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The Purpose of Finance

The Purpose of Finance: improving real economy productivity by addressing short-termism

September 2019 • Event • The Purpose of Financeby New Financial

The dinner is the latest in the Purpose of Finance initiative on which we are collaborating with Pension Insurance Corporation, and the discussion will focus on a working draft of an upcoming research paper that explores the concrete impact on the real economy – mainly in the form of reduced productivity growth – of short-termism […]

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What is the point of stock exchanges?

June 2019 • The Purpose of Financeby William Wright & Tracy Blackwell

This article was published in The Daily Telegraph in June to coincide with the launch of our recent report on ‘What are stock exchanges for? And why should we care?’ You can download a summary of the report here Maybe it’s just that we’re getting older, but the questions on Mastermind seem to be getting […]

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Report: What are stock exchanges for? And why should we care?

June 2019 • The Purpose of Financeby by William Wright

This report analyses the changes in the world of stock exchanges, equity markets and the new issue market over the past 50 years. It highlights the vital role that stock exchanges play in the economy, analyses the main drivers of the significant changes over the past few decades – and suggests how we can get exchanges back on track.

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Report: the impact of capital markets on people’s everyday lives

October 2018 • Ecommerce reports • The Purpose of Financeby William Wright, Christian Benson & Eivind Friis Hamre

This unique report analyses the the impact of capital markets on people’s everyday lives through the lens of the economy in the North West of England. The report shows what goes on in the City of London is far more relevant to the everyday lives of millions of people living in the region than most people in the City or the North West would expect – and we hope that it encourages the industry to think differently about its role and impact.

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‘How efficient is the European finance industry?’ – dinner with Dr Guillaume Bazot

September 2018 • Event • The Purpose of Financeby New Financial

This dinner will discuss a challenging new paper by Dr Guillaume Bazot, a French academic at the University of Paris VIII, on ‘How efficient is the European financial industry?’. The paper is part of The Purpose Finance initiative on which New Financial is collaborating with David Pitt-Watson, fellow in finance at Cambridge University, and Pension Insurance […]

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Report: what is the purpose of asset management?

April 2018 • The Purpose of Financeby William Wright

The asset management industry is a huge, important and growing industry, that plays a vital economic and societal role in managing risk and return for its customers and in allocating capital. But it can often be distracted from its underlying purpose of serving is customers by the structure of the industry, misaligned incentives, and its reliance on modern portfolio theory. In an important recent paper, Jon Lukomnik and Jim Hawley explore the underlying purpose of asset management, and how to reconnect the industry with that purpose.

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Report on ‘What have the capital markets ever done for us? And how could they do it better?’

March 2017 • The Purpose of Financeby William Wright

To people who work in and around the financial industry it is self-evident that capital markets play a vital role in channelling investment into the economy to help drive growth and prosperity. But to most people outside of the industry, what capital markets do and the value of what they provide is less obvious, particularly given the shadow of the financial crisis. This report aims to address that disconnect.

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