Saving Capitalism From Short Termism How To Build Long Term Value And Take Back Our Financial Future Download Ebook PDF Epub Online

Author : Alfred Rappaport
John C. Bogle
Publisher : McGraw Hill Professional
Release : 2011-08-19
Page : 240
Category : Business & Economics
ISBN 13 : 0071736379
Description :


Conquering the obession with short-term profits is critical to the future of business, society, and capitalism itself—Alfred Rappaport presents a game plan every business leader should read “As Rappaport keeps on speaking out for the realities surrounding investment and speculation, our society will profit as it builds on his keen insights.” John C. Bogle, founder of The Vanguard Group (from the Foreword) About the Book: Alfred Rappaport, who first introduced the principles and practical application of "shareholder value" in his groundbreaking 1986 classic Creating Shareholder Value, reiterated the basic message in his 2006 Harvard Business Review article: Focusing on Wall Street quarterly earnings expectations rather than on creating long-term value is an invitation to disaster. Rappaport shows how deeply flawed short-term performance incentives for corporate and investment managers were an essential cause of the recent global financial crisis. In Saving Capitalism from Short-Termism, Rappaport examines the causes and consequences of “short-termism” and offers specific recommendations for how publicly traded companies and the investment management community can overcome it. Whether you're a corporate manager, money manager, public policymaker, business-school student, or simply concerned about your financial future, Saving Capitalism from Short-Termism provides valuable insights and practical ideas to change the course of your organization —and contribute to a healthier economy that benefits all.


Author : Kim M. Willey
Publisher : Springer
Release : 2019-07-12
Page : 288
Category : Business & Economics
ISBN 13 : 3030229033
Description :


Consideration of harmful short-termism in capital markets is prevalent amongst legal and business academics. It is also garnering increased attention in corporate board rooms and executive suites, and from the investing public. As a result, correcting perceived short-termism in capital markets has become a rationale for reform used by regulators across the globe. Despite the considerable attention given to this phenomenon, there has not yet been a comprehensive book analyzing the perceived short-termism problem, its sources and causes, and reform efforts undertaken to date. This book fills this gap by documenting the rise of the short-termism discussion, analyzing the significance of the problem, and considering the proposed legal remedies. Based on this analysis, a framework for effective short-termism reform is offered.


Author : Alfred Rappaport
John C. Bogle
Publisher : McGraw Hill Professional
Release : 2011-07-21
Page : 256
Category : Business & Economics
ISBN 13 : 0071736360
Description :


