Reformierung der Vergütungssysteme für die Finanzbranche – Eine rechtsökonomische Analyse

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.     

Engineering the Northern Bohemian: Local Cultural Policies and Governance in the Creative City Era

This paper addresses the transformations of local cultural governance following the popularisation of the creative city thesis. While the economic impact of the arts in urban settings has been a topic of great interest in recent years and an amply documented theme, little is known about the consequence of such development knowledge and practice on the local cultural policy arena where it takes roots. Moreover, given the popularity and the enthusiasm for such strategies within municipal governments, we have seen a growing tendency to implement the creative city strategy and to formulate cultural policies that follow it in rural and smaller communities which are quite different from the more extensively documented urban and metropolitan cases. Through case studies of three cities in Northern Ontario (Canada), we can identify a number of changes in cultural governance and policy logics. Overall, the creative city narrative appears to be detrimental to typical arts advocacy in smaller communities since it leads to the domestication of the arts.     

Credible Comparisons Using Interpersonally Incomparable Data: Nonparametric Scales with Anchoring Vignettes

Comparisons of individuals based on their selections from an ordinal scale traditionally assume that all respondents interpret subjective scale categories in exactly the same way. Anchoring vignettes have been proposed as a method to replace this homogeneity assumption with individual‐specific data about how each respondent uses the ordinal scale. However, improving interpersonal comparisons with anchoring vignettes also requires a new set of assumptions. In this article, I derive the assumptions needed to make credible nonparametric comparisons using anchoring vignettes, and propose a new nonparametric scale that does not assume homogeneity among respondents. I also provide methods for evaluating empirically whether a set of anchoring objects can produce credible nonparametric interpersonal comparisons. Two empirical studies illustrate the importance of accounting for differences in the use of ordinal scales by showing how our inferences about interpersonal comparisons may change as a function of the assumptions we accept.     

Situating technologies: Radio activity and the nuclear question

Theory‐dependence or ‘the principle of simulation which governs all information’ underpins Baudrillard's critique of ethics. Modern moral theory is just another ‘map that precedes the territory'—a ‘hypermoral simulation’ that makes an ‘is’ from an ‘ought’. That ‘production’ of moral knowledge is doomed to uncertainty by theory‐dependence, argues Baudrillard. Instead, he offers the ‘seduction’ of a pre‐modern ontology of Good and Evil. The ‘fatal strategy’ of seduction evokes a ‘state of grace’ which invites us to encounter Good and Evil as a ‘totality’ and be ‘re‐enchanted’ by the mystery of the world.     

Religious Causes of Discrimination against Ethno-Religious Minorities

Most existing large-n cross-sectional analyses of ethnic conflict focus on the behavior of the ethnic minority rather than the behavior of the state. That is, they tend to attempt to predict or explain the level of protest or rebellion in which ethnic minorities engage at the expense of determining the causes for the behavior of the government of the state in which these minorities live. Previous studies have determined that discrimination against minority groups is one of the major causes of ethnic protest and rebellion. In addition, much of the literature on ethnic conflict does not sufficiently deal with the religious causes of that conflict. Accordingly this study focuses on the causes of discrimination with a particular emphasis on the religious causes. This study analyzes two populations from the Minorities at Risk dataset: the 105 religiously differentiated minorities and the 163 minorities that are not religiously differentiated. The results show that religious factors influence the process that leads to discrimination and that the causes of religious discrimination are distinct from the causes of other types of discrimination. In addition, the dynamics of this process are markedly different between the two populations analyzed here. All of this, along with other factors, implies that religion is not merely a reflection of general cultural differences, but rather has a distinct and separate influence on ethnic conflict.     

Bond notes,borrowing, and heading for bust: Zimbabwe’s persistent crisis

“Bond notes” were introduced by the Reserve Bank of Zimbabwe in late 2016 as a local surrogate currency equivalent in value to the US dollar to address the acute currency shortage afflicting the economy. Unsurprisingly, they were overwhelmingly rejected by Zimbabweans, who feared that they heralded a return to the hyper-inflation which had destroyed incomes and savings in 2008–09. Accordingly, faced by a widening budget deficit, the ZANU–PF government turned to alternative methods of creating money with a view to winning the next election: expanding the supply of electronic currency and selling Treasury bills. The resultant financial crisis provided the backdrop to the military’s recent displacement of President Robert Mugabe. However, commitments to economic reform by any new government dominated by ZANU–PF appear unlikely to address Zimbabwe’s persistent crisis.     

Assessing 30 years of Westminster policy advisory system experience

With the 30th anniversary of the policy advisory systems concept on the horizon, it is an appropriate time to reflect further on the concept’s utility, particularly in helping to understand the dynamics of system change and their implications for policy-making. This article provides diachronic analysis of the policy advisory systems in the classic Anglo-Saxon ‘Westminster’ family (Canada, UK, Australia, New Zealand). Analysis focuses on five advisory units: the public service and central agencies, partisan ministerial advisers, external consultants, commissions of inquiry, and select special advisory bodies. The principle research aim is to compare these cases to shed light on advisory system dynamics through identification and analysis of shared and country-specific patterns of PAS change. We argue that the leading dynamics of politicization and externalization often used to characterize how advisory systems change masks idiosyncratic country patterns. We argue that differences in the tempo, intensity, and sequencing of advisory unit (de)institutionalization are clear in these cases and that attention to these dimensions of advisory system change add precision to understanding the organization, operation, and evolution of these systems.