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Moonshots

Reynolds Holding

Managers who anticipate these agency problems won’t invest in a moonshot even if they believe it has a positive net present value. General Motors (GM) acquired it in 2016. The second is a motivation problem : Managers can’t give their employees the right incentives to bring the technology to market.

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ESG A Valuation Framework

Value Scope

How do you justify making substantial investments and fundamental changes to corporate structures and culture without empirical evidence that it will make a direct impact on shareholder value, total shareholder return, net present value, and individual rates of return? . Do ESG programs impact firm value?