PRAISE FOR SAVING CAPITALISM FROM SHORT TERMISM “As Rappaport keeps on speaking out for the realities surrounding investment and speculation, our society will profit as it builds on his keen insights.” —from the Foreword by John C. Bogle, founder of the Vanguard Group “Al Rappaport brings insight and wisdom to the short-termism debate, fully demonstrating the way perverse incentives are undermining public companies and capital markets.” —John Plender, Financial Times "In this rigorous, useful, and delightful book, Rappaport undresses short-term financial incentives for what they are: parasites that draw the value-creating innovation out of companies. And he shows how executives can align long-term value-creating investments with the right investors' expectations." —Clayton Christensen, Harvard Business School “How to make managers focus on the long-run is one of the most consequential and difficult questions in corporate governance and is the subject of much debate and disagreement. Professor Alfred Rappaport’s insightful book is a valuable contribution to this important debate.” —Lucian Bebchuk, Professor, Harvard Law School, and coauthor of Pay Without Performance “Saving Capitalism from Short-Termism insightfully exposes the contradictions by which we incentivize money managers to require short-term focus by company managers. Again and again in rereading this book, I am struck with the author’s felicitous style in raising subject after subject in which I have long been interested—but, until this read, have not been able to resolve. Buy it, read it, and enjoy.” —Robert A.G. Monks, founder ISS (Institutional Shareholder Services), Lens Governance Advisors, and The Corporate Library “Capitalism fails when corporate managers and professional investors prefer their own interests to those the true owners of businesses. In Saving Capitalism from Short-Termism, Al Rappaport shows how new incentives schemes can deliver shareholder value for the 21st century.” —Edward Chancellor, author of Devil Take the Hindmost: A History of Financial Speculation and member of GMO's Asset Allocation team About the Book Business leaders today obsess over quarterly earnings and the current stock price—and for good reason. Corporate incentives typically focus on short-term profits rather than long-term value creation. Nothing is more harmful to businesses—and to the broader economy. Few business thinkers in recent decades have contributed more to this subject than Alfred Rappaport. As an author and educator, Rappaport is a pioneer in developing the principles of values-based management and is an acknowledged authority on how to make long-term shareholder value the essential driver of corporate strategy. His latest work, Saving Capitalism from Short-Termism, is a clarion call for conquering the addiction to short-term profit—and getting on the path to building long-term value. Rappaport’s solution to short-termism is simple but profound: business leaders must align the interests of corporate and investment managers with those of their shareholders and beneficiaries. His plan includes: Gaining the commitment of senior management and the board to long-term value creation as their governing objective Incentives that reward CEOs, operating-unit managers, and front-line employees for delivering superior long-term value A major overhaul of corporate financial reporting that provides more relevant and transparent information to investors and other financial statement users Performance fees that align the interests of investment managers and shareholders Actively managed funds with concentrated holdings and long investment horizons that tilt the odds in favor of better long-term shareholder returns If corporate and investment leaders do not address the problem of short-termism, more financial crises may be in store—and they are likely to be more severe and broader than the meltdown in 2008. The trade-off is clear: We can continue to pursue short-term profit at the expense of economic vitality, individual financial security, and perhaps even the dominance of the free-market system itself. Or we can take the responsible path outlined in this book and generate innovation, quality, growth, and value over the long term.


Author : Ruth Bender
Publisher : Routledge
Release : 2013-11-07
Page : 390
Category : Business & Economics
ISBN 13 : 1136181105
Description :


The field of Corporate Finance has developed into a fairly complex one from its origins focussed on a company's business and financial needs (financing, risk management, capitalization and budgeting). Corporate Financial Strategy provides a critical introduction to the field and in doing so shows how organizations' financial strategies can be aligned with their overall business strategies. Retaining the popular fundamentals of previous editions, the new edition brings things up to date with an array of new examples and cases, new pedagogical features such as learning objectives and suggested further reading, and includes new material on mergers and acquisitions, and valuations and forecasting. Unlike other textbooks, Ruth Bender writes from the perspective of the firm rather than the investor. Combined with a structure driven by issues, the result is a textbook which is perfectly suited to those studying corporate finance and financial strategy at advanced undergraduate, postgraduate and executive education levels.


Author : Evan Davis
Publisher : Little, Brown Book Group
Release : 2017-05-11
Page : 304
Category : Business & Economics
ISBN 13 : 0748127186
Description :


'A Malcolm Gladwell-style social psychology/behavioural economics primer' Evening Standard Low-level dishonesty is rife everywhere, in the form of exaggeration, selective use of facts, economy with the truth, careful drafting - from Trump and the Brexit debate to companies that tell us 'your call is important to us'. How did we get to a place where bullshit is not just rife but apparently so effective that it's become the communications strategy of our times? This brilliantly insightful book steps inside the panoply of deception employed in all walks of life and assesses how it has come to this. It sets out the surprising logic which explains why bullshit is both pervasive and persistent. Why are company annual reports often nonsense? Why should you not trust estate agents? And above all, why has political campaigning become the art of stretching the truth? Drawing on behavioural science, economics, psychology and of course his knowledge of the media, Evan ends by providing readers with a tool-kit to handle the kinds of deceptions we encounter every day, and charts a route through the muddy waters of the post-truth age.


