Banking across Borders

Deze studie analyseert internationalisatie strategieën van de grootste banken ter wereld tussen 1980 en 2000. Deze banken hebben de internationalisatie activiteiten gedomineerd; in totaal worden 44 banken uit 8 landen onderzocht. Overeenkomsten en verschillen in strategieën worden bepaald op basis van een typologie die in deze studie ontwikkeld is. De belangrijkste onderzoeksvraag richt zich op de effectiviteit van deze internationalisatie strategieën. Met behulp van een zelf ontwikkelde internationalisatie database worden verschillen in binnenlands en buitenlands rendement berekend, en effecten van internationalisatie op aandeelhoudersrendement. Over het algemeen heeft meer internationalisatie een negatief effect op het rendement van de bank gehad. Op dezelfde manier hebben aandeelhouders niet geprofiteerd van meer internationalisatie. Banken die hun internationalisatie beperkten genereerden het meeste aandeelhoudersrendement, net als banken met een langdurige aanwezigheid in het buitenland. Banken die daarentegen hun buitenlandse activiteiten over een langere periode (sterk) uitbreidden hebben het minste rendement voor aandeelhouders gegenereerd. De studie richt zich ook op toekomstige ontwikkelingen in het internationaal bankieren - welke strategieën zullen de banken hanteren? Mogelijkheden voor verdere binnenlandse financiële deregulering, onzekerheid over het internationale regulerings raamwerk, en de gekozen business mix van banken spelen een belangrijke rol in de richting van toekomstige internationalisatie strategieën en de mogelijkheden voor extra rendement.The study examines the internationalization strategies of the world’s largest banks between 1980 and 2000. These banks have dominated the internationalization of banking. For 44 banks, commonalities and differences are identified on the basis of a strategic typology developed for this study. The central research question deals with the effectiveness of internationalization. Using a self constructed internationalization database, differences are estimated between foreign and domestic performance, and the effects on shareholder return. A higher degree of internationalization has on average contributed negatively to bank performance. Similarly, shareholders have not gained by more internationalization. Banks who retreated from their internationalization or banks with a long established internationalization strategy generated the highest total shareholder return. Banks who (strongly) increased their internationalization generated the least returns. The study also addresses the future outlook for international banking - how will the internationalization of banks proceed? The potential for further financial deregulation in the home country, uncertainty on the international regulatory regime, and the business mix of the bank are likely drivers for the bank's future internationalization strategy and profitability enhancement

Putting the Long Term to Work: Shaping the Prudent Society Investment Model

Thinking small is the last thing institutional investors should be doing right now. A fundamentally new investment model, best described as the Prudent Society Model, is emerging to cope with the changes, risks, and opportunities resulting from the sustainability transition. Institutional investors who are the first to succeed in getting this model right will flourish. The model integrates three insights: focusing on short-term disruption for long-term success, developing tools to successfully exploit new instruments and unlock new markets because of climate change, and deepening the ownership of investments. The authors suggest that boards need to learn, adapt, and experiment to implement this model

Two high-risk susceptibility loci at 6p25.3 and 14q32.13 for Waldenström macroglobulinemia

Waldenström macroglobulinemia (WM)/lymphoplasmacytic lymphoma (LPL) is a rare, chronic B-cell lymphoma with high heritability. We conduct a two-stage genome-wide association study of WM/LPL in 530 unrelated cases and 4362 controls of European ancestry and identify two high-risk loci associated with WM/LPL at 6p25.3 (rs116446171, near EXOC2 and IRF4; OR = 21.14, 95% CI: 14.40–31.03, P = 1.36 × 10 −54 ) and 14q32.13 (rs117410836, near TCL1; OR = 4.90, 95% CI: 3.45–6.96, P = 8.75 × 10 −19 ). Both risk alleles are observed at a low frequency among controls (~2–3%) and occur in excess in affected cases within families. In silico data suggest that rs116446171 may have functional importance, and in functional studies, we demonstrate increased reporter transcription and proliferation in cells transduced with the 6p25.3 risk allele. Although further studies are needed to fully elucidate underlying biological mechanisms, together these loci explain 4% of the familial risk and provide insights into genetic susceptibility to this malignancy. © 2018, The Author(s).Peer reviewe

Investment beliefs:A positive approach to institutional investing

Having the right investment beliefs and putting them into practice is key to delivering the right results. Decision makers in the investment industry should worry less about the stocks and products they pick for their clients and more about getting the big picture right; developing investment beliefs are instrumental in making the right choices

New perspective on investment models

What is the secret ingredient to securing better long-term investment outcomes? Investors seldom consider institutional investors from an organizational and strategic perspective. Thinking in terms of investment models highlights a severely under-researched area. The authors propose that this different lens is required to make sense of the dynamics in the investment industry and has a lot to offer to boards that are open to this. Five models dominate the investment industry, and the authors identify an emergent one that has its roots in the existing models but takes a strong societal perspective, which they denote the prudent society investment model. Thinking in terms of investment models, boards and decision makers will be able, far better than today, to determine why, how, and what is needed for investment success

Putting the Long Term to Work: Shaping the Prudent Society Investment Model

Thinking small is the last thing institutional investors should be doing right now. A fundamentally new investment model, best described as the Prudent Society Model, is emerging to cope with the changes, risks, and opportunities resulting from the sustainability transition. Institutional investors who are the first to succeed in getting this model right will flourish. The model integrates three insights: focusing on short-term disruption for long-term success, developing tools to successfully exploit new instruments and unlock new markets because of climate change, and deepening the ownership of investments. The authors suggest that boards need to learn, adapt, and experiment to implement this model

Fundamental factors that improve your investments:A practical guide

The authors explore how investors can use the factors that drive their portfolio returns, focusing on fundamental factors instead of the widely discussed style factors. Fundamental factors explain the majority of the return variation among assets. There are times that a given factor sensitivity offers exceptionally high or low rewards in all assets exposed to it. The authors present an intuitive framework for measuring and steering fundamental factors in a portfolio. Practical examples show how to identify factor concentration risks and tilt a portfolio toward desired exposures. The authors argue that investors best use a factor-based approach in conjunction with traditional asset allocation, rather than as a substitute. In addition, the authors provide suggestions on how to embed the factor-based approach within an existing investment process