I will be speaking at this event tomorrow. I'll post video if/when it becomes available.
UPDATE: Unfortunately there were AV problems and in the video my presentation gets cut off about a minute in. But you can find the talks by Elizabeth Warren, Paul Krugman, and a couple of the other panelists at the link.
Sorry this is of topic but I just read something that put me in mind of your "disgorge the cash" series and I thought you would be interested in it if you haven't already read it:
ReplyDeletehttps://www.gmo.com/America/CMSAttachmentDownload.aspx?target=JUBRxi51IIBoe1yul9uERnfCmQoglFl9k5qwJSfHx8w%2fWCnFLmEb2MC9GoFnZVlslR5NzCRY1ajgn503icBv67VQg%2fNVUMWsYvi3A2%2fL%2bS28A7Pthjp7LmOfLYQfHMJc
The World’s Dumbest Idea
James Montier
"This preference for low investment tragically “makes sense” given the “alignment” of executives and shareholders.We should expect SVM to lead to increased payouts as both the shareholders have increased power (inherent within SVM) and the managers will acquiesce as they are paid in a similar fashion. As Lazonick and Sullivan note, this led to a switch in modus operandi from “retain and reinvest” during the era of managerialism to “downsize and distribute” under SVM.
Evidence of the rising payout amongst nonfinancial firms can be found in Exhibit 12. As one would expect under SVM, we have witnessed a marked increase in payouts over time. In the era of managerialism, somewhere between 10% and 20% of cash flow was regularly returned to shareholders. Under the rule of SVM this has risen significantly, reaching 50% of cash flows just prior to the Global Financial Crisis."
Hi, sorry I just realised that the direct link doesn't work but this link takes you to the page: http://www.gmo.com/America/
DeleteThanks. That does look interesting.
ReplyDeleteJosh, is the video of your talk going to be available?
ReplyDeleteUnfortunately, there were AV issues, and my talk gets off a minute in. You can see Krugman, Warren and some of the other panelists at the link tho.
ReplyDeleteI'll try to write up my notes in the next few days. (Though, I also want to write up my notes from my guest lecture for Corey Robin's graduate class last week. So many posts to write, so little time...)
สล็อตpg The highest standard of casinos and entertainment.
ReplyDelete