Agency cost of government ownership: a study of voluntary audit comitte formation in China

In this paper, we investigate the agency costs of government ownership and their impact on corporate governance and firm value. China is used as a laboratory because of the prevalent state shareholdings in exchange-listed firms. In this context, we specifically consider the trade-offs involved in the voluntary formation of an audit committee when the controlling shareholder is the state. The decision to improve corporate governance (in this case, introduce an audit committee) is shown to be value relevant and a function of existing agency relationships and non-trivial implementation costs. Our findings are robust to the level of pyramid groups, the ownership-control wedge, and financial leverage. The research adds to the debate regarding the effect of government shareholdings on corporate culture and performance - a topic that hastaken on renewed importance in recent times.

Sincere Lobby Formation

This paper analyzes endogenous lobbying over a unidimensional policy issue. Individuals differ in policy preferences and decide either to join one of two opposite interest lobbies or not to take part in lobbying activities. Once formed, lobbies make contributions to the incumbent government in exchange for a policy favor as in a common-agency model. A "sincere-lobby-formation" condition for equilibrium is introduced: an individual joins a lobby if their gain from the policy change that this lobby might achieve exceeds a contribution fee. Thus, an equilibrium occurs only if no lobby member would prefer their lobby to cease to exist. I show the existence of an equilibrium with two organized lobbies. Individuals with more extreme preferences are more likely to join lobbying activities. I fi…nd that lobbying somewhat moderates the government's preferences, i.e., it shifts the …final policy in favor of individuals who are initially disadvantaged by the government's pro- or anti-policy preferred position. Under a utilitarian government, however, lobbying does not affect the fi…nal policy, and political competition results in a socially optimal outcome. JEL classi…cation: D72. Keywords: Sincere lobby formation; common agency; endogenous lobbying.

Higher education as formation of the self and citizenship: an ethnography of the University Students from Amman, Jordan

My interest in higher education and citizenship in the Middle East at large and in Jordan in particular is fostered by some of the reflections Eickelman proposed (1992). Being a quite recent phenomenon, intimately linked with the more general topic of state formation it seemed to me more suitable to study it in a little country with a recent history (a field study left almost unexplored until now as far as Jordan is concerned, to the best of my knowledge, since Antoun 1994 focuses on the migration as a quest for higher education). The process of state formation in Jordan is quite studied. I thus intended to study the higher education policies as an attempt both to create a national citizenry and more recently as a way of controlling the more problematic part of the population (youth, which constitutes more than the double of the population. See UNDP and Ministry of Planning 2000). How do the young students enter the university system, and in which way does this system work? How is this system designed, in order to retain social control of the students (since they are usually perceived to be a factor of social and political instability, as in Iran or in Egypt)? Is there any significant difference between different faculties? And if so, why? My conclusions at this stage are that the university system is an integral part of the survival of the regime. The system works quite well, and Jordan has one of the best educational position in the region. Yet there are important distinctions to be made: the access to the better faculties is socially selective while the less valued faculties are left to the poorer and less wealthy youth. This results in a different treatment of the students and of the courses that I analysed. In the better faculties the teaching standards are quite high, and the relationship between professors and students is almost on a same-level base, while in the less privileged faculties the opposite is true. Thus we can observe a concrete politics of divide et impera intended to split the youth in two. For the more privileged there are some freedoms, both within and outside classes, designed I guess at forging them as autonomous individuals. On the opposite the less privileged are kept under tight control, even if also these students are a privileged category among youth at large.

La práctica médica en el ejercico físico en Barcelona en los principios del siglo XX

La tesis titulada “La práctica médica en el ejercicio físico en la Barcelona de principios del siglo XX” trata de examinar cómo se relacionaba la práctica médica con los ejercicios físicos como la gimnasia y el deporte, y saber si realmente se llegó a formar una especialidad médica llamada medicina del deporte en la Barcelona de los principios del siglo XX. La primera parte se titula “Perspectiva histórica del ejercicio físico y la medicina”, y trata de la relación general entre el ejercicio físico y la medicina desde el punto de macro-vista histórico y regional. La segunda parte se titula “Hacia la formación de la especialización de la medicina del deporte en Barcelona”, y analiza la práctica médica relacionada con el deporte en una ciudad concreta durante un tiempo determinado, es decir, desde un punto de micro-vista. En el fondo de la creación de las especialidades médicas a partir de mediados del siglo XIX existe la formación de una sociedad moderna, simbolizada por el sistema administrativo de la democracia nacional y el sistema económico del capitalismo. Considerando los elementos comprendidos dentro del sistema de la modernidad que provocaron la especialización médica tales como la urbanización, la industrialización, el aumento de la población, el interés estatal, el desarrollo de la prensa, el elevado interés público, el progreso intelectual y tecnológico de la ciencia y la medicina, la creación de un sistema de atención de la salud, la formación y participación en las instituciones internacionales, el cambio de la identidad de los médicos, y la reposición de la medicina holística, investigo integralmente la formación de la especialidad de la medicina del deporte en Catalunya, y lo caracterizo por las iniciativas privadas emprendidas por un sector experto y profano, y la ausencia de un interés estatal suficiente en la dicha especialidad.

