{"title":"Equity investment prospects in emerging markets","authors":"Ashok Khanna","doi":"10.1016/S0022-5428(96)90021-6","DOIUrl":"10.1016/S0022-5428(96)90021-6","url":null,"abstract":"<div><p>The Mexican debacle in late 1994 had a contagious, if short-lived impact on emerging markets. Evidence suggests that fund managers panicked and withdrew investments. Portfolio equity flows to emerging markets decreased by more than a third in 1995. The investor base shrank. The longterm case for investing in emerging markets is, however, very strong. Most of them are growing faster, some much faster, than developed countries, and are likely to yield higher returns on investment. By one estimate, emerging markets will increase their share of world stock market capitalization from 15 percent in 1995 to 45 percent in 2010. The article will review the trends in private capital flows and prospects for the future, focusing on opportunities in East Asia as an example. The author discusses the investment strategies that help explain the panic of 1995 and proposes a more analytical approach to investment in developed markets and the information needed to facilitate its adoption.</p></div>","PeriodicalId":85674,"journal":{"name":"The Columbia journal of world business","volume":"31 2","pages":"Pages 32-39"},"PeriodicalIF":0.0,"publicationDate":"1996-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0022-5428(96)90021-6","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55832968","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Notes from the apparel industry: Two decades at Liz Claiborne","authors":"Jerome A. Chazen","doi":"10.1016/S0022-5428(96)90022-8","DOIUrl":"10.1016/S0022-5428(96)90022-8","url":null,"abstract":"<div><p>Since the establishment of Liz Claiborne 20 years ago, the retail world has seen a sharp decline in customer loyalty, and the women's apparel market has had to face shifting needs and tastes. As a pioneer in the global sourcing of product, Liz Claiborne also faced a variety of challenges from both labor and government as well as the strains of building ties with manufacturers overseas. The author was one of the four founders of Liz Claiborne in 1976. In this article, based on his remarks at Columbia Business School's April 1996 conference on retailing, the author discusses the difficulties retailers and manufacturers have faced in the past two decades and how Liz Claiborne, the largest manufacturer of women's apparel in the United States, has adapted.</p></div>","PeriodicalId":85674,"journal":{"name":"The Columbia journal of world business","volume":"31 2","pages":"Pages 40-43"},"PeriodicalIF":0.0,"publicationDate":"1996-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0022-5428(96)90022-8","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55832978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"How to invest in China: Omron's experience in the Chinese economic area","authors":"Nobuo Tateisi","doi":"10.1016/S0022-5428(96)90026-5","DOIUrl":"10.1016/S0022-5428(96)90026-5","url":null,"abstract":"<div><p>This article broadly outlines some of the challenges and problems Omron faced after entering the Chinese market. Although Omron had maintained contact with Chinese businesses for several years, we did not establish our own facilities in the region until 1987, when we decided to set up a temporary office in Beijing following the success of a control components exhibition we had held in several Chinese cities the year before. I have focused in particular on the four-year period following 1991, the year in which Omron inaugurated its China Division and set up its first factory in the region, as this interval effectively spans what can be called Omron's ‘first phase’ of strategic operations in the Chinese Economic Area and offers the reader a broad insight to Omron's rationale behind the move as well as a description of our experiences.</p></div>","PeriodicalId":85674,"journal":{"name":"The Columbia journal of world business","volume":"31 2","pages":"Pages 66-75"},"PeriodicalIF":0.0,"publicationDate":"1996-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0022-5428(96)90026-5","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55833139","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The big emerging markets","authors":"Jeffrey E. Garten","doi":"10.1016/S0022-5428(96)90020-4","DOIUrl":"10.1016/S0022-5428(96)90020-4","url":null,"abstract":"<div><p>During his tenure as Under Secretary of Commerce, the author was one of the architects of the Clinton administration's Big Emerging Markets policy under Secretary of Commerce Ron Brown. He is now dean of the Yale School of Management. The Clinton policy emerged out of a growing conviction that some ten markets will account for the overwhelming growth potential in world imports, not to mention commensurate growth in economic and political influence around the world. These markets include, in Asia—the Chinese Economic Area (China, Hong Kong and Taiwan), South Korea, Indonesia and India; in Africa—South Africa; in Central Europe—Poland and Turkey; and in Latin America—Mexico, Brazil and Argentina. The administration concluded that, because many of these countries still have important state sectors, and because virtually all are focusing heavily on infrastructure projects that demand the involvement of local governments, U.S. companies need the U.S. government at their side to win a fair hearing. What is more, because of the intensity of foreign competition and the capital demands on these countries, international competitors will be public/private partnerships in which foreign governments provide concessionary financing and aggressive advocacy to support their companies' efforts.