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[People & Ideas] 新商业阅读第三期: Blue Ocean Leadership [复制链接]

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发表于 2015-6-7 02:26:30 |显示全部楼层

Activist Investor (Activist Shareholders) 激进收购者

Structure of the article:
The challenge;
The danger;
The response(What to do before active investors buy your company and demand for changes);

Knowledge of the article:
1. Active investor (active shareholder)
An activist shareholder uses an equity stake in a corporation to put public pressure on its management. The goals of activist shareholders range from financial (increase of shareholder value through changes in corporate policy, financing structure, cost cutting, etc.) to non-financial (disinvestment from particular countries, adoption of environmentally friendly policies, etc.)

Notable activist investors
Bill Ackman 家族:
an American hedge fund manager and philanthropist. He is the founder and CEO of Pershing Square Capital Management LP, a hedge fund management company.He considers himself an activist investor.

2. spin off Vs. spin-off
spin-off: n. side product;
spin off: v. to spin off a company means to create a new company that is sperated from the original company

3. synergy:
if there is a synergy between two or more organizations/groups, they are more successful when they work together than work seperately
-> synergic effect

4. Proxy battles:
A proxy fight or proxy battle is an event that may occur when a corporation's stockholders develop opposition to some aspect of the corporate governance, often focusing on directorial and management positions. Corporate activists may attempt to persuade shareholders to use their proxy votes (i.e., votes by one individual or institution as the authorized representative of another) to install new management for any of a variety of reasons. Shareholders of a public corporation may appoint an agent to attend shareholder meetings and vote on their behalf. That agent is the shareholder's proxy.

5. franchise:
a. authorization to sell a company's goods/services; (=dealership)
b. privilage granted to a person/group (especially for vote)

6. Company raider;

7. Same-store sales
is a business term which refers to the difference in revenue generated by a retail chain's existing outlets over a certain period (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year.[1] By comparing sales data from existing outlets (that is, by excluding new outlets or outlets which have since closed), the comparison is like-to-like, and avoids comparing data that are fundamentally incomparable. This financial and operational metric is expressed as a percentage.



Linkage to my daily work & personal experience
1. Activist Investors Vs. Hunters
The best defense against an activist investor is consistent performance that realizes the company's stated goals; anything else makes the company volnerable.
                                                                                                   -- J.C. Penney

Although the topic of the article is a bit of far from my current job position, as it is more for the upper management or even CEOs, but it remindes me of the hunters in the job market and in our career life.

In economy active period, a experienced professional may recieve calls from hunters each week. Hunters, sometimes referred as opportunity provider, are not treated rudely even during cold calls. But is easy for people to be attempted.

Career goal, just like corporate strategy, is the outline that guarantee a clear and coherent development. To aviod being allured by hunters, and even make use of them as your stepping stones, a clear strategic career focus and sticking to it is a must.

2. Activist Investors Vs. Expats
I belive in running in running the company for shareholders that are going to stay, rather than the ones that are going to leave.
                                                                                                   -- Warren Buffett

To measure the success or faliur of a multinational company in a perticular market, the stage of management localization is a indicator. Expats, just like active investors are generally smart people, but they usually "cash out their holdings" shortly after their demands are satisfied, They rarely do things beneficial to the corporation in a long run.
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