Diseño y fabricación de micro/nanochips para identificación y actuación en células vivas

Este estudio abarca el diseño, desarrollo tecnológico y fabricación, mediante la utilización de tecnologías de Micro y Nanosistemas, de herramientas en el orden de las micras y los nanómetros. Estos dispositivos serán utilizados en el estudio, identificación e interactuación con células vivas, ya que sus pequeñas dimensiones los hacen idóneos para su aplicación en el campo de la Biología Celular. Estas micro y nanoherramientas pueden usarse para el estudio, identificación o actuación de células vivas desde el exterior. Pero también pueden ser microinyectadas, lipofectadas o fagocitadas por parte de la misma célula, y de esta manera hacer estudios o actuar de forma intracelular.

Síntesi i caracterització de micro- i nanoestructures de compostos fotoactius de perilendiimida

En el present treball de recerca s’ha portat a terme la síntesi i caracterització de fibres a escala micro- i nanomètrica mitjançant l’auto-assemblatge dels compostos 1 i 2. Aquests compostos estan formats per una unitat de perilendiimida (PI) i una unitat d’estilbè i, en base a estudis previs desenvolupats al nostre grup de recerca, haurien de comportar-se com a sistemes acceptor-donador d’electrons fotoinduïts. Per tant, les corresponents estructures obtingudes podrien presentar activitat fotovoltaica. En primer lloc, s’ha abordat la síntesi dels compostos 1 i 2, seguint la metodologia posada a punt prèviament al nostre grup de recerca. A continuació, s’han estudiat les propietats òptiques de 1 i 2 en dissolució, la qual cosa ha permès establir que: (a) tal i com es pretenia, tots dos compostos presenten transferència electrònica fotoinduïda entre la unitat electró-acceptora de PI i la unitat electró-donadora de trans-estilbè; (b) la diferent morfologia de la cadena alquílica lateral del grup de PI a 1 i 2 afecta la seva capacitat d’auto-assemblatge mitjançant interaccions intermoleculars de tipus π-π. A continuació, s’han assajat diferents metodologies per a la fabricació de micro- i nanoestructures auto-assemblades de 1 i 2. Els millors resultats s’han obtingut mitjançant l’ús de motlles d’òxid d’alúmina i per al compost 2 degut al menor impediment estèric de la seva cadena alquílica lateral. La caracterització de les estructures resultants en aquest cas mitjançant tècniques microscòpiques i espectroscòpiques han permès demostrar la formació de nanotubs de 200 nm de diàmetre, d’uns 15 μm de longitud i en què les unitats de PI s’ordenen amb els seus sistemes aromàtics de forma co-facial o gairebé co-facial. La possible activitat fotovoltaica d’aquestes estructures s’estudiarà posteriorment.

Análisis del micro-voluntariado (crowdsourcing) en una gran empresa para abordar un problema de salud específico

Este trabajo presenta un análisis del efecto positivo que puede tener el microvoluntariado (crowdsourcing) en las variables psicológicas entre trabajadores de una gran empresa, así como la viabilidad de crear una comunidad práctica para abordar un problema de salud específico. Para el desarrollo de este documento hemos recogido y analizado diferentes tipos de bibliografía, científica y no científica, con el fin de dar una explicación más global de lo que es el crowdsourcing y contextualizar este tipo de voluntariado para lograr una mayor comprensión de esta práctica.

Intraovarian sperm storage in Helicolenus dactylopterus dactylopterus fertilitzation, crypt formation and maintenance of stored sperm

The females of the bluemouth rockfish, Helicolenus dactylopterus dactylopterus (DelaRoche, 1809), store sperm within their ovaries for periods of up to 10 months. Twenty six females with standard lengths between 152 and 257 mm and six males with standard lengths between 253 and 209 mm were caught storage crypts with stored spermatozoa and to describe their evolution over the year. After internal fertilization and once sperm reaches the ovary, a crypt forms probably by an epithelial inclusion at the base of the lamellae of one or several spermatozoa groups that are floating freely in the interlamellar space of the ovarian lumen. Stored spermatozoa have a large cytoplasm bag surrounding their heads. This bag could serve as a nutritive reservoir during the long storage period. Many desmosonal and tight junctions between the crypt cells ensure tha male sex cells are protected against the female immune system

Bristle pattern formation in the thorax formation of Drosophila: a systems level approach