</p><p>This presentation is based on the author's speeches during his tenure as Under Secretary for International Trade of the U.S. Department of Commerce, June 1993 to October 1995.</p></div>","PeriodicalId":85674,"journal":{"name":"The Columbia journal of world business","volume":"31 2","pages":"Pages 6-31"},"PeriodicalIF":0.0,"publicationDate":"1996-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0022-5428(96)90020-4","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55832962","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Doing bussiness in Brazil","authors":"Philip H. Geier Jr.","doi":"10.1016/S0022-5428(96)90023-X","DOIUrl":"10.1016/S0022-5428(96)90023-X","url":null,"abstract":"<div><p>Brazil has had one of the worst records of hyperinflation in Latin America, with rates reaching 5,500 percent in 1994. Yet the author contends that, despite sharp price fluctuations from one day to the next, a company can learn to manage hyperinflation through flexibility and a willingness to adapt and reinvent. McCann-Erickson, the advertising agency that formed the original nucleus of what is now the Interpublic Group of Companies, found it had to abandon conventional planning during the worst periods in order to focus on how best to juggle cash resources on a week-to-week, or even day-to-day, basis.</p><p>Brazil has weathered such storms by maintaining a relative openness to “the commercial imperative.” Communications has remained relatively unfettered by government regulation in Brazil, and Brazilian television has always been strictly commercial. Recently Brazil has encouraged foreign investment by the lowering of prohibitive tariffs and the privatization of many state-run companies.</p></div>","PeriodicalId":85674,"journal":{"name":"The Columbia journal of world business","volume":"31 2","pages":"Pages 44-53"},"PeriodicalIF":0.0,"publicationDate":"1996-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0022-5428(96)90023-X","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55832990","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The path to competitiveness: Strategies for investment in Central Europe","authors":"Bernard Hanon","doi":"10.1016/S0022-5428(96)90027-7","DOIUrl":"10.1016/S0022-5428(96)90027-7","url":null,"abstract":"<div><p>The author, who has consulted widely on investing in Central Europe over the past 10 years, is upbeat on the prospects for investors in the region, provided they bear in mind several caveats. The most important requirement, he contends, is to find strong local support and partners for any enterprise. In this article, the author takes a close look at two post-privatization companies and finds that some of Central Europe's industries are more adaptive to the market environment than others. The privatized Borsodi brewery in Bôcs, Hungary has grown profitable as the beneficiary of Western marketing savvy since its acquisition by the Belgian Interbrew, S.A., the world's fourth largest brewer. But the Polish Star truck company has failed to adapt its trucks to wider markets since private investors took an equity position in the company. The author finds that the main failures were due to poor partner selection. Weak foreign leadership, failure to create a strong collaborative climate with local target companies and lack of training have also plagued many investments in the region. The success of foreign investors, he argues, also lies in granting the proper respect to the nationalism that is prevalent in Central Europe.</p></div>","PeriodicalId":85674,"journal":{"name":"The Columbia journal of world business","volume":"31 2","pages":"Pages 76-85"},"PeriodicalIF":0.0,"publicationDate":"1996-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0022-5428(96)90027-7","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55833182","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Intellectual property: America's competitive advantage in the 21st century","authors":"Bruce A. Lehman","doi":"10.1016/S0022-5428(96)90002-2","DOIUrl":"10.1016/S0022-5428(96)90002-2","url":null,"abstract":"<div><p>Three forces reshaped the U.S. economy during the 1980s—globalization, the creation and application of new technologies, and the shift to a knowledge-based economy. By looking at the historic role of intellectual property rights in U.S. economic growth, one can see not only that an ability to create and adapt has always been the driving force in the U.S. economy, but that it will continue to be its strength in the future. This historical perspective leads to a fundamental conclusion: In the next century, U.S. economic growth and competitiveness will largely be determined by the extent to which the United States creates, owns, preserves and protects its intellectual property, and the extent to which the federal government can foster economic growth by creating incentives for private sector investment in research and development, promoting stronger intellectual property protection abroad, reducing barriers to trade and serving U.S. business interests throughout the world.