Мортен Хансен - Великие по собственному выбору

Laura M. Holson, “Tyco to Pay $3.3 Billion in Stock for U. S. Surgical,” New York Times, May 26, 1998.

Stryker Corporation, Fiscal 1979 Annual Report (Kalamazoo, MI: Stryker Corporation, 1979); Zina Sawaya, “Focus through Decentralization,” Forbes, November 11, 1991, 242; Michael A. Verespej, “Recession? What Recession? Southern Gentleman John Brown Achieves 20 Percent Earnings Growth Annually – No Matter What,” Chief Executive, June 2002, 45; “John W. Brown Profile,” Forbes, http://people.forbes.com/profile/john-w-brown/35968; Eric Whisenhunt, “Stryker Force: Divide, Conquer, and Be First with the New,” Michigan Business Magazine, November 1985, 36.

Geoffrey Brewer, “20 Percent – Or Else!” Sales and Marketing Management, November 1994, 66; Matt Walsh, “Avoiding the Snorkel Award,” Forbes, January 2, 1995, 180.

Geoffrey Brewer, “20 Percent – Or Else!” Sales and Marketing Management, November 1994, 66.

Michael A. Verespej, “Recession? What Recession? Southern Gentleman John Brown Achieves 20 Percent Earnings Growth Annually – No Matter What,” Chief Executive, June 2002, 45.

Geoffrey Brewer, “20 Percent – Or Else!” Sales and Marketing Management, November 1994, 66; Steve Watkins, “Stryker Corp./Kalamazoo, Michigan: Failure Not An Option For This Manufacturer,” Investor’s Business Daily, September 25, 2001, A10.

Stryker Corporation, Fiscal 1979–2002 Annual Reports (Kalamazoo, MI: Stryker Corporation, 1979–2002) (The Fiscal 1997 Annual Report [page 2] states, “Stryker Corporation achieved its net earnings goal in 1997, delivering our 21 stconsecutive year of 20 % growth or better.” Stryker выделяет экстраординарный доход за 1990 год, который компания не учитывает в ежегодных сопоставлениях прибыли. Для подсчета, с какой точностью Stryker соблюдала ориентиры двадцатимильного марша, мы использовали данные по доходам, приведенные на второй странице Fiscal 2002 Annual Report.); “Corporate Critic’s Confidential,” Wall Street Transcript, February 27, 1989.

Edward A. Wyatt, “Just What the Doctor Ordered,” Barron’s, June 4, 1990; Ron Winslow, “Heard on the Street: U. S. Surgical Shares Plunge: Is Fall Over?” Wall Street Journal, April 9, 1993, Cl; Christopher Tucher, “Now, Lee Hirsch Wants to Sew Up Sutures,” Business Week, August 7, 1989, 74–75; “FDA Will Let Stand Its Decision to Speed Approval of Sutures,” Wall Street Journal, August 25, 1989, 1; United States Surgical Corporation, Fiscal 1988 Annual Report (Norwalk, CT: United States Surgical Corporation, 1988).

Ron Winslow, “Heard on the Street: U.S. Surgical Shares Plunge: Is Fall Over?” Wall Street Journal, April 9, 1993, Cl; Felicia Paik, “Unhealthy Sales Afflict Many Suppliers of Medical Goods as Hospitals Cut Costs,” Wall Street Journal, January 14, 1994, B4B; Ron Winslow, “As Marketplace Shifts, U. S. Surgical Needs Patching Up,” Wall Street Journal, February 18, 1994, B4; “Recent Suture Prices Sliding Downward, as Hospital Buyers Cast Votes for Ethicon,” Hospital Materials Management, August 1996, 1; Howard Rudnitsky, “On the Mend,” Forbes, December 2, 1996, 58; “Shareholders Approve Tyco’s Acquisition of U. S. Surgical Corporation,” PR Newswire, October 1, 1998; Laura M. Holson, “Tyco to Pay $3.3 Billion in Stock for U. S. Surgical,” New York Times, May 26, 1998; United States Surgical Corporation, Fiscal 1989, 1991, 1992, 1995, and 1997 Annual Reports (Norwalk, CT: United States Surgical Corporation, 1989, 1991, 1992, 1995, and 1997).

