DOCSLIB.ORG

The Gordon Gekko Effect: the Role of Culture in the Financial Industry

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Gordon Gekko Effect: the Role of Culture in the Financial Industry Andrew W. Lo The Gordon Gekko Effect: The Role of Culture in the Financial Industry 1. Introduction what is now the Haas School of Business of the University of California at Berkeley. The speaker? Ivan Boesky, who In the 1987 Oliver Stone film Wall Street, Michael Douglas would be convicted just eighteen months later in an insider 1 delivered an Oscar-winning performance as financial “Master trading scandal. of the Universe” Gordon Gekko. An unabashedly greedy Millions of people saw Wall Street, and Gekko’s corporate raider, Gekko delivered a famous, frequently quoted monologue became part of popular culture. Hundreds, monologue in which he described the culture that has since perhaps thousands, of young people were inspired to go become a caricature of the financial industry: into finance as a result of Douglas’s performance. This dismayed Stanley Weiser, the co-writer of the screenplay, The point is, ladies and gentleman, that greed, for lack who met many of these young people for himself. As Weiser of a better word, is good. Greed is right, greed works. wrote in 2008 at the height of the financial crisis, “A typical Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms, example would be a business executive or a younger studio greed for life, for money, for love, knowledge, has development person spouting something that goes like this: marked the upward surge of mankind. And greed, you ‘The movie changed my life. Once I saw it I knew that I mark my words, will not only save Teldar Paper, but wanted to get into such and such business. I wanted to be like that other malfunctioning corporation called the USA. Gordon Gekko.’ . After so many encounters with Gekko Despite the notoriety of this encomium to enlightened 1 Bob Greene, “A $100 Million Idea: Use Greed for Good,” Chicago Tribune, self-interest, few people know that these words are based December 15, 1986; James Sterngold, “Boesky Sentenced to 3 Years in Jail on an actual commencement speech delivered in 1986 at in Insider Scandal,” New York Times, December 19, 1987. Andrew W. Lo is the Charles E. and Susan T. Harris Professor at the The author thanks Tobias Adrian, Brandon Becker, Chyhe Becker, MIT Sloan School of Management, director of the MIT Laboratory for Roland Bénabou, Natasha Burns, Jakob de Haan, Leigh Hafrey, Financial Engineering, and principal investigator at the MIT Computer Joseph Haubrich, Claire Hill, Ed Kane, Joseph Langsam, Hamid Mehran, Science and Artificial Intelligence Laboratory. Adair Morse, Christine Nolder, Antoinette Schoar, Tracy Wang, [email protected] seminar participants at Harvard Law School and the U.S. Securities and Exchange Commission, and participants at the October 2014 FAR meeting, the May 2015 Consortium for Systemic Risk Analytics, and the November 2015 Wharton Culture and Ethics Banking Workshop for helpful comments and discussions; and Jayna Cummings for editorial assistance. The views expressed in this article are those of the author and do not necessarily reflect the position of the Federal Reserve Bank of Ne w York or the Federal Reserve System. https://www.newyorkfed.org/research/author_disclosure/ad_epr_2016 _gordon-gekko-effect_lo.html. FRBNY Economic Policy Review / August 2016 17 admirers or wannabes, I wish I could go back and rewrite the definition is an important assumption that we shall revisit greed line to this: ‘Greed is good. But I’ve never seen a Brinks and challenge below—that culture is transmitted rather truck pull up to a cemetery.’”2 than innate—but that we will adopt temporarily for the What makes this phenomenon truly astonishing is that sake of exposition and argument. Gekko is not the hero of Wall Street—he is, in fact, the villain. A corporate culture exists as a subset of a larger culture, Moreover, Gekko fails in his villainous plot, thanks to his young with variations found specifically in that corporate entity. protégé-turned-hero, Bud Fox. The man whose words Weiser Again, there are multiple definitions. The organizational put into Gekko’s mouth, Ivan Boesky, later served several years theorists O’Reilly and Chatman define corporate culture in a federal penitentiary for his wrongdoings. Nevertheless, as “a system of shared values that define what is important, many young people decided to base their career choices on the and norms that define appropriate attitudes and behaviors screen depiction of a fictional villain whose most famous lines for organizational members” (O’Reilly and Chatman were taken from the words of a convict. Culture matters. 