from last time: population and airport traffic gastner & newman: optimal design of spatial...
TRANSCRIPT
From last time: population and airport trafficFrom last time: population and airport traffic
•Gastner & Newman: optimal design of spatial distribution networks
Colizza et al: city population goes as the square root of trafficthrough an airport
optimize for the mean distance a person has to travel to a facility, taking population density into account
GOLFING ALONE? ELITE COHESION AND
COMMUNITY SOCIAL CAPITAL, 1986-1998
GOLFING ALONE? ELITE COHESION AND
COMMUNITY SOCIAL CAPITAL, 1986-1998
Jerry Davis and Chris MarquisUniversity of Michigan
February 25, 2003
Social Pressures in Informal Groups (Festinger, Schachter, and Back, 1950)
Social Pressures in Informal Groups (Festinger, Schachter, and Back, 1950)
The origins of social networks: “What three people do you see most of socially?”
The origins of social networks: “What three people do you see most of socially?”
Networks and social constructionNetworks and social construction
“There are not usually compelling facts which can unequivocally settle the question of which attitude is wrong and which is right in connection with social opinions and attitudes as there are in the case of what might be called ‘facts’....The ‘reality’ which settles the question...is the degree to which others with whom one is in communication are believed to share these same attitudes and opinions,” which “tends to produce uniformity in the behavior of members”
Festinger, Schachter, and Back, 1950
BROWN SHOE
TWA
EMERSON ELECTRIC
ANHEUSER BUSCH
ENERGIZER
RALSTON PURINAMAY DEPARTMENTSTORES
AMEREN
FURNITURE BRANDS
Red arrows are execs of “sending” firm; blue lines are “neutral” directors
Bonus question: What do these firms have in common?
How are corporate boards like MIT student housing?How are corporate boards like MIT student housing?
How is Oakland like MIT student housing (ca. 1986)?How is Oakland like MIT student housing (ca. 1986)?
LONGS DRUG STORES INC
LONGS DRUG STORES CORP
WORLD AIRWAYS INC
VALLEY NATIONAL BANCORP
RUSS BERRIE & CO INC
WELLS FARGO & CO
LUCKY STORES INC
MILLS COLLEGE
TRANSWORLD BANCORP
GOLDEN WEST FINANCIAL CORP
PACIFICORP
PACIFIC TELECOM INC
COMDIAL CORP
EQUITEC FINANCIAL GROUP INC
PACO PHARMACEUTICAL SERVICES I
DREYER S GRAND ICE CREAM INC
GAP STORES INCFIRST INTERSTATE BANCORP
DATRON SYSTEMS INC
ALUMINUM CO OF AMERICA
ALLIED SIGNAL INC
TRANSAMERICA CORP
TEXAS EASTERN CORP
MOORE MCCORMACK RESOURCES INC
DIAMOND SHAMROCK CORP
CLOROX CO
BANKAMERICA CORP
AMERICAN PRESIDENT COMPANIES L
WITCO CORP
WITCO CHEMICAL CORP
ADVANCED GENETIC SCIENCES INC
How is Oakland like MIT student housing (ca. 2000)?How is Oakland like MIT student housing (ca. 2000)?
VIGNETTE CORP
POLICY MANAGEMENT SYSTEMS CORP
INTERNET SECURITY SYSTEMS INC DE
UNITED RETAIL GROUP INC
SHARED MEDICAL SYSTEMS CORP
FAIRFIELD COMMUNITIES INC
CAMBREX CORP
AUTOMATIC DATA PROCESSING INC
ASI SOLUTIONS INC
RUSS BERRIE & CO INC
GENOMIC SOLUTIONS INCAHT CORP DE
HEALTH SYSTEMS DESIGN CORP
PMI GROUP INC
NATIONAL ENDOWMENT FOR DEMOCRACY
AVATAR HOLDINGS INC
ABM INDUSTRIES INCGOLDEN WEST FINANCIAL CORP
VERSATA INC
SANGAMO BIOSCIENCES INCNORTHERN TRUST CORP
J M SMUCKER CO
HUNTINGTON BANCSHARES INC MD
DREYER S GRAND ICE CREAM INC
T R SYSTEMS INC
MEDIAPLEX INC
L90 INCDEPARTMENT 56 INC
CYLINK CORPCALIPER TECHNOLOGIES CORP
AUTOWEB COM INC
CYBERGOLD INC
USA NETWORKS INC
SEAGRAM CO LTD
RAYMOND JAMES FINANCIAL INC
PROTECTIVE LIFE CORPPAYLESS SHOESOURCE INC NEW
NORTHWEST AIRLINES CORP NEW
MILLIPORE CORP
MCKESSON HBOC INC
MATTEL INC
MARINE TRANSPORT CORP
KLA TENCOR CORP
IMPCO TECHNOLOGIES INC
HCA HEALTHCARE CO
DOLE FOOD CO INC
C R BARD INC
BEA SYSTEMS INC
ALZA CORPCLOROX CO
SIMPSON MANUFACTURING CO INC
CIVIC BANCORP
Why study board interlocks?Why study board interlocks?
“Finance capital, concentrated in a few hands and exercising a virtual monopoly, exacts enormous profits…tightens the grip of financial oligarchies and levies tribute upon the whole of society for the benefit of monopolists”
“The practice of interlocking directorates is the root of many evils. It offends laws human and divine....It is the most potent instrument of the Money Trust”
Research hypotheses (cf. Brandeis, 1914) Research hypotheses (cf. Brandeis, 1914)
Corporate America is overseen by a network of rich white men who all know each other and who coordinate their actions via bank boards
H1: Network
H2: Rich white men
H3: All know each other (“It’s a small world”)
H4: Bank boards
The JP Morgan Chase board’s tiesThe JP Morgan Chase board’s ties
Interlocking boards as a corporate elite networkInterlocking boards as a corporate elite network
•Shared directors (“interlocks”) are pervasive among large corporations
• Interlocks between firms are almost random WRT economic relations
• Almost no “horizontal” ties (among competitors)
• Very few “vertical” ties (~ 5% of firms have prospective buyer/supplier on board)
• Some VC ties; few bank-sent ties
•Where do interlocks come from?
How directors are recruitedHow directors are recruited
Board Compositions in 1986
American Express
Drew LewisHenry KissingerJames Robinson IIIRoss JohnsonVernon Jordan...............
