Investor Capitalism: How Money Managers Are Changing the Face of Corporate America

Overview

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 -...
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Overview

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.
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Editorial Reviews

Wall Street Journal
A helpful guidebook to anyone (especially directors and senior executives) who must learn to deal with demanding stockholders.
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Product Details

  • ISBN-13: 9780465050321
  • Publisher: Basic Books
  • Publication date: 2/28/1999
  • Pages: 344
  • Sales rank: 1,028,688
  • Product dimensions: 6.00 (w) x 8.80 (h) x 1.00 (d)

Table of Contents

Introduction 1
1 The New Rules of Investor Capitalism 15
2 When Investors Challenge Company Performance 38
3 Cultural Resistance to Shareholder Insistence 70
4 Vanquishing Opponents 107
5 Restructuring the Corporation 137
6 Managing the Shareholder 168
7 Engaging the Company Director 208
8 Transforming Company Leadership 233
9 The Expanding Universe 253
Notes 279
A Note on Sources 291
References 295
Acknowledgements 319
Index 323
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