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                <title>Finance on INSEAD Knowledge</title>
                <description>Latest articles published on the INSEAD Knowledge website.</description>
                <link>http://knowledge.insead.edu/home.cfm</link>
                <copyright>INSEAD March 2007, All rights reserved.</copyright>
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              <title>‘Intoxicated’ institutional investors: how the financial crisis infected the real economy</title> 
                  <link>http://knowledge.insead.edu/Investors-crisis-100615.cfm</link> 
	              <pubDate>Tue, 15 Jun 2010 08:44:03 GMT</pubDate>
                  <description><![CDATA[ One of the least understood aspects of the financial crisis is how it spread from the financial sector to the general economy, where it nearly caused a global financial meltdown.<br>
<br>
Alberto Manconi“We could look at the onset of the crisis as a shock to the liquidity of one market sector -- asset-backed securities” says INSEAD PhD candidate Alberto Manconi. “In August 2007, all of a sudden we realised that we didn’t really know how to price these securities. For this reason, very few investors were willing to trade them.”  ]]></description> 
                  <guid>http://knowledge.insead.edu/Investors-crisis-100615.cfm</guid> 
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              <title>Private equity comes of age in China, India and Brazil</title> 
                  <link>http://knowledge.insead.edu/INSEAD-knowledge-private-equity-in-china-india-and-brazil-11-923.cfm</link> 
	              <pubDate>Fri, 30 Sep 2011 05:39:15 GMT</pubDate>
                  <description><![CDATA[ Big potential exists in these large emerging markets, but for how long? ]]></description> 
                  <guid>http://knowledge.insead.edu/INSEAD-knowledge-private-equity-in-china-india-and-brazil-11-923.cfm</guid> 
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              <title>On pricing anomalies and the limits of arbitrage</title> 
                  <link>http://knowledge.insead.edu/pricing-anomalies-and-limits-of-arbitrage-101108.cfm</link> 
	              <pubDate>Fri, 19 Nov 2010 11:27:38 GMT</pubDate>
                  <description><![CDATA[ Textbooks say that even minuscule differences in the price of identical goods in two places should be short-lived. But anomalies do exist, and they often persist for far longer than theories predict, write Denis Gromb and Dimitri Vayanos. ]]></description> 
                  <guid>http://knowledge.insead.edu/pricing-anomalies-and-limits-of-arbitrage-101108.cfm</guid> 
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              <title>How does media coverage affect share prices? Not in the way you think</title> 
                  <link>http://knowledge.insead.edu/INSEAD-knowledge-how-does-media-coverage-affect-share-prices-110725.cfm</link> 
	              <pubDate>Tue, 02 Aug 2011 09:22:25 GMT</pubDate>
                  <description><![CDATA[ INSEAD research suggests the best returns come from companies who never make the news.<br>
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                  <guid>http://knowledge.insead.edu/INSEAD-knowledge-how-does-media-coverage-affect-share-prices-110725.cfm</guid> 
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              <title>Islamic banking comes out of its niche</title> 
                  <link>http://knowledge.insead.edu/INSEAD-knowledge-islamic-banking-111120.cfm</link> 
	              <pubDate>Mon, 28 Nov 2011 06:47:07 GMT</pubDate>
                  <description><![CDATA[ The global economic crisis has meant lower interest rates, higher risk, and an investor flight to safety. Can Islamic banking pick up the slack?  ]]></description> 
                  <guid>http://knowledge.insead.edu/INSEAD-knowledge-islamic-banking-111120.cfm</guid> 
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              <title>Art insurance: where beauty meets the beast</title> 
                  <link>http://knowledge.insead.edu/INSEAD-knowledge-art-insurance-111215.cfm</link> 
	              <pubDate>Fri, 23 Dec 2011 05:36:34 GMT</pubDate>
                  <description><![CDATA[ With investors turning to art as a place to park their money hoping for high returns, behind-the-scenes, one corporate CEO is keeping tabs on the risks vs. rewards of art as an asset and what it takes to keep the formula from falling apart.  ]]></description> 
                  <guid>http://knowledge.insead.edu/INSEAD-knowledge-art-insurance-111215.cfm</guid> 
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              <title>Emerging markets: Are the opportunities worth the challenge?</title> 
                  <link>http://knowledge.insead.edu/INSEAD-knowledge-emerging-markets-are-the-opportunities-worth-the-challe</link> 
	              <pubDate>Fri, 20 Jan 2012 08:42:08 GMT</pubDate>
                  <description><![CDATA[ Spectacular growth, cheap labour, abundant natural resources, pent-up consumer demand – emerging markets have it all! Now here’s the downside… ]]></description> 
                  <guid>http://knowledge.insead.edu/INSEAD-knowledge-emerging-markets-are-the-opportunities-worth-the-challe</guid> 
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              <title>Market moves: Not what you learned in B-School</title> 
                  <link>http://knowledge.insead.edu/INSEAD-knowledge-market-moves-110921.cfm</link> 
	              <pubDate>Fri, 30 Sep 2011 05:21:52 GMT</pubDate>
                  <description><![CDATA[ Worried about your stocks portfolio? Amid today’s wild market gyrations, it can be hard to get a grip on what, exactly, causes moves in share prices. Here are some price-movers that are decoupled from the economy, but still have an impact.<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/INSEAD-knowledge-market-moves-110921.cfm</guid> 
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              <title>Muhammad Yunus: Helping the less privileged unleash their entrepreneurial skills</title> 
                  <link>http://knowledge.insead.edu/muhammadyunus080403.cfm</link> 
	              <pubDate>Wed, 23 Apr 2008 12:11:47 GMT</pubDate>
                  <description><![CDATA[ Some thirty years ago, economics professor Muhammad Yunus made his first loan of $27 to a group of 42 women so they could expand their bamboo furniture making business. <br>
<br>
After the success of his initial loan, Yunus saw that such a small amount of money could change the lives of the people and thought why not do more? Since then, small collateral-free loans known as microcredit have been provided to 100 million people across all continents. With 94 per cent of the worlds income going to just 40 per cent of the population, Yunus decided it was time to do something for the remaining 60 per cent. Commercial banks did not provide such loans to the poor and women only accounted for one per cent of borrowers in Bangladesh at the time. <br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/muhammadyunus080403.cfm</guid> 
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              <title>Are we really in a recovery?</title> 
                  <link>http://knowledge.insead.edu/INSEAD-knowledge-are-we-really-in-a-recovery-110627.cfm</link> 
	              <pubDate>Mon, 04 Jul 2011 04:30:51 GMT</pubDate>
                  <description><![CDATA[ It’s the infamous tug-of-war between Wall Street and Main Street: stock markets are recovering nicely and bondholders are being repaid, but unemployment lines are increasing and governments are finding their coffers falling deeper into the red because of lower tax revenues. Is this really a recovery? INSEAD professors weigh in.  ]]></description> 
                  <guid>http://knowledge.insead.edu/INSEAD-knowledge-are-we-really-in-a-recovery-110627.cfm</guid> 
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              <title>Can there be financial transformation in the Middle East?</title> 
                  <link>http://knowledge.insead.edu/INSEAD-knowledge-nasser-saidi-on-financial-reforms-in-the-middle-east-11</link> 
	              <pubDate>Fri, 06 May 2011 08:34:20 GMT</pubDate>
