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Institutional Investment Management
by Fabozzi Frank J.The most comprehensive coverage of institutional investment management issues This comprehensive handbook of investment management theories, concepts, and applications opens with an overview of the financial markets and investments, as well as a look at institutional investors and their objectives. From here, respected investment expert Frank Fabozzi moves on to cover a wide array of issues in this evolving field. From valuation and fixed income analysis to alternative investments and asset allocation, Fabozzi provides the best in cutting-edge information for new and seasoned practitioners, as well as professors and students of finance. Contains practical, real-world applications of investment management theories and concepts Uses unique illustrations of factor models to highlight how to build a portfolio Includes insights on execution and measurement of transaction costs Covers fixed income (particularly structured products) and derivatives Institutional Investment Management is an essential read for anyone who needs to hone their skills in this discipline.
Institutional Investors
by E. Philip Davis Benn SteilOne of the most important recent developments in financial markets is the institutionalization of saving associated with the growth of pension funds, life insurance companies, and mutual funds.
Institutional Islamic Economics and Finance (Islamic Business and Finance Series)
by Ahsan ShafiqInstitutional economics claims that institutions and policies rather than the size of labour force, technology or capital investment are pivotal for growth or under-development. In this regard there are two kinds of institutions: external institutions expressed in the form of laws, organisations, regulations, companies, banks and the like and internal institutions, which are found in the hearts and consciences of individuals. Against this backdrop, this book acquaints readers with the basic concepts related to institutional economics. It then brings to light the theoretical concepts related to the institutional perspectives on Islamic economics, particularly highlighting areas where Islamic economic institutions lay at the crossroads with conventional ones. The book also ref lects upon the organisational arrangements that comply with the basic tenets of Islamic institutional economics. Further, it brings a collection of real-world case studies into discussion to show the models of Islamic institutions that are pragmatic in today’s business environment. The book contains novel dimensions on the subject, includes conceptual debates as well as practical examples and explores hot topics such as waqf and fintech from an Islamic perspective. This is the first book to exclusively cover this topic and is written by well-known and respected international economists from the field. Since the book is written in an accessible style and the concepts are expressed in plain language, it will find an audience among academics, researchers and students in economics and Islamic economic studies, as well as policymakers and professionals engaged in the Islamic finance industry, seeking to make their services and products conform to an Islamic institutional perspective.
Institutional Learning and Knowledge Transfer Across Epistemic Communities
by Elias G. Carayannis Ali Pirzadeh Denisa PopescuOver the past several decades, as the pace of globalization has accelerated, operational issues of international coordination have often been overlooked. For example, the global financial crisis that began in 2007 is attributed, in part, to a lack of regulatory oversight. As a result, supranational organizations, such as the G-20, the World Bank, and the International Monetary Fund, have prioritized strengthening of the international financial architecture and providing opportunities for dialogue on national policies, international co-operation, and international financial institutions. Prevailing characteristics of the global economic systems, such as the increasing power of financial institutions, changes in the structure of global production, decline in the authority of nation-states over their national economy, and creation of global institutional setting, e.g., global governance have created the conditions for a naturally evolving process towards enabling national epistemic communities to create institutions that comply with global rules and regulations can control crises. In this context, transfer of technical knowledge from the larger organizations and its global epistemic communities to member communities is becoming a policy tool to "convince" participants in the international system to have similar ideas about which rules will govern their mutual participation. In the realm of finance and banking regulation, the primary focus is on transfer of specialized and procedural knowledge in technical domains (such as accounting procedures, payment systems, and corporate governance principles), thereby promoting institutional learning at national and local levels. In this volume, the authors provide in-depth analysis of initiatives to demonstrate how this type of knowledge generated at the international organization level, is codified into global standards, and disseminated to members, particularly in the developing world, where the legal and regulatory infrastructure is often lacking. They argue that despite the challenges, when a country intends to join the global system, its institutions and economic structures need to move toward the global norms. In so doing, they shed new light on the dynamics of knowledge transfer, financial regulation, economic development, with particular respect to supporting global standards and avoiding future crises.
