Noble episode lends clout to public challengers

Singapore

NOBLE Group's vow to be more open after a blogger attacked its accounting is a testament to the growing clout of independent researchers, who have shaken up Asian corporate practices in a way investors and brokerage analysts never could.

Researchers and short-sellers, who bet on stock prices falling, highlight potentially controversial governance and rely on securities traders and media to spread the word for maximum impact. The approach makes up for the lack of an activist investor culture in Asia, where firms' primary shareholders are often so big that smaller voices go unheard.

Activist investors such as Oasis Management and Third Point have failed to convince Asian firms of a need for what they see as positive change - at Nintendo Co and Sony Corp resp…