Horse races have entranced spectators for centuries. In a day at the track, fans watch Standardbred horses vying to pull their jockeys or drivers across the finish line first. They may wager on the outcome and enjoy a variety of other activities, from dining on top menu items at nearby restaurants to taking in the sights.
While many governance observers are uncomfortable with the horse race approach to CEO selection, this classic succession method has produced exceptional leaders for a number of prominent organizations. However, there are some downsides to this type of contest that board members should be aware of. If a contest for the CEO role drags on too long, it can generate uncertainty throughout the company about the outcome and may lead employees to retrench and take fewer risks in their assignments until the winner is known. Moreover, hallway gossip and handicapping can distract the organization from its core business.
During the early days of horse racing, match races between two or three horses were commonplace. These races usually were run over distances of 4-6 miles, with the winners being declared by first crossing a particular finish line, such as a pole with a red outline and white center. The owners provided the purse, or amount of money to be wagered, and agreements between owners were recorded by disinterested third parties, called keepers of the match book.
By the mid-18th century, demand for more public racing had led to open events with larger fields of runners. Eligibility rules were developed based on age, sex, birthplace and previous performance of the horses. Six-year-olds were admitted to a series of races known as the King’s Plates, and the races were standardized to feature four-mile heats in which a horse had to win two to be declared the winner.
The success of a horse race depends on a wide range of factors, including the conditions of the course and the performance of the horses. For example, a muddy track could slow the horses down while a dry one will speed them up. Also, the fitness and training of the horses play a significant role in their ability to cross the finish line. A horse that has been under the care of a trainer and handled carefully is likely to perform better than one that has not.
A growing body of research has found that when journalists cover elections by focusing primarily on who’s winning and losing – what is referred to as horse race journalism – voters, candidates and the news media itself suffer. This collection of articles examines the impact of this reporting, which has been compared to a play-by-play announcer call. The researchers found that horse race coverage discourages voting and heightens the public’s cynicism toward politics. This effect was most pronounced in campaigns with close races. In addition, corporate-owned or chain newspapers were more likely to publish horse race stories.