Author : Raymond V. Gilmartin
Steven E. Prokesch
Publisher : Harvard Business Review Press
Release : 2013-07-09
Page : 144
Category : Business & Economics
ISBN 13 : 1625271425
Description :


The financial crisis of 2008 and the Great Recession caused a crisis of public confidence in business and American-style capitalism, with its focus on maximizing shareholder value. Corporate leaders understood that reform was needed and that they needed to commit themselves to the dual goal of producing benefits for society and their firms’ bottom lines—to creating “shared value.” But the specific actions they could take to bring about this change were less clear. This ebook offers some of the freshest thinking today on practical measures that businesses can implement to create shared value. Originally published in an online forum hosted by Harvard Business Review, it offers valuable advice about how CEOs, other senior executives, and boards of directors can work together to engage stakeholders in new ways, change their companies’ values, build healthier relationships with investors, revamp incentive systems to create long-term value, and develop stronger succession plans. The authors of this collection of short articles include current or former CEOs, such as Howard Schultz of Starbucks and Dominic Barton of McKinsey & Company, and an array of prominent academics and other thought leaders, including Roger Martin of the University of Toronto, Jeffrey Pfeffer of Stanford, and Alfred Rappaport of Northwestern. Its editors are Raymond Gilmartin, the former CEO of Merck and, until recently, an adjunct professor at Harvard Business School, and Steve Prokesch, a senior editor at Harvard Business Review who previously worked at the New York Times and BusinessWeek magazine. In their introduction, they offer five specific recommendations on how CEOs can restore public faith in capitalism. HBR Singles provide brief yet potent business ideas, in digital form, for today's thinking professional.


Author : Jo Guldi
David Armitage
Publisher : Cambridge University Press
Release : 2014-10-02
Page : 176
Category : History
ISBN 13 : 110707634X
Description :


A call to arms to historians and everyone interested in history in contemporary society. This title is also available as open access.


Author : Ram Nidumolu
Publisher : Berrett-Koehler Publishers
Release : 2013-10-07
Page : 216
Category : Business & Economics
ISBN 13 : 1609945794
Description :


The Higher Reality of Business The health of business is inextricably linked with the health of humanity and nature. But our current approaches to leadership treat business as entirely separate—and the result has been recurring economic, environmental, and human crises. In this extraordinary book, Ram Nidumolu uses evocative parables and stories from the ancient Indian wisdom texts, the Upanishads, to introduce Being-centered leadership. This new kind of leadership is anchored in the concept of Being, the fundamental reality that underlies all phenomena. Being-centered leaders are guided by an innate sense of interconnection—the good of the whole becomes an integral part of their decisions and actions. Using the experiences of over twenty trailblazing CEOs, as well as those from his own life, Nidumolu describes a four-stage road map every aspiring leader can use to reconnect business to the wider world—to the benefit of all.


Author : Andrew Winston
Publisher : Harvard Business Review Press
Release : 2014-04-15
Page : 352
Category : Business & Economics
ISBN 13 : 142216781X
Description :


A best-selling author and business expert discusses emerging opportunities for companies in the face of climate change, the growth of a global middle class and supply chain scrutiny and explains strategies used by Unilever, Nike, Ford and others to adapt the new challenges. 20,000 first printing.


Author : Stefano Dell’Atti
Annarita Trotta
Publisher : Springer
Release : 2016-04-15
Page : 187
Category : Business & Economics
ISBN 13 : 3319282565
Description :


The topic of reputational crisis in the banking sector has received increasing attention from academics and practitioners. This book presents expert contributions that cover three main aspects: first, an extensive review of the literature on reputational risk in the banking sector aimed to identify the relationships between causes, effects, stakeholders, and key qualitative-quantitative variables involved during the reputational crisis of a bank; second, devising a conceptual framework for management of reputational crisis in banking, and finally, testing this framework with the results of an empirical analysis carried out by observing key variables of some known cases of reputational crisis relating to international banks and proposing case studies regarding the dynamic process of reputation management.


