Social Capital and Sport Governance in Europe

Although there is significant interest in the social role of sport in fostering civil society from both policymakers and academics, there is a lack of evidence of the specific role of sport federations in this system. This book critically presents the mechanisms and structures in a selection of sport federations within a variety of European countries that illuminate the varied relationships between not-for-profit sport federations, their members, governments and the citizens they represent. The contributors explore the contrasts and synergies between core social capital theoretical perspectives, and how these may be informed by and/or shape the realities of governance from different perspectives within the sport system.

La reconnaissance du capital immatériel: quels enjeux pour l'évaluation d'entreprise?

Le capital immatériel a pris une importance croissante dans de nombreuses entreprises, mais les règles comptables ne permettent généralement pas de faire figurer ses composantes dans les états financiers publiés en fin d'année. Cet article se focalise sur les conséquences de la normalisation comptable actuelle sur l'évaluation des entreprises. Il discute également du rôle des informations extra comptables sur les actifs immatériels, divulguées volontairement par les entreprises pour aider les investisseurs à évaluer les entreprises. Enfin, le rôle des analystes financiers est évoqué : leur expertise devient essentielle pour apprécier l'impact du capital immatériel sur le devenir des entreprises et, par conséquent sur leur valeur.

Do we fear tax competition among new and old European countries ?

The purpose of this paper is to study both theoretically and empirically tax competition in the enlarged EU and to provide some insights on ongoing reforms concerning business taxation. We support the idea that even if one can observe cuts in "new" members statutory business tax rates, this should not result in fiercer tax competition between the "core" and "the "periphery" since infrastructure endowments and the existence of agglomeration rents in the core of the EU may prevent (at least partially) activities to relocate to the "new" members.

Chronic low-frequency rTMS of primary motor cortex diminishes exercise training-induced gains in maximal voluntary force in humans.

Although there is consensus that the central nervous system mediates the increases in maximal voluntary force (maximal voluntary contraction, MVC) produced by resistance exercise, the involvement of the primary motor cortex (M1) in these processes remains controversial. We hypothesized that 1-Hz repetitive transcranial magnetic stimulation (rTMS) of M1 during resistance training would diminish strength gains. Forty subjects were divided equally into five groups. Subjects voluntarily (Vol) abducted the first dorsal interosseus (FDI) (5 bouts x 10 repetitions, 10 sessions, 4 wk) at 70-80% MVC. Another group also exercised but in the 1-min-long interbout rest intervals they received rTMS [Vol+rTMS, 1 Hz, FDI motor area, 300 pulses/session, 120% of the resting motor threshold (rMT)]. The third group also exercised and received sham rTMS (Vol+Sham). The fourth group received only rTMS (rTMS_only). The 37.5% and 33.3% gains in MVC in Vol and Vol+Sham groups, respectively, were greater (P = 0.001) than the 18.9% gain in Vol+rTMS, 1.9% in rTMS_only, and 2.6% in unexercised control subjects who received no stimulation. Acutely, within sessions 5 and 10, single-pulse TMS revealed that motor-evoked potential size and recruitment curve slopes were reduced in Vol+rTMS and rTMS_only groups and accumulated to chronic reductions by session 10. There were no changes in rMT, maximum compound action potential amplitude (M(max)), and peripherally evoked twitch forces in the trained FDI and the untrained abductor digiti minimi. Although contributions from spinal sources cannot be excluded, the data suggest that M1 may play a role in mediating neural adaptations to strength training.

Venture capital financing : screening and contracting under assymetric information

Structure of the Thesis This thesis consists of 5 sections. Section 1 starts with the problem definition and the presentation of the objectives of this thesis. Section 2 introduces a presentation of the theoretical foundations of Venture financing and a review of the main theories developed on Venture investing. It includes a taxonomy of contracting clauses relevant in venture contracting, the conflicts they address, and presents some general observations on contractual clauses. Section 3 presents the research findings on the analysis of a European VC's deal flow and investment screening linked to the prevailing market conditions. Section 4 focuses an empirical study of a European VC's investment process, the criteria it uses to make its investments. It presents empirical findings on the investment criteria over time, business cycles, and investment types. It also links these criteria to the VC's subsequent performance. Finally, section 5 presents an empirical research on the comparison of the legal contracts signed between European and United States Venture Capitalists and the companies they finance. This research highlights some of the contracting practices in Europe and the United States.