daily grind and press
Financial Times - US homepage
Tue, 09 Feb 2010 05:32:19 GMT
Feb 08, 2010 12:03PM
Traders make $8bn bet against euro
Data from the Chicago Mercantile Exchange show net short positions against the single currency rising from 39,500 contracts to 43,700 contracts, equivalent to $7.6bn
Feb 08, 2010 01:04PM
US courts support for Iran sanctions
The US launched a renewed push to rally support for sanctions against Iran after President Mahmoud Ahmadi-Nejad pledged to enrich uranium closer to the level needed for nuclear weapons
Feb 08, 2010 09:02PM
Toyota to recall Prius over brake problem
Toyota was set on Tuesday to announce a recall of its latest-model Prius petrol-electric hybrid in Japan to fix a problem with the software that controls its brakes
Feb 08, 2010 03:35PM
Xstrata sees ?advantages? in possible Glencore link-up
Xstrata fuelled renewed talk of a merger with Glencore, the privately held commodities trader, with the chief executive of the miner suggesting that a union could create value
Feb 08, 2010 09:43PM
JAL to stay with American Airlines
Japan Airlines has decided to maintain its business partnership with American Airlines, spurning an offer by American rival Delta to defect to the latter?s SkyTeam alliance
Feb 08, 2010 04:05PM
DE Shaw eyes rival firms? distressed holdings
DE Shaw has set up an in-house team to look at buying portfolios of distressed assets and is targeting rival hedge fund firms? holdings
Feb 08, 2010 11:41AM
SAP admits it lost customers? trust
SAP admits it has lost the trust of some of its customers as the world?s largest business software maker seeks to justify a sudden management reshuffle
Feb 08, 2010 01:48PM
Bid to bring healthcare bill in from the cold
Democratic lawmakers and officials express scepticism that President Obama?s latest attempt to revive healthcare reform will have better chances of succeeding than earlier attempts
Feb 08, 2010 12:13PM
Brazil enters fray for African resources
The mining company Vale is to start operations in Mozambique as South America?s largest economy steps up the scramble for Africa?s resources
Feb 08, 2010 01:01PM
Shifts in commodity prices as El Niño fades
El Niño, the weather-altering Pacific warming which has hit the price of commodities from sugar to natural gas, is starting to fade and could end by June
© Copyright The Financial Times Ltd 2010. "FT" and "Financial Times" are trademarks of the Financial Times. See http://www.ft.com/servicestools/help/terms#legal1 for the terms and conditions of reuse.
Financial Times - UK Homepage
Tue, 09 Feb 2010 05:31:05 GMT
Feb 08, 2010 12:03PM
Traders make $8bn bet against euro
Data from the Chicago Mercantile Exchange show net short positions against the single currency rising from 39,500 contracts to 43,700 contracts, equivalent to $7.6bn
Feb 08, 2010 03:22PM
BSkyB acts fast to sell ITV stake
BSkyB gave up its legal fight on Monday to keep its full 17.9 per cent stake in rival broadcaster ITV
Feb 08, 2010 09:02PM
Toyota to recall Prius over brake problem
Toyota was set on Tuesday to announce a recall of its latest-model Prius petrol-electric hybrid in Japan to fix a problem with the software that controls its brakes
Feb 08, 2010 03:35PM
Xstrata sees ?advantages? in possible Glencore link-up
Xstrata fuelled renewed talk of a merger with Glencore, the privately held commodities trader, with the chief executive of the miner suggesting that a union could create value
Feb 08, 2010 03:12PM
Traders fearful as contagion worries linger
Global Markets Overview: Fears over the possible fall-out from the Greek debt crisis weigh, as worries over eurozone periphery curtail appetite for risk
Feb 08, 2010 01:04PM
US courts support for Iran sanctions
The US launched a renewed push to rally support for sanctions against Iran after President Mahmoud Ahmadi-Nejad pledged to enrich uranium closer to the level needed for nuclear weapons
Feb 08, 2010 12:35PM
Rather than sighing and tut-tutting at the dissipation of the high hopes raised by the Orange Revolution, Europe?s leaders would do better to look at their own responsibilities, writes Gideon Rachman
Feb 08, 2010 12:13PM
Brazil enters fray for African resources
The mining company Vale is to start operations in Mozambique as South America?s largest economy steps up the scramble for Africa?s resources
Feb 08, 2010 11:41AM
SAP admits it lost customers? trust
SAP admits it has lost the trust of some of its customers as the world?s largest business software maker seeks to justify a sudden management reshuffle
Feb 08, 2010 01:01PM
Shifts in commodity prices as El Niño fades
El Niño, the weather-altering Pacific warming which has hit the price of commodities from sugar to natural gas, is starting to fade and could end by June
© Copyright The Financial Times Ltd 2010. "FT" and "Financial Times" are trademarks of the Financial Times. See http://www.ft.com/servicestools/help/terms#legal1 for the terms and conditions of reuse.
