Since the revelation of accounting scandals at Enron, Worldcom, and several other high profile companies ("Enron et al.") five years ago, there has been unprecedented public focus on U.S. corporate governance. A common view, articulated by many journalists, politicians, and public pundits is...

Since the revelation of accounting scandals at Enron, Worldcom, and several other high profile companies (quot;Enron et al.quot;) five years ago, there has been unprecedented public focus on U.S. corporate governance. A common view, articulated by many journalists, politicians, and public...