A country can build world-class companies without delivering equally strong returns to their shareholders. Korea’s industrial success and persistently low equity valuations illustrate why understanding a business also requires understanding who controls it. In the second issue of the Leopard Asia Governance Monitor, “Korea: How the development state shaped the shareholder’s return,” we trace how government backing and family-controlled business groups helped transform Korea i

A cheap stock can remain cheap for decades. Understanding what could change that requires looking closely at who controls the company, how capital is allocated and whether shareholders can influence either. We are launching the Leopard Asia Governance Monitor, a series exploring corporate governance, shareholder activism and investment ideas across Asian markets. In the first iusse "Japan: How the post-war growth machine became the Japan discount" we look at Japan and trace h

For much of the past two decades, “Japan reform” functioned as a durable marketing pitch. The storyline was always the same: excess cash, sleepy boards, undervalued assets and, finally, a coming governance awakening that would unlock returns. Foreign investors bought the thesis, then watched as corporate Japan absorbed the attention and carried on largely unchanged. As 2025 closes, the difference is that the narrative is no longer built on aspiration. It is built on outcomes.