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Capital Choices: Changing The Way America Invests In Industry

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  • Michael E. Porter

Abstract

"The Project on" Capital Choices, "sponsored by the Harvard Business School and the Council on Competitiveness, initially set out to determine the extent to which the competitiveness of American industry is being undermined by a short time horizon. The project has since evolved into a broader examination of how private capital is allocated in the United States, Japan, and Germany and an assessment of the relative effectiveness of the American corporate governance system. Eighteen research papers were prepared by 25 prominent scholars in a wide range of disciplines. Professor Porter's paper, from which the following article is excerpted, develops an overall framework for understanding national investment systems and their consequences, drawing on the project papers and his own research. The complete paper is available through the Council on Competitiveness. A book containing all the project papers will be published by the Harvard Business School Press." 1992 Morgan Stanley.

Suggested Citation

  • Michael E. Porter, 1992. "Capital Choices: Changing The Way America Invests In Industry," Journal of Applied Corporate Finance, Morgan Stanley, vol. 5(2), pages 4-16.
  • Handle: RePEc:bla:jacrfn:v:5:y:1992:i:2:p:4-16
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    References listed on IDEAS

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    1. Javier Estrada, 2007. "Discount Rates in Emerging Markets: Four Models and An Application," Journal of Applied Corporate Finance, Morgan Stanley, vol. 19(2), pages 72-77.
    2. Luis E. Pereiro, 2010. "The Beta Dilemma in Emerging Markets," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(4), pages 110-122, September.
    3. V. Ravi Anshuman & John Martin & Sheridan Titman, 2011. "Accounting for Sovereign Risk When Investing in Emerging Markets," Journal of Applied Corporate Finance, Morgan Stanley, vol. 23(2), pages 41-49, June.
    4. Javier García-Sánchez & Lorenzo Preve & Virginia Sarria-Allende, 2010. "Valuation in Emerging Markets: A Simulation Approach," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(2), pages 100-108.
    5. René M. Stulz, 1995. "Globalization Of Capital Markets And The Cost Of Capital: The Case Of Nestlé," Journal of Applied Corporate Finance, Morgan Stanley, vol. 8(3), pages 30-38.
    6. Stephen Godfrey & Ramon Espinosa, 1996. "A Practical Approach To Calculating Costs Of Equity For Investments In Emerging Markets," Journal of Applied Corporate Finance, Morgan Stanley, vol. 9(3), pages 80-90.
    7. Donald R. Lessard, 1996. "Incorporating Country Risk In The Valuation Of Offshore Projects," Journal of Applied Corporate Finance, Morgan Stanley, vol. 9(3), pages 52-63.
    8. Tom Keck & Eric Levengood & AL Longfield, 1998. "Using Discounted Cash Flow Analysis In An International Setting: A Survey Of Issues In Modeling The Cost Of Capital," Journal of Applied Corporate Finance, Morgan Stanley, vol. 11(3), pages 82-99.
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