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What is business for? Day one of a business course will tell you:
it is to maximise shareholder profit. This single idea pervades all
our thinking and teaching about business around the world but it is
fundamentally wrong, Colin Mayer argues. It has had disastrous and
damaging consequences for our economies, environment, politics, and
societies. In this urgent call for reform, Prosperity challenges
the fundamentals of business thinking. It sets out a comprehensive
new agenda for establishing the corporation as a unique and
powerful force for promoting economic and social wellbeing in its
fullest sense - for customers and communities, today and in the
future. First Professor and former Dean of the Said Business School
in Oxford, Mayer is a leading figure in the global discussion about
the purpose and role of the corporation. In Prosperity, he presents
a radical and carefully considered prescription for corporations,
their ownership, governance, finance, and regulation. Drawing
together insights from business, law, economics, science,
philosophy, and history, he shows how the corporation can realize
its full potential to contribute to economic and social wellbeing
of the many, not just the few. Prosperity tells us not only how to
create and run successful businesses but also how policy can get us
there and fix our broken system.
In the face of constant change, the nature of business must evolve
rapidly if it is to remain relevant to society at large. How then
should business change to meet the requirements of the 21st
century, in which unbridled globalization and technological
advancements are having profound affects on the wellbeing and
prosperity of both the people and the planet? The achievement of
purpose is the key to successful transformation - not just having a
purpose, but making that purpose real at every level of the
organization. This is the first book to provide a precise
description of how companies can put purpose into practice. Based
on a groundbreaking research project undertaken jointly between the
Said Business School at the University of Oxford and Mars Catalyst,
the think tank of Mars Inc., it provides a highly accessible
account of how companies should determine and implement their
corporate purposes. It outlines why corporate purpose is so
important and how it can both address the major challenges the
world faces today and deliver enhanced performance for business.
Fourteen detailed case studies illustrate how companies of
different sizes, sectors, and geographies have put purpose into
practice and their experiences of doing so. These cases give deep
insights into the way in which companies can build purposeful
businesses, map and shape their ecosystems, identify failures and
problems, align management, and create partnerships to deliver
their purposes against which they can measure their performance.
The achievement of purpose is a very real issue that every
responsible leader in business, finance, and business academia must
now face. This book will equip executives, managers, investors, and
policymakers with the tools that they require to understand how the
notion of corporate purpose should become a corporate reality.
What is business for? Day one of a business course will tell you:
it is to maximise shareholder profit. This single idea pervades all
our thinking and teaching about business around the world but it is
fundamentally wrong, Colin Mayer argues. It has had disastrous and
damaging consequences for our economies, environment, politics, and
societies. In this urgent call for reform, Prosperity challenges
the fundamentals of business thinking. It sets out a comprehensive
new agenda for establishing the corporation as a unique and
powerful force for promoting economic and social wellbeing in its
fullest sense - for customers and communities, today and in the
future. First Professor and former Dean of the Said Business School
in Oxford, Mayer is a leading figure in the global discussion about
the purpose and role of the corporation. In Prosperity, he presents
a radical and carefully considered prescription for corporations,
their ownership, governance, finance, and regulation. Drawing
together insights from business, law, economics, science,
philosophy, and history, he shows how the corporation can realize
its full potential to contribute to economic and social wellbeing
of the many, not just the few. Prosperity tells us not only how to
create and run successful businesses but also how policy can get us
there and fix our broken system.
The financial crisis of 2007-9 revealed serious failings in the
regulation of financial institutions and markets, and prompted a
fundamental reconsideration of the design of financial regulation.
As the financial system has become ever-more complex and
interconnected, the pace of evolution continues to accelerate. It
is now clear that regulation must focus on the financial system as
a whole, but this poses significant challenges for regulators.
Principles of Financial Regulation describes how to address those
challenges. Examining the subject from a holistic and
multidisciplinary perspective, Principles of Financial Regulation
considers the underlying policies and the objectives of regulation
by drawing on economics, finance, and law methodologies. The volume
examines regulation in a purposive and dynamic way by framing the
book in terms of what the financial system does, rather than what
financial regulation is. By analysing specific regulatory measures,
the book provides readers to the opportunity to assess regulatory
choices on specific policy issues and encourages critical
reflection on the design of regulation.
The corporation is one of the most important and remarkable
institutions in the world. It affects all our lives continuously.
