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P2JW322000-6-A00100-17FFFF5178F ****** TUESDAY,NOVEMBER 17,2020~VOL. CCLXXVI NO.118 WSJ.com HHHH $4.00 DJIA 29950.44 À 470.63 1.6% NASDAQ 11924.13 À 0.8% STOXX 600 389.74 À 1.2% 10-YR. TREAS. g 4/32 , yield 0.906% OIL $41.34 À $1.21 GOLD $1,887.30 À $1.60 EURO $1.1854 YEN 104.57 Hurricane Iota Makes Landfall in Battered Nicaragua Moderna What’s News Says Its Vaccine Business&Finance Is 94.5% irbnb unveiled paper- Awork forits IPO,show- ing the home-sharing giant Effective turned aprofitinthe third quarter afterthe pandemic forced it to overhaul its If safetydatahold up, businessand shed costs. A1 the company’sCovid-19 SEC chief Clayton will step down at the end of the shotcould get federal year,opening the door for green lightnextmonth Democratstopush fora moreaggressiveapproach BY PETER lOFTUS to regulating Wall Street. A1 A third GOP senator Moderna Inc.said itsexper- said he would oppose the imental coronavirus vaccine confirmation of Shelton to was94.5% effectiveatprotect- the Fed’sboardofgover- GES ing people from Covid-19 in an nors, setting up aclose vote IMA early look at pivotal study re- as soon as this week. A2 sults, the second vaccine to hit GETTY akey milestoneinU.S.testing. The Dow and S&P 500 Ninety-fivepeople in a rose 1.6% and 1.2%, respec- LENZUELA/ 30,000-subject study devel- tively, both closing the VA oped Covid-19 with symptoms; session at records. The of those,90had received a Nasdaq gained 0.8%. B10 YNOR placeboand only five Mod- MA Tesla will be added to TO SHELTER:VillagersinPuerto Cabezas,Nicaragua, helpedawoman evacuate in preparation forHurricane Iota.The storm, erna’s vaccine. the S&P 500 indexonDec. with winds near 155mph, made landfall Mondaynight,the second Category 4hurricane to hit the area in twoweeks.A9 Thefindingsmovethe vac- 21, marking amilestone cine closer to wide use be- forthe Silicon Valley elec- cause they indicateitiseffec- tric-vehicle maker. B1 tiveatpreventing disease that causes symptoms,including Gregg Lemkau, one of severe cases. The trial is still Goldman’s top deal mak- Airbnb Turns Deep Cutbacks under way. ers, is leaving to ruN the Thevaccine also showed investment firm started by signs of being safe, though re- tech tycoon Michael Dell. B1 searchersand regulatorsmust Walmart sold most of its Into a Profit Ahead of IPO wait formore-completesafety stakeinJapanese supermar- datafromthe study,expected ketchain SeiyutoKKR,con- later in November.Moderna tinuing itsretreat from slow- said it plans to ask federal growing global marketsiN BY PREETIKA RANA the same period ayear earlier, lier period, underscoring the drop in demand. But then cus- health authorities by early De- favorofe-commerce bets. B1 AND MAUREEN FARRELL as thepandemic continued to toll of the health crisis.Reve- tomers, some newly able to cember to clear the vaccine. hurt bookings. But deep cost nue dropped 32% over the nine- work remotely,started turning If greenlighted, the shot Buffett’sBerkshire re- Airbnb Inc.unveiled paper- cuts, combined with an uptick month period. to Airbnb over hotels to escape could go intodistribution that cently made newinvest- work forits initial public offer- in revenue from previous quar- Thehome-sharing platform’s from cities or take amanage- month, making it one of the mentsinsome of the big ing on Monday, showing the ters,still led it to post aprofit ability to resuscitatetoprofit- able vacation. firstCovid-19 vaccines to go pharmaceutical firms chas- home-sharing giant turned a of $219 million. TheWall Street ability and proceed with apub- Airbnb cautioned, however, intodistribution in the U.S., ing aCovid-19 vaccine. B1 profit in the thirdquarter after Journal reported last month lic offering shows howunpre- that arecent surge in Covid-19 where reported coronavirus Home Depot agreed to the coronavirus pandemic that Airbnb would be profitable dictable—and yetultimately infections in Europe could PleaseturntopageA8 acquire wholesale distrib- forced it to overhaul itsbusi- during the