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Full-Text Articles in Education

Does Financial Market Development Explain (Or At Least Predict) The Demand For Wealth Management And Private Banking Services In Developing Markets?, Bryane Michael, Christopher Hartwell, Gary Ho Jan 2013

Does Financial Market Development Explain (Or At Least Predict) The Demand For Wealth Management And Private Banking Services In Developing Markets?, Bryane Michael, Christopher Hartwell, Gary Ho

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

How should wealth managers and private bankers find and serve the wealthy – particularly in developing countries? Several banks and consulting firms provide market sizing estimates for the number of high net worth and ultra-high net worth individuals. However, it is still an open question whether financial management services actually create wealth (or increase the number of wealthy persons). How can financial advisors know if, on a macro-level, their service offerings grow their collective assets under management and increase their prospect numbers? In this paper, we find evidence that advanced wealth management and private banking services might help grow a wirehouse ...


The Competition Act Of 2010: What Effect Will The Act Likely Have On The Supply And Prices Of Goods And Services In Malaysia?, Bryane Michael Jan 2013

The Competition Act Of 2010: What Effect Will The Act Likely Have On The Supply And Prices Of Goods And Services In Malaysia?, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

This presentation provides an overview of the likely effects of Malaysia's 2010 Competition Act.


Who's Your Company? Where To Locate To Compete In Emerging Markets, Bryane Michael Dec 2012

Who's Your Company? Where To Locate To Compete In Emerging Markets, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

Who’s your city? For companies in the developing world, this question determines their market sizes, access to innovative ideas, regulatory environment and proximity to innovative staff. In this brief, we identify the most attractive metropolitan areas to locate in to sell in emerging markets. Dubai, Istanbul, Johannesburg, Santiago, Buenos Aires, Sao Paulo, St. Petersburg, Moscow, Shanghai and Beijing comprise our top 10 list. Close runners-up include Bangkok, Kuala Lumpur, Mumbai, Cairo and others. We describe how companies can work with local governments to provide a more attractive business environment in these emerging metropoli. Some ways including providing resources for ...


Interview With Thompson Reuters, Bryane Michael Jan 2012

Interview With Thompson Reuters, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

Interview with Informer Magazine


Hong Kong Sponsors Should Have Little To Fear From Proposed Sfc Rules, Bryane Michael Jan 2012

Hong Kong Sponsors Should Have Little To Fear From Proposed Sfc Rules, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

New rules threaten to increase the legal liability of IPO sponsors in Hong Kong. What effect will the new rules have the IPO market in Hong Kong --- and the sponsors who prepare the new issue? We argue that the new rules -- rather than hindering the IPO market -- promise to deepen it. We review (for the lay-person) the relevant law, previoius econometric studies in the area, and provide conclusions.


The Middle Eastern Wealth Management Industry: Boon Or Bust?, Bryane Michael Jan 2012

The Middle Eastern Wealth Management Industry: Boon Or Bust?, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

The wealth management industry in the Middle East and North Africa (MENA) represents a roughly $800 billion opportunity. Yet, tapping this opportunity will require new strategies by the wirehouses looking to penetrate into this market. In this paper, we argue that Middle-Eastern policymakers and bankers will need to develop an indigenous wealth management industry which keeps the super-wealthy’s investments at home. Developing a local national wealth management industry requires letting in foreign competition, changing banking and securities laws, and growing local companies whose share are worth buying. We show why Turkey has succeeded in growing a nationally and internationally ...


Compliance Audit Of Anti-Corruption Regulations: A Case Study From Carpatistan Customs, Bryane Michael Dec 2011

Compliance Audit Of Anti-Corruption Regulations: A Case Study From Carpatistan Customs, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

The principles and findings from internal government audits (aimed at generating recommendations to improve compliance with anti-corruption regulations) can greatly contribute to the wider anti-corruption literature. Internal audit techniques can overcome the weaknesses of the four predominant approaches to evaluating anti-corruption regulatory performance – the systems design approach, the ad-hoc controls studies approach, the descriptive legal analysis approach and the prescriptive manuals and handbooks approach. This paper discusses a compliance audit of anti-corruption regulations in an anti-corruption audit conducted in 2009. The audit findings and recommendations illustrate the ways that models and previous research in the social sciences can be used ...


Whither Turkish Capitalism?, Bryane Michael Dec 2011

Whither Turkish Capitalism?, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

Turkish families will likely cede their controlling interests in Turkey’s dominant holding companies in the upcoming decades as Wall Street clamours for a greater share of developing world profits and families enjoy the fruits of their oligopolistic labours.


The Prosecution And Confiscation Of The Proceeds Of Illicit Enrichment, Bryane Michael Dec 2011

The Prosecution And Confiscation Of The Proceeds Of Illicit Enrichment, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

These training slides show prosecutors and judges how to find and recover the proceeds of corruption (under Macedonian law as a practical example).


