Misunderstanding the Nature of Company Performance: The Halo Effect and other Business Delusions
指出商业界普遍存在光环效应等认知错觉，导致对公司绩效的错误归因，并质疑那些声称有成功公式的研究，强调绩效是相对的，企业需在不确定性中做出差异化选择。
Much popular thinking in the business world is shaped by delusions—fundamental errors of judgment that distort our understanding about company performance. One of the most important delusions is the halo effect, which is the tendency to attribute many positive features to successful companies, and to make the opposite attributions when companies falter. The halo effect, in turn, contaminates the data used in many largescale studies of company performance, including some of the most popular studies of recent years. The result is a misplaced belief that companies can follow formulas to achieve high performance, when in fact performance is better understood as relative, not absolute. To achieve high performance, companies must do more than follow formulas—they must differentiate themselves from rivals by making choices under conditions of uncertainty.