UnionPacific
Drew LewisWilliam GrantDowning Jenks............
“Centrality” as an outcome of the director selection process
“Centrality” as an outcome of the director selection process
AMEX BOARD (1994)(partial membership)Armstrong, Anne L.Bowen, William G.Culver David M.Duncan, Charles W., Jr.Furlaud, Richard M.Greenough, Beverly SillsJohnson, F. RossKissinger, Henry A.Jordan, Vernon E., Jr.
Intl Flvrs
RH Macy
BoiseCascade
GM
Merck
Readers Digest
American Cyanamid
Panhandle Eastern
Chemical Bank
Coca Cola
Time Warner
Xerox
Sara LeeRyder System
United TechnologiesJC Penney Corning Bankers
Trust NewYork
ArcherDaniels
Natl SvcInds
CBS
FreeportMcMoRan
Halliburton
When (and how) do firms recruit “central” directors?When (and how) do firms recruit “central” directors?
•The firm is subject to investor scrutiny• Greater levels of ownership by financial institutions
• More “anti-management” shareholder proposals
•The firm is already central (more pathways for recruiting; better gossip available)
•The firm out-performs its industry (better learning opportunity)
•What does added centrality buy the firm?• Higher subsequent “admiration” by analysts & execs
• NO discernable effect on overall performance
Microsoft board before McLaughlin (11/99)Microsoft board before McLaughlin (11/99)
Microsoft board after McLaughlin (1/00)Microsoft board after McLaughlin (1/00)
Ten most central firms in the interlock network,1962-1982 (Eigenvector measure)
1962 1982JP MORGAN [59] AT&T [43]
CHASE MANHATTAN [54] JP MORGAN [48]
CHEMICAL BANK [57] CHASE MANHATTAN [43]
FIRST NATIONAL CITYBANK [52]
CITICORP [43]
SOUTHERN PACIFICRAILROAD [41]
IBM [38]
MELLON BANK [34] GENERAL FOODS [31]
MANUFACTURERSHANOVER [46]
CHEMICAL NY [38]
AT&T [37] BANKERS TRUST [39]
PENNSYLVANIARAILROAD [34]
MANUFACTURERSHANOVER [36]
BANKERS TRUST [45] MOBIL [28]
Numbers in parentheses are counts of interlock ties
Three possible networks: Regular, random, small world (from D. Watts)
Three possible networks: Regular, random, small world (from D. Watts)
Increasing randomnessp =0 p =1
Regular Small-world Random
Data and sample I: The Fortune 1000Data and sample I: The Fortune 1000
USFREIGHTWAYS CORP
UNITED STATIONERS INC
SPX CORP
STILWELL FINANCIAL INC
SCANA CORP
RENT A CENTER INC NEW
SIERRA PACIFIC RESOURCES
QUINTILES TRANSNATIONAL CORP
QUANTA SERVICES INC
PUGET ENERGY INC
TELEPHONE & DATA SYSTEMS INC DE
POPULAR INC
WHOLE FOODS MARKET INC
POLARIS INDUSTRIES INC
PHAR MOR INC
VALSPAR CORP
PEP BOYS MANNY MOE & J ACK
WILLAMETTE INDUSTRIES INC
ZIONS BANCORPORATION
WESTERN RESOURCES INC KS
ONEOK INC NEW
UNIVERSAL FOREST PRODUCTS INC
OLD KENT FINANCIAL CORP
NORTHEAST UTILITIES
NOBLE AFFILIATES INC
TRIGON HEALTHCARE INC
PERFORMANCE FOOD GROUP CO
NASH FINCH CO
REGIONS FINANCIAL CORP
MURPHY OIL CORP
PROVIDENT FINANCIAL GROUP INC
SAFECO CORP
PINNACLE WEST CAPITAL CORP
MERISEL INC
TYSON FOODS INC
MAXXAM INC
MAXTOR CORPMASTEC INC
MARK IV INDUSTRIES INC
WATSCO INC
RGS ENERGY GROUP INC
NATIONAL FUEL GAS CO
M&T BANK CORP
MARTIN MARIETTA MATERIALS INC
WM WRIGLEY JR CO
SERVICE MERCHANDISE CO INC
TORO CO
LENNOX INTERNATIONAL INC
SILGAN HOLDINGS INC
LANDSTAR SYSTEM INC
MICHAELS STORES INC
MICRON TECHNOLOGY INC
LA Z BOY INC
WEATHERFORD INTERNATIONAL INC NEW
OHIO CASUALTY CORP
LAM RESEARCH CORP
UNITRIN INC
W R GRACE & CO NEW
OGE ENERGY CORP
KERR MCGEE CORP
LSI LOGIC CORP
SOUTHWEST AIRLINES CO
JDS UNIPHASE CORP
TECH DATA CORP
JABIL CIRCUIT INC
PUBLIC SERVICE CO OF NEW MEXICO
INTERNATIONAL MULTIFOODS CORP
LIZ CLAIBORNE INC
RADIOSHACK CORP
KELLWOOD CO
PENTAIR INC
HUGHES SUPPLY INC
TECO ENERGY INC
HUB GROUP INC
MICROAGE INC
LANDS END INC
UNIVERSAL CORP
LANDAMERICA FINANCIAL GROUP INC
HAWAIIAN ELECTRIC INDUSTRIES INC
HARSCO CORP
PATHMARK STORES INC
MITCHELL ENERGY & DEVELOPMENT CORP
INTERSTATE BAKERIES CORP
VOLT INFORMATION SCIENCES INC
GREY GLOBAL GROUP INC
GREENPOINT FINANCIAL CORP
GREAT LAKES CHEMICAL CORP
LONGS DRUG STORES CORP
GRANITE CONSTRUCTION INC
