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1
Питер Левин Бернстайн – американский историк и экономист, популяризатор «экономики инвестиций». Прим. ред.
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Коллинз Дж., Поррас Дж. Построенные навечно. Успех компаний, обладающих видением. СПб.: Стокгольмская школа экономики в Санкт-Петербурге, 2005. Прим. ред.
Коллинз Дж. От хорошего к великому. Почему одни компании совершают прорыв, а другие нет. М.: Манн, Иванов и Фербер, 2012. Прим. ред.
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* Совокупный доход по акциям при реинвестиции доходов: вкладывайте по $10 000 в каждую компанию 31 декабря 1972 года и храните акции до 31 декабря 2002 года. Если на 31 декабря 1972 года акции компании еще не были размещены на фондовом рынке, используйте для расчета среднерыночный доход от инвестиций до первого месяца, с которого появляются данные по этой компании. Источник всех расчетов доходов по акциям в этой книге ©2006 CRSP (Центр изучения котировок ценных бумаг Высшей школы бизнеса Чикагского университета).
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Об этом Джим Коллинз написал в книге «Как гибнут великие». См.: Коллинз Дж. Как гибнут великие. И почему некоторые компании никогда не сдаются. М.: Манн, Иванов и Фербер, 2013. Прим. ред.
5
Подробнее об Amgen см. в: Байндер Г., Бэше Ф. Бизнес по науке. Чему менеджерам стоит научиться у биотехнологов. М.: Манн, Иванов и Фербер, 2008. Прим. ред.
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Хирургическая корпорация США (англ.). Прим. ред.
7
Цит. по: Амундсен Р. Южный полюс. М.: Молодая гвардия, 1937. Прим. ред.
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Северо-Западный проход – морской путь через Северный Ледовитый океан вдоль северного берега Северной Америки через Канадский Арктический архипелаг. Прим. ред.
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См.: Амундсен Р. Южный полюс. М.: Молодая гвардия, 1937. Прим. ред.
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См. издание на русском языке: Хантфорд Р. Покорение Южного полюса. Гонка лидеров. М.: Манн, Иванов и Фербер, 2012. Прим. ред.
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По Фаренгейту, –30° по Цельсию.
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См.: Амундсен Р. Южный полюс. М.: Молодая гвардия, 1937. Прим. ред.
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Хантфорд Р. Покорение Южного полюса. Гонка лидеров. М.: Манн, Иванов и Фербер, 2012. Прим. ред.
14
Chief Executive Officer (англ.) – высшая исполнительная должность в компании. В принятой в России иерархии аналог генерального директора. Прим. ред.
15
Хантер Томпсон – американский писатель и журналист. Наиболее известный из его романов – «Страх и отвращение в Лас-Вегасе». Прим. ред.
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Хантфорд Р. Покорение Южного полюса. Гонка лидеров. М.: Манн, Иванов и Фербер, 2012. Прим. ред.
17
Андеррайтер – профессиональный участник рынка ценных бумаг или их группа, обслуживающая и гарантирующая эмиссию ценных бумаг эмитента, осуществляющая их покупку для дальнейшей перепродажи. Прим. ред.
18
Доктор Дум (англ. Doctor Doom) – суперзлодей комиксов издательства Marvel Comics. Прим. ред.
19
Битва при Литтл-Бигхо́рн – сражение между индейским союзом лакота – северные шайенны и Седьмым кавалерийским полком армии США, произошедшее 25–26 июня 1876 года у реки Литтл-Бигхорн, Монтана. Битва закончилась уничтожением пяти рот американского полка и гибелью его знаменитого командира Джорджа Кастера. Прим. ред.
20
Человек в маске (англ. Masked Man) – герой комиксов, борец со злом. Прим. ред.
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Малоинвазивный – минимальный по объему нанесенной травмы способ диагностики и оперативного лечения. Прим. ред.
22
Роберт Нойс – американский инженер, основавший совместно с Гордоном Муром корпорацию Intel. Прим. ред.
23
Теллис Дж., Голдер П. Воля и видение. Как те, кто приходит позже остальных, в итоге заправляют рынками. СПб.: Стокгольмская школа экономики в Санкт-Петербурге, 2005. Прим. ред.
24
Ральф Уолдо Эмерсон – американский эссеист, поэт, философ, общественный деятель; один из виднейших мыслителей и писателей США. Прим. ред.
25
Ступень Хиллари – участок южного маршрута на Эверест, вертикальный скальный участок под вершиной. Прим. ред.
26
Кракауэр Дж. В разреженном воздухе. М.: София, 2004. Прим. ред.
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Нассим Николас Талеб – эссеист, математик и трейдер. Автор книг «Динамическое хеджирование», «Одураченные случайностью» и «Черный лебедь. Под знаком непредсказуемости». Прим. ред.
28
* Низкий уровень риска – без пересечения линии смерти, асимметричного или неконтролируемого риска.
** Средний уровень риска – без пересечения линии смерти, присутствует асимметричный или неконтролируемый риск.
*** Высокий риск – пересечение линии смерти и/или одновременно асимметричный и неконтролируемый риск.
29
Подавление (англ.). Прим. ред.
30
Маршалл Брюс Мэтерс III – он же Эминем, знаменитый американский рэпер. Прим. ред.
31
Том Вулф – известный американский журналист и писатель. Прим. ред.
32
Chief Financial Officer, CFO (англ.) – высшая управляющая должность в компании. В принятой в России иерархии аналог финансового директора. Прим. ред.
33
«Биографический словарь лидеров американского бизнеса» (Ingham, John N. Biographical Dictionary of American Business Leaders. Westport, Ct.: Greenwood Press, 1983) и «Международный указатель истории компаний» (Edward Dinger, ed., International Directory of Company Histories. Detroit: St. James Press, 2011). Прим. ред.
34
Триангуляция данных – метод сбора и проверки данных при проведении исследования, предполагающий перекрестную интерпретацию одного и того же случая или фрагмента несколькими дополняющими друг друга источниками. Прим. ред.
35
* Более инновационные = внедрили больше существенных инноваций, то есть крупных и средних инноваций в сумме.
** Неполная информация.
*** Обе компании только до 1997 года.
36
(число в колонке 2) / (число в колонке 1) × 100.
37
* Все годы = с первого года, когда компания из группы 10× или из контрольной группы провела IPO и появились финансовые отчеты до 2002 года (равный период для группы 10× и для контрольной группы).
** 5 лет = 5 лет от года IPO.
*** 10 лет = 10 лет от года IPO.
**** год IPO = первый финансовый год, в который компания действует как акционерное предприятие.
38
* Низкий риск = нет риска пересечь линию смерти, неконтролируемого или асимметричного риска.
** Средний риск = не пересекается линия смерти, но присутствует неконтролируемый или асимметричный риск.
*** Высокий риск = риск пересечь линию смерти и/или одновременно асимметричный и неконтролируемый риск.
39
* Медленная скорость = событие разворачивается в длительном отрезке времени (обычно от одного года до трех лет).
** Четырнадцать моментов остались неклассифицированы.
*** Очевидность = достаточно ясно, какой должна быть реакция компании (нет необходимости в долгом размышлении).
**** Тринадцать событий с неоднозначным исходом.
***** Рано = компания распознала предвестия формирования неравноценного момента.
40
Быстрая = как только ситуация была распознана, решение было принято безотлагательно.
41
Быстрая = как только решение принималось, лидеры быстро приводили его в исполнение.
42
Проценты округляются, поскольку число ингредиентов рецепта СМаК может быть подсчитано лишь приблизительно.
43
Проценты округляются, поскольку число элементов рецепта СМаК может быть подсчитано лишь приблизительно.
44
* От основания компании до 2002 года. Progressive и Safeco с 1971-го, а Stryker с 1977 года из-за недостатка более ранней информации.
** Коэффициент, выравнивающий различия, связанные с неодинаковым периодом наблюдения (так, для Amgen это 10 благоприятных событий, разделенных на 2,3 десятилетия).
*** Компания из контрольной группы.
45
* От основания до 2002 года, данные по 2002 год, Progressive и Safeco с 1971 года, Stryker с 1977 года из-за недостатка более ранней информации.
** Коэффициент, выравнивающий разницу в количестве лет наблюдения в паре.
46
Всего 35. Затем мы расширили сбор данных до 155 человек и пришли к тому же выводу. Учитываются хоккеисты, принятые в Зал Славы до 2009 года.
1
Jason Zweig, “Risk-Management Pioneer and Best-Selling Author Never Stopped Insisting Future is Unknowable,” Wall Street Journal, June 13, 2009, A14.
2
Источник всех расчетов доходов по акциям в этой книге ©2006 CRSP (Центр изучения котировок ценных бумаг Высшей школы бизнеса Чикагского университета).
Основные термины:
• Совокупный доход за месяц: общая сумма дохода вкладчиков за конкретный месяц на одну акцию, считая и вновь инвестированные доходы.
• Суммарный доход по акциям: кумулятивная стоимость одной акции $Y в период между моментами t1 и t2, рассчитывается по формуле: $Y × (1 + совокупный доход за месяц – м1) × (1 + совокупный доход за месяц – м2) × … (1 + совокупный доход за месяц t2), где м1 – конец первого месяца после момента t1, м2 – конец второго месяца и так далее.
• Среднерыночная доходность (иногда просто «среднее по рынку»): доход, рассчитанный на основании данных NYSE, AMEX и NASDAQ (учитывается кумулятивная рыночная цена всех акций компаний, котирующихся на фондовом рынке, включая реинвестиции). Рассчитывается по формуле: капитализация компании, деленная на капитализацию рынка.
• Кумулятивный коэффициент рентабельности по сравнению с рынком: под конец любого периода времени этот коэффициент вычисляется по формуле: совокупный доход на $Y, вложенных в компанию, деленный на совокупный доход $Y, вложенных в рынок, при условии, что инвестиции в компанию и в рынок происходят одновременно.
3
“Southwest Airlines Co.: Presentation by Howard D. Putnam, President and Chief Executive Officer, Before the Dallas Association of Investment Analysts,” Wall Street Transcript, May 28, 1979; Jon Birger, “30-Year Super Stocks: Money Magazine Finds the Best Stocks of the Past 30 Years,” Money Magazine, October 9, 2002; Southwest Airlines Co., Fiscal 1976 Annual Report (Dallas: Southwest Airlines Co., 1976).
4
4. Вложите в каждую компанию одну и ту же сумму 31 декабря 1972 года и сохраните ее акции вплоть до 31 декабря 2002-го. Если на 31 декабря 1972 года компания еще не разместила свои акции на фондовом рынке, считайте доходность по среднерыночной до первого месяца, с которого станут доступны данные CRSP для этой компании. Разделите кумулятивную доходность этой компании на среднерыночную по состоянию на 31 декабря 2002 года.
5. Сравнение со своим сектором экономики: мы вывели среднее значение для каждой затронутой в этом исследовании отрасли, опираясь на коды Стандартной промышленной классификации (SIC). Этот код может меняться со временем для конкретной компании; если с момента проведения IPO он не менялся, мы его и использовали, определяя коэффициент по отрасли, если же коды менялись, мы учитывали их все, выводя единый коэффициент. Числа в таблице представляют собой доходность по инвестициям в каждую из компаний группы 10×, деленную на доходность по инвестициям в ту же отрасль за тот же период. Для точности сравнения в таблицу не включены сами члены группы 10× и представители контрольной группы.
5
“John Wooden: A Coaching Legend October 14, 1910 – June 4, 2010,” UCLA Official Athletic Site, http://www.uclabruins.com/sports/m-baskbl/spec-rel/ucla-wooden-page.html.
6
График для этих расчетов был выведен по следующей формуле: 31 декабря 1972 года вкладываем один доллар поровну в каждую из семи компаний группы 10× (портфолио 10×) и один доллар в рынок в целом. Рассчитываем кумулятивную стоимость портфолио 10× и рынка в целом с 31 декабря 1972-го по 31 декабря 2002 года. Для каждого месяца рассчитываем коэффициент кумулятивной стоимости текущего портфолио 10× к кумулятивной стоимости общего рынка на тот же день. Для месяцев, за которые отсутствуют данные CRSP по конкретной компании (обычно потому, что компания еще не была акционирована, или же она подверглась слиянию), вместо доходности компании берется для вычислений среднерыночная доходность. Та же формула применяется при вычислении коэффициента контрольной группы к кумулятивной стоимости рынка в целом.
7
Jim Carlton, “Apple Computer is for Sale, But Buyers Prove Elusive,” Wall Street Journal, January 19, 1996, B2. 1.
8
В это исследование включены компании 3M, A&P, Abbott, Addresso-graph, AMD, American Express, Ames, Amgen, Apple, Bank of America, Best Buy, Bethlehem Steel, Biomet, Boeing, Bristol Myers/Squibb, Burroughs, Chase Manhattan, Chrysler, Circuit City, Citicorp, Colgate, Columbia Pictures, Eckerd, Fannie Mae, Ford, Genentech, General Electric, General Motors, Gillette, Great Western, Harris, Hasbro, Hewlett-Packard, Howard Johnson, IBM, Intel, Johnson & Johnson, Kenwood, Kimberly-Clark, Kirschner, Kroger, Marriott, McDonnell Douglas, Melville, Merck, Microsoft, Motorola, Nordstrom, Norton, Nucor, Pacific Southwest Airlines, Pfizer, Philip Morris, Pitney Bowes, Procter & Gamble, Progressive, R. J. Reynolds, Rubbermaid, Safeco, Scott Paper, Silo, Sony, Southwest Airlines, Stryker, Teledyne, Texas Instruments, Upjohn, USSC, Walgreens, Wal-Mart, Walt Disney, Warner Lambert, Wells Fargo, Westinghouse и Zenith.
9
“Quotes from the Past,” Create the Future, http://www.createthefuture.com/past_quotes.htm.
10
Robert McGough, “Executive Critical of ’Managed’ Earnings Doesn’t Mind if the Street Criticizes Him,” Wall Street Journal, April 16, 1999, Cl; Christopher Oster, “After Reg FD, Progressive Sets Bold Move,” Wall Street Journal, May 11, 2001, Cl; Yahoo! Finance, http://www.finance.yahoo.com.
