13 resultados para CGT concessions
em Université de Lausanne, Switzerland
Resumo:
In this article, we explore the contractual design of toll road concession contracts. We highlight the fact that contracting parties try to sign not only complete rigid contracts in order to avoid renegotiations but also flexible contracts in order to adapt contractual framework to contingencies and to create incentives for cooperative behavior. This gives rise to multiple toll adjustment provisions and to a tradeoff between rigid and flexible contracts. Such a tradeoff is formalized using an incomplete contract framework - including ex post maladaptation and renegotiation costs - and propositions are tested using an original database of 71 concession contracts. Our results suggest an important role for economic efficiency concerns, as well as politics, in designing such public-private contracts. Codes JEL : D23, H11, H54, L14, L9.
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We empirically assess the effect of the winner's curse in auctions for toll road concessions, taking into account, to our knowledge for the first time, problems of commitment and enforcement, using a unique dataset of 49 worldwide road concessions.
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Les Pays-Bas et la Suisse sont souvent décrits comme ayant des relations entre travail et capital similaires, marquées par des négociations et le compromis. La conviction est courante dans les deux pays qu'il y a une tendance constante au consensus et au compromis dans l'histoire nationale. Cette thèse livre une comparaison historique du développement des relations de classe dans la 1ers moitié du 20eme siècle. Une attention particulière est donnée aux confrontations sévères et partiellement violentes entre les classes qui ont eu lieu pendant et juste après la Première Guerre Mondiale. Dans la crise des années trente, les deux pays ont longtemps maintenu l'attachement à une politique de déflation, ce qui a mené à une nouvelle accentuation des tensions sociales. Dans ce contexte, loin d'être prêts à faire des concessions au mouvement ouvrier, d'importantes composantes du patronat néerlandais et suisse sympathisaient avec un corporatisme autoritaire comme il était prôné par les mouvements et régimes fascistes. Des alliances entre le mouvement ouvrier socialiste et des fractions importantes des classes moyennes étaient capables d'arrêter cette dérive autoritaire, sans avoir assez de force pour imposer leurs propres alternatives. C'est seulement après l'affaiblissement de la droite dure entre la deuxième moitié des années trente et l'immédiat après-guerre que des premiers fondements pour un compromis de classe stable ont été établis. Généralement, l'approche comparée de la thèse permet de mieux saisir les histoires nationales dans leur contexte européen et global et permet donc de dépasser une vue de l'histoire nationale comme «cas spécial».¦Die Beziehungen zwischen Arbeit und Kapital in Niederlande und die Schweiz werden oft als âhnlich und stark von Verhandlungen und von Kompromissen geprâgt beschrieben. In beiden Lândern ist die Auffassung weitverbreitet, dass es in der nationalen Geschichte eine konstante Tendenz zum Konsens und zum Kompromiss gebe. Diese Dissertation bietet einen historischen Vergleich der Entwicklung der Klassenbeziehungen in der ersten Hâlfte des 20. Jahrhunderts. Thematisiert werden insbesondere die ernsthaften und teilweise gewalttàtigen Zusammenstôsse zwischen den Klassen, die sich wàhrend und unmittelbar nach dem Ersten Weltkrieg ereigneten. In der Krise der Dreissigerjahre hielten beide Staaten lange an der Deflationspolitik fest, was erneut zu einer Verschârfung der sozialen Spannungen fïïhrte. Vor diesem Hintergrund lehnten weite Teile der schweizerischen und niederlândischen Grossunternehmer Konzessionen gegenuber der Arbeiterbewegung ab. Vielmehr sympathisierten sie mit einem autoritàren Korporatismus, wie er von den faschistischen Bewegungen und Regimes vertreten wurde. Allianzen zwischen der sozialistischen Arbeiterbewegung und Teilen der Mittelschichten gelang es zwar, diese autoritàren Tendenzen aufzuhalten, nicht aber ihre eigenen Alteraativkonzepte durchzusetzen. Erst nach der Schwâchung der radikalen Rechten in der Zeit zwischen der zweiten Hàlfte der 1930er Jahre und der unmittelbaren Nachkriegszeit nach dem Zweiten Weltkrieg fand sich eine¦Grundlage fur einen stabilen Klassenkompromiss. Generell ermôglicht es der vergleichende Ansatz der Dissertation, die nationale Geschichte in ihrem europâischen und globalen Kontext zu sehen und so eine Sicht auf die Geschichte eines einzelnen Landes als ,,Sonderfall" zu uberwinden.