1996, 166), while Schein defines it in his classic text as “a This is a prime example of what I propose to call “the Gekko pattern of shared basic assumptions that was learned by a effect.” It is known that some cultural values are positively group . that has worked well enough to be considered correlated to better economic outcomes, perhaps through the valid and, therefore, to be taught to new members as the channel of mutual trust.3 Firms with stronger corporate cultures, correct way to perceive, think, and feel in relation to [the as self-reported in surveys, appear to perform better than those group’s] problems” (Schein 2004, 17). with weaker cultures, through the channel of behavioral consis- The key point here is that the distinctive assumptions tency, although this effect is diminished in a volatile environment and values of a corporate or organizational culture define (Gordon and DiTomaso 1992; Sørensen 2002). However, not the group. These assumptions and values will be shared all strong values are positive ones. The Gekko effect highlights within the culture, and they will be taught to newcomers the fact that some corporate cultures may transmit negative to the culture as the correct norms of behavior. People who values to their members in ways that make financial malfeasance lack these values and norms will not be members of the significantly more probable. To understand these channels and shared culture, even though they may occupy the appro- formulate remedies, we have to start by asking what culture is, priate position on the organizational chart. In fact, these how it emerges, and how it is shaped and transmitted over time outsiders may even be viewed as hostile to the values of the and across individuals and institutions. culture, a point to which we will return. It is clear from these definitions that corporate culture propagates itself less like an economic phenomenon—with individuals attempting to maximize some quantity through 2. What Is Culture? their behavior—and more like a biological phenomenon, such as the spread of an epidemic through a population. What do we mean when we talk about corporate culture? Gordon Gekko, then, can be considered the “patient There are, quite literally, hundreds of definitions of zero” of an epidemic of shared values (most of which are culture. In 1952, the anthropologists A.L. Kroeber and considered repugnant by the larger society, including Clyde Kluckhohn listed 164 definitions that had been Gekko’s creator). used in the field up to that time, and to this day we still do This biologically inspired model of corporate culture not have a singular definition of culture. This article does can be generalized further. Three factors will affect the not propose to solve that problem but merely to find a transmission of a corporate culture through a group: working definition to describe a phenomenon. Kroeber and the group’s leadership, analogous to the primary source Kluckhohn settled on the following: “Culture consists of of an infection; the group’s composition, analogous to a patterns, explicit and implicit, of and for behavior acquired population at risk; and the group’s environment, which and transmitted by symbols, constituting the distinctive shapes its response. The next sections will explore how the achievements of human groups, including their embod- transmission of values conducive to corporate failure might iments in artifacts” (Kroeber and Kluckhohn 1952, 35). occur, how such values emerge, and what can be done Embedded in this seemingly straightforward and intuitive to change them. 2 Stanley Weiser, “Repeat after Me: Greed Is Not Good,” Los Angeles Times, October 5, 2008. 3 For example, see Guiso, Sapienza, and Zingales (2006). 