A horse race is a contest in which horses are matched against each other in a battle of speed and ability, with the winner becoming the lead steed for a rider. The contest has a long history and is practiced in several civilizations worldwide. A horse race can also refer to a corporate contest where the board of directors engages in an overt competition for the CEO position among several highly qualified candidates. While some executives and governance observers are uncomfortable with the horse race approach to executive selection, it has been effective at many companies and can deliver a variety of benefits.
The horse race can be broken down into several phases. The first is spotting talent, which is usually accomplished by watching the performance of key senior executives in critical roles. The next is establishing a succession plan that allows the top-performing candidate to move up through a series of critical leadership roles, gaining competencies and seasoning to become ready for the role of chief executive officer. Some governance experts recommend that boards employ the horse race strategy as a way to ensure that the company has a strong leadership pipeline.
Once a horse has broken its maiden, it may compete in a conditioned claiming race or an allowance race. These races are designed to help a horse gain experience and confidence in competition, while providing class relief by matching similar types of runners together. This helps to keep the field as level as possible in order to attract bettors and maintain the integrity of wagering.
A runner’s preparation for the race can also be important to its success. Trainers will often work or breeze the runner, which involves running it at a higher pace than normal for a short distance to increase fitness and stamina. A runner’s weight can also be important, as too heavy of a load can be tiring on the horse and cause it to lose ground in the early stages of the race.
On race day, the runner will be led into a starting gate in a line of stalls. Once all the stalls are filled, a starter will hit a button that opens the front gates simultaneously and the horse will begin to run. A jockey will then mount the runner, who will be guided by the rider into the lead.
A runner’s final time in a race can be used to calculate a number of different statistics, including Beyer Speed Figures, which are determined by the rate at which a horse improves to its peak age and then declines. These figures are published in the Daily Racing Form and can be used to handicap a race. They are a useful tool for handicappers who want to identify the best bets in each race. In some pools the exact finish must be selected for the pool to pay out, but when this is not the case, the remaining money is added to the next instance of the same pool and pays out only if the correct finish is selected.
