Promises and Challenges of the New European Union
What are the economic and investment implications of admitting ten emerging European countries to the European Union?
Research Publications Archive
Unrelated Business Income Tax (UBIT): An Introduction
A primer on UBIT including a clarification of rules governing its application and circumstances when this tax may be incurred.
The Debate About Japanese Banking Reform
Why has the Japanese government’s recent burst of activity about finally cleaning up its banking system generated so much controversy?
The Fallacy of the Fed Model
Why is the Fed Model conveying such different notions about equity valuations compared to other measures?
Asian Buyouts
An overview of the Asian private equity market since the 1997 financial crisis, using criteria such as deal flow, operational experience, management teams, debt availability, currency risk, valuations, and exit environment.
Germany-Caught in Deflation’s Undertow
Fueled by the lethal cocktail of domestic constraints, regional impediments, and the global economic slowdown, Germany may be in for a prolonged period of economic malaise and deflationary pressures.
Endowment Spending in a Bear Market
Three suggestions for institutions whose spending rules now dictate a cut in spending.
After the Crisis: Asian Private Equity Investing
Typically, private equity investors interested in Asia have been more impressed with its potential than with the tangible opportunities—but this may be about to change.
Deflation in Japan–Could it Happen in the U.S.?
According to a recently issued Federal Reserve paper, Japan could have averted deflation if it had aggressively applied monetary and fiscal stimulus during the first half of the 1990s. This Comment provides highlights of the paper, the commentary it elicited among financial pundits, as well as our thoughts about its policy recommendations if they were…
Commodities
A thorough presentation of the policy and strategic arguments for a commodities allocation, the impact of inflation on commodities’ performance, the special concerns for non-US$-denominated investors, and key implementation issues. Exhibits include data on performance under varying market and economic conditions, index correlations, and diversification benefits. Also included are representative manager factsheets and analyses of…