Author : K. Muff
Thomas Dyllick
Publisher : Edward Elgar Publishing
Release : 2013
Page : 234
Category : Business & Economics
ISBN 13 : 1782547649
Description :


Ô50+20 not only raises the sights for those charged with the development of our future leaders, but also provides a clear roadmap for delivering on that ambition. As such, it is an important contribution to a journey of transformation that affects not only the future of business, but the very planet itself.Õ Ð Paul Polman, Unilever, US ÔThe 50+20 initiative is an ambitious effort that highlights the urgent need for radical change in what we teach and how management education is delivered today. In a world that faces so many different and fast-evolving challenges, the initiative is indeed timely and needed.Õ Ð Peter Bakker, World Business Council for Sustainable Development, Switzerland ÔWe now finally have a blueprint that can be used as a foundation for a new contract between business schools and society. Changing the way we educate our business leaders for tomorrow will change the world for the better.Õ Ð Rakesh Khurana, Harvard Business School, US For many years commentators have described what is wrong with business schools Ð characterizing them as the breeding grounds of a culture of greed and self-enrichment in global business at the expense of the rest of society and of nature. Management Education for the World is a response to this critique and a handbook for those seeking to educate and create knowledge for a new breed of business leaders. It presents a vision for the transformation of management education in service of the common good and explains how such a vision can be implemented in practice. The 50+20 vision, as it is also known, was developed through a collaborative initiative between the Globally Responsible Leadership Initiative, the World Business School Council for Sustainable Business and the U.N.-backed Principles of Responsible Management Education and draws on the expertise of sustainability scholars, business and business school leaders and thought leaders from many other walks of life. This book explores the 21st century agenda of management education, identifying three fundamental goals: educating and developing globally responsible leaders, enabling business organizations to serve the common good, and engaging in the transformation of business and the economy. It is a clarion call of service to society for a sector lost between the interests of faculty, business and the schools themselves at the expense of people and planet. It sees business education stepping up to the plate with the ability of holding and creating a space to provide responsible leadership for a sustainable world embodied in the central and unifying element of the 50+20 vision, the collaboratory. Management Education for the World is written for everyone concerned or passionate about the future of management education: consultants, facilitators, entrepreneurs and leaders in organizations of any kind, as well as policymakers and others with an interest in new and transformative thinking in the field. In particular, teachers, researchers, students and administrators will find it an invaluable resource on their journey.


Author : Paul Roberts
Publisher : Bloomsbury Publishing USA
Release : 2014-09-02
Page : 320
Category : Social Science
ISBN 13 : 1608198189
Description :


It's something most of us have sensed for years-the rise of a world defined only by “mine” and “now.” A world where business shamelessly seeks the fastest reward, regardless of the long-term social consequences; where political leaders reflexively choose short-term fixes over broad, sustainable social progress; where individuals feel increasingly exploited by a marketplace obsessed with our private cravings yet oblivious to our spiritual well-being or the larger needs of our families and communities. At the heart of The Impulse Society is an urgent, powerful story: how the pursuit of short-term self-gratification, once scorned as a sign of personal weakness, became the default principle not only for individuals, but for all sectors of our society. Drawing on the latest research in economics, psychology, political philosophy, and business management, Paul Roberts shows how a potent combination of rapidly advancing technologies, corrupted ideologies, and bottom-line business ethics has pushed us across a threshold to an unprecedented state: a virtual merging of the market and the self. The result is a socioeconomic system ruled by impulse, by the reflexive, id-like drive for the largest, quickest, most “efficient” reward, without regard for long-term costs to ourselves or to broader society. More than thirty years ago, Christopher Lasch hinted at this bleak world in his landmark book, The Culture of Narcissism. In The Impulse Society, Roberts shows how that self-destructive pattern has grown so pervasive that anxiety and emptiness are becoming embedded in our national character. Yet it is in this unease that Roberts finds clear signs of change-and broad revolt as millions of Americans try step off the self-defeating treadmill of gratification and restore a sense of balance. Fresh, vital, and free of ideological, right-wing/left-wing formulations, The Impulse Society shows the way back to a world of real and lasting good.


