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Top managers. The two sets of ideas obviously cover overlapping issues. Managers, like academics, have different mental backgrounds, are trained in different disciplines, and are experienced in different specialisms. Some will be familiar with the language of economics, some unfamiliar. The same applies no doubt to the languages of marketing, accounting, finance, and many others. The book should be helpful to all who have an interest in strategy, but it may well be that some parts of it will make more sense to some readers than to others.

Sternberg (1994). Theoretically there is no conflict in an efficient financial market, because the discount factor applied by that market will resolve the tradeoff between near-term and longerterm returns. The question has been raised whether financial markets are in fact efficient enough to do this. 1 argue that market efficiency is not the real financial issue. In any case, there is also the question whether managers and others perceive financial markets as overvaluing the short term. For a discussion of the ‘short-termist’ controversy, see Marsh (1990).

A shareholder who held 10 shares worth $1000 each, a total value of $10 000, may after the merger hold 20 shares worth $500 each in the same company, or 40 shares worth $250 each in some other company. In both cases the value of the shareholder’s investment is unchanged by the event, but in the first case (20 shares in the same company at a price of $500) the share price has halved. Throughout this illustration taxes have for the sake of simplicity been ignored. What it directly measures is of course the cyclicality of a given company’s share price relative to the index of the entire stockmarket; in other words, what is measured is strictly a financial market phenomenon which serves as a proxy for a phenomenon in the market for what a business sells.

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