period. navigable—this year has proved damp itsprospectsfor the utor HD Supply for about ness and shed costs. Airbnb lost $697 million forsome companies.When the fourth quarter. Biden says transition delays $8.7 billion, reuniting with Thecompany’srevenue for through the firstnine months pandemic firstgripped China Airbnb’sfiling comes afew hinder response to virus..... A4 a unit it sold in 2007. B3 the three months ended Sept. of the year,morethan twiceas and then the world, travel firms days afterDoorDash Inc.’s IPO U.S. sets record for Covid-19 30 fell 18% to $1.34 billion from much as it lost in the year-ear- such as Airbnb faced adrastic PleaseturntopageA2 hospitalizations......................... A7 World-Wide Record Climb Moderna said itsexper- SECBoss’s imental coronavirus vac- Nears 30000 ‘Predatoryand Opportunistic’: cine was94.5% effectiveat protecting people from Exit Makes The Dowindustrials rose to a Covid-19 in an early look at newhigh Mondayonupbeat Southwest Seizes the Moment pivotal study results, the data from avaccine study. B10 second vaccine to hit akey Wayfor milestone in U.S. testing. A1 Dowindustrials,Monday TheU.S.reported more No-frills airline is expanding into new cities as rivals struggle than amillion coronavirus RulesPush 30000 infections in the past week, including morethan 133,000 BY ALISON SIDER commercial officer. “You could wait till 29900 on Sunday, as the national BY PAUl KIERNAN Covid is over. But that’s far too long.” totalsurpassed 11 million. A7 AND DAVE MICHAELS The pandemic is forcing many airlines to Through its history, Southwest has leapt defend their turf. Southwest is using it to in- at opportunities to encroach on rivals’ terri- Biden said delays to his 29800 presidential transition could WASHINGTON—Securities vade. tory when they were struggling. If successful and ExchangeCommission Even as air travel languished in this fall, this time, it would be a prime example how hinder the government re- Chairman JayClayton will Southwest Airlines Co. executives fanned out some U.S. companies, taking advantage of sponse to the pandemic,ashe 29700 RECORD CLOSE step down at theend of the to cities from Palm Springs, Calif., to Sara- the carnage around them, caN come out of sought to coordinatewith busi- year,opening the door for 29950.44 sota, Fla., to scope out potential new mar- crises stronger. nessand labor leadersahead Democratstopush foramore +470.63 (1.6%) kets. The airline is adding four more cities to Southwest’s bet this time is particularly of his newadministration. A4 29600 aggressiveapproach to regula- its network this year and announced plans striking, as the Covid-19 pandemic is leaving Trump is expected to order tion of Wall Street. for six more in 2021. And it’s looking for no airline unscathed. United Airlines Hold- the Pentagon to pull more His departure, made public 29500 more. It hasn’t added airports this quickly ingsInc., American Airlines Group Inc. and forcesfromIraqand Afghani- on Monday, is the latest in a since integrating with AirTran Holdings, Delta Air Lines Inc. have together lost $23.5 stan, defying manyRepubli- wave of expected exitsatfed- 9:30 noon 4 which it bought in 2011. billion this year through September. South- cans who believeaprecipitous eral regulatorsaspower Source:FactSet “It sounds risky to go open a bunch of west has lost $2.2 billion in the period, on withdrawalwould amount changes hands in Washington. new cities, but the alternative is worse,” track to break a 47-year profitability streak, to astrategic stumble. A9 Mr.Clayton, 54 yearsold, said says Andrew Watterson, Southwest’s chief PleaseturntopageA10 Thepresident on Thursday he intends to remain activeoN asked advisersabout poten- the commission until the end tial militaryoptions forstrik- of the year. Silent Meditation Retreats Move ing an Iranian nuclear site Mr.Clayton, alongtime cor- afteraU.N.agencysaid Teh- poratedeals lawyer at Sullivan Home—and Real Life Intrudes ranhad expanded itssupply &Cromwell LLC and apolitical of low-enriched uranium. A9 