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Professional Management (professional + management)
Selected AbstractsThe Asset Management Industry in Asia: Dynamics of Growth, Structure, and PerformanceFINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 1 2007Ingo Walter We examine the industrial organization and institutional development of the asset management industry in Asian developing economies,specifically in China, Indonesia, Korea, Malaysia, Singapore, Philippines, and Thailand. We focus on the size and growth of the buy-side of the respective financial markets, asset allocation, the regulatory environment, and the state of internationalization of the fund management industry in its key components,mutual funds, pension funds, and asset management for high net worth individuals. We link the evolution of professional asset management in these environments to the development of the respective capital markets and to the evolution of corporate governance. We find that the fund management industry occupies a very small niche in domestic financial systems that are dominated by banks. At the same time, we find that its growth has been very rapid in the early 2000s and we suggest that this is likely to persist as the demand for professional management of financial wealth in the region develops and as the pension fund sectors of the respective economies are liberalized to allow larger portions of assets to be invested in collective investment schemes. [source] Sustainable consumption and the financial sector: analysing the markets for responsible investment in Hong Kong and JapanINTERNATIONAL JOURNAL OF CONSUMER STUDIES, Issue 2 2009Jacob ParkArticle first published online: 6 APR 200 Abstract The origins of the modern socially responsible investment (SRI) movement can be traced to the turbulent period in the 1960s when powerful social undercurrents including environmentalism and anti-war activism fuelled a rise, in a radical change, in the way society viewed faith, values and commerce. Today, nearly 1 out of every US$9 under professional management in the US is currently invested using social investment strategies while the European green and ethical investment market is estimated to be ,1 trillion or as much as 10,15% of the total funds under management. While some preliminary figures and analyses exist for countries outside these two regions, SRI has been, to date, largely explored within the context of North America and Europe. This is unfortunate as the sustainability of SRI as a consumer market is going to depend, to a great extent, to what happens outside of North America and Europe, and most notably in the rapidly developing Asian economies. In this article, I will explore the development of SRI as a mainstream financial consumer instrument in industrialized (Japan) and emerging (Hong Kong/China) economies of the Asia Pacific region. To fully analyse the SRI market development in Hong Kong and Japan, I will examine the following three issues and questions: first, how does the sustainable consumption framework offer a useful lens from which to explore SRI, and why is the Asia Pacific market and policy context so important for the broader issue of sustainable consumption? Second, what precisely is SRI and how did it develop into an important global financial investment vehicle? Third, how did the SRI market develop in the case of Hong Kong and Japan? I will then conclude the article with some analysis on the important lessons SRI market development in Hong Kong and Japan hold for market sustainability of the financial sector and sustainable consumption. [source] Changes in Korean Corporate Governance: A Response to CrisisJOURNAL OF APPLIED CORPORATE FINANCE, Issue 1 2008E. Han Kim In the last months of 1997, the value of the Korean currency lost over half its value against the dollar, and the ruling party was swept from power in presidential elections. One of the fundamental causes of this national economic crisis was the widespread failure of Korean companies to earn their cost of capital, which contributed to massive shareholder losses and calls for corporate governance reform. Among the worst performers, and hence the main targets of governance reform, were family-controlled Korean business groups known as chaebol. Besides pursuing growth and size at the expense of value, such groups were notorious for expropriating minority shareholders through "tunneling" activities and other means. The reform measures introduced by the new administration were a mix of market-based solutions and government intervention. The government-engineered, large-scale swaps of business units among the largest chaebol,the so-called "big deals" that were designed to force each of the groups to identify and specialize in a core business,turned out to be failures, with serious unwanted side effects. At the same time, however, new laws and regulations designed to increase corporate transparency, oversight, and accountability have had clearly positive effects on Korean governance. Thanks to reductions in barriers to foreign ownership of Korean companies, such ownership had risen to about 37% at the end of 2006, up from just 13% ten years earlier. And in addition to the growing pressure for better governance from foreign investors, several newly formed Korean NGOs have pushed for increased transparency and accountability, particularly among the largest chaebol. The best governance practices in Korea today can be seen mainly in three kinds of corporations: (1) newly privatized companies; (2) large corporations run by professional management; and (3) banks with substantial equity ownership in the hands of foreign investors. The improvements in governance achieved by such companies,notably, fuller disclosure, better alignment of managerial incentives with shareholder value, and more effective oversight by boards,have enabled many of them to meet the global standard. And the governance policies and procedures of POSCO, the first Korean company to list on the New York Stock Exchange,as well as the recent recipient of a large equity investment by Warren Buffett,are held up as a model of best practice. At the other end of the Korean governance spectrum, however, there continue to be many large chaebol-affiliated or family-run companies that have resisted such reforms. And aided by the popular resistance to globalization, the lobbying efforts of such firms have succeeded not only in reducing the momentum of the Korean governance reform movement, but in reversing some of the previous gains. Most disturbing is the current push to allow American style anti-takeover devices, which, if successful, would weaken the disciplinary effect of the market for corporate control. [source] Th e Decision to Contract Out: A Study of Contracting for E-Government Services in State GovernmentsPUBLIC ADMINISTRATION REVIEW, Issue 3 2007Anna Ya Ni Government contracting, especially for information technology products and services, has accelerated in recent years in the United States. Drawing on the insights of privatization studies, the authors examine the economic and political rationales underpinning government decisions to contract out e-government services. This article tests the extent to which economic and political rationality influence governments' contracting decisions using data from multiple sources: a survey conducted by National Association of State Chief Information Officers, a survey by the National Association of State Procurement Officers, the Council of State Legislatures, and macro-level state data from the U.S. Census Bureau. Important factors affecting the state-level contracting decision are population size, market size, the competitiveness of the bidding process, the professional management of contracts, the partisan composition of legislatures, and political competition. Political rationales appear to play a major role in state contracting decisions. Some arguments associated with markets and economic rationality are clearly politically motivated. [source] | ||||||||||