TAILIEUCHUNG - Microeconomics for MBAs 46

Microeconomics for MBAs 46. The Economic Way of Thinking for Managers. Microeconomics for MBAs develops the economic way of thinking through problems that MBA students will find relevant to their career goals. Maths is kept simple and the theory is illustrated with real-life scenarios | Chapter 13 Imperfect Competition and Firm Strategy 26 Consider a decision facing you as a manager on whether to commit to an expensive research and development project that will reduce profits over the near term but which is expected to more than offset this loss with higher profits in the future. Should you be fearful that investing in this project will because of the reduction in current profits drive the price of your stock down making your corporation more vulnerable to a hostile takeover The answer is probably no especially if your estimate of the long-run profitability of the R D project is correct. There are two good reasons for believing this. First the obvious fact that price-earnings ratios vary widely between different stocks provides compelling evidence that stock prices reflect more than current profits. Second studies indicate that a corporation s stock price generally increases when the corporation announces increased spending on investment and generally decreases when a reduction in investment spending is A study by Brownyn Hall found that over the period 1976-85 the firms taken over by other firms did not have a higher R D to sales ratio than did firms in the same industry that were not taken There is no reason for managers to become short sighted because of the threat of a hostile takeover. Indeed the best protection against a takeover hostile or otherwise is to make decisions that increase the long-run profitability of the corporation even if those decisions temporarily reduce profits. What about the fact that once a corporation is taken over it is sometimes broken up as the acquiring firm sells off divisions often profitable divisions Isn t this disruptive and inefficient There is no doubt that takeovers are disruptive particularly when they result in parts of the acquired firm being spun off. But disruption is not necessarily inefficient. Indeed any economy that hopes to be efficient has to motivate rapid responses to .

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