Richard M. McCabe, “Airline Industry Key Success Factors,” Graziadio Business Report (Malibu, CA: Pepperdine University, 2006); Howard D. Putnam with Gene Busnar, The Winds of Turbulence (Reno, NV: Howard D. Putnam Enterprises Inc., 1991), 83; Southwest Airlines Co., Fiscal 2001 Proxy Statement (Dallas: Southwest Airlines Co., 2001); Southwest Airlines Co., Fiscal 2002 Annual Report (Dallas: Southwest Airlines Co., 2002).

“Southwest Airlines Co.,” Wall Street Transcript, May 28, 1979; “Texas Gets Bigger,” Forbes, November 12, 1979, 88–89; Charles O’Reilly and Jeffrey Pfeffer, “Southwest Airlines: Using Human Resources for Competitive Advantage (A),” Graduate School of Business, Stanford University, case study #HR-1A (Palo Alto, CA: Graduate School of Business, Stanford University, 1995), 8; Tonda Montague (Ed.), Employee Communications, Southwest Airlines: 30 Years. Mission. Low Fares, (Supplement to Southwest Airlines Co. Fiscal 2001 Annual Report), 2001; Southwest Airlines Co., Fiscal 1996 and 2001 Annual Reports (Dallas: Southwest Airlines Co., 1996 and 2001).

Southwest Airlines Co., Fiscal 2001 Proxy Statement (Dallas: Southwest Airlines Co., 2001); Southwest Airlines Co., Fiscal 2002 Annual Report (Dallas: Southwest Airlines Co., 2002); данные графика происходят из источников, указанных в этом источнике и в двух предыдущих примечаниях.

“The Progressive Corporation,” Wall Street Transcript, February 28, 1972; Thomas A. King, “The Progressive Corporation (PGR), ”Wall Street Transcript, January 14, 2002; The Progressive Corporation, Fiscal 1971 Annual Report (Cleveland, OH: The Progressive Corporation, 1971); The Progressive Corporation, Fiscal 1976 Annual Report (May-field Village, OH: The Progressive Corporation, 1976).

Peter B. Lewis, “The Progressive Corporation: Address to the New York Society of Security Analysts,” Wall Street Transcript, February 28, 1972; Elisabeth Boone, “Recipe for Success,” Rough Notes, April 2002, 42; The Progressive Corporation, Fiscal 1971 Annual Report (Cleveland, OH: The Progressive Corporation, 1971); The Progressive Corporation, Fiscal 1976, 1986, 1996, 2001, and 2003 Annual Reports (Mayfield Village, OH: The Progressive Corporation, 1976, 1986, 1996, 2001, and 2003).

Eric Whisenhunt, “Stryker Force: Divide, Conquer, and Be First with the New,” Michigan Business Magazine, November 1985, 36; Mike Casey, “Insurer Favors Low-Risk Route; Progressive Corp.’s Personnel Help Write a Policy for Success,” Crain’s Cleveland Business, February 23, 1987, 2; Noreen Seebacher, “Stryker Products: Just What the Doctor Ordered,” Detroit News, May 6, 1991, 3F; Nicolaj Siggelkow and Michael E. Porter, “Progressive Corporation,” Harvard Business School, case study #9–797–109 (Boston: Harvard Business School Publishing, 1998); Elisabeth Boone, “Recipe for Success,” Rough Notes, April 2002, 42; The Progressive Corporation, Fiscal 1981 Annual Report (Mayfield Village, OH: The Progressive Corporation, 1981), 11.