Customs Facilitation And Anti-Corruption (Wco Presentation), Bryane Michael Jan 2011

Customs Facilitation And Anti-Corruption (Wco Presentation), Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

This presentation reviews the findings of our paper "Do Customs Trade Facilitation Programmes Help Reduce Customs-Related Corruption?" presented in Abu Dhabi at the WCO meeting.


What Does Kosovo Teach Us About Using Human Rights Law To Prosecute Corruption Offences?, Bryane Michael Jan 2010

What Does Kosovo Teach Us About Using Human Rights Law To Prosecute Corruption Offences?, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

If a patient must pay a bribe to obtain life-saving surgery, does the doctor’s solicitation of a bribe represent a violation of the victim’s human rights? This paper explores the ways in which anti-corruption practitioners can look to various provisions in human rights law in order to prevent or prosecute corruption-related offences. We use Kosovo as a case study because its constitution gives direct effect to the major international human rights conventions. We find -- using Kosovo as a case study -- that some types of corruption lead to separately prosecutable human rights offences. We also find that pre-existing violations ...


What Do We Know About Corruption (And Anti-Corruption) In Customs?, Bryane Michael, Nigel Moore Jan 2010

What Do We Know About Corruption (And Anti-Corruption) In Customs?, Bryane Michael, Nigel Moore

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

What are the lessons from anti-corruption programmes in Customs agencies over the last 20 years? The data suggest that many of the usual activities -- like codes of conduct and posters do not work. Internal inspectorates, and particularly internal audit, has a large effect on reducing corruption. A review of the literature and best practice presented.


Do Customs Trade Facilitation Programmes Help Reduce Customs-Related Corruption?, Bryane Michael, Frank Ferguson, Alisher Karimov Jan 2010

Do Customs Trade Facilitation Programmes Help Reduce Customs-Related Corruption?, Bryane Michael, Frank Ferguson, Alisher Karimov

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

Customs-related corruption costs World Customs Organisation (WCO) members at least $2 billion in customs revenue each year. Using recent data only about bribe payers’ actual experiences in paying bribes, we show that trade facilitation would only help reduce corruption and improve efficiency – in a large number of customs agencies -- if the customs agency’s director undertakes a big-bang approach to reform. We also find support for the corruption clubs theory – that customs agencies in the process of reform are either moving toward OECD levels of integrity and efficiency; or they are sliding toward a “red zone” group of countries. Such ...


Foreign Under-Investment In Us Securities And The Role Of Relational Capital, Bryane Michael Jan 2010

Foreign Under-Investment In Us Securities And The Role Of Relational Capital, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

Over 70 academic papers attempt to explain why foreigners invest in US securities. All ignore the vital role of the US broker-dealer. Macroeconomic factors like a trade balance or corporate governance may guide foreign investors toward certain markets. But US broker-dealers provide information to foreign investors and execute the actual trades. We hypothesize that particular foreign investors under-invest in US securities because of a lack of relational capital with US broker-dealers. We find that broker-dealer marketing intensity in foreign markets partly explains foreigners’ decisions to invest in US securities. We also estimate “pent-up” demand for US securities in developing countries ...


The Size And Structure Of Government, Bryane Michael, Maja Popov Jan 2010

The Size And Structure Of Government, Bryane Michael, Maja Popov

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

Does government size and structure adapt to changes in government’s organisational environment (particularly to uncertainty and complexity) as predicted by organisational theory? We find – using a range of statistical analyses – support for each of the major theories of organisation adaptation (the contingency-based view, resource-based view, and rational choice view). We find that both government size and structure change – holding other factors constant – for changes in the uncertainty and complexity of governments’ organisational environments. We find seven clusters of governments which adapt their organisational sizes differently in response to changes in the uncertainty and complexity of their organisational environments – and ...


Raising Revenue Through Fighting Corruption In Customs, Bryane Michael Jan 2009

Raising Revenue Through Fighting Corruption In Customs, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

I gave this presentation at a WCO meeting in Brussels. Please contact for more accurate data on corruption estimates (I had to rescale some of the estimates for reasons of confidentiality).


Issues In Anti-Corruption Law: How Can Code Of Conduct Laws Be Drafted In Order To Reduce Corruption In A Public Sector Like Romania’S?, Bryane Michael Jan 2009

Issues In Anti-Corruption Law: How Can Code Of Conduct Laws Be Drafted In Order To Reduce Corruption In A Public Sector Like Romania’S?, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

International organisations, like the UN and EU, have encouraged their member states for years to increase civil servants’ compliance with particular codes of conduct. Romania represents probably one of the most advanced countries in attempting to legislate on civil servant ethics through its Code of Conduct Law. Yet, the Romanian Code of Conduct Law possesses significant weaknesses, emanating both from the inherent difficulties of using hard law in a soft law area (like civil servants’ ethics) and the Law’s silence as to specific procedures which government agencies should use in implementing the Law. Given these weaknesses, Romanian government agencies ...


