From Opacity to Transparency? The Place of Organized Interests within the European Institutions

Regulació dels Grup d'interès en la governança europea és crucial per a una comprensió completa de com s'exerceix el poder a la Unió Europea (UE) i per a una descripció més precisa de com funciona el sistema polític de la UE (i dels seus principis subjacents). Un dels temes principals aquí és com els interessos privats o particulars comprometre amb un interès general o públic encarnat en una forma o altra per aquells que actuen per a la UE. Donada la varietat de temes sensibles en joc, no és d'estranyar que la qüestió de la regulació es troba amb una resistència considerable, sobre tot en la Comissió. No obstant això, els recents obstacles a la integració europea han tingut l'efecte de rellançar un debat que fa que l'ètica i la transparència de les peces centrals de l'agenda. Dinàmiques polítiques actuals semblen donar testimoni d'una creixent receptivitat de la UE a les reivindicacions del moviment ALTER-EU que busca un entorn molt més regulat per cabilderos i funcionaris comunitaris.

Investment, duration, and exit strategies for corporate and independent venture capital-backed start-ups

We propose a model of investment, duration, and exit strategies for start-ups backed by venture capital (VC) funds that accounts for the high level of uncertainty, the asymmetry of information between insiders and outsiders, and the discount rate. Our analysis predicts that start-ups backed by corporate VC funds remain for a longer period of time before exiting and receive larger investment amounts than those financed by independent VC funds. Although a longer duration leads to a higher likelihood of an exit through an acquisition, a larger investment increases the probability of an IPO exit. These predictions find strong empirical support.

Combined Report on the Institutions Under the Control of the Iowa Department of Human Services : Schedules, Findings and Recommendations, June 30, 2002

State Agency Audit Report

Combined Report on the Institutions Under the Control of the Iowa Department of Corrections - Schedules, Findings and Recommendations, June 30, 2002

State Agency Audit Report - Combined Report

Essays in banking and corporate finance

Abstract This paper presents a model of executive compensation in which the executive is risk-averse and has specific knowledge -knowledge about the optimal actions to take that is costly to transfer to the principal. The model generates predictions that are consistent with the available evidence and provides a rationale for a number of unresolved puzzles in executive compensation. Notably, we find that relative performance evaluation is optimal only if the quality of specific knowledge is low. We also show (1) why some common risk components are not filtered out of executives' pay, (2) why performance is more likely to be evaluated relative to aggregate market movements than relative to industry movements, and (3) why executives with higher perceived abilities are given stronger incentives. Finally, we demonstrate that the relation between risk and incentives may be positive or negative, depending on the quality of the executive's specific knowledge.

Combined Report on the Institutions Under the Control of the Iowa Department of Human Services: Schedules Findings and Recommendations, June 30, 2003

State Agency Audit Report

Combined Report on the Institutions Under the Control of the Iowa Department of Corrections: Schedules Findings and Recommendations, June 30, 2003

State Agency Audit Report