Events

Balancing Power without Weapons

Hosted by the Centre for International Studies (CIS)

Shaw Library, 6th Floor, Old Building

Speakers

Dr Ashley Lenihan

Dr Ashley Lenihan

Fellow at LSE's Centre for International Studies and an Associate of LSE IDEAS

Andrew Rozanov

Andrew Rozanov

Independent expert on Sovereign Wealth Funds

Bilal Hafeez

Bilal Hafeez

Founder/CEO of Macro Hive

Chair

Julius Sen

Julius Sen

Associate at LSE IDEAS

This event discusses when and why states block foreign direct investments on the basis of national security, launching Dr Lenihan’s new book on the subject, Balancing Power without Weapons: State Intervention into Cross-Border Mergers and Acquisitions. The panel will discuss the implications for policy, theory, and business.

Why do states block some foreign direct investments on national security grounds, and not others? Government intervention into foreign takeovers of domestic companies is on the rise, and many observers find it surprising that states engage in such behaviour not only against their strategic and military competitors, but against their closest allies as well. Balancing Power without Weapons argues that states use intervention into cross-border mergers and acquisitions as a tool of statecraft to internally balance the economic and military power of other states through non-military means. Examining transactions in the US, Russia, China, UK, and the European Union, it deepens our understanding of why states intervene in foreign takeovers, the limits of globalization, and how states are balancing power in new ways.

Dr Ashley Lenihan is a Fellow at LSE’s Centre for International Studies and an Assocate of LSE IDEAS. Her research focuses on the relationship between national security and foreign investment, and she is the author of Balancing Power without Weapons: State Intervention into Cross-Border Mergers and Acquisitions. She is also the Head of Policy & Engagement at the British Academy of Management and a Senior Policy Advisor at the Academy of Social Sciences. She was previously an investment-banking analyst at DLJ/Credit Suisse First Boston, and she obtained her PhD in Government and Bachelor of Science in Foreign Service at Georgetown University.

Andrew Rozanov is an independent expert on Sovereign Wealth Funds, with a long track record of advising central banks and governments on portfolio management. Over his 20-year career in global financial markets, based in Tokyo and in London, he was responsibile for advising institutional investors on asset allocation, portfolio construction, risk management and alternative investments. Known in the industry for coining the term ‘sovereign wealth funds’ in 2005, he subsequently published extensively on SWF-related matters and edited two highly acclaimed books: "Global Macro" and "Tail Risk Hedging."

Bilal Hafeez is the Founder and CEO of Macro Hive - a platform delivering high-quality macro ideas. Before that, Bilal ran various research teams in investment banks. Most recently, he was Head of Developed Markets Strategy at Nomura. Before that he ran multi-asset and FX research at Deutsche Bank. He also ran an advisory research team for the CEO. Bilal began his career at JP Morgan. Outside of finance, Bilal was an honorary Visiting Professor at Cass Business School. He also blogs and podcasts on well-being. He read Economics at Cambridge.

Julius Sen is an Associate at LSE IDEAS specialising in International Trade Policy. A member of the Indian Administrative Service for almost 30 years, he is now also part of the International Trade Policy Unit in the LSE’s department of International Relations. He has contributed extensively to projects that evaluate the policy and regulatory implications of commercial developments, including technological change and innovation; and on the commercial implications of policy and regulatory decisions taken by governments, regulators and international institutions.

Suggested hashtag for this lecture: #CISLenihan

Read more about the Centre's history in the book written by Dr Aaron C. Mckeil, The LSE Centre for International Studies. A History: 1967-2017.

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