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Co-financing arrangements in which investors from outside the motion picture industry become co-owners of the completed films are a common phenomenon in Hollywood. Kay H. Hofmann analyzes the conflicts of interest and the organizational problems that may arise between the experienced major studios and investors with comparably low industry expertise. Guided by principal agent theory, the empirical analysis provides evidence for adverse selection and moral hazard. Based on his findings, the author develops solutions that are not only relevant for investors but also for film producers who rely on the long-term availability of external funds.

ABSTRACTManuscript Type: EmpiricalResearch Question/Issue: This study explores a signaling role of the demographic composition of a firm's outside director by examining how the composition influences the growth of foreigners' investment in the firm.Research Findings/Insights: Using archival data from a panel sample of 96 large Korean firms between 2000 and 2003, our analysis shows that the growth of foreign ownership is positively affected if a higher proportion of outside directors hold advanced foreign degrees, if a higher proportion of outside directors have former or current affiliations with governmental organizations, or if a higher proportion of outside directors have job experience in the same industry.Theoretical/Academic Implications: Our theoretical perspective and supportive findings suggest that the role of outside directors is not confined to implementing the tasks stipulated as a corporate governance mechanism; they also can be signals that inform a market audience (foreign investors in our study) of the extent to which outside directors may provide a firm with a knowledge base, social status, and decision control.Practitioner/Policy Implications: This study suggests several practical implications, prompting growing interest in the role of outside directors as one of the most effective vehicles for improving corporate governance and symbolic management. In addition, it offers insights to policy makers interested in establishing and updating guidelines that inform firms of desirable board composition according to their strategic demands.

This paper uses a data set of freehold land and property transactions from medieval England to highlight the growing commercialization of the economy during that time. By drawing on the legal records, we are able to demonstrate that the medieval real estate market provided the opportunity for investors to profit. Careful analysis of the data provides evidence of group purchases, multiple transactions, and investors buying outside their own localities. The identification of these "investors" and their buying behaviors, set within the context of the English medieval economy, contributes to the early commercialization debate.

This paper discusses whether financial intermediaries can optimally provide liquidity, or whether the government has a role in creating liquidity by supplying government securities. We discuss a model in which intermediaries optimally manage liquidity with outside rather than inside liquidity: instead of holding liquid real assets that can be used at will, banks sell claims on long-term projects to investors. While increasing efficiency, liquidity management with private outside liquidity is associated with a rollover risk. This rollover risk either keeps intermediaries from providing liquidity optimally, or it makes the economy inherently fragile. In contrast to privately produced claims, government bonds are not associated with coordination problems unless there is the prospect that the government may default. Therefore, efficiency and stability can be enhanced if liquidity management relies on public outside liquidity.

Only recently has Japan become the world's largest investor. Yet stories of investors taking their money home already have developed. Are Japanese investors taking their money home? Would it matter? To answer these questions, one must examine the economic, regulatory, and political motivations guiding Japanese investments. So far, shifts in the flows of funds have not been sensational, but by no means should one dismiss the shifts as irrelevant. A tightening of liquidity at home and a pricking of the bubble's in Japan's equity and land markets have altered the calculus of returns on overseas investments. Tims, the annual increments to Japan's overseas holdings, which already had shrunk in 1990, should stay low in the coming years. Tlie impact on global financial markets will depend crucially on whether new flows from Japan fall faster than new demands for funds outside of Japan.

Appendix C. Problems with the Swiss optionReferences; 3Old links, new ties -- global free trade through the Anglosphere and Commonwealth; Ralph Buckle and Tim Hewish; Introduction; Why the Commonwealth and Anglosphere nations?; Current economic trends; Figure 5Commonwealth and Europe share of real world GDP (PPP, bn) 1970-2013; Table 14World Bank's Ease of Doing Business rankings; Table 15World Bank's 'Starting a Business' rankings; Table 16World Bank's 'protecting investors' rankings; The Internet; Table 17The Corruption Perception Index; Box 6New Zealand

ABSTRACTIn recent years, China has emerged as a major source of investment and development assistance across the 'developing world', triggering the rise of global networks that in some ways stand apart from the existing order of globalization. This article, based on ethnographic fieldwork and interviews in Cambodia from 2009 to 2011, begins to explore the significance of Chinese investors and managers, a new globe‐trotting elite involved in projects around the world. Understanding how this new Chinese mobile class sees its mission is crucial for making sense of how China's 'rise' may be re‐scripting globalization and, specifically, how it may be offering new visions of modernity. The author's research suggests that Chinese investors and managers engage in a developmental discourse which is reminiscent partly of colonial days and partly of the heyday of post‐war developmentalism. This discourse articulates the possibility and necessity of progress imposed by outside actors, and is accompanied by measures that inculcate a strict Fordist labour discipline. At the same time, the author argues, it may also contain the seeds of a new developmental cosmopolitanism.

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