Paul Sheard
Paul James Sheard (born November 25, 1954) is an Australian-American economist. Most recently he was Research Fellow and earlier M-RCBG Senior Fellow at Harvard Kennedy School's Mossavar-Rahmani Center for Business and Government, after previously being Vice Chairman of S&P Global. Sheard has held chief economist positions at Lehman Brothers, Nomura Securities, Standard & Poor's Ratings Services, and S&P Global. Prior to entering financial markets in 1995, he was an academic economist based in Australia, Japan and the United States, specializing in the Japanese economy and the economics of firm organization. He was a member of the World Economic Forum's Global Future Council on the New Agenda for Fiscal and Monetary Policy (2020-2022), having been a member of the WEF's Global Future Council on the New Economic Agenda (2018-2020) and of its Global Agenda Council on the International Monetary System (2010-2012). He is a member of the board of the Foreign Policy Association and is ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Glenelg, South Australia
Glenelg is a beach-side suburb of the South Australian capital of Adelaide. Located on the shore of Holdfast Bay in Gulf St Vincent, it has become a tourist destination due to its beach and many attractions, home to several hotels and dozens of restaurants. Established in 1836, it is the oldest European settlement on mainland South Australia. It was named after Lord Glenelg, a member of British Cabinet and Secretary of State for War and the Colonies. Through Lord Glenelg the name derives from Glenelg, Highland, Scotland. History Prior to the 1836 British colonisation of South Australia, Glenelg and the rest of the Adelaide Plains was home to the Kaurna group of Aboriginal Australians. They knew the area as "Pattawilya" and the local river as "Pattawilyangga", now named the Patawalonga River. Evidence has shown that at least two smallpox epidemics had killed the majority of the Kaurna population prior to 1836. The disease appeared to have come down the Murray River from ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Stanford University
Stanford University, officially Leland Stanford Junior University, is a Private university, private research university in Stanford, California. The campus occupies , among the largest in the United States, and enrolls over 17,000 students. Stanford is considered among the most prestigious universities in the world. Stanford was founded in 1885 by Leland Stanford, Leland and Jane Stanford in memory of their only child, Leland Stanford Jr., who had died of typhoid fever at age 15 the previous year. Leland Stanford was a List of United States senators from California, U.S. senator and former List of governors of California, governor of California who made his fortune as a Big Four (Central Pacific Railroad), railroad tycoon. The school admitted its first students on October 1, 1891, as a Mixed-sex education, coeducational and non-denominational institution. Stanford University struggled financially after the death of Leland Stanford in 1893 and again after much of the campus was ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Global Financial Crisis
Global means of or referring to a globe and may also refer to: Entertainment * ''Global'' (Paul van Dyk album), 2003 * ''Global'' (Bunji Garlin album), 2007 * ''Global'' (Humanoid album), 1989 * ''Global'' (Todd Rundgren album), 2015 * Bruno J. Global, a character in the anime series ''The Super Dimension Fortress Macross'' Companies and brands Television * Global Television Network, in Canada ** Global BC, on-air brand of CHAN-TV, a television station in Vancouver, British Columbia, Canada ** Global Okanagan, on-air brand of CHBC-TV, a television station in Kelowna, British Columbia, Canada ** Global Toronto, a television station in Toronto ** Global Edmonton ** Global Calgary ** Global Montreal ** Global Maritimes ** Canwest Global, former parent company of Global Television Network * Global TV (Venezuela), a regional channel in Venezuela Other industries * Global (cutlery), a Japanese brand * Global Aviation Holdings, the parent company of World Airways, Inc., an ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Deleveraging
At the micro-economic level, deleveraging refers to the reduction of the leverage ratio, or the percentage of debt in the balance sheet of a single economic entity, such as a household or a firm. It is the opposite of leveraging, which is the practice of borrowing money to acquire assets and multiply gains and losses. At the macro-economic level, deleveraging of an economy refers to the simultaneous reduction of debt levels in multiple sectors, including private sectors and the government sector. It is usually measured as a decline of the total debt to GDP ratio in the national accounts. The deleveraging of an economy following a financial crisis has significant macro-economic consequences and is often associated with severe recessions. In microeconomics While leverage allows a borrower to acquire assets and multiply gains in good times, it also leads to multiple losses in bad times. During a market downturn when the value of assets and income plummets, a highly leveraged bo ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Aggregate Demand
In macroeconomics, aggregate demand (AD) or domestic final demand (DFD) is the total demand for final goods and services in an economy at a given time. It is often called effective demand, though at other times this term is distinguished. This is the demand for the gross domestic product of a country. It specifies the amount of goods and services that will be purchased at all possible price levels. Consumer spending, investment, corporate and government expenditure, and net exports make up the aggregate demand. The aggregate demand curve is plotted with real output on the horizontal axis and the price level on the vertical axis. While it is theorized to be downward sloping, the Sonnenschein–Mantel–Debreu results show that the slope of the curve cannot be mathematically derived from assumptions about individual rational behavior. Instead, the downward sloping aggregate demand curve is derived with the help of three macroeconomic assumptions about the functioning of markets ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Keiretsu
A is a set of companies with interlocking business relationships and shareholdings. In the legal sense, it is a type of informal business group that are loosely organized alliances within the social world of Japan's business community. The ''keiretsu'' system dominated the Japanese economy for the second half of the 20th century, following the dissolution of the '' zaibatsu'' after World War II, and, to a lesser extent, continues to do so in the early 21st century. The members' companies own small portions of the shares in each other's companies, centered on a core bank; this system helps insulate each company from stock market fluctuations and takeover attempts, thus enabling long-term planning in projects. It is a key element of the manufacturing industry in Japan. History The prototypical ''keiretsu'' appeared during the Japanese economic miracle which followed World War II, amid the dissolution of family-controlled vertical monopolies called '' zaibatsu''. The ''zaib ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Non-tariff Barriers To Trade