11
Robert McGough, “Executive Critical of ’Managed’ Earnings Doesn’t Mind if the Street Criticizes Him,” Wall Street Journal, April 16, 1999.
12
“Progressive Debuts Monthly Financial Information,” A. M. Best Newswire, May 18, 2001; Amy Hutton and James Weber, “Progressive Insurance: Disclosure Strategy,” Harvard Business School, case study #9–102–012 (Boston: Harvard Business School Publishing, 2001), 7, 10.
13
Katrina Brooker, Herb Kelleher, and Reporter Associate Alynda Wheat, “The Chairman of the Board Looks Back,” Fortune, May 21, 2008, 4; 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, 2003), 6.
14
“Herb and his Airline,” 60 Minutes, CBS, May 27, 1990, Television; Jane Gibson, “Work Hard, Play Hard,” Smart Business, November 2005.
15
Jan Jarboe Russell, “A Boy and His Airline,” Texas Monthly, April 1989.
16
Tonda Montague (Ed.), Employee Communications, Southwest Airlines: 30 Years. One Mission. Low Fares. Supplement to Southwest Airlines Co., Fiscal 2001 Annual Report (Dallas: Southwest Airlines Co., 2001), 35.
17
“Southwest Airlines Co. (LUV),” Wall Street Transcript, June 8, 1987.
18
John Kirkpatrick, “Clownish in Public, Southwest Airlines Executive can be Ruthless to Rivals,” Knight Ridder/Tribune Business News, March 20, 2001.
19
Andy Grove with Bethany McLean, “Taking on Prostate Cancer,” Fortune, May 13, 1996.
20
Andy Grove with Bethany McLean, “Taking on Prostate Cancer,” Fortune, May 13, 1996.
21
Robert B. Cialdini and Noah J. Goldstein, “Social Influence: Compliance and Conformity,” Annual Review of Psychology, February 2004, 591–621.
22
Bro Uttal, “Inside the Deal that Made Bill Gates $350,000,000,” Fortune, July 21, 1986, 27.
23
Walter Isaacson, “In Search of the Real Bill Gates,” Time, January 13, 1997. (This article also appeared in the October 20, 2005, edition of Time.)
24
“For Bill Gates, Micros are Personal,” Information Week, August 14, 1989; “The Bill Gates Interview,” Playboy, 1994; Brent Schlender, “What Bill Gates Really Wants,” Fortune, January 16, 1995, 34.
25
James Wallace and Jim Erickson, Hard Drive (New York: HarperBusiness, 1992), 402–3; Lee Gomes, “Microsoft’s Gates Eyes Challenges,” San Jose Mercury News, June 18, 1991, 1C; Lee Gomes, “Candid Memo Costs Microsoft’s Gates a Fortune,” San Jose Mercury News, June 20, 1991, IF; Rich Karlgaard, “ASAP Interview: Bill Gates,” Forbes, December 7, 1992; Yahoo! Finance, http://www.finance.yahoo.com.
26
Kathy Rebello and John Hillkirk, “Sculley to Take a Break; Sabbaticals at Core of Apple Perks,” USA Today, June 10, 1988, 01B.
27
Kathy Rebello and John Hillkirk, “Sculley to Take a Break; Sabbaticals at Core of Apple Perks,” USA Today, June 10, 1988, 01B.
28
John Markoff, “Visionary Apple Chairman Moves On,” New York Times, October 16, 1993; Chris Higson and Tom Albrighton, “Apple Computer’s Financial Performance,” London Business School, case study #CS 08–012 (London: London Business School Publishing, 2008), 8, 11; Apple Inc., Fiscal 1994 and 1996 10-Ks (Cupertino, CA: Apple Inc., 1994 and 1996).
29
Johanna M. Hurstak and David B. Yoffie, “Reshaping Apple Computer’s Destiny 1992,” Harvard Business School, case study #9–393–011 (Boston: Harvard Business School Publishing, 1992), 9.
30
Mead Jennings, “Staying the Course,” Airline Business, February 1992, 52; Elizabeth Corcoran, “Intel’s Blunt Edge,” Washington Post, September 8,1996, H01; Arlene Weintraub and Amy Barrett, “Amgen: Up from Biotech,” Business Week, March 18, 2002, 70; Lee Gomes, “Microsoft’s Gates Eyes Challenges,” San Jose Mercury News, June 18, 1991, 1C.
31
Geoffrey Smith and James Ellis, “Pay That was Justified – And Pay that Just Mystified,” Business Week, May 6, 1991; James Ellis, “You Don’t Necessarily Get What You Pay For,” Business Week, May 4, 1992, 144; “CEO/Company Interview: Dr. Dane A. Miller, Biomet, Inc.,” Wall Street Transcript, December 2000; Steve Kaelble, “Money’s Worth: Which CEOs Deliver the Best Return?” Indiana Business Magazine, July 1, 1999, 15; Matthew Herper, “Dane Miller: CEO Value to the Bone,” Forbes, May 8, 2001; Tom Schuman, “Biomet and CEO Dane Miller,” CEO Magazine, November/December 2002,44.
32
James Ellis, “You Don’t Necessarily Get What You Pay For,” Business Week, May 4, 1992; “CEO/Company Interview: Dr. Dane A. Miller, Biomet, Inc.,” Wall Street Transcript, December 2000.
33
Stephen Phillips, “Driven to Succeed: Peter Lewis, Progressive’s Artful Chief Exec, Aims to Overtake Auto Insurance Industry’s Leaders,” Plain Dealer, September 1,1996,1.1; Gregory David, “Chastened?” Financial World, January 4, 1994, 39; Carol J. Loomis, “Sex. Reefer? And Auto Insurance!” Fortune, August 7, 1995, 76; личная беседа с автором.
34
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; 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; The Progressive Corporation, Fiscal 1991 Annual Report (Mayfield Heights, OH: The Progressive Corporation, 1991), 14; The Progressive Corporation, Fiscal 1996 Annual Report (Mayfield Village, OH: The Progressive Corporation, 1996), 30.
35
Carol J. Loomis, “Sex. Reefer? And Auto Insurance!” Fortune, August 7, 1995, 76.
36
Andrew Bary, “No. 4 Progressive Closes In On Auto Insurance Leaders,” Wall Street Journal, November 8, 2009.
37
“Intel Executive Biography: Gordon Moore,” Intel Corporation, http://www.intel.com/; Gene Bylinsky, “How Intel Won Its Bet on Memory Chips,” Fortune, November 1973; Leslie Berlin, The Man Behind the Microchip (New York: Oxford University Press, 2005), 244.
38
Bro Uttal, “Inside The Deal That Made Bill Gates $350,000,000,” Fortune, July 21, 1986.
39
Bill Gates, “Microsoft’s Bill Gates: Harvard Commencement Speech Transcript,” Network World, June 8, 2007; Ruthie Ackerman, “Gates Fights To Eradicate Malaria,” Forbes, October 19, 2007; “The Meaning of Bill Gates,” Economist, June 26, 2008; “Microsoft’s Tradition of Innovation,” Microsoft Corporation, October 25, 2002, http://www.microsoft.com/about/companyinformation/ourbusinesses/profile.mspx.
40
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,” Michigan Economic Development Corporation, http://www.themedc.org/Executive-Committee/John-Brown/.
41
Michael Hiestand, “Flying the Wacky Skies with Southwest’s CEO,” Adweek’s Marketing Week, July 10,1989, 31; 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, 2003), 6; “Southwest Airlines Company (LUV), Wall Street Transcript, June 5, 1989; “Officer Biographies: Herbert D. Kelleher,” Southwest Airlines, http://www.southwest.com/swamedia/bios/herb_kelleher.html.
42
Steven Litt, “This Lone Ranger has Nothing to Hide,” Plain Dealer, September 29, 2002, Al; April Dougal Gasbarre (updated by David Bianco), “The Progressive Corporation,” International Directory of Company Histories (New York: St. James Press, 1999), 396.
43
Geoffrey Smith, “The Guts to Say ’I Was Wrong,’” Forbes, May 28, 1979.
44
“Jerry Sanders’s Act is Cleaning Up,” Fortune, October 15, 1984; Jeffrey L. Rodengen, The Spirit of AMD: Advanced Micro Devices (Fort Lauderdale, FL: Write Stuff Enterprises Inc., 1998), 22–24.
45
Tonda Montague (Ed.), Employee Communications, Southwest Airlines: 30 Years. One Mission. Low Fares. Supplement to Southwest Airlines Co., Fiscal 2001 Annual Report (Dallas: Southwest Airlines Co., 2001), Seanna Browder, “How George Rathmann Mastered the Science of the Deal,” Business Week, November 30, 1998; Arthur Kornberg, The Golden Helix (Sausalito, CA: University Science Books, 1995), 205.
46
Из поэмы “A Blessing” by Mekeel McBride, в сборнике Ted Kooser, The Poetry Home Repair Manual (Lincoln, NE: University of Nebraska Press, 2005), 141.
47
Stryker Corporation, Fiscal 1980, 1982, 1984, 1986, 1988, 1990, 1992, 1994, 1996, and 1997 Annual Reports (Kalamazoo, MI: Stryker Corporation, 1980, 1982, 1984, 1986, 1988, 1990, 1992, 1994, 1996, and 1997); United States Surgical Corporation, Fiscal 1979–2002 Annual Reports (Norwalk, CT: United States Surgical Corporation, 1979–2002). При подсчете ежегодного прироста в случаях отрицательного дохода мы применяли формулу (Год 2 – Год 1) / Абсолютная стоимость (Год 1). Stryker выделила необычно высокий доход за 1990 год и не учитывала его в ежегодных сравнениях дохода нетто. Если изъять этот выдающийся год из расчетов, максимальное отклонение снизится до 7 %. Мы также подчеркиваем тот факт, что за этот период доходы Stryker никогда не падали ниже нуля.
48
Laura M. Holson, “Tyco to Pay $3.3 Billion in Stock for U. S. Surgical,” New York Times, May 26, 1998.
49
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.
50
Geoffrey Brewer, “20 Percent – Or Else!” Sales and Marketing Management, November 1994, 66; Matt Walsh, “Avoiding the Snorkel Award,” Forbes, January 2, 1995, 180.
51
Geoffrey Brewer, “20 Percent – Or Else!” Sales and Marketing Management, November 1994, 66.
52
Michael A. Verespej, “Recession? What Recession? Southern Gentleman John Brown Achieves 20 Percent Earnings Growth Annually – No Matter What,” Chief Executive, June 2002, 45.
53
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.
54
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 21st consecutive 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.
55
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).
56
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).
57
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).
58
“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).
59
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.
60
“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).
61
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).
62
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.
63
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.
64
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.
65
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).
66
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.
67
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/.
23. См. выше обсуждение случая Stryker.
24. См. выше обсуждение случая USSC.
25. См. выше обсуждение случая Southwest.
26. “USAir Completes Takeover of Pacific Southwest,” Washington Post, May 30, 1987.
27. См. выше обсуждение случая Progressive.
28. См. выше обсуждение случая Safeco.
29. “Moore’s Law,” Intel Corporation, http://www.intel.com/technology/mooreslaw/.
30. См. выше обсуждение случая AMD.
31. Stratford P. Sherman, “Microsoft’s Drive to Dominate Software,” Fortune, January 23, 1984, 82; Greg Heberlein, “Microsoft Stock Filing Unveils Secrets,” Seattle Times, February 4, 1986, Bl; James Wallace and Jim Erickson, Hard Drive (New York: HarperBusiness, 1992), 314; Brent Schlender, “What Bill Gates Really Wants,” Fortune, January 16, 1995; Jim Carlton, Apple (New York: Random House, 1997), 132; Steve Hamm, “Gates on Bullies, Browsers – and the Future,” Business Week, January 19, 1998; David Bank, “Paneful Struggle: How Microsoft’s Ranks Wound up in Civil War over Windows’ Future,” Wall Street Journal, February 1, 1999, Al; Carl Johnston, Michael Rukstad, and David Yoffie, “Microsoft, 2000,” Harvard Business School, case study #9–700–071 (Boston: Harvard Business School Publishing, 2000), 20–21.
32. Morgan Stanley & Co. and Hambrecht & Quist, “Prospectus: Apple Computer, Inc., Common Stock,” Apple Inc., December 12,1980; John Eckhouse, “It’s Final – Apple Chairman Resigns,” San Francisco Chronicle, September 20, 1985; G. Pascal Zachary, “Apple Plans Cutbacks as its Profits Sour,” Wall Street Journal, January 19, 1990, Bl; Don Clark, “Apple’s Gassee Confirms Resignation,” San Francisco Chronicle, March 3, 1990, B2; Richard Brandt, “Information Processing: The Toughest Job in the Computer Business – Michael Spindler Tripled Apple Sales in Europe. Will his Magic Work in America?” Business Week, March 19, 1990, 118; Barbara Buell, “Apple: New Team, New Strategy,” Business Week, October 15, 1990, 86; Bill Richards, Michael Gibbs, and Michael Beer, “Apple Computer (D): Epilogue,” Harvard Business School, case study #9–492–013 (Boston: Harvard Business School Publishing, 1991), 3; “Apple Finance Chief Quits After Pushing for a Merger,” Wall Street Journal, October 5, 1995, Bl; Peter Burrows, “Almost Down to the Core? Apple is Facing a Disturbing Management Exodus,” Business Week,November 20, 1995; Kathy Rebello, “The Fall of an American Icon,” Business Week, February 5, 1996; Jim Carlton and Lee Gomes, “Apple Computer Chief Amelio is Ousted,” Wall Street Journal, July 10, 1997, A3; Jim Carlton, “Apple Names Steve Jobs Interim CEO,” Wall Street Journal, September 17, 1997, A3; Apple Inc., Fiscal 2002 10-K (Cupertino, CA: Apple Inc., 2002).
