Squeezed between increasing entitlement expenditures and static or declining real revenues, state-funded urban development is increasingly an unaffordable luxury. At the same time, the power and significance of the banking sector is giving way to new kinds of financial institutions that have...

In an era of declining government commitment to urban and regional development, pension funds' investment strategies have come under increasing scrutiny. It is tempting to suggest, as Republican congressional critics portrayed advocates of economically targeted investments (ETIs) and the ETI...

In this paper we focus on the current status of German employer-sponsored supplementary pensions in the context of moves towards the harmonization of international accounting standards. We emphasize the changing standards used to measure pension liability, and the consequences of these changes...

We examine European corporate governance with respect to the relationship between shareholder value and capital investment. Based upon Europe's largest listed companies, it is shown that Anglo-American conceptions of shareholder value are increasingly important for European firms whatever their...

We examine European corporate governance with respect to the relationship between shareholder value and capital investment. Based upon Europe's largest listed companies, it is shown that Anglo-American conceptions of shareholder value are increasingly important for European firms whatever their...

Good governance by institutional fund asset owners makes a significant incremental difference to value creation as measured by their long-term risk-adjusted rate of return. Drawing upon best-practice case studies, it is argued that the principles of good governance can be summarised by...

Asset allocation is a classic topic in the theory of finance, and a crucial issue for investment policy. Noted for its significance in driving pension fund performance, it is also an issue that individual investors consider when designing their investment portfolios. In theory, Markowitz and...

With the collapse of the TMT bubble and a number of high-profile scandals of corporate governance around the world, the language of finance is being re-written to include market inefficiency. Not surprisingly, there is an increasing premium on market information - national and international. As...

Institutional investors, primarily pension funds, drive global financial markets. The result is investors vulnerable to the risks companies face in global consumer and capital markets. While some market risks are inevitable, others such as reputation risk can be mitigated through increased...

Most pension funds use an extensive array of service providers to administer and manage their financial assets. In this paper, I sketch a quot;mapquot; of the functional structure of service provision and the apparent spatial configuration of those elements. Theoretically, the paper could be...