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Chapter 2 Bankruptcy Initiation In The New Era of Chapter 11 2.1 Abstract The bankruptcy act of 1978 placed corporate managers (as debtor in possession) in control of the bankruptcy process. Between 2000 and 2001 managers apparently lost this control to secured creditors. This study examines financial ratios of firms filing for bankruptcy between 1993 and 2004 and tests the hypothesis that the change from manager to creditor control created or exacerbated the managerial (and dominant creditor) incentive to delay bankruptcy filing. We find a clear deterioration in the financial conditions of firms filing after 2001. This is consistent with managers (or creditors who control them) delaying filing for bankruptcy. We also observe patterns of operating losses and liquidations that suggest adverse economic consequences from such delay. Chapter 3 Bankruptcy Resolution: Priority of Claims with the Secured Creditor in Control 3.1 Abstract We present new evidence on the violation of priority of claims in bankruptcy using a sample of 222 firms that tiled for Chapter 11 bankruptcy over the 1993-2004 period. Our study reveals a dramatic reduction in the violations of priority of claims compared to research on prior periods. These results are consistent with changes in both court practices and laws transferring power to the secured creditors over our sample period. We also find an increase in the time from the date of a bankruptcy filing to reaching plan confirmation where priority is not violated. Chapter 4 Bankruptcy Resolution: Speed, APR Violations and Delaware 4.1 Abstract We analyze speed of bankruptcy resolution on a sample of 294 US firms filing for bankruptcy in the 1993-2004 period. We find strong association between type of Chapter II filing and speed of bankruptcy resolution. We also find that violations to the absolute priority rule reduce the time from bankruptcy filing to plan confirmation. This is consistent with the hypothesis that creditors are willing to grant concessions in exchange for faster bankruptcy resolution. Furthermore, after controlling for the type of filing and violations to the absolute priority rule, we do not find any difference in the duration of the bankruptcy process for firms filing in Delaware, New York, or other bankruptcy districts. Chapter 5 Financial Distress and Corporate Control 5.1 Abstract We examine the replacement rates of directors and executives in 63 firms filing for bank ruptcy during the 1995-2002 period. We find that over 76% of directors and executives are replaced in the four year period from the year prior to the bankruptcy filing through three years after. These rates are higher than those found in prior research and is consistent with changes in bankruptcy procedures and practice (i.e. the increased secured creditors control over the process due to both DIP financing and changes in the Uniform Commercial Code) having a significant impact on the corporate governance of firms in financial distress. Chapter 6 Financial Statement Restatements: Decision to File for Bankruptcy 6.1 Abstract On a sample of 201 firms that restated their financial statements we analyze the process of regaining investor trust in a two year period after the restatement. We find that 20% of firms that restate their financial statements tile for bankruptcy or restructure out of court. Our results also indicate that the decisions to change auditor or management is correlated with a higher probability of failure. Increased media attention appears to partly explain the decision of firms to restructure their debt or tile for bankruptcy.
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Enfin traduite en français, l'éthique économique d'Arthur Rich est une somme magistrale, une synthèse unique en son genre, due à l'un des représentants éminents de l'éthique sociale contemporaine. Puisant son inspiration dans la théologie, l'éthique contemporaine et les grands travaux de recherche en économie, l'auteur montre que si le système de l'économie de marché a l'avantage d'être foncièrement réformable, au contraire de toute économie planifiée, il exige des régulations équitables et responsables. Ni marxiste, ni sauvagement libéral, l'auteur ne fait pas non plus de concessions à l'écologie qu'il soumet aux normes de l'éthique sociale et de la justice économique. La synthèse puissante qu'il offre au long des 680 pages de son ouvrage est une des références majeures d'un discours économique d'inspiration chrétienne. Né en 1910 en Suisse alémanique, mort en 1992, Arthur Rich a étudié la théologie après un apprentissage en usine. Ses intérêts l'ont mené vers l'éthique sociale et économique dont il est une figure reconnue dans le monde anglo-saxon.