GRAND UNION CO
POTOMAC ELECTRIC POWER CO
JONES APPAREL GROUP INC
SCHOLASTIC CORP
GEORGIA GULF CORP
WHX CORP
GENESIS HEALTH VENTURES INC
MDU RESOURCES GROUP INC
UNIFI INC
GENERAL CABLE CORP NEW
WILLIAMS SONOMA INC
FRONTIER OIL CORP WY
GOLDEN STATE BANCORP INC
FOAMEX INTERNATIONAL INC
FMC CORP
FLOWSERVE CORP
GENTEK INC
FISERV INC
YORK INTERNATIONAL CORP
FIRSTENERGY CORP
STANDARD PACIFIC CORP
FLEETWOOD ENTERPRISES INC
VECTREN CORP
PEOPLES ENERGY CORP
STARWOOD HOTELS & RESORTS WORLDWIDE
STAPLES INC
SEALED AIR CORP NEW
NEWPORT NEWS SHIPBUILDING INC
MODIS PROFESSIONAL SERVICES INC
STARBUCKS CORP
FEDERAL MOGUL CORP
W R BERKLEY CORP
LEHMAN BROTHERS HOLDINGS INC
QWEST COMMUNICATIONS INTERNATIONAL
INTERPUBLIC GROUP OF COS INC
EXPRESS SCRIPTS INC
EXIDE TECHNOLOGIES
SERVICEMASTER CO
IMC GLOBAL INC
PROTECTIVE LIFE CORP
OFFICE DEPOT INC
KINDER MORGAN INC NEW
ENTERASYS NETWORKS INC
QUALCOMM INC
IBP INC
GROUP 1 AUTOMOTIVE INC
MCN ENERGY GROUP INC
FURNITURE BRANDS INTERNATIONAL INC
EMCOR GROUP INC
PERKINELMER INC
PAYCHEX INC
NSTAR
EMC CORP
WASHINGTON MUTUAL INC
XCEL ENERGY INC
WALGREEN CO
ECOLAB INC
PITNEY BOWES INC
R R DONNELLEY & SONS CO
RUSSELL CORP
PAYLESS CASHWAYS INC
J B HUNT TRANSPORT SERVICES INC
TOWER AUTOMOTIVE INC
DURA AUTOMOTIVE SYSTEMS INC
SUPERVALU INC
UTILICORP UNITED INC
ITT INDUSTRIES INC
HARTFORD FINANCIAL SERVICES GROUP I
WHIRLPOOL CORP
PETSMART INC
DOVER CORP
DOLLAR TREE STORES INC
PACKAGING CORP OF AMERICA
DIMON INC
DIEBOLD INC
WALLACE COMPUTER SERVICES INC
TESORO PETROLEUM CORP
DEVON ENERGY CORP NEW
IMPERIAL SUGAR CO TX
UNITED AUTO GROUP INC
STANLEY WORKS
DELPHI AUTOMOTIVE SYSTEMS CORP
MANDALAY RESORT GROUP
DEL WEBB CORP
SNAP ON INC
HORMEL FOODS CORP
WENDY S INTERNATIONAL INC
SPORTS AUTHORITY INC
FIRST TENNESSEE NATIONAL CORP
DARDEN RESTAURANTS INC
TRANSMONTAIGNE INC
D & K HEALTHCARE RESOURCES INC
RELIANCE GROUP HOLDINGS INC
LINENS N THINGS INC
SOLUTIA INC
PACTIV CORP
NORDSTROM INC
SMITHFIELD FOODS INC
PHILIP MORRIS COS INC
NAVISTAR INTERNATIONAL CORP
JOHNSON CONTROLS INC
HEILIG MEYERS CO
DOMINION RESOURCES INC VA
CSK AUTO CORP
PPL CORP
LINCOLN NATIONAL CORP
CRESTLINE CAPITAL CORP
COVENTRY HEALTH CARE INC
COUNTRYWIDE CREDIT INDUSTRIES INC
EXPEDITORS INTERNATIONAL OF WASH IN
SMURFIT STONE CONTAINER CORP
PITTSTON CO
CORN PRODUCTS INTERNATIONAL INC
PRECISION CASTPARTS CORP
COOPER TIRE & RUBBER CO
TRINITY INDUSTRIES INC
LITTON INDUSTRIES INC
REYNOLDS & REYNOLDS CO
OXFORD HEALTH PLANS INCON SEMICONDUCTOR CORP
IT GROUP INC
HEALTH NET INC
MCCORMICK & CO INC
CONSTELLATION ENERGY GROUP INC
UNOVA INC
CONSOLIDATED FREIGHTWAYS CORP
PARKER HANNIFIN CORP
FISHER SCIENTIFIC INTERNATIONAL INC
CONSECO INC
JACK IN THE BOX INC DE
CONAGRA FOODS INC
COMPUWARE CORP
STORAGE TECHNOLOGY CORP
TOYS R US INC NEW
SYMBOL TECHNOLOGIES INC
PACIFICARE HEALTH SYSTEMS INC NEW
ELI LILLY & CO
SUNGARD DATA SYSTEMS INC
COMMERCIAL METALS CO
METALS USA INC
COMFORT SYSTEMS USA INC
DTE ENERGY CO
ENRON CORP OR
COMDISCO INC
NIKE INC
WESTPOINT STEVENS INC
GENUINE PARTS CO
POTLATCH CORP
CNF INC
WESCO INTERNATIONAL INC
STRYKER CORP
STEELCASE INC
GALILEO INTERNATIONAL INC
COMERICA INC
MATTEL INC
DOLLAR GENERAL CORP
PENN TRAFFIC CO
CKE RESTAURANTS INC
LYONDELL CHEMICAL CO
FORD MOTOR CO
DYNCORP
CINTAS CORP
STANDARD REGISTER CO
OWENS & MINOR INC NEW
HILLENBRAND INDUSTRIES INCWGL HOLDINGS INC
POLYONE CORP
CONTINENTAL AIRLINES INC
FEDERAL HOME LOAN MORTGAGE CORP
CHARTER ONE FINANCIAL INC
USA NETWORKS INC
CHARTER COMMUNICATIONS INC DE
RELIANT ENERGY INC
CHARLES SCHWAB CORP
USA EDUCATION INC
STANCORP FINANCIAL GROUP INC
PG&E CORP
CH2M HILL COMPANIES LTD
ZALE CORP
VIASYSTEMS GROUP INC
TEREX CORP
CDW COMPUTER CENTERS INC
UNIVERSAL HEALTH SERVICES INC
CLAYTON HOMES INC
CBRL GROUP INC
FIRST AMERICAN CORP
NORFOLK SOUTHERN CORP
ENTERGY CORP DE
TELLABS INC
STATER BROS HOLDINGS INC
RYLAND GROUP INC
KLA TENCOR CORP
CADENCE DESIGN SYSTEMS INC
TJ X COS INC
FIDELITY NATIONAL FINANCIAL INC
LEGG MASON INC
HARLEY DAVIDSON INC
