FIXING THE GAME: HOW RUNAWAY EXPECTATION
出版时间:
2011-05
版次:
1
ISBN:
9781422172292
定价:
215.00
装帧:
精装
开本:
16开
纸张:
胶版纸
页数:
251页
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American capitalism is in dire straits, caught in a perilouspattern of increasing volatility, decreasing investor returns, andongoing bad behavior by executives. And it's getting worse. Sincethe turn of the twenty-first century, we've seen two massivevalue-destroying market meltdowns and a string of ethics breaches,including accounting scandals, options-backdating schemes, and thesubprime mortgage debacle. Just what is going on here? Is it theinevitable decline of the American economy? Is it the new normal ina technology-enabled global marketplace? Or is it possible that thevery theories we've embraced to underpin our capital markets areactually producing these crises? In "Fixing the Game", Roger Martinreveals the culprit behind the sorry state of American capitalism:our deep and abiding commitment to the idea that the purpose of thefirm is to maximize shareholder value. This theory has led to amassive growth in stock-based compensation for executives and,through this, to a naive and wrongheaded linking of the real market- the business of designing, making, and selling products andservices - with the expectations market - the business of tradingstocks, options, and complex derivatives. Martin shows how thistight coupling has been engineered and lays out its results: asingle-minded focus on the expectations market that will continuedriving us from crisis to crisis - unless we act now. Using theNational Football League as his primary example, Martin illustratesthat it is possible to take a much more thoughtful and effectiveapproach than we now do to the intersection of the real and theexpectations markets and to governance in general in the capitalmarkets. Martin shows how we can act to end the destructive cycle,including: restructuring executive compensation to focus entirelyon the real market, not the expectations market; rethinking themeaning of board governance and role of board members; and, reiningin the power of hedge funds and monopoly pension funds. Concise,hard-hitting, and entertaining, "Fixing the Game" advocates seizingAmerican capitalism from the jaws of the expectations market andplanting it firmly in the real market - and it presents the stepswe must take now to do so.
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内容简介:
American capitalism is in dire straits, caught in a perilouspattern of increasing volatility, decreasing investor returns, andongoing bad behavior by executives. And it's getting worse. Sincethe turn of the twenty-first century, we've seen two massivevalue-destroying market meltdowns and a string of ethics breaches,including accounting scandals, options-backdating schemes, and thesubprime mortgage debacle. Just what is going on here? Is it theinevitable decline of the American economy? Is it the new normal ina technology-enabled global marketplace? Or is it possible that thevery theories we've embraced to underpin our capital markets areactually producing these crises? In "Fixing the Game", Roger Martinreveals the culprit behind the sorry state of American capitalism:our deep and abiding commitment to the idea that the purpose of thefirm is to maximize shareholder value. This theory has led to amassive growth in stock-based compensation for executives and,through this, to a naive and wrongheaded linking of the real market- the business of designing, making, and selling products andservices - with the expectations market - the business of tradingstocks, options, and complex derivatives. Martin shows how thistight coupling has been engineered and lays out its results: asingle-minded focus on the expectations market that will continuedriving us from crisis to crisis - unless we act now. Using theNational Football League as his primary example, Martin illustratesthat it is possible to take a much more thoughtful and effectiveapproach than we now do to the intersection of the real and theexpectations markets and to governance in general in the capitalmarkets. Martin shows how we can act to end the destructive cycle,including: restructuring executive compensation to focus entirelyon the real market, not the expectations market; rethinking themeaning of board governance and role of board members; and, reiningin the power of hedge funds and monopoly pension funds. Concise,hard-hitting, and entertaining, "Fixing the Game" advocates seizingAmerican capitalism from the jaws of the expectations market andplanting it firmly in the real market - and it presents the stepswe must take now to do so.
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