The Fall of Enron
研究了安然公司财务报告和披露问题，分析资本市场中介机构、监管机构和治理专家的治理与激励问题如何导致其兴衰，并提出了系统改进建议。
The financial reporting and disclosure problems at Enron, as well as the high market valuations for its stock raise troubling questions about the functioning of capital market intermediaries, regulators and governance experts whose are supposed to ensure the effective functioning of the stock market. This paper examines the functions of key capital market intermediaries and analyzes how their own governance and incentive problems may have contributed to Enron's rise and fall. We conclude by proposing system modifications to resolve the observed problems.