18 The Role of Culture in the Financial Industry 3. Values from the Top Down: volunteer “was reduced to a twitching, stuttering wreck, who Authority and Leadership was rapidly approaching a point of nervous collapse . yet he continued to respond to every word of the experimenter, and Who maintains the values of a corporate culture? Economics obeyed to the end.” Milgram’s volunteers were paid four dollars tells us that individuals respond to incentives—monetary plus carfare, worth about fifty dollars today. rewards and penalties. From this mercenary perspective, Even more notorious is the Stanford prison experiment, con- corporate culture is almost irrelevant to the financial realities ducted by the Stanford University psychologist Philip Zimbardo of risk and expected return. in 1971. In the two-week experiment conducted in the However, the other social sciences offer a different per- basement of the Stanford psychology department, Zimbardo spective. A corporate culture directs its employees through randomly assigned volunteers to the roles of guards and authority—sometimes called “leadership” in the corporate prisoners (Haney, Banks, and Zimbardo 1973a, b). Almost world—as much as through financial incentives, if not
Load more

Recommended publications
  • CIVIL SERVICES EXAMINATION Section
    u RAU’S IAS—UPSC Syllabus for Civil Services Exam u CIVIL SERVICES EXAMINATION Section - I Plan of Exam The Civil Services Examination comprises two successive stages : (i) Civil Services (Preliminary) Examinations (Objective Type) for the selection of candidates for Main Examination; and (ii) Civil Services (Main) Examination (Written and Interview) for the selection of candidates for the various services and posts. The Preliminary Examination will consist of two papers of Objective type (multiple choice questions) and carry a maximum of 450 marks [ General Studies - 150 marks and any one optional subject (out of 23 subjects) – 300 marks] in the subjects mentioned in Section II. There are four alternatives for the answer to every question. For each question for which a wrong answer has been given by the candidate, one- third (0.33) of the marks assigned to that question will be deducted as penalty. This examination is meant to serve as a screening test only; the marks obtained in the Preliminary Examination by the candidates who are declared qualified for admission to the Main Examination will not be counted for determining their final order of merit. The number of candidates to be admitted to the Main Examination will be about twelve to thirteen times the total approximate number of vacancies to be filled in the year in the various Services and Posts. Only those candidates who are declared by the Commission to have qualified in the Preliminary Examination in a year will be eligible for admission to the Main Examination of that year provided they are otherwise eligible for admission to the Main Examination.
    [Show full text]
  • Buddhism in America
    Buddhism in America The Columbia Contemporary American Religion Series Columbia Contemporary American Religion Series The United States is the birthplace of religious pluralism, and the spiritual landscape of contemporary America is as varied and complex as that of any country in the world. The books in this new series, written by leading scholars for students and general readers alike, fall into two categories: some of these well-crafted, thought-provoking portraits of the country’s major religious groups describe and explain particular religious practices and rituals, beliefs, and major challenges facing a given community today. Others explore current themes and topics in American religion that cut across denominational lines. The texts are supplemented with care- fully selected photographs and artwork, annotated bibliographies, con- cise profiles of important individuals, and chronologies of major events. — Roman Catholicism in America Islam in America . B UDDHISM in America Richard Hughes Seager C C Publishers Since New York Chichester, West Sussex Copyright © Columbia University Press All rights reserved Library of Congress Cataloging-in-Publication Data Seager, Richard Hughes. Buddhism in America / Richard Hughes Seager. p. cm. — (Columbia contemporary American religion series) Includes bibliographical references and index. ISBN ‒‒‒ — ISBN ‒‒‒ (pbk.) . Buddhism—United States. I. Title. II. Series. BQ.S .'—dc – Casebound editions of Columbia University Press books are printed on permanent and durable acid-free paper.
    [Show full text]
  • Ivan Boesky and the Mossad Arms Smuggling Connection
    Click here for Full Issue of EIR Volume 13, Number 48, December 5, 1986 Ivan Boesky and the Mossad arms smuggling connection by Joseph Brewda When Wall Street corporate raider Ivan Boesky was indicted Suisse and the Wall Street finn Merrill Lynch, moreover, for "insider trading," on Nov. 14, EIR's would-be journal­ which managed the sanctioned Mossad-NSC armssmuggling istic competitors insisted that Boesky was an "outsider," to Iran. whose spectacular criminalscams in no way typifiedstandard Wall Street practices. Despite the fact that Boesky's opera­ tions were dependent on a $1 billion-plus credit line from the elite Drexel Burnham investment house, and had the active cooperation of such powerful establishment firms as Merrill Lynch and First Boston Corporation, Boesky was repeatedly termed a "maverick." The insider trading One year earlier, these same media parroted similarly absurd claims by the U.S. State Department and Israeli gov­ system and 'Dope, Inc.' ernment that U.S. Naval intelligence employee Jonathan Jay Pollard was only acting as a "rogue operative," when he was The Securities and Exchange Commission can now prove, caught red-handed delivering U.S. classified documents to if it wants to, that Dennis B. Levine, late of Drexel Burn­ the Israeli embassy in Washington last November. ham Lambert, was merely doing his job in passing insider In fact, Mossad spy Jonathan Pollard and Ivan Boesky information to Ivan Boesky and other arbitrageurs. have much more in common than being victims of the stan­ Whether he knew he was doing his job, or merely thought dardintelligence-agency and banking-house trick of portray­ that he was cheating the house, is irrelevant, and might be ing one's captured underling as an "unsanctioned rogue." It impossible to determine.
    [Show full text]
  • English, French, and Spanish Colonies: a Comparison
    COLONIZATION AND SETTLEMENT (1585–1763) English, French, and Spanish Colonies: A Comparison THE HISTORY OF COLONIAL NORTH AMERICA centers other hand, enjoyed far more freedom and were able primarily around the struggle of England, France, and to govern themselves as long as they followed English Spain to gain control of the continent. Settlers law and were loyal to the king. In addition, unlike crossed the Atlantic for different reasons, and their France and Spain, England encouraged immigration governments took different approaches to their colo- from other nations, thus boosting its colonial popula- nizing efforts. These differences created both advan- tion. By 1763 the English had established dominance tages and disadvantages that profoundly affected the in North America, having defeated France and Spain New World’s fate. France and Spain, for instance, in the French and Indian War. However, those were governed by autocratic sovereigns whose rule regions that had been colonized by the French or was absolute; their colonists went to America as ser- Spanish would retain national characteristics that vants of the Crown. The English colonists, on the linger to this day. English Colonies French Colonies Spanish Colonies Settlements/Geography Most colonies established by royal char- First colonies were trading posts in Crown-sponsored conquests gained rich- ter. Earliest settlements were in Virginia Newfoundland; others followed in wake es for Spain and expanded its empire. and Massachusetts but soon spread all of exploration of the St. Lawrence valley, Most of the southern and southwestern along the Atlantic coast, from Maine to parts of Canada, and the Mississippi regions claimed, as well as sections of Georgia, and into the continent’s interior River.
    [Show full text]
  • Broadcasting Taste: a History of Film Talk, International Criticism, and English-Canadian Media a Thesis in the Department of Co
    Broadcasting Taste: A History of Film Talk, International Criticism, and English-Canadian Media A Thesis In the Department of Communication Studies Presented in Partial Fulfillment of the Requirements For the Degree of Doctor of Philosophy (Communication Studies) at Concordia University Montreal, Quebec, Canada December 2016 © Zoë Constantinides, 2016 CONCORDIA UNIVERSITY SCHOOL OF GRADUATE STUDIES This is to certify that the thesis prepared By: Zoë Constantinides Entitled: Broadcasting Taste: A History of Film Talk, International Criticism, and English- Canadian Media and submitted in partial fulfillment of the requirements for the degree of PhD in Communication Studies complies with the regulations of the University and meets