Word: investors
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Dates: during 1970-1979
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...VIRTUE of a second irony, namely the large assortment of investment opportunities offered by the (capitalist) capital market in response to the variety of investor tastes, it is possible to make an important generalization: the financial equivalent of any morally objectionable stock can be found. Given a statistical description of the aims of the Harvard investment program--target distribution by industry, risk characteristics, aggregate rate of growth and return would be examples of the necessary parameters--it should be possible to keep the University out of moral potholes for nothing. Indeed, there is some justice in the argument that investing...
...entrust the power to formulate University moral investment policy to a "single officer of substantial standing, with a small staff, who would invite and sift suggestions from all members of the University community with respect to what might be termed the nonfinancial aspects of the University's role as investor...
...self-serving timidity of the universities' position can be illustrated by their treatment of the supposed legal objections to even a "socially responsible" exercise of their investor's rights. It is often alleged, for example, that were the university to intervene economically in outside political causes, it would abuse its prerogatives as an educational institution, and risk forfeiting its tax exemptions Or, it is urged that the university is legally liable to its financial supporters if it does not invest with exclusive return for maximizing economic return and capital safety. (These are but two objections drawn from a crowded field...
...tested against some eternal objective standard. Rather, political and legal positions do or do not prevail against the best argument that can be brought against them. The idea that there is an eternal political and legal order in which universities can be nothing but congeries of scholars and investors nothing but sharp-eyed speculators, is but a malicious puff of bourgeois ideology. Can it seriously be supposed that the same kind of men who invented the multinational corporation, the stock option and a thousand such precision instruments could be powerless to put their "own" property to some social...
Resale Market. For all these advantages, put and call volume has been relatively low: a few hundred thousand option contracts a year. One reason is that there has been no real secondary market for them. An investor who began to fear that he had guessed wrongly about stock trends, or who wanted to take a potential profit quickly and move on to some other deal, would have a very difficult time trying to get rid of his option. If the Chicago Board of Trade is indeed able to provide a daily market for stock options, big volume traders like mutual...