A precondition for sustainability

The asset management industry is horribly conflicted. On the one hand it is supporting the grassroots drive to encourage big business to adopt sustainable policies. On the other, the majority of investors and asset managers are adopting strategies that destabilise asset prices and promote short-termism. Unfortunately, the latter effect not only undermines the former, but does untold damage to the macroeconomy.

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Paul Woolley Centre for the Study of Capital Market Dysfunctionality

The PW Centre produces and disseminates high-quality research focused on the workings of capital markets and the social efficiency of allocations achieved in these markets.

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Long-term investors using short-term strategies

Large institutional investors who claim to invest with a long horizon and who wish to be seen as champions of a socially responsible form of capitalism, may in fact be contributing to dysfunctional capital markets in which short-termism dominates long-term thinking.

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50 years of efficient market thinking

Fifty years on from its inception, the efficient markets hypothesis still exerts a powerful grip on investors. The widespread reliance on market cap indices as benchmarks for active manager success creates a pervasive tendency towards performance-chasing across the industry. Large asset owners have the power to change this dynamic by changing the way that they engage with and monitor their managers.

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