the accepted standards with respect to originality and quality. Signed by the final examining committee: __________________________________________ Beverly Best Chair __________________________________________ Peter Urquhart External Examiner __________________________________________ Haidee Wasson External to Program __________________________________________ Monika Kin Gagnon Examiner __________________________________________ William Buxton Examiner __________________________________________ Charles R. Acland Thesis Supervisor Approved by __________________________________________ Yasmin Jiwani Graduate Program Director __________________________________________ André Roy Dean of Faculty Abstract Broadcasting Taste: A History of Film Talk, International Criticism, and English- Canadian Media Zoë Constantinides,
    [Show full text]
  • Colonial Theodicy and the Jesuit Ascetic Ideal in José De Acosta's
    chapter 6 Colonial Theodicy and the Jesuit Ascetic Ideal in José de Acosta’s Works on Spanish America Bryan Green This chapter aims to demonstrate the centrality of the problem of theodicy in José de Acosta’s (1540–1600) scientific, ethnographic, and historical writings on Spanish America.1 Based on Acosta’s experience as the Jesuit provincial of Peru and his active participation in the political and ecclesiastical reforms initiated under the viceroy Francisco de Toledo (1515–82), these works bear witness to the moral evils running rampant among his fellow Spaniards and the concomi- tant suffering inflicted upon the indigenous population.2 While Acosta recog- nizes the moral evil at the root of Spanish sovereignty, namely greed in the ruthless pursuit of precious metals, his colonial theodicy nevertheless main- tains that this evil is a means to the greater good of the Amerindian’s salvation. In his guidelines for missionary conduct, Acosta offers a response to this ethi- cal impasse through the performance of a distinctly Jesuit ascetic ideal, which 1 This chapter was written at the Pontificia Universidad Católica de Valparaíso with the sup- port of a research grant from the Chilean government (fondecyt Iniciación en Investigación no. 11140527, 2014–17). 2 The son of a prosperous merchant from Medina del Campo in Spain, Acosta entered the Society in 1552 and completed the first years of his studies at the Jesuit college in his home- town. Having distinguished himself as a student and grammar teacher in several Jesuit schools throughout Iberia, Acosta moved on to study philosophy and theology at the renowned University of Alcalá de Henares in 1557.
    [Show full text]
  • Howard R. Elisofon Partner; Co-Chair, Securities Litigation and Enforcement [email protected] (212) 592-1437 PHONE (212) 545-3366 FAX
    Howard R. Elisofon Partner; Co-Chair, Securities Litigation and Enforcement [email protected] (212) 592-1437 PHONE (212) 545-3366 FAX Howard Elisofon is a nationally renowned litigator with more than 35 years of experience in securities law and enforcement. Howard began his career as trial counsel for the SEC’s Division of Enforcement. He subsequently worked in a variety of senior legal positions at Prudential Securities and First New York Securities, where he obtained his Series 7 and Series 24 licenses, and then in private practice at Greenberg Traurig LLP, where he was a founding member of the firm’s New York office. As co-chair of Herrick’s Securities Litigation and Enforcement practice, Howard focuses on securities and commodities litigation, arbitration, mediation and investigations for broker- dealers, brokerage firms, investment advisers, investment companies, venture capital firms and insurance companies, as well as securities traders and industry executives. He represents clients in a wide variety of complex commercial litigation matters, as well as enforcement proceedings before the SEC, the Offices of the U.S. Attorneys, the New York State Attorney General and New York State District Attorneys, as well as FINRA and various exchanges, and state securities and insurance regulators. A frequent speaker on securities and enforcement related topics, and a sought-after authority on broker-dealer issues, Howard’s commentary is often featured in major media outlets. High-Profile Government Investigations and Litigation Howard has defended clients in numerous high-profile government investigations, including the Drexel Burnham/Ivan Boesky insider trading matter, the Prudential Securities limited partnership fraud scandal, the Prudential market timing investigation and the Stanford Ponzi scheme.
    [Show full text]
  • Investor Capitalism?