independent, wasnominated iii TheTrump administration by President Trump in 2017. He pursued an activeenforcement is taking the final steps to se- Emails, children and demanding dogs agenda that included cases cureoil development in the Arctic wildliferefuge, start- against Silicon Valley biotech shatter serenity of pandemic versions ing aleasing processto startup Theranos Inc.and auto maker Tesla Inc.Asaregula- BY lESLIE BRODY theirinwardjourneys. Now, strikedeals with drillers. A3 tor, he focused on making it zenning out at home canpres- HurricaneIotaslammed easier forcompanies to raise Frazzled by adaily diet of ent a far bigger challenge. No intonortheastern Nicaragua capital—even if that meant by- coronavirus stressand divisive idle chitchat with family mem- on Mondaynight as adan- passing the public markets politics,TruettDavis signed bers. No alcohol. No sex. No gerous Category4storm. A9 that the commission polices. up foraweeklong silent re- Netflix. “The guyisamoderateby treat. Mr.Davis made it easier for Peru’s congresschose nature, and that’sthe way I Unplugging from life in a himself by driving 500 miles lawmaker FranciscoSa- gasti as caretakerpresident think he has conducted himself serene forest or mountain- away and hunkering down in hopes of ending a deep- at theSEC,” said Hal Scott, a side refuge,though, in an unoccupied house professor at HarvardLaw wasn’t an option during owned by his parents. ening political crisis. A9 School.“Theoverall system of the pandemic.“I’ll be He predicted one of the securities regulation has to do sitting in front of my tough partswould be to The cloud CONTENTS Opinion.............. A15-17 with disclosures, and enforce- Zoom camerawith avoid belting out tunes Arts in Review... A13 Personal Journal A11-12 BusinessNewsB3-4,6 Sports....................... A14 ment, and making surewedon’t my eyes closed,” in the shower. “I Capital Journal...... A4 Technology............... B5 have insider trading,and those said Mr.Davis,a didn’t cheat,” he Crossword.............
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  • The Effect of FOMO on Stakeholder Enrollment

    The Effect of FOMO on Stakeholder Enrollment

    The Effect of FOMO on Stakeholder Enrollment Susan L. Young, PhD Kennesaw State University Kennesaw, GA Ph: 470-578-4536 [email protected] Birton Cowden, PhD Kennesaw State University Kennesaw, GA Ph: 470-578-36781 [email protected] 1 The Effect of FOMO on Stakeholder Enrollment Abstract Stakeholder theory suggests dishonest ventures would struggle with stakeholder enrollment, limiting resource access and ultimately failing. Yet cases exist where amoral entrepreneurs do enroll stakeholders through deceit. We propose “fear of missing out” on an opportunity facilitates enrollment by encouraging stakeholder acceptance of information asymmetry. To illustrate we use exemplar Theranos: a biotech firm which convinced stakeholders it would revolutionize healthcare, rising to a $10 billion valuation through 15 years of sustained deceit. We contribute to theory by demonstrating the dark side of stakeholder enrollment, where opportunism increases venture power over stakeholders, and deceit can endure long past start up. Keywords: stakeholder theory, stakeholder enrollment, entrepreneurial deceit, fear of missing out, legitimacy 2 The Effect of FOMO on Stakeholder Enrollment “Theranos had demonstrated a commitment to investing in and developing technologies that can make a difference in people’s lives, including for the severely wounded and ill. I had quickly seen tremendous potential in the technologies Theranos develops, and I have the greatest respect for the company’s mission and integrity.” (Johnson, 2015) — 4-star General Jim Mattis, U.S. Marine Corps, Retired U.S. Secretary of Defense, 2017-2019 The Securities and Exchange Commission today charged Silicon Valley-based private company Theranos Inc., its founder and CEO Elizabeth Holmes, and its former President Ramesh “Sunny” Balwani with raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance.