| Автор: | Welhoelter Michael A. |
| Издательство: | John Wiley & Sons Limited |
| Серия: | |
| Жанр произведения: | Зарубежная образовательная литература |
| Год издания: | 0 |
| isbn: | 9781119051909 |
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1
With a nod to the movie Monty Python and the Holy Grail (Michael White Productions: 1975).
2
Jason Zweig, “The 11-Year Itch: Still Stuck at Dow 10000,” The Wall Street Journal, June 12, 2010.
3
S&P Dow Jones Indices. McGraw-Hill Financial. Accessed at: www.djaverages.com/?go=industrial-index-data.
4
Wooten, James A., “The Most Glorious Story of Failure in the Business”: The Studebaker-Packard Corporation and the Origins of ERISA. 1 With a nod to the movie 2 Jason Zweig, “The 11-Year Itch: Still Stuck at Dow 10000,” 3 S&P Dow Jones Indices. McGraw-Hill Financial. Accessed at: www.djaverages.com/?go=industrial-index-data. 4 Wooten, James A., “The Most Glorious Story of Failure in the Business”: The Studebaker-Packard Corporation and the Origins of ERISA. 5 These observations have been measured and documented by consultants McKinsey & Company in their 2015 industry review, “Navigating the Shifting Terrain of North American Asset Management.” Accessed at: http://www.mckinsey.com/client_service/financial_services/latest_thinking/wealth_and_asset_management. 6 Edgar H. Schein, 7 Roger Urwin, “The Impact of Culture on Institutional Investors,” Towers Watson/Thinking Ahead Institute, 2015. 8 Schein, 9 Ibid., 14. 10 Ibid., 3. 11 Andrew W. Lo, “The Gordon Gekko Effect,” NBER Working Paper Series, Working Paper 21267, National Bureau of Economic Research, 2015, p 6. Accessed at: http://www.nber.org/papers/w21267 12 Ric Schmidt and Jonathan Rosenberg, with Alan Eagle, 13 Edgar H. Schein, 14 Booz Allen Hamilton, “Beyond Command-and-Control: Managing the Diverse Corporation in Today’s Turbulent Times,” 5. 2000. Accessed at: http://www.boozallen.com/content/dam/boozallen/media/file/80674.pdf 15 Lo, “The Gordon Gekko Effect.” 16 “Frederick Winslow Taylor, 17 Booz Allen Hamilton, “Beyond Command-and-Control,” 4. 18 Ibid., 4. 19 Joel Spolsky,” The Command and Control Management Method,” Joel on Software (joelonsoftware.com), 2006. 20 IBM Corporation, “Leading through Connections: Case Studies from the Global Chief Executive Officer Study,” IBM Institute for Business Value, 2012. Accessed at: http://www-01.ibm.com/common/ssi/cgi-bin/ssialias?subtype=XB&infotype=PM&appname=GBSE_GB_TI_USEN&htmlfid=GBE03535USEN&attachment=GBE03535USEN.PDF 21 This framework for describing investment management culture arose from an offsite meeting many years ago, between the management of Credit Suisse Asset Management-Americas (at the time, led by William Priest) and consultants McKinsey & Company. We have found it to be a durable and reliable guide. 22 Gillian Tett, 23 Ibid., 179. 24 Schmidt and Rosenberg, with Alan Eagle, 29. 25 Ibid. 26 Ray Dalio, 27 Maxine Boersma, “My Job Is to Protect the Firm’s Culture,” 28 Paul Woodruff, 29 William F. Sharpe, “Mutual Fund Performance.” 30 Martijn Cremers and Antti Pettajisto, “How Active Is Your Fund Manager? A New Measure That Predicts Performance,” March 31, 2009. AFA 2007 Chicago Meetings Paper; EFA 2007 Ljubljana Meetings Paper; Yale ICF Working Paper No. 06-14. Available at SSRN: http://ssrn.com/abstract=891719 or http://dx.doi.org/10.2139/ssrn.891719. A similar challenge of prediction plagues another service industry – Major League Baseball. In spite of a rich database of performance statistics, managers have a poor record of choosing future all-stars, even in the game’s comparatively well-controlled conditions. “The draft has never been anything but a.. crapshoot,” said Oakland A’s manager Billy Beane, in Michael Lewis’s book