Financial Times - Asia homepage
Tue, 09 Feb 2010 05:31:30 GMT
Feb 08, 2010 09:02PM
Toyota to recall Prius over brake problem
Toyota was set on Tuesday to announce a recall of its latest-model Prius petrol-electric hybrid in Japan to fix a problem with the software that controls its brakes
Feb 08, 2010 09:43PM
JAL to stay with American Airlines
Japan Airlines has decided to maintain its business partnership with American Airlines, spurning an offer by American rival Delta to defect to the latter?s SkyTeam alliance
Feb 08, 2010 08:40PM
Macquarie shares fall as forecast disappoints
Macquarie shares have dropped 7 per cent after the Australian investment bank disappointed the market with second half profits guidance that failed to match estimates
Feb 08, 2010 08:50PM
China quake activist jailed for subversion
Tan Zuoren, a Chinese activist who sought to document shoddy construction that contributed to deaths in the country?s devastating 2008 earthquake, has been sentenced to five years in prison
Feb 08, 2010 08:14PM
Jackson?s doctor pleads not guilty
The doctor hired to care for Michael Jackson was charged with killing the pop star after a lengthy investigation that found a lethal cocktail of drugs in the singer?s system when he died last year
Feb 08, 2010 12:03PM
Traders make $8bn bet against euro
Data from the Chicago Mercantile Exchange show net short positions against the single currency rising from 39,500 contracts to 43,700 contracts, equivalent to $7.6bn
Feb 08, 2010 04:37PM
Ahmadi-Nejad returns to confrontation
For months western diplomats have had to contend with an Iranian political landscape so confusing that Mr Ahmadi-Nejad ? heartily loathed in the US and Europe ? appeared to be more interested in dialogue than almost any other significant figure in the country.
Feb 08, 2010 03:35PM
Xstrata sees ?advantages? in possible Glencore link-up
Xstrata fuelled renewed talk of a merger with Glencore, the privately held commodities trader, with the chief executive of the miner suggesting that a union could create value
Feb 08, 2010 04:05PM
DE Shaw eyes rival firms? distressed holdings
DE Shaw has set up an in-house team to look at buying portfolios of distressed assets and is targeting rival hedge fund firms? holdings
Feb 08, 2010 05:01PM
Filing reveals Chinese wealth fund?s exposure
China Investment Corporation, the Chinese sovereign wealth fund, is using exchange-traded funds to take positions on sectors ranging from healthcare to gold, according to a filing with the US Securities and Exchange Commission
© Copyright The Financial Times Ltd 2010. "FT" and "Financial Times" are trademarks of the Financial Times. See http://www.ft.com/servicestools/help/terms#legal1 for the terms and conditions of reuse.
Financial Times - Middle East Homepage
Tue, 09 Feb 2010 05:31:46 GMT
Feb 08, 2010 12:03PM
Traders make $8bn bet against euro
Data from the Chicago Mercantile Exchange show net short positions against the single currency rising from 39,500 contracts to 43,700 contracts, equivalent to $7.6bn
Feb 08, 2010 01:04PM
US courts support for Iran sanctions
The US launched a renewed push to rally support for sanctions against Iran after President Mahmoud Ahmadi-Nejad pledged to enrich uranium closer to the level needed for nuclear weapons
Feb 08, 2010 09:02PM
Toyota to recall Prius over brake problem
Toyota was set on Tuesday to announce a recall of its latest-model Prius petrol-electric hybrid in Japan to fix a problem with the software that controls its brakes
Feb 08, 2010 11:39AM
Yanukovich poised for victory in Kiev
Yulia Tymoshenko, prime minister, comes under pressure to concede defeat in Ukraine?s presidential election after Viktor Yanukovich appeared to have sealed a narrow victory
Feb 08, 2010 03:12PM
Traders fearful as contagion worries linger
Global Markets Overview: Fears over the possible fall-out from the Greek debt crisis weigh, as worries over eurozone periphery curtail appetite for risk
Feb 08, 2010 11:41AM
SAP admits it lost customers? trust
SAP admits it has lost the trust of some of its customers as the world?s largest business software maker seeks to justify a sudden management reshuffle
Feb 08, 2010 03:35PM
Xstrata sees ?advantages? in possible Glencore link-up
Xstrata fuelled renewed talk of a merger with Glencore, the privately held commodities trader, with the chief executive of the miner suggesting that a union could create value
Feb 08, 2010 12:13PM
Brazil enters fray for African resources
The mining company Vale is to start operations in Mozambique as South America?s largest economy steps up the scramble for Africa?s resources
Feb 08, 2010 10:06AM
China sabre rattling risks starting trade war
Two months after the Copenhagen climate change conference, one incident still causes a buzz in Beijing: the moment when, according to witness accounts, a Chinese official started to jab his finger at Barack Obama
Feb 08, 2010 01:01PM
Shifts in commodity prices as El Niño fades
El Niño, the weather-altering Pacific warming which has hit the price of commodities from sugar to natural gas, is starting to fade and could end by June
© Copyright The Financial Times Ltd 2010. "FT" and "Financial Times" are trademarks of the Financial Times. See http://www.ft.com/servicestools/help/terms#legal1 for the terms and conditions of reuse.
