DEAR CHAIRMAN BOARDROOM BATTLES AND THE RISE OF SHAREHOLDER ACTIVISM

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Dear Chairman

Author : Jeff Gramm
ISBN : 9780062369840
Genre : Business & Economics
File Size : 38.84 MB
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A sharp and illuminating history of one of capitalism’s longest running tensions—the conflicts of interest among public company directors, managers, and shareholders—told through entertaining case studies and original letters from some of our most legendary and controversial investors and activists. Recent disputes between shareholders and major corporations, including Apple and DuPont, have made headlines. But the struggle between management and those who own stock has been going on for nearly a century. Mixing never-before-published and rare, original letters from Wall Street icons—including Benjamin Graham, Warren Buffett, Ross Perot, Carl Icahn, and Daniel Loeb—with masterful scholarship and professional insight, Dear Chairman traces the rise in shareholder activism from the 1920s to today, and provides an invaluable and unprecedented perspective on what it means to be a public company, including how they work and who is really in control. Jeff Gramm analyzes different eras and pivotal boardroom battles from the last century to understand the factors that have caused shareholders and management to collide. Throughout, he uses the letters to show how investors interact with directors and managers, how they think about their target companies, and how they plan to profit. Each is a fascinating example of capitalism at work told through the voices of its most colorful, influential participants. A hedge fund manager and an adjunct professor at Columbia Business School, Gramm has spent as much time evaluating CEOs and directors as he has trying to understand and value businesses. He has seen public companies that are poorly run, and some that willfully disenfranchise their shareholders. While he pays tribute to the ingenuity of public company investors, Gramm also exposes examples of shareholder activism at its very worst, when hedge funds engineer stealthy land-grabs at the expense of a company’s long term prospects. Ultimately, he provides a thorough, much-needed understanding of the public company/shareholder relationship for investors, managers, and everyone concerned with the future of capitalism.
Category: Business & Economics

The Governance Revolution

Author : Deborah Hicks Midanek
ISBN : 9781547400386
Genre : Business & Economics
File Size : 25.41 MB
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Boards of directors are sitting ducks. Shareholders complain and even attack, management manipulates, and individual board members have little power, able to act only as part of the board as a whole. Governance issues are front and center, yet there is often little understanding, even among board members, of the key role that they play. Written in an accessible and human voice, The Governance Revolution: What Every Board Member Needs to Know, NOW! provides information and context essential to anyone seeking to understand how corporations and their stewards—the board of directors—can and should function in the volatile world we inhabit. Deborah Hicks Midanek offers useful insight into what board members of corporations actually do, the current standards for board members and why they exist. She includes a timely discussion of how clarity of purpose can improve board and director effectiveness. Informed by her long experience serving public, private, and family owned corporate boards as well as those of charitable, and government organizations, she provides essential context regarding the evolution of board practice as well as candid discussion of the issues involved in the relentless effort to improve corporate governance processes. Focused mainly on the dominant public corporation, she also explores the special challenges of serving private and family owned as well as nonprofit and public agency boards. Written by a seasoned board member, and liberally laced with stories and cases illustrating the tricky issues directors wrestle with, this book is the essential common-sense companion for anyone working with a board, serving on a board, or wanting to do so. Directors, aspiring directors, investors, and students of corporate behavior will benefit from this highly readable description of the cloistered boardroom. For a Roundtable discussion in Financier Worldwide Magazine featuring Deborah Hicks Midanek please click here https://www.financierworldwide.com/roundtable-risks-facing-directors-officers-aug18#.W1BqQdVKiUk
Category: Business & Economics

Research Handbook On Mergers And Acquisitions

Author : Claire A. Hill
ISBN : 9781784711481
Genre : Law
File Size : 29.77 MB
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Global in scope and written by leading scholars in the field, the Research Handbook on Mergers and Acquisitions is a modern-day survey of the state of M&A. Its chapters explore the history of mergers and acquisitions and also consider the theory behind the structure of modern transaction documentation. The book also address other key M&A issues, such as takeover defenses; judges and practitioners' perspectives on litigation; the appraisal remedy and other aspects of Federal and state law, as well as M&A considerations in the structure of start-ups. This Handbook will be an invaluable resource for scholars, practitioners, judges and legislators.
Category: Law

