What is a Horse Race?What is a Horse Race?
Horse racing is a sport in which horses are ridden by jockeys over obstacles such as fences, hills and ditches. The aim is to reach the finishing line before any other entrants. The sport has a long and rich history dating back to ancient times. It was practised in several civilizations, including Ancient Greece, Rome and Babylon. It has a large following across the world and is considered to be an equestrian art form. It has also become a major tourist attraction, and is considered one of the most glamorous sporting events in many countries.
In some cases, the term horse race refers to a contest among multiple candidates for a leadership role in a company. Proponents of the horse race approach argue that an overt competition for a top position provides a strong incentive to the company’s high performers to put forth their best effort in vying for the role. This can help them gain valuable experience and build their resume in preparation for future roles, they say. The process also signals the company’s commitment to developing its people through functional assignments and stretch projects and that it is prepared to reward its executives with challenging roles as they prove their mettle.
Those who oppose the horse race approach contend that it detracts from the company’s performance by encouraging a culture of personal ambition that can be damaging to the business. They warn that a succession horse race can cause the company to lose momentum as it waits for the right leader to emerge from the process. In addition, they point out that the board should be aware of the capacity of the company’s senior management before adopting a horse race strategy.
Depending on the type of race, there are three ways to place a wager: bet to win, bet to place and bet to show. When betting on a winner, the payoff is higher than when placing a bet on a show finish. The bet to show pays out if the horse comes in first, second or third. An animal advocacy informant who spoke to a recent study on the welfare impact of thoroughbred horse races observed that while injuries and deaths are the most visible and highly publicized welfare issues, they are “the tip of the iceberg” when it comes to overall welfare. She cited routine training and husbandry practices, human-horse interactions and the everyday lives of the animals as the true causes of stress and suffering. Despite these concerns, the horse race industry has made little headway in addressing them. This collection of research looks at the consequences when news stories frame elections as a horse race, with the media emphasizing frontrunners and down-to-the-wire battles, rather than policy issues. Scholars have investigated this trend, known as horse race reporting, and found that it damages voters, politicians and the news industry itself.