Institutions And Investment

Author : Pedro Matos
Publisher : CFA Institute Research Foundation
Page : 80 pages
File Size : 55,7 Mb
Release : 2020-05-29
Category : Business & Economics
ISBN : 9781944960988

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ESG and Responsible Institutional Investing Around the World: A Critical Review by Pedro Matos Pdf

This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.

Author : Gordon L. Clark,Ashby H. B. Monk
Publisher : Oxford University Press
Page : 275 pages
File Size : 42,5 Mb
Release : 2017
Category : Business & Economics
ISBN : 9780198793212

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Institutional Investors in Global Markets by Gordon L. Clark,Ashby H. B. Monk Pdf

This work is about what institutional investors do, how they do it, and when and where they do it; it is about the production of investment returns in the global economy. Being a text about the production process, it also tackles some of the key issues found in the academic literature on the theory of the firm.

Author : Narjess Boubakri,Jean-Claude Cosset
Publisher : Emerald Group Publishing
Page : 350 pages
File Size : 43,6 Mb
Release : 2011-09-27
Category : Business & Economics
ISBN : 9781780522432

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Institutional Investors In Global Capital Markets by Narjess Boubakri,Jean-Claude Cosset Pdf

Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.

Author : Martin Gold
Publisher : Edward Elgar Publishing
Page : 209 pages
File Size : 45,8 Mb
Release : 2011
Category : Business & Economics
ISBN : 9780857930361

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Fiduciary Finance by Martin Gold Pdf

This multi-faceted analysis of institutional investment defines fiduciary finance institutions as the third pillar of the financial system, alongside banks and insurers. It documents the role played by investment funds and the money management industry during the recent financial crisis, and provides an unashamedly critical review of the business disciplines which can dominate investment practices. It clarifies the economic significance of the investment industry (circa $60 trillion in assets) and the features which differentiate fiduciary finance from traditional financial institutions such as banks and insurers. Martin Gold reviews the intellectual foundations of the investment discipline and synthesizes the literature into the principal scientific paradigms . He explores the legal frameworks (prudential investment standards) that govern mainstream portfolio management practices which, combined with the commercial imperatives of the investment industry, can create marked differences from textbook depictions of investment management. Recent events have again called into question the worth of the now ubiquitous collective investments such as pension funds and mutual funds, and the integrity of the financial markets. Given the trillions of government funds which have been committed to financial bailouts, and the volatility experienced by investors, the author asserts that a critical analysis of fiduciary finance must question whether better outcomes can be achieved. Tellingly, most fiduciary finance institutions remain outside the perimeter of macro-prudential regulations. This challenging and multidisciplinary work promises to provide a fascinating read for academics focusing on economics and finance, money and banking, as well as for investment and financial services practitioners, policymakers and market regulators.

Author : Punam Chuhan
Publisher : World Bank Publications
Page : 45 pages
File Size : 48,7 Mb
Release : 1994
Category : Capital investments
ISBN : 8210379456XXX

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Are Institutional Investors an Important Source of Portfolio Investment in Emerging Markets? by Punam Chuhan Pdf

Major institutional investors in five industrial countries invest cautiously, and very little, in emerging market securities. But only in Germany are regulations on foreign investment a significant constraint.

Author : David M. Smith,Hany A. Shawky
Publisher : Wiley
Page : 404 pages
File Size : 55,5 Mb
Release : 2011-11-29
Category : Business & Economics
ISBN : 047061014X

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Institutional Money Management by David M. Smith,Hany A. Shawky Pdf

Author : Herbert B. Mayo
Publisher : Unknown
Page : 128 pages
File Size : 53,9 Mb
Release : 1994-11
Category : Electronic
ISBN : 0030948185

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Financial Institutions, Investments and Management by Herbert B. Mayo Pdf

Author : Alan D. Morrison,William J. Wilhelm Jr.
Publisher : OUP Oxford
Page : 362 pages
File Size : 52,5 Mb
Release : 2008-09-11
Category : Business & Economics
ISBN : 9780191647840

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Investment Banking by Alan D. Morrison,William J. Wilhelm Jr. Pdf