Knowledge@Wharton -- Real Estate
Tue, 09 Feb 2010 00:00:01 EST
Jan 20, 2010 02:35PM
Global Real Estate: Ready for a Rebound?
The global real estate community is breathing easier than it was a year ago, judging by the sentiments of participants at a recent Knowledge@Wharton global real estate forum titled, "The Road to Recovery: Investing in the Global Real Estate Rebound." Held at the New York Stock Exchange on December 11, in conjunction with Interconnect Events, the forum focused on the developed world's challenges in freeing up private capital and finding opportunities in distressed real estate assets, among other topics. According to some speakers and panelists, opportunities that receded in the West in the wake of the financial crisis can still be found in emerging markets, although the barriers to entry remain high.
Nov 24, 2009 02:13PM
Tentatively and Sporadically, Real Estate Investing Makes a Comeback
Real estate is showing some early signs of recovery as an attractive investment, at least compared to some other opportunities like corporate debt. But capital markets must open further to revive normal deal flows, said panelists at the recent Zell Lurie Real Estate Center conference. And while glimmers of confidence are returning to some sectors, the positive signs are distributed unevenly. Panelists also discussed lessons learned from regulatory lapses, ways to fix them and growth drivers that might stimulate the economy.
Aug 19, 2009 07:11PM
Peter Linneman on Real Estate: The Storm Is Over, the Wreckage Remains
Although some upbeat economic news in recent weeks might indicate the beginning of the end of the recession, there's still plenty of "wreckage" to deal with, says Wharton real estate professor Peter D. Linneman. Nowhere is this more apparent than in the housing and commercial property sectors, which have taken one of their worst beatings ever. In an interview with Knowledge@Wharton, Linneman draws on policy missteps of the past to caution the Obama administration to tread carefully and avoid "trying to cure things they can't cure," while contending that the U.S. might have more in common with countries like Venezuela, Russia and Japan than most observers think.
Jul 22, 2009 01:41PM
On Shaky Ground: Commercial Real Estate Faces Financial Tremors
As the global recession drags on, new concerns are rising about commercial real estate. Loans taken out during the boom years are coming due, but commercial property owners are contending with higher vacancy rates, lower rents and a less-than-receptive environment for refinancing their obligations. Industry analysts and politicians suggest that commercial real estate is about to become the next high-profile casualty in the ongoing economic meltdown. "The shoe has already dropped," says one Wharton real estate professor.
Jun 10, 2009 03:08PM
So You Think Owning a Home Will Make You Happy? Don't Be Too Sure
Owning a home has long been viewed as the cornerstone of the American Dream, the foundation for a happy family life and long-term financial security. Now, a new research paper challenges that conventional wisdom. Wharton's Grace Wong Bucchianeri, a professor of real estate, says her research shows that while homeowners experience significant joy, they also face more aggravation, spend less time with friends, and are even heavier than renters living in comparable homes.
Apr 20, 2009 07:39PM
Risky Business: An Entrepreneur's Perspective on the Brazilian Housing Market
Rafael became an entrepreneur when he moved to Brazil about a year ago to work in the country's nascent housing market. Before that, he was a successful portfolio manager at a hedge fund in London where he had been saving his bonuses and waiting for the right moment to strike out on his own. That moment came -- in the real estate industry. But it was followed by what turned out to be a devastating blow -- the global financial crisis.
Mar 18, 2009 02:34PM
Don't Write off the Malls Just Yet, Says Real Estate Magnate David Simon
Despite press reports to the contrary, shopping malls are here to stay, at least according to David Simon, chairman and CEO of Simon Property Group, owner of more than 350 malls, outlet centers and other retail-oriented properties in the U.S., Europe and Asia. Indeed, Simon said during a recent Wharton Leadership Lecture, his firm might consider making acquisitions again given that prices have recently fallen to levels last seen in 2002.
Mar 11, 2009 02:25PM
A 'Downward Spiral': Gulf Region Real Estate in the Era of Cheap Oil
In 2002, oil prices in the nations of the Gulf Cooperation Council (GCC) stood at $25 a barrel. By July 2008, that number had jumped to $147. The increase enabled the GCC's six member countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) to almost triple their gross domestic product -- from $350 billion to more than $1 trillion. Now oil prices have fallen again -- this time to below $40 a barrel -- and the oil boom and bust have come at a steep price, especially for Dubai.
Feb 05, 2009 01:41PM
Hirco Group's Aniruddha Joshi: 'Long-Term Drivers of India's Growth Have Not Changed'
What impact has the global financial crisis had on India's real estate market? According to Aniruddha Joshi, executive director of Hirco Group in Britain, which develops residential properties and mixed-use townships in India, the credit crisis has affected portfolio allocations. Still, Hirco's strategy toward property development in India will not change, Joshi told Knowledge@Wharton in an interview during the recent Knowledge@Wharton Real Estate in Emerging Markets Forum. "We believe that the long-term India story and the fundamentals are still intact."