A fundamental question in developmental biology is how tissues are patterned to give rise to differentiated body structures with distinct morphologies. The Drosophila wing disc offers an accessible model to understand epithelial spatial patterning. It has been studied extensively using genetic and molecular approaches. Bristle patterns on the thorax, which arise from the medial part of the wing disc, are a classical model of pattern formation, dependent on a pre-pattern of trans-activators and –repressors. Despite of decades of molecular studies, we still only know a subset of the factors that determine the pre-pattern. We are applying a novel and interdisciplinary approach to predict regulatory interactions in this system. It is based on the description of expression patterns by simple logical relations (addition, subtraction, intersection and union) between simple shapes (graphical primitives). Similarities and relations between primitives have been shown to be predictive of regulatory relationships between the corresponding regulatory factors in other Systems, such as the Drosophila egg. Furthermore, they provide the basis for dynamical models of the bristle-patterning network, which enable us to make even more detailed predictions on gene regulation and expression dynamics. We have obtained a data-set of wing disc expression patterns which we are now processing to obtain average expression patterns for each gene. Through triangulation of the images we can transform the expression patterns into vectors which can easily be analysed by Standard clustering methods. These analyses will allow us to identify primitives and regulatory interactions. We expect to identify new regulatory interactions and to understand the basic Dynamics of the regulatory network responsible for thorax patterning. These results will provide us with a better understanding of the rules governing gene regulatory networks in general, and provide the basis for future studies of the evolution of the thorax-patterning network in particular.

Studying the micro-angels approach to micro-investment decisions

Purpose: The paper analyzes the micro-angels investment behaviour, looking both to the criteria used in the selection of their investment projects and to the characteristics of their guidance role during the investment period. Design/Methodology/Approach: The paper focuses on a double bottom line movement of French micro-angels clubs that has been operating since 1983. Our primary source of data is an online survey carried out during March 2012, asking members of clubs all over France for different aspects of their procedures. Findings: Our findings suggest that micro-angels are interested in small, socially or environmentally friendly projects having the potential to contribute to the development of their neighbourhood. We find that women are even more interested than men in such projects. Educated micro-angels value entrepreneurial motivation and understanding of the project more than less-educated micro-angels. We also point out the factors that micro-angels consider important in accompanying enterprises. Here we find that gender makes little difference. However, retired micro-angels value financial diagnosis made conjointly with entrepreneurs, while both active micro-angels and educated micro-angels value more the use of their network to help micro-entrepreneurs. Practical/Social Implications: Given the potential benefits of micro-angels investing and guiding the development of micro-enterprises, a social micro-angel investment on a major scale in developing countries could help in tackling some of the problems faced by the development of microfinance, such as the over-indebtedness of micro-entrepreneurs. Practitioners and new initiatives would gain from understanding what adaptations need to be made. Originality/value: We expect to add to the venture capital theory to take into account non-economic motives.

Do women in female-dominated occupations exit the labour market more? Evidence from Italy, Spain, Denmark and the UK

Literature on sex occupational segregation has typically focused on the micro and macro determinants of it, on mobility patterns over the life course, on implications of segregation and mobility for gender inequalities. Rarely the link between sex-type occupations and women’s risk of labour market interruptions over family formation has been explored. In this piece of work we shall analyse whether women who are working in the female-dominated, male-dominated or integrated occupations have more or less chances to remain attached to the labour market, controlling for qualifications, class, sector and contract positions. By drawing from ECHP, and comparing Italy, Spain, Denmark and the UK, we shall in particular see whether such connection varies across countries with different institutional and cultural configurations.We find that, ceteris paribus, only in the UK the sex-composition of an occupation matters: women in female occupations are more likely to move to inactivity than women in mixed or male occupations. In the other countries considered the main cleavages lie elsewhere. In Italy what matters most is the sector of employment (public vs. private). In Spain the sector is relevant too, but also social class and the type of contract held (permanent vs. temporary). In Denmark women’s transitions to inactivity are largely independent of human capital and job characteristics.

Unstable equilibrium: young adult women in family and career formation in Southern Europe

The paper examines the relationship between family formation (i.e., living with a partner and having children) and women’s occupational career in southern Europe (i.e., Greece, Italy, Portugal and Spain). The relationship is explored by analysing the impact that different family structures and male [nvolvement in caring activities have on women’s early occupational trajectories (i.e., remaining in the same occupational status, experiencing downward or upward mobility, or withdrawing from paid work). This research shows that male involvement in caring activities does not really push women ahead in their career, but the absolute lack of male support seems to negatively affect women’s permanence in paid work. These results apply to all southern European countries except Portugal, where the absolute absence of the partners’ support in caring activities does not seem to alter women’s determination to remain in paid work. The methodology applied consists of the estimation of multinomial logit regression models and the analysis is based on eight waves (1994-2001) of the European Community Household Panel (ECHP).

Identity formation in social networks websites: facebook and the interaction between young individuals in the cases of Slovenia and Catalonia

This paper lays down some theoretical framework for further research to be made on the subject of how identity of young Slovenian and Catalan users is forming within the social networking website Facebook. The author pursues his interest based on observation of how communicationand thus interaction between users is changing and how this is reflected in everyday practices. In so doing he tries to identify the connections between the individual, society and technology, asthese are more and more interwoven, and we cannot think one without the other in thecontemporary globalised world.