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INTRODUCTION: Deficits in decision making (DM) are commonly associated with prefrontal cortical damage, but may occur with multiple sclerosis (MS). There are no data concerning the impact of MS on tasks evaluating DM under explicit risk, where different emotional and cognitive components can be distinguished. METHODS: We assessed 72 relapsing-remitting MS (RRMS) patients with mild to moderate disease and 38 healthy controls in two DM tasks involving risk with explicit rules: (1) The Wheel of Fortune (WOF), which probes the anticipated affects of decisions outcomes on future choices; and (2) The Cambridge Gamble Task (CGT) which measures risk taking. Participants also underwent a neuropsychological and emotional assessment, and skin conductance responses (SCRs) were recorded. RESULTS: In the WOF, RRMS patients showed deficits in integrating positive counterfactual information (p<0.005) and greater risk aversion (p<0.001). They reported less negative affect than controls (disappointment: p = 0.007; regret: p = 0.01), although their implicit emotional reactions as measured by post-choice SCRs did not differ. In the CGT, RRMS patients differed from controls in quality of DM (p = 0.01) and deliberation time (p = 0.0002), the latter difference being correlated with attention scores. Such changes did not result in overall decreases in performance (total gains). CONCLUSIONS: The quality of DM under risk was modified by MS in both tasks. The reduction in the expression of disappointment coexisted with an increased risk aversion in the WOF and alexithymia features. These concomitant emotional alterations may have implications for better understanding the components of explicit DM and for the clinical support of MS patients.
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This paper analyses how banking regulation was introduced in Switzerland - one of the world's most prominent financial centres - which remained in place until the beginning of the twenty-first century. It shows that the law adopted on 8 November 1934 is a perfect example of capture of the regulator by the regulated. Essentially a political response in the context of the economic crisis of the 1930s, it largely reflected the interests of banking circles by limiting the intervention of the State as much as possible. The introduction of the new legislation was facilitated by the temporary weakness of Swiss banking circles, as they depended on the State to delay or prevent the collapse of many major credit institutions. They did not manage to derail the law as they had two decades earlier when they scuppered the federal bill on banks drawn up between 1914 and 1916. But this time they were better organized and more united, and intervened all the more effectively in the legislative process itself. The 1934 law is thus distinctive in that it made no structural changes to the architecture of the financial centre but merely codified its practices through flexible legislation meant to reassure the public. The law was aimed less at controlling banking activity than at keeping - thanks to skilfully calibrated political concessions - the State from having to intervene more directly in the internal management of banks or in the fixing of interest rates and the export of capital.
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Peatlands play a crucial role in Indonesia's economic development, and in its stated goal of reducing greenhouse gas emissions. Improved peatland management - including a national moratorium on the granting of any new conversion licenses - forms a cornerstone of Indonesia's climate change mitigation commitment. At the same time, rapid expansion of the plantation sector is driving wide-scale drainage and conversion of peat swamp ecosystems. The province of Riau, in central Sumatra, finds itself at the crossroads of these conflicting agendas. This essay presents a case study of three islands on Riau's east coast affected by industrial timber plantation concessions. It examines the divergent experiences, perceptions and responses of communities on the islands. A mix of dramatic protests, localised everyday actions and constructive dialogue has succeeded in delaying or perhaps halting one of the concessions, while negotiations and contestation with the other two continue. With the support of regional and national non-governmental organisations and local government, communities are pursuing alternative development strategies, including the cultivation of sago, which requires no peat drainage. While a powerful political economy of state and corporate actors shapes the contours of socio-environmental change, local social movements can alter trajectories of change, promoting incremental improvements and alternative pathways.
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Transport concession contracts are commonly said to be standardized and too rigid. They would not allow public authorities to adapt them to evolving context and circumstances. This paper aims at challenging this view and, more particularly, the view that contractual rigidity for transport concessions is exogenous. Using a transaction cost framework, we disentangle between three main determinants of contractual rigidity: traffic uncertainty; connivance between contracting parties; quality of the institutional environment. Using an original database of toll road concession contracts, we observe a great variety of provisions for toll adjustment. We find that these exogenous determinants significantly influence contractual choices.