TAILIEUCHUNG - SHAREHOLDER VALUE MAXIMISATION, STOCK MARKET AND NEW TECHNOLOGY: SHOULD THE US CORPORATE MODEL BE THE UNIVERSAL STANDARD?

Another type of lock —— a rim deadbolt —— that can be mounted to the inside surface of an entry door can also be used. Such locks will perform well under a forced entry attack, if they are properly selected. Some rim lock deadbolts actually interlock with the strike (a strike is the part of the lock installed on the door frame). This, in effect, physically interlocks the door to the frame thereby providing a substantial forced entry resistance, if the lock is mounted by carriage bolts (the kind of bolt with a smooth rounded head) and the strike is securely anchored with 3" or greater length. | SHAREHOLDER VALUE MAXIMISATION STOCK MARKET AND NEW TECHNOLOGY SHOULD THE US CORPORATE MODEL BE THE UNIVERSAL STANDARD Centre for Business Research University of Cambridge Working Paper No. 315 by Ajit Singh University of Cambridge Centre for Business Research and Faculty of Economics Cambridge CB3 9DD UK 0044 1223 350434 address for correspondence and Jack Glen IFC Ann Zammit South Centre Geneva Rafael De Hoyos University of Cambridge Alaka Singh University of Cambridge Bruce Weisse University of Cambridge September 2005 This Working Paper forms part of the CBR Research Programme on Corporate Governance Abstract In 1992 a blue-ribbon group of US economists led by Michael Porter concluded that the US stock market-based corporate model was misallocating resources and jeopardising US competitiveness. The faster growth of US economy since then and the supposed US lead in the spread of information technology has brought new legitimacy to the stock market and the corporate model which is being hailed as the universal standard. Two main conclusions of the analysis presented here are a there is no warrant for revising the blue-ribbon group s conclusion and b even US corporations let alone developing country ones would be better off not having stock market valuation as a corporate goal. JEL Classification G1 G3 Keywords Shareholder wealth Information technology Stock-market efficiency. Acknowledgements This is a revised version of the paper which was presented by Ajit Singh at the Allied Social Sciences Association Annual Meeting Philadelphia January 2005. The authors gratefully acknowledge the very helpful comments they received there as well as those they received from an anonymous referee for this journal. Further information about the Centre for Business Research can be found at the following address I. Introduction Stock market-based . corporate model and the new technology1 A little over ten years ago Michael Porter 1992

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