Author : Thomas Kalinowski
Publisher : Oxford University Press, USA
Release : 2019
Page : 279
Category : Business & Economics
ISBN 13 : 0198714726
Description :


Ten years after the financial crisis of 2008 there is widespread scepticism about the ability to curb volatile financial markets and achieve international cooperation. Rather than simply a result of the clash of national egoisms, this book explores the structural origins of this failure in the competing models of capitalism across the globe.


Author : Robert G. Hagstrom
Publisher : John Wiley & Sons
Release : 2021-02-23
Page : 272
Category : Business & Economics
ISBN 13 : 1119714648
Description :


In Warren Buffett: Inside the Ultimate Money Mind, Hagstrom breaks new ground with a deep analysis of Buffett’s essential wisdom, an intricate mosaic of wide-ranging ideas and insights that Buffett calls a Money Mind. What exactly is a Money Mind? At one level, it’s a way of thinking about major financial issues such as capital allocation. At another level, it summarizes an overall mindset for successfully investing in today’s fast-paced stock market, a mindset that depends on a commitment to learning, adapting, and facing down irrelevant noise. This is not a method book. It is a thinking book. Warren Buffett: Inside the Ultimate Money Mind explains the philosophies of self-reliance, stoicism, rationalism, and pragmatism and their contributions to making intelligent investment decisions. It also outlines the evolution of value investing, discusses how to develop a business-driven investing mindset, and describes the defining traits of successful active management. Lastly, it examines the surprising aspects of a Money Mind – sportsman, teacher, and artist. In short, Warren Buffett: Inside the Ultimate Money Mind helps readers understand the building blocks that go into making a Money Mind so they can begin to incorporate its principles in the service to a life of value. Testimonials “An erudite masterpiece...” –Lawrence A. Cunningham, author; professor and director, Quality Shareholders Initiative, George Washington University “It’s another must-read...” –Bethany McLean, journalist and Contributing Editor, Vanity Fair, author, Saudi America and co-author The Smartest Guys in the Room “Pure Genius! This is a game changer in investment books...” –Robert P. Miles, author; Executive in Residence, University of Nebraska at Omaha, Executive MBA Program, "The Genius of Warren Buffett" “Effervescence and thoughtful analysis of Buffett’s life and work...” –Tom Gayner, Co-chief Executive Officer, Markel Corporation “Hagstrom’s books always enable readers to think about the world in new ways...” –Tren Griffin, author, Charlie Munger: The Complete Investor


Author : Roland Berberich
Publisher : Lulu.com
Release : 2017-04-22
Page : 80
Category : Business & Economics
ISBN 13 : 0244002606
Description :


The economy still in turmoil of the financial crisis and recession has left many companies struggling while the capitalistic system itself is being questioned (Porter and Kramer, 2011; Rappaport, 2011). Several ways to amend the system and ways to rekindle the economy are being suggested and explored and Creating Shared Value (CSV) could be one of these measures to improve the situation. Thus the research investigates the feasibility of small and medium businesses (SMEs) engaging in CSV.


Author : Andrew Ang
Publisher : Oxford University Press (UK)
Release : 2014
Page : 704
Category : Business & Economics
ISBN 13 : 0199959323
Description :


Stocks and bonds? Real estate? Hedge funds? Private equity? If you think those are the things to focus on in building an investment portfolio, Andrew Ang has accumulated a body of research that will prove otherwise. In his new book Asset Management: A Systematic Approach to Factor Investing, Ang upends the conventional wisdom about asset allocation by showing that what matters aren't asset class labels but the bundles of overlapping risks they represent. Making investments is like eating a healthy diet, Ang says: you've got to look through the foods you eat to focus on the nutrients they contain. Failing to do so can lead to a serious case of malnutrition - for investors as well as diners. The key, in Ang's view, is bad times, and the fact that every investor's bad times are somewhat different. The notion that bad times are paramount is the guiding principle of the book, which offers a new approach to the age-old problem of where do you put your money? Years of experience,both as a finance professor and as a consultant, have led Ang to see that the traditional approach, with its focus on asset classes, is too crude and ultimately too costly to serve investors adequately. He focuses instead on factor risks," the peculiar sets of hard times that cut across asset classes, and that must be the focus of our attention if we are to weather market turmoil and receive the rewards that come with doing so. Optimally harvesting factor premiums - on our own or by hiring others -r equires identifying your particular set of hard times, and exploiting the difference between them and those of the average investor. Clearly written yet chock-full of the latest research and data, Asset Management will be indispensable reading for trustees, professional money managers, smart private investors, and business students who want to understand the economics behind factor risk premiums, harvest them efficiently in their portfolios, and embark on the search for true alpha."


