An Empirical Examination of the Impacts from Termination of a Performance-Based Incentive Plan

This paper reports on the financial impacts from the termination of a pay for performance plan for the salesforce at a retail establishment. Using monthly panel data spanning more than eight years for 15 outlets of a major retailer, this study documents that store-level sales and operating profits decrease after the incentive plan is terminated. Individual performance data are then investigated to help identify the role of effort and selection effects in explaining the documented decrease. The analysis of the individual employee sales data reveals that virtually all of the declining store level sales can be explained by selection effects.

The law and economics of good faith in the civil law of contract

Good faith plays a central role in most legal systems, yet appears to be an intractable concept. This article proposes to analyse it economically as the absence of opportunism in circumstances which lend themselves to it. One of the objectives underlying the law of contract on an economic view is to curtail opportunism. In spelling out what this means, the paper proposes a three-step test: bad faith is present where a substantial informational or other asymmetry exists between the parties, which one of them turns into an undue advantage, considered against the gains both parties could normally expect to realise through the contract, and where loss to the disadvantaged party is so serious as to provoke recourse to expensive self-protection, which significantly raises transactions costs in the market. The three-step test is then used to analyse a set of recent decisions in international commercial transactions and three concepts derived from good faith: fraud, warranty for latent defects and lesion.

The Civil Law Of Contract

Cet article sera publié dans Ghent Encyclopedia of Law and Economics, Gerrit De Geest (General Editor), 2nd edition, Cheltenham, Edward Elgar, 2010.

Choice of contract maturity with applications to international and mortgage lending

Thèse numérisée par la Division de la gestion de documents et des archives de l'Université de Montréal

Environmental impact of sand mining

This thesis Entitled Environmental impact of Sand Mining :A case Study in the river catchments of vembanad lake southwest india.The entire study is addressed in nine chapters. Chapter l deals with the general introduction about rivers, problems of river sand mining, objectives, location of the study area and scope of the study. A detailed review on river classification, classic concepts in riverine studies, geological work of rivers and channel processes, importance of river ecosystems and its need for management are dealt in Chapter 2. Chapter 3 gives a comprehensive account of the study area - its location, administrative divisions, physiography, soil, geology, land use and living and non-living resources. The various methods adopted in the study are dealt in Chapter 4. Chapter 5 contains river characteristics like drainage, environmental and geologic setting, channel characteristics, river discharge and water quality of the study area. Chapter 6 gives an account of river sand mining (instream and floodplain mining) from the study area. The various environmental problems of river sand mining on the land adjoining the river banks, river channel, water, biotic and social / human environments of the area and data interpretation are presented in Chapter 7. Chapter 8 deals with the Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP) of sand mining from the river catchments of Vembanad lake.

Design and Development of data mining models for the predictions of manpower placement in the technical Domain

Data mining is one of the hottest research areas nowadays as it has got wide variety of applications in common man’s life to make the world a better place to live. It is all about finding interesting hidden patterns in a huge history data base. As an example, from a sales data base, one can find an interesting pattern like “people who buy magazines tend to buy news papers also” using data mining. Now in the sales point of view the advantage is that one can place these things together in the shop to increase sales. In this research work, data mining is effectively applied to a domain called placement chance prediction, since taking wise career decision is so crucial for anybody for sure. In India technical manpower analysis is carried out by an organization named National Technical Manpower Information System (NTMIS), established in 1983-84 by India's Ministry of Education & Culture. The NTMIS comprises of a lead centre in the IAMR, New Delhi, and 21 nodal centres located at different parts of the country. The Kerala State Nodal Centre is located at Cochin University of Science and Technology. In Nodal Centre, they collect placement information by sending postal questionnaire to passed out students on a regular basis. From this raw data available in the nodal centre, a history data base was prepared. Each record in this data base includes entrance rank ranges, reservation, Sector, Sex, and a particular engineering. From each such combination of attributes from the history data base of student records, corresponding placement chances is computed and stored in the history data base. From this data, various popular data mining models are built and tested. These models can be used to predict the most suitable branch for a particular new student with one of the above combination of criteria. Also a detailed performance comparison of the various data mining models is done.This research work proposes to use a combination of data mining models namely a hybrid stacking ensemble for better predictions. A strategy to predict the overall absorption rate for various branches as well as the time it takes for all the students of a particular branch to get placed etc are also proposed. Finally, this research work puts forward a new data mining algorithm namely C 4.5 * stat for numeric data sets which has been proved to have competent accuracy over standard benchmarking data sets called UCI data sets. It also proposes an optimization strategy called parameter tuning to improve the standard C 4.5 algorithm. As a summary this research work passes through all four dimensions for a typical data mining research work, namely application to a domain, development of classifier models, optimization and ensemble methods.

