Clearly, Smith values lively debate among intelligent people. Well, that's expensive. But it may be cheaper than making the workplace safer. There's a level of risk beyond which it makes little sense to reduce further. The market is interested in whether the firm is sensibly managing the business opportunities it faces, whether they're doing more with dollars today than shareholders could do with those same dollars if they were distributed in dividends.
Shareholders pay a premium for a claim on that whole stream of future dollars.
His sense of teamwork is reflected in his long list of collaborative projects. Smith is currently working with Simon colleagues Jerold Zimmerman and James Brickley on a second edition of their textbook, Managerial Economics and Organizational Architecture, first published in 1997. Smith has a dozen other books to his name, plus more than a hundred journal articles and published papers. He is current advisory editor, and former editor, of the Journal of Financial Economics and holds editorial or board positions with nine other journals. He also is a prolific researcher, with numerous awards to his credit.