Author : Thomas Walker
Stéfanie D. Kibsey
Publisher : Springer
Release : 2018-01-22
Page : 429
Category : Business & Economics
ISBN 13 : 3319663879
Description :


This edited collection brings together leading theoretical and applied research with the intent to design a sustainable global financial future. The contributors argue that our world cannot move toward sustainability, address climate change, reverse environmental degradation, and improve human well-being without aligning the financial system with sustainable development goals like those outlined by the United Nations. Such a system would: a) be environmentally and socially responsible; b) align with planetary boundaries; c) manage natural resources sustainably; d) avoid doing more harm than good; and e) be resilient and adaptable to changing conditions. The overarching theme in this collection of chapters is a response to the worldwide, supranational sustainable finance discussions about how we can transition to a new socio-ecological system where finance, human well-being, and planetary health are recognized as being highly intertwined.


Author : Hakan Jankensgard
Petter Kapstad
Publisher : John Wiley & Sons
Release : 2021-03-15
Page : 224
Category : Business & Economics
ISBN 13 : 1119700159
Description :


In this book, two experts on the topic raise the question of why many ERM programmes end up as box-checking silos with almost no connection to important decision-making processes, whereas others are empowered and end up having a profound impact on the firm’s culture, governance structures, and strategy process. The book establishes a path to empowered ERM by drawing on insights from theory and hard-won lessons from practice. Success factors enabling this transition are thoroughly discussed in a start-to-finish narrative describing the theoretical underpinnings of ERM, its proven best practices, and onto more advanced topic such as risk budgeting and the integration of ERM into strategic decision-making.


Author : David Madland
Publisher : Univ of California Press
Release : 2015-06-24
Page : 272
Category : Political Science
ISBN 13 : 0520281640
Description :


"For the past several decades, politicians and economists have thought that high levels of inequality were good for the economy. But an economy that works only for the rich simply doesn't work. Because the middle class is so weak, America's economy now suffers from the kinds of problems that plague less-developed countries. Privileged elites more frequently secure special treatment from a government that wastes money and stifles competition. Children's opportunities are excessively determined by the wealth of their parents. Societal distrust has increased, making business transactions needlessly difficult. Consumer demand has weakened and become unstable, which has helped fuel the Great Recession and has made the recovery painfully slow. As Hollowed Out explains, to have strong and sustainable growth, the economy needs to work for everyone and grow from the middle out. This new middle-out theory aims to supplant trickle-down economics--the theory that was so wrong about inequality and our economy and did so much damage to our nation. This new thinking has the potential to shape economic policymaking for generations."--Provided by publisher.


Author : Rosella Carè
Publisher : Springer
Release : 2018-03-18
Page : 158
Category : Business & Economics
ISBN 13 : 3319733893
Description :


This book aims to provide scholars, students and practitioners with a broad analysis – both theoretical and practical – of what it means to be a sustainable bank. It provides a comprehensive overview of sustainable banking literature and practices, discussing environmental and social pressures. The book is organized into seven chapters, of which two are dedicated to practical case studies and analysis. The book features up-to-date academic literature, a broad overview on new sustainable banking models and strategies, and case studies. Sustainable Banking is a useful reference for those seeking to understand a subject of fervent discussion in an era of financial turmoil.