FIXING THE GAME: HOW RUNAWAY EXPECTATION(ISBN=9781422172292) 英文原版 下载 pdf 百度网盘 epub 免费 2025 电子书 mobi 在线

　　American capitalism is in dire straits, caught in a perilous

pattern of increasing volatility, decreasing investor returns, and

ongoing bad behavior by executives. And it's getting worse. Since

the turn of the twenty-first century, we've seen two massive

value-destroying market meltdowns and a string of ethics breaches,

including accounting scandals, options-backdating schemes, and the

subprime mortgage debacle. Just what is going on here? Is it the

inevitable decline of the American economy? Is it the new normal in

a technology-enabled global marketplace? Or is it possible that the

very theories we've embraced to underpin our capital markets are

actually producing these crises? In "Fixing the Game", Roger Martin

reveals the culprit behind the sorry state of American capitalism:

our deep and abiding commitment to the idea that the purpose of the

firm is to maximize shareholder value. This theory has led to a

massive 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 and

services - with the expectations market - the business of trading

stocks, options, and complex derivatives. Martin shows how this

tight coupling has been engineered and lays out its results: a

single-minded focus on the expectations market that will continue

driving us from crisis to crisis - unless we act now. Using the

National Football League as his primary example, Martin illustrates

that it is possible to take a much more thoughtful and effective

approach than we now do to the intersection of the real and the

expectations markets and to governance in general in the capital

markets. Martin shows how we can act to end the destructive cycle,

including: restructuring executive compensation to focus entirely

on the real market, not the expectations market; rethinking the

meaning of board governance and role of board members; and, reining

in the power of hedge funds and monopoly pension funds. Concise,

hard-hitting, and entertaining, "Fixing the Game" advocates seizing

American capitalism from the jaws of the expectations market and

planting it firmly in the real market - and it presents the steps

we must take now to do so.

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书籍介绍

American capitalism is in dire straits, caught in a perilous pattern of increasing volatility, decreasing investor returns, and ongoing bad behavior by executives. And it's getting worse. Since the turn of the twenty-first century, we've seen two massive value-destroying market meltdowns and a string of ethics breaches, including accounting scandals, options-backdating schemes, and the subprime mortgage debacle. Just what is going on here? Is it the inevitable decline of the American economy? Is it the new normal in a technology-enabled global marketplace? Or is it possible that the very theories we've embraced to underpin our capital markets are actually producing these crises? In "Fixing the Game", Roger Martin reveals the culprit behind the sorry state of American capitalism: our deep and abiding commitment to the idea that the purpose of the firm is to maximize shareholder value. This theory has led to a massive 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 and services - with the expectations market - the business of trading stocks, options, and complex derivatives. Martin shows how this tight coupling has been engineered and lays out its results: a single-minded focus on the expectations market that will continue driving us from crisis to crisis - unless we act now. Using the National Football League as his primary example, Martin illustrates that it is possible to take a much more thoughtful and effective approach than we now do to the intersection of the real and the expectations markets and to governance in general in the capital markets. Martin shows how we can act to end the destructive cycle, including: restructuring executive compensation to focus entirely on the real market, not the expectations market; rethinking the meaning of board governance and role of board members; and, reining in the power of hedge funds and monopoly pension funds. Concise, hard-hitting, and entertaining, "Fixing the Game" advocates seizing American capitalism from the jaws of the expectations market and planting it firmly in the real market - and it presents the steps we must take now to do so.