Institutional Logics within Faith-Based Aid: A New Approach to Organising in Development, Humanitarianism and Advocacy (Routledge Research in Religion and Development)
by Nina G. KurlbergThis book investigates what faith means in the actual day-to-day practice of faith-based NGOs working in the development, humanitarian, and advocacy sectors.Faith-based organisations play an extremely prominent role in international aid and development, operating within the same sphere as organisations without an explicit religious affiliation. This book uses the case study of a UK-based Christian faith-based organisation to develop an analytic tool using institutional logics. Through exploration of how various institutional logics are manifested and negotiated across organisational practice, the book describes how the ‘telos,’ or objective, of the corporate logic (to sustain the organisation) interacts with the telos of the religious logic (namely, to worship God). The book demonstrates that since organisational practices must ultimately work to sustain the organisation, at the organisational level faith is restricted to certain spaces and forms, while at the individual level faith is dominant and active.Bringing a fresh perspective to discussions of religion and development by highlighting how faith influences development at the organisational level, this book will be an important read for researchers working on global development.
Institutional Money Management
by David M. Smith Hany A. ShawkyAn informative look at institutional investment management methods and practiceThe policies, practices, and decisions of institutional investment managers worldwide affect the economic health of not only the institutions themselves, but of countless individual clients as well. Overall, this area of finance has great impact on the capital markets. Filled with in-depth insights and practical advice, Institutional Money Management is an important basis of knowledge regarding both the theory and practice of this ever-evolving area of finance.Part of the Robert W. Kolb Series in Finance, this book on institutional investment management showcases contributed chapters from professional and academic experts in banking, insurance companies, mutual funds, pension funds, and endowments. Along the way, issues covered included everything from the role of institutional investors within the financial system and the structures that have emerged and evolved to industry standards of ethical practice and investment performance presentation.Provides a detailed examination of the objectives, constraints, methods, and stakeholders for the dominant types of institutional investorsFocuses on the portfolio management strategies and techniques used by institutional investorsContains contributed chapters from numerous thought-leaders in the field of financeThe practice of institutional investment management presents a diverse set of challenges. But with this book as your guide, you'll gain a better understanding of how you can overcome these challenges and manage your portfolio more effectively.
Institutional Ownership and Multinational Firms: Relationships to Social and Environmental Performance (Transnational Business and Corporate Culture)
by James J. KennellyThis study represents a rare empirical test of the assertions of critics of multinational corporations (MNCs), who argue that firm-level social and environmental performance suffers as MNCs grow increasingly mobile and subject to the short-term financial demands of institutional investors. Such critics argue that 'footloose' and 'stateless' MNCs have not only divorced themselves from a particular sense of responsibility to their home countries, but have also fallen increasingly under the sway of the 'myopic' demands of institutional investors.Using multiple regression analysis, the study considered the impact of various levels of multinationality and institutional ownership on the social and environmental performance of US-based manufacturing companies. Based on this empirical analysis, the radical critique of MNCs was not supported. Rather, the level of multinationality of firms was positively associated with social and environmental performance in the home country. This is a far cry from the demonized view of MNCs proffered by the critics. These findings suggest the possibility that MNCs may even have a positive influence on the development of a global economy that is consistent with the values and intent of vision of sustainable development. Ultimately, the study suggest that at a minimum, more attention should be paid to utilizing talents and competencies of MNCs in support of furthering positive social and environmental agendas.(Ph.D. dissertation, New York University, 1996; revised with new preface and index)
The Institutional Paradigm of Economic Geography: A Perspective from Natural Resource and Environmental Econometrics
by Yiming HeThis groundbreaking book offers a comprehensive and contemporary analysis of the major areas of institutional economic geography. Each chapter discusses in detail the new developments and changes in the field, and with a balance of theory, applications and empirical tests provides a rigorous grounding in the economic analysis of the natural resources and environmental issues that are increasingly prominent policy concerns. The book is a must-read for any social scientist interested in real-world economic geography and institutional economics, including economists, political scientists, sociologists, historians, geographers and anthropologists.
