Torn between state and market: Private policy implementation and conflicting institutional logics

Policy implementation by private actors constitutes a “missing link” for understanding the implications of private governance. This paper proposes and assesses an institutional logics framework that combines a top-down, policy design approach with a bottom-up, implementation perspective on discretion. We argue that the conflicting institutional logics of the state and the market, in combination with differing degrees of goal ambiguity, accountability and hybridity play a crucial role for output performance. These arguments are analyzed based on a secondary analysis of seven case studies of private and hybrid policy implementation in diverging contexts. We find that aligning private output performance with public interests is at least partly a question of policy design congruence: private implementing actors tend to perform deficiently when the conflicting logics of the state and the market combine with weak accountability mechanisms.

The Brazilian real estate securitization market: determinants of pricing

Analisamos os determinantes de precificação de Certificados de Recebíveis Imobiliários (CRIs) com relação ao ativo objeto e níveis de garantias, controlando por variáveis de tamanho, prazo e rating. Verifica-se um prêmio médio adicional em CRIs de 1,0 p.p. quando comparados com debêntures de prazos semelhantes e de mesmo rating. A justificativa desse prêmio é analisada em duas frentes: (a) apesar de CRI seguir relativa padronização, encontramos que o papel pode representar diferentes níveis de risco e ativos-objeto; e (b) essa falta de padronização leva a níveis de precificação diferenciados por suas características específicas de riscos. Os diferentes níveis de risco são percebidos pelas diversas garantias utilizadas sendo que 41% das emissões possuem garantias pessoais de originadores (aval ou fiança). Conclui-se que existe, em geral, uma diferença de retornos positiva (o spread médio na emissão dos CRIs indexados à inflação foi de 321 bps superior à curva de juros de mercado), sendo mais preponderante a depender do segmento (prêmio para os segmentos residencial e loteamentos) e mitigado pelo nível de garantias oferecido. É possível verificar um prêmio médio de 1,4 p.p. para os segmentos residencial e de loteamentos. Algumas características das emissões foram analisadas como controle (tamanho, prazo e, por fim, das notas e origem da agência avaliadora de rating). Os CRIs de maior volume e maior prazo apresentam spreads menores. Quanto ao rating, os CRIs apresentam efeitos diversos a depender do segmento. Para CRIs residenciais, o efeito é positivo (redução de spread) caso a emissão seja avaliada por alguma agência de rating, enquanto que para os CRIs comerciais, o efeito é negativo. O efeito pode ser positivo para os CRIs comerciais (redução de spread) em caso de avaliação por agência de rating internacional ou possuir notas de rating superiores à nota ‘A’.

A study of the impact of airports on the market value of real estate in the adjacent areas: New York International Airport, Chicago-O'Hare International Airport, San Francisco International Airport, (United States Naval Air Station, Glenview, Illinois), (United States Naval Air Station, Moffett Field, California)

Cover title: Airport study, 1960.

Health care financing, extramural report : state data book on long-term care program and market characteristics.

"August 1994."

Human factors requirements for real-time motorist information displays. Volume 2: state-of-the-art: messages and displays in freeway corridors. Final report.

Federal Highway Administration, Office of Research, Washington, D.C.

Report to the Congress, federal surplus real property program for state and local parks and recreation /

Description based on: Fiscal years 1991 and 1992.

Narrative of the expedition which sailed from England in 1817, to join the South American patriots : comprising every particular connected with its formation, history, and fate; with observations and authentic information elucidating the real character of the contest, mode of warfare, state of the armies, etc. /

Hackett went out as lieutenant in Col. J. A. Gilmore's Artillery brigade, which was disbanded before reaching South America. The writer did not see any actual service, but his Narrative gives account of several British expeditions of 1817

1996 state data book on long term care program and market characteristics /

"This research was funded by the U.S. Health Care Financing Administration and the U.S. Department of Housing and Urban Development."

Report of the House Committee to Study the Illinois Real Estate Broker-Lawyer Accord to the House of Representatives of the 79th General Assembly of the State of Illinois.

Cover title.

State of Illinois labor market information plan, 1986-1987 /

"February 1986."

The universal restoration : exhibited in four dialogues between a minister and his friend ; comprehending the substance of several real conversations which the author had with various persons both in America and Europe on that interesting subject. Chiefly designed fully to state , and fairly to answer the most common objections that are brought against it from the scriptures /

Mode of access: Internet.

The universal restoration : exhibited in four dialogues between a minister and his friend ; comprehending the substance of several real conversations which the author had with various persons both in America and Europe on that interesting subject. Chiefly designed fully to state , and fairly to answer the most common objections that are brought against it from the scriptures /

Running title: Dialogues on the universal restoration.

The laws of the Commonwealth of Massachusetts, from November 28, 1780 to February 28, 1807. With the Constitutions of the United States of America and of the Commonwealth, prefixed. To which is added, an appendix containing acts and clauses of acts, from the laws of the late Colony, Province and State of Massachusetts, which either are unrevised or respect the title of real estate.

Vol. 3 printed by Manning & Loring for Thomas & Andrews.