哈佛商学院 何时该听激进投资者的话

如今,当你管理的公司的业绩不理想时,对冲基金（资本市场里最常见的激进投资者）很可能会对你施加压力,要求你改变战略方向。我们的建议是,你不一定要听他们的话。     

Trust and Stakeholder Theory: Trustworthiness in the Organisation–Stakeholder Relationship

Trust is a fundamental aspect of the moral treatment of stakeholders within the organization–stakeholder relationship. Stakeholders trust the organization to return benefit or protections from harm commensurate with their contributions or stakes. However, in many situations, the firm holds greater power than the stakeholder and therefore cannot necessarily be trusted to return the aforementioned duty to the stakeholder. Stakeholders must therefore rely on the trustworthiness of the organization to fulfill obligations in accordance to Phillips’ principle of fairness (Business Ethics Quarterly 7(1), 1997, 51–66), particularly where low-power stakeholders may not be fully consenting (Van Buren III, Business Ethics Quarterly 11(3), 2001, 481–499). The construct of organizational trustworthiness developed herewith is presented as a possible solution to the problem of unfairness in organization–stakeholder relations. While organizational trustworthiness does not create an ethical obligation where none existed before, stakeholders who lack power will likely be treated fairly when organizational trustworthiness is present.     

SOCIAL CHANGE: THE SEXUAL REVOLUTION*

In 1900 only 6% of unwed teenage females engaged in premarital sex. Now, three quarters do. The sexual revolution is studied here using an equilibrium matching model, where the costs of premarital sex fall over time due to technological improvement in contraceptives. Individuals differ in their desire for sex. Given this, people tend to circulate in social groups where prospective partners share their views on premarital sex. To the extent that society's customs and mores reflect the aggregation of decentralized decision making by its members, shifts in the economic environment may induce changes in what is perceived as culture.     

Reinventing Macau tourism: gambling on creativity?

The paper identifies some major economic, social and environmental effects of gaming-related tourism in Macau, the world’s largest gaming location in respect of casino turnover. The main types of effects of casino development are typically those associated with growth machine theory. The paper also identifies major threats to the sustainable development of Macau as a gaming/tourism destination, arising from a narrow industrial base, competing destinations, community alienation, and what is referred to as the ‘China factor’. The paper discusses the types of strategies that are required if Macau tourism is to counter these threats and develop successfully as a ‘World Centre of Tourism and Leisure’. It is argued that Macau can most effectively achieve this goal if it develops its tourism and gaming industries to be consistent with the key attributes of a creative city.