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20120906 <第四期7-5经管> The Twilight of the Public Corporation
contend [k?n'tend] vt. 主张;为...斗争 Public corporations have also become less public. Professor Davis contends that share ownership has become heavily concentrated through mutual funds, such as Fidelity, which he says now holds significant blocks of 10 percent to 15 percent in many large companies.
overshadow [,?uv?'?æd?u] vt. 使失色;夺去…的光彩 proprietor [pr?'prai?t?] n. 业主;、经营者 Even Fidelity’s role is overshadowed by BlackRock, proprietor of iShares Exchange Traded Funds, which, Professor Davis estimates, was the single largest shareholder in one out of five corporations in the United States in 2011.
incentive [in'sentiv] n. 动机;刺激 The incentives to “go public” are smaller than they once were, because the rise of private equity firms and hedge funds has made it easier to raise money outside the stock market.
viability [,vai?'biliti] n. 生存能力 The California Public Employees Retirement System, a major pension fund investor, is now campaigning strongly against dual-class shares, threatening the viability of that strategy for maintaining minority control.
dislodge [dis'l?d?] vt. 逐出,驱逐 They were unable to dislodge the company’s chief executive, because the Walton family stood behind him with their substantial voting shares.
disillusionment [d?s?'lu??(?)nm(?)nt] n. 幻灭;醒悟 Shareholder activism itself reflects a growing disillusionment on the part of individual investors, many of whom have quietly fled the stock market.
burgeon ['b?:d??n] v. 萌芽 Net investments in mutual funds, variable annuities, exchange-traded funds, and closed-end funds burgeoned between 2001 and 2007 only to sag in the wake of the Great Recession.
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