Stock offerings in a different institutional setting: the Swiss case, 1973-1983

This paper analyzes the stock price effect of equity issues in Switzerland. There, insiders are not legally prevented from using their information for personal trades, and security offerings are with almost no exception rights issues. Unlike what we find for a comprehensive sample of U.S. rights issues and a sample of U.S. general cash offerings, a significant majority of firms experiences a positive monthly announcement effect. The average abnormal return itself, however, is not significant. Also, we find evidence inconsistent with infinitely price-elastic demand functions for common stock, as well as some evidence that offer prices convey new information.

Exploring Water Governance Arrangements in the Swiss Alps From the Perspective of Adaptive Capacity

In times of increasing uncertainty because of climate and socioeconomic changes, the ability to deal with uncertainty and surprise is an essential requirement for the sustainability of alpine water governance. This article aims to contribute to the understanding of the adaptive capacity of water governance arrangements in the Swiss Alps and to propose options for reforms. To this purpose, we evaluated the current arrangements and the ways the actors have dealt with water shortages in the past, based on qualitative interviews and a document review. The research revealed that the adaptive capacity of the investigated arrangements is rather high with regard to reactive ways of responding to water shortage problems. However, there is limited capacity to proactively anticipate possible changes and to find prospective solutions on a regional scale. We conclude that with increased environmental and social pressures, forms of proactive water resource governance should be introduced, taking into account the welfare of people in both upstream and downstream areas.

How fit turns into misfit and back: institutional transformations of pastoral commons in African floodplains

We enlarge the notion of institutional fit using theoretical approaches from New Institutionalism, including rational choice and strategic action, political ecology and constructivist approaches. These approaches are combined with ecological approaches (system and evolutionary ecology) focusing on feedback loops and change. We offer results drawn from a comparison of fit and misfit cases of institutional change in pastoral commons in four African floodplain contexts (Zambia, Cameroon, Tanzania (two cases). Cases of precolonial fit and misfit in the postcolonial past, as well as a case of institutional fit in the postcolonial phase, highlight important features, specifically, flexible institutions, leadership, and mutual economic benefit under specific relations of bargaining power of actors. We argue that only by combining otherwise conflicting approaches can we come to understand why institutional fit develops into misfit and back again. Key Words: African floodplains; governance; institutional change; institutional fit; New Institutionalism; pastoral commons

The Contested Floodplain. Institutional Change of the Commons in the Kafue Flats, Zambia

The Contested Floodplain tells the story of institutional changes in the management of common pool resources (pasture, wildlife, and fisheries) among Ila and Balundwe agro-pastoralists and Batwa fishermen in the Kafue Flats, in southern Zambia. It explains how and why a once rich floodplain area, managed under local common property regimes, becomes a poor man’s place and a degraded resource area. Based on social anthropological field research, the book explains how well working institutions in the past, regulating communal access to resources, have turned into state property and open access or privatization. The study focuses on the historic developments taking place since pre-colonial and colonial times up to today. Haller shows how the commons had been well regulated by local institutions in the past, often embedded in religious belief systems. He then explains the transformation from common property to state property since colonial times. When the state is unable to provide well-functioning institutions due to a lack in financial income, it contributes to de facto open access and degradation of the commons. The Zambian copper-based economy has faced crisis since 1975, and many Zambians have to look for economic alternatives and find ways to profit from the lack of state control (a paradox of the present-absent state). And while the state is absent, external actors use the ideology of citizenship to justify free use of resources during conflicts with local people. Also within Zambian communities, floodplain resources are highly contested, which is illustrated through conflicts over a proposed irrigation scheme in the area.

Getting Old Here and There: Opportunities and Pitfalls of Transnational Care Arrangements

This article focuses on challenges of transnational aging and family care among „guest-workers‟ from Italy and Spain. It is based on two qualitative studies on aging in migration and experiences of family care. These migrants‟ situations tend to be socioeconomically underprivileged, yet they have the option to either stay in Switzerland or return to Italy or Spain. Our results show that an additional option is available by combining elements of both national systems of reference. However, these options are often costly and have short-comings which are particularly relevant when ill health conditions demand intensified care. By then, decisions taken within the context of transnational ways of living have far-reaching consequences that affect not only the elderly migrants but also their adult children. The empirical data presented in this article illustrate how specific constellations of caring options emerge from the Swiss „guest-worker‟ migration regime and from transnational practices and choices made in earlier years.

Le temps des hommes doubles. Les arrangements face à l’occupation, de la Révolution française à la guerre de 1870

Le temps des hommes doubles : Louis Aragon a désigné ainsi la séparation voire l’opposition entre l’homme social et l’homme privé dans la société capitaliste. Pour les auteurs réunis ici, il s’agit plutôt de signifier qu’au temps de la souveraineté nationale en armes, dès lors que sont plus rigoureusement assignées aux soldats et aux citoyens à la fois une « identité » et une « cause » supposées dépasser leur état civil et leurs intérêts particuliers, l’occupation militaire multiplie, dans la recherche d’accommodements entre les deux camps, les tensions et les combinaisons possibles entre fonctions ou statuts publics, sociabilités et influences locales, opinions et besoins. Pour caractériser les évolutions qui ont eu lieu entre les guerres déclarées par la France à l’Autriche en 1792 et à la Prusse en 1870, le présent livre met l’accent sur trois thèmes. Il traite d’abord des enjeux politiques et administratifs de l’occupation, parmi lesquels la neutralité, son devenir en tant que concept dans les relations internationales, et le positionnement des États neutres dans des conflits où l’on s’efforce de mobiliser aussi les opinions publiques. L’attention se porte ensuite sur les armées occupantes. Quelle que soit la part d’idéologie que l’autorité politique introduit dans leurs missions, la première de ces missions est de garantir leur propre sécurité. La recherche des accommodements ou le constat de l’extrême difficulté d’en trouver sont enfin abordés du point de vue des sociétés en proie à l’occupation. Dans ces situations où le présent peut être vécu et interprété en fonction d’une mémoire individuelle et collective d’expériences antérieures, le rôle joué par les occupants ne se réduit pas à la brutalité de la soldatesque et à l’exploitation économique.

Carbon sequestration in community forests: trade-offs, multiple outcomes and institutional diversity in the Bolivian Amazon

Carbon sequestration in community forests presents a major challenge for the Reducing Emissions from Deforestation and Forest Degradation (REDD+) programme. This article uses a comparative analysis of the agricultural and forestry practices of indigenous peoples and settlers in the Bolivian Amazon to show how community-level institutions regulate the trade-offs between community livelihoods, forest species diversity, and carbon sequestration. The authors argue that REDD+ implementation in such areas runs the risk of: 1) reinforcing economic inequalities based on previous and potential land use impacts on ecosystems (baseline), depending on the socio-cultural groups targeted; 2) increasing pressure on land used for food production, possibly reducing food security and redirecting labour towards scarce off-farm income opportunities; 3) increasing dependence on external funding and carbon market fluctuations instead of local production strategies; and 4) further incentivising the privatization and commodification of land to avoid transaction costs associated with collective property rights. The article also advises against taking a strictly economic, market-based approach to carbon sequestration, arguing that such an approach could endanger fragile socio-ecological systems. REDD+ schemes should directly support existing efforts towards forest sustainability rather than simply compensating local land users for avoiding deforestation and forest degradation