                  <description><![CDATA[ The Chief Economist of the Dubai International Financial Centre describes his vision for economic growth, consolidation and investment in one of the world’s most diverse regions.  ]]></description> 
                  <guid>http://knowledge.insead.edu/INSEAD-knowledge-nasser-saidi-on-financial-reforms-in-the-middle-east-11</guid> 
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              <title>UK economy: Trimming the fat or incipient anorexia?</title> 
                  <link>http://knowledge.insead.edu/INSEAD-knowledge-UK-economy-outlook-110420.cfm</link> 
	              <pubDate>Fri, 06 May 2011 08:36:11 GMT</pubDate>
                  <description><![CDATA[ When the new government swept into power in the UK, the mandate seemed clear: Get out of debt fast. Now, it’s not so easy.  ]]></description> 
                  <guid>http://knowledge.insead.edu/INSEAD-knowledge-UK-economy-outlook-110420.cfm</guid> 
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              <title>Steering a new course in unchartered waters</title> 
                  <link>http://knowledge.insead.edu/NewCourseUncharteredWaters081015.cfm </link> 
	              <pubDate>Thu, 30 Oct 2008 07:54:31 GMT</pubDate>
                  <description><![CDATA[ With credit getting tighter, companies are going to have to change the way they do business and manage their cash. Laurence Danon, executive board member of Edmond de Rothschild Corporate Finance in France, says we are likely to see companies implementing huge cost-savings plans, probably with significant layoffs and dramatic changes to capital expenditure and development programmes. ]]></description> 
                  <guid>http://knowledge.insead.edu/NewCourseUncharteredWaters081015.cfm </guid> 
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              <title>Greed and deception: Is it too late for ethical banking?</title> 
                  <link>http://knowledge.insead.edu/INSEAD-knowledge-is-it-too-late-for-ethical-banking-110221.cfm</link> 
	              <pubDate>Mon, 28 Feb 2011 09:29:54 GMT</pubDate>
                  <description><![CDATA[ As it turns out, Big Bang – the deregulation of stock markets across Europe back in 1986 – really was an event that shook the world.  Author and independent stock analyst Cyrus Mewawalla tells INSEAD Knowledge that deregulation, greed and deceit are at the root of today’s financial crisis, and suggests ways to return to ethical banking. ]]></description> 
                  <guid>http://knowledge.insead.edu/INSEAD-knowledge-is-it-too-late-for-ethical-banking-110221.cfm</guid> 
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              <title>When profits are private and losses are public</title> 
                  <link>http://knowledge.insead.edu/INSEAD-knowledge-thomas-huertas-on-financial-reform-110427.cfm</link> 
	              <pubDate>Fri, 06 May 2011 08:37:46 GMT</pubDate>
                  <description><![CDATA[ Thomas Huertas of the Financial Services Authority, regulator of the financial services industry in the UK, is a firm believer that better regulation will avoid a repetition of the recent financial meltdown.  ]]></description> 
                  <guid>http://knowledge.insead.edu/INSEAD-knowledge-thomas-huertas-on-financial-reform-110427.cfm</guid> 
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              <title>Who should shoulder the cost of bank bailouts?</title> 
                  <link>http://knowledge.insead.edu/INSEAD-Knowledge-theo-vermaelen-on-convertible-capital-110426.cfm</link> 
	              <pubDate>Fri, 06 May 2011 09:02:07 GMT</pubDate>
                  <description><![CDATA[ INSEAD professor of finance Theo Vermaelen makes a case for his own version of convertible capital as the panacea to government bailouts when banks fail. ]]></description> 
                  <guid>http://knowledge.insead.edu/INSEAD-Knowledge-theo-vermaelen-on-convertible-capital-110426.cfm</guid> 
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              <title>Distressed German companies: Opportunities for Asian investors?</title> 
                  <link>http://knowledge.insead.edu/contents/jake.cfm</link> 
	              <pubDate>Thu, 28 Jun 2007 05:19:28 GMT</pubDate>
                  <description><![CDATA[ Germany’s merger and acquisition market has been booming. According to INSEAD Affiliate Professor of Accounting and Control and Business Law, Jake Cohen, and Jörg Nürnberg, a partner with consultants Dröge & Comp., this M&A activity has opened up a window of opportunity for Asian investors to buy up distressed companies and become part of ‘Germany Inc’, the close-knit network of German companies and banks. ]]></description> 
                  <guid>http://knowledge.insead.edu/contents/jake.cfm</guid> 
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              <title>Islamic microfinance gains popularity in war-torn Afghanistan</title> 
                  <link>http://knowledge.insead.edu/islamicmicrofinance080205.cfm</link> 
	              <pubDate>Tue, 04 Mar 2008 11:45:00 GMT</pubDate>
                  <description><![CDATA[ After spending several years in Iran as a refugee struggling to make a living, Shooperi Sharif never imagined that one day she would have a business of her very own. Last year, the 34-year old mother of three took out an Islamic microfinance loan to expand her business -- it was an Islamic loan as she's one of thousands of Afghans who refuse to take interest-bearing loans. ]]></description> 
                  <guid>http://knowledge.insead.edu/islamicmicrofinance080205.cfm</guid> 
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              <title>The value creation imperative</title> 
                  <link>http://knowledge.insead.edu/valuecreation080103.cfm?vid=20</link> 
	              <pubDate>Tue, 04 Mar 2008 11:45:41 GMT</pubDate>
                  <description><![CDATA[ It's been just over 400 years since a Dutch company became the first organisation to sell shares and became publicly traded. By 2007, more than one billion people owned a stake in the world's companies worth more than $75 trillion. <br>
<br>
<br>
Kevin Kaiser, INSEAD Affiliate Professor of Finance, says that's a dramatic change from the days when monarchs and dictators owned everything and used their country's resources for their good alone. Now, we own the companies as shareholders and Kaiser says that has a number of consequences. ]]></description> 
                  <guid>http://knowledge.insead.edu/valuecreation080103.cfm?vid=20</guid> 
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              <title>A world in crisis?</title> 
                  <link>http://knowledge.insead.edu/AWorldinCrisis080107.cfm</link> 
	              <pubDate>Tue, 04 Mar 2008 11:43:14 GMT</pubDate>
                  <description><![CDATA[ A world in crisis? The US Federal Reserve unexpectedly cut interest rates by 75 basis points last week to 3.5 per cent, despite little economic data signalling recession. The rate cut, its biggest single-day move for more than 20 years, came ahead of a scheduled Fed meeting at the end of the month. <br />
<br />
Ilian Mihov, INSEAD Professor of Economics, says the Fed's move was necessary to bring stability to the markets. "When the financial sector goes down, it starts spiralling in such a way that it's very difficult to restore confidence and bring back the economy on track." ]]></description> 
                  <guid>http://knowledge.insead.edu/AWorldinCrisis080107.cfm</guid> 
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              <title>Creating a climate for change</title> 
                  <link>http://knowledge.insead.edu/EBsclimateforchange080301.cfm?vid=25</link> 
	              <pubDate>Thu, 27 Mar 2008 05:01:35 GMT</pubDate>
                  <description><![CDATA[ A new INSEAD-European Business Summit report on climate change has highlighted a surge in green activities by US entrepreneurs, backed by venture capital. Until 2005, the amount of VC funds invested in clean technologies such as solar and wind power had been running almost neck and neck in the US and Europe. But then there was a sudden surge of VC interest in the US in 2005, the report says, which resulted in US firms raising $4.5 billion in VC funds to invest in clean technology the following year, while the EU raised $1.5 billion. ]]></description> 
