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What do shareholders ‘own’?

Published: 8 February 2016

During a recent roundtable, I was startled when a participant brought me a recentFinancial Times (Nov. 10, 2015) article, titled “Shareholders think they own the company – they are wrong,” subtitle elaborating “So whose is the business? No one’s, just like the river Thames.” Eh?

If this article appeared in a negligible media, I would not have bothered wasting a minute on it. But thatFinancial Times, that many consider the best international newspaper – which in many respects it is (perhaps together with theWall Street Journal),published it, presumably passing some editorial control, requires a response, participants told me. After all, the issue the article raises is not matter of opinion and freedom of speech, but just knowing the facts. And important ones – since discussing how to regulate and tax corporations are daily front page news.

...Reuven Brennerholds the Repap Chair at 91˿Ƶ’s Desautels Faculty of Management. The article draws on his last books, Force of Finance and World of Chance.

Read full article: , 3 February, 2016

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