Institutional Pathways to Equity: Addressing Inequality Traps
by Timothy Kessler Anthony Bebbington Michael WaltonQuestions of equity and inequality have moved to the center of debates on development and poverty reduction. This reflects growing awareness that even countries with high rates of growth can experience stagnating or increasing inequality, and that inequality can itself limit the poverty reducing effects of growth. Indeed, recent work indicates that, in addition to its intrinsic value, equity should be valued for its positive impacts on growth and the poverty-reducing effects of such growth. These concerns are coupled with questions of governance. This is because institutional arrangements affect not only overall rates of growth but also the distributional effects of growth, and are themselves more or less equitable in their structure and functioning. How given institutional arrangements emerge over time, with their implications for growth and equity, remains less understood. 'Institutional Pathways to Equity: Addressing Inequality Traps' tackles the relationship between equity and development, the place of institutions in determining these relationships, and the conditions under which particular institutional arrangements can either block or promote transitions toward more equitable forms of development. The chapters, originally commissioned as background documents for the preparation of the World Development Report 2006, are prepared by leading scholars from the fields of economics, political science, sociology, geography, and development studies. The book speaks directly to current discussions on inequality, poverty, and growth and will contribute to the construction of a historically informed political economy of development. The book specifically highlights the importance of inequality, institutional change through social mobilization, and institutional change through state policies. The authors show that, under certain conditions, state institutions can and have taken a leading role in promoting policies to redress inequitable social relations and so weaken the social foundations of inequality traps.
Institutional Reform for Innovation and Entrepreneurship
by Niklas Elert Magnus Henrekson Mikael StenkulaThis book is open access under a CC BY 4. 0 license. The authors of this book advise the economies of the European Union to become more entrepreneurial in promoting innovation and economic growth. The authors propose a reform strategy with respect to several aspects to achieve this goal. Starting with the rule of law and the protection of property rights; the tax system; the authors deal with regulations governing savings, capital and finance, and the organization of labor markets and social insurance systems. Framework strategies related to the regulations governing goods and service markets, bankruptcy and insolvency are also put forward. A core understanding and future path is also provided towards R&D, commercialization and knowledge spillovers; human capital investments; and informal institutions.
Institutional Reform in Central Asia: Politico-Economic Challenges (Central Asian Studies)
by Joachim Ahrens Herman W. HoenThe countries of Central Asia are increasingly the focus of intense international attention due to their geopolitical and economic importance as well as their unsettled transition processes. The region faced enormous challenges when the Soviet Union disintegrated, and this book focuses on the reforms of the institutional environment that have been largely neglected. Through an interdisciplinary approach, the book explores key aspects of institution building as well as economic and political governance in Central Asia. Contributors from a variety of disciplines, such as economics, political economy, political science, sociology, law, and ethnology, investigate the challenges of institutional transition in a non-democratic region. The book discusses how the lack of effective institution building as well as rule enforcement in the economic and political realms represents one of the key weaknesses and drawbacks of transition, and goes on to look at how crafting market institutions will be of utmost importance in the years ahead. Making an important contribution to understanding of political-economic developments in Central Asia, this book is of interest to students and scholars of political economy, comparative economics, development studies and Central Asian studies.
Institutional Structure of Financial Regulation: Theories and International Experiences (Routledge Research in Finance and Banking Law)
by Robin Hui Huang Dirk SchoenmakerIn light of on-going global financial crises, the institutional structure of financial regulation is currently a subject of significant academic and practical interest. The financial crisis has called into question the adequacy of financial regulation at the national and supranational levels, and has instigated financial regulatory reforms in major markets overseas. This has included the enactment of the Dodd-Frank Act in the US, and the programme to split the Financial Services Authority in the UK. This book examines the institutional structure reform of financial regulation from a comparative perspective, exploring both fundamental theories and international experiences. The book explores the three main institutional structures of financial regulation in the world; the sectors-based model, adopted in the US, Mainland China and Hong Kong; the twin-peaks model with Australia and the Netherlands as its pioneers; and the single-regulator model as represented by the former Financial Services Authority in the UK and the Financial Services Agency in Japan. The book contains contributions from renowned experts in the field of financial regulation including Douglas Arner, Jeffrey Carmichael, Robin Hui Huang, Dirk Schoenmaker, and Michael Taylor, and will be of interest to students and researchers of banking and finance law, and comparative economics.