33. James D. Berkley and Nitin Nohria, “Amgen Inc.: Planning the Unplannable,” Harvard Business School, case study #9–492–052 (Boston: Harvard Business School Publishing, 1992), 11; Amy Tsao, “Amgen: Will Bigger be Better?” Business Week, January 2, 2002; David Stipp, “Biotech’s New Colossus: Move Over, Big Pharma. Amgen Boasts Better Growth,” Fortune, April 15, 2002; Frank DiLorenzo, “For Amgen, a Very Healthy Prognosis,” Business Week, August 10, 2004; Amgen Inc., Fiscal 1985, 1990, 1995 and 2000–2002 Annual Reports (Thousand Oaks, CA: Amgen Inc, 1985, 1990, 1995, and 2000–2002).
34. См. ниже обсуждение случая Genentech.
35. Geoffrey Smith, “Pay that was Justified-And Pay that Just Mystified,” Business Week, May 6, 1991, 92; Michael Brush, “Millions in the Bank, if They Don’t Stumble,” New York Times, March 3, 1997, 3.6; “Dane Miller-Biomet Inc (BMET): CEO Interview,” Wall Street Transcript, July 15, 2002; Biomet Inc., Fiscal 1982, 1987, 1992, 1997, and 2002 Annual Reports (Warsaw, IN: Biomet Inc., 1982, 1987, 1992, 1997, and 2002).
68
M. L. Mead: Scott & Stringfellow Inc., “Kirschner Medical Corporation – Company Report,” The Investext Group, February 17, 1989; J. H. Berg: J. C. Bradford & Co., “Kirschner Medical Corporation-Company Report,” The Investext Group, May 19, 1989, 1; Stan Hinden, “Kirschner Medical to Sell Surgical Lighting Division,” Washington Post, April 3, 1990, D01; Jason Zweig, “The Bone Doctor’s Plan,” Forbes, January 20, 1992, 92; Jessica Hall, “Torn between Two Bidders: Kirschner’s Enviable Dilemma,” Warfield’s Business Record, July 1, 1994, 3; Jessica Hall, “Kirschner Accepts Deal with Orthopedics Giant to End Seven-Week Bidding War,” Warfield’s Business Record, July 22, 1994, 1129. См. ниже обсуждение случая AMD.
69
Mary Jo Waits, et al., Beat the Odds (Tempe and Phoenix, AZ: Morrison Institute for Public Policy and Center for the Future of Arizona, 2006); Beat the Odds Institute, http://www.beattheoddsinstitute.org/overview/index.php.
70
Mary Jo Waits, et al., Beat the Odds (Tempe and Phoenix, AZ: Morrison Institute for Public Policy and Center for the Future of Arizona, 2006), 16, 25, 29, 36, 43; Arizona Indicators: A Program Managed by Morrison Institute for Public Policy, http://arizonaindicators.org/education.
71
Louise Kehoe, “How Immodesty Becomes a Silicon Valley Resident,” Financial Times, January 30, 1984, 10; “Advanced-Micro: Goal is to be No. 1 U. S. Integrated Circuit Producer by 1990,” Business Wire, September 11, 1984; Peter Dworkin, “Silicon Valley’s Vale of Tears,” U. S. News & World Report, March 2, 1987, 47; Jeffrey L. Rodengen, The Spirit of AMD: Advanced Micro Devices (Ft. Lauderdale, FL: Write Stuff Enterprises Inc., 1998), 82–83; Moody’s Investors Service and Mergent FIS Inc., 1973–1986 Moody’s OTC Industrial Manual (New York: Moody’s Investors Service, 1973–86). Advanced Micro Devices (AMD), Fiscal 1987 Annual Report (Sunnyvale, CA: Advanced Micro Devices, 1987).
72
Peter Dworkin, “Silicon Valley’s Vale of Tears,” U. S. News 6 World Report, March 2, 1987, 47; Dale Wettlaufer, “Interview with Vladi Catto,” Motley Fool, June 21, 1996; Douglas A. Irwin, “Trade Policies and the Semiconductor Industry,” National Bureau of Economic Research, January 1996, 27; Moody’s Investors Service and Mergent FIS Inc., 1973–1986 Moody’s OTC Industrial Manual (New York: Moody’s Investors Service, 1973–86). Advanced Micro Devices, Fiscal 1987 and 1997–2002 Annual Reports (Sunnyvale, CA: Advanced Micro Devices, 1987 and 1997–2002).
73
Roald Amundsen, The South Pole (McLean, VA: IndyPublish.com, 2009), “The First Account,” 213, 263; Roland Huntford, The Last Place on Earth (New York: Random House, 1999), 412–13, 419, 441–43, 466–67, 483–84.
74
“Hot Reception Seen Today for Genentech As First Gene-Splicing Firm to Go Public,” Wall Street Journal, October 14, 1980, 6; Nell Henderson, “Biotech Breakthrough Focuses on Heart Attacks,” Washington Post, October 12, 1986, HI; Charles McCoy, “Genentech’s New CEO Seeks Clean Slate – Levinson Takes Charge At Biotech Firm After Raab’s Ouster,” Wall Street Journal, July 12, 1995, B6; Bernadette Tansey, “Genentech Proves the Skeptics Wrong,” San Francisco Chronicle, December 21, 2003; Genentech Inc., Fiscal 1985 and 1991 Annual Reports (San Francisco: Genentech Inc., 1985 and 1991); Genentech Inc., http://www.gene.com.
75
David R. Olmos, “Genentech Ousts CEO over Conflict Question,” Los Angeles Times, July 11, 1985, Dl; Charles McCoy, “Genentech’s New CEO Seeks Clean Slate – Levinson Takes Charge At Biotech Firm After Raab’s Ouster,” Wall Street Journal, July 12, 1995, B6; Wayne Koberstein, “Youthful Maturity,” Pharmaceutical Executive, March 1999, 47; “Arthur D. Levenson-Genentech Inc. (GNE) CEO Interview,” Wall Street Transcript, January 26, 1998 (примечание: сохранена орфография названия статьи с ошибкой в фамилии Левинсона); данные по нетто-доходу взяты из Genentech Inc., Fiscal 1980–2008 Annual Reports (San Francisco: Genentech Inc., 1980–2008); Business Week Online, http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personld=234085&ticker=DNA: CN.
76
“Arthur D. Levenson – Genentech Inc. (GNE) CEO Interview,” Wall Street Transcript, January 26, 1998. (Примечание: сохранена орфография с ошибкой в фамилии Левинсона.)
77
Mimi Real and Robert Warren, A Revolution in Progress… A History of Intel to Date (Santa Clara, CA: Intel Corporate Communications Department, 1984), 17.
78
Gary Kissel, Poor Sailors' Airline (McLean, VA: Paladwr Press, 2002), viii, 21, 23, 69, 80, 116-17, 145, 171-72.
79
Gary Kissel, Poor Sailors’ Airline (McLean, VA: Paladwr Press, 2002), 118–19; Richard Curry, “The Skies of Texas,” New York Times, July 18, 1971; PSA Inc., Fiscal 1967 Annual Report (San Diego: PSA Inc., 1967).
80
“Love is Ammunition for a Texas Airline,” Business Week, June 26, 1971; Gary Kissel, Poor Sailors’ Airline (McLean, VA: Paladwr Press, 2002), 171.
81
Gary Kissel, Poor Sailors’ Airline (McLean, VA: Paladwr Press, 2002), 171–72; Lamar Muse, Southwest Passage: The Inside Story of Southwest Airlines’ Formative Years (Austin, TX: Eakin Press, 2002), 84; Christopher H. Lovelock, “Southwest Airlines (A),” Harvard Business School, case study #9–575–060 (Boston: Harvard Business School Publishing, 1985).
82
“USAir Completes Takeover of Pacific Southwest,” Washington Post, May 30, 1987.
83
Анализ по патентной политике опирается на три источника: 1) United States Patent and Trademark Office (USPTO) Official Database, 2) Dialog Research Services и 3) анализ базы данных по патентам и обращениям к ним профессора Ясита Сингха, Бизнес-школа INSEAD: “USPTO Patent Full-Text and Image Database,” United States Patent and Trademark Office, http://www.uspto.gov/; “New Biotechnology Companies,” Science, February 11, 1983; “Corporate Chronology,” Genentech Inc., www.gene.com/gene/about/corporate/history/timeline.html.
84
Noreen Seebacher, “Stryker Products: Just What the Doctor Ordered,” Detroit News, May 6, 1991, 3F; Barry Stavro, “The Hipbone’s Connected to the Bottom Line,” Forbes, December 3, 1984; Ron Winslow, “As Marketplace Shifts, U. S. Surgical Needs Patching Up,” Wall Street Journal, February 18, 1994; United States Surgical Corporation, Fiscal 1987 Annual Report (Norwalk, CT: United States Surgical Corporation, 1987); Christine Shenot, “U. S. Surgical Innovations Are Cut Above Rest,” Investor’s Daily, March 5, 1991, 36; “Corporate Critics Confidential: Medical Technology,” Wall Street Transcript, February 11, 1991.
85
“Stakes are Large in Battle for Microprocessor Market,” Globe and Mail, November 24, 1980, B5; “Section Three: The Great Dark Cloud Falls: IBM’s Choice,” CPU Shack, http://www.cpushack.com/CPU/cpu3.html; George W. Cogan and Robert A. Burgelman, “Intel Corporation (A): The DRAM Decision,” Graduate School of Business, Stanford University, case study #S-BP-256 (Palo Alto, CA: Graduate School of Business, Stanford University, 1989), 9–10; Ashish Nanda and Christopher A. Bartlett, “Intel Corporation – Leveraging-Capabilities for Strategic Renewal,” Harvard Business School, case study #9–394–141 (Boston: Harvard Business School Publishing, 1994), 3; Aditya P. Mathur, Introduction to Microprocessor, 3rd ed. (Noida, India: Tata McGraw-Hill, 1989), 111; “History: 50 Years of Industry Leadership,” National Semiconductor, www.national.com/analog/company/history; “Intel 8086,” Webster’s Online, www.websters-online-dictionary.org/definitions/Intel+8086?cx=partner-Pub-0939450753529744%3Av0qd01-tdlq&cof=FORID%3A9&ie=UTF-8&q=Intel+8086&sa=Search#922; Andrew Pollack, “Intel Offers a 32-Bit Microprocessor,” New York Times, October 17, 1985; Brenton R. Schlender, “Fast Game: Intel Introduces a Chip Packing Huge Power and Wide Ambitions,” Wall Street Journal, February 28, 1989.
86
Gerard J. Tellis and Peter N. Golder, Will and Vision (New York: McGraw-Hill, 2002), xiii-xv, 43, 46, 290–92.
87
Gene Bylinsky, “How Intel Won Its Bet on Memory Chips,” Fortune, November 1973, 147, 184, 189; Intel Corporation, Fiscal 1971 Annual Report (Santa Clara, CA: Intel Corporation, 1971).
88
Gene Bylinsky, “How Intel Won Its Bet on Memory Chips,” Fortune, November 1973, 147.
89
Gene Bylinsky, “How Intel Won Its Bet on Memory Chips,” Fortune, November 1973, 184.
90
“New Leaders in Semiconductors,” Business Week, March 1, 1976.
91
“New Leaders in Semiconductors,” Business Week, March 1, 1976.
92
Gene Bylinsky, “How Intel Won Its Bet on Memory Chips,” Fortune, November 1973, 184; Gordon E. Moore, “Cramming More Components onto Integrated Circuits,” Proceedings of the IEEE, January 1998 (Репринт публикации: Gordon E. Moore, “Cramming More Components onto Integrated Circuits,” Electronics, April 19, 1965.); Leslie Berlin, The Man Behind the Microchip (New York: Oxford University Press, 2005), 227; Victor K. McElheny, “High-Technology Jelly Bean Ace,” New York Times, June 5, 1977; Robert A. Burgelman, Modesto A. Maidique, and Steven C. Wheelwright, Strategic Management of Technology and Innovation, 3rd ed. (New York: McGraw-Hill/Irwin, 2001), 931.
93
Личная беседа с автором.
94
David Ewing Duncan, The Amgen Story 25 Years of Visionary Science and Powerful Medicine (San Diego Tehabi Books, 2005), 16, 22–24, 29, 31, James D Berkley and Nitin Nohna, “Amgen Inc Planning the Un-plannable,” Harvard Business School, case study #9–492–052 (Boston Harvard Business School Publishing, 1992), 2.
95
David Ewing Duncan, The Amgen Story 25 Years of Visionary Science and Powerful Medicine (San Diego Tehabi Books, 2005), 14, 16, 24, 29, 31, 35, 52–53, Seanna Browder, “How George Rathmann Mastered the Science of the Deal,” Business Week, November 30, 1998.
96
David Ewing Duncan, The Amgen Story 25 Years of Visionary Science and Powerful Medicine (San Diego Tehabi Books, 2005), 35.
97
Smith Barney, Harris Upham & Co, Dean Witter Reynolds Inc, and Montgomery Securities, “Prospectus Amgen Common Stock,” Amgen Inc, June 17, 1983, 13–17.
98
David Ewing Duncan, The Amgen Story 25 Years of Visionary Science and Powerful Medicine (San Diego Tehabi Books, 2005), 72, 77–82, Felix Oberholzer-Gee and Dennis Yao, “Amgen Inc’s Epogen Commercializing the First Biotech Blockbuster Drug,” Harvard Business School, case study #7–064–54 (Boston Harvard Business School Publishing, 2005).
99
Craig E Aronoff and John L Ward, Contemporary Entrepreneurs (Detroit Omnigraphics Inc, 1992), 356, Matthew Herper, “Dane Miller CEO Value to the Bone,” Forbes, May 8, 2001, Fred R. David, Strategic Management (Upper Saddle River, NJ Prentice Hall, 2003), 376, “Biomet, Inc,” Wall Street Transcript, January 31,1994, Richard F. Hubbard and Jeffrey L. Rodengen, Biomet Inc From Warsaw to the World (Ft Lauderdale, FL Write Stuff Enterprises Inc, 2002), 49, 72, 83, 108, 114, “Biomet History,” http://www.biomet.com/corporate/biometTimeline.cfm.
100
Акции, находящиеся на руках у акционеров на конец 1987 года.