W. L. Campbell, “General of America Earnings Increase to New High Level,” National Underwriter, February 7, 1964, 1; “Safeco Corporation,” Commercial and Financial Chronicle, October 3, 1968; “Safeco Corporation,” Wall Street Transcript, June 9, 1969; “Safeco Corporation,” Wall Street Transcript, July 12, 1976; Art Garcia, “Spotlight on Safeco Corp.,” Journal of Commerce, January 24, 1977, 2; “Safeco: ’Redlining’ Two States to Bolster Insurance Profits,” Business Week, July 17, 1979, 88; William Mehlman, “Safeco Continues to Stand Out in Depressed Casualty Group,” Insiders’ Chronicle, October 26, 1979, 7; “Safeco Corporation,” Wall Street Transcript, August 8, 1983; “Safeco Reports Loss of $41m During the First Quarter of ’85,” National Underwriter, May 3, 1985, 6; John Davies, “Safeco Profit Weakness Blamed on Junk Bonds,” Journal of Commerce, April 30, 1990; Greg Heberlein, “Safeco Plea Seeks a Change of Shirt,” Seattle Times, May 3, 1990, E2; “Safeco Corporation,” Wall Street Transcript, July 12, 1976; Peter Neurath, “Safeco Loses Millions on Commercial, Auto Lines,” Puget Sound Business Journal, March 19, 1990, 3.

Leslie Seism, “Safeco Plans $2.82 Billion Acquisition,” Wall Street Journal, June 9, 1997, A3; Judy Greenwald, “SAFECO Bids $2.8 Billion for American States,” Business Insurance, June 16, 1997,1; Thomas A. McCoy, “Safeco’s Huge Bet on the Independent Agency System,” Rough Notes, December 1997, 34; Peter Neurath, “Safeco’s Stodgy Image Changes with Latest Move,” Business Journal – Portland, October 10, 1997, 29; Beth Neurath, “Fun is the Best Policy,” Puget Sound Business Journal, December 25, 1998, 6; Boh A. Dickey, “CEO Interview with Boh A. Dickey – Safeco Corporation (SAFC),” Wall Street Transcript, April 27, 1999; Paula L. Stepankowsky, “After Revamp, Safeco’s CEO is Focusing Energies on Most Profitable Operations,” Wall Street Journal, March 27, 2002, B5C; Safeco Insurance Company of America, Fiscal 1996 and 1997 Annual Reports (Seattle, WA: Safeco Insurance Company of America, 1996 and 1997). Примечание: «Отставание более чем на 60 % от среднерыночного» основано на формуле: $2,8 миллиарда цены приобретения разделить по акциям в соответствии с балансом 1996 года.

Carol Tice, “Acquisition Put Safeco in a Long Slump,” Puget Sound Business Journal, October 8, 1999; Khanh T. L. Tran, “Eigsti and Stod-dard Are Leaving Safeco as Insurer Struggles to Regain Footing,” Wall Street Journal, August 4, 2000, B5; Ruth Levine, “Safeco Rewrites Growth Policy” Puget Sound Business Journal, August 11, 2000,1; “UPDATE: Safeco’s Newly Named CEO Believes He’s Prepared for Job,” A. M. Best Newswire, February 2, 2001; Susanne Sclafane, “SAFECO Chooses Former CNA Exec for Chief Executive Spot,” National Underwriter, February 5, 2001, 2; Safeco Insurance Company of America, Fiscal 1986, 1991, and 1996–2003 Annual Reports (Seattle, WA: Safeco Insurance Company of America, 1986, 1991, and 1996–2003).

Сводный коэффициент Progressive покрывает только страховку автомобиля, в то время как сводные коэффициенты Safeco учитывают страховку автомобилей плюс другие виды страхового бизнеса в секторе страхования собственности и здоровья. Несмотря на это отличие, вывод мы делаем верный, поскольку в анализе учитывается соответствие каждой компании собственным стандартам доходов по страхованию, как она сама их формулирует.

22. “Innovative Intel,” Economist, June 16, 1979, 94; Michael Annibale, “Intel: The Microprocessor Champ Gambles on Another Leap Forward,” Business Week, April 14, 1980, 98; Mimi Real and Robert Warren, A Revolution in Progress… A History of Intel to Date (Santa Clara, CA: Intel Corporation, 1984), 4; Gordon E. Moore, “Cramming More Components onto Integrated Circuits,” Proceedings of the IEEE, January 1998, 82–83; Leslie Berlin, The Man Behind the Microchip (New York: Oxford University Press, 2005), 160; “Moore’s Law,” Intel Corporation, http://www.intel.com/technology/mooreslaw/.