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Index
Cover Page
Saving Capitalism from Short-Termism
Copyright Page
Contents
FOREWORD
ACKNOWLEDGMENTS
INTRODUCTION
PART 1 CAUSES AND CONSEQUENCES OF SHORT-TERMISM
CHAPTER 1 THE RISE OF SHORT-TERMISM
The Tyranny of Short-Termism
From Entrepreneurial to Agency Capitalism
CHAPTER 2 SHORT-TERMISM PRODUCES A FINANCIAL CRISIS
Red Flags
Public-Sector Culprits
Private-Sector Culprits
Erosion of Trust
CHAPTER 3 CORPORATE SHORT-TERMISM
The Legitimacy of Shareholder Value
The Misguided Obsession with Short-Term Earnings
Obsession with Earnings Compromises Shareholder Value
CHAPTER 4 INVESTMENT MANAGEMENT SHORT-TERMISM
Performance Measurement
The Appeal of Earnings
Shortcomings of the Price/Earnings Multiple
Stock Market Efficiency
The Wisdom of Crowds
Chances of Outperforming the Market
PART 2 COMBATING SHORT-TERMISM
CHAPTER 5 CORPORATE LONG-TERM PERFORMANCE INCENTIVES
Incentives for CEOs and Senior Executives
Incentives for Operating-Unit Managers
Incentives for Front-Line Employees
Conclusion
CHAPTER 6 BECOMING A LONG-TERM VALUE-CREATING COMPANY
Gaining Commitment
A Dozen Essential Habits of Long-Term Value-Creating Companies
CHAPTER 7 AN OVERHAUL OF CORPORATE FINANCIAL REPORTING
Global Accounting Standards
The Twilight of Income Measurement
The Corporate Performance Statement
Benefits of the Corporate Performance Statement
CHAPTER 8 LONG-TERM PERFORMANCE INCENTIVES FOR INVESTMENT MANAGERS
Does It Pay to Invest in Actively Managed Equity Funds?
Mutual Fund Fee Structure
Long-Term Performance Fees
Fund versus Investor Returns
The Performance Measurement Conundrum
Investor-Oriented Performance Measures
CHAPTER 9 TILTING THE ODDS IN FAVOR OF BETTER LONG-TERM RETURNS
Focused High-Conviction Portfolios
Reading Market Expectations Implied by Stock Prices
Identifying High-Conviction Stocks
INDEX
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