Investment Banking: Institutions, Politics, and Law provides an economic rationale for the dominant role of investment banks in the capital markets, and uses it to explain both the historical evolution of the investment banking industry and also recent changes to its organization. Although investment decisions rely upon price-relevant information, it is impossible to establish property rights over it and hence is very hard to coordinate its exchange. The authors argue that investment banks help to resolve this problem by managing "information marketplaces," within which extra-legal institutions support the production and dissemination of information that is important to investors. Reputations and relationships are more important in fulfilling this role than financial capital. The authors substantiate their theory with reference to the industry's evolution during the last three centuries. They show how investment banking networks were formed, and identify the informal contracts that they supported. This historical development points to tensions between the relational contracting of investment banks and the regulatory impulses of the State, thus providing some explanation for the periodic large-scale State intervention in the operation of capital markets. Their theory also provides a technological explanation for the massive restructuring of the capital markets in recent decades, which the authors argue can be used to think about the likely future direction of the investment banking industry.

Author : Herbert B. Mayo
Publisher : Unknown
Page : 625 pages
File Size : 41,8 Mb
Release : 2008
Category : Investment analysis
ISBN : 0324813112

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Financial Institutions, Investments, and Management by Herbert B. Mayo Pdf

Author : Jakob de Haan,Sander Oosterloo,Dirk Schoenmaker
Publisher : Cambridge University Press
Page : 497 pages
File Size : 41,6 Mb
Release : 2012-06-28
Category : Business & Economics
ISBN : 9781107025943

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Financial Markets and Institutions by Jakob de Haan,Sander Oosterloo,Dirk Schoenmaker Pdf

Second edition of a successful textbook that provides an insightful analysis of the world financial system.

Author : David F. Swensen
Publisher : Simon and Schuster
Page : 433 pages
File Size : 43,5 Mb
Release : 2009-01-06
Category : Business & Economics
ISBN : 9781416554035

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Pioneering Portfolio Management by David F. Swensen Pdf

In the years since the now-classic Pioneering Portfolio Management was first published, the global investment landscape has changed dramatically -- but the results of David Swensen's investment strategy for the Yale University endowment have remained as impressive as ever. Year after year, Yale's portfolio has trumped the marketplace by a wide margin, and, with over $20 billion added to the endowment under his twenty-three-year tenure, Swensen has contributed more to Yale's finances than anyone ever has to any university in the country. What may have seemed like one among many success stories in the era before the Internet bubble burst emerges now as a completely unprecedented institutional investment achievement. In this fully revised and updated edition, Swensen, author of the bestselling personal finance guide Unconventional Success, describes the investment process that underpins Yale's endowment. He provides lucid and penetrating insight into the world of institutional funds management, illuminating topics ranging from asset-allocation structures to active fund management. Swensen employs an array of vivid real-world examples, many drawn from his own formidable experience, to address critical concepts such as handling risk, selecting advisors, and weathering market pitfalls. Swensen offers clear and incisive advice, especially when describing a counterintuitive path. Conventional investing too often leads to buying high and selling low. Trust is more important than flash-in-the-pan success. Expertise, fortitude, and the long view produce positive results where gimmicks and trend following do not. The original Pioneering Portfolio Management outlined a commonsense template for structuring a well-diversified equity-oriented portfolio. This new edition provides fund managers and students of the market an up-to-date guide for actively managed investment portfolios.

Author : H. Kent Baker,John R. Nofsinger
Publisher : John Wiley & Sons
Page : 528 pages
File Size : 46,5 Mb
Release : 2012-08-31
Category : Business & Economics
ISBN : 9781118237014

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Socially Responsible Finance and Investing by H. Kent Baker,John R. Nofsinger Pdf

A detailed look at the role of social responsibility in finance and investing The concept of socially responsible finance and investing continues to grow, especially in the wake of one of the most devastating financial crises in history. This includes responsibility from the corporate side (corporate social responsibility) as well as the investor side (socially responsible investing) of the capital markets. Filled with in-depth insights and practical advice, Socially Responsible Finance and Investing offers an important basis of knowledge regarding both the theory and practice of this ever-evolving area of finance. As part of the Robert W. Kolb Series in Finance, this book showcases contributed chapters from professionals and academics with extensive expertise on this particular subject. It provides a comprehensive view of socially responsible foundations and their applications to finance and investing as determined by the current state of research. Discusses many important issues associated with socially responsible finance and investing, like moral hazard and the concept of "too big to fail" Contains contributed chapters from numerous thought-leaders in the field of finance Presents comprehensive coverage starting with the basics and bringing you through to cutting-edge, current theory and practice Now more than ever, we need to be mindful of the social responsibilities of all investment practices. The recent financial crisis and recession has changed the financial landscape for years to come and Socially Responsible Finance and Investing is a timely guide to help us navigate this difficult terrain.

