Private property vehicles: the valuation of interests in limited partnerships

This paper examines the extent to which the valuation of partial interests in private property vehicles should be closely aligned to the valuation of the underlying assets. A sample of vehicle managers and investors replied to a questionnaire on the qualities of private property vehicles relative to direct property investment. Applying the Analytic Hierarchy Process (AHP) technique the relative importance of the various advantages and disadvantages of investment in private property vehicles relative to acquisition of the underlying assets are assessed. The results suggest that the main drivers of the growth of the this sector have been the ability for certain categories of investor to acquire interests in assets that are normally inaccessible due to the amount of specific risk. Additionally, investors have been attracted by the ability to ‘outsource’ asset management in a manner that minimises perceived agency problems. It is concluded that deviations from NAV should be expected given that investment in private property vehicles differs from investment in the underlying assets in terms of liquidity, management structures, lot size, financial structure inter alia. However, reliably appraising the pricing implications of these variations is likely to be extremely difficult due to the lack of secondary market trading and vehicle heterogeneity.

Pré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking system

Mercados financeiros e finanças corporativas

Masculinities in Conflict: Representations of the Other in Narrative during the Spanish Civil War

In this article, I analyze the representation of the Other in three texts that were published during the Spanish Civil War: El infierno azul (1938?), by Republican Isidro R. Mendieta, and two closely related works by Falangist Jacinto Miquelarena: Cómo fui ejecutado en Madrid (1937) and El otro mundo: La vida en las embajadas de Madrid (1938). Although these texts adhere to different political ideologies and are stylistically very divergent, they are similar in their constant criticisms of the enemy. Furthermore, both Republicans and rebels tend to depict the enemy as possessing an inadequate masculinity. He is described, on one hand, as a beast or an animal, unable to control his instincts, and, on the other hand, as an unmanly and effeminate coward. Thus, for the construction of the nation, the Other presents an inappropriate masculinity, which is either excessive and uncontainable, or insufficient. Therefore, national ideologies seem to propose a normative masculinity that is located in an ambiguous middle ground: a masculinity that is able to control animal instincts yet capable of heroic acts.

Third party assessments in trust problems with conflict of interest: An experiment on the effects of promisesm

Is it possible to elicit reliable assessment from an assessor having a conflict of interest (e.g. a professor that writes a recommendation letter for a formal PhD student)? We propose an experimental test and show that compared to a not-incentivized assessment, a promise to give a truthful assessment reduces misreporting to the same extent as an incentivized assessment (i.e. when the assessor gains higher payoff if the assessment is correct).

Trade Versus Culture in the Digital Environment : An Old Conflict in Need of a New Definition

Following the recent UNESCO Convention on the Protection and Promotion of the Diversity of Cultural Expressions, the first wave of scholarly work has focused on clarifying the interface between the Convention and the WTO Agreements. Building upon these analyses, the present article takes however a different stance. It seeks a new, rather pragmatic definition of the relationship between trade and culture and argues that such a re-definition is particularly needed in the digital networked environment that has modified the ways markets for cultural content function and the ways in which cultural content is created, distributed and accessed. The article explores first the significance of the UNESCO Convention (or the lack thereof) and subsequently outlines a variety of ways in which the WTO framework can be improved in a ‘neutral’, not necessarily culturally motivated, manner to become more conducive to the pursuit of cultural diversity and taking into account the changed reality of digital media. The article also looks at other facets of the profoundly fragmented culture-related regulatory framework and underscores the critical importance of intellectual property rights and of other domains that appear at first sight peripheral to the trade and culture discussion, such as access to infrastructure, interoperability or net neutrality. It is argued that a number of feasible solutions exist beyond the politically charged confrontation of trade versus culture and that the new digital media landscape may require a readjustment of the priorities and the tools for the achievement of the widely accepted objective of cultural diversity.

1.2 News Article About US Supreme Court Justices Rule in Favor of Lloyd Gaines by 6 to 2 Vote in The Call Newspaper

Following the decision, northern newspapers hailed it as “the Supreme Court speaking out in defense of the quality of human rights.” The Kansas City Call, one of the leading black newspapers in Missouri, declared, “If keeping the races separate is so important to Missourians that coeducation is unthinkable then let them count the cost!” The NAACP’s long-term plan for casting financial burden upon the Jim Crow states was now a reality.

Traumatic insemination and sexual conflict in the bed bug Cimex lectularius

The bed bug, Cimex lectularius, has a unique mode of copulation termed “traumatic” insemination [Carayon, J. (1966) in Monograph of the Cimicidae, ed. Usinger, R. (Entomol. Soc. Am., Philadelphia), pp. 81–167] during which the male pierces the female's abdominal wall with his external genitalia and inseminates into her body cavity [Carayon, J. (1966) in Monograph of the Cimicidae, ed. Usinger, R. (Entomol. Soc. Am., Philadelphia), pp. 81–167]. Under controlled natural conditions, traumatic insemination was frequent and temporally restricted. We show for the first time, to our knowledge, that traumatic insemination results in (i) last-male sperm precedence, (ii) suboptimal remating frequencies for the maintenance of female fertility, and (iii) reduced longevity and reproductive success in females. Experimental females did not receive indirect benefits from multiple mating. We conclude that traumatic insemination is probably a coercive male copulatory strategy that results in a sexual conflict of interests.

Portugal. In economics, we call it conflict of interest! CEPS Commentary, 12 April 2013

Faced with limited options for coming up with the funds needed to pay off the next instalment on its bailout loan, Portugal is advised in this Commentary by economist Leonor Coutinho to trim the number of public sector employees, in combination with an increase in public sector working hours, among the lowest in Europe. In her view, these measures will have the best long-term implications both in terms of fiscal sustainability and of labour productivity, and may finally allow the country to resume the catching-up process that has been stalled since the start of EMU.