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The Value creation imperative: a user guide for managers in the new world

Author: Kaiser, Kevin INSEAD Area: Finance Series: Working Paper ; 2009/53/FIN Publisher: Fontainebleau : INSEAD, 2009.Language: EnglishType of document: INSEAD Working Paper Online Access: Click here Abstract: Approximately 400 years ago, a new trend began which would eventually transfer the ownership of the world’s resources away from the remarkably small number of individuals who owned them then, comprised primarily of a few monarchs/dictators who were ruthless and brutal in their treatment of each other and of the people living in their countries, to those very people who were so badly treated under those regimes. This shift required the development of the global capital market which was the mechanism through which the world’s people gradually acquired ownership of the world’s resources. The first publicly traded company was the Dutch Vereinigte Oostindische Compaignie (VOC), whose first shares were issued on September 27, 1606 (shown in graphic). As of 2008, we are in the early stages of this transition, however already well more than a billion of the world’s people own the world’s resources through the publicly traded companies’ shares and debts, and the publicly traded banks and financial institutions, via direct investment or via indirect investment through mutual funds, pension funds, etc. Why has this shift occurred? How has it occurred? Who helped it to occur? What are the implications for the managers of the world’s companies? In order to better understand the nature and implications of this transition, it is important to understand who is behind it and why it is happening. As the people of the world, we aren’t deciding to take ownership simply to realize the benefits of ownership. To understand the forces behind this we need to consider the roles of the different participants.
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Approximately 400 years ago, a new trend began which would eventually transfer the ownership of the world’s resources away from the remarkably small number of individuals who owned them then, comprised primarily of a few monarchs/dictators who were ruthless and brutal in their treatment of each other and of the people living in their countries, to those very people who were so badly treated under those regimes. This shift required the development of the global capital market which was the mechanism through which the world’s people gradually acquired ownership of the world’s resources. The first publicly traded company was the Dutch Vereinigte Oostindische Compaignie (VOC), whose first shares were issued on September 27, 1606 (shown in graphic). As of 2008, we are in the early stages of this transition, however already well more than a billion of the world’s people own the world’s resources through the publicly traded companies’ shares and debts, and the publicly traded banks and financial institutions, via direct investment or via indirect investment through mutual funds, pension funds, etc. Why has this shift occurred? How has it occurred? Who helped it to occur? What are the implications for the managers of the world’s companies? In order to better understand the nature and implications of this transition, it is important to understand who is behind it and why it is happening. As the people of the world, we aren’t deciding to take ownership simply to realize the benefits of ownership. To understand the forces behind this we need to consider the roles of the different participants.

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