The Experts below are selected from a list of 207948 Experts worldwide ranked by ideXlab platform
Roald J Versteeg - One of the best experts on this subject based on the ideXlab platform.
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project finance as a driver of economic growth in low income countries
Research Papers in Economics, 2009Co-Authors: Stefanie Kleimeier, Roald J VersteegAbstract:This study investigates the role of project finance as a driver of economic growth. We hypothesize that project finance is beneficial to the least developed economies as it compensates for any lack of domestic financial development. The contractual structure unique to project finance should lead to better Investment Management and governance. Investigating 90 countries from 1991 to 2005, we find support for our hypothesis. Project finance indeed fosters economic growth and this effect is strongest in low-income countries, where financial development and governance is weak.
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project finance as a driver of economic growth in low income countries
Review of Financial Economics, 2009Co-Authors: Stefanie Kleimeier, Roald J VersteegAbstract:This study investigates the role of project finance as a driver of economic growth. We hypothesize that project finance is beneficial to the least developed economies as it is able to compensate for a lack of domestic financial development. The contractual structure unique to project finance leads to better Investment Management and governance. Investigating 90 countries from 1991 to 2005, we find support for our hypothesis. Results show that project finance fosters economic growth and that its effect is strongest in low-income countries, where financial development and governance is weakest.
Ashby H B Monk - One of the best experts on this subject based on the ideXlab platform.
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asset owners Investment Management and commitment an organizational framework
The Journal of Retirement, 2019Co-Authors: Gordon L Clark, Ashby H B MonkAbstract:This article focuses on asset owners, such as pension funds, and their models of Investment Management and describes the choice between insourcing, outsourcing, and re-intermediation. Drawing on the principal-agent problem and emphasizing the challenges facing asset owners when attempting to realize value from asset managers, the authors identify the dimensions of the Management “problem.” Implications are drawn for the Management practices of asset owners and the implementation of Investment strategy combining in-house capabilities with external relationships. The authors also identify a set of metrics of performance that is consistent with superior long-term Investment performance metrics to a range of asset owners, large and small.
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state and local pension fund governance and the process of contracting for Investment services the scope of diversity and the problem of embeddedness
Territory Politics Governance, 2014Co-Authors: Gordon L Clark, Ashby H B MonkAbstract:AbstractUS state and local public employee retirement systems (PERS) utilise various models of contract with distinctive features in their form and substantive content in relation to industry norms. These models differ between states, within states, and even between PERS within major metropolitan areas. Diversity goes against expectations to the effect that the sector relies upon commonly accepted Investment Management agreements (IMAs), given the similarities between state and local PERS as to the nature of pension benefits. One goal of this paper is to account for apparent commonalities and differences. Another goal of the paper is to explain the nature and significance of the pre-contract screening of potential suppliers to the sector, suggesting that requests for proposals tend to ‘sterilise’ contracts for Investment Management services. We provide a comparison of the categories and items evident in model IMAs with reference to selected states, in particular Illinois and the Chicago-area PERS. We also...
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towards the next generation of performance attribution for institutional Investment Management
Social Science Research Network, 2013Co-Authors: Leo De Bever, Jagdeep Singh Bachher, Roman Chuyan, Ashby H B MonkAbstract:Proprietary information and data processing systems have become key competitive differentiators for investors in today’s complex financial marketplace; better systems provide better data, which, in turn, drive better Investment decisions and superior Investment performance. But while the best systems are multifaceted and touch all aspects of the Investment organization (see Clark and Monk 2013), one component of such systems is increasingly important: the measurement and attribution of performance. Today’s leading investors view performance attribution as more than just explaining the past; it is seen as a tool for making better Investment decisions in the future. Accurate, timely, and detailed attribution helps measure skill and sources of active return and can thus help strengthen Investment teams and improve portfolio performance. In this brief article, we describe our experience at the Alberta Investment Management Corporation (AIMCo) in developing performance attribution as an Investment Management tool in the hope that it may become part of a broader institutional investor discussion on this topic.
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state and local pension fund governance and the process of contracting for Investment services
Social Science Research Network, 2013Co-Authors: Gordon L Clark, Ashby H B MonkAbstract:US state and local public employee retirement systems (PERS) utilise various models of contract with distinctive features in their form and substantive content in relation to industry norms. These models differ between states, within states, and even between PERS within major metropolitan areas. Diversity goes against expectations to the effect that the sector relies upon commonly accepted Investment Management agreements (IMAs), given the similarities between state and local PERS as to their governance and the nature of pension benefits. One goal of this paper is to account for apparent commonalities and differences. Another goal of the paper is to explain the nature and significance of the pre-contract screening of potential suppliers to the sector, suggesting that requests for proposals tend to “sterilise” contracts for Investment Management services. We provide a comparison of the categories and items evident in the model IMAs with reference to selected states, in particular Illinois and the Chicago-area PERS. We also briefly note relevant provisions of pending legislation establishing the Oregon Investment Corporation, emphasizing provisions which would enable the fund to make contracts like its private sector peers. The paper concludes that it is important to focus on the process of contracting in US state and local PERS as well as the form of contract.