    University of Michigan Journal of Law Reform Volume 22 1988 Beyond Managerialism: Investor Capitalism? Alfred F. Conard University of Michigan Law School Follow this and additional works at: https://repository.law.umich.edu/mjlr Part of the Business Organizations Law Commons, and the Securities Law Commons Recommended Citation Alfred F. Conard, Beyond Managerialism: Investor Capitalism?, 22 U. MICH. J. L. REFORM 117 (1988). Available at: https://repository.law.umich.edu/mjlr/vol22/iss1/5 This Symposium Article is brought to you for free and open access by the University of Michigan Journal of Law Reform at University of Michigan Law School Scholarship Repository. It has been accepted for inclusion in University of Michigan Journal of Law Reform by an authorized editor of University of Michigan Law School Scholarship Repository. For more information, please contact [email protected]. BEYOND MANAGERIALISM: INVESTOR CAPITALISM? Alfred F. Conard* Table of Contents Introduction ...................................... 118 I. The Rise and the Flaw of Managerialism ....... 120 A . T he Rise ................................ 120 B . T he Flaw ................................ 122 C. Patches on the Flaw ...................... 126 1. Shareholder derivative suits ............ 126 2. Shareholder democracy ................ 127 3. Independent directors ................. 128 4. Specific prohibitions ................... 130 II. The Investorial Alternative .................... 131 A. The Institutional Eruption ................ 131 B. The Concept of Investor Capitalism ........ 135 C. The New and the Old in Investor Capitalism 136 III. The Motivation of Institutional Investors ....... 139 A. The Players in Investor Capitalism ......... 140 1. Fund managers ....................... 140 2. Fund sponsors ........................ 141 3. Portfolio managers .................... 142 4. Investor services ...................... 143 B. The W all Street Rule ..................... 144 C. The "Collective Good" Dilemma ..........
    [Show full text]
  • The BBC's Pardoner's Tale
    A Popular Change from an Old Man to a Young Girl: The BBC’s Pardoner’s Tale (2003) Angus Cheng-yu Yen National Sun Yat-sen University, Taiwan Adaptation, as Julie Sanders defines it, is an attempt to invite new audiences and readers by re-presenting the source text in a simpler, more easily comprehensible manner. Among film adaptations of Chaucer’s Canterbury Tales, BBC’s 2003 reimagining provides unsurpassed sensitivity to modern issues, and a new relevance. Tony Ground narrates a modern tale intertwined with gothic elements and sex abuse scandals. Compared to the original text, BBC’s The Pardoner’s Tale leaves its reader not with the simple conclusion that avarice can be ultimately conquered, but with the complexities motivating a heinous crime. With the emphasis on the transformation of a character from a pallid old man to a florid young girl, this essay aims to discuss how the reframing of a medieval tale through popular culture sheds light on Chaucer’s reception and adaptation in the twenty-first century. Pasolini argued that it was impossible to make films about the past, idealized or otherwise, because the past had been irreparably corrupted by the present.1 ~Kevin J. Harty Everyone thinks they know the Canterbury Tales. Yet my experience of working on the Tales told me that no one can really remember much about them.2 ~Jonathan Myerson Geoffrey Chaucer’s Canterbury Tales have been adapted into numerous films, musicals, operas, and telefilms, including the BBC’s latest reproduction in 2003. Re- interpretation or re-production can either afford an alternative point of view from the 1 Kevin J.
    [Show full text]
  • The Early History of Greed the Sin of Avarice in Early Medieval Thought and Literature
    The Early History of Greed The Sin of Avarice in Early Medieval Thought and Literature RICHARD NEWHAUSER Trinity University (San Antonio) published by the press syndicate of the university of cambridge The Pitt Building, TrumpingtonStreet, Cambridge, United Kingdom cambridge university press The Edinburgh Building, Cambridge cb2 2ru, UK http://www.cup.cam.ac.uk 40 West 20th Street, New York, ny 10011±4211, USA http://www.cup.org. 10 Stamford Road, Oakleigh, Melbourne 3166, Australia # Cambridge University Press 2000 This book is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press. First published 2000 Printed in the United Kingdom at the University Press, Cambridge Typeset in Adobe Garamond 11.5/14pt [ce] A catalogue record for this book is available from the British Library Library of Congress cataloguing in publication data Newhauser, Richard, 1947± The early history of greed: the sin of avarice in early medieval thought and literature / Richard Newhauser. p. cm. ± (Cambridge studies in medieval literature) Includes bibliographical references amd index. isbn 0 521 38522 9 (hardback) 1. Avarice ± History. 2. Christian ethics ± History ± Middle Ages, 600±1500. I. Title. II. Series. bj1535.a8n48 2000 241'.3±dc21 99-25922 cip isbn 0 521 38522 9 hardback Contents List of abbreviations page viii Preface xi 1 Alms and ascetes, round stones and masons: avarice in the 1 early church
    [Show full text]
  • I'm Making $21 an Hour at Mcdonald's. Why Aren't You?
