William Lazonick

The Academic-Industry Research Network

President

12 Newport Road

Porter Square

Cambridge, MA 02140

United States

SCHOLARLY PAPERS

17

DOWNLOADS
Rank 17,864

SSRN RANKINGS

Top 17,864

in Total Papers Downloads

5,231

SSRN CITATIONS
Rank 15,076

SSRN RANKINGS

Top 15,076

in Total Papers Citations

51

CROSSREF CITATIONS

44

Scholarly Papers (17)

1.

Apple's Changing Business Model: What Should the World's Richest Company Do with All Those Profits?

Accounting Forum, Forthcoming
Number of pages: 41 Posted: 16 Aug 2013
William Lazonick, Mariana Mazzucato and Öner Tulum
The Academic-Industry Research Network, University College London - Institute for Innovation and Public Purpose and SOAS University of London
Downloads 895 (49,464)
Citation 4

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Apple's business model, Risk-reward nexus, Innovative enterprise, Stock repurchase

2.

US Pharma's Financialized Business Model

Institute for New Economic Thinking Working Paper Series No. 60
Number of pages: 27 Posted: 13 Sep 2017
The Academic-Industry Research Network, The Academic-Industry Research Network, The Academic-Industry Research Network, The Academic-Industry Research Network and SOAS University of London
Downloads 854 (52,818)
Citation 9

Abstract:

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Pharmaceutical drugs, innovation, financialization, price-gouging, stock buybacks, executive pay, shareholder value

3.

The Functions of the Stock Market and the Fallacies of Shareholder Value

Institute for New Economic Thinking Working Paper Series No. 58
Number of pages: 26 Posted: 28 Jun 2017 Last Revised: 11 Sep 2017
William Lazonick
The Academic-Industry Research Network
Downloads 687 (70,413)
Citation 8

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Corporate governance, stock market, maximize shareholder value (MSV), stock-based compensation, stock buybacks, innovation, speculation, manipulation, innovation theory, agency theory, shareholder value ideology

4.

Innovative Enterprise Solves the Agency Problem: The Theory of the Firm, Financial Flows, and Economic Performance

Institute for New Economic Thinking Working Paper Series No. 62
Number of pages: 43 Posted: 04 Dec 2017
William Lazonick
The Academic-Industry Research Network
Downloads 463 (115,330)
Citation 12

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Innovation theory, agency theory, maximize shareholder value (MSV), stock buybacks, value creation, value extraction, corporate governance, shareholder value ideology

5.

US Biopharmaceutical Finance and the Sustainability of the Biotech Business Model

Research Policy, Vol. 40, No. 11, 2011
Number of pages: 36 Posted: 30 Apr 2013
William Lazonick and Öner Tulum
The Academic-Industry Research Network and SOAS University of London
Downloads 430 (125,482)
Citation 21

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Business Model, Product Design, Qualitative Research, Innovation Policy, Health Innovation, Academic Spin-offs, Medical Devices, R&D Policy

6.

The Value-Extracting CEO: How Executive Stock-Based Pay Undermines Investment in Productive Capabilities

Institute for New Economic Thinking Working Paper Series No. 54
Number of pages: 32 Posted: 29 Jun 2017
William Lazonick
The Academic-Industry Research Network
Downloads 348 (159,241)
Citation 21

Abstract:

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corporation, senior executive, stock-based compensation, stock prices, stock buybacks, innovation, speculation, manipulation, innovation theory, agency theory, shareholder-value ideology

7.

Labor in the Twenty-First Century: The Top 0.1 percent and the Disappearing Middle-Class

Number of pages: 39 Posted: 20 Sep 2014
William Lazonick
The Academic-Industry Research Network
Downloads 203 (273,384)
Citation 5

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maximizing shareholder value, skill-biased technical change, New Economy business model, financialization of the U.S. Business Corporation, stock buybacks

8.

The Mismeasure of Mammon: Uses and Abuses of Executive Pay Data

Institute for New Economic Thinking Working Paper Series No. 49
Number of pages: 63 Posted: 01 Dec 2016
Matt Hopkins and William Lazonick
The Academic-Industry Research Network and The Academic-Industry Research Network
Downloads 186 (295,828)
Citation 10

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Executive compensation, stock-based pay, stock options, stock awards, estimated fair value, actual realized gains, ExecuComp, SEC, FASB

9.

The Pursuit of Shareholder Value: Cisco’s Transformation from Innovation to Financialization

Institute for New Economic Thinking Working Paper Series No. 202
Number of pages: 65 Posted: 06 Jun 2023
Marie Carpenter and William Lazonick
TELECOM & Management SudParis and The Academic-Industry Research Network
Downloads 175 (315,403)

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Cisco Systems, communication technology, enterprise networking, strategic control, organizational integration, financial commitment, acquisitions, stock-based compensation, share repurchasers, dividends, shareholder value, global competition, innovation, financialization.

