Hedge Funds, the Deutsche Börse Affair and Predatory Anglo-American Capitalism

Boardroom trouble at Deutsche Börse, the company that operates Germany's main stock market, has recently provoked an important debate about competing capitalist models. Werner Seifert, Deutsche Börse's ousted Chief Executive, was eager to portray himself as the innocent victim of aggressive Anglo-American investors who had bought into his company but failed to understand its traditional operating ethos. In this, he was ably supported by key figures within the ruling Social Democratic Party, who, in order to shore up the party's core support, had increasingly come to blame overseas hedge funds for the development of German corporate governance models which prioritised profits over jobs. I review the SPD's structural reading of the Deutsche Börse affair, whilst comparing it to an alternative interest-based reading. The latter allows me to focus more closely on the issue which, more than any other, led to Seifert's downfall: his refusal to bow to the expressed interests of his own shareholders by pressing ahead, against their wishes, with a hostile bid for the London Stock Exchange. Seifert's eventual removal foreclosed the possibility of an integrated London-Frankfurt stock market and, somewhat ironically given the SPD's response to the affair, as a consequence it also prevented the entry of London's highly capitalised institutional investors into the German market for corporate control. The actions of Deutsche Börse's overseas shareholders might still be seen as evidence of a predatory Anglo-American capitalism. However, their successful removal of Werner Seifert may well have been responsible for temporarily keeping other financial predators at bay.     

党务公开：发展党内民主的理论和制度创新

党的十六届四中全会《决定》首次明确提出逐步推进党务公开,这是党的执政理念的新突破和提高党的执政能力的新举措。党务公开是发展党内民主的内在要求,贯穿于党内民主建设的各个方面和环节。推进党务公开,进一步扩大了党员和群众对党内事务的知情权、参与权、选择权和监督权,成为新时期发展党内民主的理论和制度创新。     

科技企业融资模式及风险融资制度刍议

通过对我国科技企业在融资领域发展中面临的现实问题,分析科技企业风险投资模式,提出科技企业的融资模式应当与证券市场相结合的改革措施,通过对我国证券市场二板市场的完善,建立一个以科技企业为核心的融资平台的制度创新模式,提出我国证券市场二板市场应当以科技企业的发展为核心,应当与风险投资制度相结合,在二板的基础上实现科技企业融资模式市场化,通过提高法人治理结构促进企业发展,协调投资者、政府、科技企业与第三人之间的关系。     

我国公司治理模式的选择——以股东中心主义为目标

对实践中的英美公司治理模式和德日公司治理模式进行详尽的对比,指出它们的理论基础分别是股东中心主义和利益相关者利益平衡主义,有其各自的经济、文化背景;对照我国新兴加转型的社会现实,主张我国公司治理应以股东中心主义为理论基础,并以此对新公司法的创新与不足进行评议。     

乡村振兴背景下农村留守群体的困境、风险与治理

近几年,中国农村留守群体总量在下降,但庞大的留守群体基数及其背后所彰显的乡村治理价值仍具有研究意义。作为乡村传统主体的留守人口在城乡关系的治理博弈中存在资本动力、人际情感、伦理精神、主体理性和价值认同的风险,并在集体行动中得以呈现。而化解留守群体集体行动的风险在于打造全县域治理共同体、完善社会支持帮扶机制、建立村级生态治理体系、锻造基层党组织组织力、重构乡村现代文化体认。     

Old and New Labour Narratives of Whitehall: Radicals,Reactionaries and Defenders of the Westminster Model

This article argues that throughout its history, the leadership of the Labour Party has chosen to embrace a benign view of the Civil Service, as part of a wider acceptance of the constitutional status quo reflected in the Westminster model. There has nevertheless been a long tradition in the wider Labour movement that has questioned whether Whitehall is capable of working for a government with radical aspirations. This article examines Labour's historical approach towards Whitehall, before reflecting on the extent to which the present Administration, while appealing to radical and reforming rhetoric has, like its predecessors, continued to embrace the status quo. It concludes by arguing that a contemporary and credible narrative capable of challenging the Westminster model has yet to emerge from the broader movement.     

Eyes wide shut? Reforming and defusing checks and balances in Argentina

How effective are autonomous audit agencies (AAAs) in curbing corruption and improving fiscal governance in emerging economies? AAAs are autonomous oversight agencies tasked with scrutinising government finances. However, they are not as effective as they could or should be, partly because of the political constraints they face and the political economy context in which they are embedded. This article assesses the performance and trajectory of the Argentine AAA. It suggests that AAAs can have only a limited impact when formal fiscal institutions are undermined by informal practices and undercut by adverse political incentives. It further highlights the limits of radical reform strategies based on the import of exogenous institutional models. This research has important research and policy implications for the reform and strengthening of AAAs in developing countries. Copyright © 2007 John Wiley & Sons, Ltd.     

Political accountability,fiscal conditions and local government performance—cross‐sectional evidence from Indonesia

Why are some local governments more successful than others in managing resources and delivering services? And even more vitally, how can malfunctioning governments be reformed so that they perform their responsibilities more effectively? This article contributes to our understanding of theses overarching questions by exploring the interactions between political institutions and public sector performance in the context of decentralisation and local governance. It shows–both theoretically and empirically–that performance outcomes are determined by the extent to which people can hold their governments accountable through political institutions. The basic hypothesis underlying this research is that political accountability, either by encouraging sanctions upon non‐compliant public agents or simply by reducing the informational gap regarding government activities, will create forceful incentives for elected officials and civil servants to reduce opportunistic behaviour and improve performance. Using a cross‐sectional regression the hypothesis is empirically tested against evidence from newly empowered local governments in Indonesia. The empirical findings broadly support our hypotheses. Improved public services on the ground, both in terms of quantity and quality, require informed and well functioning decision‐making processes that allocate resources to priority areas that meet the demand of the broader community. Copyright © 2008 John Wiley & Sons, Ltd.     

The Values Shaping Australian Asylum Policy: The Views of Policy Insiders

Drawing on interviews with former political leaders and senior public servants, this article maps the values that have guided asylum policy decisions over the past three decades. The findings support the view that a culture of control permeates policy decisions, but pushing deeper, that policy‐maker perceptions of asylum issues are shaped by two primary values: nation building and good governance. Values that tend to preoccupy policy critics, for example human rights, compassion, international legal obligations and national character, are by no means absent, but are subsumed within and harnessed to the desire to be a good engineer and responsible governor. The study adds to the insights required for constructive dialogue between governments and refugee advocates, and affords a comprehensive framework within which asylum policy can be understood and analysed.     

社会资本：农村基层公共服务供给体制创新——以汕头市C村为例

随着税费改革的完成,农村追入後农业税收时代。大多数乡镇基层政府陷入“财空、责大、权小”的治理困境,其提供公共服务能力追一步弱化。因此,如何克服国家制度的有限性,发挥体制外精英提供公共服务的积极性,成了我们研究的课题。汕头市C村农村公共服务的成功做法一政府与社会力量借助社会资本合作互动,增加公共服务供给总量,对其他农村地区公共服务的提升具有借鉴意义。