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sovereign wealth funds legitimacy governance and global power
Economics Books, 2013Co-Authors: Gordon L Clark, Adam D Dixon, Ashby H B MonkAbstract:The worldwide rise of sovereign wealth funds is emblematic of the ongoing transformation of nation-state economic prospects. Sovereign Wealth Funds maps the global footprints of these financial institutions, examining their governance and Investment Management, and issues of domestic and international legitimacy. Through a variety of case studies--from the China Investment Corporation to the funds of several Gulf states--the authors show that the forces propelling the adoption and development of sovereign wealth funds vary by country. The authors also show that many of these Investment institutions have identifiable commonalities of form and function that match the core institutions of Western financial markets. The authors suggest that the international legitimacy of sovereign wealth funds is based on the degree to which their design and governance match Western expectations about Investment Management. Undercutting commonplace assumptions about the emerging world of the twenty-first century, the authors demonstrate that even small countries with large and globally oriented sovereign wealth funds are likely to play a significant role in international relations. Sovereign Wealth Funds considers how such financial organizations have altered not only the face of finance, but also the international geopolitical landscape.
Gordon L Clark - One of the best experts on this subject based on the ideXlab platform.
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asset owners Investment Management and commitment an organizational framework
The Journal of Retirement, 2019Co-Authors: Gordon L Clark, Ashby H B MonkAbstract:This article focuses on asset owners, such as pension funds, and their models of Investment Management and describes the choice between insourcing, outsourcing, and re-intermediation. Drawing on the principal-agent problem and emphasizing the challenges facing asset owners when attempting to realize value from asset managers, the authors identify the dimensions of the Management “problem.” Implications are drawn for the Management practices of asset owners and the implementation of Investment strategy combining in-house capabilities with external relationships. The authors also identify a set of metrics of performance that is consistent with superior long-term Investment performance metrics to a range of asset owners, large and small.
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state and local pension fund governance and the process of contracting for Investment services the scope of diversity and the problem of embeddedness
Territory Politics Governance, 2014Co-Authors: Gordon L Clark, Ashby H B MonkAbstract:AbstractUS state and local public employee retirement systems (PERS) utilise various models of contract with distinctive features in their form and substantive content in relation to industry norms. These models differ between states, within states, and even between PERS within major metropolitan areas. Diversity goes against expectations to the effect that the sector relies upon commonly accepted Investment Management agreements (IMAs), given the similarities between state and local PERS as to the nature of pension benefits. One goal of this paper is to account for apparent commonalities and differences. Another goal of the paper is to explain the nature and significance of the pre-contract screening of potential suppliers to the sector, suggesting that requests for proposals tend to ‘sterilise’ contracts for Investment Management services. We provide a comparison of the categories and items evident in model IMAs with reference to selected states, in particular Illinois and the Chicago-area PERS. We also...
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state and local pension fund governance and the process of contracting for Investment services
Social Science Research Network, 2013Co-Authors: Gordon L Clark, Ashby H B MonkAbstract:US state and local public employee retirement systems (PERS) utilise various models of contract with distinctive features in their form and substantive content in relation to industry norms. These models differ between states, within states, and even between PERS within major metropolitan areas. Diversity goes against expectations to the effect that the sector relies upon commonly accepted Investment Management agreements (IMAs), given the similarities between state and local PERS as to their governance and the nature of pension benefits. One goal of this paper is to account for apparent commonalities and differences. Another goal of the paper is to explain the nature and significance of the pre-contract screening of potential suppliers to the sector, suggesting that requests for proposals tend to “sterilise” contracts for Investment Management services. We provide a comparison of the categories and items evident in the model IMAs with reference to selected states, in particular Illinois and the Chicago-area PERS. We also briefly note relevant provisions of pending legislation establishing the Oregon Investment Corporation, emphasizing provisions which would enable the fund to make contracts like its private sector peers. The paper concludes that it is important to focus on the process of contracting in US state and local PERS as well as the form of contract.
