Why have stock prices risen sharply despite this massive sell-off? Because there has been one huge buyer-corporations themselves. Over the last five years, they have been net sellers of more than $500 billion of common stock, 38 % of their holdings at the beginning of 1984. Households have been liquidating their direct holdings and indirect positions (through channels like mutual funds) at an unprecedented rate. By the turn of the century, the primacy of public stock ownership in the United States may have all but disappeared. This forecast may be fanciful (short-term trends never persist), but the basic direction is clear. The last share of publicly traded common stock owned by an individual will be sold in the year 2003, if current trends persist. 1 (See the insert, “The Privatization of Equity.”) Finally, households are sharply reducing their stock holdings. Meanwhile, in every year since 1983, at least 5 % of the outstanding value of corporate equity has disappeared through stock repurchases, takeovers, and going-private transactions. Private placements of debt and equity now account for more than 40 % of annual corporate financings. But newly acquired capital comes increasingly from private placements, which have expanded more than ten times since 1980, to a rate of $200 billion in 1988.
The total market value of equity in publicly held companies has tripled over the past decade-from $1 trillion in 1979 to more than $3 trillion in 1989. The capital markets are in transition.companies of the mid-1960s and early 1970s-an era of gross corporate waste and mismanagement that triggered the organizational transformation now under way in the United States.Ĭonsider these developments in the 1980s: The governance and financial structures of Japan’s public companies increasingly resemble U.S. economic performance relative to our most formidable international competitor, Japan, whose companies are moving in the opposite direction. Over the long term, they will enhance U.S. By resolving the central weakness of the public corporation-the conflict between owners and managers over the control and use of corporate resources-these new organizations are making remarkable gains in operating efficiency, employee productivity, and shareholder value. Change is threatening in this case, the threat is aimed at the senior executives of many of our largest companies.ĭespite the protests, this organizational innovation should be encouraged.
These transactions have inspired criticism, even outrage, among many business leaders and government officials, who have called for regulatory and legislative restrictions. Takeovers, corporate breakups, divisional spin-offs, leveraged buyouts, and going-private transactions are the most visible manifestations of a massive organizational change in the economy. Their primary owners are not households but large institutions and entrepreneurs that designate agents to manage and monitor on their behalf and bind those agents with large equity interests and contracts governing the use and distribution of cash. These organizations use public and private debt, rather than public equity, as their major source of capital. The adhesion ingredient is present in an amount that is effective for enabling the powder formulation to adhere to a plant leaf or seed.New organizations are emerging in its place-organizations that are corporate in form but have no public shareholders and are not listed or traded on organized exchanges. The anticaking agent is present in an amount that is effective for enabling the powder formulation to be re-suspendable in water. The dispersant is present in an amount that is effective for enabling the powder formulation to be dispersible in cold water. The wetting agent is present in an amount that is effective for enabling the powder formulation to be wettable by cold water.
The powder formulations comprise an active ingredient, a wetting agent, a dispersant, an anticaking agent, and an adhesion ingredient selected from the group consisting of a sodium salt of a polyacrylic acid, a sodium salt of maleic acid/acrylic acid copolymer, polyvinyl pyrrolidone, an alkylated polyvinyl pyrrolidone, and mixtures thereof. Abstract: Water-dispersible powder formulations used in connection with seed treatment and foliar treatment of plants provide excellent dust and rub-off control.
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