The New Power Brokers: The Rise of Asset Manager Capitalism and the New Economic Order
Autor Sahand Moarefyen Limba Engleză Paperback – 11 sep 2024
The New Power Brokers chronicles the economic, legal and technological changes at the heart of this transformation in our public markets, and provides fresh perspectives on what those changes mean for corporations, investors and society as a whole.
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Specificații
ISBN-13: 9783031647321
ISBN-10: 3031647327
Pagini: 200
Ilustrații: Approx. 200 p. 50 illus.
Dimensiuni: 155 x 235 mm
Ediția:2024
Editura: Springer International Publishing
Colecția Palgrave Macmillan
Locul publicării:Cham, Switzerland
ISBN-10: 3031647327
Pagini: 200
Ilustrații: Approx. 200 p. 50 illus.
Dimensiuni: 155 x 235 mm
Ediția:2024
Editura: Springer International Publishing
Colecția Palgrave Macmillan
Locul publicării:Cham, Switzerland
Cuprins
Introduction.- Chapter I: The Early American Corporation.- Chapter II: Adolf Berle and the Modern Corporation.- Chapter III: The Rise of Asset Manager Capitalism.- Chapter IV: The Emergence of the Shareholder Primacy Paradigm.- Chapter V: The New Stakeholder Capitalism and ESG.- Chapter VI: The ESG Report Card and Rise of Private Markets.- Chapter VII: Asset Manager Capitalism and the Energy Industry.- Chapter VIII: Institutional Setup of Today’s Asset Managers.- Chapter IX: The Post-ESG World and a Roadmap for the Future.- Chapter X: A New Stewardship Framework.
Notă biografică
Sahand Moarefy is a corporate attorney and writer. His work has been featured in various publications, including Foreign Affairs, Lawfare, The Diplomat and American Affairs. Sahand splits his time between Los Angeles and New York City.
Textul de pe ultima copertă
Over the course of the last 70 years, asset managers⸺from activist hedge funds to the large passive index fund providers⸺have come to own the substantial majority of corporate equities in the United States, and have wielded that ownership to fundamentally reshape the economy. For most of American history, investing was simple: you purchased shares and left the operation of the company to management. If you were dissatisfied with the firm’s performance, you sold your shares. With the rise of asset managers, shareholders now attempt to directly change the companies in which they invest.
The New Power Brokers chronicles the economic, legal, and technological developments at the heart of this transformation and analyzes their collective impact. American companies today face increasing pressure from institutional investors to prioritize short-term financial results over longer-term investments in the development of their businesses. The Great Financial Crisis ushered in renewed calls for a New Deal-style, “stakeholder”-focused model of capitalism. But in the absence of the robust civic and regulatory institutional framework that undergirded the New Deal era economic order, new self-styled ESG funds and large global asset management firms have come to fill the vacuum and define the new stakeholder capitalism agenda to reflect their particular institutional interests and limitations. Pocketbook economic concerns were at the heart of the post-World War II liberal consensus. The new vanguards of stakeholder capitalism have let these type of concerns fall by the wayside and instead focused their attention on social and environmental topics in ways that have proven themselves to be ineffectual and harmful.
Sahand Moarefy takes us behind the scenes of these dramatic changes in the structure of our economy, providing fresh perspective on the panoply of issues and challenges posed by the rising influence of asset managers in corporate America.
Sahand Moarefy is a corporate attorney and writer. His work has been featured in various publications, including Foreign Affairs, Lawfare, The Diplomat and American Affairs. Sahand splits his time between Los Angeles and New York City.
The New Power Brokers chronicles the economic, legal, and technological developments at the heart of this transformation and analyzes their collective impact. American companies today face increasing pressure from institutional investors to prioritize short-term financial results over longer-term investments in the development of their businesses. The Great Financial Crisis ushered in renewed calls for a New Deal-style, “stakeholder”-focused model of capitalism. But in the absence of the robust civic and regulatory institutional framework that undergirded the New Deal era economic order, new self-styled ESG funds and large global asset management firms have come to fill the vacuum and define the new stakeholder capitalism agenda to reflect their particular institutional interests and limitations. Pocketbook economic concerns were at the heart of the post-World War II liberal consensus. The new vanguards of stakeholder capitalism have let these type of concerns fall by the wayside and instead focused their attention on social and environmental topics in ways that have proven themselves to be ineffectual and harmful.
Sahand Moarefy takes us behind the scenes of these dramatic changes in the structure of our economy, providing fresh perspective on the panoply of issues and challenges posed by the rising influence of asset managers in corporate America.
Sahand Moarefy is a corporate attorney and writer. His work has been featured in various publications, including Foreign Affairs, Lawfare, The Diplomat and American Affairs. Sahand splits his time between Los Angeles and New York City.
Caracteristici
Explores the role of institutional investors on corporate policies, investing, and governance Examines how the rise of asset managers in second half of 20th century has transformed the economy and society at large Discusses the congruence of traditional “short-term” hedge fund activism and ESG advocacy by large asset managers