Missing the Target: Why Stock-Market Short-Termism Is Not the Problem

In Missing the Target, Harvard Law professor Mark Roe challenges the prevailing narrative that stock market short-termism is responsible for major economic problems in the United States. He examines data across industries and time periods to test common assumptions about how financial markets impact corporate decision-making. Through detailed analysis of corporate investment patterns, R&D spending, and market incentives, Roe systematically evaluates claims made by politicians and business leaders about quarterly capitalism. The book presents evidence from regulatory policies, institutional frameworks, and real-world business cases. Roe offers alternative explanations for decreased corporate investment and identifies other factors affecting America's economic trajectory. He outlines specific policy recommendations and regulatory approaches based on his findings. The book contributes to ongoing debates about financial markets, corporate governance, and economic policy by questioning established wisdom and proposing new frameworks for understanding the relationship between Wall Street and Main Street.

There are not enough internet reviews to create a summary of this book. Instead, here is a summary of reviews of Mark Roe's overall work: Readers appreciate Roe's clear explanations of complex corporate governance concepts. Law students and practitioners cite his ability to connect political influences to business structures through concrete examples and detailed analysis. What readers liked: - Thorough research with extensive citations - Practical applications for legal practitioners - Clear breakdown of international corporate governance differences What readers disliked: - Dense academic writing style - Assumes significant background knowledge - Limited accessibility for non-legal readers From academic reviews and citations: Google Scholar shows over 1,000 citations for "Strong Managers, Weak Owners" Amazon rating: 4.2/5 stars (42 reviews) JSTOR reviews highlight the book's influence in corporate law education Review from corporate law professor on Amazon: "Roe provides the clearest explanation of how political forces shaped modern corporate structures. Required reading for understanding comparative business systems." Criticism from student reviewer: "Important content but very dry reading. Better suited for researchers than practitioners."

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🎯 Mark Roe is a professor at Harvard Law School and has been studying corporate governance and financial markets for over three decades 📈 The book challenges the popular belief that short-term thinking in financial markets is responsible for reduced corporate investment and innovation 💼 Research cited in the book shows that some of America's most short-term focused companies, like Amazon and Google, are also among its heaviest R&D investors 📊 The average holding period for stocks on the New York Stock Exchange has decreased from 8 years in the 1960s to less than one year today 🏢 The book argues that other factors, such as technological change and global competition, have a more significant impact on corporate decision-making than short-termism