front cover of Color Lines, Country Lines
Color Lines, Country Lines
Race, Immigration, and Wealth Stratification in America
Lingxin Hao
Russell Sage Foundation, 2007
The growing number of immigrants living and working in America has become a controversial topic from classrooms to corporations and from kitchen tables to Capitol Hill. Many native-born Americans fear that competition from new arrivals will undermine the economic standing of low-skilled American workers, and that immigrants may not successfully integrate into the U.S. economy. In Color Lines, Country Lines, sociologist Lingxin Hao argues that the current influx of immigrants is changing America's class structure, but not in the ways commonly believed. Drawing on twenty years of national survey data, Color Lines, Country Lines investigates how immigrants are faring as they try to accumulate enough wealth to join the American middle class, and how, in the process, they are transforming historic links between race and socioeconomic status. Hao finds that disparities in wealth among immigrants are large and growing, including disparities among immigrants of the same race or ethnicity. Cuban immigrants have made substantially more progress than arrivals from the Dominican Republic, Chinese immigrants have had more success than Vietnamese or Korean immigrants, and Jamaicans have fared better than Haitians and immigrants from sub-Saharan Africa. Indeed, many of these immigrant groups have acquired more wealth than native-born Americans of the same race or ethnicity. Hao traces these diverging paths to differences in the political and educational systems of the immigrants' home countries, as well as to preferential treatment of some groups by U.S. immigration authorities and the U.S. labor market. As a result, individuals' country of origin increasingly matters more than their race in determining their prospects for acquiring wealth. In a novel analysis, Hao predicts that as large numbers of immigrants arrive in the United States every year, the variation in wealth within racial groups will continue to grow, reducing wealth inequalities between racial groups. If upward mobility remains restricted to only some groups, then the old divisions of wealth by race will gradually become secondary to new disparities based on country of origin. However, if the labor market and the government are receptive to all immigrant groups, then the assimilation of immigrants into the middle class will help diminish wealth inequality in society as a whole. Immigrants' assimilation into the American mainstream and the impact of immigration on the American economy are inextricably linked, and each issue can only be understood in light of the other. Color Lines, Country Lines shows why some immigrant groups are struggling to get by while others have managed to achieve the American dream and reveals the surprising ways in which immigration is reshaping American society.
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front cover of Deals
Deals
The Economic Structure of Business Transactions
Michael Klausner and Guhan Subramanian
Harvard University Press, 2024

Drawing on real-life cases from a wide range of industries, two acclaimed experts offer a sophisticated but accessible guide to business deals, designed to maximize value for your side.

Business transactions take widely varying forms—from multibillion-dollar corporate mergers to patent licenses to the signing of an all-star quarterback. Yet every deal shares the same goal, or at least should: to maximize the joint value created and to distribute that value among the parties. Building on decades of experience teaching and advising on business deals, Michael Klausner and Guhan Subramanian show how to accomplish this goal through rigorous attention to designing incentives, conveying information, and specifying parties’ rights and obligations.

Deals captures the range of real-life transactional complexities with case studies covering Microsoft’s acquisition of LinkedIn, Scarlett Johansson’s contract dispute with Disney over the release of Black Widow, litigation surrounding LVMH’s pandemic-disrupted acquisition of Tiffany, the feud between George Norcross and Lewis Katz over ownership of the Philadelphia Inquirer, NBC/Viacom’s negotiation with Paramount over the final three seasons of Frasier, and many more. In clear, concise terms, Klausner and Subramanian establish the basic framework of negotiation and the economic concepts that must be addressed in order to maximize value. They show how to tackle challenges, such as information asymmetry between buyer and seller, moral hazard, and opportunistic behavior. And the authors lay out responses to common risks associated with long-term contracts, emphasizing that a deal’s exit rights should be carefully considered at the start of transaction design.

Unique in its practical application of economic theory to actual dealmaking, this book will be an indispensable resource for students and for professionals across the business and legal world.

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