The Volatility of Sovereign Wealth Funds

2009 ◽  
Vol 9 (3) ◽  
pp. 1850172 ◽  
Author(s):  
Thomas J. Grennes

This paper evaluates sovereign wealth funds in light of the extreme volatility of energy prices and the severe global recession that began in 2008. A recent paper by Das characterized the assets of funds as showing steady growth in the past and likely increased importance in the future. However, recent developments have reduced the relative importance of funds and have demonstrated the sensitivity of the funds to energy prices and world business cycles. Investments by sovereign wealth funds have the potential to introduce political influence into corporate governance, but this potential is much smaller than the interventions into corporate governance by governments of the United States and elsewhere connected to corporate bail-outs during the recession. Lack of transparency remains a problem for certain sovereign wealth funds, but anti-recession interventions by governments have been characterized by extreme lack of transparency.

2005 ◽  
Vol 43 (3) ◽  
pp. 655-720 ◽  
Author(s):  
Randall Morck ◽  
Daniel Wolfenzon ◽  
Bernard Yeung

Outside the United States and the United Kingdom, large corporations usually have controlling owners, who are usually very wealthy families. Pyramidal control structures, cross shareholding, and super-voting rights let such families control corporations without making a commensurate capital investment. In many countries, a few such families end up controlling considerable proportions of their countries' economies. Three points emerge. First, at the firm level, these ownership structures, because they vest dominant control rights with families who often have little real capital invested, permit a range of agency problems and hence resource misallocation. If a few families control large swaths of an economy, such corporate governance problems can attain macroeconomic importance—affecting rates of innovation, economywide resource allocation, and economic growth. If political influence depends on what one controls, rather than what one owns, the controlling owners of pyramids have greatly amplified political influence relative to their actual wealth. This influence can distort public policy regarding property rights protection, capital markets, and other institutions. We denote this phenomenon economic entrenchment, and posit a relationship between the distribution of corporate control and institutional development that generates and preserves economic entrenchment as one possible equilibrium. The literature suggests key determinants of economic entrenchment, but has many gaps where further work exploring the political economy importance of the distribution of corporate control is needed.


1970 ◽  
Vol 2 (2) ◽  
pp. 94-98
Author(s):  
Rosemary T. VanArsdel

Justification is no longer necessary for the importance of research in Victorian periodicals, nor for the clear and very special window which periodicals offer into the life and thought of the nineteenth century. The pressing problem is how best to use the plethora of resource which exists, and how to render useful to the scholar the mountains of material which remain essentially un-catalogued. If we accept as a temporary definition of a Victorian periodical “a serial publication, issued more than once a year, part (at least) of whose run falls within the span 1824-1900,” we find documentation to show that at least 16,000 of these periodicals were published during the Victorian era, and it is by no means certain that that figure is exhaustive. Within this framework can be found every conceivable variety of opinion, debate, political posturing and social commentary. If one were able to select one year, say at mid-century, and sample from each of the 16,000 periodicals what a kaleidescopic glance into an era would be provided. Since this is neither practical nor likely to happen until the humanists' use of computer skills becomes more sophisticated, it remains for the literary and historical scholars to develop other means of mastering the diffuse, and at times elusive, material.In the past twelve years a number of distinguished men and women, both in the United States and in England, have applied themselves to initial problems of periodical research and as a result there have been at least four outstanding milestones laid on the pathway. The first of these, the very prestigious accomplishment by Professor Walter E. Houghton, of Wellesley College, was the establishment of the 15-20 year project, The Wellesley Index to Victorian Periodicals (WI), the first volume of which appeared in 1966. (The second volume is projected for 1971, and the third for 1976, with the question of a fourth undecided.) This project was born about 1958, of Houghton's own frustration in trying to make use of periodicals while writing The Victorian Frame of Mind. As a result, he and his wife, Esther Rhoads Houghton, set out to provide a new tool to study Victorian men and ideas.


