Sovereign Acquirers: A New Force in Global Capital Markets
Organised jointly by
Centre for Asset Management Research & Investments (CAMRI)
Department of Finance, NUS Business School
|Speaker||Professor Andrew Karolyi
Professor of Finance and Global Business
Alumni Chair in Asset Management
S.C. Johnson Graduate School of Management
|Chairperson||Professor Joseph Cherian
Practice Professor of Finance
NUS Business School
|Date||Wednesday, 7 July 2010|
|Time||4.00 pm - 5.30 pm (Registration starts at 3.30 pm)|
|Venue||BIZ 1 Seminar Room 2-1 (map)
Level 2, Mochtar Riady Building
NUS Business School
15 Kent Ridge Drive
Change of Venue: The Lecture will be held at BIZ 1 Seminar Room 2-1
The power of the state is back. State-owned corporations around the world are quickly growing in their size and scope and exerting their influence in global markets through cross-border acquisitions. They are fueled by sovereign funds and other government agencies that have the backing of large accumulated foreign currency holdings in the countries in which they are domiciled. Is their ultimate motive in pursuing cross-border deals an economic return on investment or a political one of maximizing the state’s power? Do their acquisition choices reflect a bureaucracy burdened by waste and political cronyism that afflict the governments that control them? What are the immediate and longer-run economic consequences of their cross-border acquisitions for the target firms and their shareholders? Should governments of the target firms introduce regulations to limit or block such acquisitions? This talk will sketch out the extent of sovereign acquisition activity as a new force in global capital markets and will describe surprising, new research findings on the motives for and economic consequences of this activity.
About the Speaker
Andrew Karolyi is Professor of Finance and Global Business and holder of the Alumni Chair in Asset Management at Cornell University’s Johnson Graduate School of Management. He is an internationally-known scholar in the area of investment management with a specialization in the study of international financial markets. He has published extensively in journals in Finance and Economics, including the Journal of Finance, Journal of Financial Economics and Review of Financial Studies, and has published several books and monographs. His research has been covered extensively in the print and electronic media, including The Wall Street Journal, Financial Times, New York Times, Washington Post, Forbes, BusinessWeek, and CNBC. He serves as an associate editor for a variety of journals, including the Journal of Financial Economics, Journal of Finance, Journal of Empirical Finance, Journal of Banking and Finance, Journal of International Business Studies, and the Pacific Basin Finance Journal, which he edited between 1999 and 2003. He is a recipient of the Fama/DFA Prize for Capital Markets and Asset Pricing (2005), the William F. Sharpe Award for Scholarship in Finance (2001), the Journal of Empirical Finance’s Biennial Best Paper Prize (2006) and of the Fisher College of Business’ Pace Setter Awards for Excellence in Research and Graduate Teaching at Ohio State University. He joined the faculty of the Johnson Graduate School of Management at Cornell University in 2009 after having taught for 19 years at Ohio State University. Professor Karolyi has been elected to serve as President of the Financial Management Association International for 2011-2012.
He continues to lead executive education programs in the U.S., Canada, Europe, and Asia and is actively involved in consulting with corporations, banks, investment firms and stock exchanges.
Professor Karolyi received his Bachelor of Arts (Honors) in Economics from McGill University in 1983 and worked at the Bank of Canada for several years in their Research Department. He subsequently studied for his M.B.A and Ph.D. degrees in Finance at the Graduate School of Business of the University of Chicago.