2014 HBR McKinsey Award, First Place : “Profits Without Prosperity”

The HBR McKinsey Awards, judged by an independent panel of business and academic leaders, commend outstanding articles published each year in Harvard Business Review. The awards were established in 1959 to recognize practical and groundbreaking management thinking.

“Profits Without Prosperity”


A meticulously researched study by William Lazonick, a professor at the University of Massachusetts Lowell, suggests that executives are using massive stock buybacks to manipulate share prices and boost their own pay—at great cost to innovation and employment.