</p></div>","PeriodicalId":85674,"journal":{"name":"The Columbia journal of world business","volume":"31 1","pages":"Pages 6-16"},"PeriodicalIF":0.0,"publicationDate":"1996-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0022-5428(96)90002-2","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55832612","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The repositioning of Ex-Im bank","authors":"Alfred C. Holden","doi":"10.1016/S0022-5428(96)90009-5","DOIUrl":"10.1016/S0022-5428(96)90009-5","url":null,"abstract":"<div><p>In recent years, U.S. government policy has shifted in favor of government export support similar to that provided by other G-7 nations. In a major initiative in 1993, the Clinton administration devised a national strategy to reposition Ex-Im Bank to respond to the long-standing needs of U.S. exporters. Today, there are several hundred million dollars at Ex-Im Bank's disposal to meet or match the subsidies offered by U.S. trade rivals, and there is a determination to use such resources to help U.S. exporters compete. Yet attempts by Congress during 1995 to trim Ex-Im Bank's capacity in the name of budget cutting have reawakened the debate over export subsidies. The author asks whether it is possible that Washington will forget the adverse consequences of the two-decade failure to keep Ex-Im Bank's loan program competitive with support agencies in Japan and Europe? The article uses the 1992 OECD arrangement, with its restrictions on foreign loan programs tied to the purchase of donor exports, to examine the United States' recurring confrontations with foreign export-subsidy programs and the prospects for U.S. government export support in coming years.</p></div>","PeriodicalId":85674,"journal":{"name":"The Columbia journal of world business","volume":"31 1","pages":"Pages 82-93"},"PeriodicalIF":0.0,"publicationDate":"1996-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0022-5428(96)90009-5","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55832950","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The advent of private equity in Latin America","authors":"Lorenzo Weisman","doi":"10.1016/S0022-5428(96)90007-1","DOIUrl":"10.1016/S0022-5428(96)90007-1","url":null,"abstract":"<div><p>As an investment banker in London, the author witnessed the massive run-up in Latin American public equities during the early 1990s and began to consider the potential for adapting the European model of development capital to Latin America. The author and a small number of other investors began looking beyond the public equity boom, recognizing that the biggest returns had already been made by local entrepreneurs who had entered the market early. Following in the steps of the local entrepreneurs who had been investing in and turning around local companies for years, the author and other investors established investment funds and sought out privately owned Latin American companies that were either poorly capitalized or mismanaged. In a matter of four years, foreign and indigenous pools of funds dedicated to private, unquoted investments in Latin America has grown from near zero to an estimated $1.5 billion. And the pool continues to grow. The author tracks this investment phenomenon and assesses the prospects for these and future Latin American funds, in light of the economic and political stabilization of many Latin American countries and the ambitious infrastructure development programs across the region.</p></div>","PeriodicalId":85674,"journal":{"name":"The Columbia journal of world business","volume":"31 1","pages":"Pages 60-68"},"PeriodicalIF":0.0,"publicationDate":"1996-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0022-5428(96)90007-1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55832920","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Developing strategies for global markets: An evolutionary perspective","authors":"C.Samuel Craig , Susan P. Douglas","doi":"10.1016/S0022-5428(96)90008-3","DOIUrl":"10.1016/S0022-5428(96)90008-3","url":null,"abstract":"<div><p>As the global landscape becomes populated by an increasingly diverse array of companies of different sizes, from different industries and of varied national origins, developing a strategy to compete effectively in global markets becomes ever more complex. How can companies of all kinds compete effectively in an increasingly diverse global landscape? The authors suggest that the appropriate response depends on a firm's level of involvement in international markets: whether a firm is just entering international markets, is aggressively expanding its international presence or is attempting to rationalize far-flung global operations. Focusing on three different industries, processed foods, automobiles and motor scooters, the authors identify appropriate strategies for leveraging competitive advantage at each phase of international involvement. They show how three paramount tasks, learning, building and leading, must evolve through each phase.</p></div>","PeriodicalId":85674,"journal":{"name":"The Columbia journal of world business","volume":"31 1","pages":"Pages 70-81"},"PeriodicalIF":0.0,"publicationDate":"1996-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0022-5428(96)90008-3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55832938","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}