101
ML Mead Scott & Stnngfellow Inc, “Kirschner Medical Corporation – Company Report,” The Investext Group, February 17, 1989, 6, “Kirschner Medical Purchase,” Wall Street Journal, May 4, 1988, Susan J. Stacker, “After a Dark Year, Kirschner Restores Its New Subsidiary,” Washington Business Journal, June 19, 1989, Jessica Hall, “Torn Between Two Bidders Kirschner’s Enviable Dilemma,” Warfield’s Business Record, July 1, 1994, L. C. Marsh Wheat First Butcher & Singer Inc, “Kirschner Medical Corporation – Company Report,” The Investext Group, October 8, 1990, L. C. Marsh Wheat First Butcher & Singer Inc, “Kirschner Medical Corporation – Company Report,” The Investext Group, September 18, 1991, данные графика взяты из источников, перечисленных в этом примечании и в двух предыдущих.
102
Gary Kissel, Poor Sailors’ Airline (McLean, VA Paladwr Press, 2002), 148, 159, 172–73, 186, 193; “Pacific Southwest Airlines,” Wall Street Transcript, October 20, 1969.
103
“Big Jets Trip Up a Go-Go Airline,” Business Week, April 14, 1975; Robert Lindsey, “A Fallen Model For Deregulation,” New York Times, July 13, 1975; PSA Inc., Fiscal 1970 and 1973 Annual Reports (San Diego: PSA Inc., 1970 and 1973); Gary Kissel, Poor Sailors’ Airline (McLean, VA: Paladwr Press, 2002), 173, 179, 193, 196.
104
Gary Kissel, Poor Sailors’ Airline (McLean, VA: Paladwr Press, 2002), 186–87, 193, 196–97; Robert Lindsey, “A Fallen Model For Deregulation,” New York Times, July 13, 1975.
105
Richard B. Schmitt and Roy J. Harris Jr., “Braniff-PSA Joint Venture Is Succeeded By Plan to Lease 30 of Grounded Line’s Jets,” Wall Street Journal, n.d.; John S. DeMott, Mark Seal, and Michael Weiss, “Bankruptcy at Braniff,” Time, May 24,1982; Gary Kissel, Poor Sailors’ Airline (McLean, VA: Paladwr Press, 2002), 196, 261, 265, 273–74, 280, 287; Jeffrey M. Lenorovitz, “PSA, Lockheed Sue in L-1011 Dispute,” Aviation Week & Space Technology, January 8, 1979; Joan M. Feldman, “PSA Switch to DC-9–80 Beginning to Pay Dividends,” Air Transport World, December 1981; “Death Over San Diego,” Time, October 9, 1978.
106
Agis Salpukas, “US Air to Buy P.S.A. for $400 Million,” New York Times, December 9, 1986; Gary Kissel, Poor Sailors’Airline (McLean, VA: Paladwr Press, 2002), 301.
107
Katrina Brooker, Herb Kelleher, and Reporter Associate Alynda Wheat, “The Chairman of the Board Looks Back,” Fortune, May 21, 2001; Tom Krazit, “Intel to Discontinue Rambus Chip Sets,” IDG News, May 21, 2003; Jeff Chappell, “The Costly Rambus Bandwagon,” Electronic News, November 6, 2000.
108
The Progressive Corporation, Fiscal 1986 Annual Report (Mayfield Village, OH: The Progressive Corporation, 1986), 17, 24; “Like to Drink and Drive?” Financial World, November 27, 1990; Nicolaj Siggelkow and Michael E. Porter, “Progressive Corporation,” Harvard Business School, case study #9–797–109 (Boston: Harvard Business School Publishing, 1998), 15; Gregory E. David, “Chastened?” Financial World, January 4, 1994; Jay Greene, “Progressive Corp. High-Risk Insurer Flying High Again,” Plain Dealer, June 7, 1993.
109
Jay Greene, “Progressive Corp. High-Risk Insurer Flying High Again,” Plain Dealer, June 7, 1993; Robert G. Knowles, “Progressive Launches Marketing ’Experiment,’ “ National Underwriter Property & Casualty-Risk & Benefits Management, July 22, 1991.
110
Robert G. Knowles, “Progressive Launches Marketing ’Experiment,’ “National Underwriter Property & Casualty-Risk & Benefits Management, July 22, 1991; Jay Greene, “Progressive Corp. Takes Chance on Standard Coverage,” Plain Dealer, September 7, 1991; Colleen Mulcahy, “Agents Uneasy with Progressive Auto Contract,” National Underwriter Property & Casualty-Risk & Benefits Management, September 27, 1993; James King, “Risk Has Its Rewards,” Plain Dealer, June 20, 1994, 2S; Frances X. Frei and Hanna Rodriguez-Farrar, “Innovation at Progressive (A): Pay-As-You-Go Insurance,” Harvard Business School, case study #9–602–175 (Boston: Harvard Business School Publishing, 2004), 4; “Total Auto, Total Premiums Written – 2002,” Best’s Review, October 2003; The Progressive Corporation, Fiscal 1996 Annual Report (May-field Village, OH: The Progressive Corporation, 1996).
111
Frances X. Frei and Hanna Rodriguez-Farrar, “Innovation at Progressive (B): Homeowners Insurance,” Harvard Business School, case study #9_601–138 (Boston: Harvard Business School Publishing, 2004), 2; Elisabeth Boone, “Recipe for Success,” Rough Notes, April 2002.
112
“Love is Ammunition for a Texas Airline,” Business Week, June 26, 1971; Roland Huntford, The Last Place on Earth (New York: Modern Library, 1999), 91, 94, 256.
113
James Wallace and Jim Erickson, Hard Drive (New York: Harper-Business, 1992), 172–76.
114
Richard Brandt and Katherine M. Hafner, “The Waiting Game that Microsoft Can’t Lose,” Business Week, September 12, 1988; James Wallace and Jim Erickson, Hard Drive (New York: HarperBusiness, 1992), 346–51.
115
James Wallace and Jim Erickson, Hard Drive (New York: Harper-Business, 1992), 349; Richard Brandt and Katherine M. Hafner, “The Waiting Game that Microsoft Can’t Lose,” Business Week, September 12, 1988.
116
Richard Brandt and Katherine M. Hafner, “The Waiting Game that Microsoft Can’t Lose,” Business Week, September 12, 1988; “Gates Reaffirms Faith in OS2,” Computer Weekly, March 16, 1989; “Windows Keeps Rolling Toward a Career Year,” PC Week, July 17, 1989.
117
Richard Brandt and Evan I. Schwartz, “IBM and Microsoft: They’re Still Talking, But…” Business Week, October 1,1990; Philip M. Rosenzweig, “Bill Gates and the Management of Microsoft,” Harvard Business School, case study #9–392–019 (Boston: Harvard Business School Publishing, 1993); “Microsoft Shipments of Windows Exceed One Million a Month,” Wall Street Journal, August 12, 1992; Carl Johnston, Michael Rukstad, and David Yoffie, “Microsoft, 2000,” Harvard Business School, case study #9–700–071 (Boston: Harvard Business School Publishing, 2000), 3; “Microsoft Company,” Operating System, http://www.operating-system.org/betriebssystem/_english/fa-microsoft.htm; “A History of Windows,” Microsoft Corporation, http://windows.microsoft.com/en-US/windows/history.
118
Jerry Useem, “Simply Irresistible,” Fortune, March 19, 2007; “Apple Stores,” ifoAppleStore, www.ifoapplestore.com/stores/chronology_2001–2003.html.
119
John Markoff, “An ’Unknown’ Co-Founder Leaves After 20 Years of Glory and Turmoil,” New York Times, September 1, 1997; “The Television Program Transcripts: Part III – Triumph of the Nerds,” PBS, www.pbs.org/nerds/part3.html; Gregory C. Rogers and Michael Beer, “Apple Computer (A) (Abridged): Corporate Strategy and Culture,” Harvard Business School, case study #9–495–044 (Boston: Harvard Business School Publishing, 1997), 4; Mary Kwak and David B. Yoffie, “Apple Computer 1999,” Harvard Business School, case study #9–799–108 (Boston: Harvard Business School Publishing, 1999), 6; Jai Singh, “Dell: Apple Should Close Shop,” CNETNews, October 6, 1997.
120
Mary Kwak and David B. Yoffie, “Apple Computer 1999,” Harvard Business School, case study #9–799–108 (Boston: Harvard Business School Publishing, 1999), 12–13; Gabriel Madway, “Apple CEO-in-Waiting Tim Cook Haunted by Vision Quest,” Reuters, February 23, 2011; Jim Carlton, Apple (New York: Random House, 1997), 15; Apple Inc., Fiscal 1997 10K (Cupertino, CA: Apple Inc., 1997); Yusi Wang and David B. Yoffie, “Apple Computer 2002,” Harvard Business School, case study #9–702–469 (Boston: Harvard Business School Publishing, 2003); Общая сумма (в данном случае – продажи, общие и административные расходы) сократилась в процентном отношении к продажам.
121
Julie Hennessy and Andrei Najjar, “Apple Computer, Inc.: Think Different, Think Online Music,” Kellogg School of Management, case study #KEL065 (Evanston, IL: Northwestern University, 2004), 2–3, 6; Brent Schlender, “How Big Can Apple Get?” Fortune, February 21, 2005; Rob Walker, “The Guts of a New Machine,” New York Times, November 30, 2003.
122
Julie Hennessy and Andrei Najjar, “Apple Computer, Inc.: Think Different, Think Online Music,” Kellogg School of Management, case study #KEL065 (Evanston, IL: Northwestern University, 2004), 6; David B. Yoffie and Michael Slind, “Apple Computer, 2006,” Harvard Business School, case study #9–706–496 (Boston: Harvard Business School Publishing, 2007), 13; Morten T Hansen, Collaboration (Boston: Harvard Business School Publishing, 2009), 7.
123
Apple Inc., Fiscal 2001–2 lOKs (Cupertino, CA: Apple Inc., 2001–2).
124
Rob Walker, “The Guts of a New Machine,” New York Times, November 30, 2003; David B. Yoffie and Michael Slind, “Apple Computer, 2006,” Harvard Business School, case study #9–706–496 (Boston: Harvard Business School Publishing, 2007), 17; Julie Hennessy and Andrei Najjar, “Apple Computer, Inc.: Think Different, Think Online Music,” Kellogg School of Management, case study #KEL065 (Evanston, IL: Northwestern University, 2004), 6–9; Olga Kharif, “iPod: A Seed for Growth,” Business Week, August 27, 2002.
125
Основано на доле рынка, принадлежавшей Apple (менее 5 % в 2001 году).
126
Yusi Wang and David B. Yoffie, “Apple Computer 2002,” Harvard Business School, case study #9–702–469 (Boston: Harvard Business School Publishing, 2003); Peter Burrows, “Steve Jobs: I’m an Optimist,’” Business Week Online, August 13, 2003; “iPod + iTunes Timeline,” Apple Inc., www.apple.com/pr/products/ipodhistory/; Julie Hennessy and Andrei Najjar, “Apple Computer, Inc.: Think Different, Think Online Music,” Kellogg School of Management, case study #KEL065 (Evanston, IL: Northwestern University, 2004), 11; David B. Yoffie and Michael Slind, “Apple Computer, 2006,” Harvard Business School, case study #9–706–496 (Boston: Harvard Business School Publishing, 2007), 17.
127
Jim Carlton, Apple: The Inside Story of Intrigue, Egomania, and Business Blunders (New York: HarperBusiness, 1997), 394–428; Miguel Helft and Ashlee Vance, “Apple Passes Microsoft as No. 1 in Tech,” New York Times, May 26, 2010.
128
Quotable Emerson, http://www.quotableemerson.com/allquotes.php.
129
David Breashears, High Exposure (New York: Simon & Schuster Paperbacks, 1999), 149, 214, 231, 242, 250–51; “Ed Viesturs on IMAX Everest: The Exclusive Mountain Zone Interview,” Mountain Zone, http://classic.mountainzone.com/climbing/everest/imax/.
130
David Breashears, High Exposure (New York: Simon & Schuster Paperbacks, 1999), 149, 250–52.
131
David Breashears, High Exposure (New York: Simon & Schuster Paperbacks, 1999), 251–53, 255–56, 261.
132
David Breashears, High Exposure (New York: Simon & Schuster Paperbacks, 1999), 224, 232–34, 252–53.
133
David Breashears, High Exposure (New York: Simon & Schuster Paperbacks, 1999), 237, 240, 254–55; Jon Krakauer, Into Thin Air (New York: Anchor Books, 1997), 68.
134
David Breashears, High Exposure (New York: Simon & Schuster Paperbacks, 1999), 284, 289, 291; Jon Krakauer, Into Thin Air (New York: Anchor Books, 1997), xv; National Geographic Adventure, http://www.nationalgeographic.com/adventure/everest/index.html; “Everest Fatalities,” Adventure Stats, http://www.adventurestats.com/tables/everest_fatilities.shtml.
135
David Breashears, High Exposure (New York: Simon & Schuster Paperbacks, 1999), 217, 298; Jon Krakauer, Into Thin Air (New York: Anchor Books, 1997), 27, 34–36, 65, 68–69.
136
David Breashears, High Exposure (New York: Simon & Schuster Paperbacks, 1999), 224; Jon Krakauer, Into Thin Air (New York: Anchor Books, 1997), 153, 207–10; Storm Over Everest (Washington, DC: PBS Frontline, 2008), DVD.
137
Jon Krakauer, Into Thin Air (New York: Anchor Books, 1997), 171.
138
David Breashears, High Exposure (New York: Simon & Schuster Paperbacks, 1999), 217, 232, 261, 265, 281, 284, 289, 296; Jon Krakauer, Into Thin Air (New York: Anchor Books, 1997), 208, 214, 258; Storm Over Everest (Washington, DC: PBS Frontline, 2008), DVD.
139
Intel Corporation, Fiscal 1997 and 1999 Annual Reports (Santa Clara, CA: Intel Corporation, 1997 and 1999); Advanced Micro Devices, Fiscal 1999 Annual Report (Sunnyvale, CA: Advanced Micro Devices, 1999). Расчеты основаны на наличных и краткосрочных инвестициях.
140
“Intel: The Microprocessor Champ Gambles on Another Leap Forward,” Business Week, April 14, 1980, 94; Mimi Real and Robert Warren, A Revolution in Progress… A History of Intel to Date (Santa Clara, CA: Intel Corporate Communications Department, 1984), 7, 46; Leslie Berlin, The Man Behind the Microchip (New York: Oxford University Press, 2005), 172.
