Can company-fund manager meetings convey informational benefits? Exploring the rationalisation of equity investment decision making by UK fund managers

Conventional economic theory, applied to information released by listed companies, equates ‘useful’ with ‘price-sensitive’. Stock exchange rules accordingly prohibit the selec- tive, private communication of price-sensitive information. Yet, even in the absence of such communication, UK equity fund managers routinely meet privately with the senior execu- tives of the companies in which they invest. Moreover, they consider these brief, formal and formulaic meetings to be their most important sources of investment information. In this paper we ask how that can be. Drawing on interview and observation data with fund managers and CFOs, we find evidence for three, non-mutually exclusive explanations: that the characterisation of information in conventional economic theory is too restricted, that fund managers fail to act with the rationality that conventional economic theory assumes, and/or that the primary value of the meetings for fund managers is not related to their investment decision making but to the claims of superior knowledge made to clients in marketing their active fund management expertise. Our findings suggest a disconnect between economic theory and economic policy based on that theory, as well as a corre- sponding limitation in research studies that test information-usefulness by assuming it to be synonymous with price-sensitivity. We draw implications for further research into the role of tacit knowledge in equity investment decision-making, and also into the effects of the principal–agent relationship between fund managers and their clients.

Design meetings and the coordination of expertise

The coordination of work and expertise in construction projects is often treated in terms of models or formal rules. However, much is to be gained, if we are to understand it, by examining actual coordination practices. The objective in this article is to address practices of coordination of expertise in the context of design team meetings. The focus is specifically on conversational practices between the structural engineer and the landscape architect part of the design team in a healthcare infrastructure project. The central argument is that the coordination of expertise relied on and was organised by mundane and everyday methods, and not by formal and abstract ones. This argument is drawn from ethnomethodology, a form of sociological analysis that focuses on the situated methods by which activities are produced, but shares concerns found in the literature on actual project management practices. The ethnomethodological stance, however, offers a different perspective on the significance of the empirical reality of projects and a possibility to incorporate within this literature a concern with the ordinary methodical organisation of project activities.

Putting the Canal on the map: Panamanian agenda-setting and the 1973 Security Council meetings

In the early 1970s, Panama’s negotiations with the United States over the status of the Panama Canal ground to a standstill. General Omar Torrijos had rejected treaties left unratified by previous governments only to receive a less generous offer from the Nixon administration. Realizing that the talks were being ignored in Washington, the Panamanian government worked to internationalize the previously bilateral issue, creating and exploiting a high-profile forum: Extraordinary meetings of the UN Security Council in March 1973 held in Panama City. In those meetings, Panama isolated the United States in order to raise the issue’s profile and amplify the costs of leaving the matter unsettled. Using underutilized Panamanian sources, this article examines that meeting, the succeeding progress, and the effect of this early stage on the final negotiations several years later. The case also illustrates how, during the unsettled international environment of the 1970s, a small state utilized international organizations to obtain attention and support for its most important cause.

Lista de informes de reuniones auspiciadas por la CEPAL desde mayo de 1981 = List of meetings sponsored by ECLA since May 1981

Publicación bilingüe

Calendario de reuniones intergubernamentales de la CEPAL propuesto para el período 1982-1984: nota de la Secretaría = Calendar of intergovernmental meetings of CEPAL proposed for the period 1982-1984: note by the Secretariat

Incluye las reuniones estatutorias de la CEPAL, reuniones de organos subsidiarios de la Comision y reuniones regionales latinoamericanas preparatorias para conferencias mundiales de las Naciones Unidas.

Racionalización de la estructura institucional y del padrón de reuniones del Sistema de la Comisión Económica para América Latina = Rationalization of the institutional structure and pattern of meetings of the System of the Economic Commission for Latin America

Incluye Bibliografía