Jan 21, 2009 02:32PM
Where the Deals Are: Real Estate in Emerging Markets
The unstoppable consumer demand and high returns once guaranteed by "hypergrowth" markets like the fabled BRICs -- Brazil, Russia, India and China -- are no longer a given, according to global real estate developers, investors, finance specialists and executives who spoke at the recent Knowledge@Wharton Real Estate in Emerging Markets Forum. Instead, investors need to evaluate each market individually and, given the current economic climate, focus on the long term.
Copyright (c) 2007 The Wharton School of the University of Pennsylvania
Knowledge@Wharton -- Insurance and Pensions
Tue, 09 Feb 2010 00:00:01 EST
Sep 30, 2009 03:48PM
Micro Insurance: A Safety Net With Too Many Holes?
Unlike micro lending -- the better-known side of micro finance -- micro insurance has been a hard sell among the world's poor. The reasons why include a lack of understanding of how insurance products work, a general reticence on the part of poor populations to part with their meager financial resources, badly designed products and a shortage of localized risk management knowledge among providers. What needs to happen for micro insurance to prove that it can be both socially beneficial and economically viable?
Apr 01, 2009 03:13PM
Not So Golden: Employees -- and Employers -- Feel the Pinch from Shortfalls in Retirement Funding
The golden years for most Americans appear increasingly threatened by the global financial crisis. Retirement accounts have lost from $2 trillion to $4 trillion as stocks have tumbled nearly 50% from their peak in 2007. Pension funds -- which typically invest between 60% and 70% in equities -- are also finding their accounts billions of dollars below minimum requirements. For Americans facing retirement, the details of how these plans work may be fuzzy, but the big picture is clear: Whatever comfortable cushion retirees may have had is now gone, and the process of building it back up will be arduous and long.
Sep 17, 2008 06:25PM
AIG Rescued: Was an $85 Billion Loan the Right Answer?
After refusing to bail out Lehman Brothers, the government agreed to an $85 billion loan to insurance giant AIG, effectively taking over the company. Knowledge@Wharton talked to Wharton insurance professors Olivia Mitchell and Kent Smetters to find out how the world's largest insurer got into this situation and how it can be prevented from happening again.
Jun 13, 2007 12:33PM
You've Worked Hard, Saved and Just Retired: How Do You Manage Your Finances Now?
As baby boomers retire and start spending their nest eggs, they will need new financial products to make their money last, according to speakers at a recent Wharton Impact Conference titled, "Managing Retirement Payouts: Positioning, Investing and Spending Assets." The conference explored emerging patterns in spending during retirement and debated new ideas to help retirees manage their finances after leaving the workforce.
Feb 07, 2007 01:59PM
Fantasy Sports: The Players, the Platforms and the Profits
According to some industry estimates, fantasy sports is now a $4 billion industry and growing quickly. What is fantasy sports, who provides fantasy sports platforms, what are the most popular fantasy sports, and -- coming off the Indianapolis Colts' recent Super Bowl win -- can we assume there will be a Super Bowl for fantasy football, or for baseball, basketball or hockey? Knowledge@Wharton asked Kent Smetters, professor of insurance and risk management, to bring us up to speed on the future of this industry.
Oct 18, 2006 02:48PM
How Can Employers Improve Defined Contribution Plans?
If 401(k)s and similar plans are the main way Americans invest for retirement, how can employers improve them? By making enrollment automatic, minimizing the use of the employer's stock, expanding the role of annuities and improving employees' financial knowledge, according to a set of recommendations issued by the Financial Economists Roundtable, a group of about 50 prominent economists, including several Wharton faculty members.
Sep 27, 2006 04:51PM
In the five years since the attacks on September 11, 2001, Howard Kunreuther, Wharton professor of operations and information management, has collaborated with members of the private and public sectors to determine how individuals and firms can be motivated to enhance security in our interconnected world. In a new book titled, Seeds of Disaster, Roots of Response: How Private Action Can Reduce Public Vulnerability, Kunreuther and other contributors argue that the United States will continue to be at risk for low-probability, high-consequence events like 9/11 and Hurricane Katrina until the private sector and public leadership develop strategies to persuade individuals and firms to invest in cost-effective protective measures. The book is edited by Erwann Michel-Kerjan, managing director of Wharton's Center for Risk Management and Decision Processes, and three others.
Jul 26, 2006 10:03AM
Longer Lives and the 'Lump-Sum Illusion' Are Just Two of the Challenges Retiring Baby-Boomers Face
In the United States alone, an unprecedented 77 million baby-boomers will be living the next 20 to 30 years in retirement. With long lives ahead of them -- and without adequate planning -- what are the risks they are facing? According to Olivia Mitchell, Wharton professor of insurance and risk management, and Christopher "Kip" Condron, president and CEO of AXA Financial, the world's largest financial services firm, the rising tide of boomers in the U.S. and around the world needs to meet challenges that previous generations never faced, including changes to key retirement institutions, as well as medical-care cost inflation and the "lump-sum illusion." Knowledge@Wharton spoke with Mitchell and Condron about how the financial services industry is working to meet the needs of this next wave of retirees.