    I’m making $21 an hour at McDonald’s. Why aren’t you? | The Great Debate 8/29/14 9:37 AM Safari Power Saver Click to Start Flash Plug-in RECOMMENDED VIDEO Whole organ 'grown' inside animal for the fir… U.S. Navy releases video it says shows aircraft t… I "Shaun" the sheep could be the world's woolliest work for McDonald’s and I make $21 an hour. No, that isn’t a typo. It’s really my salary. Girl shoots instructor during shooting lesson You see, I work for McDonald’s in Denmark, where an agreement between our union and the company guarantees that workers older than 18 are paid at least $21 an hour. Employees younger than 18 make at least $15 — meaning teenagers working at McDonald’s in Denmark make more than two times what many adults in America earn working at the Golden Arches. To anyone who says that fast-food jobs can’t be good jobs, I would answer that mine isn’t bad. In fact, parts of it are Sponsored Financial Content (?) just fine. Under our union’s agreement with McDonald’s, for example, I receive paid sick leave that workers are still fighting for in many parts of the world. We also get overtime pay, guaranteed hours and at least two days off a week, unlike workers in most countries. At least 10 percent of the staff in any given restaurant must work at least 30 hours How CashPro has helped Shure achieve a week. seamless cash efficiency Bank of America Estimate how much you’ll need for retirement with My Retirement Plan® Wells Fargo Meet Warren Buffett's Worst Nightmare Motley Fool Use Free 2-Step Reverse Mortgage Calculator For Cash Estimate, Today! Liberty Home Insurance One Smart Penny Ridiculously Easy Way to Pay Off Mortgage Faster One smart penny MORE REUTERS NEWS But in New York last week, I met fast-food workers from around the world who aren’t as lucky as I am.
    [Show full text]
  • Netflix and the Development of the Internet Television Network
    Syracuse University SURFACE Dissertations - ALL SURFACE May 2016 Netflix and the Development of the Internet Television Network Laura Osur Syracuse University Follow this and additional works at: https://surface.syr.edu/etd Part of the Social and Behavioral Sciences Commons Recommended Citation Osur, Laura, "Netflix and the Development of the Internet Television Network" (2016). Dissertations - ALL. 448. https://surface.syr.edu/etd/448 This Dissertation is brought to you for free and open access by the SURFACE at SURFACE. It has been accepted for inclusion in Dissertations - ALL by an authorized administrator of SURFACE. For more information, please contact [email protected]. Abstract When Netflix launched in April 1998, Internet video was in its infancy. Eighteen years later, Netflix has developed into the first truly global Internet TV network. Many books have been written about the five broadcast networks – NBC, CBS, ABC, Fox, and the CW – and many about the major cable networks – HBO, CNN, MTV, Nickelodeon, just to name a few – and this is the fitting time to undertake a detailed analysis of how Netflix, as the preeminent Internet TV networks, has come to be. This book, then, combines historical, industrial, and textual analysis to investigate, contextualize, and historicize Netflix's development as an Internet TV network. The book is split into four chapters. The first explores the ways in which Netflix's development during its early years a DVD-by-mail company – 1998-2007, a period I am calling "Netflix as Rental Company" – lay the foundations for the company's future iterations and successes. During this period, Netflix adapted DVD distribution to the Internet, revolutionizing the way viewers receive, watch, and choose content, and built a brand reputation on consumer-centric innovation.
    [Show full text]