The Evolution Of The Anti-Corruption Industry In The Third Wave Of Anti-Corruption Work, Bryane Michael Jan 2009

The Evolution Of The Anti-Corruption Industry In The Third Wave Of Anti-Corruption Work, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

Work on anti-corruption has changed significantly in the mid-1990s -- reflecting a "third wave" of anti-corruption work. If the first and second waves of anti-corruption work reflected the marketisation of anti-corruption projects, the third wave reflects the direct cross-border co-operation between law enforcement agencies (particularly in the European Union). The first part of this paper reviews the literature and the data we consulted in our (rather informal) study. The second part traces the evolution of the anti-corruption industry across time – showing the beginning of each new wave as a “structural break” in the organisational structure of project delivery. The observation of ...


Issues In Anti-Corruption Law: Can An Activist Regulatory Stance Overcome Legislative Problems In Preventive Anti-Corruption Agencies Like Montenegro’S?, Bryane Michael Jan 2009

Issues In Anti-Corruption Law: Can An Activist Regulatory Stance Overcome Legislative Problems In Preventive Anti-Corruption Agencies Like Montenegro’S?, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

Article 6 of the UN Convention Against Corruption requires that signatory states establish an anti-corruption agency (or agencies) responsible for preventing corruption. However, the Convention – and legal scholarship in general – provides little direction about how such agencies should be organised. Moreover, the piece-meal nature of anti-corruption legislation in most developing countries makes the efficient operation of such agencies difficult to impossible. This article argues that regulatory instruments can help overcome the inherent weaknesses of legislative governing many anti-corruption agencies. Using the Montenegro’s Directorate for Anti-Corruption Initiatives (DACI), I show how the design of a regulation – relying on already existing ...


Should The World Customs Organisation Develop A Hard Law Approach To Anti-Corruption In Customs?, Bryane Michael Jan 2009

Should The World Customs Organisation Develop A Hard Law Approach To Anti-Corruption In Customs?, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

The WCO, among international organisations, remains conspicuously absent in its work on anti-corruption. This brief, a set of notes for a conference lecture, provide the steps the WCO should take in order to help customs agencies adopt anti-corruption legislation world-wide.


When Eu Law Meets Arabic Law: Assessment Of Anti-Corruption Law In Morocco And Some Proposed Amendments, Bryane Michael, Abdelaziz Nouaydi Jan 2008

When Eu Law Meets Arabic Law: Assessment Of Anti-Corruption Law In Morocco And Some Proposed Amendments, Bryane Michael, Abdelaziz Nouaydi

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

This article reviews the present state of the adoption of anti-corruption legal provisions usually adopted in EU (or candidate) countries in Morocco. Morocco lags behind many countries in its adoption of anti-corruption legislation and the recently established Central Agency of the Prevention of Corruption is unlikely to succeed in speeding up the adoption of these measures. English language translations of a number of Moroccan anti-corruption legal instruments are presented and amendments to these legal instruments are recommended (based on international best practice) in order to increase the likely effectiveness of Moroccan law enforcement institutions in fighting corruption.


Закон За Спречување На Корупција Во Локалната Власт: Правни Прашања Поврзани Со Дизајнирање На Прописи И Тела За Спречување На Корупција На Локално Ниво Во Македонија, Bryane Michael Dec 2007

Закон За Спречување На Корупција Во Локалната Власт: Правни Прашања Поврзани Со Дизајнирање На Прописи И Тела За Спречување На Корупција На Локално Ниво Во Македонија, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

Општините во Република Македонија треба да усвојат прописи за спречување на корупција со цел да ја намалат корупцијата. Овој труд ги разгледува правните прашања поврзани со изработката на такви прописи и обезбедува правен совет за советите на општините за правна и економска анализа потреба за решавање на некои од потешките и подетални прашања. Најважното прашање произлегува од креирањето на модел на пропис кој општините во Македонија (или Заедницата на единиците на локалната самоуправа на Република Македонија) можат да го усвојат со цел воспоставување и работа на тела за спречување на корупција на локално ниво. Анализирана е локацијата на таквите тела ...


Using Tutorials In The Development Of Economics And Management Thinking Skills, Bryane Michael Jan 2004

Using Tutorials In The Development Of Economics And Management Thinking Skills, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

One of the primary goals of educating in economics and management (E&M) is to teach students to think for themselves rather than repeat text-book theories. Drawing upon my own teaching experiences, I will discuss a framework for tutorial-based teaching of applied E&M thinking. The paper discusses results to date from the use of this framework as well as lessons learned which might be applicable to a range of University and non-University based programmes teaching skills in economics and management.