Mar 08, 2006 02:27PM
Hands-off: Holders of 401(k) Retirement Accounts Are Not Your Typical Investors
With $2.5 trillion invested in 401(k) retirement accounts, 60 million Americans control a powerful chunk of cash. So how much attention do investors pay to this vast pool of savings? Not much. According to a new Wharton analysis of retirement accounts managed by The Vanguard Group in 2003 and 2004, participants in 401(k) plans made little effort to tend their defined-contribution plans once they were set up. Even among those who did trade regularly, turnover rates were one-third those of professional money managers. Olivia S. Mitchell, executive director of Wharton's Pension Research Council, Stephen P. Utkus, principal, Vanguard Center for Retirement Research, and researchers Gary Mottola and Takeshi Yamaguchi present their findings in a paper entitled, "The Inattentive Participant: Portfolio Trading Behavior in 401(k) Plans."
Feb 08, 2006 02:31PM
Unlike Death and Taxes, Pensions Are No Longer Guaranteed
IBM. Verizon. Sears. Hewlett-Packard. Motorola. The list of corporations that have put a halt to guaranteed pension plans comes as a jolt to Baby Boom employees entering what they thought would be their peak pension-building years. At the same time, new accounting rules and Congressional legislation are being drafted to close the U.S. pension-funding gap, now estimated at $450 billion. While some proposals under discussion could make it easier for companies to discontinue defined-benefit plans, others would create incentives to support defined-contribution programs, such as 401(k) plans, according to Wharton faculty and pension experts. Amid all this flux, they add, one thing seems certain: Pension plans have become risky business.
Copyright (c) 2007 The Wharton School of the University of Pennsylvania
Knowledge@Wharton -- Innovation and Entrepreneurship
Tue, 09 Feb 2010 00:00:01 EST
Jan 20, 2010 02:35PM
Adobe Co-founder John Warnock on the Competitive Advantages of Aesthetics and the 'Right' Technology
John Warnock's sense of aesthetics, combined with a strong belief "in doing things right" technically, has driven Adobe Systems -- the company Warnock founded with Charles "Chuck" Geshcke -- throughout much of its history. Yet while that passion has led to the development of many of Adobe's most successful products and the establishment of key standards for print and interactive publishing, it has also hampered the company in responding to some of the major shifts in technology, like the rise of the web. In an interview with Knowledge@Wharton, Warnock talks about Adobe's history and its business strategy, as well as topics like why he avoids using Microsoft software and why he believes Apple CEO Steve Jobs should re-engage a partnership with his company.
Nov 24, 2009 02:13PM
Sole Mates: Looking for 'Profit with a Purpose' from Socially Conscious Footwear Customers
Creating an international company that sells shoes made in Africa has confronted Tal Dehtiar with a series of unexpected challenges. Among them: the color blue. "The only colors the factories are used to working with are black and brown," said Dehtiar, co-founder five years ago of the group MBAs Without Borders. But the biggest hurdle facing Dehtiar, who spoke at Wharton as part of the 2009 Levy Social Impact Lecture Series, may be the color green -- finding investors.
Nov 24, 2009 02:13PM
Popularity Contests: Why a Company Embraces One Innovative Idea but Shuns Another
Multinational corporations have a lot of good things going for them. They have built up a rich store of knowledge over the years, allowing their subsidiaries to share ideas and best practices in ways that smaller companies can only dream of. They also exploit their vast global reach and on-the-ground knowledge to sniff out new concepts or products being used by rival companies in other parts of the world. But these processes aren't always as successful as they could be. Felipe Monteiro, a Wharton professor of management whose recent research looks at how and when new knowledge gets the thumbs up within firms, explains why.
Nov 11, 2009 11:33AM
Can Lean Co-exist with Innovation?
Does lean's structure and discipline snuff out the creative spark that underlies the birth and development of great ideas? In fact, lean brings structure and predictability to innovation, and sharpens the distinction between idea generation and the development process. If a company as innovation-driven as Pixar can apply lean principles to innovation, then others can, too.
Nov 09, 2009 08:20AM
How Entrepreneurs Identify New Business Opportunities
A key question that all would-be entrepreneurs face is finding the business opportunity that is right for them. Should the new startup focus on introducing a new product or service based on an unmet need? Should the venture select an existing product or service from one market and offer it in another where it may not be available? Or should the firm bank on a tried and tested formula that has worked elsewhere, such as a franchise operation? In the first of a series of podcasts for the Wharton-CERT Business Plan Competition, Raffi Amit, a professor of management at Wharton, discusses these questions and more with Knowledge@Wharton. In the process, he offers insights into how entrepreneurs can identify new business opportunities and evaluate their potential and their risks.
