Fintech firms may have many advantages over established banks in entering the new market of digital banking. For example many well-known banks have outdated and cumbersome computer systems while new start-ups can start from scratch and develop new and fast systems in only months. The question for large financial institutions is whether to buy firms or build the new […]
The Complacent Class: The Self-Defeating Quest for the American Dream. Tyler Cowen. St. Martin’s Press. 2017.
The end of America’s complacency
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Politically speaking, 2016 was dramatic – and 2017 promises to be even more so. Yet, Americans are living in a world of historically unprecedented stability and calm. Fewer people move for jobs, and those who have jobs tend […]
In December 2016, Rupert Murdoch’s 21st Century Fox reached an agreement in principle to buy satellite broadcaster Sky. After Fox formally notified the European Commission of its bid on 3 March, Culture, Media and Sport Secretary Karen Bradley has said that she is ‘minded to’ refer the deal to Ofcom on the grounds of media plurality and commitment to broadcasting standards.
Karen Bradley will […]
The role of specific institutions was important in giving Europe a technological advantage well before the Industrial Revolution. This column argues that apprenticeships were crucial to Europe’s rise. Unlike in the extended families or clans in other parts of the world, apprentices in Europe’s guild systems could learn from any master. New techniques and innovations could thus spread rapidly […]
Thomas Edison, one of the great minds of the second industrial revolution, once said that “the chief function of the body is to carry the brain around.” Understanding the human brain – how it works, and how it is afflicted by diseases and disorders – is an important frontier in science and society today.
Advances in neuroscience and technology increasingly […]
The rationality of human investors has long been questioned. Behavioural biases have been broadly investigated and are known to impair human decision-making in capital markets. Our empirical study draws on these findings regarding behavioural biases and analyses the behaviour of traders on a social trading platform to expand insights on behavioural biases and human decision-making. In particular, we have […]
Most debates about work today focus on the joint evolution of entrepreneurs versus employees. Some academics believe we are moving towards an entrepreneurial society. Others focus on the increasing precariousness of work, but clearly qualify the thesis of a move towards an entrepreneurial society. In the context of this short reflexion, we simply want to question the categories themselves.
An organisation’s competitiveness may depend on its ability to create an inclusive workplace that uses the talents of a diverse workforce. Yet many organisations struggle with this, despite research linking an ‘inclusive’ culture, where all talent feels valued regardless of gender, ethnic background or sexuality, to higher reported innovation and teamwork.
People who feel different from the dominant majority can […]
The financial economics literature regularly assumes that the markets in which firms sell their products are perfectly competitive, i.e., that firms take product prices as given while making corporate decisions. Alternatively, many models in the literature assume that firms operate in isolation, and hence their decisions do not affect other firms. Reality lies in between. The most prominent firms […]
The concept of disruptive innovation has captured the attention of executives around the world. As explained by Clayton Christensen, a disruptive innovation is initially seen as unattractive by mainstream customers and by the leading firms who serve those customers. Eventually, however, those firms lose their leadership positions to new entrants who are willing to develop and improve the innovation […]
The financial market landscape has changed dramatically since the global financial crisis nine years ago. A key feature of today is the dominance of central banks in financial markets, especially in Europe. However, central bank activism has crowded out long-term investors (insurance companies, pension funds and sovereign wealth funds).
Not only do long-term investors hold assets worth about USD 70 trillion […]
The Conversational Firm: Rethinking Bureaucracy in the Age of Social Media. Catherine J. Turco. Columbia University Press. 2016.
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‘Empowered workforce’, ‘flat organisation structures’: we’ve all heard the empty buzzwords and latest fads to improve office productivity. When new initiatives are implemented there is often little change at the coalface for employees and minimal rewards to a company’s bottom […]
The board of directors forms an integral part of a firm’s governance mechanisms. Yet, how boards perform their dual role of supervisor and advisor of corporate management is difficult to observe from outside of the company. To open this black box, we survey 130 non-executive directors in various emerging markets to obtain detailed information about the inner workings of […]
It feels like we’re at an important point in the evolution of impact investing. While the field has shown tremendous growth over the past few years, there are far more asset owners still sitting on the sidelines – interested in impact, but not yet investing. So why is it that – to quote the famous impact investor Bono – […]
As anti-immigration protesters take the streets of South Africa’s capital, Pretoria, it is instructive to look at the nation’s economy.
South Africa’s economic performance since the 2008/09 global recession is disturbing. The economy’s growth seems stunted, posting 1.3 per cent year-on-year change in 2015 and a more measly average of 0.8 per cent in the first three quarters of 2016. Per capita income […]