Catellas/Georges Leroy, 750 cm3 [le side-car n° 25 au départ de la course Paris-Reims-Paris] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 54754

Lecomte sur Rover, 500 cmc [course motocycliste Paris-Reims-Paris, side-car, 6 juillet 1919] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 54746

Profitability, uncertainty and multi-product firm product proliferation: The Spanish car industry

This article studies how product introduction decisions relate to profitability and uncertainty in the context of multi-product firms and product differentiation. These two features, common to many modern industries, have not received much attention in the literature as compared to the classical problem of firm entry, even if the determinants of firm and product entry are quite different. The theoretical predictions about the sign of the impact of uncertainty on product entry are not conclusive. Therefore, an econometric model relating firms’ product introduction decisions with profitability and profit uncertainty is proposed. Firm’s estimated profits are obtained from a structural model of product demand and supply, and uncertainty is proxied by profits’ variance. The empirical analysis is carried out using data on the Spanish car industry for the period 1990-2000. The results show a positive relationship between product introduction and profitability, and a negative one with respect to profit variability. Interestingly, the degree of uncertainty appears to be a driving force of entry stronger than profitability, suggesting that the product proliferation process in the Spanish car market may have been mainly a consequence of lower uncertainty rather than the result of having a more profitable market

[Paul] Péan, sur Peugeot [course Paris-Reims-Paris, moto 6 HP avec side-car, 6 juillet 1919] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 54734

Pasola sur A.J. S. [le side-car n° 31 au départ de la course Paris-Reims-Paris] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 54756

Solidarity finance through community development banks as a strategy for reshaping local economies: lessons from Banco Palmas

The purpose of this paper is to reflect on the possibilities and challenges of Community Development Banks (CDBs) as an innovative method of socioeconomic management of microcredit for poor populations. To this end, we will discuss the case of Banco Palmas in Conjunto Palmeiras in the city of Fortaleza, in the northeastern state of Ceará, as an empirical case study. The analyses presented here are based on information obtained from Banco Palmas between late 2011 and early 2012. In addition, previous studies by other researchers on the bank and other studies on CDBs were important. The primary data collected at Banco Palmas came from documents made available by the bank, such as reports and mappings. The analyses describe some of the characteristics of the granting of microcredit and allow one to situate it in the universe of microfinance and solidarity finance. They also show the significant growth of local consumption, mostly through the use of the Palmas social currency. The Banco Palmas experience, aside from influencing national public policies of solidarity finance, initiated a CDBs network that encourages the replication of these experiences throughout the country.

Iowa Department of Revenue & Finance, Agency Performance Plan

Annual Report, Agency Performance Plan

Iowa Finance Authority Agency Performance Plan

Agency Performance Plan

2002 Annual Report of the Iowa Railway Finance Authority

Railway finance report for the Iowa Department of Transportation.

2003 Annual Report of the Iowa Railway Finance Authority

Annual report for Iowa Railway Finance Authority. Annual Report produced by Iowa Department of Transportation.

Report of Recommendations to the Iowa Department of Revenue and Finance, June 30, 2002

State Agency Audit Report

Iowa Water Pollution Control Works and Drinking Water Facilities Financing Programs (Joint Programs of the Iowa Finance Authority and the Iowa Department of Natural Resources), June 30, 2002

State Agency Audit Report State Revolving Fund - Clean Water & Drinking Programs

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.