The Institutional Structure of Macroprudential Policy in the UK (Studies in European Economic Law and Regulation #26)
by Kosmas KaprinisMacroprudential policy (MPP) has been one of the major initiatives in the post-2008 crisis restructuring of financial regulation. Under the macroprudential mandate, the regulator monitors and judiciously controls systemic risk in the financial system, in an attempt to minimise the probability and severity of a future financial crisis. The book reveals why MPP authorities are rightfully at the centre of a highly sensitive policy debate, as MPP necessitates the allocation of significant regulatory power to technocrats, while the highly technical nature of MPP makes policy evaluation challenging. Specific issues examined include: the importance of financial stability as a public policy goal; the political economy issues stemming from the delegation of MPP to an independent authority; and the definition of accountability in the context of MPP. Focusing on a case study on the Financial Policy Committee of the Bank of England, the macroprudential authority in the UK, the book develops the normative grounds to justify the need for accountability in the conduct of MPP, while also formulating the necessary institutional framework to ensure the accountability of MPP authorities.
Institutional System Analysis in Political Economy: Neoliberalism, Social Democracy and Islam
by Taner AkanThe enduring debate on institutional pillars of contemporary political economies has gathered a noticeable momentum in terms of the change, path-dependence, and varieties of capitalism. By taking a methodological standpoint claiming that ’the current structure and the future of contemporary societies can only be understood by using an evolutionary and macro institutional approach that would explain the trajectories of social structures from a systemic perspective’, this book first aims at formulating a novel analytical framework thus, Institutional System Analysis in Political Economy. This framework comprises, inter alia, a model of path-dependent changes, and then attempts to apply it to the case of the Ottoman-Turkish social system. In sum, the book develops an ’interaction-theoretic and evolutionarily-structured approach’ with an aim to better capture the path-dependence and change of political, economic, and cultural action in terms of their intersectional dynamics.
The Institutional Theory of the Firm: Embedded Autonomy (Routledge Studies in Management, Organizations and Society)
by Alexander StyhreThe Institutional Theory of the Firm examines recent and previous organization theory literature to advocate what Evans (1995) refers to as the "embedded autonomy" of the firm, as well as its role in being simultaneously anchored in, for example, corporate legislation and regulatory practices on the national, regional (i.e., within the European Union) and transnational levels, while at the same time being granted the right to operate with significant degrees of freedom within this legal-regulatory model. Seen in this view, the embedded autonomy of the corporation represents a theoretical view of the corporation that complements the market-based image of the corporation in economic theory. When advocating the institutional theory model, three forms of embedded autonomy are examined. First, the corporation is enacted as a legal entity sui juris—as a freestanding "legal person" in corporate law and within the regulatory framework that serves to enforce legislation in everyday life settings. Second, the corporation is embedded within what social theorists refer to as moral economies, the norms and values that regulate what are the socially acceptable and legitimate means for conducting business. Third and finally, the corporation is embedded in governance, a relatively complex economic concept that denotes legal and regulatory control on the societal and economic system levels, and on the level of the individual corporation. By combining the three forms of embeddedness, sanctioned by law, norms, and governance, the embedded autonomy of the firm is secured on the basis of a variety of social practices and resources. This book brings together a diverse literature including management studies, economic sociology, legal theory, finance theory, and mainstream economic theory to advance the argument that the corporation is best understood as what is embedded in a social and economic context, yet best serving its defined and stipulated ends by assuming considerable degrees of freedom to operate in isolation from various stakeholders. It will be of relevance for a variety of readers, including graduate students, management scholars, policy-makers, and management consultants interested in organization theory and management studies.
The Institutional Transition of China's Township and Village Enterprises: Market Liberalization, Contractual Form Innovation and Privatization (Routledge Revivals)
by Hongyi ChenThis title was first published in 2000: This work provides a new insight into china's township and village enterprises (TVEs). It views the governance structure of TVEs as effectively combining the comparative advantage of local government officials in external management and of dual firm managers in internal management to overcome imperfections in both market and government during the transitional period. Through extensive field investigation analysis and case studies, this work shows that the governance structure of TVEs has been evolving during the past fifteen years. To adapt to the changing environment, TVEs have continuously innovated firm contractual form from a government official dominant fixed-wage form to a partnership style profit-sharing form, then to a privatization oriented fixed-rent form. This work develops a complete model to explain how the central government’s partial reform efforts in market liberalization have become the driving force to induce the contractual form innovation, and to explicate how heterogeneity in firms’ technical structures and in local economic settings may affect local government’s decisions regarding contractual form innovation. Using the author’s unique data set, the model simulations predict that the development in the whole market system will result in the diffusion of contractual form innovation and lead to an 'induced privatization’ in this sector. The following empirical studies show this to be a powerful prediction and the progress toward such ’induced privatization' can be expected in China in near future. This research work provides a rich empirical study on China’s institutional transition towards a market system. It explains how a bottom-up endogenous, instead of top-down exogenous, property rights reform can be realized in transitional economies. This work will serve as a valuable reference for researchers and students in economics, economic development and institutional economics - and especially for those interested in research.