CHARMING SHOPPES INC
NACCO INDUSTRIES INC
CARLISLE COMPANIES INC
BROWN FORMAN CORP
FIFTH THIRD BANCORP
CINERGY CORP
TXU CORP
PIER 1 IMPORTS INC
KOHL S CORP
INTERNATIONAL FLAVORS & FRAGRANCES
SPHERION CORP
NUCOR CORP
PRICELINE COM INC
ROADWAY CORP
NICOR INC
SPARTAN STORES INC
CHAMPION ENTERPRISES INC
MCKESSON CORP DE
INTEL CORP
WALT DISNEY CO NEW
ST PAUL COS INC
PACCAR INC
L 3 COMMUNICATIONS HOLDINGS INC
HEWLETT PACKARD CO
BOEING CO
TECUMSEH PRODUCTS CO
BMC SOFTWARE INC
RYDER SYSTEM INC
BRUNSWICK CORP
BLACK & DECKER CORP
NABORS INDUSTRIES INC
COOPER CAMERON CORP
BJ SERVICES CO
SEABOARD CORP
PENNZOIL QUAKER STATE CO
HOUSE2HOME INC
HON INDUSTRIES INC
BJ S WHOLESALE CLUB INC
LOUISIANA PACIFIC CORP
BIG LOTS INC
NORTHWESTERN CORP
CAREMARK RX INC
WACKENHUT CORP
ULTRAMAR DIAMOND SHAMROCK CORP
MILLENNIUM CHEMICALS INC
MERRILL LYNCH & CO INC
BETHLEHEM STEEL CORP
SHOPKO STORES INC
METRIS COS INC
BEST BUY CO INC
PETER KIEWIT SONS INC NEW
COSTCO WHOLESALE CORP DE
BURLINGTON RESOURCES INC
BERKSHIRE HATHAWAY INC NEW
BERGEN BRUNSWIG CORP
TARGET CORP
UNITED PARCEL SERVICE INC
TEXACO INC
SYNOVUS FINANCIAL CORP
SUNTRUST BANKS INC
LOCKHEED MARTIN CORP
DANA CORP
BURLINGTON INDUSTRIES INC
TEXAS INDUSTRIES INC
BELO CORP
TENET HEALTHCARE CORP
GUIDANT CORP
DELUXE CORP
COMPUTER SCIENCES CORP
BEAR STEARNS COS INC
BRM HOLDINGS INC
VIAD CORP
DILLARD S INC
BARNES & NOBLE INC
WESTERN DIGITAL CORP
RYERSON TULL INC NEW
BANTA CORP
TRANS WORLD ENTERTAINMENT CORP
BANKNORTH GROUP INC ME
COMPUTER ASSOCIATES INTERNATIONAL I
BANK UNITED CORP
USEC INC
TRICON GLOBAL RESTAURANTS INC
ROCKWELL INTERNATIONAL CORP NEW
MASCO CORPKELLY SERVICES INC
GOLDMAN SACHS GROUP INC
GENERAL MOTORS CORP
GENERAL MILLS INC
CMS ENERGY CORP
CARDINAL HEALTH INC
WESTVACO CORP
TIFFANY & CO
GPU INC
CSX CORP
COMCAST CORP
BOWATER INC
SYSCO CORP
SCI SYSTEMS INC
PROGRESS ENERGY INC
LOWE S COS INC
KNIGHT RIDDER INC
JOHN HANCOCK FINANCIAL SERVICES INC
HEALTH MANAGEMENT ASSOCIATES INC
FLOWERS FOODS INC EQUIFAX INC
YELLOW CORP
WABASH NATIONAL CORP
BALL CORP
OCCIDENTAL PETROLEUM CORP
UST INC
TIMKEN CO
PHILLIPS VAN HEUSEN CORP
NEIMAN MARCUS GROUP INC
KINDRED HEALTHCARE INC
AVON PRODUCTS INC
NATIONAL SERVICE INDUSTRIES INC
EATON CORP
NORTHROP GRUMMAN CORP NEW
DOLE FOOD CO INC
SONOCO PRODUCTS CO
REPUBLIC SERVICES INC
AUTONATION INC DESCHERING PLOUGH CORP
LOEWS CORP
GENTIVA HEALTH SERVICES INC
FIRST DATA CORP
CONVERGYS CORP
HOUSEHOLD INTERNATIONAL INC
AUTOLIV INC
TENNECO AUTOMOTIVE INC
PHARMACIA CORP DE
COCA COLA CO
BANK OF NEW YORK CO INC
UNION PACIFIC CORP
ASTORIA FINANCIAL CORP
WASHINGTON POST CO
REEBOK INTERNATIONAL LTD
PUBLIC SERVICE ENTERPRISE GROUP INC
MBNA CORP
HARRAH S ENTERTAINMENT INC
H & R BLOCK INC
ASHLAND INC
JOY GLOBAL INC
HARRIS CORP FLA
ARROW ELECTRONICS INC
WASTE MANAGEMENT INC NEW
THOMAS & BETTS CORP
MEAD CORP
GANNETT CO INC
CONEXANT SYSTEMS INC
BRIGHTPOINT INC
ARMSTRONG WORLD INDUSTRIES INC
COX COMMUNICATIONS INC DE
ARCHER DANIELS MIDLAND CO
WACHOVIA CORP NEW
TELEFLEX INC
READER S DIGEST ASSOCIATION INC
OMNICOM GROUP INC
FOOT LOCKER INC
ELECTRONIC ARTS INC
COMPAQ COMPUTER CORP
SOLECTRON CORP
CISCO SYSTEMS INC
PIONEER STANDARD ELECTRONICS INC
GOODYEAR TIRE & RUBBER CO
FERRO CORP
BORGWARNER INC
UNISYS CORP
SUMMIT BANCORP NJ
LABORATORY CORP OF AMERICA HOLDINGS
INGERSOLL RAND CO
ENGELHARD CORP
APPLERA CORP
ORACLE CORP DEMGM MIRAGE
GAP INC
APPLE COMPUTER INC
R J REYNOLDS TOBACCO HOLDINGS INC
APACHE CORP
W W GRAINGER INC
TRIBUNE CO
NISOURCE INC
MOLEX INC
AON CORP
PARK PLACE ENTERTAINMENT CORP
OAKWOOD HOMES CORPHILTON HOTELS CORP
ESTEE LAUDER COS INC
CENDANT CORP
LANIER WORLDWIDE INC
RITE AID CORP ANIXTER INTERNATIONAL INC
SBC COMMUNICATIONS INC
MAY DEPARTMENT STORES CO
LTV CORP
KEYSPAN CORP
JEFFERSON PILOT CORP
GENERAL ELECTRIC CO
FLUOR CORP NEW
EMERSON ELECTRIC CO
COCA COLA ENTERPRISES INC
ANHEUSER BUSCH COS INC
E TRADE GROUP INC
ANALOG DEVICES INC
SAFEGUARD SCIENTIFICS INC
FREEPORT MCMORAN COPPER & GOLD INC
ANADARKO PETROLEUM CORP
