ESG Archive

Dec 01, 1996
It's easy to write off stock splits as a ploy aimed merely at attracting small-time retail investors who, it seems, would rather buy a parcel of 100 stocks of low denomination than 50 stocks of twice that denomination. Similarly, giving existing holders 200 shares, say, in place of the 100 they held before apparently really does make some of them, at least, feel better off. Even though the total cost and value remain the same. But can this really be true? Sure...
Read more
Dec 01, 1996
Winston Churchill once illustrated the comparatives, bad, worse, worst, with a parallel, 'lies, damned lies and statistics.' I was reminded of this recently while wandering in the rocky hills of Yemen where, at first glance, you'd suspect that some dietary deficiency afflicted the locals with physical disfigurement. You can accept that no well-dressed tribesmen would be seen dead without a phallic rhino-horn handled knife in his belt and an AK47 on his shoulder...
Read more
Dec 01, 1996
'I believe the US equity market is currently fully-priced,' says Rusty Page. 'And it's looking for a reason to correct.' Page is an independent North Carolina-based IR consultant with some 23 years in the profession. Like many other leading commentators, he thinks that the long bull run cannot be sustained for much longer and that a 'correction' if not a crash is in the cards some time soon - possibly after a rate rise: 'Hopefully it will be a series of manageab...
Read more
Dec 01, 1996
A year is not a long time in the shifting sands of corporate governance. So the Archer Daniels Midland Company's continuing odyssey from antediluvian fief to model for the millennium is a near phenomenon. But just what kind of phenomenon remains an open question. Facing down a torrent of pressure from America's heavyweight shareholder activists since getting nabbed for price-fixing in June 1995, ADM has studied its governance framework and instituted reforms. Progre...
Read more
Dec 01, 1996
'Corporate governance has become so important that it should be dealt with as an integral part of the management of a company. It now deserves the attention of the entire board. ' So says John Wilcox, chairman of Georgeson. Although others might not be quite so enthusiastic, corporate governance has become a fact of life for most companies. The current wave of best practice measures may have originated in the US, but the principles are now being exported to ca...
Read more
Oct 01, 1996
So which would be worse,' I asked Bill. 'The New York Stock Exchange leaving Wall Street or the Yankees leaving the Bronx?' My paper had run stories on both that morning and it seemed reasonable to ask Bill since he was both a broker and a baseball fan. 'What Steinbrenner does with the Yankees, who can say,' he replied. 'But the exchange will stay downtown, even if it moves from Broad Street and Wall.' I wondered if the growing tendency to refer to the marble ...
Read more
Oct 01, 1996
Scandinavia is mobile telephone land. Nowhere is that more evident than in the affluent streets of Stockholm. Every other conversation is interrupted by a muted ring followed by the all too familiar frantic scramble in pocket or bag. Ericsson and Nokia have the local populace hooked on staying in touch. The Swedes may be good communicators in one sense, but they are not famed for their openness in another field. Investor relations still has to really make its ...
Read more
Oct 01, 1996
Snapple, the once-trendy iced tea drink, has turned out to be a bit of a downer for Quaker Oats. Since Quaker acquired it for $1.7 bn in 1994, the brand has lost both money and market share. So, as might be expected in the mid-90s, Quaker is considering disposing of it by spinning Snapple off into a separate entity. If Snapple is in trouble with giant Quaker Oats behind it, and if no potential acquirer wants it at what Quaker would consider a reasonable price,...
Read more
Oct 01, 1996
When Peter Neyev travelled from Moscow to the floor of the New York Stock Exchange two years ago, the IR director of Lukoil already knew what he wanted for his company: a Big Board listing. Even then Neyev hoped Lukoil would become the first Russian company to trade on the most prestigious stock market in the world. After several more roadshows, and extensive paper wrangling with the Securities & Exchange Commission, Neyev's dream looks like becoming reality. Luk...
Read more
Oct 01, 1996
When Homer and his pals wanted to remember long epics without the benefit of a Psion organiser, they used a sort of low-technology word-processing. Zeus's wife Hera was always cow-eyed, Odysseus was always wily, and the sea was always wine-dark. From which we deduce that pollution has done wonders to the hue of the Mediterranean, or that the guys were drinking some murkily noxious home-brew while on their extended vacation at that prototype Club Med on the beaches of...
Read more
logo-black logo-black
Loading