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Nicole de Montricher 《Public administration》2000,78(3):657-678
The article intends to explain why although tremendous changes have occurred in the structure of government – especially the laws organizing decentralization since 1982 – the institution of the Prefect is still alive in the year 2000. Created in 1800, the institution of the Prefect derives from the will of the central authority to rely on its own representatives to ensure that public policies will be equally implemented over the whole territory. This objective remains but it has to be combined with the objectives of decentralization which are to transfer a number of responsibilities to elected bodies. Consequently, the task of the Prefect is to co-ordinate locally the action of the representatives of the ministers with the action of the elected body. To study the conditions under which the institution carries out this task the article focuses primarily on the limited capacity of the Prefect to mobilize the relevant actors. The second point concerns the difficulty of bringing together the information produced by field services. The third point considers the valuation of proximity and its impact on the action of the Prefect. The article concludes that the function of the Prefect is still the framing of local action but within the new context this can be done more often through the diffusion of information and less often through authority. 相似文献
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The first 150 words of the full text of this article appear below. Key points
1. Introduction
Scholarship describes professionals who participate in securitiesofferings, and who represent public companies in . . . [Full Text of this Article]
2. Background
3. Modelling law firm impact in IPOs
Theories of IPO pricing Relationship between pre-IPO price adjustment and diligence in legal services Extension of Hanley's model Conservative modelonly a portion of the impact is identified Issuer's counsel v underwriters counsel Confirming proper model specification Increased risk of an investment in the issuer affecting probability of engagement of quality law firm Different signs between issuer's lawyer and underwriters lawyer
4. Data
Summary statistics Measure of law firm prestige
- The article investigates the relationship betweenpricing in an initial public offering (IPO) and the prestigeof the participating underwriters law firm.
- The hypothesisof the article is that law firm quality affects how law firmsperform their obligations in IPOsmore prestigious lawfirms acting more independently. Consistent with this hypothesis,the authors find a negative relationship between pre-IPO priceadjustment and the participation of prestigious underwriterscounsel, and a negative relationship between the participationof prestigious underwriters counsel and initial return,which is consistent with market trading reflecting the decreasedrisk associated with offerings involving prestigious underwriterscounsel.
- Finally, it is found that certain observable characteristicsindicating diminished likelihood of undisclosed negative information(venture backing and quality of the issuer's counsel) are associatedwith an increased likelihood that prestigious underwriterscounsel is used.