                  <guid>http://knowledge.insead.edu/EBsclimateforchange080301.cfm?vid=25</guid> 
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              <title>IPOs: Evaluating failure risk</title> 
                  <link>http://knowledge.insead.edu/contents/Demers.cfm</link> 
	              <pubDate>Mon, 19 Mar 2007 05:19:28 GMT</pubDate>
                  <description><![CDATA[ INSEAD Assistant Professor of Accounting and Control Liz Demers says the risk of failure may not be fully priced into new listings as of the offering date. ]]></description> 
                  <guid>http://knowledge.insead.edu/contents/Demers.cfm</guid> 
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              <title>Reputational risk management: A key determinant of competitive performance</title> 
                  <link>http://knowledge.insead.edu/contents/walter.cfm</link> 
	              <pubDate>Sat, 26 May 2007 04:19:28 GMT</pubDate>
                  <description><![CDATA[ When WorldCom collapsed in 2002, its investors lost billions – and so did shareholders of Citigroup. Markets punished the financial giant for its part in the financial scandal. Citigroup had risked its reputation by developing a web of intimate business relationships with the fraud-ridden telecoms firm. Modern financial groups such as Citigroup are particularly vulnerable to issues of reputational risk, says INSEAD visiting professor Ingo Walter. ]]></description> 
                  <guid>http://knowledge.insead.edu/contents/walter.cfm</guid> 
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              <title>Risk assessment: Keep it simple</title> 
                  <link>http://knowledge.insead.edu/contents/Gaba.cfm?vid=2</link> 
	              <pubDate>Thu, 28 Jun 2007 05:19:28 GMT</pubDate>
                  <description><![CDATA[ The ability to assess risk and uncertainty is critical for investment banks and businesses. While some may advocate the use of complex models, INSEAD Dean of Faculty and Professor of Decision Sciences, Anil Gaba, believes that if you’re looking to forecast risk, you’d do well to keep it simple. ]]></description> 
                  <guid>http://knowledge.insead.edu/contents/Gaba.cfm?vid=2</guid> 
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              <title>Targetting Africa: The case for investment</title> 
                  <link>http://knowledge.insead.edu/ILSAfricaCaseForInvestment080508.cfm?vid=40</link> 
	              <pubDate>Thu, 08 May 2008 04:39:40 GMT</pubDate>
                  <description><![CDATA[ Africa is so diverse, with its variety of countries and resources, that almost any type of business in the world could take advantage of the continents economic growth. That was the view of panellists at the INSEAD Leadership Summit 2008. <br>
 <br>
Simon Harford, West Africa head for private equity group Actis and INSEAD alumnus (94D) says virtually any business that can talk to the consumer base of Africa is already growing at remarkable rates, 30 to 60 per cent year on year. <br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/ILSAfricaCaseForInvestment080508.cfm?vid=40</guid> 
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              <title>The Nigerian Paradox : Is it fading away?</title> 
                  <link>http://knowledge.insead.edu/ILSNigerianParadox080507.cfm?vid=41</link> 
	              <pubDate>Thu, 08 May 2008 04:44:49 GMT</pubDate>
                  <description><![CDATA[ Emeka Onwuka, CEO of Diamond Bank, talks to INSEAD Knowledge about Nigeria's economy. ]]></description> 
                  <guid>http://knowledge.insead.edu/ILSNigerianParadox080507.cfm?vid=41</guid> 
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              <title>Women and Money</title> 
                  <link>http://knowledge.insead.edu/WomenAndMoney080404.cfm?vid=36</link> 
	              <pubDate>Wed, 23 Apr 2008 12:05:03 GMT</pubDate>
                  <description><![CDATA[ Are men or women better at investing?<br>
<br>
This is not only a fun question but it is of great practical value, says INSEAD Assistant Professor of Finance Lily Fang, who hosted a Women and Money forum at INSEAD recently. Some studies suggest that women are better investors than men. Dig a little deeper and the picture isnt so clear.<br>
<br>
<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/WomenAndMoney080404.cfm?vid=36</guid> 
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              <title>Mergers and acquisitions: Reducing the private firm discount</title> 
                  <link>http://knowledge.insead.edu/MergersAcquisitionsPrivateFirmDiscount080406.cfm</link> 
	              <pubDate>Wed, 23 Apr 2008 12:06:47 GMT</pubDate>
                  <description><![CDATA[ Owners of private companies normally sell their shares at a 20-30 per cent discount during mergers and acquisitions. The private firm discount is one reason the stock market reacts more favorably when companies announce a private acquisition than whenthe target is a publicly-listed firm.<br>
<br>
<br>
<br>
From the buyers point of view, says INSEAD Associate Professor of Strategy Laurence Capron, the discount reflects a presumed higher risk associated with the value of private assets due to a lack of information about the target firms, their lack of liquidity and their lack of visibility. From the sellers point of view, the discount can reflect naivety, a lack of financial advice and the choice of a preferred buyer rather than the highest bidder. <br>
<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/MergersAcquisitionsPrivateFirmDiscount080406.cfm</guid> 
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              <title>The business of positive change</title> 
                  <link>http://knowledge.insead.edu/PositiveChange080611.cfm</link> 
	              <pubDate>Wed, 25 Jun 2008 07:28:25 GMT</pubDate>
                  <description><![CDATA[ Profit-seeking is consistent with social entrepreneurship, says Pamela Hartigan, the co-founder of the Schwab Foundation for Social Entrepreneurship and author of The Power of Unreasonable People: How Entrepreneurs Create Markets that Change the World. Hartigan says social entrepreneurs see the profit motive as a means to the goal of improving society and not as an end in itself.<br>
<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/PositiveChange080611.cfm</guid> 
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              <title>Blueprint for a new international financial order</title> 
                  <link>http://knowledge.insead.edu/NewFinancialOrder081104.cfm</link> 
	              <pubDate>Fri, 21 Nov 2008 06:39:10 GMT</pubDate>
                  <description><![CDATA[ Politicians have acted decisively to restore confidence and liquidity in the banking sector through the injection of capital and guarantees on interbank loans. The UK, continental EU countries, the US and Switzerland, have injected new capital into their home banks, increasing capital ratios. <br>
<br>
Political leaders are now calling an international conference for a new international financial order to discuss the creation of a supranational supervisory body, Bretton Woods II. ]]></description> 
                  <guid>http://knowledge.insead.edu/NewFinancialOrder081104.cfm</guid> 
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              <title>We should heed the lessons of the collapse of the ‘golden age’: a personal view</title> 
                  <link>http://knowledge.insead.edu/GreatDepression080912.cfm</link> 
	              <pubDate>Tue, 30 Sep 2008 04:29:25 GMT</pubDate>
                  <description><![CDATA[ When I teach my macroeconomics class for the MBAs at INSEAD, I always discuss the Great Depression and the lecture ends on an optimistic tone with a simple statement: “The Great Depression will never happen again”. I firmly believed this because there is a widespread consensus that the Great Depression was a result of a sequence of policy mistakes. Economists have learned what policies should be applied to avoid the Great Depression. <br>
