Text and artefacts for creating a "World of Investment Decision-Making" : an empirical study into investment procedures

The investment procedure prescribes the stages and tests through which all investment projects must pass before being accepted or not. It governs the conditions of acceptability and constitutes a powerful device of a priori control. In this paper, we intend to understand how investment procedures enable grand ideals regarding investment to be institutionalised. In particular, over and above the assumed effectiveness and rationale of these procedures, we identify the mechanisms through which these procedures construct social roles. In this respect, this research goes beyond the procedures’ technical functions and focuses on the very form of procedures. Indeed, the form of a procedure presents two features: it is written, generally consigned to a “manual”; and it relies on “cognitive artefacts” (Norman, 1991) or “technologies of the intellect” (Goody, 1977) such as lists, tables and formulae like Discounted Cash Flow. This paper shows how this specific form takes effect during the process of institutionalisation, through which grand investment ideals (e.g. competitiveness, value creation) are transformed into concrete devices and into roles (Miller, 1991). Thanks to an enquiry conducted in 2003 and 2004, investment procedures in six large companies in a French context are analysed. It is argued that (1) the formalisation of the objectives of the procedures, as well as the definitions of investment through typologies shape the actors’ boundaries of action; (2) valuation methods based on the domination of economic-mathematical formula favour short-term over long-term reflection; (3) the setting of decision-making thresholds formalise individuals’ tasks and responsibilities. Therefore, the very form of procedures shape each phase of the institutionalisation process as defined by Hasselbladh and Kallinikos (2000) and contribute to creates a singular world – that of investment decisions.procedure; investment; written text; artefacts; technologies of the intellect; institutionalisation

Case for Change Capital in the Arts

Outlines the principles and progress of Leading for the Future, a five-year initiative to help arts groups improve long-term sustainability by using "change capital" to enhance programming, operations, and business models and raise reliable net revenue

Eligible assets, investment strategies and investor protection in light of modern portfolio theory: Towards a risk-based approach for UCITS. ECMI Policy Briefs No. 2, 18 September 2006

As the European Commission is currently in the process of preparing its White Paper on the enhancement of the EU framework for investment funds (scheduled for November 2006), now is a good time to reflect on whether the UCITS framework needs a radical overhaul if the regulatory landscape is going to adapt itself to the reality of market evolutions. European Capital Markets Institute (ECMI) Head of Research Jean-Pierre Casey contributes to this important debate with the second ECMI Policy Brief, in which he argues that UCITS ought to move to a risk-based approach as opposed to a reliance on the product approach. Casey concludes that both the product approach, which necessitates defining eligible assets – a laborious exercise – and the investment restrictions which form the other cornerstone of investor protection in UCITS, are outdated and out of sync with the lessons of modern portfolio theory. ECMI is an independent research body specialising in research on capital markets. It is managed by CEPS staff

Impact Investments: An Emerging Asset Class

Examines the impact investment market landscape, what makes it an emerging asset class, expectations for financial returns, estimates of potential investment opportunities in specific sectors, and risk management and performance monitoring issues

Benefits realisation management: panacea or false dawn?

Benefits Realisation Management (BRM) is becoming an increasingly important aspect of project and programme management. However, commentators have observed that the practice of BRM is often flawed, and have made suggestions as to how practice might be improved. This paper is concerned with the reasons why the implementation of BRM might not be straightforward, by focusing on the underlying assumptions. It will approach the issue by drawing on the author's experience from the 1990s and 2000s in working in the management of government-funded regeneration programmes in the UK. In this field there was a rigid benefits management framework, although it precedes the development of BRM. The paper will argue that there are important underlying conceptual issues in benefits management which have practical implications and need to be recognised in the development of theory for BRM

Water Funds: Conserving Green Infrastructure

This manual is an effort by TNC to compile, analyze and synthesize its own experience, together with that of the water funds already in existence and under creation, in order to provide operational guidelines to people and organizations interested in establishing a water fund or similar mechanism. Each location has different ecological, social, economic, legal and institutional features and, therefore, each water fund will have its own characteristics, phases and projections. This manual presents general guidelines and logical steps that must be followed to boost the opportunities and benefits of a water fund and to minimize possible obstacles for its creation. It is not intended to be an in-depth look at every aspect of water funds. Although TNC participates in several other initiatives and similar approaches to watershed management, such as the water producers program in Brazil, this document will not address those initiatives and will only focus on the water funds scheme, placing greater emphasis on experiences in the Andean region

