臥底經濟學家
THE UNDERCOVER ECONOMIST - Why Short-Sellers Get Short Shrift
做空者只是看上去很壞


FT專欄作家哈福德:做空者期待壞事發生,有動力斥巨資去揭破欺詐,因此他們更有可能及時發現壞訊息。研究表明,禁止做空會產生反效果。

No economist could remain unmoved by the brouhaha that has engulfed Herbalife, the nutritional supplements company. The sponsors of football teams such as Barcelona and LA Galaxy, it sells diet drinks and protein bars through a network of small distributors, many of whom recruit, train and supply further distributors. This may be an intelligent way of selling the product through word-of-mouth. But doubters wonder whether Herbalife isn't too reliant on distributors filling their spare bedrooms with protein shakes, which they hope to sell at a profit by recruiting yet more distributors.

沒有一個經濟學家能夠對近期跟保健品公司賀寶芙(Herbalife)有關的喧囂無動於衷。作爲巴塞隆納足球俱樂部(FC Barcelona)和洛杉磯銀河隊(Los Angeles Galaxy)等足球隊的贊助商,該公司通過一個由小型分銷商組成的網路銷售減肥飲料和蛋白棒,其中很多分銷商會再招聘和培訓分銷商,並向他們供貨。這可能是一種通過口口相傳來銷售產品的聰明方法。但質疑者的疑問是:賀寶芙是否過於依賴分銷商?這些分銷商在自己家客房堆滿各種蛋白質混合飲料,希望通過招聘更多分銷商來銷售這些產品,好從中獲利。

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