Corporate Governance in Spain (with an Application of the Power Indices Approach)

This paper describes the governance system of Spanish listed firms in the early 1990's. Although the institutional setting of the Spanish Stock Exchanges differs little from other European national markets, we found important differences in several aspects of corporate governance. In particular, some of the standard mechanisms of control (e.g. boards and institutional shareholders) do not play an active role, whereas ownership is relatively concentrated. Moreover, power indices suggest that controlling blocs of large shareholders are very likely to form. We thus conclude that the ownership of shares is a pivotal mechanism in the governance of Spanish corporations.     

Hard responses to corruption: Penal standards and the repression of corruption in Britain, France and Portugal

Despite its difficulties and inconsistencies in framing those practices andconducts recently unveiled by the press and judicial investigations whichhave caused considerable public discontent, the penal definition ofcorruption still highlights an interesting conceptual diversity across spaceand time that should not be overlooked. Most official discussions about andreferences to corruption and its volume are still framed within these hardparameters. It is, therefore, important to look at the intricacies ofcorruption as a crime in order to understand the virtues and failures ofnational repressive efforts. While crime statistics are of limited use for itsmeasurement, they can nevertheless help to interpret the way corruptionhas been treated through repressive instruments cross-nationally over aperiod of time.The aim of this paper is to assess the dynamics of the various processes ofsetting and revising penal standards to the conduct of office holders and theresults observable from the application of corruption and related offencesacross countries with different legal traditions.     

Toxicological findings in a death involving dextromethorphan and terfenadine.

A case of fatal self-poisoning with dextromethorphan, an antitussive, and terfanadine, an antihistamine H1, is reported. Both drugs were quantified in several postmortem tissues and fluids using capillary gas chromatography coupled to mass spectrometry. Results are discussed in the light of the existing literature.     

Surveillance of human immunodeficiency virus (HIV) antibodies in medicolegal autopsies in Finland--monitoring early changes in HIV-seropositivity among risk groups and average population.

In order to cooperate with voluntary screening programs aimed at the surveillance of the HIV epidemic in Finland, we have studied medicolegal autopsies for HIV antibodies since 1986 using an enzyme immunoassay on postmortem sera. The investigation covered 47.4% and 39.2%, respectively, of all deaths under the age of 65 years in the metropolitan areas of Helsinki and Turku--two cities on the densely populated southern coast of Finland from which most HIV infections have thus far been detected. Nine HIV-positive cases (0.12%) were detected among the 7305 medicolegal autopsies tested in 1986 to 1990. This figure is higher than the prevalence of 0.01 to 0.03% in voluntary screening programs for the general population would suggest. Seven of our cases had previously tested positive, and two were previously unknown cases, indicating that people at high risk are clustered in the medicolegal autopsy series. Of the six cases in an early stage of infection, three committed suicide suggesting the importance of HIV-screening in suicide cases in tracing symptomless HIV carriers. Five of the cases were detected in 1990, a year when the number of new HIV infections had more than doubled compared to the previous two years. This suggests that testing of medicolegal autopsies as surrogate tests for the population gives useful information even in low-prevalence areas like Finland. Such testing has none of the ethical problems of many other back-up surveys, and may be particularly sensitive to early changes in epidemiology.     

Small business innovation,research, and development

Historically, small businesses have been the innovation engine of the United States, with significantly more than half of the new technologies and products coming from small enterprises. In 1992, there were more than 21 million small businesses with fewer than 500 employees each in the United States, including 4.5 million small corporations, 1.6 million partnerships, and 15.1 million sole proprietorships. Although most small businesses have considerably fewer than 100 employees, they employ more than half the private U.S. work force, contribute more than half of all sales in the country, and are responsible for over half of the private sector's products. From 1976 to 1990, small firms also generated 65% of the net new jobs. From 1988 to 1990, all of the net new jobs in the U.S. economy were created by small firms. Indeed, small business is really big business in the United States.     

Global economic developments: A view from Switzerland

In a free market world economy now characterized by a strong trend towards integrated economic areas dominated by North America, Western Europe and the Pacific, effective cooperation is the key to sustained success. Mr. Lautenberg is a diplomat, whose career has been strongly oriented on bilateral and multilateral economic matters (Poland, FRG; GATT, EFTA, CSCE). Between 1970 and 1974, Mr. Lautenberg, who holds a degree in political sciences from the University of Lausanne, led various research programs at the General Staff of the Department of Defense.