Summary:
The book examines the critical role that professional gatekeepers—such as auditors, attorneys, and investment bankers—play in corporate governance, particularly in how they can prevent or facilitate corporate fraud and misconduct. It analyzes the incentives and conflicts of interest that influence these professionals and proposes reforms to improve their effectiveness in protecting the market from financial misdeeds.
Key points:
1. Gatekeeper Theory: Coffee describes gatekeepers like auditors and lawyers as crucial in preventing or enabling corporate misconduct. They verify information and ensure regulatory compliance.
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