Institutional Investors and the Language of Finance: The Global Metrics of Market Performance

WPG Working Paper No. 05-05

31 Pages Posted: 9 Mar 2005

See all articles by Gordon L. Clark

Gordon L. Clark

Oxford University - Smith School of Enterprise and the Environment

Tessa Hebb

Carleton Centre for Community Innovation

Dariusz Wojcik

University of Oxford, St. Peter's College

Date Written: Janury 27, 2005

Abstract

With the collapse of the TMT bubble and a number of high-profile scandals of corporate governance around the world, the language of finance is being re-written to include market inefficiency. Not surprisingly, there is an increasing premium on market information - national and international. As a consequence, the argument in favour of global standards has gained force, encouraged by new institutions such as the IASB. Co-existence of reporting standards seems a most unlikely prospect just as harmonisation may be less important than convergence to a set of standards deemed to be best practice in terms of global financial performance. With the increasing global significance of institutional investors and their portfolio managers, common standards set within well-defined parameters are clearly on the agenda; convergence is the name of the game rather than a tapestry of multi-coloured threads stitched together for the sake of expediency. In this paper, we develop these observations paying particular regard to the interests of institutional investors as well as the burgeoning market for global metrics not just national reporting standards.

Keywords: Financial markets, globalization, information, institutional investors, global metrics, portfolio managers

JEL Classification: F36, G15, G23

Suggested Citation

Clark, Gordon L. and Hebb, Tessa M. and Wojcik, Dariusz, Institutional Investors and the Language of Finance: The Global Metrics of Market Performance (Janury 27, 2005). WPG Working Paper No. 05-05, Available at SSRN: https://ssrn.com/abstract=675779 or http://dx.doi.org/10.2139/ssrn.675779

Gordon L. Clark (Contact Author)

Oxford University - Smith School of Enterprise and the Environment ( email )

South Parks Road
Oxford, OX1 3QY
United Kingdom
+44 1865 285197 (Phone)
+44 1865 285073 (Fax)

HOME PAGE: http://www.geog.ox.ac.uk/staff/glclark.html

Tessa M. Hebb

Carleton Centre for Community Innovation ( email )

1125 Colonel By Drive
DT 2125
Ottawa, Ontario K1S0R2
Canada

Dariusz Wojcik

University of Oxford, St. Peter's College ( email )

New Inn Hall Street
Oxford, OX1 2DL
United Kingdom

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