Tag Archives | Yvan Allaire

Yvan Allaire: World Economic Forum, Davos 2010

There is a Chinese proverb that says He who knows he has enough is rich; but the modern Western version of the saying seems to be: One never has enough; I deserve more; or There is always someone who has more.

Over the last years, we have built a system of incentives and motives so powerful that it overwhelmed values. Ethics is the resistance of values under pressure. But there is a breaking point. Enough pressure will grind values down. Heroes and saints do what they think is right whatever the costs and consequences for them. Most mortals, mes semblables, mes frères, dirait Baudelaire, are suspended in webs of motives and meanings they themselves have spun. We must understand how we have come to spin this web and learn to spin a new one. Continue Reading →

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Yvan Allaire: Shareholder Activism & Long-Term Value

Dr. Yvan Allaire

Dr. Yvan Allaire

In case you missed it last weekend, Donna Dabney, Executive Director of the Governance Center at The Conference Board posted this November 14th presentation by  Dr. Yvan Allaire presented at the Annual Meeting of The Conference Board Governance Center. His talk was titled Do activist interventions create long term shareholder value?

Allaire reviews a lot of studies and basically disputes the contention that activist interventions lead to long-term shareholder value. While I find his arguments compelling, what we really need in research going forward is much more nuanced than what his overview provides. Yes, I yield to the point that most shareholder activism doesn’t move in the direction I would like. For example, transferring wealth from employees and debt holders to shareholders only aggravates wealth disparity. Agreed – reducing cash, investment and R&D seem more likely to the hurt long-run prospects of a company. Continue Reading →

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