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2 results

  • Why Do Unsuccessful Companies Survive? U.S. Airlines, Aircraft Leasing, and GE, 2000–2008

  • Gishan Dissanaike, Ranadeva Jayasekera, Geoff Meeks
  • Journal:
    Business History Review / Volume 96 / Issue 3 / Autumn 2022
    Published online by Cambridge University Press:
    11 November 2022, pp. 615-642
    Print publication:
    Autumn 2022
    • Article
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  • Warren Buffett famously commented that the U.S. airline industry had made zero profit in its first nine decades. Subsequently, between the millennium and the Great Financial Crisis the airlines in total lost almost $60 billion. Yet no major airline was liquidated or taken over in those nine years. Financial support was repeatedly provided by GE, the conglomerate supplier of leasing finance, engines, and servicing. The article offers a historical perspective on the factors behind this relationship between GE and airlines. It outlines the benefits or costs to GE, airline shareholders, and passengers; the relevance of the model for other industries; and implications for different notions of efficiency.

  • 7 - General Electric and the Problem of Earnings Management

  • James J. Park, University of California, Los Angeles
  • Book:
    The Valuation Treadmill
    Published online:
    14 July 2022
    Print publication:
    28 July 2022, pp 114-128

  • Summary

    78% of the surveyed executives would give up economic value in exchange for smooth earnings. Graham, Harvey & Rajgopal, 2005 Over the last twenty years, as memories of the crisis that spurred the passage of the Sarbanes–Oxley Act of 2002 (Sarbanes–Oxley) faded, public company securities fraud receded as a matter of national concern. The stock market losses arising out of the financial crisis of 2008 were only partly linked to securities fraud, and the slow economic recovery afterward did not generate many spectacular investor losses that could be firmly tied to a corporate misrepresentation. There is some evidence that companies responded to Sarbanes–Oxley by adopting more conservative financial reporting policies. Stronger internal controls may have been successful at checking obvious accounting rule violations.