The Geography of Mutual Fund Assets

Graves, William

doi:10.1111/0033-0124.00118

Cited by 13 publications

(7 citation statements)

References 22 publications

(57 reference statements)

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“…For example, O'hUallachain (1985) revealed a geographical shift in foreign direct investment from the northeastern United States to the southwest region but noted a difference between venture capital investment and that associated with manufacturing. Graves' (1998) comparison of the mutual fund industry's characteristics to other financial industries is another illustration. His findings suggest that mutual fund assets were not concentrated in the largest urban centres like the other industries.…”

Section: Past Research Corporate Controlmentioning

confidence: 99%

The economic geography of institutional investment in the United States, 2010

2015

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The economic geography of United States' institutional investments as of December 2010 is presented. With a self-declared value of almost $13 trillion, it is the largest class of equity investors. Included are all investors who file Securities Exchange Commission (SEC) form 13f, meaning they manage at least $100 million. Analysis is undertaken at both the firm and metropolitan levels. The largest firms and targets of investment are determined. Geographic concentrations of both investors and their major stock holdings occur in a small subset (the top 10 largest metropolitan areas). The rates of returns on investments are shown to differ by metropolitan area of investment and by urban rank in the urban hierarchy. Intra-metropolitan investment provides worse rates of returns, countering suggestions of informational advantages for local investment. The network of interurban investments shows a clear hierarchical structure, with New York City being the dominant investment centre.

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Section: Past Research Corporate Controlmentioning

confidence: 99%

The economic geography of institutional investment in the United States, 2010

2015

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“…The deregulation of finance globally has accelerated the globalization of mutual funds, many of which are important to offshore banking centres (Graves, 1998;Bogle, 1999). Globally, Luxembourg is a dominant player in this regard, although Ireland and Guernsey have made major inroads into this market (Offshore Outlook, 2001), one that Panama would dearly love to enter.…”

Section: The Bankers Of Panama: Empirical Patternsmentioning

confidence: 99%

Tailored for panama: offshore banking at the crossroads of the americas

Warf

2002

Geografiska Annaler: Series B, Human Geography

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With the steady integration of a deregulated world of hypermobile capital, offshore banking has become an increasingly significant part of the geography of international finance. Many interpretations tend to treat offshore banking centres as identical sites of investment that can be easily substituted for one another by completely mobile, fungible capital. This paper explores the nature of offshore banking in one largely overlooked centre, Panama. It charts the historic context that led to the creation of Latin America's most important centre of international banking, emphasizing the unique qualities that stand in contrast to hyperglobalist interpretations, including the Canal and the role of the US dollar. Second, it summarizes the regulatory changes initiated in the face of global neoliberalism, including the absence of a central bank and recent reforms designed to attract foreign capital. Using primary and secondary data, the paper maps Panama's growing role as a net capital exporter, charting domestic and foreign loan markets. Finally, it also addresses the trade-offs between confidentiality, and transparency in the context of illicit activities frequently alleged to occur in offshore banking centres, which in Panama revolve around drug trafficking and money laundering. It concludes by noting that even in an ostensibly seamless world, offshore banking exhibits the place-based embeddedness of financial capital within local institutional relations.Within the growing literature on the geography of money (

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“…This realisation provided the rationale for many OECD nations to deregulate their financial markets (Leyshon & Thrift 1992;Martin 1994). These developments have encouraged the expansion of cross-border financial flows as institutional investors (insurance firms, pension and mutual funds, unit trusts and other collective investment vehicles) have diversified into foreign securities (Botts & Patterson 1987;Sassen 1991;Green 1993;Graves 1998).…”

Section: Globalisation and Local Embeddedness In Financial Servicesmentioning

confidence: 99%

Embeddedness in custodial banking

Agnes

2002

Tijd voor Econ & Soc Geog

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This paper contributes to financial geography by discussing globalisation and local embeddedness in the Australian custodial banking industry. Qualitiative interviews with custodial bankers revealed that the combination of cost pressures, electronic information processing systems, and electronic networking made local (intraurban) embeddedness in the Sydney financial district unimportant. Although it is essential for master custodians to understand domestic securities markets characteristics, the commoditised nature of subcustody makes it cost effective to outsource these functions to external supplier banks through strategic alliances that illustrate flexible corporate integration. These interbank production networks and information flows occur electronically and are co-ordinated at the global rather than local (intraurban) scale. Furthermore, these formal networks are not underpinned by embedded social relationships and informal information exchanges. Master custodians are embedded at the national scale to understand local accounting and securities regimes and provide client service, which is important given the electronic basis of custody.

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The Geography of Mutual Fund Assets

Cited by 13 publications

References 22 publications

The economic geography of institutional investment in the United States, 2010

The economic geography of institutional investment in the United States, 2010

Tailored for panama: offshore banking at the crossroads of the americas

Embeddedness in custodial banking

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