Maritime shipping is the transmission belt for the global economy, carrying 90 percent of global trade. It plays a fundamental role in the growth of the world economy. However, it is also a major contributor to global environmental change through a diversity of issues from oil spills, CO2 and other air emissions, to invasive species, disposal of hazardous material […]
Asian Imperial Banking History. Hubert Bonin, Nuno Valerio, and Kazuhiko Yago (eds.). Pickering & Chatto. 2015.
At the peak of the Victorian age, the young, Mumbai-born Rudyard Kipling (1865-1936) wrote: “What else are we working in this country (India) for? For what else do the best men…die from overwork, and disease, if not to keep people alive in the first place and […]
Many of us harbor secret frustrations with the holiday season. Most common is the obligation to buy gifts. It looms over us like the sword of Damocles. We dread the inevitable shopping fiasco and despise Black Friday. We hate not knowing what to get, or buying for people who already have more than they need. One of my students […]
Firms can finance their activities by selling their stocks in public equity markets, thus becoming public companies. An initial public offering (IPO) is the first time a company issues stocks to raise capital. In general, since these companies have limited access to external finance, it is expected that raising capital through an IPO will help them invest in growth […]
There is a quiet revolution going on in business schools. Some call it the “transition to predictability” others call it “causal based research”. A few business schools are transitioning from explaining success to predicting success. This is happening because of the way science naturally evolves, and it has major implications for you and your career. Broadly, scientific development comes […]
Financial crises which turn global pose risks for domestic banking sectors, sometimes escalating to fully-fledged domestic banking crises. Regulatory policy aims to reduce the probability of the spread of risk to the domestic financial sector and to prevent banking crises during periods of stress. Doing this effectively requires an understanding of how crises spread — what are the transmission mechanisms, […]
Conceptualizing Capitalism: Institutions, Evolution, Future. Geoffrey M. Hodgson. University of Chicago Press. 2015.
When someone mentions the concept ‘capitalism’, what do you think? Is it only made up of markets or the private ownership of the means of production? Is it a system where state involvement is preferably less? Where do you locate labour in a capitalist system? Is capitalism […]
By and large, the world is caught in a phase of global economic transition: the possibility of the US and Europe exiting the zero-interest-rate terrain lurks in the horizon, despite seeming remote in the recent past; in China, the government is attempting to rebalance growth from over-reliance on exports as aggregate growth moderates toward the 6-to-7 percent band in […]
‘Leadership produces change. That is its primary function,’ observes Harvard Business School’s John Kotter. Former CEO and author Larry Bossidy puts it like this: ‘The leader’s job is to help everyone see that the platform is burning, whether the flames are apparent or not. The process of change begins when people decide to take the flames seriously and manage by […]
Why and how firms hedge has been an area of interest in corporate finance for a long time. The traditional notion of hedging is matching one risk with an opposing risk. Gains on the hedge offset the losses on the position otherwise exposed to price uncertainty, making the resulting cash flow volatility lower. The traditional theories of corporate risk […]
Until recently, the lamentations (right, wrong or simply irrational) of the world’s discontent were only a nuisance to the status-quo. The proliferation of social media, however, has facilitated the dissemination of irrational ideas. A notion which required generations to gain traction is now instantaneously impressed on the minds of numerous, ready and willing subjects throughout distant lands. As a […]