Financial Overstretch: The Epochal Disturbance of the Invisible Hand of the Market by the Financial Industry
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The overstraining of the shareholder-value principle, and the inversion of means and ends from the shareholder-value orientation as the means of controlling the firm’s performance to the delivery of shareholder-value as the firm’s sole purpose, resulted in overextension of the speculative side of the management remit in the lead-up to the financial crisis. Management was presented with the essentially unrealizable task of maximizing share-price growth.
KeywordsBusiness Ethic Mutual Fund Private Equity Credit Market Invisible Hand
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