<br>
Unfortunately, I have to revise my optimism now. It is not because what we learned was wrong, nor because we have unlearned the big lessons from the Great Depression. Optimism fades because it turns out that political bickering and petty re-election agendas can wipe out the lessons of more than 70 years ago. <br>
<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/GreatDepression080912.cfm</guid> 
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              <title>US economy may plunge into depression if banking sector bailout fails</title> 
                  <link>http://knowledge.insead.edu/USEconomyBailout080911.cfm</link> 
	              <pubDate>Tue, 30 Sep 2008 04:36:39 GMT</pubDate>
                  <description><![CDATA[ The US economy may plunge into a depression if the $700 billion rescue package fails to revive the ailing banking sector, says Ilian Mihov, INSEAD Professor of Economics.<br>
<br>
“The Great Depression (this time) is still unlikely but it is not impossible anymore. This is quite sad,” Mihov says.<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/USEconomyBailout080911.cfm</guid> 
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              <title>Banks in Asia may weather global financial crisis</title> 
                  <link>http://knowledge.insead.edu/BanksAsiaCrisis081001.cfm</link> 
	              <pubDate>Thu, 30 Oct 2008 07:52:51 GMT</pubDate>
                  <description><![CDATA[ Banks operating in Asia should come out of the global financial crisis relatively unscathed compared to their counterparts in the US and Europe, given their more conservative lending activities and stronger balance sheets, bankers and financial experts said at a recent Bloomberg Leadership Forum held in Singapore. ]]></description> 
                  <guid>http://knowledge.insead.edu/BanksAsiaCrisis081001.cfm</guid> 
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              <title>Can China help power the global economy out of a crisis?</title> 
                  <link>http://knowledge.insead.edu/ChinaGlobalCrisis081003.cfm?vid=100 </link> 
	              <pubDate>Thu, 30 Oct 2008 08:08:34 GMT</pubDate>
                  <description><![CDATA[ With the credit crisis buffeting global economic growth, China’s industrial production and construction declined due to weaker export orders, factory closures for the Beijing Olympics and the sagging property market. However, retail sales growth remained strong, while inflation eased amid falling commodity prices. Nevertheless, Dominic Barton, Asia Pacific chairman of consultancy firm McKinsey & Company, is “very bullish about where China is going to be over the next two to three years." ]]></description> 
                  <guid>http://knowledge.insead.edu/ChinaGlobalCrisis081003.cfm?vid=100 </guid> 
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              <title>Rethinking global financial systems</title> 
                  <link>http://knowledge.insead.edu/RethinkingFinancial081016.cfm?vid=99</link> 
	              <pubDate>Thu, 30 Oct 2008 08:14:43 GMT</pubDate>
                  <description><![CDATA[ The consensus is loud and clear: in the wake of the worst global financial crisis since the Great Depression, a fundamental rethink of the structure of the global financial markets and greater cooperation of the major regulatory bodies are paramount, said the heads of major financial institutions at the World Knowledge Forum in Seoul.<br>
<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/RethinkingFinancial081016.cfm?vid=99</guid> 
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              <title>Islamic finance: funding the ‘real economy’</title> 
                  <link>http://knowledge.insead.edu/IslamicFinance081114.cfm?vid=128</link> 
	              <pubDate>Fri, 21 Nov 2008 06:20:35 GMT</pubDate>
                  <description><![CDATA[ The global financial crisis presents an opportunity for the Islamic finance industry to show its credentials, say several practitioners in the field. Speaking to INSEAD Knowledge at the 6th International Islamic Finance Conference here, Daud Vicary Abdullah, COO of Asian Finance Bank, says “the biggest opportunity really is around getting the messages across about the value-proposition of Islamic products and the way in which Islamic finance is done.” ]]></description> 
                  <guid>http://knowledge.insead.edu/IslamicFinance081114.cfm?vid=128</guid> 
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              <title>Australian banks well positioned to weather the financial crisis</title> 
                  <link>http://knowledge.insead.edu/AustralianBanks081106.cfm?vid=118</link> 
	              <pubDate>Fri, 21 Nov 2008 06:23:01 GMT</pubDate>
                  <description><![CDATA[ In comparison to the battered banks elsewhere, Australia’s ‘big four’ banks have been “holding up very well” relative to their counterparts in the US and Europe, which have either filed for bankruptcy or have sought government bailouts, says John Schubert, chairman of the Commonwealth Bank of Australia, the country’s biggest lender by market capitalisation. ]]></description> 
                  <guid>http://knowledge.insead.edu/AustralianBanks081106.cfm?vid=118</guid> 
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              <title>Tackling the financial crisis by changing tack</title> 
                  <link>http://knowledge.insead.edu/ChangingTack081111.cfm?vid=131</link> 
	              <pubDate>Fri, 21 Nov 2008 06:33:47 GMT</pubDate>
                  <description><![CDATA[ China, one of Asia’s economic powerhouses, is not immune to the global financial crisis despite enjoying double-digit growth in the last five years and being poised to achieve nine per cent growth this year. Share prices in Shanghai have fallen 72 per cent and house prices have come down 55 per cent. Demand has plummeted and thousands of factories have closed because of cancelled or delayed export orders.<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/ChangingTack081111.cfm?vid=131</guid> 
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              <title>Soft information or 'cheap talk' in company announcements: filling the 'void'</title> 
                  <link>http://knowledge.insead.edu/SoftinfoandPR090120.cfm?vid=172</link> 
	              <pubDate>Thu, 22 Jan 2009 08:37:39 GMT</pubDate>
                  <description><![CDATA[ Next time you listen to a CEO talk about his or her company, play close attention to whether the person is being unusually optimistic or pessimistic. This sentiment can give you a good indication about where the company's stock price is headed.  ]]></description> 
                  <guid>http://knowledge.insead.edu/SoftinfoandPR090120.cfm?vid=172</guid> 
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           <item> 
              <title>Living with uncertainty</title> 
                  <link>http://knowledge.insead.edu/LivingWithUncertainty081007.cfm?vid=101 </link> 
	              <pubDate>Thu, 30 Oct 2008 08:22:27 GMT</pubDate>
                  <description><![CDATA[ The authorities in the US and Europe have the right policies in place to tackle the financial crisis, but it will take time to restore confidence in the markets, according to speakers at the World Knowledge Forum. James Wolfensohn, who had led the World Bank during the Asian financial crisis in the late 90s, told the forum’s ‘Live on Wall Street’ session that the markets have ‘yet to be convinced of the utility of these interventions.' ]]></description> 
                  <guid>http://knowledge.insead.edu/LivingWithUncertainty081007.cfm?vid=101 </guid> 
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           <item> 
              <title>How to recapitalise banks: a personal view</title> 
                  <link>http://knowledge.insead.edu/Howtorecapitalisebanks090213.cfm</link> 
	              <pubDate>Fri, 13 Feb 2009 10:59:20 GMT</pubDate>
