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The Valuation Treadmill - How Securities Fraud Threatens the Integrity of Public Companies (Paperback)
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The Valuation Treadmill - How Securities Fraud Threatens the Integrity of Public Companies (Paperback)
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Public companies now face constant pressure to meet investor
expectations. A company must continually deliver strong short-term
performance every quarter to maintain its stock price. This
valuation treadmill creates incentives for corporations to deceive
investors. Published more than twenty years after the passage of
Sarbanes-Oxley, which requires all public companies to invest in
measures to ensure the accuracy of their disclosures, The Valuation
Treadmill shows how securities fraud became a major regulatory
concern. Drawing on case studies of paradigmatic securities
enforcement actions involving Xerox, Penn Central, Apple, Enron,
Citigroup, and General Electric, the book argues that corporate
securities fraud emerged as investors increasingly valued companies
based on their future performance. Corporations now have an
incentive to issue unrealistically optimistic disclosure to
convince markets that their success will continue. Securities
regulation must do more to protect the integrity of public
companies from the pressure of the valuation treadmill.
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