Confidence and Trust is not Built in a Day. Nomura Asset Management and its strategy after the Subprime Financial Crisis

Tsuchiya, Michiko (2008) Confidence and Trust is not Built in a Day. Nomura Asset Management and its strategy after the Subprime Financial Crisis. [Dissertation (University of Nottingham only)] (Unpublished)

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Abstract

This paper analyzes the asset management industry in the current business environment after the economy and the capital markets suffered a financial crisis triggeded by the sub-prime issues.

The paper begins with firm analysis where it identifies Nomura Asset Management's key strategic issue and assess the issues of operational process in investment management to illustrate and describe the key strategic issues asset management firms face.

Subsequently followed by the industry analysis to incorporate a number of important analysis and discussion regarding asset management firms and its validity to investors in terms of adding value, to examine the validity of the industry. In addition the paper examines and critically analyses the traditional measures of risk and performance used by asset management firms incorporating the rapidly changing global capital market environment, as well as the anomaly caused by the financial crisis such as the effect from financial leverage and gearing, identifying agency issues seen among financial institutions and redefining the responsibilities for asset management firms.

Finally, the paper defines what risk and perceived risk is, and analyses the measurement of risk as well as a critical analysis of the efficiency of beta and CAPM that are used extensively in the asset management industry.

After a careful consideration of the rapidly changing business environment, and the dynamics in the capital markets, the paper critically analyses and discuss the use of forward looking measures such as Value-at-risk.

Item Type: Dissertation (University of Nottingham only)
Keywords: Value-at-risk, risk, perceived risk, asset management, leverage, sub-prime, agency issue, EMH, Porter's five forces, Five Major Elements of Strategy by Hambrick and Fredrickson, key strategic isse, beta, CAPM, financial statement analysis, risk management, Modigliani and Millers Proposition I & II, stress test, scenario analysis
Depositing User: EP, Services
Date Deposited: 27 Nov 2008
Last Modified: 20 Sep 2016 15:16
URI: http://eprints.nottingham.ac.uk/id/eprint/22527

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