It feeds, entertains, houses and, employs us. It generates vast
amounts of revenue for those who own it and it invests a
substantial proportion of the wealth that we possess. But the
corporation is also the cause of immense problems and suffering, a
source of poverty and pollution, and its failures are increasing.
How is the corporation failing us? Why is it happening? What should
we do to restore trust in it? While governments are subject to
repeated questioning and scrutiny, the corporation receives
relatively little attention. Firm Commitment provides a lucid and
insightful account of the role of the corporation in modern society
and explains why its problems are growing. It gives a fresh
perspective on the crises in financial markets, developing
countries, and the environment. Based on decades of analysis and
research, it describes a new approach to thinking about the firm
which not only stops it destroying us but turns it into the means
of protecting our environment, addressing social problems, and
creating new sources of entrepreneurship and innovation. It sets
out an agenda for converting the corporation into a twenty-first
century organization that we will value and trust. It takes you on
a journey that starts in the Galapagos, ends in Ancient Egypt, and
in the process brings you to a new level of appreciation of the
economic world we inhabit.
The development and integration of financial markets is at the
forefront of academic and policy debates around the world. Nowhere
is this more in evidence than in Europe where the integration of
financial markets is a primary objective of the European Commission
and fully supported by the European Central Bank. This book brings
together leading economists from across the world to analyse the
central issues in the development and integration of financial
markets from a European perspective whilst highlighting their
global relevance. Financial Markets and Institutions is a must-have
reference for policymakers, financial market practitioners, and
graduate students and academics with an interest in this
increasingly important area. Each contribution is written in a
rigorous but non-technical fashion, drawing on the latest theories
and empirical evidence making them accessible to lay readers as
well as academic specialists.
This book was originally published in 1986. During the decade
preceding publication there were a number of significant
developments in financial economics and major contributions made
both by individuals who could be classified as conventional
financial economists and by others who do not fit easily into this
category - theoretical microeconomists, public and industrial
economists. This volume contains a selection from the papers
presented at a conference in Oxford in September 1985 which aimed
to bring together a number of the leading participants in this
field. The papers in the volume cover a wide range of topics - the
efficiency of financial markets, new equity issues, asymmetric
corporate taxation and investment, credit rationing, international
investment, the foundations of banking theory - but they clearly
reflect the main themes in financial economics at the time: the
importance of informational asymmetries and of taxation.
Scandals in financial institutions, weakness in the world economy, and volatility in financial markets bring to the fore issues of regulation and consumer protection. This comparative survey of how investors are currently protected in a range of European countries and the USA is set in an accessible theoretical framework. It will be invaluable for academics and students involved in the analysis of financial markets and regulation as well as practitioners in financial institutions and regulatory authorities.
Scandals in financial institutions, weakness in the world economy, and volatility in financial markets bring to the fore issues of regulation and consumer protection. This comparative survey of how investors are currently protected in a range of European countries and the USA is set in an accessible theoretical framework. It will be invaluable for academics and students involved in the analysis of financial markets and regulation as well as practitioners in financial institutions and regulatory authorities.
Financial intermediation is currently a subject of active research
on both sides of the Atlantic. The integration of European
financial markets, in particular, highlights several important
issues. In this volume, derived from a joint CEPR conference with
the Fundacion Banco Bilbao Vizcaya (BBV), leading academics from
Europe and North America review 'state-of-the-art' theories of
banking and financial intermediation and discuss their policy
implications. The principal focus is on the risks of increased
competition, the appropriate regulation of banks, and the
differences between Anglo-American and Continental European forms
of financial markets. Relationship banking, stock markets and
banks, banking and corporate control, financial intermediation in
Eastern Europe, monetary policy and the banking system, and
financial intermediation and growth are also discussed.
One of the most enduring legacies of the 1980s has been the
programme of privatizations that the Thatcher government set in
train in the first half of the decade. Whole sectors of the UK
economy which were formerly part of the public sector were sold off
to the private sector. Some were bought out by their employees;
others were bought by the public at large. Some public services
were contracted out to the private sector; others were placed on a
more commercial footing. The UK privatization programme had an
influence on economic policy throughout the world. Programmes were
also initiated in Asia, South America, Africa, Europe, North
America, and, most recently, East and Central Europe. The purpose
of this book, a companion volume to The Regulatory Challenge by the
same editors, is to stand back and examine what has been learnt
from the extensive programme of privatization that the UK
government has completed, and to consider what aspects of
privatization remain to be done. It attempts to evaluate
systematically the privatizations that have been undertaken in
different sectors of the UK economy over the last ten years. It
examines what has happened and why, where the successes and
failures have been, what lessons can be learnt for the design of
privatization programmes elsewhere, and what the UK government can
still usefully do in this area.
