Besprechungen

Ohne Zusammenfassung     

Municipal Bond Insurance: Trends and Prospects

Privately sold bond insurance is the most common form of credit enhancement for municipal bonds. Research generally finds that bond insurance reduces interest costs for lower rated, long–term debt issues. Researchers have concluded that these results are consistent with presumed investor risk aversion, as well as more "rational" risk management behaviors, and with theories concerning the efficiency–enhancing properties of financial intermediation in imperfect markets. We propose a research agenda based both on traditional theories and on additional hypotheses that seek to account for the observed use of bond insurance where net savings would not normally be predicted.     

Mechanisms for rent transfers: Subcontracting among military aircraft manufacturers

Models of prototyped and non-prototyped competitions for prime contracts from the U.S. defense department suggest that the latter are much more vulnerable to bid-rigging than are the former. Subcontracting data reveal that pairs of firms who have been rivals in major non-prototyped competitions have a larger number of subcontracts with one another than do other pairs of firms. The analysis concludes that subcontracts may serve as vehicles for division of the spoils of collusive bidding on prime contracts.     

A Committee of No Importance? Assessing the Relevance of the Committee of the Regions

As a result of its formal weakness, the Committee of the Regions is often presumed to be inconsequential in the development of European Union policy. This article draws on ongoing research to argue against this assumption. From an analysis of the Committee's output and an assessment of its impact on both Commission proposals and final legislation, it emerges that the Committee is already playing an important role in decision making. Moreover, the Committee has a strong and devoted protector in the Commission, enabling it further to escape the peripherality of the position it was assigned in the Maastricht Treaty.     

Species loss revisited

Among his books are The Economics of Population Growth; Effort, Opportunity, and Wealth;and Population Matters: People, Resources, Environment, and Immigration (the latter was published by Transaction).     

Using the Delphi process to analyze social policy implementation: A post hoc case from vocational rehabilitation

This study uses a Policy Delphi to discern differences in perspective among and within groups responsible for formulating and implementing vocational rehabilitation policy. Four groups of players were chosen for our analysis: government officials, academics, directors of rehabilitation centers, and the staff who interface with program participants. Significant differences were found between the groups regarding the relative importance of possible legislative goals. This suggests that the failure of vocational rehabilitation policy to promote a work agenda may be attributed to a lack of consensus among policy implementors. The Delphi technique could help policy planners understand the different perspectives within the implementation community, and hence craft more realistic legislation.