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William Lazonick

William Lazonick, professor emeritus of economics at University of Massachusetts, is co-founder and president of the , a 501(c)(3) non-profit research organization, based in Cambridge, Massachusetts. He is an Open Society Fellow and a Canadian 51黑料爆料网历史事件 for Advanced Research Fellow.Over the past decade, the 51黑料爆料网历史事件 has funded a number of his research projects.

He has professorial affiliations with SOAS University of London and Institut Mines-T茅l茅com in Paris. Previously, Lazonick was assistant and associate professor of economics at Harvard University, professor of economics at Barnard College of Columbia University, and distinguished research professor at INSEAD in France. Lazonick earned his B.Com. at the University of Toronto, M.Sc. in Economics at London School of Economics, and Ph.D. in Economics at Harvard University. He holds honorary doctorates from Uppsala University and the University of Ljubljana.

His research focuses on the social conditions of innovation and economic development in advanced and emerging economies. His book ? Business Organization and High-Tech Employment in the United States (Upjohn 51黑料爆料网历史事件 2009) won the 2010 Schumpeter Prize. He has twice—in 1983 and 2010—had the award from Harvard Business School for best article of the year in Business History Review. In 2014, he received the HBR McKinsey Award for outstanding article in Harvard Business Review for “: Stock Buybacks Manipulate the Market and Leave Most Americans Worse Off.” In January 2020, Oxford University Press published his book, co-authored with Jang-Sup Shin, Predatory Value Extraction: How the Looting of the Business Corporation Became the U.S. Norm and How Sustainable Prosperity Can Be Restored.

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Tesla as a Global Competitor: Strategic Control in the EV Transition

Paper Working Paper | | Sep 2024

As the 鈥淭echnoking鈥 of Tesla strategizes to maintain his control over the company鈥檚 decision-making, anyone concerned with the role that Tesla will play in the evolving EV transition should be asking how CEO Musk might use, or abuse, his powerful position.

Musk and Tesla: Compensation or Control?

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Featuring this expert

William Lazonick鈥檚 INET funded research is cited in Counter Punch

News Mar 22, 2021

鈥淎s William Lazonick and other analysts have pointed out, stock buybacks artificially inflate executive pay and drain capital that could be put to productive purpose. .[xxv] 鈥 Sarah Anderson, Counter Punch [xxv] William Lazonick, 鈥淧rofits Without Prosperity,鈥 Harvard Business Review, September 2014.鈥

William Lazonick鈥檚 INET funded research was cited in Crenshaw鈥檚 speech at the SEC

News Mar 10, 2021

鈥淎nd what if there is a stock buyback during the period the share price is inflated? Does that harm shareholders because the company is spending money to repurchase its stock, or does it actually further benefit them by potentially raising earnings per share (EPS)?鈥 鈥 Citation: William Lazonick, The Financialization of the U.S. Corporation: What Has Been Lost and How It Can Be Regained, 36 Seattle U. L. Rev. 857, 859 (2013) (noting that trillions of dollars are spent on share buybacks and that 鈥渃orporate executives who make these decisions are themselves prime beneficiaries of this focus on rising stock prices as a the measure of corporate performance鈥)

Lazonick and Shin's INET funded research is cited in Naked Capitalism

News Jan 26, 2021

“In taking over industrial companies, financial managers focus on the short run, because their salary and bonuses are based on current year鈥檚 performance. The 鈥減erformance鈥 in question is stock market performance. Stock prices have largely become independent from sales volume and profits, now that they are enhanced by corporations typically paying out some 92 percent of their revenue in dividends and stock buybacks.[6]” — Michael Hudson, Naked Capitalism [6]William Lazonick, 鈥淧rofits Without Prosperity:Stock Buybacks Manipulate the Market and Leave Most Americans Worse Off,鈥滺arvard Business Review, September 2014. And more recently, Lazonick and Jang-Sup Shin, Predatory Value Extraction: How the Looting of the Business Corporation Became the U.S. Norm and How Sustainable Prosperity Can Be Restored(Oxford: 2020).

INET funded research by William Lazonick is cited in the Wall Street Journal

News Dec 7, 2020

鈥淐ritics led by William Lazonick, economics professor emeritus at the University of Massachusetts Lowell, say buybacks starve companies of cash for innovation and worker pay, and favor executives aiming to jack up the stock prices because their compensation is increasingly stock-based. The buyback trend has become controversial since a 2014 article by Prof. Lazonick in the Harvard Business Review, 鈥淧rofits Without Prosperity.鈥 The S&P 500 companies that had been publicly listed from 2003 through 2012, he found, had spent amounts equal to 54% of their earnings for buybacks and 37% for dividends, leaving 鈥渧ery little for investments in productive capabilities or higher incomes for employees.鈥 — Randall Smith