WEYERHAEUSER CO
TRIAD HOSPITALS INC
TRANSOCEAN SEDCO FOREX INC
QUORUM HEALTH GROUP INC
PRAXAIR INC
PEPSIAMERICAS INC NEW
MERITOR AUTOMOTIVE INC
INGRAM MICRO INCHERMAN MILLER INC
EL PASO CORP
DUN & BRADSTREET CORP DE NEW
AMSOUTH BANCORPORATION
VULCAN MATERIALS CO
TORCHMARK CORP
MICROSOFT CORP
KELLOGG CO
HARMAN INTERNATIONAL INDUSTRIES INC
BRINKER INTERNATIONAL INC
WALTER INDUSTRIES INC
SAFEWAY INC
PRIMEDIA INC
OWENS ILLINOIS INC
MONY GROUP INC
GILLETTE CO
FINOVA GROUP INC
DPL INC
BORDEN INC
AUTOZONE INC
AMPHENOL CORP
CROWN CORK & SEAL CO INC
AMKOR TECHNOLOGY INC
WELLS FARGO & CO NEW
AMGEN INC
AMES DEPT STORES INC
UGI CORP PA
HEALTHSOUTH CORP
CDI CORP
CIGNA CORP
MELLON FINANCIAL CORP
CENTEX CORP
SODEXHO MARRIOTT SERVICES INC
MANOR CARE INC NEW
IKON OFFICE SOLUTIONS INC
DANAHER CORP
CB RICHARD ELLIS SERVICES INC
CAPITAL ONE FINANCIAL CORP
AUTOMATIC DATA PROCESSING INC
AMERICAN MANAGEMENT SYSTEMS INC
EOG RESOURCES INC
CONSOLIDATED EDISON INC
CHEVRONTEXACO CORP
BAXTER INTERNATIONAL INC
AMERICAN INTERNATIONAL GROUP INC
WORLDCOM INC NEW
VERIZON COMMUNICATIONS INC
POLO RALPH LAUREN CORP
IMS HEALTH INC
HONEYWELL INTERNATIONAL INC
AMERICAN HOME PRODUCTS CORP
RPM INC
PROGRESSIVE CORP
OFFICEMAX INC
NEWELL RUBBERMAID INC
JO ANN STORES INC
APPLIED INDUSTRIAL TECHNOLOGIES INC
AMERICAN GREETINGS CORP
TRUE NORTH COMMUNICATIONS INC
PHILLIPS PETROLEUM CO
PAYLESS SHOESOURCE INC NEW
FRANKLIN RESOURCES INC
AMERICAN GENERAL CORP
CHIQUITA BRANDS INTERNATIONAL INC
AMERICAN FINANCIAL GROUP INC NEW
XEROX CORP
UNITED TECHNOLOGIES CORP
SARA LEE CORP REVLON INC
NEXTEL COMMUNICATIONS INC NEW
MERCK & CO INC
J C PENNEY CO INC
INTERNATIONAL BUSINESS MACHINES COR
DOW J ONES & CO INC
DELTA AIR LINES INC
CLEAR CHANNEL COMMUNICATIONS INC
CAMPBELL SOUP CO
BAUSCH & LOMB INC
AMERICAN EXPRESS CO
WILLIAMS COMPANIES INC
VALERO ENERGY CORP NEW
PFIZER INC
HALLIBURTON CO
PREMCOR USA INC
MOHAWK INDUSTRIES INC
LUBRIZOL CORP
LEAR CORP
AMERICAN AXLE & MANUFACTURING HLDGS
URS CORP
PHELPS DODGE CORP
NEWMONT MINING CORP
DEL MONTE FOODS CO
AMERICA WEST HOLDINGS CORP
US AIRWAYS GROUP INC
TRANS WORLD AIRLINES INC
RALSTON PURINA CO
MCLEODUSA INC
LEGGETT & PLATT INC
ENERGIZER HOLDINGS INC
BROWN SHOE CO INC
ANNTAYLOR STORES CORP
AMEREN CORP
WARNACO GROUP INC
UNITEDHEALTH GROUP INC
PEPSI BOTTLING GROUP INC
DIME BANCORP INC
CLOROX CO
BEVERLY ENTERPRISES INC NEW
BECTON DICKINSON & CO
ARAMARK CORP
AMERADA HESS CORP
VIACOM INC
SUN MICROSYSTEMS INC
FLEMING COS INC
AMAZON COM INC
FAIRCHILD SEMICONDUCTOR INTL INC
ALTERA CORP
WORTHINGTON INDUSTRIES INC
WINN DIXIE STORES INC
RUDDICK CORP
ROCK TENN CO
RAYONIER INC
GENERAL DYNAMICS CORP
DIAL CORP NEW
BELK INC
BANK OF AMERICA CORP
ALLTEL CORP
USG CORP
SPRINT CORP
SEARS ROEBUCK & CO
QUAKER OATS CO
MORGAN STANLEY DEAN WITTER & CO
MINNESOTA MINING & MANUFACTURING CO
KROGER CO
IMATION CORP
ILLINOIS TOOL WORKS INC
GATX CORP
FEDEX CORP
DYNEGY INC IL
DEAN FOODS CO
COOPER INDUSTRIES INC
COMMUNITY HEALTH SYSTEMS INC
CERIDIAN CORP NEW
CATERPILLAR INC
BELLSOUTH CORP
BAKER HUGHES INC
AOL TIME WARNER INC
ALLSTATE CORP
STATE STREET CORP
LIMITED INC
HASBRO INC
CABOT CORP
ALLMERICA FINANCIAL CORP
WYNDHAM INTERNATIONAL INC
UNITED RENTALS INC NEW
SEQUA CORP
SAKS INC
RAYTHEON CO NEW
ENCOMPASS SERVICES CORP
DUKE ENERGY CORP
COLLINS & AIKMAN CORP NEW
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Small worlds are surprising when:Small worlds are surprising when:
1. Network is large 7,708 directors served on 916 Fortune 1000 boards in 1999
2. Network is sparse79% of directors serve on 1 board; 14% on 2; 7% on 3+
825 firms have >0 ties; among these, mean=8, median=6
3. Network is decentralizedMost central director serves on 9 boards
Most central firm has 34 ties
4. Ties are clustered27% of ties are within same state
8% of tied companies shares 2+ directors
The small world of the corporate eliteThe small world of the corporate elite
•For firms (n=813 for largest component)• Mean geodesic (shortest path between two