From Ideas to Practice, Pilots to Strategy: Practical Solutions and Actionable Insights on How to Do Impact Investing

This report is the second publication in the World Economic Forum's Mainstreaming Impact Investing Initiative. The report takes a deeper look at why and how asset owners began to include impact investing in their portfolios and continue to do so today, and how they overcame operational and cultural constraints affecting capital flow. Given that impact investing expertise is spread among dozens if not hundreds of practitioners and academics, the report is a curation of some -- but certainly not all -- of those leading voices. The 15 articles are meant to provide investors, intermediaries and policy-makers with actionable insights on how to incorporate impact investing into their work.The report's goals are to show how mainstream investors and intermediaries have overcome the challenges in the impact investment sector, and to democratize the insights and expertise for anyone and everyone interested in the field. Divided into four main sections, the report contains lessons learned from practitioner's experience, and showcases best practices, organizational structures and innovative instruments that asset owners, asset managers, financial institutions and impact investors have successfully implemented

Champions for Change: Leading a Backbone Organization for Collective Impact - A Conversation with Workshop Faculty

In early 2013, more than 60 leaders of mature collective impact initiatives gathered in Cincinnati for a three day workshop to discuss their work leading backbone organizations, and to learn from each other about how to improve their practice. The workshop was organized by the Aspen Forum for Community Solutions, FSG, the StriveNetwork, and the Tamarack Institute.At the close of the three day workshop, leaders from FSG, Strive, and Tamarack participated in a discussion on critical questions raised by workshop participants. The conversation touched on a range of topics including articulating the value of the backbone organization to funders and community partners, measuring the success of the backbone organization, and building shared leadership for collective impact work. This report reflects that panel discussion

Global Talentship: Toward a Decision Science Connecting Talent to Global Strategic Success

It is widely accepted that global competitive advantage frequently requires managing such complex situations that traditional organization and job structures are simply insufficient. Increasingly, in order to create a flexible and integrated set of decisions that balance local flexibility with global efficiency, organizations must rely on more social, informal and matrix-based shared visions among managers and employees. Research on global strategic advantage, global organizational structures, and even shared mindsets has suggested that dimensions of culture, product and function provide a valuable organizing framework. However, typical decisions about organization structure, HRM practices and talent often remain framed at such a high level as to preclude their solution. We maintain that there is often no logical answer to such questions as, “Should the sales force be local or global?” or “Should product authority rest with the countries or the corporate center?” However, we propose that embedding business processes or value chains within a Culture and Product matrix provides the necessary analytic detail to reveal otherwise elusive solutions. Moreover, by linking this global process matrix to a model that bridges strategy and talent, it is possible to identify global “pivotal talent pools,” and to target organizational and human resource investments toward those talent areas that have the greatest impact on strategic advantage. We demonstrate the Value-Chain, Culture and Product (VCCP) matrix using several examples, and discuss future research and practical implications, particularly for leadership and leadership development

Learning in Strategic Alliances

{Excerpt} Strategic alliances that bring organizations together promise unique opportunities for partners. The reality is often otherwise. Successful strategic alliances manage the partnership, not just the agreement,for collaborative advantage. Above all, they also pay attentionto learning priorities in alliance evolution. The resource-based view of the firm that gained currency in the mid-1980s considered that the competitive advantage of an organization rests on the application of the strategic resources at its disposal. These days, orthodoxy recognizes the merits of the dynamic, knowledge-based capabilities underpinning the positions organizations occupy in a sector or market. Strategic alliances—meaning cooperative agreements between two or more organizations—are a means to enhance strategic resources: self-sufficiency is becoming increasingly difficult in a complex, uncertain, and discontinuous external environment that calls for focus and flexibility in equal measure. Everywhere, organizations are discovering that they cannot “go” it alone and must now often turn to others to survive