Faculty News
Professor Roy Smith weighs in on activist investor ValueAct's stake in Morgan Stanley
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Excerpt from the Financial Times -- "If ValueAct gets traction, other management teams should stand ready to defend themselves, [Prof. Roy Smith] says. He adds that for too long the entire US banking sector has been 'adrift', failing to address one fundamental question. 'If you’re in a business where your cost of capital is greater than your return, someone should ask you, 'why is this a viable business?'"
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