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FMG in the news 2012

 

Banks feel double edged-sword of shareholder power|
The Wall Street Journal
, 21 December 2012
In the aftermath of the financial crisis, there has been a lot of talk about how the incentives of corporate boards need to be better aligned with the interests of shareholders. Daniel Ferreira and Tom Kirchmaier, members of the Financial Markets Group at the London School of Economics (LSE), along with David Kershaw and Edmund-Philipp Schuster also of LSE, have constructed what they call a management insulation index to measure the level of shareholder influence over company boards and how this affects risk taking.

Big is not always beautiful
|
The Economist, 14 December 2012
In a recent article in Central Banking Journal, Paul Woolley and Dimitri Vayanos  explain momentum as follows. Investors select fund managers on the basis of their recent performance. Those managers take the cashflows and invest them in their favourite stocks. By definition the favourite stocks of top-performing fund managers will already have done well; the new buying pressure means they will continue to do so. As a result such fund managers will keep outperforming.

A new paradox found in market theory
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The Financial Times , 10 December 2012
The problem, as Paul Woolley and Dimitri Vayanos of the London School of Economics point out, is that because asset owners (principals) delegate the investment task to agents such as fund managers, banks and brokers, there is information asymmetry. The agents have better information and different objectives from the principals. And the principals find it hard to know whether the agents are competent and diligent. Read more.
You will need a free subscription with The Financial Times to view this article. 

Fixing a system that just isn't working
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London Evening Standard , 11 December 2012
Paul Woolley and Dimitri Vayanos have a different explanation. They say that to blame the dot-com boom and the Lehman bust is to focus on symptoms not causes. They say the real underlying reason that equity returns are so poor is that the financial system is not working as it should, and in Taming the Finance Monster, a paper published this month in the Central Banking Journal, they explain why.

Wall Street job reductions seen persisting after Citigroup cuts
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Bloomberg.com , 6 December 2012
Tom Kirchmaier is quoted.

Adoboli trading losses hastened UBS investment banking retreat
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The Washington Post , 20 November 2012
Tom Kirchmaier is quoted is quoted.

So is it possible to do the right thing and still make an honest profit out of it?
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The Independent , 10 November 2012
Paul Woolley is quoted in this article considering whether responsible finance can pay.

Former BoE officials call for reform
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The Financial Times , 02 November 2012
Former senior officials at the Bank of England on Friday called for the central bank to implement recommendations from reviews into its culture, forecasts and transparency, saying the BoE needed to modernise as it gained unprecedented new powers. Charles Goodhart is quoted.
You will need a free subscription with The Financial Times to view this article.

BOE should expand toolkit as QI is spent force: Goodhart
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Bloomberg.com , 02 November 2012
The Bank of England should expand its toolkit to include interest-rate cuts on reserves and consider steps to aid banks such as buying their bonds or injecting equity into them, said former policy maker Charles Goodhart.

Words of wisdom for the Woolley minded
The Australian Financial Review , 12 October 2012
Paul Woolley’s mission is to rewrite financial theory that still regards market prices as rational. In this article he states, “[Investors] all know markets are deficient, but the whole instruction manual how to manage money is still based on a dud theory – the efficiency of market”

Financial Job Losses Across Western Europe Surpass 30,000
sfgate.bloomberg.com, 09 October 2012
Tom Kirchmaier is quoted.

Bigger is not better for banks' investors
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The Financial Times , 28 September 2012
A recent discussion paper (DP 712|) by Ron Anderson and Karin Joeveer is discussed in this article asking: "Who are banks run for? Their owners or their employees?"
You will need a free subscription with The Financial Times to view this article. 

It's time to break up the Euro
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CNNmoney , 26 September 2012
Charles Goodhart is quoted

BBA Poised to Give Up Libor Oversight After Rigging Scandal
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The Washington Post , 26 September 2012
Tom Kirchmaier is quoted.

Passive Investing has Room to Grow
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financialtimes.com , 24 September 2012
Dimitri Vayanos is quoted. 
You will need a free registration with The Financial Times to view this article.

Experts Unsure ECB Bond Buying Secures Euro
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dw.de , 6 September 2012
Tom Kirchmaier is quoted.

Osborne Seeks Caesar’s Wife for BOE Governor Role, Goodhart Says
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Bloomberg.com , 5 September 2012
Charles Goodhart is quoted.

When Banks are too Big to Behave
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Macleans.ca, 13 July 2012
FMG research associate, Tom Kirchmaier, is quoted.

Citigroup's Provocateur in Residence
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The Wall Street Journal, 5 July 2012
FMG research associate, Willem Buiter, is quoted.

'Printing money' is Damaging Economy, Bank Warned
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The Times, 4 July 2012
Charles Goodhart is quoted.
To access the article a free registration with The Times is required, or there is a summary article available at yahoonews.|

Barclays Fined by U.K., U.S. for Falsifying Libor Rates
The Washington Post, 27 June 2012
FMG research associate, Tom Kirchmaier, is quoted.

Too Male, Too White, Too Stale': why rate setters need a woman
The Times, 26 May 2012
Charles Goodhart is quoted. 
You will need a free subscription to The Times to view this article. 

Germany to Euro Zone: do as we say, not as we do
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The Wall Street Journal, 10 May 2012
Charles Goodhart is quoted.

Charles Goodhart Warns of Regulatory Overkill
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mindfulmoney.co.uk, 29 March 2012

Bernanke Says Central Banks Should Learn More About Policy Tools
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Bloomberg.com, 23 March 2012
A financial stability paper by Charles Goodhart was discussed during the conference.

Goldman Roiled by Op-Ed Loses $2.2 Billion
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Bloomberg.com, 15 March 2012
FMG Research Associate, Tom Kirchmaier, is quoted.

Experts React to Europe's Bailout Package for Greece
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washingtonpost.com, 21 February 2012
Dimitri Vayanos, Director of The Paul Woolley Centre, comments on the bailout plan for Greece.

Timing is Everything When Changing the Investment Paradigm
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efinancialnews.com, 13 February 2012
Paul Woolley is quoted.

Draghi's $158 Billion Free Lunch to Boost EU Bank Profits
washpost.bloomberg.com, 13 February 2012
Charles Goodhart is quoted.

Queries on RBS Chief's Fate
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The Wall Street Journal, 31 January 2012
FMG research associate, Tom Kirchmaier, is quoted.

CEOs of Barclays, HSBC may Keep Bonuses
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bloomberg.com, 31 January 2012
FMG research associate, Tom Kirchmaier, is quoted.

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