                  <description><![CDATA[ The current approach to solving the banking crisis is to put more government money into banks. The problem with this approach is that it creates fear of government meddling in the operational and financial decisions of the banking sector. The capitalist system can only survive if two conditions are met: managers are willing and capable of maximising  shareholder value.  ]]></description> 
                  <guid>http://knowledge.insead.edu/Howtorecapitalisebanks090213.cfm</guid> 
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           <item> 
              <title>Governments have not done enough to address crisis</title> 
                  <link>http://knowledge.insead.edu/GovernmentToAddressCrisis081203.cfm?vid=155</link> 
	              <pubDate>Wed, 17 Dec 2008 04:54:08 GMT</pubDate>
                  <description><![CDATA[ Governments around the world have not done enough to address the damaging effects of the global financial crisis triggered by the one-year old subprime credit crisis in the United States, economist Manu Bhaskaran says.<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/GovernmentToAddressCrisis081203.cfm?vid=155</guid> 
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           <item> 
              <title>Maximising shareholder value: an ethical responsibility?</title> 
                  <link>http://knowledge.insead.edu/Maximisingshareholdervalue081215.cfm?vid=158</link> 
	              <pubDate>Wed, 17 Dec 2008 05:10:17 GMT</pubDate>
                  <description><![CDATA[ Finance professors often get criticised by ethics professors because they tell their students that the goal of the firm is to maximise shareholder value. Financial scandals such as Enron, Tyco and others are regularly blamed on the excessive focus on shareholder value maximisation. ]]></description> 
                  <guid>http://knowledge.insead.edu/Maximisingshareholdervalue081215.cfm?vid=158</guid> 
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           <item> 
              <title>How to raise capital without giving away your company</title> 
                  <link>http://knowledge.insead.edu/RaiseCapital080709.cfm</link> 
	              <pubDate>Wed, 30 Jul 2008 09:13:14 GMT</pubDate>
                  <description><![CDATA[ Entrepreneur Anat Bar-Gera on how to raise capital without giving away your company ]]></description> 
                  <guid>http://knowledge.insead.edu/RaiseCapital080709.cfm</guid> 
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              <title>Buyback investing: time to come in from the ‘cold’?</title> 
                  <link>http://knowledge.insead.edu/BuybackInvesting090430.cfm</link> 
	              <pubDate>Thu, 30 Apr 2009 12:15:09 GMT</pubDate>
                  <description><![CDATA[ Many investors are wondering: is it time to take the plunge and go back into stocks?  While no-one can predict the future, it is generally accepted that company insiders know more than outsiders. So, one way to check whether insiders have confidence is to check net insider buying data (insider purchases minus insider sales). However, such a signal is likely to be noisy, as in many cases insider sales are driven by personal reasons such as the need to sell stocks to finance consumption or pay off debt.<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/BuybackInvesting090430.cfm</guid> 
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              <title>Struggling for survival</title> 
                  <link>http://knowledge.insead.edu/Strugglingforsurvival090615.cfm?vid=261</link> 
	              <pubDate>Mon, 15 Jun 2009 10:21:58 GMT</pubDate>
                  <description><![CDATA[ Private equity was the darling of the investment world in the five years between 2003 and 2007, enjoying exponential growth fuelled by cheap liquidity, growing profitability across industries, rising asset prices, and strong support from investors. Today, amid the global economic slowdown, the private equity industry is struggling for survival in the face of “a perfect storm”. ]]></description> 
                  <guid>http://knowledge.insead.edu/Strugglingforsurvival090615.cfm?vid=261</guid> 
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              <title>The China-Africa alliance</title> 
                  <link>http://knowledge.insead.edu/TheChina-Africaalliance090709.cfm</link> 
	              <pubDate>Thu, 09 Jul 2009 11:41:33 GMT</pubDate>
                  <description><![CDATA[ Africa is critically important to China’s global strategy, for a number of reasons: the continent’s geopolitical importance; its large, untapped market; and its abundance of natural resources. And as more Chinese companies feel the need to enter new markets and seek more resources, Africa will only see increased Chinese business and investment activity. ]]></description> 
                  <guid>http://knowledge.insead.edu/TheChina-Africaalliance090709.cfm</guid> 
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              <title>Credit ratings: buyer beware</title> 
                  <link>http://knowledge.insead.edu/finance-credit-ratings-090824.cfm?vid=295</link> 
	              <pubDate>Mon, 31 Aug 2009 03:29:53 GMT</pubDate>
                  <description><![CDATA[ “Investors tend to take credit ratings at face value and rely on them too heavily.” So says ESSEC Economics Professor Patricia Langohr, who with her father, INSEAD Finance and Banking Professor Herwig Langohr, has written a book called 'The rating agencies and their credit ratings'. ]]></description> 
                  <guid>http://knowledge.insead.edu/finance-credit-ratings-090824.cfm?vid=295</guid> 
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              <title>Cash is king, so work your working capital</title> 
                  <link>http://knowledge.insead.edu/finance-working-capital-090824.cfm?vid=294</link> 
	              <pubDate>Mon, 31 Aug 2009 03:35:01 GMT</pubDate>
                  <description><![CDATA[ With credit so hard to get during this recession, the old adage that “cash is king” is even more relevant. But most companies have access to more cash than they realise, say two INSEAD professors, and it’s right in front of them, in their company balance sheets.<br>
<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/finance-working-capital-090824.cfm?vid=294</guid> 
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              <title>Stirring a common interest in microfinance</title> 
                  <link>http://knowledge.insead.edu/Stirringacommoninterestinmicrofinance090717.cfm</link> 
	              <pubDate>Fri, 17 Jul 2009 09:18:01 GMT</pubDate>
                  <description><![CDATA[ Three years after Muhammad Yunus won the Nobel Peace Prize for Grameen Bank’s work in Bangladesh, providing loans to the poor without any financial security, microfinance is still gaining momentum in other parts of the world. Not only is it alive and well today, but microfinancing has also seen other offshoots emerge.<br>
<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/Stirringacommoninterestinmicrofinance090717.cfm</guid> 
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              <title>Examining responsible competitiveness in the Arab World</title> 
                  <link>http://knowledge.insead.edu/ExaminingresponsiblecompetitivenessintheArabWorld090605.cfm</link> 
	              <pubDate>Fri, 05 Jun 2009 12:31:41 GMT</pubDate>
                  <description><![CDATA[ Islamic finance is experiencing a resurgence in the Arab world as a result of the economic recession, according to Alex MacGillivray, senior partner at AccountAbility, one of the co-authors of a new report entitled Responsible Competitiveness in the Arab World 2009.<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/ExaminingresponsiblecompetitivenessintheArabWorld090605.cfm</guid> 
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           <item> 
              <title>Rethinking what shareholder value means</title> 
                  <link>http://knowledge.insead.edu/Rethinkingwhatshareholdervaluemeans090504.cfm?vid=240</link> 
	              <pubDate>Mon, 04 May 2009 10:27:14 GMT</pubDate>
                  <description><![CDATA[ By not ending too early, the current financial and economic crisis can actually be beneficial for shareholder value, says Urs Peyer, INSEAD associate professor of finance. ]]></description> 
