揭发 发表于 2025-3-21 19:38:17
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The Owner’s Mindmpts to answer it have given rise to the field of corporate governance or “the agency problem.” In this chapter I make the case that the most popular heuristic for judging a manager’s competency is market share. As a measure of dominance, market share has claimed the crown. All managers know it and柔声地说 发表于 2025-3-22 04:59:14
The Manager’s Mindete with references to market share. To measure market share, we must be able to measure market first. In this chapter I confront the inconvenient truth that anyone’s measure of a market is subjective. Judges in antitrust cases know this conundrum best. (The name is “relevant market.”) I suggest a mharpsichord 发表于 2025-3-22 09:26:34
Too Bigy can approach, but never reach, 100% market share. This is the reason why their appetite for growth is insatiable and why their firms become too big. In this chapter, I demonstrate their relentless pursuit of size. I show that managers prefer buying capacity (through mergers and acquisitions) to ma微枝末节 发表于 2025-3-22 14:19:35
Too Complexrtically, and diagonally. Another reason is that complexity can be a trap, like the Prisoners’ Dilemma: Neither firms nor consumers wish to escape from it alone, though they all would be better off if they could escape from it together. We do not know much about “economic complexity”: What it is and玉米棒子 发表于 2025-3-22 20:35:06
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Waves how mergers and acquisitions in a market can spread like a wild fire. I also comment on the good, the bad, and the ugly that are left in the wake of a merger wave. All these implications are derived from the assumption that managers pursue dominance, rather than someone else’s interest such as prof热心 发表于 2025-3-23 05:54:02
Bubblesake decision by the herding heuristic. Managers are aware of our tendency to herd, and they frame their products and services accordingly. That is to say, managers try to make bubbles. I illustrate this argument. I also draw parallels between a bubble and a Ponzi scheme. They are pretty striking. Be