Author : Ronald W. Melicher,Edgar A. Norton
Publisher : Wiley
Page : 624 pages
File Size : 46,6 Mb
Release : 2002-09-12
Category : Business & Economics
ISBN : 0470004460

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Finance by Ronald W. Melicher,Edgar A. Norton Pdf

Topics in small business practice appear in each chapter to facilitate learning and discussion of small business applications. Personal finance coverage integrated throughout text.

Author : Yasuyuki Fuchita,Robert E. Litan
Publisher : Brookings Institution Press
Page : 244 pages
File Size : 44,5 Mb
Release : 2007
Category : Finance
ISBN : STANFORD:36105123384286

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New Financial Instruments and Institutions by Yasuyuki Fuchita,Robert E. Litan Pdf

Highlights the innovative way in which Japanese financiers and government officials have learned from the US regarding the introduction of instruments into their market.

Author : Tony Golding
Publisher : Pearson Education
Page : 280 pages
File Size : 40,9 Mb
Release : 2003
Category : Business & Economics
ISBN : 0273661043

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The City by Tony Golding Pdf

The landscape of our financial system is dominated by institutional investment. The funds move markets when they act, and corporate empires can rise, fall or change hands on the tide of institutional opinion and the flow of equity. Today, in many ways, these institutions are the City, such is their influence over the whole financial process. They are at the heart of the expectation machine; the Capital of capital. These all-powerful financial players cast a long shadow over the worlds of investment, corporate and venture finance, and yet City outsiders - from private investors to company directors - many of whose expectations and fortunes are tied to the flow of equity, know little about them. They may glimpse parts of the process through the, frequently distorted, lens of the press; they may find their activities and fortunes affected by the movements of institutional players, but rarely do they understand the subtle and complex relationships that drive behaviour of the City. It is remarkable, in view of the power wielded by the big investment institutions, how little has been written about them, especially from an analytical rather than anecdotal standpoint. The financial world, and the business world it drives, need a better understanding of the City and the behaviour of equity - the "visible" part of what the City does. In The City; Inside the Great Expectations Machine , Investment Analyst Tony Golding takes you inside the equity market and explains its structure, dynamics and behaviour. An easy-to-read, comprehensive analysis of the big investment institutions who dominate the stock market, with key insights into their impact on the City, industry and the private investor. This book will explain how the institutions achieved their ascendancy, acquire their funds, invest those funds and significantly influence other City activities and the corporate world in the process. The book will trace the flow of funds through the City and offer valuable insights into how fund managers behave, what drives their performance, the pressures they are under and the effects of their actions on the investment and corporate worlds. The behaviour of the investment institutions - pension funds, insurance companies, unit trusts, investment trusts - touches, in one way or another, the great majority of those living in the UK. To an extent that few outside the City appreciate, they dominate the London stock market, both in terms of ownership and activity. This text examines the way these institutions work, how fund managers invest and the implications of their investment behaviour. Institutional investors own 75 per cent of the shares quoted in the UK. In no other major economy - including the USA, where the institutional control is a much more modest 55 per cent - do the investment instituions exert such a grip on the corporate sector. It is not uncommon for large and medium-sized British companies to have 80 or 90 per cent institutional ownership. Share-prices are determined by the fund managers working in a small number of large institutions. The nostalgic idea that price setting in the stock market is the result of a multitude of individual decisions is, this text argues, a dangerous illusion. The book provides information about the investment institutions around which the stock market revolves, arguing that their perceptions and their actions determine the level of share-prices and much else besides, such as the success or failure of a takeover bid. It asks: what motivates fund managers and how do they make their decisions?; How do companies communicate with their institutional shareholders, especially in regard to the task of managing expectations? What companies do fund managers like or dislike, and why? And to what extent do they rely on the investment analysts employed by the investment banks for information and advice?