141
Steven Rosenbush, Robert D. Hof, and Ben Elgin, “Too Much Cash, Too Little Innovation,” Business Week, July 18, 2005; Jeremy Quittner, “Entrepreneurs Hoard Cash,” Business Week, April 16, 2008; Ben McClure, “Cash: Can a Company Have Too Much?” Investopedia, http://boards.investopedia.com/articles/fundamental/03/062503.asp.
142
Tim Olper, Lee Pinkowitz, Rene Stulz, and Rohan Williamson, “The Determinants and Implications of Corporate Cash Holdings,” Journal of Financial Economics, 1999, 17. Примечание: в финансовых отчетах ликвидность страховых компаний выглядит совершенно иначе, чем в других отраслях, включенных в наше исследование. По этой причине коэффициент ликвидности Progressive в данной статистике не учитывается.
143
Nassim Nicholas Taleb, The Black Swan (New York: Random House, 2007); Nassim N. Taleb Home & Professional Page, http://www.fooledbyrandomness.com.
144
Southwest Airlines Co., Fiscal 1991 Annual Report (Dallas: Southwest Airlines Co., 1991), 3.
145
Terry Maxon, “Southwest Airlines’ Chances for Survival Good in Industry Crisis,” Knight Ridder/Tribune Business News, October 4, 2001; “It Must Be the Peanuts,” CFO, December 2001,48; Kim Clark, “Nothing But the Plane Truth,” U. S. News & World Report, December 31, 2001, 58; “Southwest Airlines Soars with Morningstar’s CEO of the Year Award,” PR Newswire, January 4, 2002; Southwest Airlines Co., Fiscal 2001 Annual Report (Dallas: Southwest Airlines Co., 2001), 5; Southwest Airlines Co., Fiscal 2002 Annual Report (Dallas: Southwest Airlines Co., 2002), 2.
146
“It Must Be the Peanuts,” CFO, December 2001, 48; Marc L. Songini, “Southwest Expands Business Tools’ Role: Will Manage Operational Data with Tools that Helped Stabilize Finances after Attacks,” Computerworld, July 15, 2002, 6; Southwest Airlines Co., Fiscal 2001 Annual Report (Dallas: Southwest Airlines Co., 2001), 4.
147
Good to Great, produced by Sam Tyler (Boston: Northern Light Productions, 2006), DVD.
148
David Breashears, High Exposure (New York: Simon & Schuster Paperbacks, 1999), 251–56, 265, 285.
149
Andy Grove with Bethany McClean, “Taking on Prostate Cancer,” Fortune, May 13, 1996.
150
Данные для этого раздела и диаграммы: Stryker Corporation, Fiscal 1989, 1990, 1992, 1994, 1996, 1997, and 1998 Annual Reports (Kalamazoo, MI: Stryker Corporation, 1989, 1990, 1992, 1994, 1996, 1997, and 1998).
151
Brenda Rios, “Kalamazoo, Mich., Medical Products Firm to Buy Pfizer Orthopedics Unit,” Knight Ridder/Tribune Business News, August 14, 1998; James P. Miller, “Conservative Stryker Joins the Merger Game in a Big Way,” Wall Street Journal, August 21, 1998, 1; Stryker Corporation, Fiscal 1998 Annual Report (Kalamazoo, MI: Stryker Corporation, 1998), 6.
152
Brenda Rios, “Kalamazoo, Mich., Medical Products Firm to Buy Pfizer Orthopedics Unit,” Knight Ridder/Tribune Business News, August 14, 1998; James P. Miller, “Conservative Stryker Joins the Merger Game in a Big Way,” Wall Street Journal, August 21,1998,1; Stryker Corporation, Fiscal 1989, 1996, 1998, and 2000 Annual Reports (Kalamazoo, MI: Stryker Corporation, 1989, 1996, 1998, and 2000).
153
Личная беседа с автором.
154
Daniel J. Simons and Christopher F. Chabris, “Gorillas in Our Midst: Sustained Inattentional Blindness for Dynamic Events,” Perception, 1999, 1059–70.
155
Фамилия мистера Бакаута встречается в трех разных написаниях. Мы выбрали вариант, используемый в официальной истории Intel за 15 лет. Mimi Real and Robert Warren, A Revolution in Progress… A History of Intel to Date (Santa Clara, CA: Intel Corporate Communications Department, 1984), 15.
156
William H. Davidow, Marketing High Technology (New York: The Free Press, 1986), 1–11; Mimi Real and Robert Warren, A Revolution in Progress… A History of Intel to Date (Santa Clara, CA: Intel Corporate Communications Department, 1984), 15.
157
Mimi Real and Robert Warren, A Revolution in Progress… A History of Intel to Date (Santa Clara, CA: Intel Corporate Communications Department, 1984), 15; William H. Davidow, Marketing High Technology (New York: The Free Press, 1986), 4–6.
158
William H. Davidow, Marketing High Technology (New York: The Free Press, 1986), 7–8, 10; Katie Woodruff, Defining Intel: 25 Years/25 Events (Santa Clara, CA: Intel Corporation, 1993), 16; Tim Jackson, Inside Intel: Andy Grove and the Rise of the World’s Most Powerful Chip Company (New York: Plume, 1997), 194.
159
Gordon M. Binder, Amgen (n.p. The Newcomen Society of the United States, 1998), 12; David Ewing Duncan, The Amgen Story: 25 Years of Visionary Science and Powerful Medicine (San Diego: Tehabi Books, 2005), 84–85.
160
Ellen Benoit, “Breakfast at the Ritz,” Financial World, March 10, 1987, 18; Marilyn Chase, “FDA Panel Rejection of Anti-Clot Drug Sets Genentech Back Months, Perils Stock,” Wall Street Journal, June 1, 1987, 26; Jesus Sanchez, “Rejection of Genentech’s Heart Drug Surprises Biotechnology Investors,” Los Angeles Times, June 2, 1987, 1; Stuart Gannes and Gene Bylinsky, “The Big Boys are Joining the Biotech Party: Corporate Giants are about to Crowd the Start-Ups,” Fortune, July 6, 1987, 58; Andrew Pollack, “Taking the Crucial Next Step at Genentech,” New York Times, January 28, 1990.
161
Jesus Sanchez, “Rejection of Genentech’s Heart Drug Surprises Biotechnology Investors,” Los Angeles Times, June 2, 1987, 1; Brenton R. Schlender, “Genentech’s Missteps and FDA Policy Shift Led to TPA Setback,” Wall Street Journal, June 16, 1987, 1.
162
Marilyn Chase, “FDA Panel Rejection of Anti-Clot Drug Sets Genentech Back Months, Perils Stock,” Wall Street Journal, June 1, 1987, 26; Jesus Sanchez, “Rejection of Genentech’s Heart Drug Surprises Biotechnology Investors,” Los Angeles Times, June 2, 1987, 1; “Paradise Postponed,” Economist, June 6, 1987; “Genentech, Biotechnology Stocks Tumble After Ruling on TPA Drug for Blood Clots,” Wall Street Journal, June 2, 1987, 3.
163
Reginald Rhein Jr., “FDA Pulls Out the Stops to Approve Genentech’s TPA,” Chemical Week, November 25, 1987, 9.
164
Joan O’C. Hamilton and Reginald Rhein Jr., “A Nasty Shock for Genentech,” Business Week, June 15, 1987, 37; Reginald Rhein Jr., “FDA Pulls Out the Stops to Approve Genentech’s TPA,” Chemical Week, November 25, 1987, 10.
165
Helen Wheeler, “The Race After Genentech,” High Technology Business, September 1987, 38, 42; Joan O’C. Hamilton, “Rivals Horn In On Genentech’s Heart Drug,” Business Week, October 26, 1987, 112L.
166
Don Clark, “Genentech May Set Trend: Deal Gives Biotech Firm R&D Money,” San Francisco Chronicle, February 3, 1990, Bl; Jane Fitz Simon, “Swiss Firm to Buy US Biotech Giant,” Boston Globe, February 3, 1990, 1; Karol Neilsen, “Roche Floats Genentech Shares,” Chemical Week, November 17,1999, 33; Andrew Pollack, “Roche Offers $43.7 Billion for Shares in Genentech It Does Not Already Own,” New York Times, July 22,2008,6; “Swiss Drug Giant Roche Buys Up Genentech,” CBS News, March 12, 2009, http://www.cbsnews.com/stories/2009/03/12/business/main4861008.shtml?source=RSSattr=Health_4861008. 27. “Centuries of Citizenship: A Constitutional Timeline,” National Constitution Center, http://constitutioncenter.org/timeline/html/cw02.html; Declaration of Independence, USHistory.org, http://www.ushistory.org/declaration/document/27. “Centuries of Citizenship: A Constitutional Timeline,” National Constitution Center, http://constitutioncenter.org/timeline/html/cw02.html; Declaration of Independence, USHistory.org, http://www.ushistory.org/declaration/document/.
167
Roland Huntford, The Last Place on Earth (New York: Random House, 1999), 197, 202, 204–6; Roald Amundsen, The South Pole (McLean, VA: IndyPublish.com, 2009), 25–26.
168
Roland Huntford, The Last Place on Earth (New York: Random House, 1999), 284–85, 288; Roald Amundsen, The South Pole (McLean, VA: IndyPublish.com, 2009), 70–72, 205–7, 346.
169
Мольер. Мнимый больной, акт III, сцена 3.
170
Howard D. Putnam with Gene Busnar, The Winds of Turbulence (Reno, NV: Howard D. Putnam Enterprises Inc., 1991), 8, 12–14, 302.
171
Howard D. Putnam, “Southwest Airlines Co.: Presentation by Howard D. Putnam, President and Chief Executive Officer, Before the Dallas Association of Investment Analysts,” Wall Street Transcript, May 28, 1979; “Texas Gets Bigger,” Forbes, November 12, 1979.
172
“Icelandair,” Funding Universe, “ http://www.fundinguniverse.com/company-histories/Icelandair-Company-History.html.
173
“Fact Sheet: Fleet,” Southwest Airlines Co., http://www.southwest.com/html/about-southwest/history/fact-sheet.html.
174
James Wallace and Jim Erickson, Hard Drive (New York: Harper-Business, 1992), 54, 491–92; Noreen Seebacher, “Stryker Products: Just What the Doctor Ordered,” Detroit News, May 6, 1991, 3F; Michael Tubbs, “Recession is a Chance to Increase R&D Expenditure,” Financial Times, December 2, 2008; Barry Stavro, “Amgen Plays It Cool Despite Clamor Over EPO,” Los Angeles Times, June 7, 1989; James Ellis, “You Don’t Necessarily Get What You Pay For,” Business Week, May 4, 1992.
175
David Breashears, High Exposure (New York: Simon & Schuster, 1999), 217–18, 225, 294–96; David Breashears, “David Breashears Speech Preview,” YouTube, http://video.google.com/videoplay?docid=5383977496159243481; личная беседа с автором.
176
Robert G. Knowles, “Progressive Launches Marketing ’Experiment,’ “National Underwriter Property & Casualty-Risk & Benefits Management, July 22, 1991; “Thomas A. King: The Progressive Corporation (PGR),” Wall Street Transcript, January 14, 2002; Peter Lewis, “The Progressive Corporation: Address by Peter B. Lewis, President to the New York Society of Security Analysis,” Wall Street Transcript, January 24, 1972; Amy Hutton and James Weber, “Progressive Insurance: Disclosure Strategy,” Harvard Business School, case study #9–102–012 (Boston: Harvard Business School Publishing, 2002), 3–4; Gregory David, “Chastened?” Financial World, January 4, 1994, 40, Frances X Frei and Hanna Rodnguez-Farrar, “Innovation at Progressive (A) Pay-As-You-Go Insurance,” Harvard Business School, case study #9–602–175 (Boston Harvard Business School Publishing, 2002), 5, The Progressive Corporation, Fiscal 1986 Annual Report (Mayfield Heights, OH The Progressive Corporation, 1986), 17–18, The Progressive Corporation, Fiscal 2001 Annual Report (Mayfield Village, OH The Progressive Corporation, 2001), 20, Nicola) Siggelkow and Michael E. Porter, “Progressive Corporation,” Harvard Business School, case study #9–797–109 (Boston Harvard Business School Publishing, 1998), 8, The Progressive Corporation, Fiscal 1971 Annual Report (Cleveland, OH The Progressive Corporation, 1971), Robert McGough, “Like to Drink and Drive?” Financial World, November 27, 1990, 27.
177
Gary Kissel, Poor Sailors’ Airline (McLean, VA Paladwr Press, 2002), 221, 231, 295, Jerry Brown, “PSA President Sale of AirCal Sparked Merger,” Travel Weekly, December 18, 1986.
178
Southwest Airlines Co, Fiscal 1987 Annual Report (Dallas Southwest Airlines Co, 1987), James E Ellis, “These Two Airlines Are Doing It Their Way,” Business Week, September 21, 1987, “Southwest Airlines Company (LUV),” Wall Street Transcript, June 13, 1988.
179
Julie Pitta, “Apple’s Mr Pragmatist,” Forbes, March 28, 1994.
180
Jim Carlton, Apple The Inside Story of Intrigue, Egomania, and Business Blunders (New York Random House, 1997), 13–14, 20–21, Michael Gartenberg, “Now Apple’s Really ’For the Rest of Us,’ “Macworld com, June 23, 2010, Mary Kwak and David B. Yoffie, “Apple Computer 1999,” Harvard Business School, case study #9–799–108 (Boston Harvard Business School Publishing, 1999), 2–5, Johanna M. Hurstak and David B. Yoffie, “Reshaping Apple Computer’s Destiny 1992,” Harvard Business School, case study #9–393–011 (Boston Harvard Business School Publishing, 1992), 5, Julie Pitta, “Apple’s Mr Pragmatist,” Forbes, March 28, 1994, John Markoff, “An ’Unknown’ Co-Founder Leaves After 20 Years of Glory and Turmoil,” New York Times, September 1, 1997, Chris Preimesberger, “How Apple Dodged a Sun Buyout,” eWeek, http://www.eweek.com/c/a/IT-Infrastructure/How-Apple-Dodged-a-Sun-Buyout-Former-CEOs-McNealy-Zander-Tell-All-251679/. Данные графика «1985–1997: Microsoft на подъеме, Apple сбилась с шага» включены в это примечание.