nodes)==3.7
• Mean geodesic for random graph==3.4
•For directors (n=6724 for largest component)• Average geodesic==4.6
• Average geodesic for random graph==3.2
From worst to best in four stepsFrom worst to best in four steps
On average, any two Fortune 1000 boards are connected by less than 4 degrees through shared directors
Business Week rated Conseco as one of the worst boards and Colgate as the best
Six degrees of JP Morgan Chase:Shortest paths from the Fortune 1000
Six degrees of JP Morgan Chase:Shortest paths from the Fortune 1000Chase # N of firms Cumulative
1 34 4.5%
2 233 34.1%
3 374 81.8%
4 121 97.2%
5 17 99.4%
6 2 99.6%
7 2 99.9%
8 1 100%
Six degrees of Enron:Shortest paths from the Fortune 1000
Six degrees of Enron:Shortest paths from the Fortune 1000Enron # N of firms Cumulative
1 10 1.2%
2 49 7.6%
3 259 40.8%
4 330 83.1%
5 113 97.6%
6 18 99.9%
7 1 100%
From worst to second-worstFrom worst to second-worst
Who is in the inner circle?Who is in the inner circle?VVeerrnnoonn JJoorrddaann SSeenniioorr PPaarrttnneerr,, AAkkiinn,, GGuummpp,, SSttrraauussss
RRoozzaannnnee RRiiddggwwaayy FFoorrmmeerr AAssssiissttaanntt SSeeccrreettaarryy ooff SSttaattee;; ffoorrmmeerrAAmmbbaassssaaddoorr ttoo GGDDRR
LLoouuiiss SSuulllliivvaann PPrreessiiddeenntt,, MMoorreehhoouussee SScchhooooll ooff MMeeddiicciinnee;;ffoorrmmeerr SSeecc’’yy ooff HHHHSS
HHeennrryy SScchhaacchhtt FFoorrmmeerr CCEEOO,, LLuucceenntt TTeecchhnnoollooggiieess;; ffoorrmmeerrCCEEOO,, CCuummmmiinnss EEnnggiinnee
PPaauull AAllllaaiirree FFoorrmmeerr CCEEOO,, XXeerrooxx
JJeessssee AArrnneellllee OOff CCoouunnsseell,, WWoommbbllee,, CCaarrllyyllee;; ffoorrmmeerr sseenniioorrppaarrttnneerr,, AArrnneellllee,, HHaassttiiee,, MMccGGeeee……
DDrreeww LLeewwiiss FFoorrmmeerr CCEEOO,, UUnniioonn PPaacciiffiicc
JJoohhnn CClleennddeenniinn FFoorrmmeerr CCEEOO,, BBeellllSSoouutthh
EEddwwaarrdd BBrreennnnaann FFoorrmmeerr CCEEOO,, SSeeaarrss
JJoohhnn SSttaaffffoorrdd CCEEOO,, AAmmeerriiccaann HHoommee PPrroodduuccttss
How did Vernon Jordan get there?How did Vernon Jordan get there?
• 1972: joins board of Celanese; Celanese CEO serves on Bankers Trust board
• 1972: joins Bankers Trust board; AT&T exec serves on boards of Bankers Trust and JC Penney
• 1973: joins JC Penney board
• 1974: joins Xerox board; Xerox and AmEx execs serve on boards of both Xerox and American Express
• 1977: joins American Express board; 2 Celanese directors and 1 Penney director serve on RJR board
• 1980: joins RJR board
• 1982: joins Akin Gump Strauss at behest of Robert Strauss, a fellow Xerox director...
How do interlocks matter?How do interlocks matter?
• “If we want a biological metaphor for cultural change, we should probably invoke infection rather than evolution” (SJ Gould, 1997)
• The interlock network as a medium of “contagion”:• Setting CEO compensation (O’Reilly & al. 1988)• Recruiting directors (Davis 1993)• Making acquisitions (Haunschild 1993)• Changing structures (Palmer & al. 1993)• Adopting takeover defenses (Davis 1991)• Creating an investor relations office (Rao and
Srivimakur, 1999)• Changing stock markets (Rao & al. 2000)
What difference does it make?What difference does it make?
Diffusion of golden parachutes and poison pills among Fortune 500 firms
Ten most central firms in the interlock network, 1962-2001 (Eigenvector measure)
1962 1982 2001 JP MORGAN [59] AT&T [43] JP MORGAN CHASE [28]
CHASE MANHATTAN [54] JP MORGAN [48] PFIZER [26]
CHEMICAL BANK [57] CHASE MANHATTAN [43] SARA LEE [28]
FIRST NATIONAL CITY BANK [52]
CITICORP [43] GEORGIA PACIFIC [29]
SOUTHERN PACIFIC RAILROAD [41]
IBM [38] AMR [25]
MELLON BANK [34] GENERAL FOODS [31] DELL COMPUTER [19]
MANUFACTURERS HANOVER [46]
CHEMICAL NY [38] VERIZON [28]
AT&T [37] BANKERS TRUST [39] 3M [25]
PENNSYLVANIA RAILROAD [34]
MANUFACTURERS HANOVER [36]
ALLSTATE [24]
BANKERS TRUST [45] MOBIL [28] BELLSOUTH [22]
How has the network changed?How has the network changed?
