Georgetown University and Advisory Council of CASE, USA
István Benczes, Corvinus University of Budapest, Hungary
Agnieszka Chłoń-Domińczak, SGH Warsaw School of Economics, Poland
Fabrizio Coricelli, University of Siena, Italy
László Csaba, Corvinus University of Budapest, Hungary and Central European University, Austria
Beáta Farkas, Faculty of Economics and Business Administration, University of Szeged, Hungary
Péter Halmai, Budapest University of Technology and Economics, and National University of Public Service, Hungary
Martin Kahanec, Central European University, Austria
Michael Landesmann, The Vienna Institute for International Economic Studies (WIIW), Austria
Péter Mihályi, Corvinus University of Budapest, Hungary
Debora Revoltella, European Investment Bank

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: judit.kalman@uni-corvinus.hu

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Acta Oeconomica
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