Contents
Chapter 1: The Clash of the Cultures
How Speculation Overwhelmed Investment
The Decline in Unit Transaction Costs
Hedge Fund Managers and Other Speculators
We Can’t Say We Weren’t Warned
The Wisdom of John Maynard Keynes
Speculation Will Crowd Out Investment
Creating Value versus Subtracting Value
Restoring Balance in Our Investment Sector
Tax Policies and Financial Transactions
The Goal: Stewardship Capitalism
Chapter 2: The Double-Agency Society and the Happy Conspiracy
The Development of the Double-Agency Society
Agency Costs and Managerial Behavior
The Creation of Corporate Value
Time Horizons and the Sources of Investment Return
“Short-Termism” and Managed Earnings
The Failure of the Gatekeepers
Chapter 3: The Silence of the Funds
Why Mutual Funds Are Passive Participants in Corporate Governance
Mobilizing Institutional Investors
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