181
Brent Schlender, “How Big Can Apple Get?” Fortune, February 21, 2005.
182
Brent Schlender, “How Big Can Apple Get?” Fortune, February 21, 2005, James Pomfret and Kelvin Soh, “For Apple Suppliers, Loose Lips Can Sink Contracts,” Reuters, February 17, 2010, Devin Leonard, “Songs in the Key of Steve,” Fortune, May 12, 2003; Julie Hennessy and Andrei Najjar, “Apple Computer, Inc.: Think Different, Think Online Music,” Kellogg School of Management, case study #KEL065 (Evanston, IL: Northwestern University, 2004), 16; Nick Wingfield, “Core Value: At Apple, Secrecy Complicates Life But Maintains Buzz,” Wall Street Journal, June 28, 2006; David Kirkpatrick and Tyler Ma-roney, “The Second Coming of Apple,” Fortune, November 9, 1998; Thomas E. Weber, “Why I Fired Steve Jobs,” Daily Beast, June 6, 2010.
183
Rick Bernstein and Ross Greenburg, The UCLA Dynasty (New York: Home Box Office Inc, 2008), DVD.
184
Rick Bernstein and Ross Greenburg, The UCLA Dynasty (New York: Home Box Office Inc, 2008), DVD.
185
“Abraham Lincoln,” Quotations Book, http://quotationsbook.com/quote/44576/#axzzlJL6NjMqm.
186
Kathleen K. Wiegner, “Why A Chip Is Not A Chip,” Forbes, June 17, 1985; Mary Bellis, “Inventors of the Modern Computer: Intel 4004 – The World’s First Single Chip Microprocessor,” About.com, http://inventors.about.com/od/mstartinventions/a/microprocessor.htm; Dan Steere and Robert A. Burgelman, “Intel Corporation (D): Microprocessors at the Crossroads,” Graduate School of Business, Stanford University, case study #BP-256D (Palo Alto, CA: Graduate School of Business, Stanford University, 1994).
187
Bruce Graham and Robert A. Burgelman, “Intel Corporation (B): Implementing the DRAM Decision,” Graduate School of Business, Stanford University, case study #S-BP-256B (Palo Alto, CA: Graduate School of Business, Stanford University, 1991), 1.
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Gordon E. Moore, “Cramming More Components onto Integrated Circuits,” Proceedings of the IEEE, January 1998 (This is a reprint from the original publication: Gordon E. Moore, “Cramming More Components onto Integrated Circuits,” Electronics, April 19, 1965.); “Intel: Supplier Rising as a Big Competitor,” New York Times, February 14, 1990, Dl; Robert N. Noyce, “Large-Scale Integration: What is Yet to Come?” Science, March 1977; Ramon Casadesus-Masanell and David B. Yoffie, “Intel Corporation: 1968–2003 (Teaching Note),” Harvard Business School, case study #5–704–465 (Boston: Harvard Business School Publishing, 2004), 2; “Craig Barrett is Leading the Chip Giant Into Riskier Terrain,” Business Week, March 13, 2000, 110; Leslie Berlin, The Man Behind the Microchip (New York: Oxford University Press, 2005), 227; Gene Bylinsky, “How Intel Won Its Bet on Memory Chips,” Fortune, November 1973,184; Don Clark, “Intel Lawyer Commands Chip War,” San Francisco Chronicle, June 28, 1993; Andrew S. Grove, “How to Make Confrontation Work For You,” Fortune, July 13, 1984; “Creativity by the Numbers: An Interview with Robert N. Noyce,” Harvard Business Review, May-June 1980; “IBM and Intel Link Up to Fend Off Japan,” Business Week, January 10, 1983; Tim Jackson, Inside Intel (New York: Penguin Putnam Inc., 1997), 9, 313–16; Don Clark, “Inside Intel, It’s All Copying,” Wall Street Journal, October 28, 2002.
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Jeffrey L. Rodengen, The Spirit of AMD: Advanced Micro Devices (Fort Lauderdale, FL: Write Stuff Enterprises Inc., 1998), 55, 67–68, 90–92; Advanced Micro Devices, Fiscal 1998 and 2002 Annual Reports (Sunnyvale, CA: Advanced Micro Devices, 1998 and 2002).
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Mary Bellis, “Inventors of the Modern Computer: Intel 4004 – The World’s First Single Chip Microprocessor,” About.com, http://inventors.about.com/od/mstartinventions/a/microprocessor.htm.
191
J. Allard, “Windows: The Next Killer Application on the Internet,” interoffice memo, Microsoft, January 25, 1994, www.microsoft.com/about/…/docs/di_killerapp_InternetMemo.rtf; Kathy Rebello, Amy Cortese, and Rob Hof, “Inside Microsoft: The Untold Story of How the Internet Forced Bill Gates to Reverse Course,” Business Week, July 15, 1996, 35–40; Bill Gates, “How I Work: Bill Gates,” Fortune, April 7, 2006.
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Bill Gates, “The Internet Tidal Wave,” May 26, 1995, http://www.justice.gov/atr/cases/exhibits/20.pdf; Kathy Rebello, Amy Cortese, and Rob Hof, “Inside Microsoft: The Untold Story of How the Internet Forced Bill Gates to Reverse Course,” Business Week, July 15, 1996, 38; Brent Schlender and Sheree R. Curry, “Software Hardball Microsoft is Spending Billions to Crush Netscape and Control the Internet,” Fortune, September 30, 1996.
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Lester B. Orfield, “Federal Amending Power: Genesis and Justiciability,” Minnesota Law Review, 1930, 369–84; “The United States Constitution: Amendments,” U. S. Constitution Online, http://www.usconstitution.net/; “Bill of Rights and Later Amendments,” Independence Hall Association, www.ushistory.org/.
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“Centuries of Citizenship: A Constitutional Timeline,” National Constitution Center, http://constitutioncenter.org/timeline/html/cw02.html; Declaration of Independence, USHistory.org, http://www.ushistory.org/declaration/document/.
195
Эминем “Lose Yourself,” 8 Mile (soundtrack), Universal Import, 2002, компакт-диск.
196
Источники рассказа о Малкольме Дейли: Malcolm Daly, “Malcolm Daly’s Accident on Thunder Mountain in the Alaska Range on 5/19/99,” Trango, http://www.trango.com/stories/mal_accident.pdf; Dave Krupa, “Jim Donini (Interview),” Denali National Park Jukebox Series, June 30, 2000; личные беседы с автором, февраль 2010-го – апрель 2011-го; “Non-Profit Helps Disabled Enjoy Outdoors,” Sierra Blogging Post, http://blog.sierratradingpost.com/in-outdoors-camping-gear-forest-trails/non-profit-helps-disabled-enjoy-the-outdoors/.
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4. Gordon M. Binder, Amgen (n.p.: The Newcomen Society of the United States, 1998), 10.
5. James Bates, “Biotech Detective Scores Coup: Amgen Scientist Spent Years Searching for the Key to Producing EPO,” Los Angeles Times, June 2, 1989, 1.
6. Peter Behr, “Boom or Bust in the Biotech Industry,” Environment, July/August 1982,6; Steve Curwood, “Biotech Bellyache,” Boston Globe, August 23, 1983, 1.
7. James Bates, “Biotech Detective Scores Coup: Amgen Scientist Spent Years Searching for the Key to Producing EPO,” Los Angeles Times, June 2, 1989, 1; Gordon M. Binder, Amgen (n.p.: The Newcomen Society of the United States, 1998), 13.
8. Alun Anderson and David Swinbanks, “Growing Pains for Amgen as Epoetin Wins US Approval,” Nature, June 1989, 493; Edmund L. Andrews, “Mad Scientists,” Business Month, May 1990, 54; Edmund L. Andrews, “Patents; Unaddressed Question in Amgen Case,” New York Times, March 9, 1991.
9. Henry Gee, “Amgen Scores a Knockout,” Nature, March 1991, 99; Barry Stavro, “Court Upholds Amgen’s Patent on Anemia Drug Medicine,” Los Angeles Times, March 7, 1991, 1; Edmund L. Andrews, “Amgen Wins Fight Over Drug,” New York Times, March 7, 1991, Dl; Rhonda L. Rundle and David Stipp, “Amgen Wins Biotech Drug Patent Battle,” Wall Street Journal, March 7, 1991, A3; Elizabeth S. Kiesche, “Amgen Wins EPO Battle, but Patent War Goes On,” Chemical Week, March 20, 1991, 16; Paul Hemp, “High Court Refuses Genetics Patent Appeal,” Boston Globe, October 8, 1991, 39.
10. Wade Roush, “‘Fat Hormone’ Poses Hefty Problem for Journal Embargo,” Science, August 4, 1995, 627; Larry Armstrong, John Carey, and Geoffrey Smith, “Will This Drug End Obesity?” Business Week, August 7, 1995, 29; Christiane Truelove, “Bio Biotech, Big Pharma,” Med Ad News, September 1999, 50; David Ewing Duncan, The Amgen Story: 25 Years of Visionary Science and Powerful Medicine (San Diego: Tehabi Books, 2005), 135–36, 157.
11. David Ewing Duncan, The Amgen Story: 25 Years of Visionary Science and Powerful Medicine (San Diego: Tehabi Books, 2005), 135–36, 157.
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12. Paul A. Gompers, “The Rise and Fall of Venture Capital,” Business and Economic History, Winter 1994, 2; Carl T. Hall, “Biotechnology Revolution – 20 Years Later,” San Francisco Chronicle, May 28, 1996, Bl.
13. Investors Dream of Genes,” Time, October 20, 1980, 72.
14. Ron Scherer, “Wall Street’s Wild Fling with Hot High Tech,” Christian Science Monitor, October 17, 1980, 1, 17; Robert Lenzner, “Taking Stock,” Boston Globe, October 19, 1980, 1; Adam Lashinsky, “Remembering Netscape: The Birth of the Web,” Fortune, July 25, 2005; Douglas MacMillan, “Google’s Historic IPO: Beatable,” Business Week, August 16, 2007; “Corporate Chronology,” Genentech Inc., http://www.gene.com/gene/about/corporate/history/timeline.html.
15. “Robert A. Swanson 70 (1947–1999),” MIT Entrepreneurship Center-Legendary Leaders and Memorials, http://entrepreneurship.mit.edu/legendary_leaders_memorials.php; “Timeline of Biotechnology,” Biotechnology Institute, http://www.biotechinstitute.org/what-is-biotechnology/timeline?tid=103.
16. Ray Snoddy, “Genentech Push to Manufacturing,” Financial Times, June 18, 1982, 13; William D. Marbach, Pamela Abramson, Robb A. Allan, Cynthia Rigg, and Phyllis Malamud, “The Bust in Biotechnology,” Newsweek, July 26, 1982, 73; Peter Behr, “Boom or Bust in the Biotech Industry,” Environment, July/August 1982, 6; Genentech Inc., Fiscal 1985 Annual Report (San Francisco: Genentech Inc., 1985).
17. Jerry E. Bishop, “Genentech Seeks Human Tests of Drug to Dissolve Clots During Heart Attacks,” Wall Street Journal, November 16, 1983, 60; “Licensing of Activase Marks New Era in Treating Heart Attacks,” Genentech, Inc. Press Releases, November 13, 1987, http://www.gene.com/gene/news/press-releases/display.do?method=detail&id=4271; Marilyn Chase, “Genentech Expected to Post Strong Net for 1987, Spurred by Launch of TPA,” Wall Street Journal, January 12, 1988, 1.
18. Nell Henderson, “Biotech Breakthrough Focuses on Heart Attacks; Survival Tech Works on Delivering New Drug,” Washington Post, October 12, 1986, HI.
19. Andrea Gabor and Peter Dworkin, “Superdrugs from Genetic Secrets,” U. S. News & World Report, March 24, 1986, 54; Joan O’C. Hamilton, “Biotech’s First Superstar,” Business Week, April 14, 1986, 68; Louise Kehoe, “Fresh Blood and New Heart; Eagle Eye,” Financial Times, January 19, 1988, 32.
20. The TIMI Study Group, “Comparison of Invasive and Conservative Strategies after Treatment with Intravenous Tissue Plasminogen Activator in Acute Myocardial Infarction,” New England Journal of Medicine, March 9, 1989, 320, 618–27; Lawrence K. Altman, “Study Finds No Difference in 2 Heart Attach [sic] Drugs,” New York Times, March 30, 1989; Michael Waldholz, “Genentech Heart Drug Dealt Critical Blow-Head to Head Study Finds TPA Is Only As Effective As Rival Streptokinase,” Wall Street Journal, March 30, 1989.
21. Michael Waldholz, “Heart Attack Study May Spur Use of Less-Costly TPA Alternative,” Wall Street Journal, August 12, 1988, 1; Richard L. Hudson, “Genentech’s Heart Drug TPA Appears Only to Equal Its Rivals, Report Says,” Wall Street Journal, September 2, 1988, 1; Marilyn Chase, “Lost Euphoria: Genentech, Battered by Great Expectations, Is Tightening Its Belt,” Wall Street Journal, October 11, 1988, 1; Marilyn Chase, “Little Difference is Found Between TPA and Rival in Small Study of Heart Drugs,” Wall Street Journal, November 14, 1988, 1; Michael Waldholz, “Genentech Heart Drug Dealt Critical Blow – Head to Head Study Finds TPA Is Only As Effective As Rival Streptokinase,” Wall Street Journal, March 30, 1989, 1; “Genentech’s Fortunes: A Boost for CD4 and ’Crosscurrents’ in 1988,” Pharmaceutical Business News, April 14, 1989; Sabin Russell, “Heart-Attack Drug Study is a Blow to Genentech,” San Francisco Chronicle, March 9, 1990, Al; “Heart-Attack Drugs: Trials and Tribulations,” Economist, March 16, 1991, 86; Genentech Inc., Fiscal 1989 Annual Report (San Francisco: Genentech Inc., 1989).
