The global field of multi-family offices: An institutionalist perspective

We apply the notion of the organisational field to internationally operating multi-family offices. These organisations specialise on the preservation of enterprising and geographically dispersed families’ fortunes. They provide their services across generations and countries. On the basis of secondary data of Bloomberg’s Top 50 Family Offices, we show that they constitute a global organisational field that comprises two clusters of homogeneity. Clients may decide between two different configurations of activities, depending on their preferences regarding asset management, resource management, family management and service architecture. The findings also reveal that multi-family offices make relatively similar value propositions all over the world. The distinctiveness of the clusters within the field is not driven by the embeddedness of the multi-family offices in different national environments or their various degrees of international experience. Rather, it is weakly affected by two out of four possible value propositions, namely the exclusiveness and the transparency of services.     

The ERA: A Brave New World of Accountability for Australian University Accounting Schools

This study examines the potential impact of Excellence in Research for Australia (ERA) on Australian university accounting schools through a series of in-depth interviews with Heads of Schools. Using an institutional theory framework we find that the pending introduction of the ERA has brought about changes in school structures, processes and systems. A creeping isomorphism is apparent as evidenced by a sector-wide movement towards targeting publications in highly ranked North American journals. While participants were generally positive about the overall aims of the ERA many felt that it would marginalise non-mainstream research. Furthermore, they were of the opinion that the ERA would lead to a reduction in the standing of accounting schools within Australian universities relative to other disciplines.     

An appreciation of Professor Stephan Klasen and his contribution to development economics

Stephan Klasen, one of the world's leading development economists, passed away on October 27, 2020. We reflect on his life's work as an exemplary scholar, his relentless quest to improve development policy, and his legacy as a mentor and source of inspiration to his students.     

Democracy, History, and Economic Performance: A Case-Study Approach

Crossnational statistical studies show a positive relationship between the length of time a country has been democratic and its economic performance. Old democracies grow faster, ceteris paribus, and also demonstrate advantages in some economic policies thought to be conducive to growth. However, the causal connections between regime history and economic policy and performance remain opaque. Arguments are highly speculative, for the causal pathways are usually difficult to measure and are not readily testable in a large-N cross-country format. In order to illuminate possible interconnections between regime history and economic performance we identify three countries in the developing world whose recent history may be regarded as illustrative: Brazil, India, and Mauritius. Our analysis of these cases focuses on the achievement of policy consensus and policy reform, both of which are commonly regarded as critical to economic performance. Intensive study of our chosen cases suggests multiple mechanisms by which democratic experience might translate into greater success on these policy dimensions.     

Monetary policy reactions and the exchange rate: a regime-switching structural VAR for Canada

The objective of this study is to identify monetary policy reactions in a nonlinear, structural vector autoregression (VAR) framework, with regime-switching contemporaneous policy responses in a small open economy. The key finding is that monetary policy in Canada responds contemporaneously to disturbances in the real exchange rate, as well as the output gap and inflation. The Bank of Canada is found to have much larger responses to exchange rate fluctuations during volatile periods than more stable periods. However, the Bank is found statistically to have a relatively linear reaction function with symmetric responses to output and inflation shocks across interest rate regimes. The estimates for the contemporaneous responses to the output gap in both regimes are found to be virtually identical to the 0.5 weights in the original Taylor rule for the United States, while the responses to inflation surprises are slightly smaller. Overall, the Bank of Canada is found to have operated within the range of optimal responses suggested by small-scale structural models in the normative literature on monetary policy rules.     

On the Endogeneity of Market Power in Emissions Markets

Previous approaches on market power in emissions trading markets rely on the existence of a subset of competitive players. In this paper, I relax this assumption and treat market power as an endogenous concept which depends on the initial allocation of allowances. All parties realize their potential influence on the market price. This approach allows a clear comparative statics analysis of the impact of the allowance allocation on the efficiency of markets. I provide specific examples that illustrate the implications that stem from the proposed modeling approach relative to previous models.