Oct 14, 2009 01:33PM
New Approaches to New Markets: How C.K. Prahalad's Bottom of the Pyramid Strategies Are Paying Off
Five years ago, C.K. Prahalad published a book titled, The Fortune at the Bottom of the Pyramid, in which he argues that multinational companies not only can make money selling to the world's poorest, but also that undertaking such efforts is necessary as a way to close the growing gap between rich and poor countries. Key to his argument for targeting the world's poorest is the sheer size of that market -- an estimated four billion people. How has Prahalad's book -- a revised, fifth-anniversary edition of which has just been published -- affected the behavior of companies and the well-being of consumers in the years since its publication? Knowledge@Wharton checked in with the author for an update, including examples of specific companies that are implementing Bottom of the Pyramid strategies.
Aug 19, 2009 07:11PM
Farhad Mohit: DotSpots and the Wisdom of Crowds
Entrepreneur Farhad Mohit is hardly resting on his laurels, although he could. In 1996, he launched BizRate, a consumer rating site, and then in 2004, Shopzilla, a shopping search engine. His latest venture is DotSpots, a service that lets people update the news in real-time with dots, or distributed objects of thought. These could include mini-blog posts containing text, videos, images, documents, perspectives from the blogosphere or eye-witness accounts from the scene. Mohit talked with Knowledge@Wharton about DotSpots, the publishing industry, the wisdom of crowds, what he learned from his previous successes and the importance of finding the right team, among other topics.
Aug 19, 2009 07:11PM
Education as an Export: Tayeb Kamali on the UAE's Higher Colleges of Technology
What's in a name? Plenty, when you're an entrepreneur starting up a new business, says Tayeb Kamali, who recalls the struggle to convince others in the early days of the Higher Colleges of Technology (HCT) that the United Arab Emirates' new government-sponsored university needed a name that would be associated with leading-edge education in the Arab region. However, as HCT's Abu Dhabi-based vice chancellor explains in an interview with Knowledge@Wharton, that particular challenge was short-lived given the rapid recognition -- in academia and industry -- of the growing importance that the Internet and other technologies have in developing future generations of global business leaders.
Aug 13, 2009 10:15AM
Shai Agassi, Israel's Homegrown Electric Car Pioneer: On the Road to Oil Independence
If there's a poster child for Israel's entrepreneurial spirit, start-up Better Place is one strong candidate. Since launching the company in 2007, Shai Agassi -- a 41-year-old Israeli entrepreneur and former executive of software giant SAP -- has been shaking up the auto industry with his vision for mass adoption of zero-emission vehicles powered by electricity from renewable sources. Starting off with $200 million of seed money, Better Place has since been setting up networks of service stations for electric cars, helping to wean drivers from their environmentally unfriendly gas guzzlers. The timing couldn't be better: Nissan recently unveiled its Leaf electric car whose battery can power the car for up to 100 miles (160km) on a single charge. According to Carlos Ghosn, Nissan's boss, pure electric vehicles could make up 10% of the world's market by 2020. John Paul MacDuffie, a professor of management at Wharton and co-director of the International Motor Vehicle Program, joined Knowledge@Wharton to interview Agassi from the company's headquarters in California about what it takes to develop an oil-independent future.
Jul 15, 2009 02:36PM
How Can You Find the Most Promising New Opportunities? Hold an Innovation Tournament
In their new book titled, Innovation Tournaments: Creating and Selecting Exceptional Opportunities, Wharton professors Christian Terwiesch and Karl Ulrich point out that identifying new opportunities shouldn't be seen as a luxury, but a necessity. They note that creativity and process-driven rigor can go hand in hand when it comes to vetting and managing new ideas. One way to do this, they explain, is by making new ideas compete with one another in numerous rounds of vetting -- that is, by running them through "innovation tournaments" -- so that the strongest and most promising ideas make it to the final round. Rich rewards await companies that make the leap.
Copyright (c) 2007 The Wharton School of the University of Pennsylvania
Knowledge@Wharton -- Finance and Investment
Tue, 09 Feb 2010 00:00:00 EST
Feb 03, 2010 02:52PM
U, V or W: What Kind of Recovery Can We Expect, and When?
Delegates to the just-ended World Economic Forum in Davos, Switzerland, found plenty of positive economic signs -- but not enough to keep them from wringing their hands. The consensus at the five-day gathering called for strong growth in emerging markets like China, India and Brazil, and poor growth in Japan and much of Europe, with the United States somewhere in between. The Forum's official statement called the global recovery "fragile."
Jan 20, 2010 02:35PM
Seeing Red: What Are the Costs of China's Currency Policy?
