My idea: Set up two new stock markets where investors would be making not
outright bets on the future of a company but conditional bets. In one market the
trades are consummated only if the current chief executive remains in place at
the end of the current quarter. In the other market the trades are consummated
only if the incumbent is bounced out by the end of the quarter. The price spread
between these two markets would send a signal about whether the boss should stay
or go.
Say Eisner is the current boss and you own one share of Disney you
want to sell. Instead of selling on the New York Stock Exchange for, say, $30,
you could do simultaneous sell orders, each for one share, on the two
alternative markets. Perhaps Disney is trading in the Stays Put market at $29
and in the Early Retirement market at $31. If Eisner does keep his job, only the
first trade becomes valid: You give up your share and get $29. If he gets the
ax, only the second trade is valid and the buyer (probably a different buyer)
gives you $31.
venerdì 14 dicembre 2007
Mercato del lavoro e scommesse
Quando dimissionare un CEO? Ardua domanda. Il mercato delle scommesse puo' dare una mano a fare la giusta scelta.