{"title":"Mark J Roe","description":null,"products":[{"product_id":"political-determinants-of-corporate-governance-book-mark-j-roe-9780199205301","title":"Political Determinants of Corporate Governance","description":"Before a nation can produce, it must achieve social peace. That social peace has been reached in different nations by differing means, some of which have then been embedded in business firms, in corporate ownership patterns, and in corporate governance structures.   The large publicly held, diffusely owned firm dominates business in the United States despite its infirmities, namely the frequently fragile relations between stockholders and managers. But in other economically advanced nations, ownership is not diffuse but concentrated. It is concentrated in no small measure because the delicate threads that tie managers to shareholders in the public firm fray easily in common political environments, such as those in the continental European social democracies.   Social democracies press managers to stabilize employment, to forego some profit-maximizing risks with the firm, and to use up capital in place rather than to downsize when markets no longer are aligned with the firm's production capabilities. Since managers must have discretion in the public firm, how they use that discretion is crucial to stockholders, and social democratic pressures induce managers to stray farther than otherwise from their shareholders' profit-maximizing goals. Moreover, the means that align managers with diffuse stockholders in the United States-incentive compensation, hostile takeovers, and strong shareholder-wealth maximization norms-are weaker and sometimes denigrated in continental social democracies.  Hence, public firms there have higher managerial agency costs, and large-block shareholding has persisted as shareholders' best remaining way to control those costs.   Social democracies may enhance total social welfare, but if they do, they do so with fewer public firms than less socially responsive nations. The author therefore uncovers not only a political explanation for ownership concentration in Europe, but also a crucial political prerequisite to the rise of the public firm in the United States, namely the weakness of social democratic pressures on the American business firm.","brand":"WoB","offers":[{"title":"GB \/ LIKE_NEW \/ INTERNAL","offer_id":49555146998033,"sku":"GOR013443758","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ INGRAM","offer_id":52148783513873,"sku":"NLS9780199205301","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0199205302.jpg?v=1751101374"},{"product_id":"bankruptcy-and-corporate-reorganization-legal-and-financial-materials-book-mark-j-roe-9781609304263","title":"Bankruptcy and Corporate Reorganization, Legal and Financial Materials","description":"This casebook for a basic bankruptcy course takes a deal-oriented finance approach to bankruptcy, with a focus on business bankruptcy. The student will not only learn the major elements of bankruptcy and corporate reorganisation in chapter 11 of the Bankruptcy Code, but also the major facets of bankruptcy that influence financing transactions.","brand":"WoB","offers":[{"title":"US \/ GOOD \/ SBYB","offer_id":49982430675217,"sku":"CIN1609304268G","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/1609304268.jpg?v=1750992922"},{"product_id":"missing-the-target-book-mark-j-roe-9780197625620","title":"Missing the Target","description":"A data-driven argument for why stock-market short-termism is not causing severe damage to the American economy According to most media outlets and corporate lawmakers, stock-market-driven short-termism - when corporations appear to prioritize immediate results in the next quarter over long-term interests - is crippling the American economy. This popular view claims that short-termism is causing widespread declines in research and development (RandD) spending, harmful environmental policies, and degradation of the workplace. But the data does not support this black-and-white representation of short-termism. Mark J. Roe uses economy-wide data on RandD spending trends and corporate financial analysis to show that stock-market short-termism is not the root of all of America's economic problems. The book shows that blaming short-termism overlooks the real causes of declining investment, RandD cutbacks, environmental deterioration, and workplace conflict. By pointing to other sources of tension like accelerating technology change, policy uncertainty, and an increasing sense of workplace insecurity, Missing the Target argues for a more nuanced understanding of the challenges to the American economy. Roe also disproves many of the core claims against short-termism by demonstrating that RandD spending is not in a complete decline. In fact, while government research spending may be down, corporate RandD expenditure is actually rising faster than the economy is growing. Missing the Target complicates the discussion of the American economy by explaining the many factors that contribute to current trends and by making a bold but straightforward claim: short-termism is not the problem.","brand":"WoB","offers":[{"title":"US \/ VERY_GOOD \/ SBYB","offer_id":50345526067473,"sku":"CIN0197625622VG","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ GOOD \/ SBYB","offer_id":50346309353745,"sku":"CIN0197625622G","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ NEW \/ INGRAM","offer_id":50999920656657,"sku":"NIN9780197625620","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0197625622.jpg?v=1776766037"},{"product_id":"strong-managers-weak-owners-book-mark-j-roe-9780691026312","title":"Strong Managers, Weak Owners","description":"In this major reinterpretation of the evolution of the American corporation, Mark Roe convincingly demonstrates that the ownership structure of large U.S. firms owes its distinctive character as much to politics as to economics and technology. His provocative examination addresses essential issues facing American businesses today as they compete in the new international marketplace.","brand":"WoB","offers":[{"title":"US \/ GOOD \/ SBYB","offer_id":50356801306897,"sku":"CIN0691026319G","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ NEW \/ INGRAM","offer_id":53362522915089,"sku":"NIN9780691026312","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0691026319.jpg?v=1751009374"},{"product_id":"political-determinants-of-corporate-governance-book-mark-j-roe-9780199240746","title":"Political Determinants of Corporate Governance","description":"Before a nation can produce, it must achieve social peace. That social peace has been reached in different nations by differing means, some of which have then been embedded in business firms, in corporate ownership patterns, and in corporate governance structures.   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Moreover, the means that align managers with diffuse stockholders in the United States-incentive compensation, hostile takeovers, and strong shareholder-wealth maximization norms-are weaker and sometimes denigrated in continental social democracies. Hence, public firms there have higher managerial agency costs, and large-block shareholding has persisted as shareholders' best remaining way to control those costs.   Social democracies may enhance total social welfare, but if they do, they do so with fewer public firms than less socially responsive nations. 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