Non-tariff barriers to trade (NTBs; also called non-tariff measures, NTMs) are trade barriers that restrict imports or exports of goods or services through mechanisms other than the simple imposition of tariffs. The Southern African Development Community (SADC) defines a non-tariff barrier as "''any obstacle to international trade that is not an import or export duty. They may take the form of import quotas, subsidies, customs delays, technical barriers, or other systems preventing or impeding trade''". According to the World Trade Organization, non-tariff barriers to trade include import licensing, rules for valuation of goods at customs, pre-shipment inspections, rules of origin ('made in'), and trade prepared investment measures. A 2019 UNCTAD report concluded that trade costs associated with non-tariff measures were more than double those of traditional tariffs. History The transition from tariffs to non-tariff barriers One of the reasons why industrialized countries have ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Sogo Shosha
are Japanese companies that trade in a wide range of products and materials. In addition to acting as intermediaries, ''sōgō shōsha'' also engage in logistics, plant development and other services, as well as international resource exploration. Unlike trading companies in other countries, which are generally specialized in certain types of products, ''sōgō shōsha'' have extremely diversified business lines, in which respect the business model is unique to Japan. The structure of ''sōgō shōsha'' can give them advantages in international trade. First, they have extensive risk management capabilities in that they trade in many markets, keep balances in many foreign currencies and can generate captive supply and demand for their own operations. They also have large-scale in-house market information systems which give them economies of scale in pursuing new business opportunities. Their vast scale also allows them to provide capital in the form of credit, financing and exp ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Permanent Employment
Permanent employees work for an employer and are paid directly by that employer. Permanent employees do not have a predetermined end date to employment. In addition to their wages, they often receive benefits like subsidized health care, paid vacations, holidays, sick time, or contributions. Permanent employees are often eligible to switch job positions within their companies. Even when employment is "at will", permanent employees of large companies are generally protected from abrupt job termination by severance policies, like advance notice in case of layoffs, or formal discipline procedures. They may be eligible to join a union, and may enjoy both social and financial benefits of their employment. With exception of South Korea, France, Germany, India and Japan where extensive laws and regulations make firing of permanent employees nearly impossible, rarely does "permanent employment" mean employment of an individual that is guaranteed throughout the employee's working life. ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Market For Corporate Control
__NOTOC__ The market for corporate control is the role of equity markets in facilitating corporate takeovers. This was first described in an article by HG Manne, "Mergers and the Market for Corporate Control". According to Manne: In this way the market for corporate control could magnify the efficacy of corporate governance rules, and facilitate greater accountability of directors to their investors. See also * Associate company *Business valuation * Consolidation (business) *Corporate governance * Drag-along right *Minority discount *Minority interest *Pre-emption right *Tag-along right *Voting interest Voting interest (or voting power) in business and accounting means the total number, or percent, of votes entitled to be cast on the issue at the time the determination of voting power is made, excluding a vote which is contingent upon the happenin ... Notes References * Manne, Henry G. (1965). "Mergers and the Market for Corporate Control". 73 ''Journal of Political Econo ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Cross Ownership
Cross ownership is a method of reinforcing business relationships by owning stock in the companies with which a given company does business. Heavy cross ownership is referred to as circular ownership. The Japanese economy is alleged to be heavily characterized by cross ownership. In the US, "cross ownership" also refers to a type of investment in different mass-media properties in one market. Cross ownership of stock Countries noted to have high levels of cross ownership include: * Japan * Germany Positives of cross ownership: * Closely ties each business to the economic destiny of its business partners * Promotes a slow rate of economic change Cross ownership of shares is criticized for: * Stagnating the economy * Wasting capital that could be used to improve productivity * Expanding economic downturns by preventing reallocation of capital * Lessening control of shareholders over corporate leadership. A major factor in perpetuating cross ownership of shares is a high capital ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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ORIX Corporation
, styled as ORIX, is a Japanese diversified financial services group headquartered in Minato, Tokyo, and Osaka, Japan. ORIX offers leasing, lending, rentals, life insurance, real estate financing and development, venture capital, investment and retail banking, commodities funds and securities brokering. In addition to expanding its offerings, ORIX has also expanded globally, offering financial services in North America, Asia, the Middle East and Northern Africa. Divisions include Japan-based ORIX Auto Leasing Corporation, which operates in other countries through subsidiaries such as ORIX Auto Leasing (Thailand) Co., Ltd. It is also known for being the majority owner of the ORIX Buffaloes baseball team in Nippon Professional Baseball. History ORIX was established 17 April 1964 as ''Orient Leasing Co., Ltd.'' The company's name was changed to ORIX Corporation in 1989. ORIX was originally a subsidiary of the trading house Nichimen (now Sojitz). Yoshihiko Miyauchi transferred t ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |