Investment Alliances Research Articles

Моделирование инвестиционных альянсов: тренды, институты, роли

The article, based on the results of a study of current Russian economic, corporate management and judicial law enforcement practice, highlights various configurations of investment alliances regulated by the terms of corporate agreements that are in demand in large and moderately large businesses. The author draws the reader’s attention to the reference targets implemented in the operation of the corresponding models of such agreements of investors in the shares of joint-stock companies and shares in the authorized capital of limited liability companies, as well as on the management and legal tools for achieving these goals. The problem of modeling investment alliances in relation to the solution of long-, medium- and short-term goals and objectives of subjects of entrepreneurial practice requires the use of interdisciplinary analysis – research at the intersection of economics, management, management and law. The purpose of the article is to formulate the problem of modeling investment alliances, describe traditional models of investment alliances and reveal the institutions of modeling investment alliances that contribute to solving this problem. Among others, the authors analyze structures that effectively support the joint business practice of majority and minority shareholders, significant minority shareholders who consolidate corporate control with their help, activate the possibilities of corporate agreements concluded under Russian law for the implementation of mergers and acquisitions projects, as well as anti-raider protection of the target company. The author characterizes the traditional models of investment alliances: “Oath of Allegiance”, “Parity Formula”, “Presale Preparation”, “Speculative Agreement”, “Alliance of Minority Shareholders”, “Anti-Raider Coalition”. The author reveals the institutions of modeling an investment alliance: special rights of a participant, disproportionate powers, special rules of non-public companies, disproportionate contributions, and a corporate agreement. The author also emphasizes the diversity of the roles of participants in investment alliances, taken into account when solving the problem of modeling investment alliances.

Новые схемы инвестиционных альянсов

The article highlights the new configurations of investment alliances regulated by the terms of corporate agreements that are in demand in large and moderately large businesses. The author draws the reader’s attention to the reference targets implemented in the operation of the corresponding models of such agreements of investors in the shares of joint-stock companies and shares in the authorized capital of limited liability companies, as well as on the management and legal tools for achieving these goals. Among others, the authors analyze structures that effectively support the joint business practice of majority and minority shareholders, significant minority shareholders who consolidate corporate control with their help, activate the possibilities of corporate agreements concluded under Russian law for the implementation of mergers and acquisitions projects, as well as anti-raider protection target company. The author refers to the new trends in structuring and formatting agreements of participants in domestic business entities: the desire of participants in corporate alliances to consolidate in shareholder agreements specific technologies for implementing cooperation between signatories, corresponding to their actual organizational, financial and (or) management mission in the structure of an investment alliance at a certain stage of the company's development; application of the structure of a corporate agreement as a compromise scheme for getting out of a conflict situation; active participation of interested third parties in determining a special procedure for exercising the rights of participants; integration of the institution of corporate agreement into the sphere of distribution relations; combining the institution of a corporate agreement with other types of transactions, as well as with the construction of freedom of contractual relations.

طراحی الگوی مدیریت ارتباط صنعت بانکداری ایران با فینتکها و استارتاپ-های فین تکی با رویکرد نظریه داده بنیاد

Todays, with the growth of competition in the banking industry, on the one hand, and the development and change of customer needs on the other hand, banks have been continuously seeking to provide modern banking services and to exploit new technologies. One of the new technologies that we have seen in the past few years in the banking industry is the Fintech and financial startups that have brought about widespread change in the industry. Therefore, the relationship between banks and Fintechs is of increasing complexity and needs to be reviewed, improved and managed. This paper, with a qualitative approach and with the method of foundation data theory, seeks to uncover the relationship management model for Fintechs with the banking industry in providing banking services. In this regard an open interview with 13 experts were performed. Analysis of data in three stages of open coding, axial coding and selective coding resulted in identifying 389 initial codes and 36 concepts in the form of 16 categories. Finally, based on that model, the paradigm model for linking banks with Fintechs and financial startups was formed. This pattern includes the causal conditions that have been classified into two categories of micro and macro factors, contextual conditions encompass the circle of environmental factors and organizational characteristics as mediator conditions. also the consequences of this relationship are categorized in three categories of financial, process, learning and growth. to the extracted model, the identified strategies for this relationship are: creation, purchase, investment alliances, or lease of financial services from the company - financial technology companies, as well as the central category of this research, a process of three solutions that include exploration and evaluation of financial technology, selection and development

Impacto del programa educativo: Comercio Internacional y Aduanas en el desarrollo de las Pymes en los municipios de Comalcalco y Paraíso del Estado de Tabasco

The majority of SMEs in the municipalities of Comalcalco and Paraíso, in the State of Tabasco, are largely unaware of the various activities that take place in the context of the activities that correspond to the specific area of International Trade and the alternative topics that it brings as a consequence , as well as the lack of personnel highly knowledgeable of the changes in negotiation that are propitiated at every moment in the global markets, for that reason it is important to analyze, evaluate and determine the impact that the University has had in the Chontalpa region. Polytechnic of the Gulf of Mexico offers the Degree in International Trade and Customs, and know if it has provided the human resource with professional characteristics for the development of such tasks. The object of study is limited to the State of Tabasco, specifically in the municipalities of Comalcalco and Paraíso. It is very important to mention that in the face of all the changes that arise in foreign trade, companies need to be inserted in the global levels of competitiveness and development, which allow them to have a presence in national and international markets to make strategic investment alliances and cooperation.

Dirty Banking: Probing the Gap in Sustainable Finance

In 2016, the Global Sustainable Investment Alliance estimated the market for sustainable investments to have reached 22.89 trillion USD of assets under management. While financial institutions have embraced the idea of sustainable finance as a business opportunity, they have arguably done little, but to piggy-back on investors’ demand. Today, it is not unusual for a single firm to retail fossil free investment funds and concomitantly offer commercial loans towards fracking, coal, and Arctic drilling. This paradox is underpinned by a major gap in the way sustainability has permeated primary and secondary markets which, we argue, calls for a serious rethinking of the sustainability transition in finance. This article proposes two contributions in this direction. First, we develop an original conceptualisation of finance as a socio-technical system to discuss the dynamics that both hinder and promote a transition from mainstream to sustainable finance. Second, we propose to study how investment banks integrate sustainability in their underwriting services. To do so, we filter through close to half a million of debt and equity underwriting deals (2005–2017) using the Government Pension Fund Global of Norway’s list of 153 excluded companies. Our results suggest that investment banks do not shy away from underwriting companies that have been flagged for major environmental, social, and governance misconduct, neither do they restrain from underwriting companies providing contentious products, such as tobacco, coal, and nuclear weapons. Moving forward, we suggest ways to address this problem and call for further research on the responsibility and agency of finance and advanced business services firms in sustainability transitions.

Expanding ESG Coverage

Whether the approach is dubbed sustainable investing, impact investing, or screening for environmental, social, and governance (ESG) practices, the trend of applying these approaches for investing has definitely gone mainstream. Until recently, the focus has been on equity investing, but the practice of applying ESG screens for fixed-income analysis is growing. According to the Global Sustainable Investment Alliance, the global sustainable investment market (including equity and fixed income) climbed to $21.4 trillion at the beginning of 2014, encompassing 30.2% of professionally managed assets in the regions of Europe, the US, Canada, Asia, Japan, Australasia, and Africa. The number is up 61% from $13.3 trillion at the start of 2012. The US, Canada, and Europe now account for nearly 99% of these sustainable investments, but growth has been trickling into the Asian markets of Malaysia, Hong Kong, South Korea, and Japan. In August, CFA Institute announced the results of a global survey of 1,325 CFA Institute members. The survey, conducted jointly with the Investor Responsibility Research Center Institute during May and June 2015, found that 73% of investment professionals worldwide consider ESG factors in their investment analysis and decisions, with 63% using it to manage risk. A significant 61% of respondents believe that companies should be required to annually disclose ESG sustainability indicators within the most up-to-date reporting framework, with 69% agreeing that disclosures should be independently verified and 44% supporting high-level audits. Although the survey didn’t distinguish equity from fixedincome securities, the findings reflect a broader movement that is changing the way investment managers look at ESG issues. “We’re seeing a cultural change as to how investment analysis is done,” says Matt Orsagh, CFA, CIPM, director of Capital Markets Policy at CFA Institute. “Investors are using ESG factors to build the whole mosaic needed to see the complete picture, going beyond the numbers and taking a holistic approach.” Approaches to ESG screening, both inclusionary and exclusionary, vary; however, more and more investment professionals are taking an integrated approach to ESG analysis across equity, fixed-income, and even private investment markets. “A comprehensive ESG screen helps to minimize excessive risk and allows us to find high-quality companies and securities,” says Samantha Palm, portfolio manager of the Parnassus Fixed Income Fund. “Securities that do well on ESG screens tend to be better-run companies. Companies that cut costs on safety, for example, typically have more accidents that impact a company.” Parnassus Investments, based in San Francisco, has built its reputation on deploying socially responsible screens and analysis across equity securities since its inception 31 years ago. In 1992, with the beginning of the Parnassus Fixed Income Fund, it adapted its approach for fixed-income sectors by incorporating corporate bonds and convertible bonds and, in 2013, commercial mortgagebacked securities and residential mortgage-backed securities. ESG screens are more narrowly defined, whereas socially responsible investing covers a wider swath, explains Palm. Not only does Parnassus use the same exclusionary screens for fixed-income securities that it uses for equities (e.g., nixing companies with ties to weapons, alcohol, tobacco, gambling, and direct investments in Sudan, with some minor allowances), but it also evaluates for positive performance attributes of environmental impacts, products, employee benefits and corporate culture, and corporate governance and business ethics. “We can apply ESG to either asset class,” she says. “The most important thing is to have a robust and repeatable process toward that end goal.” The trend has two main drivers: aging investors with diversified portfolios and enlightened investment managers, according to David Kathman, CFA, a senior analyst with Morningstar in Chicago. Although Morningstar hasn’t historically broken out ESG-screened fixed-income mutual funds, Kathman has been following several, some with rapidly growing assets under management. “Today there is much more of a focus on positive screening,” he says. Savvy managers “generally have a percentage of fixed-income securities that support renewable energy, community and economic development, plus green bonds to support green projects.” By year-end 2015, Morningstar will launch ESG scores for all of its 200,000 tracked global mutual funds and exchangetraded funds, to be based on each fund’s ESG footprint as determined by portfolio holdings. To develop its scoring system, Morningstar partnered with Amsterdam-based Sustainalytics, which provides ESG research and analysis and assigns companies 70 scores related to ESG policies and practices.

The Promotion of Investment Alliances by the World Bank

This article will examine how World Bank policies that influence national healthcare systems have been facilitated through investment alliances between members of the World Bank Group, specifically the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), regional development banks and multinational and national company interests. The data used in this article was gathered from the information and publications available through the websites of the World Bank Group, regional development banks, multinational companies and private equity investors. Some of the loan documents available through the websites of the World Bank Group and regional development banks were consulted. The financial complexity of many of the investments in new healthcare systems provides a challenge for future regulatory systems in healthcare. The involvement of a range of private sector interests in healthcare also poses problems for continued development of health knowledge within publicly funded systems.