10.

How “Maximizing Shareholder Value” Minimized the Strategic National Stockpile: The $5.3 Trillion Question for Pandemic Preparedness Raised by the Ventilator Fiasco

Institute for New Economic Thinking Working Paper Series No. 127
https://doi.org/10.36687/inetwp127
Number of pages: 64 Posted: 13 Aug 2020 Last Revised: 14 Aug 2020
William Lazonick and Matt Hopkins
The Academic-Industry Research Network and The Academic-Industry Research Network
Downloads 174 (313,819)

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pandemic preparedness, government-business collaborations, Strategic National Stockpile (SNS), Biomedical Research and Development Authority (BARDA), ventilators, innovative enterprise, maximizing shareholder value, stock buybacks, predatory value extraction, Microsoft, ExxonMobil, Apple, Business R

11.

Is the Most Unproductive Firm the Foundation of the Most Efficient Economy? Penrosian Learning Confronts the Neoclassical Fallacy

Institute for New Economic Thinking Working Paper Series No. 111
https://doi.org/10.36687/inetwp111
Number of pages: 33 Posted: 11 Feb 2020
William Lazonick
The Academic-Industry Research Network
Downloads 157 (342,626)
Citation 2

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Theory of the firm, Penrosian learning, Chandlerian history, innovative enterprise, economic performance, Paul Samuelson, neoclassical fallacy, constrained optimization, historical transformation

12.

Skill Development and Sustainable Prosperity: Cumulative and Collective Careers versus Skill-Biased Technical Change

Institute for New Economic Thinking Working Paper Series No. 15
Number of pages: 70 Posted: 01 Aug 2015
William Lazonick, Philip Moss, Hal Salzman and Öner Tulum
The Academic-Industry Research Network, University of Massachusetts Lowell, Rutgers University and SOAS University of London
Downloads 123 (415,489)
Citation 11

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Organizational Learning, Technological Change, Skills, Careers, High Technology, Innovative Enterprise, Productivity

13.

The Equal Employment Opportunity Omission

Institute for New Economic Thinking Working Paper Series No. 53
Number of pages: 26 Posted: 29 Jun 2017
William Lazonick, Philip Moss and Joshua Weitz
The Academic-Industry Research Network, University of Massachusetts Lowell and The Academic-Industry Research Network
Downloads 114 (439,681)
Citation 7

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employment opportunity, employment relations, blue-collar workers, white- collar workers, corporate governance, financialization, racial discrimination, African Americans, middle class, intergenerational economic mobility

14.

Who Invests in the High-Tech Knowledge Base?

Institute for New Economic Thinking Working Paper Series No. 14
Number of pages: 68 Posted: 01 Aug 2015
Matt Hopkins and William Lazonick
The Academic-Industry Research Network and The Academic-Industry Research Network
Downloads 109 (454,671)
Citation 21

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Knowledge, Investment, Innovation, R&D, Universities, Productivity

15.

How the Disappearance of Unionized Jobs Obliterated an Emergent Black Middle Class

Institute for New Economic Thinking Working Paper Series No. 125
https://doi.org/10.36687/inetwp125
Number of pages: 19 Posted: 13 Aug 2020 Last Revised: 14 Aug 2020
William Lazonick, Philip Moss and Joshua Weitz
The Academic-Industry Research Network, affiliation not provided to SSRN and The Academic-Industry Research Network
Downloads 108 (457,613)

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African American, employment relations, equal employment opportunity, unions, blue-collar, socioeconomic mobility, corporate governance, shareholder value, retain-and-reinvest, downsize-and-distribute, discrimination, economic inequality

16.

China’s Development Path: Government, Business, and Globalization in an Innovating Economy

Institute for New Economic Thinking Working Paper Series No. 190
Number of pages: 56 Posted: 07 Sep 2022
Yin Li and William Lazonick
Fudan University - School of International Relations and Public Affairs (SIRPA) and The Academic-Industry Research Network
Downloads 105 (466,889)

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China, investment, infrastructure, knowledge, indigenous innovation, globalization, development

17.

Employment and Earnings of African Americans Fifty Years After: Progress?

Institute for New Economic Thinking Working Paper Series No. 129
https://doi.org/10.36687/inetwp129
Number of pages: 50 Posted: 13 Aug 2020 Last Revised: 14 Aug 2020
William Lazonick, Philip Moss and Joshua Weitz
The Academic-Industry Research Network, affiliation not provided to SSRN and The Academic-Industry Research Network
Downloads 100 (483,127)

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African American, occupations, industries, education, employment opportunity, employment relations, income distribution, wealth accumulation, stock buybacks