In the depths of the recession, many critics of China's currency policy -- which keeps the yuan artificially low in value -- held their tongues. After all, that policy allowed other countries, especially the United States, to borrow from China the vast sums they needed to stimulate their economies. But now that the world economy is improving, some are resuming the call for China to let the yuan gain strength, and eventually to float freely -- as the dollar, euro and yen do -- allowing other nations to better compete with China's exports. What is the best currency policy? Are China's interests really at odds with those of the rest of the world? Wharton faculty and other experts weigh in.
Jan 06, 2010 01:21PM
Domestic Dynamics: Why Latin America's 'New Resilience' Will Keep Growth in Reach
Stronger than developed markets but weaker than Asia -- according to analysts, that's how best to describe Latin America's growth prospects in 2010. With a new-found dynamism, all eyes across the region will be focused on the strength of economic recovery and business expansion in the months ahead. On the back burner for now: reforms addressing the region's longer-term competitiveness.
Jan 06, 2010 01:21PM
Global Interdependence: Are the U.S and Other Markets 'Sowing the Seeds' for the Next Crisis?
Despite renewed GDP growth and other positive signs, the U.S. isn't out of the woods, says Wharton finance professor Franklin Allen. In fact, the country could be heading into a "double dip" scenario that tips it back into a recession. That depends on how a number of factors play out in the coming months -- or even years -- not only in the U.S., but also around the world. Global interest rate policies, property markets and public deficits will all demand attention, Allen notes in a recent interview with Knowledge@Wharton.
Jan 06, 2010 01:21PM
The Indian Economy in the Next Decade: Déjà Vu with a Difference
As the new decade begins, India's economy seems headed for strong growth. Optimists predict the country's GDP could increase between 7% and 9% in 2010, stocks are likely to go up, and middle class consumption will continue to drive domestic demand. Still, experts also point to some problem areas, such as rising inflation and a widening fiscal deficit, which is close to 7% of GDP.
Jan 06, 2010 01:21PM
Australia's Economic Forecast for 2010: Can the Upbeat Outlook Be Sustained?
Bolstered by an expanding resources sector and energy-hungry Asian trading partners, Australia is the only major economy to have avoided a technical recession in 2009 -- recording only one quarter of contraction in gross domestic product. Indeed, the commodity-rich country is being called the "wonder from down under" as the nation enters its 19th straight year without a recession. Some business leaders, however, are cautious about the speed of the economic recovery. Many expect business conditions to remain difficult, noting that aggressive cost cuts and productivity gains -- rather than a strong pickup in demand-led revenues -- boosted earnings.
Jan 06, 2010 01:21PM
European Conundrum: Increasing Regulation without Stifling Growth
Wall Street may have been the epicenter of the financial crash that shook the world, but Europe -- along with other global markets -- experienced the aftershock in the form of a deep recession in 2009. Wharton faculty and other experts predict that in addition to an anemic recovery, Europe will face a number of key challenges that will shape the business and economic environment in 2010 -- including concerns about economic integration, sovereign debt default, regulatory change and the European Union's place in the global economy.
Jan 06, 2010 01:21PM
China's Rebalancing Act: How Much Do Consumers Stand to Gain?
After a tough grind through the Year of the Ox, it's easy to see why China is looking forward to the beginning of the Year of the Tiger in February. Thanks in large part to the government's ability to keep the Chinese economy moving in 2009 with a massive, two-year, RMB 4 trillion ($585 billion) stimulus program, most analysts expect robust growth in the year ahead. The challenge now is to reduce its overreliance on exports and manufacturing by increasing domestic consumption. Meanwhile, some experts warn that unemployment and the specter of inflation could threaten any new-found consumer confidence.
Jan 06, 2010 01:21PM
African Renaissance Depends on Internal Growth, Stable Governments -- and Patience
While the rest of the world was rocked by the financial crisis and recession, Sub-Saharan Africa, with less to lose, has fared better than many other regions. The crisis was a setback, but the continent's diverse economic regions are expected to regain their footing in the coming year and experience strong growth relative to other parts of the world. Observers predict that governments will continue reform initiatives, infrastructure will improve and investors will put capital to work across the continent.
Jan 06, 2010 01:21PM
Beyond Dubai: What's Ahead for the Middle East This Year?
When the 818-meter Burj Dubai tower, the world's tallest building, opened on January 4, Emaar Properties, the structure's owner, proclaimed it to be "a symbol of Dubai's can-do spirit." Among the emirate's creditors, though, the can-do spirit is wearing thin. Following debt defaults worth billions of dollars by Dubai World, credit ratings agencies such as Moody's and Standard & Poor's have downgraded the debt of several government-related entities to junk. Still, indications exist that the region's fortunes may pick up during the coming year. One promising sign: Oil prices have doubled from $33 a barrel a year ago.