2004 ◽  
Vol 1 (4) ◽  
pp. 61-71 ◽  
Author(s):  
Galina G. Preobragenskaya ◽  
Robert W. McGee

Corporate governance has become a popular topic in recent years. Although much attention has been given to corporate governance in the United States and other Western countries as a result of recent scandals, and in Japan and other East Asian countries because of the financial crisis that occurred there a few years ago, much has also been going on in Russia and other transition economies in the area of corporate governance. This paper discusses recent developments in corporate governance in Russia and includes information gathered during interviews conducted in Russia during the summer of 2003.


2020 ◽  
Vol 31 (1) ◽  
pp. 106-137
Author(s):  
Zhiyuan (Simon) Tan

ABSTRACTMobilizing Foucault’s genealogy, this article investigates how an “ethics event”—the involvement by some sell-side financial analysts in the United States and United Kingdom across the past two decades in corporate governance—emerged. It is found that the complex relations formed between specific historical precedents, normative discourses, and fields of power rendered certain issues in financial markets morally problematic and constructed analysts’ corporate governance work as a potential solution. Contributing to research in finance ethics, this article develops a novel perspective to conceptualize the rise of ethically relevant practices in financial markets, focusing on how ethical problems and their solutions are outcomes of discursive construction and power relations. This article also revises our understanding of the boundary between technical norms and moral norms in financial markets. When ethical crises occur, it is argued, transforming technical practices and revising the technical norms adopted by financial professionals has the potential to tackle ethical concerns.


2018 ◽  
Vol 62 (2) ◽  
pp. 193-210
Author(s):  
Dave Griffiths ◽  
Paul S Lambert ◽  
Richard L Zijdeman ◽  
Marco HD van Leeuwen ◽  
Ineke Maas

The ‘microclass’ approach advocated by Grusky, Weeden and colleagues emphasises fine-grained occupational differences and their relevance to social reproduction and social mobility. Using recent developments in historical occupational classifications, we adopted a microclass approach to the analysis of intergenerational social mobility using linked census data for Norway and the USA in the late 19th and early 20th century (1850–1910). We describe a procedure that offers an operationalisation of microclass units for these datasets, and show how its application enables us to disentangle different forms of immobility which would not be distinguished in other approaches. Results suggest that microclass immobility is an important part of social reproduction in both Norway and the United States during the era of industrialisation. Both countries reveal a similar balance between ‘big class’ and ‘microclass’ immobility patterns. In Norway, the relative importance of microclasses in social reproduction regimes, when compared to the role of ‘big class’ structures, seems to decline very slightly over the course of industrialisation; but in the USA the relative importance of microclasses seems if anything to increase over the period.


2020 ◽  
pp. 120-129
Author(s):  
Oleh Pasko ◽  
◽  
Fuli Chen ◽  
Xuefeng Yao ◽  
◽  
...  

Corporate governance is not only one of the important issues of modern enterprise management, but also a hot topic in academic research. Bibliometric analysis of the current status of global corporate governance research in the past five years can help researchers and decision-makers grasp the main trends in corporate governance at present and in the future. The purpose of this research is to analyze the current status, hot spots and trends of corporate governance research in the past five years. Using the core collection of the WOS database as the data source, we searched English language journals related to corporate governance and obtained 607 literature search results. We utilize bibliometric methods and use CiteSpace to conduct statistical analysis and visual analysis. Through statistical literature publication year, country (region), author and literature citation situation, draw keyword co-occurrence map, research hotspot map, clustering map, burst hotspot map, systematically show the corporate governance research field in the past 5 years Basic information, research hotspots and development trends.The research results show that the number of corporate governance-related documents has continued to increase in the past five years. The United States, the United Kingdom, China, Spain, and Australia are the five countries with the largest number of corporate governance studies. The top 5 most cited authors are M.C. Jensen, A. Shleifer, E.F. Fama, R.La. Porta and P. Gompers. Among the top 10 most cited documents, the most cited are 178 words and the least cited 65 times. Research hotspots in corporate governance include agency theory, emerging market, capital structure, family firms, and real earnings management. Future research trends include merger, ownership concentration, equity and institution.