Financial intermediation is currently a subject of active research
on both sides of the Atlantic. The integration of European
financial markets, in particular, highlights several important
issues. In this volume, derived from a joint CEPR conference with
the Fundacion Banco Bilbao Vizcaya (BBV), leading academics from
Europe and North America review 'state-of-the-art' theories of
banking and financial intermediation and discuss their policy
implications. The principal focus is on the risks of increased
competition, the appropriate regulation of banks, and the
differences between Anglo-American and Continental European forms
of financial markets. Relationship banking, stock markets and
banks, banking and corporate control, financial intermediation in
Eastern Europe, monetary policy and the banking system, and
financial intermediation and growth are also discussed.
Capital markets are affected at least as much as goods markets by
the European Community's drive for greater economic integration.
The removal of capital controls on 1 July 1990 has far-reaching
consequences for the EMS and for cross-border investment, and plans
for economic and monetary union foreshadow fundamental upheavals at
the heart of the financial system, in central banking and monetary
and fiscal policy. This volume reports the proceedings of a
conference on European financial integration held in Rome in
January 1990, which was organised by the Centre for Economic Policy
Research and the Instituto Mobiliare Italiano. In this volume,
leading international experts examine the implications of
integration for the structure and regulation of capital markets,
the changing relationships between the corporate and banking
sectors throughout the Community, the distortionary effects of
differing taxation policies among member states and possible means
of overcoming them, and alternative routes to European monetary
union.
This unique and authoritative study of the investment management
business focuses on the use of capital requirements for investment
managers as a means of investor protection. Commissioned by the
Investment Management Regulatory Organization and drawing on
extensive discussions with investment managers themselves, it
provides an account of this burgeoning sector that is both
comprehensive in its coverage and penetrating in its analysis. The
authors review the way in which the investment management business
is organized and its inherent risks; they examine the causes and
incidence of market failures as well as the dangers to investors
through mismanagement and malpractice. The book includes an
extensive treatment of fraud, with a full listing of fraud cases in
the UK since the early 1970s. The report concludes with a summary
of the evidence on the nature and scale of the risks faced by
investors and recommendations for appropriate forms of protection;
and, on the basis of existing regulatory structures in the UK and
USA, sets out a proposed structure in accordance with the thrust of
the authors' analysis. While specific in its coverage, much of the
argument presented here is closely applicable to other financial
sectors in which regulation is a crucial issue; and it is
especially pertinent to current debates on financial regulation in
the run-up to the completion of the European internal market in
1992.
Over the past decade there have been a number of significant
developments in financial economics, and major contributions have
been made both by individuals who could be classified as
conventional financial economists and by others who do not fit
easily into this category - theoretical microeconomists, public and
industrial economists. This volume contains a selection from the
papers presented at a conference in Oxford in September 1985 which
aimed to bring together a number of the leading participants in
this field. The papers in the volume cover a wide range of topics -
Summers on the efficiency of financial markets; Heinkel and
Schwartz, and Asquith and Mullins on new equity issues; Green and
Talmor on asymmetric corporate taxation and investment; Stiglitz
and Weiss on credit rationing; Anderlini on the foundations of
banking theory; and Alworth, and Cooper and Kaplanis on aspects of
international investment - but they clearly reflect the main themes
in financial economics at present: the importance of informational
asymmetries and of taxation.
The last decade has witnessed the introduction of an elaborate system of regulation in the UK. This has developed hand in hand with the structural changes in the 1980s, notably the privatization programme and changes in the financial services industries. This book assesses these developments across a number of sectors and offers a range of perspectives for understanding the objectives, mechanisms, and institutions involved.
One of the most enduring legacies of the 1980s has been the programme of privatizations that the Thatcher government set in train, and which has influenced economic policy throughout the world - most recently in Eastern Europe as it moves away from socialism towards capitalism. This book stands back and examines what has been learnt from the privatization programme mnow completed, and considers what remains to be done.
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