                  <guid>http://knowledge.insead.edu/Rethinkingwhatshareholdervaluemeans090504.cfm?vid=240</guid> 
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           <item> 
              <title>In defence of hedge funds</title> 
                  <link>http://knowledge.insead.edu/Indefenceofhedgefunds090504.cfm?vid=82</link> 
	              <pubDate>Mon, 04 May 2009 10:28:53 GMT</pubDate>
                  <description><![CDATA[ Hedge funds have come in for scrutiny of late, particularly for their role in the financial crisis. According to Christopher Fawcett, CEO of Fauchier Partners, which manages hedge fund and alternative investment portfolios, hedge funds have become a scapegoat as they are an easy target. ]]></description> 
                  <guid>http://knowledge.insead.edu/Indefenceofhedgefunds090504.cfm?vid=82</guid> 
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           <item> 
              <title>Private equity: finding 'vintage' returns in times of economic turbulence</title> 
                  <link>http://knowledge.insead.edu/Findingreturnsineconomicturbulence090615.cfm?vid=259</link> 
	              <pubDate>Mon, 15 Jun 2009 10:20:52 GMT</pubDate>
                  <description><![CDATA[ This year and next could well be “vintage years” for private equity returns, even though the private equity market has shrunk dramatically from its peak in 2006 and 2007, says Peter Cornelius, Chief Economist of AlpInvest Partners, a private equity shop which manages assets of US$40 billion. ]]></description> 
                  <guid>http://knowledge.insead.edu/Findingreturnsineconomicturbulence090615.cfm?vid=259</guid> 
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              <title>Beating the market with buybacks</title> 
                  <link>http://knowledge.insead.edu/finance-buybacks-anomalies-091007.cfm</link> 
	              <pubDate>Thu, 08 Oct 2009 10:35:57 GMT</pubDate>
                  <description><![CDATA[ Six months ago, we invested in a portfolio of 24 stocks that we expected to beat the market using methodology outlined in the Review of Financial Studies. The list of the stocks was posted in April 2009 on the INSEAD knowledge website. Our methodology essentially involves buying shares of US-listed companies that announce open market share buyback programmes, and where it appears that the buyback is driven by the fact that the management believes its shares are undervalued. <br>
<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/finance-buybacks-anomalies-091007.cfm</guid> 
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              <title>Private equity in Asia: stepping back from the brink</title> 
                  <link>http://knowledge.insead.edu/finance-private-equity-asia-091119.cfm</link> 
	              <pubDate>Mon, 23 Nov 2009 09:59:31 GMT</pubDate>
                  <description><![CDATA[ Back from the abyss. That’s perhaps an apt description of the private equity (PE) industry in Asia, which saw deal flows grind to a virtual halt between the last quarter of 2008 and the first quarter of this year in the wake of the global financial crisis. <br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/finance-private-equity-asia-091119.cfm</guid> 
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              <title>The Lehman fallout: blame the bankers, not the banks</title> 
                  <link>http://knowledge.insead.edu/finance-bankers-reputation-100312.cfm?vid=389</link> 
	              <pubDate>Fri, 12 Mar 2010 05:10:21 GMT</pubDate>
                  <description><![CDATA[ The banking industry, post-Lehman Brothers, is going to be quite a different one going forward, because the impact of the banking crisis was so profound that changes are inevitable.  ]]></description> 
                  <guid>http://knowledge.insead.edu/finance-bankers-reputation-100312.cfm?vid=389</guid> 
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              <title>A tale of two banks: hallmarks of the changing financial landscape</title> 
                  <link>http://knowledge.insead.edu/finance-insead-summit-091124.cfm?vid=346</link> 
	              <pubDate>Thu, 26 Nov 2009 04:42:54 GMT</pubDate>
                  <description><![CDATA[ It would be difficult to find two financial institutions more indicative of the plus and minus sides of the financial tsunami that hit the world of banking this year: on the one hand, ING, the venerable international Dutch bank, forced to go to the government for a 10 billion euro bailout and now facing public evisceration at the hands of EU regulators. On the other hand, Standard Chartered Bank, a bastion of banking in Asia since the era of British imperial rule.  ]]></description> 
                  <guid>http://knowledge.insead.edu/finance-insead-summit-091124.cfm?vid=346</guid> 
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              <title>‘Incredible consensus’ for regulatory reforms among G20, but political will weakening</title> 
                  <link>http://knowledge.insead.edu/economy-regulatory-reforms-091125.cfm?vid=341</link> 
	              <pubDate>Thu, 26 Nov 2009 04:44:45 GMT</pubDate>
                  <description><![CDATA[ In the face of the impending global financial meltdown a year ago, world leaders found clarity: financial regulatory frameworks needed to be overhauled. ]]></description> 
                  <guid>http://knowledge.insead.edu/economy-regulatory-reforms-091125.cfm?vid=341</guid> 
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           <item> 
              <title>How to save banks without using taxpayers’ money</title> 
                  <link>http://knowledge.insead.edu/finance-convertible-bonds-091204.cfm</link> 
	              <pubDate>Fri, 04 Dec 2009 07:50:08 GMT</pubDate>
                  <description><![CDATA[ In the recent financial crisis, taxpayers in many countries had to pick up the bills that resulted from governments bailing out banks.  The idea that the government will save you if you make mistakes  encourages excessive risk-taking. Bailouts have created popular resentment against bankers' compensation, which makes it difficult to pay competitive salaries after a bank is rescued. So bailouts, which also add to the government deficits and crowd out other government spending plans, have many undesirable characteristics. ]]></description> 
                  <guid>http://knowledge.insead.edu/finance-convertible-bonds-091204.cfm</guid> 
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              <title>Turning around Tyco: how corporate governance saved the day</title> 
                  <link>http://knowledge.insead.edu/Tyco-corporate-governance-100318.cfm?vid=396</link> 
	              <pubDate>Thu, 18 Mar 2010 08:00:38 GMT</pubDate>
                  <description><![CDATA[ “Shareholders are screaming. The stock price has dropped from $60 to $7 a share. The press is hitting you every day with requests for info on the turnaround of the company. The prior management is still there, wondering about their futures. The prior board is there, wondering about their futures. And you’re there, trying to bring some order to this chaos.”<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/Tyco-corporate-governance-100318.cfm?vid=396</guid> 
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           <item> 
              <title>Creative finance: funding the future of social enterprise</title> 
                  <link>http://knowledge.insead.edu/social-innovation-creative-finance-100316.cfm</link> 
	              <pubDate>Tue, 16 Mar 2010 10:41:37 GMT</pubDate>
                  <description><![CDATA[ Ten years ago, it was not fashionable for social enterprises to take loans. Even if they wanted to, nobody would lend them money.  ]]></description> 
                  <guid>http://knowledge.insead.edu/social-innovation-creative-finance-100316.cfm</guid> 
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           <item> 
              <title>Breaking the bank: finding value amid the debris</title> 
                  <link>http://knowledge.insead.edu/finance-bank-valuation-091221.cfm?vid=359</link> 
	              <pubDate>Mon, 21 Dec 2009 08:57:36 GMT</pubDate>