The Public Company Transformed

Author : Brian Cheffins
ISBN : 9780190640347
Genre : Law
File Size : 30.78 MB
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For decades, the public company has played a dominant role in the American economy. Since the middle of the 20th century, the nature of the public company has changed considerably. The transformation has been a fascinating one, marked by scandals, political controversy, wide swings in investor and public sentiment, mismanagement, entrepreneurial verve, noisy corporate "raiders" and various other larger-than-life personalities. Nevertheless, amidst a voluminous literature on corporations, a systematic historical analysis of the changes that have occurred is lacking. The Public Company Transformed correspondingly analyzes how the public company has been recast from the mid-20th century through to the present day, with particular emphasis on senior corporate executives and the constraints affecting the choices available to them. The chronological point of departure is the managerial capitalism era, which prevailed in large American corporations following World War II. The book explores managerial capitalism's rise, its 1950s and 1960s heyday, and its fall in the 1970s and 1980s. It describes the American public companies and executives that enjoyed prosperity during the 1990s, and the reversal of fortunes in the 2000s precipitated by corporate scandals and the financial crisis of 2008. The book also considers the regulation of public companies in detail, and discusses developments in shareholder activism, company boards, chief executives, and concerns about oligopoly. The volume concludes by offering conjectures on the future of the public corporation, and suggests that predictions of the demise of the public company have been exaggerated.
Category: Law

Becoming Hewlett Packard

Author : Robert A. Burgelman
ISBN : 9780190640460
Genre : Business & Economics
File Size : 33.99 MB
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Bill Hewlett and Dave Packard invented the model of the Silicon Valley start-up and set in motion a process of corporate becoming that made it possible for HP to transform itself six times over the 77 years since its founding in the face of sweeping technological changes that felled most of its competitors over the years. Today, HP is in the throes of a seventh transformation to secure its continued survival by splitting in two independent companies: HP Inc. and Hewlett Packard Enterprise. Based on extensive primary research conducted over more than 15 years, this book documents the differential contribution of HP's successive CEOs in sustaining the company's integral process of becoming. It uses a comprehensive strategic leadership framework to examine and explain the role of the CEO: (1) defining and executing the key tasks of strategic leadership, and (2) developing four key elements of the company's strategic leadership capability. The study of the strategic leadership of HP's successive CEOs revealed the paradox of corporate becoming, the existential situation facing successive CEOs (that justifies the book's empathic approach), and the importance of the CEO's ability to harness the company's past while also driving its future. Building on these novel insights, the book shows how the frameworks used to conceptualize the tasks of strategic leadership and the development of strategic leadership capability can serve as steps toward a dynamic theory of strategic leadership that animates an evolutionary framework of corporate becoming. This framework will be helpful for further theory development about strategic leadership and also offers practical tools for founders of new companies and CEOs and boards of directors of existing companies who intend to create, run or oversee companies built for continued relevance, longevity and greatness.
Category: Business & Economics

How To Regulate

Author : Thomas A. Lambert
ISBN : 9781107144880
Genre : Law
File Size : 76.38 MB
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Markets sometimes fail. But so do regulatory efforts to correct market failures. Sometimes regulations reach too far, condemning good activities as well as bad, and sometimes they don't reach far enough, allowing bad behavior to persist. In this highly instructive book, Thomas A. Lambert explains the pitfalls of both extremes while offering readers a manual of effective regulation, showing how the best regulation maximizes social welfare and minimizes social costs. Working like a physician, Lambert demonstrates how regulators should diagnose the underlying disease and identify its symptoms, potential remedies for it, and their side effects before selecting the regulation that offers the greatest net benefit. This book should be read by policymakers, students, and anyone else interested in understanding how the best regulations are crafted and why they work.
Category: Law