Copyright (c) 2007 The Wharton School of the University of Pennsylvania
Journal of Financial Econometrics - current issue
Dec 18, 2009 05:23AM
Dec 18, 2009 05:03AM
Dec 18, 2009 05:03AM
Dec 18, 2009 05:03AM
De Jong, F., Schotman, P. C. on Dec 18, 2009 05:03AM
Price Discovery in Fragmented Markets
This paper proposes a structural time-series model for the intraday price dynamics on fragmented financial markets. We generalize the structural model of Hasbrouck (
Brownlees, C. T., Gallo, G. M. on Dec 18, 2009 05:03AM
Comparison of Volatility Measures: a Risk Management Perspective
In this paper we address the issue of forecasting Value–at–Risk (VaR) using different volatility measures: realized volatility, bipower realized volatility, two-scales realized volatility, realized kernel, as well as the daily range. We propose a dynamic model with a flexible trend specification bonded with a penalized maximum likelihood estimation strategy: the P-spline multiplicative error model. Exploiting ultra-high-frequency data (UHFD) volatility measures, VaR predictive ability is considerably improved upon relative to a baseline GARCH but not so relative to the range; there are gains from modeling volatility trends and from using realized kernels that are robust to dependent microstructure noise.
Pascual, R., Veredas, D. on Dec 18, 2009 05:03AM
Does the Open Limit Order Book Matter in Explaining Informational Volatility?
We evaluate the informational content of the open limit order book by studying its role in explaining the volatility of the efficient price. We separate transitory (liquidity-driven) volatility from informational (efficient price-related) volatility using a dynamic state-space co-integration model for ask and bid quotes. Consistently with Foucault, Moinas, and Theissen (2007, Review of Financial Studies), we show that for any given trade size, the higher the round-trip costs, the higher the ex post informational volatility. Other pieces of the LOB, such as quoted depth, both at and away from the best quotes, and the book imbalance, are also informative.
Hahn, M., Fruhwirth-Schnatter, S., Sass, J. on Dec 18, 2009 05:03AM
We consider a multidimensional, continuous-time model where the observation process is a diffusion with drift and volatility coefficients being modeled as continuous-time, finite-state Markov chains with a common state process. For the econometric estimation of the states for drift and volatility and the rate matrix of the underlying Markov chain, we develop both an exact continuous time and an approximate discrete-time Markov chain Monte Carlo (MCMC) sampler and compare these approaches with maximum likelihood (ML) estimation. For simulated data, MCMC outperforms ML estimation for difficult cases like high rates. Finally, for daily stock index quotes from Argentina, Brazil, Mexico, and the USA we identify four states differing not only in the volatility of the various assets but also in their correlation.
Galeano, P., Tsay, R. S. on Dec 18, 2009 05:03AM
Shifts in Individual Parameters of a GARCH Model
Most asset return series, especially those in high frequency, show high excess kurtosis and persistence in volatility that cannot be adequately described by the generalized conditional heteroscedastic (GARCH) model, even with heavy-tailed innovations. Many researchers have argued that these characteristics are due to shifts in volatility that may be associated with significant economic events such as financial crises. Indeed, several authors have investigated the case of pure structural changes, in which all of the parameters in the GARCH model are assumed to change simultaneously. In this paper, we take an alternative approach by studying the case in which changes occur in individual parameters of a GARCH model. We investigate the impacts of such changes on the underlying return series and its volatility, and propose an iterative procedure to detect them. In all cases, the changes affect permanently the level of the volatility, but in some cases, the changes also alter the dynamic structure of the volatility series. Monte Carlo experiments are used to investigate the performance of the proposed procedure in finite samples, and real examples are used to demonstrate the impacts of detected volatility changes and the efficacy of the proposed procedure. Practical implications of the parameter changes in financial applications are also discussed.
FRB: Press Release - All Releases
Feb 08, 2010 08:00AM
Feb 08, 2010 08:00AM
Federal Reserve offers $50 billion in 28-day credit through its Term Auction Facility
Federal Reserve offers $50 billion in 28-day credit through its Term Auction Facility
Feb 05, 2010 08:00AM
Regulators issue statement on lending to creditworthy small businesses
Regulators issue statement on lending to creditworthy small businesses
Feb 04, 2010 09:00AM
Written agreement with Citizens Bancshares and The Citizens Bank of Edmond
Written agreement with Citizens Bancshares and The Citizens Bank of Edmond
Feb 03, 2010 12:30PM
Ben S. Bernanke formally sworn in to second term as chairman of the Board of Governors of the Federal Reserve System
Feb 03, 2010 09:00AM
Written agreement with Palm Desert Investments
Written agreement with Palm Desert Investments
Feb 02, 2010 02:00PM
Approval of proposal by The Warehouse Trust Company to become member of Federal Reserve System
Approval of proposal by The Warehouse Trust Company to become member of Federal Reserve System
Feb 02, 2010 09:00AM
Written agreement with Rising Sun Bancorp and NBRS Financial Bank
Written agreement with Rising Sun Bancorp and NBRS Financial Bank
Feb 01, 2010 09:00AM
Written agreement with Peoples Inc. and Peoples Bank
Written agreement with Peoples Inc. and Peoples Bank
Feb 01, 2010 07:30AM
Federal Reserve launches a new website for bank directors
Federal Reserve launches a new website for bank directors
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