                  <description><![CDATA[ A whole new industry is springing up as a result of the financial crisis to deal with a central issue: how to handle failing banks. INSEAD Professor of Banking and Finance Jean Dermine has taken his quarter-century’s worth of research and turned it into something a bit more forward-looking: a book entitled ‘Bank Valuation and Value-Based Management.’ The thesis: if you focus on looking at long-term value rather than short-term cash flow, banks will be less risky and the financial world will be less susceptible to tremors from shaky deals. Then you apply this theory to quotidian bank management. ]]></description> 
                  <guid>http://knowledge.insead.edu/finance-bank-valuation-091221.cfm?vid=359</guid> 
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           <item> 
              <title>Swiss banking secrecy remains intact despite US authorities winning tax battle with UBS</title> 
                  <link>http://knowledge.insead.edu/finance-swiss-banking-091016.cfm</link> 
	              <pubDate>Tue, 20 Oct 2009 03:35:22 GMT</pubDate>
                  <description><![CDATA[ Switzerland’s banking industry is firmly against “indiscriminate and unwarranted trawling” through bank accounts to uncover tax frauds, says Urs Roth, CEO of the Swiss Bankers Association. <br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/finance-swiss-banking-091016.cfm</guid> 
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           <item> 
              <title>Measuring the effectiveness of corporate governance</title> 
                  <link>http://knowledge.insead.edu/corporate-governance-effectiveness-100415.cfm</link> 
	              <pubDate>Thu, 15 Apr 2010 11:16:43 GMT</pubDate>
                  <description><![CDATA[ Trust is the foundation of sustainable development. As the world continues to get smaller, our mutual interdependence increases and we all need to be able to mobilise the resources and goodwill of others to achieve success. That can only be achieved through gaining their trust. Therefore, the ability to gain the trust of global financial markets and of all the stakeholders in the value chain is becoming the key to success.  ]]></description> 
                  <guid>http://knowledge.insead.edu/corporate-governance-effectiveness-100415.cfm</guid> 
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           <item> 
              <title>In the world of banking, does size matter?</title> 
                  <link>http://knowledge.insead.edu/finance-banking-Dermine-090922.cfm?vid=306</link> 
	              <pubDate>Tue, 22 Sep 2009 09:21:24 GMT</pubDate>
                  <description><![CDATA[ It was bound to happen. After pouring tens of billions of dollars, pounds and euros: as much as 5.5 per cent of the GDP of advanced economies, according to the International Monetary Fund, governments began to revolt. “If a bank is too big to fail, then it is too big,” the governor of the central bank of Belgium told a newspaper at the end of June. If this is true, then what about the corollary: “Small is beautiful?” If bankers’ bonuses are being capped, should the size of their banks be capped as well? ]]></description> 
                  <guid>http://knowledge.insead.edu/finance-banking-Dermine-090922.cfm?vid=306</guid> 
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           <item> 
              <title>Further consolidation seen in private banking sector</title> 
                  <link>http://knowledge.insead.edu/finance-private-banking-090917.cfm</link> 
	              <pubDate>Fri, 18 Sep 2009 10:44:44 GMT</pubDate>
                  <description><![CDATA[ Even as the global economic downturn continues to ease, there will be further consolidation in the private banking industry amid cost-cutting efforts and falling revenues, says Pierre-Francois Baer, SG Private Banking’s CEO for Singapore & South Asia.  ]]></description> 
                  <guid>http://knowledge.insead.edu/finance-private-banking-090917.cfm</guid> 
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           <item> 
              <title>The pursuit of value</title> 
                  <link>http://knowledge.insead.edu/Strategy-Value-Negotiation-100917.cfm?vid=463</link> 
	              <pubDate>Wed, 22 Sep 2010 12:38:54 GMT</pubDate>
                  <description><![CDATA[ It’s all too easy, if you have the upper hand in negotiations – whether it be through information asymmetry or generally a more favourable position -- to make full use of a power play in negotiations to get what you want, with the winner taking all and the loser walking away empty-handed, says INSEAD Professor Horacio Falcao. But instead, negotiators should be looking to develop ‘win-win’ strategies that allow all parties to capture some of the value, or at least feel that they were being treated fairly in the negotiations. ]]></description> 
                  <guid>http://knowledge.insead.edu/Strategy-Value-Negotiation-100917.cfm?vid=463</guid> 
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           <item> 
              <title>Message to Basel: Another way to avoid bank bailouts</title> 
                  <link>http://knowledge.insead.edu/bankbailouts_000.cfm</link> 
	              <pubDate>Wed, 25 Aug 2010 03:56:05 GMT</pubDate>
                  <description><![CDATA[ The Basel committee on Banking Supervision is set to finalise new capital requirements for banks by the end of the year. They are also looking closer at so-called cocobonds, or contingent convertibles as an alternative to issuing equity to meet these requirements. ]]></description> 
                  <guid>http://knowledge.insead.edu/bankbailouts_000.cfm</guid> 
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              <title>The heat is on: private equity goes to Asia</title> 
                  <link>http://knowledge.insead.edu/super-returns-asia-private-equity-101018.cfm?vid=478</link> 
	              <pubDate>Wed, 20 Oct 2010 11:28:27 GMT</pubDate>
                  <description><![CDATA[ After a difficult year for private equity in 2009 following the global financial crisis, many limited partners are looking to invest in Asia in search of gross returns of two to three times invested capital, if not more. <br>
<br>
At the recent SuperReturn Asia PE conference in Hong Kong (Sept 27-30), China had clearly become the ‘flavour of the month’ for LP investors, with India a not-so-close second, in part due to valuations there. ]]></description> 
                  <guid>http://knowledge.insead.edu/super-returns-asia-private-equity-101018.cfm?vid=478</guid> 
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           <item> 
              <title>What’s your CEO really worth? INSEAD’s Corporate Governance Initiative creates a model.</title> 
                  <link>http://knowledge.insead.edu/insead-corporate-governance-initiative-100913.cfm?vid=468</link> 
	              <pubDate>Wed, 22 Sep 2010 12:29:04 GMT</pubDate>
                  <description><![CDATA[ If there is a culprit behind the dismal state of corporate governance today, INSEAD Professor Ludo Van der Heyden blames Wall Street capitalism.<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/insead-corporate-governance-initiative-100913.cfm?vid=468</guid> 
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           <item> 
              <title>Lessons from Germany’s banking crisis: taking a closer look at boardrooms</title> 
                  <link>http://knowledge.insead.edu/bank-governance-HaraldHau-100913.cfm?vid=461</link> 
	              <pubDate>Wed, 22 Sep 2010 12:31:31 GMT</pubDate>
                  <description><![CDATA[ In the aftermath of the economic crisis many governments are calling for tighter banking regulations to keep such a debacle from ever happening again. But Harald Hau, Associate Professor of Finance at INSEAD, says better bank governance may actually be a more effective answer to the problem – an insight which emerges from taking a closer look at the German experience. ]]></description> 
                  <guid>http://knowledge.insead.edu/bank-governance-HaraldHau-100913.cfm?vid=461</guid> 
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           <item> 