8

Author : 傑夫‧葛蘭姆(Jeff Gramm)
ISBN : 9789869553292
Genre : Business & Economics
File Size : 26.53 MB
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當代金融史最富戲劇性的一頁! 「維權股東」崛起,改寫近代資本主義的內核心! ─ 決裂、批判、力挺到股權戰爭,揭露企業史上最頂層緊張關係 ─ 特別收錄:巴菲特等著名投資人致公司經營階層信件全文 ─ 特別推薦 ─ 嘉信理財、FedEX公司董事長、前美國聯準會主度葛林斯班 當代表著龐大投資者利益的「大股東」來信,是不懷好意,還是對經營者的鼎力支持?對企業經營者來說,這種股東維權主義的興盛,又究竟是場「政變」的前奏,或是對公司利潤分配的嚴峻質疑? 透過幾封最傳奇且最具爭議性的投資人及維權股東原始信件,本書述說了資本主義史上最漫長的緊張關係之一──股票公開上市公司董事、經理人及股東之間的利益衝突,塑造了一場內容輪廓鮮明且發人深省的故事。 股東與大型股份有限公司之間的衝突,常是商業媒體上的頭條報導題材。不過,經營階層和股票持有人之間的角力,已延續近一個世紀。 事實上,經營團隊(或者有時是所謂的「公司派」)與維權股東的對抗及糾紛,直到今日仍是公開商業市場上最顯著的衝突情境之一,我們將在此書看到許許多多在報刊證券版上常見的狀況,例如:大股東對經營團隊的併購績效嚴重質疑,經營者則反唇相譏「股東缺乏經營事業的專業」;又或者是公司派為了使維權股東無法經由股東會干擾,刻意選擇交通極為不便的地點或會議規則(例如限制發言時間)等手段迎擊集體或個人大股東的強烈要求──同時,這也終歸於一個當代資本主義的重要型態──當所有權與經營權的利益相關關係更趨分化複雜時,各方會如何依據自身的立場角力?就如本書作者所形容 的,現代公司的的董事會本身也兼作戰場。 商業出版首度收錄的極內幕信件與故事! 本書融合了華爾街幾位代表性人物──包括傳奇投資家班傑明.葛拉漢與華倫.巴菲特、美國著名富豪羅斯.裴洛等人未曾公開發表的原始信件,以及作者以金融史詩級的學術雄心,回溯1920年代迄今「股東維權主義」的興起;同時提出一個豐富思考的觀點,闡述了維權股東的興起對股票公開上市公司所代表的意義,以及這些維權股東的的運作方式和控制權的爭奪等。 作者葛蘭姆分析了上個世紀不同世代且具中樞角色的董事會角力戰案例,希望釐清導致股東與經營階層之間爆發衝突的真正因素,讓我們了解投資人如何與企業董事及經理人互動、如何看待他們鎖定為投資標的的企業,以及如何擬定透過這些企業賺錢的計畫。書中故事裡的人物更是我們這個資本主義體系中,最多采多姿且最具影響力的參與者,他們以生動趣味的方式,向我們述說著資本主義的運作模式。 「配發更多股利意見」、「委託書之狼」到「對經營者的指導棋」: 一部文件上的企業金融秘史、一場資本主義最核心內的權力遊戲 本書分析了幾種不同董事會股權角力戰的案例,希望釐清導致股東與經營階層爆發衝突的真正原因。書中的每一封信都是一個引人入勝的企業經營故事,信件筆下不同的情緒與論辯,也述說著近代企業核心裡的真實樣貌。本書作者葛蘭姆本身也是一名避險基金經理人,並是哥倫比亞商學院的兼任教授,他觀測過很多經營不善的股票公開上市企業,以及某些蓄意剝奪股東權利的企業──同時,他也曾以基金管理者的身份向企業撰寫過股東維權信件。在本書作者研究初期,也極其珍貴取得了巴菲特等人首肯提供出原始信函,這些平時極為內部的第一手資料讓此書更為信實豐富。 本書也可說是對那些足智多謀的股票公開上市公司投資人致敬,但也揭露了某些最糟糕的股東維權主義失敗案例。每位投資人、經理人和關心資本主義未來的人,得以透徹了解股票公開上市與股東之間至關緊要的互動內幕。 │重量級推薦書評│ 傑夫.葛蘭姆以令人耳目一新的手法,闡述攬權自重的企業經營階層及維權股東之間長達幾個世代的衝突。他檢視某些知名且意外有趣的例子──包括1927年班傑明.葛拉漢致小約翰.洛克斐勒的傳奇信件,乃至1985年羅斯.裴洛致通用汽車公司執行長羅傑.史密斯等信件,並藉以闡述這看似永無休止之日的企業控制權爭奪角力戰。這是非常吸引人且值得一讀的好書。 亞倫.葛林斯班 Alan Greenspan,美國聯邦準備理事會前主席 市場以極高的標準要求股票公開上市公司:市場要求這些企業必須能滿足股東的要求、必須成長,同時得隨時記得它們只是股東資金的受託人。本書述說了一段引人入勝且多采多姿的歷史,它讓我們了解,如果股票公開上市公司偶爾忘記或漠視那些標準,將會面臨怎樣的後果。每個想要以投資人或經理人身份參與這個偉大的所有權制度的人,都必須拜讀這本書。 查爾斯.史瓦伯 Charles Schwab,嘉信證券公司董事長 訴說股東維權主義的興起的故事…傑夫.葛蘭姆寫了一本令人折服又極富教育意義的好書。本書詳細剖析許多戲劇化的購併交易案例,並栩栩如生地刻畫了過去一百年間幾位令人難以置信的傳奇人物。 亞瑟.李維 Arthur Levitt,美國證券交易委員會前主席 當主要股東的參與態度轉趨積極,他們如何評斷公司和公司的價值?傑夫.葛蘭姆透過這本生動、明智、有趣、發人深省又實用的書籍,為我們開創了一個全新的視野。 泰勒.柯文 Tyler Cowen,喬治梅森大學經濟學教授,以及紐約時報暢銷書《大停滯》(The Great Stagnation)作者 傑夫.葛蘭姆的股東維權主義考古學,揭露了當今這個騷亂且績效導向的股票市場,是建立在什麼樣的基礎之上。本書是份重要、有趣且極具洞察力的歷史文獻。 弗瑞德瑞克.史密斯 Frederick W. Smith,聯邦快遞公司董事長暨執行長
Category: Business & Economics