Institutional Work: Actors and Agency in Institutional Studies of Organizations
by Thomas B. Lawrence Roy Suddaby Bernard LecaThe 'institutional' approach to organizational research has shown how enduring features of social life - such as marriage and bureaucracy - act as mechanisms of social control. Such approaches have traditionally focused attention on the relationships between organizations and the fields in which they operate, providing strong accounts of the processes through which institutions govern action. In contrast, the study of institutional work reorients these traditional concerns, shifting the focus to understanding how action affects institutions. This book sets a research agenda within the field of institutional work by analyzing the ways in which individuals, groups, and organizations work to create, maintain, and disrupt the institutions that structure their lives. Through a series of essays and case studies, it explores the conceptual core of institutional work, identifies institutional work strategies, provides exemplars for future empirical research, and embeds the concept within broader sociological debates and ideas.
Institutionalisation beyond the Nation State: Transatlantic Relations - Data, Privacy And Trade Law (Studies in European Economic Law and Regulation #10)
by Elaine FaheyThis volume collects papers that explore institutionalisation in contemporary transatlantic relations. Policymakers, lawyers, and political scientists reflect on contemporary understandings of the process as an integration of regimes and orders from an EU perspective. The papers assess whether contemporary transatlantic relations call for a different approach to global governance with a heightened emphasis on institutionalisation. The book explores a diverse range of case studies of interest to a broad readership. In particular, it focuses upon two cutting-edge issues: transatlantic data privacy rules that are emerging after the post-Edward Snowdon / NSA / PRISM revelations; and trade aspects, especially the Transatlantic Trade and Investment Partnership (TTIP) Agreement. The contributors consider these case studies from a variety of perspectives, honing in on the dynamism, method, and high politics of transatlantic relations as they have recently evolved. They critically explore the commonly held assumption that transatlantic relations have historically been considered quasi-institutionalised at best or, at worst, lacking in terms of laws and institutions. Is institutionalisation a useful meeting point for all disciplines? Does it explain regional integration meaningfully across subjects? Can institutionalisation serve to promote accountability and good governance? Contributors across disciplines and subjects address these increasingly challenging and salient questions.
Institutionalising Patents in Nineteenth-Century Spain (Palgrave Studies in Economic History)
by David PretelThis book examines the development of the Spanish patent system in the years 1826 to 1902, providing a fundamental reassessment of its evolution in an international context. The Spanish case is particularly interesting because of this country’s location on the so-called European periphery and also because of the centrality of its colonial dimension. Pretel gauges the political regulation and organisation of the system, showing how it was established and how it evolved following international patterns of technological globalisation and the emergence of the ‘international patent system’ during the late nineteenth century. Crucially, he highlights the construction and evolution of the patent system in response to the needs of Spain's technologically dependent economy. The degree of industrial backwardness in mid-nineteenth-century Spain set the stage for the institutionalisation of its modern patent system. This institutionalisation process also entailed the introduction of a new technological culture, social infrastructure and narrative that supported intellectual property rights. This book is important reading to all those interested in the history of patents and their role in globalisation.
An Institutionalist Guide to Economics and Public Policy
by Marc R. ToolThis narrative recounts the 18th and 19th century "shipping out" of Pacific islanders aboard European and American vessels, a kind of "counter-exploring", that echoed the ancient voyages of settlement of their island ancestors.