              <title>The upside of a down market</title> 
                  <link>http://knowledge.insead.edu/strategy-banco-santander-101015.cfm?vid=481</link> 
	              <pubDate>Wed, 20 Oct 2010 11:40:43 GMT</pubDate>
                  <description><![CDATA[ If there’s one good thing about an economic crisis, it’s the bargains resulting from the fall-out. Good, that is, if you’re in a position to buy. And that was exactly the position in which Banco Santander found itself.<br>
<br>
When the credit crisis hit the UK in 2007, Spain’s largest bank had the will and the means to take advantage of some amazing bargains. Not only did Banco Santander weather the crisis, it emerged as a stronger global player, particularly in the UK. ]]></description> 
                  <guid>http://knowledge.insead.edu/strategy-banco-santander-101015.cfm?vid=481</guid> 
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           <item> 
              <title>Corporate models for corporate governance: Johnson   Johnson Trust</title> 
                  <link>http://knowledge.insead.edu/corporate-models-for-corporate-governance-100913.cfm?vid=469</link> 
	              <pubDate>Wed, 22 Sep 2010 12:32:54 GMT</pubDate>
                  <description><![CDATA[ Johnson & Johnson, the New Jersey-based, publicly-listed manufacturer of healthcare products, is the world’s largest medical device company, the fourth largest biotech and eighth largest pharmaceutical company in the world. According to its most recent investor fact sheet (2009), J&J’s 250+ operating companies in 60 countries generated $61.9 billion in sales last year ($12.3 bln in net earnings) – more than half of which were from outside the US. ]]></description> 
                  <guid>http://knowledge.insead.edu/corporate-models-for-corporate-governance-100913.cfm?vid=469</guid> 
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              <title>Asian private equity: coming of age</title> 
                  <link>http://knowledge.insead.edu/asia-private-equity-coming-of-age-101018.cfm?vid=477</link> 
	              <pubDate>Wed, 20 Oct 2010 11:34:19 GMT</pubDate>
                  <description><![CDATA[ Looking at the numbers, it’s apparent that Asia’s private equity star is shining bright. Assets under management increased ninefold during the last 15 years to about $283 billion in 2009 – 60 per cent of that growth came in the last five years alone.<br>
<br>
But for all its healthy growth, only one third of global limited partnerships (LP) have allocations to Asia, including developed markets like Japan, South Korea and Australia and developing economies like China and India, according to Preqin (a research firm focusing on alternative investments). Also, the region’s assets under management have maintained a fairly steady percentage of around 10 per cent of the global private equity industry’s assets. ]]></description> 
                  <guid>http://knowledge.insead.edu/asia-private-equity-coming-of-age-101018.cfm?vid=477</guid> 
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           <item> 
              <title>M As: Not necessarily the best way to grow your company</title> 
                  <link>http://knowledge.insead.edu/mergers-and-acquisitions-strategy-101014.cfm?vid=486</link> 
	              <pubDate>Wed, 20 Oct 2010 11:58:10 GMT</pubDate>
                  <description><![CDATA[ There are several good ways to grow a company, but only about a third of firms actively use all the methods available to them, and this narrow focus widens the corporate gap between success and failure significantly.<br>
<br>
That’s according to a 10-year global study of 162 telecom companies conducted by Laurence Capron, INSEAD strategy professor, and Will Mitchell, a professor at Duke University in Durham, North Carolina. ]]></description> 
                  <guid>http://knowledge.insead.edu/mergers-and-acquisitions-strategy-101014.cfm?vid=486</guid> 
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           <item> 
              <title>‘Leave no stones unturned’: due diligence in China’s private equity market</title> 
                  <link>http://knowledge.insead.edu/china-private-equity-due-diligence-101015.cfm?vid=470</link> 
	              <pubDate>Wed, 20 Oct 2010 11:35:59 GMT</pubDate>
                  <description><![CDATA[ China’s budding private equity industry is booming, with new firms springing up every other day to tap the country’s vast economic potential. But even as competition for deals heats up, investment firms should be wary about being too hasty in concluding their corporate due diligence. ]]></description> 
                  <guid>http://knowledge.insead.edu/china-private-equity-due-diligence-101015.cfm?vid=470</guid> 
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           <item> 
              <title>On the loss of legitimacy and contagion of scandals</title> 
                  <link>http://knowledge.insead.edu/finance-skandia-scandals100419.cfm?vid=406</link> 
	              <pubDate>Wed, 21 Apr 2010 05:05:48 GMT</pubDate>
                  <description><![CDATA[ How do consumers react when the ‘bad apple’ is a scandal-ridden financial company? How much do sales suffer as a result of its wrongdoing? What are the effects on sales of other similar companies such as pension providers, fund managers, and insurers?<br>
<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/finance-skandia-scandals100419.cfm?vid=406</guid> 
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           <item> 
              <title>Investing in unknown stocks could yield higher returns</title> 
                  <link>http://knowledge.insead.edu/finance-unknown-stocks-higher-returns-100419.cfm?vid=405</link> 
	              <pubDate>Wed, 21 Apr 2010 05:07:09 GMT</pubDate>
                  <description><![CDATA[ By betting on stocks that lack media coverage, investors may be doing themselves a favour, according to a new research paper co-authored by INSEAD Assistant Finance Professor Lily Hua Fang and Associate Professor of Finance Joel Peress.  ]]></description> 
                  <guid>http://knowledge.insead.edu/finance-unknown-stocks-higher-returns-100419.cfm?vid=405</guid> 
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           <item> 
              <title>CEO view: Josep Oliu, Banco Sabadell</title> 
                  <link>http://knowledge.insead.edu/finance-josep-oliu-banco-sabadell-100415.cfm</link> 
	              <pubDate>Thu, 15 Apr 2010 11:23:29 GMT</pubDate>
                  <description><![CDATA[ Josep Oliu has been through three economic crises as a banker in Spain -- two of them since becoming CEO of Banco Sabadell Group. The veteran banker spoke with INSEAD Knowledge recently at the Group’s headquarters in Barcelona about the crisis and what we can learn from it. ]]></description> 
                  <guid>http://knowledge.insead.edu/finance-josep-oliu-banco-sabadell-100415.cfm</guid> 
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           <item> 
              <title>Buybacks are back: strategy pays off with returns of 103.5 per cent in first year</title> 
                  <link>http://knowledge.insead.edu/finance-buybacks-are-back-100409.cfm</link> 
	              <pubDate>Wed, 21 Apr 2010 05:08:34 GMT</pubDate>
                  <description><![CDATA[ In April 2009 we published a list of 24 stocks on the INSEAD Knowledge website (see Table 1). The stocks were chosen on the basis of the strategy outlined in our paper ( The Nature and Persistence of Buyback Anomalies, Review of Financial Studies, 2009), which is a more refined implementation of buyback investing, first proposed by Ikenberry, Lakonishok and Vermaelen (Market underreaction to open market repurchases, Journal of Financial Economics, 1995). The basic strategy is to invest in US companies (1) that announce open market repurchase programmes and (2) that seem to be motivated by an undervalued stock price. Past research has shown that such a strategy has consistently beaten the market during the last 25 years.<br>
 ]]></description> 
                  <guid>http://knowledge.insead.edu/finance-buybacks-are-back-100409.cfm</guid> 
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