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sovereign wealth funds legitimacy governance and global power
Economics Books, 2013Co-Authors: Gordon L Clark, Adam D Dixon, Ashby H B MonkAbstract:The worldwide rise of sovereign wealth funds is emblematic of the ongoing transformation of nation-state economic prospects. Sovereign Wealth Funds maps the global footprints of these financial institutions, examining their governance and Investment Management, and issues of domestic and international legitimacy. Through a variety of case studies--from the China Investment Corporation to the funds of several Gulf states--the authors show that the forces propelling the adoption and development of sovereign wealth funds vary by country. The authors also show that many of these Investment institutions have identifiable commonalities of form and function that match the core institutions of Western financial markets. The authors suggest that the international legitimacy of sovereign wealth funds is based on the degree to which their design and governance match Western expectations about Investment Management. Undercutting commonplace assumptions about the emerging world of the twenty-first century, the authors demonstrate that even small countries with large and globally oriented sovereign wealth funds are likely to play a significant role in international relations. Sovereign Wealth Funds considers how such financial organizations have altered not only the face of finance, but also the international geopolitical landscape.
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fiduciary duty statute and pension fund governance the search for a shared conception of sustainable Investment
2011Co-Authors: Gordon L ClarkAbstract:Fiduciary duty is the golden rule ‘regulating’ the relationship between trustees and beneficiaries. In principle, it regulates behaviour by pre-empting those actions that would harm the interests of beneficiaries while promoting duties of care consistent with the interests of those that stand to gain from well-intentioned and responsible decision-making. But, in many respects, fiduciary duty is a chimera: it looks to convention rather than forward to innovation in Investment Management. As such, governance policies and practice must provide the instruments that simple recipes of fiduciary duty are ill-equipped to provide. In this paper, I argue that the design and governance of Investment Management institutions is, actually, more important than honouring the principle fiduciary duty which, in the context of Anglo-American statute, is increasingly empty. In doing so, I re-read the classic cases that define the principle while identifying the problems which the golden rule has been unable to resolve. This is the back-drop for reconsidering the virtues or otherwise of a governance-focused regulatory regimes. In the penultimate section of the paper I focus on the mechanisms currently used to cultivate a regulatory regime that is at once long-term oriented and responsive to the climate change challenge that confronts humanity.
Christian Walter - One of the best experts on this subject based on the ideXlab platform.
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the efficient market hypothesis the gaussian assumption and the Investment Management industry
Social Science Research Network, 2000Co-Authors: Christian WalterAbstract:The purpose of this paper is to disclose how the Gaussian form of the concept of market efficiency is at the origin of the contemporary professional debate on passive index-linked Management which continues on despite the growing popularity of indexing among Investment Management practitionners in Europe. This particular Gaussian form entered the Investment Management industry in the 1970's and carries strong assumptions about the behavior of returns and the structure of the information set. We argue that this ill-defined debate on indexing is due to a confusion between efficiency and Gaussian efficiency. The originality of the paper resides in the point of view choosen as the "main thread". Instead of focusing on informational issues, now better understood since the seminal paper of Grossman and Stiglitz (1980), we concentrate on the probabilistic aspects included in the testable applications of the concept, so as to connect Fama's statement of 1970 to Bachelier's work (Theory of Speculation) of 1900. We establish the link between Bachelier's dissertation and portfolio Management applications of market efficiency. We argue that understanding the precise characteristics of the link associating the informational efficiency concept itself with the underlying probabilistic hypothesis leads to a better approach to the problems facing the Investment Management industry and allows us to understand the professional impact of the Gaussian form of efficiency. The issues of non normality of empirical distributions (fat tails problem) and concentration of performance are linked with the efficiency paradigm so introducing a rationale for the the new and emerging concept of model risk, which today appears relevant to the Investment Management industry.
Nils Kok - One of the best experts on this subject based on the ideXlab platform.
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intermediated Investment Management in private markets evidence from pension fund Investments in real estate
Journal of Financial Markets, 2015Co-Authors: Aleksandar Andonov, Piet Eichholtz, Nils KokAbstract:We evaluate the economics of financial intermediation in alternative assets by investigating the allocation and performance of pension fund Investments in real estate, the most significant alternative asset class for institutional investors. We document substantial heterogeneity in real estate Investment cost and performance, determined by two main factors: mandate size and Investment approach. Larger pension funds are more likely to invest in real estate internally, have lower costs, and higher net returns. Smaller pension funds invest primarily in direct real estate through external managers and fund-of-funds, and disregard listed property companies. Overall, we find that delegating real estate Investment Management to financial intermediaries increases costs and disproportionally reduces returns.