Author(s):  
Thomas Connor ◽  
Patrick H. Maxwell

Kidney cancer is among the most common adult malignancy. It accounts for over 3% of all new cases of cancer diagnosed in men and around 2% of all cancers in women in the United Kingdom. In the United States, 1 in 75 people will develop renal cancer in their lifetime and approximately one-third will have metastatic disease at presentation. Kidney cancer has a notoriously poor response to chemotherapy and radiotherapy, but treatment has evolved significantly in the past 10 years. Key to these recent developments in therapy has been a revolution in our understanding of the molecular basis of the renal tumour syndromes which are described in this chapter. Two to three per cent of cases of renal cancer are recognized as due to these syndromes, but they are likely to be recurrent, and to occur in other family members. Seven genes are currently implicated in these syndromes.


1996 ◽  
Vol 21 (03) ◽  
pp. 631-678 ◽  
Author(s):  
Lane Kenworthy ◽  
Stewart Macaulay ◽  
Joel Rogers

Business litigation is a relatively neglected area of corporate governance, particularly given its enormous rise in the United States over the past generation. As a preliminary effort to engage this issue, we examine dispute avoidance and resolution in the automotive sector since the early 1970s-focusing on relationships between auto manufacturers and their suppliers and dealers. We generally presume intercorporate litigation to be a “last resort” in business practice, chosen only on the breakdown of less costly means of dispute avoidance or resolution; we take such breakdown typically to be caused by shifts in the terms of competition among firms (e. g., increased competition, instability, uncertainty); and we expect that, over time, the costs of litigation will motivate efforts to construct new structures of nonlitigious dispute resolution. In the case of the U. S. auto industry, we find disruptive shifts in the terms of competition and increased recourse to litigation. Throughout, however, this litigation effect is mitigated by the dominance of major manufacturers over their suppliers and dealers. Over time, it is further dampened by industry development of mechanisms for arbitration or other nonlitigious dispute resolution.


1998 ◽  
Vol 164 ◽  
pp. 36-45
Author(s):  
Nigel Pain

The present economic expansion in the United States continues to appear firmly based. GDP rose by 0.9 per cent in the final quarter of last year, giving calendar year growth of 3.8 per cent, the best outturn since 1988. Industrial production rose by 5¾ per cent in 1997, helped by the rapid expansion of cross-border trade in North America. Recent developments in Asia are likely to have an important bearing on economic prospects this year, with signs that weaker external demand has begun to affect the tradable goods sector and offset some of the remaining cyclical strength in domestic demand. The present strength of the dollar along with the decline in energy prices is continuing to help to balance the cost pressures emerging from the domestic labour market and bring a further temporary decline in price inflation. Overall, we continue to expect growth to slow to between 2½–2¾ per cent this year, with inflation declining to 1½ per cent.


2019 ◽  
Vol 10 (3) ◽  
pp. 108
Author(s):  
Mohammed Haitham A. Salman ◽  
Haitham Nobanee

This paper aims to examine recent developments in corporate governance codes in the Gulf Cooperation Council (GCC) region and evaluate to what extent these changes are in line with the G20/OECD Principles of Corporate Governance 2015 Edition. The paper employed an analytical comparative approach, the results show all GCC countries, except Bahrain, have recently updated their CG codes. Bahrain needs to update its current CG code in terms of the rights of both shareholders and stakeholders to be in line with international best practice. Efforts in the GCC region to enhance CG in listed companies should be continued and expanded to cover state-owned enterprises, sovereign wealth funds, and banks. The findings would be useful to the financial managers in the GCC in complying with the recent developments in corporate governance codes and in developing guidelines for appropriate disclosure to improve the reporting quality.


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