Freedom of contract and the coexistence of trademark registrations in Colombia

In trademark systems such as the Andean Community, a state authority verifiesthat the marks are distinctive, lawful and do not affect third parties, and after that,given their ownership. In this context, particular interest has sparked the possibilityof individuals by agreements or statements of co-existence, are who ensure that theirsigns meet the conditions for simultaneous registrations.Such agreements for the coexistence of marks are problematic if one thinks thatthe holders of interests that would be available also seem to matter to consumers,competitors and the market. Therefore, define the scope of contractual freedom inthe field of trademark law, whose rules are considered imperative, acquire practicaland theoretical importance because its realization i) recognizes the risks that maybe relevant to evaluating trade agreements and ii) contributes to debates on the roleof private autonomy in areas reserved for non-derogable norms. Thus, this researchputs the declarations of consent for the coexistence of registrations in Colombia, ina larger scope of the limits of freedom of contract.

The impact of contract duration on the cost of cash retention

Cash retention is a common means of protecting an employer from a contractor's insolvency as well as ensuring that contractors finish the work that they start. Similarly, contractors withhold part of payments due to their sub-contractors. Larger contracts tend to be subjected to smaller rates of retention. By calculating the cost of retention as an amount per year of a contract, it is shown that retention is far more expensive for firms whose work consists of short contracts. The extra cost is multiplied when the final payment is delayed, as it often is for those whose work takes place at the beginning of a project. This may explain why it is that main contractors are a lot less interested than sub-contractors in alternatives to cash retention, such as retention bonds

Influence of the seasonal cycle on the termination of El Nino events in a coupled general circulation model

In this study, the mechanisms leading to the El Nino peak and demise are explored through a coupled general circulation model ensemble approach evaluated against observations. The results here suggest that the timing of the peak and demise for intense El Nino events is highly predictable as the evolution of the coupled system is strongly driven by a southward shift of the intense equatorial Pacific westerly anomalies during boreal winter. In fact, this systematic late-year shift drives an intense eastern Pacific thermocline shallowing, constraining a rapid El Nino demise in the following months. This wind shift results from a southward displacement in winter of the central Pacific warmest SSTs in response to the seasonal evolution of solar insolation. In contrast, the intensity of this seasonal feedback mechanism and its impact on the coupled system are significantly weaker in moderate El Nino events, resulting in a less pronounced thermocline shallowing. This shallowing transfers the coupled system into an unstable state in spring but is not sufficient to systematically constrain the equatorial Pacific evolution toward a rapid El Nino termination. However, for some moderate events, the occurrence of intense easterly wind anomalies in the eastern Pacific during that period initiate a rapid surge of cold SSTs leading to La Nina conditions. In other cases, weaker trade winds combined with a slightly deeper thermocline allow the coupled system to maintain a broad warm phase evolving through the entire spring and summer and a delayed El Nino demise, an evolution that is similar to the prolonged 1986/87 El Nino event. La Nina events also show a similar tendency to peak in boreal winter, with characteristics and mechanisms mainly symmetric to those described for moderate El Nino cases.