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What does business in the emerging markets teach us about the way we should run our own companies in the OECD countries? The emerging markets let us see the underlying factors that drive the way companies and industries evolve. In our study about Where Multinationals Should Locate in Emerging Markets -- we present the underlying fundamentals of supply and demand (without all the algebra). Similarly, shifts costs and benefits affect the location of manufacturing. In Bringing Manufacturing Home, I talk about the amounts of knowledge embedded in today's products. If companies are going "out", then at least they make stuff right at home. In our Investing in Emerging Market Infrastructure paper, we look at the places where investors can earn the greatest profits from investing in energy, transport, water and other infrastructure. Finally, in the last paper in the series, our Shadow Banking paper looks at opportunities for aspiring shadow bankers.

Perhaps my most recent innovation involves a new theory of retailing and "value webs" in emerging markets (a la CPALL). 

Learn more  
Skolkovo-E&Y Institute for Emerging Market Studies Soft Power: A Double Edged Sword (BRICS Magazine)
Papers cited  
Who is Your Company: Where to Locate to Compete in Emerging Markets  SSRN
The Upcoming Four Trillion-Dollar Infrastructure Gold Rush    SSRN
Bringing Manufacturing Home: Implications for Emerging Markets of the Reindustrialisation of the Core OECD      SSRN
Playing the Shadowy World of Emerging Market Shadow Banking     SSRN
CP-ALL and the Case of Value Web Creation    SSRN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In the old days, you could buys shares of AT&T (or bonds) and get a pay-back. Today, investment is far more complicated. My small area of this big subject has mostly looked at areas of interest to the large investment banks. In my article on Foreign Investment in the US, I find that investment bank quality (and marketing intensity) determine the extent to which a broker-dealer will succeed in attracting investment back on Wall Street. Such a theme repeats itself with my study of wealth management in emerging markets. In Middle Eastern Wealth Management (in contrast), growth in traditional banking will probably outstrip the wealth management industry.

Cited papers  
Foreign Under-Investment in US Securities and the Role of Relational Capital    SSRN
Does Financial Market Development Explain (or at Least Predict) the Demand for Wealth Management and Private Banking Services in Developing Markets?     SSRN
The Middle Eastern Wealth Management Industry: Boon or Bust?     SSRN  

What does the global fight against corruption teach us about the way government should tackle difficult, cross-border problems? In the first paper in the series, we look at the drafting of local government anti-corruption ordinances (with a focus on Macedonia). Local anti-corruption work remains the bugbear of the fight against corruption. By plotting a method of determining the "optimal jurisdiction" for a sub-national anti-corruption body, this paper hopes to see the devolution of anti-corruption work to the local level.

 

In another paper, we look at the drafting of a preventive anti-corruption agency regulation (in the specific context of Montenegro). We look at the drafting of ethics legislation in Romania - reviewing the issues in adopting a national ethics law. Finally, we address the design of a preventive anti-corruption agencies adopting EU standards in Morocco.  Finally, we discuss reforms to the extremely halting development of the Azeri anti-corruption agency.

 

Much of my work has looked at the organisation of the "anti-corruption industry" itself. We have mapped the the evolution of the anti-corruption industry and shown how such "complexity theory" helps explain organisational change in international development*. We have also shown how Harmonization of the UN Convention Against Corruption  played a role in the "industry"'s development. In that light, anti-corruption agencies are just another fad and requirement of the broader wave of legislative reform.

 

General theory/analysis  
Drafting Implementing Regulations for anticorruption laws * Implementing Conventions in National Law
The Third Wave of Anti-corruption work Aligning parliamentarians' incentives to fight corruption *
Fighting corruption in customs *  
Country specific analyses  
Legal analysis of Azerbaijan's Anticorruption Laws * Local anti-corruption units in Macedonia *
The law of a preventive anti-corruption agency in Montenegro * Making an ethics oversight body in Romania *
Fighting corruption on the Ukrainian-Moldovan border * Audit of anti-corruption rules in Carpatian customs 
 Depoliticising anticorruption in Bolivia * Using human rights law against corruption in Kosovo *
   
* refers to the link to the academic journal in which a later version of this paper appeared. See bibliography at bottom for formal citation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Why does Big Law crush their rivals world-wide? What can we learn from them -- and what must they learn to compete in

a globalising world? In these papers, I look at the development of the legal profession. In my theory of compliance and lawyers, I look at demand for legal advisors to financial services firms. In our recent paper on Going Out, we look at the determinants of law firms' (and I-banks') competitiveness. We find a mix of "legal complexity externalities" and differentiation strategies. Interestingly, local law school quality plays a role -- even if finance faculty scores do not. 

 

Other law firm work  
Listing Law Firms on the Hong Kong Stock Exchange  
Cited papers  
A Theory of Financial Services Competition, Compliance and Regulation    SSRN
What Determines M&A Legal and Financial Advisors’ Competitiveness in an International Financial Centre: Using China’s Going Out Policy as a Natural Experiment  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

My recent chef d'oeuvre involves an analysis of China's economic fragility. What will it take to topple the Middle Kingdom? My paper on Brunei's experiment with the Wawasan 2035 represents perhaps the most quintessential publication on development. Tying economic and government budgeting decisions to a strategic plan has represented the holy grail of development theorists since the late 1940s. International trade has promoted the development of numerous economies. But what promotes the development of the customs services that regulate such trade? In our paper on institutional quality of customs agencies, we look at the triple headed hydra of anti-corruption, trade facilitation and institutional development. Just as customs agencies have (or have not) responded to development opportunities and risks, so have the wider governments they work in. In the Size and Structure of Government, we look at the way governments respond to changes in macroeconomics. Few can deny the role of competition in market development. Along these lines, we look at competition in Malaysian financial services as a way of assessing Malaysia's own market development.

Interlude -- CSR as a driver of development in Turkey
A CSR Law for Turkey CSR and Turkey's EU bid
Cited Papers
What Does Brunei Teach Us About Using Human Development Index Rankings as a Policy Tool?    SSRN
The Size and Structure of Government       SSRN
Do Customs Trade Facilitation Programmes Help Reduce Customs-Related Corruption?      SSRN
The Cost of Antitrust Law to Malaysia's Financial Services Sector    SSRN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

What does Hong Kong need to do to advance as an international financial centre? The city's corporate governance rules certainly reduce the potential volume of funds coming to her financial services firms. Also, complex challenges require a new regulatory structure. Such a Twin Peaks regulatory approach could help manage the many challenges which seep beyond any one type of financial services firm. We also show -- using solar energy finance as an example -- how financial centres should focus on their customers (rather than simply improving efficiency). Finally, the rule of law remains a hallmark measure of the competitiveness of an international financial centre. Hong Kong likely produces a "corruption externality" on the Mainland -- and we discuss what the ICAC can do to help fight corruption in China.

Learn more  
Assessing Hong Kong as an International Financial Centre Asian Institute for International Financial Law
Papers cited  
Last of the Tai-Pans: Improving the Sustainability of Long-Term Financial Flows by Improving Hong Kong's Corporate Governance. SSRN
Does Objectives-Based Financial Regulation Imply a Rethink of Legislatively Mandated Economic Regulation? The Case of Hong Kong and Twin Peaks Financial Regulation  SSRN
What Role Can an International Financial Centre's Law Play in the Development of a Sunrise Industry? The Case of Hong Kong and Solar Powered Investments SSRN
Can the Hong Kong ICAC Help Reduce Corruption on the Mainland? SSRN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In case you want to see these publications as a list, see the annotated bibliography