Trust funds are a particular way of governing resource flows. Governments use trust funds to bind policy decisions of future actors and remove resource flows from budget competition. The state of Alaska removed a portion of its oil revenues from political competition through the creation of the Alaska Permanent Fund. A unique feature of the Fund is that it pays annual dividends to Alaskan citizens, thus creating a citizen stake in the management of the Fund. Through this framework Alaskans have successfully protected a significant stream of revenue ($21 billion) from political demands. 相似文献
This study measures patterns following a terrorist attack, from the perspective of market efficiency, to determine the communicative impact of terrorist attacks on the financial marketplace. The Efficient Market Hypothesis postulates that asset prices fully reflect all available information. An important implication is that, because market price changes are determined by new information (or variations in discount rates), it would be highly difficult to “beat the market” with expert stock selection or market timing. Overall, we found that, based on mixed results, terrorist attacks do not lead to a distinguishable pattern in the financial marketplace. Nevertheless, drawing on the Yale Model of Persuasion, these results suggest that terrorists are effective in their communicative goals, and they do lead to a compelling pattern in the proportion of negative returns on the day of the attack. More precisely, terrorists are able to communicate their message on a global scale, thereby resulting in investors adjusting their estimates of value downward. While a possible price correction pattern was found, the lack of statistical analysis performed on the variables, to a certain degree of significance, is a limitation of this study that ultimately renders the results of the study inconclusive.
As indigenous movements around the world seek to strengthen their collective voice in their respective political systems, efforts continue to design political institutions that offer both sufficient local autonomy and incentives to participate in the broader political system. The state of Oaxaca, Mexico, offers a test case of one such effort at indigenous‐based institutional design. This article argues that such reforms often fail to confront the tension between local autonomy and citizen engagement in politics outside the borders of the community. Testing this theory through a comparative analysis of voter turnout rates in municipalities across the state of Oaxaca and the neighboring state of Guerrero, this study finds that the adoption of indigenous institutions at the local level is associated with significantly lower voter turnout rates for national elections. 相似文献
Die Vergütungspraktiken bei Spitzenmanagern gelten als Mitverursacher der Finanz- und Wirtschaftskrise und stehen in der ?ffentlichen
Kritik. Oft werden Spitzenmanager für kurzfristige Unternehmenserfolge mit gro?zügigen Bonuszahlungen ausgestattet, w?hrend
Fehlverhalten nicht sanktioniert wird. Eine solche Vergütungspraxis setzt falsche Anreizmechanismen und f?rdert die Risikobereitschaft
von Spitzenmanagern. In diesem Aufsatz werden zun?chst die derzeitigen Regulierungslücken im Lichte der Prinzipal-Agenten-Beziehung
diskutiert. Anschlie?end wird anhand eines theoretischen Modells gezeigt, wie die kurzfristige Gewinnorientierung eines Managers
zu einem Moral-Hazard-Verhalten führen kann. Des Weiteren werden m?gliche Reformma?nahmen diskutiert sowie die bisherigen
Reformbemühungen beleuchtet. Mit der Verankerung der neuen Instituts-Vergütungsverordnung im deutschen Recht ist ein erster
Schritt zu einer langfristigen und nachhaltigen Unternehmenspolitik erfolgt. Es kommt in naher Zukunft darauf an, dass alle
Industrie- und Schwellenl?nder die internationalen Richtlinien in nationale Gesetzgebung umsetzen, damit keine Regulierungsarbitrage
zwischen den einzelnen Staaten entsteht. 相似文献
This study examined protective and risky companionship and locations for exposure to community violence among African American
young adolescents living in high crime, urban areas. The Experience Sampling Method (ESM), an in vivo data collection method,
was employed to gather information from 233 students (62% female) over 3 years, beginning in the 6th grade. Questionnaire
variables of exposure to community violence were regressed onto ESM companionship and location variables, cross-sectionally
and longitudinally, separately for boys and girls. At different points, time spent with parents, in school, and outside in
private space was associated with less exposure to violence for boys and girls, while time spent with girls was protective
for boys. In addition, time spent outside in public and with older peers was associated with increased risk for boys and girls.
These findings are discussed in relation to previous and potential future research, and to strategies to prevent exposure
to community violence. 相似文献