The Institutionalist Movement in American Economics, 1918-1947
by Malcolm RutherfordThis book provides a detailed picture of the institutionalist movement in American economics concentrating on the period between the two World Wars. The discussion brings a new emphasis on the leading role of Walton Hamilton in the formation of institutionalism, on the special importance of the ideals of "science" and "social control" embodied within the movement, on the large and close network of individuals involved, on the educational programs and research organizations created by institutionalists, and on the significant place of the movement within the mainstream of interwar American economics. In these ways the book focuses on the group most closely involved in the active promotion of the movement, on how they themselves constructed it, on its original intellectual appeal and promise, and on its institutional supports and sources of funding. The reasons for the movement's loss of appeal in the years around the end of World War II are also discussed, particularly in terms of the arrival of Keynesian economics, econometrics, and new definitions of "science" as applied to economics.
Institutionalist Perspectives on Development: A Multidisciplinary Approach (Palgrave Studies in Democracy, Innovation, and Entrepreneurship for Growth)
by Spyros Vliamos Michel S. ZouboulakisThis book depicts the role of both formal and informal institutions in achieving long-term economic efficiency and development. It is organized into three sections: the first section deals with the historical and political roots that make institutions favorable to development; the second section offers theoretical perceptions of immaterial institutions; the last section explores how the various official institutions – such as international organizations – interrelate with the process of development. As both the recent global financial crisis and the subsequent sovereign debt crisis within the Eurozone have shown, sustainable development is a combination of human, social and institutional factors that interact with each other and go beyond the strictly economic conditions of each country. With contributions from several countries in Europe as well as Iran, this volume offers readers an international and multidisciplinary perspective of the institutionalist determinants of growth in the long run.
Institutionalist Theories of Money: An Anthology of the French School
by Pierre Alary Jérôme Blanc Ludovic Desmedt Bruno ThéretThis book gathers several important texts and offers a general overview of the institutionalist approach to money developed in France since the 1980s.These texts highlight the specificities of the French monetary approaches and display their main contributions to the understanding of monetary phenomena - not just in our developed market economies, but also in other societies. By bringing these works to an English-speaking audience for the first time, this book provides a much needed and valuable direct insight to these rich texts, and contributes to related approaches such as post-Keynesian economics and neo-chartalist approaches to money. This book highlights the need for a global vision of money and a clearer link between money and political spheres. It will appeal to students and researchers across various disciplines including but not limited to economics, anthropology, sociology, history and philosophy.
The Institutionalist Tradition in Labor Economics
by Dell P. Champlin Janet T. KnoedlerWhile there are many economists in schools, government, unions, and non-profit organizations working in the institutionalst tradition, there has been no book that describes this tradition -- until now. Editors Champlin and Knoedler have brought together prominent labor economists, highly respected institutional economists, and newer scholars working on such compelling issues as immigration, wage discrimination, and living wages. Their essays portray the institutionalist tradition in labor as it exists today as well as its historical and theoretical origins. The result is a major contribution to the literature of labor economics, institutionalist economics, and the history of economic thought.
Institutionality: Studies of Discursive and Material (Re-)ordering (Postdisciplinary Studies in Discourse)
by Yannik Porsché Ronny Scholz Jaspal Naveel SinghThis edited book brings together humanities and social sciences scholars from the various disciplines at the nexus of discourse studies and ethnography to reflect on questions of institutional practices and their political concerns. Institutional order plays an important role in structuring power relations in society. Yet, contrary to common understandings of structure, institutional orders are far from fixed or stable. They constantly change, and they are resisted and reimagined by social actors. The 20 studies collected in this edited volume develop the notion of institutionality as an overarching perspective to explore how institutional actors and institutional practices order and reorder power in societies across the globe. Thereby the chapters pay special attention to the fluidity, volatility, fragility, and ambiguity of order, and consequently to its claims to authority. Employing a broad range of discourse analytic and ethnographic methodologies, the studies show how institutions are discursively and materially constructed, defined, represented and how they are made relevant and become powerful – or how they are resisted, transformed or lose significance – in interaction. Readers will obtain nuanced insights into ways in which differently positioned social actors engage in struggles about how institutions can be imagined and enacted across several domains, such as workplace interactions, architecture, mass-media representations or organisational publicity. This book will be of interest to readers in Applied Linguistics, Discourse and Society, Critical Discourse Analysis, Political Theory and Communication Studies.