An Overview Of Endowment Management Costs
This survey-based report examines five main areas of endowment management expense (investment management, investment supervision, custody, legal, and accounting/audit) and explores funding sources for each.
Research Publications Archive
Household Equity Ownership Trends
Equity ownership remains low in Europe due to undeveloped public equity markets, generous pension plans, and the lack of tax incentives. European bulls cite the following to argue that ownership will rise: (1) the bull market of the late 1990s raised awareness of equities, (2) with falling interest rates, Europeans are looking to equities for…
Japan’s Bank Crisis
As of April 1, 2002, the Japanese government will cease guaranteeing time deposits in excess of ¥10 million ($75,200) against the possibility of bank failure, leaving an estimated ¥200 trillion ($1.5 trillion) in bank deposits unprotected. Proponents of postponement of the deadline are worried that the limit on deposit insurance will prompt bank runs, especially…
Earnings Recovery
Despite the persistent fall in equity prices, analyst expectations of S&P 500 earnings remain quite optimistic. Historical precedent suggests that earnings could well rebound within the time horizon envisaged by analysts, but are unlikely to prove as robust as they expect.
Japanese Distressed Investing
An assessment of the investment opportunities resulting from a debilitating combination of successive recessions in Japan and the reluctance of government officials to enact and enforce financial sector reforms. Key topics include market risks, supply of distressed assets, strategies to capitalize on the opportunity, and investment vehicles and fund structures.
Preserving Purchasing Power in a Difficult Environment
This short paper reviews asset class valuations and offers summary asset allocation recommendations.
Telecom Investing: Focus on Non-Marketable Strategies
An analysis of venture capital and private equity opportunities in the U.S. telecom market using the following criteria: supply and demand imbalances, technological innovation, entry and exit valuations and strategies, risk factors, and returns.
U.S. TIPS – Evolution, Valuation and Implementation
As the title suggests, this report examines changes in the TIPS market since their first issuance in 1997, as well as implementation issues for institutions seeking either the inflation- or deflation-hedging features of TIPS.
Three Key Issues for 2002 & Beyond
Three key issues will determine the prospects for the global economy: the likelihood of an impending recovery proving feeble or robust, and the outlook for sustainable longer-term growth.
Mother Goose Revisited
If Goldilocks were the presiding genius of the fabled new economy of the roaring nineties, Humpty Dumpty may be more appropriate to the current situation. All the Fed’s horses and all the President’s men are working to put the U.S. economy back together again, but their conventional tools may prove inadequate.