NN
(component)K (avg
degree)L (avg
geodesic) CL
(random)C
(random)SW
quotient
1982 boards 648 581 10.0 3.38 0.24 2.76 0.017 11.34
1990 boards 591 524 8.8 3.46 0.24 2.88 0.017 11.87
1999 boards 600 546 8.6 3.46 0.22 2.93 0.016 11.84
1982 directors 6505 5854 19.0 4.27 0.88 2.94 0.003 186.82
1990 directors 5393 4768 17.0 4.30 0.87 2.99 0.004 169.21
1999 directors 5311 4760 16.0 4.33 0.87 3.06 0.003 183.03
Research hypotheses (cf. Brandeis, 1914) Research hypotheses (cf. Brandeis, 1914)
Corporate America is overseen by a network of rich white men who all know each other and who coordinate their actions via bank boards
H1: Network
H2: Rich white men
H3: All know each other (“It’s a small world”)
H4: Bank boards
Social capital and community prosperity: Putnam’s lamentSocial capital and community prosperity: Putnam’s lament
•Social capital leads to “good government and economic progress”:
• Networks foster “sturdy norms of generalized reciprocity”
• Networks facilitate gossip to gauge trustworthiness
• Networks house “templates” for successful forms of cooperation (e.g., business alliances)
•Americans “bowl alone” at the expense of civic life
• Substantial membership declines in voluntary organizations
• Declines in voter turnout
• Declines generalized “trust”
Why has “social capital” declined?Why has “social capital” declined?
According to Putnam: • Generational changes (farewell, greatest
generation)
• Increased TV watching (hello, MTV generation)
• Too much working, especially women (farewell, Mrs. Cleaver)
• Urban sprawl (hello, Sunnyvale)
An Organizational AlternativeAn Organizational Alternative
“How ironic would it be if, after pulling out of locally rooted associations, the very business and professional elites who blazed the path toward civic disengagement were now to turn around and successfully argue that the less privileged Americans they left behind are the ones who must repair the nation’s social connectedness.”
-Theda Skocpol (1996, p. 25)
“Pittsburgh’s not-for-profit sector misses the generous donations from Gulf Corporation and its employees. Gulf’s donations to United Way amounted to $700,000 in 1983, when the firm’s total giving to local organizations topped $2 million. Civic organizations that lost money and volunteer support on account of Gulf’s sale include hospitals, colleges, museums, and the world-renowned Pittsburgh Symphony.”
-Hirsch, Pack your Own Parachute
Business and social capitalBusiness and social capital
“Americans of all ages, all stations in life, and all types of dispositions are forever forming associations. There are not only commercial and industrial associations in which all take part, but others of a thousand different types…”
Tocqueville, Democracy in America
“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices”
Smith, The Wealth of Nations (ch. 10)
Social capital is (often) built while you’re doing something else
Social capital is (often) built while you’re doing something else
“Members of Florentine choral societies participate because they like to sing, not because their participation strengthens Tuscan social fabric. But it does.” Robert Putnam, “The Prosperous Community”
Non-profits play a central role in the business network (e.g., Carnegie Hall)
Non-profits play a central role in the business network (e.g., Carnegie Hall)
Name AffiliationSandy Weill (Chairman) CEO, Citigroup
William B. Harrison, Jr. CEO, JP Morgan Chase
C. Michael Armstrong CEO, ATT
Harry P. Kamen CEO, MetLife
Frank Newman CEO, Bankers Trust
Ronald Perelman CEO, MacAndrews & Forbes
Joe Roby Chair Emeritus, CSFB
James D. Wolfensohn President, World Bank
Rudy Giuliani Recovering mayor
And ~ 50 others, including: Bill Cosby, Marilyn Horne, Peter Jennings, Yo-Yo Ma, Oscar de la Renta
Six degrees of Citigroup:Shortest paths from 4157 Nasdaq/NYSE firms via shared directors
Six degrees of Citigroup:Shortest paths from 4157 Nasdaq/NYSE firms via shared directors
Citi # N of firms Cumulative
1 31 31
2 310 341
3 1280 1621
4 1549 3170
5 722 3892
6 199 4091
7 45 4136
8 14 4150
9 5 4155
Research ApproachResearch Approach
•Unit of Analysis: US Community
• Interviews with 19 civic/organizational leaders in a major metropolitan area and a small community
•Statistical analyses of 62 communities (MSAs) with >10 public corporations and major non-profits in 1986 and 1998
Network dataNetwork data
• Boards of directors of all companies traded on NYSE or Nasdaq
• Boards of all “major” non-profits (~700 listed in Taft Directory in 1987 and in Guidestar database in 1998 via Urban Institute)
• Divided into 62 community sub-samples
NATIONAL SAMPLE
1986 1998
Organizations 3,709 6,283
Directors 30,620 45,854
Detroit 1986Detroit 1986
Non-local OrganizationLocal CorporationLocal Non-profitLocal Bank
Detroit 1998Detroit 1998
Local Non-profit
Local Bank
Non-local OrganizationLocal CorporationLocal Non-profitLocal Bank
Minneapolis-St. Paul: 1998Minneapolis-St. Paul: 1998
Non-local OrganizationLocal CorporationLocal Non-profitLocal Bank
The benefits to communities of local business involvementThe benefits to communities of local business involvement
“We have extensive programs in [headquarters city] that coordinate these activities and we provide a venue where that is possible. We had a clean-up day last May where employees were encouraged to help clean areas of the communities where they worked. In addition we fund a huge retiree volunteer association. They logged almost 100,000 of volunteer time last year. We provide them with a budget, but aside from that, it is entirely employee run.”
– Manager of Corporate Philanthropy, Fortune 500 Retailer
Why they giveWhy they give
“A major commitment of ours is to the arts... we feel that our work with [art museum] is just as important to the economic stability of a region as more direct giving.”
-Manager of Corporate Philanthropy, Fortune 500 Utility
“Cultural things like the opera or [art museum] are important to our recruiting activities.”
– Manager of Corporate Philanthropy, Fortune 500 Manufacturer
Forging connections to local non-profitsForging connections to local non-profits
“We encourage our employees to participate in non-profit activities. For instance, one of my regional managers is taking the non-profit board member development program run by the local chamber of commerce. This is a program, where they take up-and-coming corporate leaders and teach them what they need to know to serve on a board of directors. It is a rigorous program and we sponsor that person. Then they try to set that person up with an appointment to a board.”
