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Missing the target why stock-market short-termism is not the problem
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| 자료유형 | 단행본 |
|---|---|
| 서명/저자사항 | Missing the target : why stock-market short-termism is not the problem/ Mark J. Roe. |
| 개인저자 | Roe, Mark J.,1951- author. |
| 형태사항 | 1 online resource. |
| 기타형태 저록 | Print version: Roe, Mark J., 1951- Missing the target. New York, NY : Oxford University Press, [2022] 9780197625620 |
| ISBN | 9780197625644 0197625649 9780197625651 0197625657 |
| 서지주기 | Includes bibliographical references and index. |
| 요약 | Stock-market-driven short-termism is crippling the US economy, according to legal, judicial, and media thinking. Firms forgo the R&D they need, cut capital spending, and buy back their own stock so feverishly that they starve themselves of cash. The stock market is the primary cause: directors and managers cannot manage for the long-term when their shareholders furiously trade their companies' stocks, they cannot invest enough when stockholders demand rising quarterly profits, they must slash R&D when investors demand that precious cash be used to buy back stock, and they cannot even strategize about the long-term when shareholder activists demand immediate results. The stock market's short-termism is also blamed for environmental degradation, for contributing to global warming, and for employee mistreatment. This book shows, however, that the purported ills emanating from stock-market short-termism are either not shown, likely to minor, demonstrably false, or due to other pernicious economic causes. The social costs attributed to corporate short-termsim - environmental degradation, mistreatment of stakeholders, riaking climate catastrophe - emanate more from selfishness than from distorted time horizons, as we shall see. Moreover, public and policymaker obsession with stock-market short-termism as upsetting the economy and settled arrangements is explained more by dissatisfaction with the rapidity of technological change, the increasing uncertainty and instability of the workplace, and a dissatisfaction with overall economic arrangements. Lawmakers and pundits can readily miss more likely causes of the underlying issues - like how best to push forward US R&D - by mistakenly aiming at stock-market short-termism. After considering what the evidence tells us, we consider what political and social reasons could explain the issue's prominence. |
| 주제명(지명) | United States --Economic conditions. E?tats-Unis --Conditions e?conomiques. United States. --fast |
| 일반주제명 | Stock exchanges --United States. Stock exchanges --Data processing. Stocks --United States. Speculation. Actions (Titres de socie?te?) --E?tats-Unis. Spe?culation. speculating. Economic history. Speculation. Stock exchanges. Stock exchanges --Data processing. Stocks. |
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