The impact of surplus sharing on the portfolio mix of public sector defined benefit pension plans: a public choice approach

The riskiness of state employee pension plan portfolios varies across states. We investigate whether this variation is related to how public employees and taxpayers share actuarial surpluses of pension accounts. We focus on two determinants of a plan’s asset mix: the relative influence of public employees to taxpayers; and whether a surplus-sharing contract is specified. Our theoretical model demonstrates that the effect of public employee influence on the asset mix is ambiguous. Our empirical results corroborate this complex theoretical result. In our theoretical and empirical analyses, if a surplus sharing rule is specified, plans adopt a more aggressive investment allocation.     

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Regionalisierung und Dezentralisierung in Mittel- und Südosteuropa 1997–2007

The review essay takes stock of the last decade of decentralisation and regionalisation research in Central and South Eastern Europe. Classifying the existing scholarship with regard to its focus of analysis, its explanatory programme, and methodological predilections, we suggest to distinguish three different agendas: system transformation, EU conditionality and subnational governance. We argue that scholarly interest in regionalisation and decentralisation issues from the perspective of state transformation or Europeanisation is vanishing. Instead, we witness the emergence of a subnational governance approach which is rooted in comparative politics and policy analysis. The debate about decentralisation and regionalisation in CEEC is thus in a process of “normalising” and converging with the Western European subnational political discourse.     

Public-Private Partnerships als Gegenstand der (Politik-)Wissenschaft

The article reviews the state of research on public-private partnerships (PPP) which, following a development in the Anglo-Saxon countries, in the past few years have been introduced as a policy tool in Germany as well. Based on a short conceptual and historical introduction, recent political science publications as well as contributions from economic, legal, and administrative scientists are systematized and critically assessed. This also includes a review of selected publications on PPP experiences in Britain. Finally, the paper discusses relatively neglected research issues, including methodological deficits as well as problems of input legitimacy.     

Individual campaign contributions and candidate ideology

Individual citizens are the largest source of contributions for congressional candidates in the United States. This paper investigates if and how fundraising from this source is related to the ideological positions of candidates. Specifically, we ask whether the amount of contributions depends on: (1) the extremity of candidate ideology; and (2) the level of candidate divergence in the same race. These results have important implications for candidate positioning strategies, as well as for evaluating the effects of recent campaign finance reforms.     

Policy dynamics and the evolution of state charter school laws

Baumgartner and Jones (1993) showed how radically new policies emerge on government agendas as a consequence of exogenous shocks to policy subsystems displacing privileged interests. But how do these policies evolve post-punctuation? In this paper, we present three different models of policy change. Policies may revert to the old status quo if displaced interests re-assert themselves, or they may be “locked-in” by new interests now reaping the benefits. Alternatively, they may incrementally change as lawmakers “learn” how to better meet target population needs, particularly by witnessing how other jurisdictions address similar problems. We test these models with data on change in state charter schools laws over time. We find that whether old status quos are overthrow, and the fate of charter policies when they are enacted, is influenced more by competing political interests, especially interest groups, than elite and public perceptions of broad systemic crises. Yet, we also find that changing demands on the state and learning from the successes and failures of neighboring states also play significant roles.     

Signaling virtue: voluntary accountability programs among nonprofit organizations

This article examines the structure of nonprofit voluntary accountability and standard-setting programs, arguing that these programs can be understood as collective action institutions designed to address information asymmetries between nonprofits and their stakeholders. Club theory and the economics of certification suggest that such programs have the potential to provide a signal of quality by setting high standards and fees and rigorously verifying compliance. Such mechanisms can signal quality because higher participation costs may allow only high-quality organizations to join. The article examines the implications of signaling theory using an original dataset on the structure of 32 nonprofit accountability programs across the globe. While many programs set high standards for compliance, the key distinction between strong and weak programs is the use of disclosure or verification mechanisms to enforce compliance. Contrary to theoretical expectations, compliance standards and verification do not appear to be substitutes in creating stronger voluntary programs.