– Manager of Corporate Philanthropy, Fortune 500 Retailer
The business case for community involvementThe business case for community involvement
“Strong communities make strong community banks, and vice versa…I require all my managers to serve in the non-profit community, and it’s a component of their annual evaluation”
-Bank CEO
Before bank CEO involvementBefore bank CEO involvement
CHRISTIAN FOUNDATION
SYMPHONY ORCHESTRA SOCIETY
SERVICES TO THE AGING
LOCAL HOSPITAL
FAMILY SERVICES
HEALTH ALLIANCE
HOSPICE
LOCAL COLLEGE
MEDICAL CENTER
TRAINING & EDUCATION FOUNDATIONY.M.C.A.
UNITED WAY
CHAMBER OF COMMERCEGOODWILL INDUSTRIES
FAMILY COUNSELING
CATHOLIC SOCIAL SERVICES
BIG LOCAL BANK
CHRISTIAN SCHOOL
BIG MANUFACTURERLOCAL CATHOLIC UNIVERSITY
COUNTY EDUCATION FOUNDATION
OPERA HOUSE
After bank CEO involvementAfter bank CEO involvement
CHRISTIAN FOUNDATION
SYMPHONY ORCHESTRA SOCIETY
SERVICES TO THE AGING
LOCAL HOSPITAL
FAMILY SERVICES
HEALTH ALLIANCE
HOSPICE
LOCAL COLLEGE
MEDICAL CENTER
TRAINING & EDUCATION FOUNDATIONY.M.C.A.
UNITED WAY
CHAMBER OF COMMERCEGOODWILL INDUSTRIES
FAMILY COUNSELING
CATHOLIC SOCIAL SERVICES
BIG LOCAL BANK
CHRISTIAN SCHOOL
BIG MANUFACTURERLOCAL CATHOLIC UNIVERSITY
COUNTY EDUCATION FOUNDATION
OPERA HOUSE
The cost of losing local banksThe cost of losing local banks
“The local presidents are still involved in the non-profits because people want them on the board, but their giving is different because local presidents do not have discretion over it any more. The decisions always have to go through [city] or [city], or where ever the headquarters is.”
-President, Community Foundation
The costs of a well-connected eliteThe costs of a well-connected elite
“Because it was such a feudal society, they whole idea of corporate philanthropy and responsibility did not become as broad based and so a lot of the institutional structure that may have developed otherwise did not.” -Former Senior Manager, Fortune 500
Company, Current Fortune 500 Board Member
Directors' Charities Got NYSE Money
Contributions Went Up Under Grasso By David S. HilzenrathWashington Post Staff WriterFriday, September 19, 2003; Page E01
During Dick Grasso's tenure as head of the New York Stock Exchange, the exchange and its charitable foundation made extensive contributions to organizations affiliated with NYSE directors, including almost $2.8 million to schools and charities affiliated with members of the committee that set Grasso's pay.
Last year, the exchange and its foundation contributed more than $1.3 million -- about 18 percent of total giving -- to groups affiliated with members of the board's compensation committee, according to documents the NYSE submitted to the Securities and Exchange Commission in response to questions about Grasso's pay… Such contributions can help co-opt board members and make them less likely to challenge a chief executive they are for overseeing, said Sarah Teslik, executive director of the Council of Institutional Investors…
“Accountability suffers if you buy off your overseers," Teslik said.
Constructs underlying “community social capital”Constructs underlying “community social capital”
• Infrastructure: the density of non-profit organizations and organizations for civic engagement (e.g., Rotary)
• Involvement: levels of grassroots volunteering
Factors shaping infrastructure and involvementFactors shaping infrastructure and involvement
•Corporate density: counts of corporations per capita
•Bank density: banks per capita
•Elite cohesion: connections among corporate, bank, and non-profit boards
Effects of Corporate DensityEffects of Corporate Density
Supporting Community Restricting Community
Infrastructure More money for local programs (“80% local”)
But where is the funding directed?
“80% within” elite
Arts
Recruiting benefits
Involvement Volunteering aggregators …but it is not always broad based
Hypotheses More corporations, greater social capital, civic orgs and volunteering
Fewer corporations, greater social capital, civic orgs and volunteering
Effects of Bank DensityEffects of Bank Density
Supporting Community Restricting Community
Infrastructure Bank trust departments as former community foundations
“Banks are very important local spenders”
Consolidated banking networks leads to lower community investment (Ratcliff 1980)
Involvement Bank executives as community leaders
More banks, more cohesive elite
Hypotheses More banks, greater social capital, civic orgs and volunteering
Fewer banks, greater social capital, civic orgs and volunteering
Effects of Local Elite CohesionEffects of Local Elite Cohesion
Supporting Community Restricting Community
Infrastructure Enhances non profit involvement, esp. financial and expertise rewards
Galaskiewicz (1997)
Too concentrated on elite only. E.g. Local Feudalism
Hunter (1953), Ratcliff (1980)
Involvement More opportunities for volunteering
Only focused on few, doesn’t become broadly based “majority within elite”
Hypotheses Greater the elite cohesion, the greater the social capital, civic orgs and involvement
Greater the elite cohesion, the lower the social capital, civic orgs and involvement
Dependent variablesDependent variables
• Number of large (assets>$10,000,000) non-profit organizations per million (from Urban Institute)
• Elite-oriented: “Arts, culture & humanities;” “Philanthropy;” golf; business-oriented
• Community-oriented: “Health care;” “Mental health & crisis intervention;” “Employment;” “Housing & shelter;” “Public safety;” “Youth development;” “Human services;” “Civil rights;” “Community improvement”
• Voluntarism (DDB Needham annual lifestyle survey)--factor score of aggregated responses to:
• “In the past 12 months, how often have you done volunteer work”
• “In the past 12 months, how often have you worked on a community project”
• For 1985/1986 and 1997/1998
OperationalizationsOperationalizations
•Corporate density per capita: # of corporate headquarters/population (1986 HQ/1990 pop; 1998 HQ/2000 pop)
•Bank density per capita: publicly-traded banks/population (1986 and 1998)
•Elite network• Network: ties through shared directors among all locally-
headquartered NYSE and Nasdaq firms and major non-profits
• Density, centralization, mean ties to non-profits…
Main findingsMain findings
•Don’t believe Putnam; do believe Skocpol
•Corporate density promotes elite-oriented non-profits but not community-oriented non-profits
•But: denser networks among elites do enhance community non-profits (to a point)
•Both bank and corporate density promote grassroots voluntarism
Elite network density and community non-profitsElite network density and community non-profits
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Elite Network Connectedness
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