22. Charles Petit, “Genentech Beats Cheaper Rival in Battle of Heart Attack Drugs,” San Francisco Chronicle, May 1, 1993, Al; Genentech Inc., Fiscal 1994 Annual Report (San Francisco: Genentech Inc., 1994).
200
Gene Bylinsky, “How Intel Won Its Bet on Memory Chips,” Fortune, November 1973, 184; Thomas C. Hayes, “Intel’s Earnings Grew Sharply in Fourth Quarter,” New York Times, January 14, 1984.
201
Gordon M. Binder, Amgen (n.p.: The Newcomen Society of the United States, 1998), 10.
202
James Bates, “Biotech Detective Scores Coup: Amgen Scientist Spent Years Searching for the Key to Producing EPO,” Los Angeles Times, June 2, 1989, 1; David Ewing Duncan, The Amgen Story: 25 Years of Visionary Science and Powerful Medicine (San Diego: Tehabi Books, 2005), 66, 71; Edmund L. Andrews, “Mad Scientists,” Business Month, May 1990, 54; Pamela Sherrid, “Biotech Battle Royale,” U. S. News 6 World Report, March 20, 2000, 52; “Billion Dollar Babies: Biotech Drugs as Blockbusters,” Nature Biotechnology, April 2007.
203
White, Weld & Co. and McDonald & Company, “Prospectus: The Progressive Corporation Common Stock,” The Progressive Corporation, April 15, 1971; April Dougal Gasbarre (updated by David Bianco), “The Progressive Corporation,” International Directory of Company Histories (New York: St. James Press, 1999), 397; The Progressive Corporation, Fiscal 2000 Annual Report (Mayfield Village, OH: The Progressive Corporation, 2000).
204
James Wallace and Jim Erickson, Hard Drive (New York: Harper-Business, 1992), 20, 27, 53, 67, 71–76.
205
According to Table 1, page 23, in the Bukoski and Korotkin article cited here, in 1970, 3.9 percent of U.S. public secondary schools used computers for instruction. William J. Bukoski and Arthur L. Korotkin, “Computing Activities in Secondary Education,” American Institutes for Research in the Behavioral Sciences, September 1975, 2–30; Andrew Molnar, “Computers in Education: A Brief History,” THE Journal, June 1, 1997.
206
Andrew Molnar, “Computers in Education: A Brief History,” THE Journal, June 1, 1997.
207
James Wallace and Jim Erickson, Hard Drive (New York: Harper-Business, 1992), 76–77, 97, 110.
208
Jeffrey L. Rodengen, The Spirit of AMD: Advanced Micro Devices (Ft. Lauderdale, FL: Write Stuff Enterprises Inc., 1998), 127; Stephen Kreider Yoder, “Changing Game: Intel Faces Challenge to Its Dominance in Microprocessors,” Wall Street Journal, April 8, 1991, Al; Ken Siegmann, “Intel Loses Copyright Suit Against Rival,” San Francisco Chronicle, March 11, 1994, Al; Jim Carlton and Stephen Kreider Yoder, “Computers: Humble Pie: Intel to Replace its Pentium Chips,” Wall Street Journal, December 21, 1994, Bl; Don Clark, “Intel’s 4th Period Net Fell 37 % on Big Charge for Pentium Woes,” Wall Street Journal, January 18, 1995, B6; Stewart Alsop and Patty de Llosa, “Can AMD Avoid the Intel Graveyard?” Fortune, April 14, 1997; Ira Sager and Andy Reinhardt, “Chipping at Intel’s Lead,” Business Week, October 19, 1998, 46; Advanced Micro Devices, Fiscal 1994 and 1998 Annual Reports (Sunnyvale, VA: Advanced Micro Devices, 1994 and 1998.
209
Advanced Micro Devices, Fiscal 1995 Annual Report (Sunnyvale, VA: Advanced Micro Devices, 1995); Jeffrey L. Rodengen, The Spirit of AMD: Advanced Micro Devices (Ft. Lauderdale, FL: Write Stuff Enterprises Inc., 1998), 133–36.
210
Jim Carlton, “Advanced Micro Woos a Partner to Fight Intel,” Wall Street Journal, October 23, 1995, A3; Robert D. Hof and Peter Burrows, “Intel Won’t Feel the Heat from this Fusion,” Business Week, November 6, 1995; “My Chip is Faster than Your Chip,” Business Week, February 10, 1997, 70; “Advanced Micro Lands Deal with Digital,” Dow Jones Online News, April 25, 1997; Jeffrey L. Rodengen, The Spirit of AMD: Advanced Micro Devices (Ft. Lauderdale, FL: Write Stuff Enterprises Inc., 1998), 137–39; Ira Sager and Andy Reinhardt, “Chipping at Intel’s Lead,” Business Week, October 19,1998,46; “Semiconductors: The Monkey and the Gorilla,” Economist, December 5, 1998, 71.
211
Dean Takahashi, “More Bad News Puts Intel Rival Further Behind,” Wall Street Journal, June 24, 1999, Bl; Angela Key, “Hello (Again), Mr. Chips,” Fortune, April 3, 2000; “Semiconductors: The Monkey and the Gorilla,” Economist, December 5, 1998, 71; Jeffrey L. Rodengen, The Spirit of AMD: Advanced Micro Devices (Ft. Lauderdale, FL: Write Stuff Enterprises Inc., 1998), 133–36, 141.
212
James Wallace and Jim Erickson, Hard Drive (New York: Harper-Business, 1992), 167, 173, 175–77, 179–81; Lisa Miller Mesdag, “Famous Victories in Personal Software,” Fortune, May 2, 1983, 153; Julia Pitta, “Coulda Been a Contender,” Forbes, July 10, 1989; John Markoff, “PC Software Maker Novell to Buy Digital Research,” New York Times, July 17, 1991.
213
James Wallace and Jim Erickson, Hard Drive (New York: Harper-Business, 1992) 176, 190; Lisa Miller Mesdag, “Famous Victories in Personal Software,” Fortune, May 2, 1983, 153; Julia Pitta, “Coulda Been a Contender,” Forbes, July 10, 1989.
214
Marcia Stepanek, “Q&A with Progressive’s Peter Lewis,” Business Week, September 12, 2000; “About Us: Provisions of Proposition 103 Affecting the Rate Regulation Division,” California Department of Insurance, http://www.insurance.ca.gov/0500-about-us/0500-organization/0400-rate-regulation/prop-103.cfm; The Progressive Corporation, Fiscal 1991 Annual Report (Mayfield Heights, OH: The Progressive Corporation, 1991).
215
Stephen Phillips, “Driven to Succeed Peter Lewis, Progressive’s Artful Chief Exec, Aims to Overtake Auto Insurance Industry’s Leaders,” Plain Dealer, September 1, 1996, 1.1; “Ralph Nader Biography,” Academy of Achievement, http://www.achievement.org/autodoc/page/nadObio-l; James Wallace and Jim Erickson, Hard Drive (New York: Harper-Business, 1992), 76; Brian Dumaine, “Times are Good? Create a Crisis,” Fortune, June 28, 1993, 123; David Craig, “Progressively Thinking,” USA Today, September 15, 1994, 01.B; Carol J. Loomis, “Sex. Reefer? And Auto Insurance!” Fortune, August 7, 1995, 76.
216
Betsy Wiesendanger, “Progressive’s Success is No Accident,” Sales & Marketing Management, September 1991, 57; Ronald Henkoff, “Service is Everybody’s Business,” Fortune, June 27, 1994, 48; Carol J. Loomis, “Sex. Reefer? And Auto Insurance!” Fortune, August 7, 1995, 76; “Leading Writers of Private Passenger Auto Insurance,” Best’s Review, September 1988, 22; “All Private Passenger Auto,” Best’s Review, October 1998; “Gearing Up: Insurers are Using Driver Safety Programs, Sharply Focused Advertising and the Internet to Court Teen Drivers,” Best’s Review, October 2003; Chuck Salter, “Progressive Makes Big Claims,” Fast Company, November 1998, 176.
217
Malcolm Gladwell, Outliers, paperback edition (New York: Back Bay Books/Little Brown and Company, 2011), 20–30.
218
Наши подсчеты приведены в разделе «Принципы исследования». Стоит отметить, что у Малкольма Гладуэлла в данных книги «Гении и аутсайдеры» имеются расхождения. В бумажном издании (New York: Back Bay Books/Little Brown and Company, 2011) на страницах 22–23 Гладуэлл обсуждает статистические данные, собранные канадскими психологами Роджером Барнсли и Э. Томпсоном: «Он [Барнсли] изучил состав Национальной хоккейной лиги. То же самое. Чем внимательнее Барнсли всматривался, тем больше убеждался в том, что перед ним не случайное совпадение, но железный закон канадского хоккея: в любой элитной группе хоккеистов, среди лучших из лучших, 40 % приходится на рожденных с января по март, 30 % – на рожденных с апреля по июнь, 20 % – с июля по сентябрь и лишь 10 % – с октября по декабрь». В примечании к бумажному изданию Гладуэлл дает такую ссылку: «Роджер Барнсли и Э. Томпсон выложили результаты своего исследования на сайте http://www.socialproblemindex.ualberta.ca/relage.htm». Этот сайт, в свою очередь, отсылает к статье Барнсли и Томпсона в такой форме: “Источник: Barnsley RH, Thompson AH, Barnsley PE (1985). Hockey success and birth-date: The relative age effect. Journal of the Canadian Association for Health, Physical Education, and Recreation, Nov.-Dec, 23–28.” Мы отыскали эту статью в библиотечном архиве (онлайн она отсутствует), и таблица по датам рождения игроков НХЛ в этой статье («Таблица 2, месяца рождения игроков НХЛ сезона 1982/83» на с. 24) дает расклад: 32,0 % / 29,8 % / 21,9 % / 16,2 %. Даже с такой поправкой наш контраргумент относительно дат рождения не утрачивает силу: подлинная элита, принятая в Зал Славы хоккея, не зависит от каких-либо изначальных преимуществ, которыми обладают в начале карьеры молодые игроки, появившиеся на свет в начале календарного года. Великие попадают в группу 10× независимо от даты рождения.
219
“Athlete Profile: Ray Bourque,” Sports Illustrated, February 3, 1998, http://sportsillustrated.cnn.com/olympics/events/1998/nagano/athletes/235.htm; “Ray Bourque,” National Hockey League, http://www.nhl.com/ice/player.htm?id=8445621; “Ray Bourque,” HockeyDB.com, http://www.hockeydb.com/ihdb/stats/pdisplay.php?pid=520; Robin Finn, “Bourque: A Star Without the Sparkle,” New York Times, February 3, 1986; Joe Lapointe, “Hockey: Bourque, at 33, is Still Mr. Defense,” New York Times, January 21, 1994; “Athlete Profile: Ray Bourque,” Sports Illustrated, February 3, 1998, http://sportsillustrated.cnn.com/olympics/events/1998/nagano/athletes/235.htm; Nancy Marrapese-Burrell, “The Clock Chimes for Father Ice Time,” ESPN, http://espn.go.com/classic/biography/s/Bourque_Ray.html; “One on One with Ray Bourque,” Hockey Hall of Fame, http://www.legendsofhockey.net; NHL Stats, http://www.nhl.com/ice/statshome.htm.
220
Greensboro Youth Hockey Association, http://www.gyhastars.com/Page.asp?n=9340&org=gyhastars.com.
221
Friedrich Nietzsche, Twilight of the Idols (Indianapolis: Hackett Publishing Company, 1997). Примечание: книга впервые вышла на немецком языке в 1888 году.
222
Lamar Muse, Southwest Passage: The Inside Story of Southwest Airlines’ Formative Years (Austin, TX: Eakin Press, 2002), 92.
223
“Pacific Southwest Airlines: Speech by Paul C. Barkley, President, to the Society of Airline Analysts of the New York Society of Security Analysts, June 23, 1982,” Wall Street Transcript, August 9, 1982.
224
Gary Kissel, Poor Sailors’ Airline (McLean, VA: Paladwr Press, 2002), 234, 245, 262, 281, 283, 291, 295; Howard D. Putnam with Gene Busnar, The Winds of Turbulence (Reno, NV: Howard D. Putnam Enterprises Inc., 1991), 206–7; “PSA Inc. Debt Rating is Lowered by Moody’s,” Wall Street Journal, October 7, 1982,41; “PSA Plans Layoffs, Melding of Operations,” Wall Street Journal, December 1, 1983; “PSA’s Airline Warns of Closing if Workers Make No Concessions,” Wall Street Journal, November 12, 1984, 1.
225
Richard F. Hubbard and Jeffrey L. Rodengen, Biomet Inc: From Warsaw to the World (Ft. Lauderdale, FL: Write Stuff Enterprises Inc., 2002), 12–29; David Cassak, “Biomet’s Contrarian Conservatism,” Business and Medicine Report, May 1999.
226
Scott Fitzgerald, The Crack-Up (New York: New Directions; 1945), 57.
227
David Breashears, High Exposure (New York: Simon & Schuster Paperbacks, 1999), 285; Sally B. Donnelly, “One Airline’s Magic: How Does Southwest Soar Above its Money-Losing Rivals? Its Employees Work Harder and Smarter, in Return for Job Security and a Share of the Profits,” Time, October 28, 2002, 45; Robert McGough, “Like to Drink and Drive?” Financial World, November 27, 1990, 27; The Progressive Corporation, Fiscal 1981 Annual Report (Mayfield Village, OH: The Progressive Corporation, 1981), 11; Noreen Seebacher, “Stryker Products: Just What the Doctor Ordered,” Detroit News, May 6, 1991, 3F; Geoffrey Brewer, “20 Percent – Or Else!” Sales & Marketing Management, November 1994; Barry Stavro, “Amgen Bets Its Future on Biotech Anemia Drug,” Los Angeles Times, May 12, 1987, 9A; Gordon M. Binder, “Amgen,” The Newcomen Society of the United States, 1998, 19; Tom Wolfe, “The Tinkerings of Robert Noyce,” Esquire Magazine, December 1983, 346–74; Leslie Berlin, The Man Behind the Microchip (New York: Oxford University Press Inc., 2005), 151, 157, 163; James Wallace and Jim Erickson, Hard Drive (New York: HarperBusiness, 1992), 260; Rich Karlgaard, “ASAP Interview: Bill Gates (Microsoft Corp.’s CEO),” Forbes, December 7, 1992; Julia Lawlor, “Microsoft’s Rite of Spring,” USA Today, April 8, 1993, 01B; Geoffrey Smith and James Ellis, “Pay That was Justified – And Pay that Just Mystified,” Business Week, May 6, 1991.2. William Patrick Patterson, “Software Sparks a Gold Rush,” Industry Week, October 17, 1983; Dennis Kneale, “Overload System: As Software Products and Firms Proliferate, A Shakeout is Forecast,” Wall Street Journal, February 23, 1984; “25-Year PC Anniversary Statistics,” Computer Industry Almanac Inc, http://www.c-i-a.com/pr0806.htm, Michael Miller, “More Than 1 Billion Sold,” PCMag com, August 6, 2002, http://www.pcmag.com/article2/0,2817,427042,00.asp.
