Page 94 - Five Forces of Americanisation Richard Hooke 04072025 final post SDR1

The UK Defence Industry in the 21 Century
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The Five Forces of Americanisation

predict bankruptcy”, Review of Accounting Studies, Vol. 10 No. 1, pp. 93-122. Hooke, R.G. (1997) “The
Politics of Forecasting: Defining the barriers to developing and achieving stretch targets in Philips NV” PwC
Symposium, Eindhoven, 1997.
7. Moody’s Credit Rating Methodologies: see this paper: References, Notes and Definitions: The Five Forces
of Americanisation: 4. UK Defence Reform Note 9.
8. Arbitrage
“In the world of alternative investments, there are several strategies and tactics you can employ. These
strategies often differ from the typical “buy and hold”* tactics leveraged by most long-term stock (equity)
and bond investors—and are usually more complicated.
“Pure arbitrage refers to the investment strategy in which an investor simultaneously buys and sells a
security in different markets to take advantage of differences in price. As such, the terms “arbitrage” and
“pure arbitrage” are often used interchangeably (sic).
“Many investments can be bought and sold in several markets. Whenever an asset is traded in multiple
markets, it’s possible prices will temporarily fall out of sync. It’s when this price difference exists that pure
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arbitrage becomes possible.” (Harvard Business School: Business Insights 16 May, 2023)
*Buy and Hold” is precisely the tactic that, as Bain & Co’s research (see earlier in this paper:
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Bain & Company, “Global Private Equity Report”, 11 March, 2024) shows, has driven private
equity investment since 2013.
9. “The Defence Trade Task Force (DTTF) is the bilateral UK/US forum in which export control issues and
reforms are pursued to reduce the time and financial cost of transferring and managing export-controlled
information and material. The focus … is on greater ambition for technology-sharing, alongside more robust
technology protection”.
(Defence and Security Industrial Strategy: A strategic approach to the UK’s defence and security industrial
sectors. Ministry of Defence: March, 2021)

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