Investor capitalism: how money managers are changing the face of corporate America
The old rules of investing used to be a simple and clear: you bought shares and left the operation of the company to a group of professional managers; if you were unhappy with the firm's performance, you sold your shares and moved on. But with the rise of large institutional investors, the opti...
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York
Basic Books
1996
|
| Edition: | 1. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Summary: | The old rules of investing used to be a simple and clear: you bought shares and left the operation of the company to a group of professional managers; if you were unhappy with the firm's performance, you sold your shares and moved on. But with the rise of large institutional investors, the option of selling has become problematic. It's one thing to cash out when you own a hundred shares of a company; it's another thing entirely when you own a hundred thousand shares So fund managers have adopted a new strategy - changing the corporation's policies from within - with dramatic results. Investor Capitalism documents the ensuing struggles among interested parties that have transformed the way in which business goes about its business. Michael Useem takes us inside the boardrooms and into the proxy battles to track the origins of this shift in corporate power and analyze what it has meant for corporations, shareholders, employees, and the American economy. His insights reveal a brave new world of business, which we ignore at our peril |
| Physical Description: | VIII, 332 S. graph. Darst. |
| ISBN: | 046505031X 0465050328 |
Staff View
MARC
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| 520 | 3 | |a The old rules of investing used to be a simple and clear: you bought shares and left the operation of the company to a group of professional managers; if you were unhappy with the firm's performance, you sold your shares and moved on. But with the rise of large institutional investors, the option of selling has become problematic. It's one thing to cash out when you own a hundred shares of a company; it's another thing entirely when you own a hundred thousand shares | |
| 520 | |a So fund managers have adopted a new strategy - changing the corporation's policies from within - with dramatic results. Investor Capitalism documents the ensuing struggles among interested parties that have transformed the way in which business goes about its business. Michael Useem takes us inside the boardrooms and into the proxy battles to track the origins of this shift in corporate power and analyze what it has meant for corporations, shareholders, employees, and the American economy. His insights reveal a brave new world of business, which we ignore at our peril | ||
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Record in the Search Index
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| adam_text | jj — Contents
Introduction 1
Part I:
The Investor Challenge
1. The New Rules of Investor Capitalism 15
Mobilizing Investor Votes 16
Taking Direct Control 22
Ownership Rising 25
From Markets to Politics 29
A Troubled Company and a Discontented Investor 33
A Different Era 36
2. When Investors Challenge
Company Performance 38
The Power of Wealth 39
The Management of Performance 41
The Corporate Cold Shoulder 42
The Soft Bear Hug 46
Which Investors Challenge Companies? 53
Activist Investors from the Ranks of the
Public Pension Funds 54
vin Contents
7. Engaging the Company Director 208
Rethinking the Board 209
The Disconnected Director 211
The Reengaged Director 214
Preparing the Board 216
Reconstituting the Demography 218
The Investor Director 223
Redesigning the Board 227
8. Transforming Company Leadership 233
Executive Security 235
Executive Insecurity 236
Executive Promotion 239
Executive Riches 242
Making Compensation Contingent 244
Performance Contingency and Shareholder Wealth 247
A New Career Rung 250
A False Summit 252
9. The Expanding Universe 253
Investment Company Growth 254
Pension Underfunding 259
Internationalization of Investments 262
A House Divided 267
A House United 270
Organizations and Markets 271
The New Rules 274
An Expanding Universe 275
Notes 279
A Note on Sources 291
References 295
Acknowledgments 319
Index 323
Contents vii
When Do Investor Demands for Executive
Dismissal Work? 127
Does Executive Dismissal Work? 129
Supplanting Directors 131
Just Vote No 133
Part II:
Constructing Investor Capitalism
5. Restructuring the Corporation 137
An Unaccepted Acquisition 139
Bringing in the Investor 142
Architecture as Emblem 144
Shrinking the Workforce 145
Redesigning and Reengineering the Firm 147
Corporate Strategies and Business Lines 149
De Diversification and the Analyst Industry 153
Executive Leadership and Succession 154
Investor Qualities for Corporate Leadership 157
Unusual Succession Events 158
Corporate Governance 159
Changing All the Parts to Fix the Whole 162
The Two Faces of Restructuring 164
6. Managing the Shareholder 168
Building a Relationship 170
Managing an Array 173
Spans of Influence 174
Investor Drift 177
Cultivating a Transient Familiarity 180
Crisis Construction 185
Information for Influence 187
Broadening the Flow 189
Restricting the Flow 192
Trading Information 193
Information as Instrument 198
Telling the Strategy Story 201
No Turning Back 204
The Strength of a Weak Network 205
|
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| isbn | 046505031X 0465050328 |
| language | English |
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| spelling | Useem, Michael Verfasser aut Investor capitalism how money managers are changing the face of corporate America Michael Useem 1. ed. New York Basic Books 1996 VIII, 332 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier The old rules of investing used to be a simple and clear: you bought shares and left the operation of the company to a group of professional managers; if you were unhappy with the firm's performance, you sold your shares and moved on. But with the rise of large institutional investors, the option of selling has become problematic. It's one thing to cash out when you own a hundred shares of a company; it's another thing entirely when you own a hundred thousand shares So fund managers have adopted a new strategy - changing the corporation's policies from within - with dramatic results. Investor Capitalism documents the ensuing struggles among interested parties that have transformed the way in which business goes about its business. Michael Useem takes us inside the boardrooms and into the proxy battles to track the origins of this shift in corporate power and analyze what it has meant for corporations, shareholders, employees, and the American economy. His insights reveal a brave new world of business, which we ignore at our peril Beleggingsinstellingen gtt Institutionele beleggers gtt Institutional investments United States Investment advisors Institutioneller Anleger (DE-588)4252195-6 gnd rswk-swf Management (DE-588)4037278-9 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Management (DE-588)4037278-9 s Institutioneller Anleger (DE-588)4252195-6 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007486443&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Useem, Michael Investor capitalism how money managers are changing the face of corporate America Beleggingsinstellingen gtt Institutionele beleggers gtt Institutional investments United States Investment advisors Institutioneller Anleger (DE-588)4252195-6 gnd Management (DE-588)4037278-9 gnd |
| subject_GND | (DE-588)4252195-6 (DE-588)4037278-9 (DE-588)4078704-7 |
| title | Investor capitalism how money managers are changing the face of corporate America |
| title_auth | Investor capitalism how money managers are changing the face of corporate America |
| title_exact_search | Investor capitalism how money managers are changing the face of corporate America |
| title_full | Investor capitalism how money managers are changing the face of corporate America Michael Useem |
| title_fullStr | Investor capitalism how money managers are changing the face of corporate America Michael Useem |
| title_full_unstemmed | Investor capitalism how money managers are changing the face of corporate America Michael Useem |
| title_short | Investor capitalism |
| title_sort | investor capitalism how money managers are changing the face of corporate america |
| title_sub | how money managers are changing the face of corporate America |
| topic | Beleggingsinstellingen gtt Institutionele beleggers gtt Institutional investments United States Investment advisors Institutioneller Anleger (DE-588)4252195-6 gnd Management (DE-588)4037278-9 gnd |
| topic_facet | Beleggingsinstellingen Institutionele beleggers Institutional investments United States Investment advisors Institutioneller Anleger Management USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007486443&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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