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The Case for Stock Buybacks

Harvard Business Review

Conventional wisdom is that CEOs buy back stock to manipulate the short-term stock price. They fund the buyback by cutting investment, and so firm value suffers in the long-term. But these claims are very rarely backed up by large-scale evidence, and often driven by a misunderstanding of how buybacks actually operate.

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How to Navigate a Digital Transformation

Harvard Business Review

Taking a clear look at your starting point will enable you to understand your strengths and weakness, and identify the long-term habits that you will need to shift and eventually transform your business. Second, make a complete inventory of all your organization’s assets.

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Profiting from the Golden Rule

Harvard Business Review

Even accounting rules specifically dealing with reputation — goodwill and intangible assets — are subject to frequent rule changes and endless debate. And the mathematics of long-term financial success — revenues, profits, cash flow — square perfectly with this scorecard. Bettinger is not alone.

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CVS’s Lesson: Carpe Diem

Harvard Business Review

And finally, highly reputed companies are more stable, which means they have higher market valuation and stock price over the long term and greater loyalty of their investors, which leads to less volatility. So why doesn’t every company do what CVS did? CVS, I hope, has shown us the future. Health Risk management Sustainability'

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Filing for a Patent Versus Keeping Your Invention a Trade Secret

Harvard Business Review

A series of patents were issued on the drug in the 1940s, but long after they had expired, there were still no generic competitors on the market. How could Wyeth sustain this exclusivity for such an extended period of time, decades beyond the 20 years of the patent’s term?