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Managing Financial RisksFrom Global to Local$
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Gordon L. Clark, Adam D. Dixon, and Ashby H. B. Monk

Print publication date: 2009

Print ISBN-13: 9780199557431

Published to Oxford Scholarship Online: September 2009

DOI: 10.1093/acprof:oso/9780199557431.001.0001

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Risk Management and Institutional Investors

Risk Management and Institutional Investors

Chapter:
(p.69) 3 Risk Management and Institutional Investors
Source:
Managing Financial Risks
Author(s):

Gordon L. Clark (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199557431.003.0004

This chapter examines the governance of institutional investors, notably pension and retirement income funds. As most nation-states have abandoned quantitative and qualitative restrictions on cross-border investment for pension funds and insurance companies, these institutions have increasingly operated on a global scale. As such, these institutions are consigned to manage their financial risk while following their implicit or explicit mandates to maximize the rate of return on investments. Yet, just as the macro-level governance of financial markets is problematic, the chapter notes that institutional governance is more often than not imperfect and subject to problems of coordination. As such, the chapter provides an account of the nature and scope of financial decision-making under conditions of risk and uncertainty, demonstrating the importance of time, expertise, and collective commitment in the decision ecologies of these types of institutions. Understanding the dynamics and structure of decision-making in these institutions is a necessary ingredient to any comprehensive understanding of the logic of global financial markets.

Keywords:   global finance, risk management, institutional investors, institutional governance, decision-making

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