228
William Patrick Patterson, “Software Sparks a Gold Rush,” Industry Week, October 17, 1983; Dennis Kneale, “Overload System: As Software Products and Firms Proliferate, A Shakeout is Forecast,” Wall Street Journal, February 23, 1984; “25-Year PC Anniversary Statistics,” Computer Industry Almanac Inc, http://www.c-i-a.com/pr0806.htm, Michael Miller, “More Than 1 Billion Sold,” PCMag com, August 6, 2002, http://www.pcmag.com/article2/0,2817,427042,00.asp.
229
Исследование поведения организаций опирается на следующие работы по методологии исследования частных случаев: Juliet M. Corbin and Anselm C. Strauss, Basics of Qualitative Research Techniques and Procedures for Developing Grounded Theory (Thousand Oaks, CA Sage Publications, 2008, 3rd ed) Robert K. Yin, Case Study Research Design and Methods (Thousand Oaks, CA Sage Publications, 2009, 4th ed) Matthew B. Miles and A. Michael Huberman, Qualitative Data Analysis An Expanded Sourcebook (Thousand Oaks, CA Sage Publications, 1994, 2nd ed). Пример финансового исследования: Марк Чен в статье в Journal of Finance (2004 год) анализировал, почему некоторые компании ограничили снижение цен на опционы, а другие – нет. Сначала он взял компании с ограничениями по переоценке опционов (отбирая по зависимой переменной), а затем сопоставил эти компании с парами, подобранными по сходству отрасли, размеру и году наблюдения (Mark A. Chen, “Executive Option Repricing, Incentives, and Retention,” Journal of Finance, June 2004, 1167–99). Другие финансовые исследования в парах проводили Belen Villalonga, “Does Diversification Cause the ’Diversification Discount’?” Financial Management, Summer 2004, 5–27, and Kenneth Lehn and Annette Poulsen, “Free Cash Flow and Stockholder Gains in Going Private Transactions,” Journal of Finance, July 1989, 771–87. В медицине широко применяется метод сопоставления образца из основной и контрольной группы, например: Andrew D. Shaw et al, “The Effect of Aprotimn on Outcome after Coronary-Artery Bypass Grafting,” New England Journal of Medicine, February 2008, 784–93, and Jack V. Tu et al., “Effectiveness and Safety of Drug-Eluting Stents in Ontario,” New England Journal of Medicine, October 2007, 3571393–1402.
230
См. Kathleen M. Eisenhardt and Melissa E. Graebner, “Theory Building from Cases Opportunities and Challenges,” Academy of Management Journal, February 2007, 25–32.
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Jeffrey A. Martin and Kathleen M. Eisenhardt, “Rewiring Cross-Business-Unit Collaborations in Multibusiness Organizations,” Academy of Management Journal, April 2010, 265–301. Из ряда схожих проектов шести компаний они отобрали по два проекта от каждой, один с высокой, другой с низкой отдачей (отбор по зависимой переменной). Пара проектов одной компании подбиралась по сходству масштаба, ресурсов, сложности, важности и типа. Изучая эти тщательно подобранные пары, авторы статьи провели качественный контрастный анализ и предложили новые гипотезы для объяснения несовпадения результатов.
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В науке отбор по зависимой переменной зачастую отвергается как неудачный способ исследования, однако такая оценка этого метода вызвана неверным пониманием термина. Отвергают этот метод постольку, поскольку предлагается отбор по успеху, то есть лишь по одному параметру (успех) зависимой переменной, и за бортом остается ряд интересных случаев, в том числе провалы. Но наш подход принципиально отличается тем, что мы учитываем оба параметра зависимой переменной, успех и неуспех. Мы согласны в том, что изучение исключительно успешных событий было бы узким и ограниченным, и потому включаем в нашу работу контрольную группу (компании с посредственным или плохим результатом).
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Два источника – это Gary Kissel, Poor Sailors’ Airline: A History of Pacific Southwest Airlines (McLean, VA: Paladwr Press, 2002), 171–7 и Lamar Muse, Southwest Passage: The Inside Story of Southwest Airlines’ Formative Years (Austin, TX: Eakin Press, 2002), 84.
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Классический пример анализа случая в организационной социологии – Nancy B. Tuma and Michael T. Hannan, Social Dynamics: Models and Methods (Orlando, FL: Academic Press, 1984).
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Эта мысль удачно сформулирована в процитированной выше статье Eisenhardt and Graebner (2007).
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Robert K. Yin, Case Study Research: Design and Methods (Newbury Park, CA: Sage Publications, 2008, 4th ed).
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В социальной психологии имеется давняя традиция исследования ложных атрибуций каузальности, в том числе атрибуций в свою пользу: люди склонны приписывать позитивный исход своим действиям, а плохой исход объяснять влиянием внешних факторов. Хороший обзор этой темы см. Lee Ross and Richard E. Nisbett, The Person and the Situation: Perspectives of Social Psychology (New York: McGraw-Hill, 1991).
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Это составляло основное открытие в книге Jim Collins, How the Mighty Fall: And Why Some Companies Never Give In (Boulder, CO: Jim Collins, 2009).
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Мы ограничили себя кругом компаний, данные которых отражены в базе CRSP, по следующим причинам:
• CRSP отслеживает все акции, котируемые на NYSE, AMEX и NASDAQ. Это, на наш взгляд, весьма репрезентативная выборка данных, опираясь на которую мы и отбирали компании, которые провели IPO в интересующий нас период.
• CRSP – самый надежный источник регулярных данных по доходности акций, что позволило нам проводить жесткое пошаговое сопоставление работы компаний. Для того чтобы мы могли оценить, соответствует ли деятельность компании финансовым критериям, установленным нами для этого исследования, прежде всего требовалось, чтобы эта компания присутствовала в базе данных CRSP. Альтернативную базу данных, SDC, мы использовать не стали, так как обнаружили в ней некоторые изъяны с точки зрения наших задач.
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3001 компания появилась в базе данных CRSP одновременно, 29 декабря 1972 года. Такой массив информации в один день связан с тем, что в базу данных разом вошли все компании, котируемые на NASDAQ. Нас беспокоил вопрос, не окажется ли наше требование в три раза превысить рыночный коэффициент несправедливым по отношению к некоторым компаниям, которые прошли IPO незадолго до этой даты. Поскольку сама по себе дата 29.12.72 – случайное историческое событие, могло оказаться так, что некоторые компании напрасно исключены из рассмотрения этой однократной аномалией. Чтобы устранить подобную проблему, мы выявили компании, попавшие в поле зрения 29.12.72, чей коэффициент оказался между 2 и 3 (всего 46 компаний). Тщательно проверив эти 46 компаний, мы не обнаружили среди них достаточно сильных, которые могли бы пройти сквозь другие наши «сита». Для того чтобы исключить эти компании из рассмотрения, хватало причин: низкий доход, нестабильность, невысокий, а то и отрицательный коэффициент рентабельности, а также неустановленная дата IPO. Кроме того, любая компания, которая не смогла в период с 1972 по 1992 год поддерживать коэффициент по отношению к рыночному на уровне хотя бы трехкратного превышения, была для нас нежеланным кандидатом независимо от ее успехов до 29.12.72. Итак, мы решили не делать никаких скидок компаниям, появившимся на радаре 29.12.72, и отсеивать их, как и все прочие, если они не соответствуют требованию 3×.
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«Годом отсчета» для Microsoft (1986), Amgen (1983) и Stryker (1979) будет год IPO; Intel, Southwest Airlines и Progressive провели IPO в 1971 году, но в базу CRSP включены с января 1973 года, и это их точка отсчета. Для Biomet мы принимаем за точку отсчета год, когда в базе данных CRSP появилась ее пара Kirschner (1986), потому что она вошла в эту базу позже, чем Biomet (1983).
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Точнее, период анализа начинается с первого месяца, когда данные по доходности акций компании из группы 10× появились в базе CRSP, и продолжается по 28 июня 2002 года. Первым месяцем оказывается зачастую следующий за IPO или более поздний (для Southwest, Progressive, Intel, которые отражаются в базе данных CRSP лишь с января 1973 года). Мы взяли за точку отсчета IPO компании Kirchner (1986), так как она была акционирована позже, чем Biomet.
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Классификация уровней и типов инновации проводится в ряде академических исследований. К числу классических работ относятся Rebecca M. Henderson and Kim B. Clark, “Architectural Innovation: The Reconfiguration of Existing Product Technologies and the Failure of Established Firms,” Administrative Science Quarterly, March 1990, 9–30; Michael L. Tushman and Philip Anderson, “Technological Discontinuities and Organizational Environments,” Administrative Science Quarterly, September 1986, 439–65; Clayton M. Christensen, The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail (Boston: Harvard Business School Press, 1997).
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Сюда же входят постепенные инновации, хотя очень незначительные инновации и небольшие «штрихи» к имеющимся продуктам могут и не отразиться на радаре (поэтому мы не можем судить о различиях между компаниями по количеству совсем маленьких инноваций).
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Источник: база данных Патентного бюро США (United States Patent and Trademark Office, USPTO, http://patft.uspto.gov/netahtml/PTO/search-adv.htm). Мы считали количество патентов, полученных за год (но к тем же результатам приведет и подсчет заявок на патенты). Сюда входят все патенты, выданные со дня основания компании (Amgen в 1980, Genentech в 1976) по 2002 год, в то время как график в главе 7 отражает лишь период с 1983 года по 2002 год.
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При оценке инновационности исследователи обычно учитывают не только количество патентов (которое сильно зависит от склонности компании патентовать каждое свое новшество), но и среднее количество цитирований этих патентов в дальнейшем. Это позволяет точнее понять качество и значимость каждого открытия. Мы попросили профессора Ясита Сингха подобрать данные о цитированию патентов Amgen и Genentech (профессор располагает обширнейшей базой данных по патентному цитированию для тысяч компаний в разных странах). При всем разнообразии параметров, которые учитываются в патентном цитировании, мы прибегли к самому простому методу: профессор сообщил нам количество случаев цитирования для каждого патента и среднее число цитирований на патент. Немногие патенты упоминались часто, большинство крайне редко, но средняя величина по базе данных профессора Сингха составила 6,6. Сингх писал нам: «Даже внутри своей специфической отрасли Genentech превышает среднюю величину – ее коэффициент 1,1 (1,0 составляет норму), Amgen же и тут оказалась ниже среднего – 0,78» (личное письмо от 2 июня 2010 года). См. статью о применении патентного цитирования как метода оценки и описание базы данных Сингха: Jasjit Singh, “Distributed R&D, Cross-Regional Knowledge Integration and Quality of Innovative Output,” Research Policy, 2008, 77–96.
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Поскольку пули по определению – эксперименты небольшого масштаба, они могут порой и не отражаться в документах компании и в СМИ. Поэтому мы, возможно, указываем заниженное число пуль, но и в таком случае погрешность должна быть более-менее одинаковой для всех рассматриваемых компаний. При классификации ядер подобных проблем не возникает – это большие, хорошо заметные инвестиции и усилия компании.
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Многие ученые проявили интерес к фактору удачи в обществе и в особенности на финансовых рынках. Их труды побудили нас рассмотреть удачу как одну из переменных. Хотя работ в этой области существует уже немало, самыми известными остаются две книги Нассима Талиба: Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets (New York: Random House, 2005, 2nd ed.) и The Black Swan: The Impact of the Highly Improbable (New York: Random House, 2010, 2nd ed.).
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The Hockey Hall of Fame, http://www.hhof.com.
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Мы специально разделили уроженцев Канады, принятых в Зал Славы, рожденных до 1950 года и сыгравших хотя бы один сезон в НХЛ, на группы по году рождения: 1873–1899 (N = 21), 1900–1929 (N = 63) и 1930–1949 (N = 36). На январь-март приходится такой же процент игроков, принятых в Зал Славы, как и в целом детей в популяции, рожденных в этот сезон, – для всех годов, кроме 1900–1929, когда 15,9 % игроков из Зала Славы появились на свет в январе против 8 % «обычных» детей в популяции, и 12,7 % рождений пришлось на декабрь против также 8 % в популяции. В 1930–1949 годах больше всего игроков из Зала Славы дали январь (13,9 %), август (13,9 %) и декабрь (13,9 %), то есть никакого преимущества за первым кварталом года. Короче говоря, даже поднимая данные за много десятилетий, мы не выявим определенной тенденции в пользу рожденных в январе или в первом квартале.
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Франк Тровато и Дейн Одинак снабдили нас приблизительными данными по рождаемости в Канаде с 1926 по 1981 год – эти данные приведены в их журнальной статье: Frank Trovato and Dave Odynak, “The Seasonality of Births in Canada and the Provinces 1881–1989: Theory and Analysis,” Canadian Studies in Population, 1993, 1–41. Мы использовали неоткорректированные цифры, поскольку они весьма схожи с данными, приводимыми в других исследованиях. См., например, само исследование о связи месяца рождения с успехом хоккеиста: Roger H. Barnsley, Angus H. Thompson, and Paula E. Barnsley, “Hockey Success and Birth-Date: The Relative Age Effect,” Journal of the Canadian Association for Health, Physical Education, and Recreation, November 1985, 23–28.
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