Farm/Household-Level Simulation: Results of Testing Policy and Other Scenarios. Factor Markets Working Document No. 54, June 2013

Among the different production factors, land is the one that most often limits farm development and one of the most studied. The connection between policy and other context variables and land markets is at the core of the policy debate, including the present reform of the Common Agricultural Policy. The proposal of the latter has been published in October 2011 and in Italy it will include the switch of the payment regime from an historical to a regional basis. The authors’ objective is to simulate the impact of the proposed policy reform on the land market, particularly on land values and propensity to transaction. They combine insights and data from a farm household investment model revised and extended in order to simulate the demand curve for land in different policy scenarios and a survey of farmers stated intention carried out in the province of Bologna (Italy) in 2012. Based on these results, the authors calibrate a mathematical programming model of land market exchanges for the province of Bologna and use this model form simulation. The results of the model largely corroborate the results from the survey and both hint at a relevant reaction of the land demand and supply to the shift from the historical to the regionalised payments. As effect, the regionalisation would result in increased rental prices and in a tendency to the re-allocation of land.

The Impact of the SFP System on Italian Farmland Prices and Tenure Contracts. Factor Markets Working Document No. 65, August 2013

EDITED VERSION TO BE PUBLISHED SOON. The aim of this paper is to contribute to the estimation of the potential effects of the CAP reform on propensity to transaction, particularly comparing the effect of different new instruments/policy settings with the current policy (CAP health check) used as a baseline. The work is focused on three of new policy instruments within the post 2013 CAP reform proposal: regionalization, greening and capping. The first and second are analysed in more detail. The analysis will be based on a survey of farmers in the Province of Bologna, Emilia Romagna, Italy. The questionnaire focuses on mechanism of access to land and related incentives towards different land use/economic behaviour. The survey includes information about respondent characteristics (farm, farmer, household and payments received) and stated intention about potential changes in land operated under alternative agricultural policy scenarios (particularly the post-2013 reform proposals).

Growth for Europe – Is the Juncker Plan the answer? EPC Discussion Paper, 20 March 2015

Executive Summary. The euro area is still suffering from low growth and high unemployment. For the recovery to become a reality, there needs to be a balance between fiscal discipline, supply side improvements and actions aimed at stimulating demand and growth. Increasing investment, both private and public, are important components in overcoming the recession. This becomes especially clear when comparing investment dynamics during the crisis with pre-crisis levels. Total investment is still much lower than before the crisis and public investment is well below its pre-crisis peak as well. In late November 2014, European Commission President Jean-Claude Juncker submitted a long-awaited proposal for a European Investment Plan that aims to stimulate private investment. Apart from the creation of the new European Fund for Strategic Investment (EFSI), through which private investors will receive public guarantees, the investment plan also aims to provide project assistance and improve the Single Market by removing sector-specific or other financial barriers to investment. While generally perceived as a first positive step towards increasing private investment, some commentators have expressed reservations about the plan. These include, among others, the lack of fresh money for the initial contributions to EFSI. Since a substantial amount of these contributions is reshuffled from other places in the European budget, the question was raised whether EFSI can fund additional projects or just replicates investment projects that would have happened without the plan. Other criticism relates to the high estimate of the expected leverage ratio of 1:15, and to the risk that the plan will only have a limited impact on stressed economies. The Juncker Plan addresses private investment, but so far there really is no clear strategy to stimulate productive public investment on the European and national level. Countries with fiscal space are reluctant to engage in higher spending, while those willing and in need of it the most are restricted by the rules. Member States and the Commission should therefore discuss options for further improving the euro area's economic governance. In addition to urging countries with fiscal space to increase investing in national public goods, investment could be treated with budget flexibility. One could, for instance, upgrade the importance of public investment in the European Semester. Additional deficit granted for public investment purposes could be attached to certain Country-Specific Recommendations. Another solution would be to allow some form of budget flexibility, such as the formulation of a new Golden Rule for productive public investment becoming part of the Stability and Growth Pact's application. Besides relying on a larger amount of flexibility in the rules, the Financial Transaction Tax (FTT) could be another solution to fund investment in European public goods. It will also be necessary to overcome the mistrust among Member States that is preventing further action. The political bargain of stronger conditionality, such as through contractual arrangements, could improve the situation. Increased trust will also be an important condition for tackling long-reaching economic governance reforms such as the creation of a Fiscal Capacity, which could take the form of a macroeconomic shock insurance. Such a Fiscal Capacity could make a real difference in providing the necessary funding to maintain productive public investment, even in times of deep recessions. The proposals presented do not attempt to be conclusive, but shall rather be an input for a wider debate on how to increase growth and employment in Europe. The paper draws heavily on the discussion of a Workshop on Growth and Investment, which the European Policy Centre (EPC) hosted on 10 December 2014 under Chatham-House Rule, with a group of economists and representatives from the European institutions.

The German Constitutional Court’s decision about the European Central Bank’s OMT [Outright Monetary Transactions] mechanism: A masterpiece of judicial arrogance. European Policy Briefs No. 30, April 2014

The German Constitutional Court (BVG) recently referred different questions to the European Court of Justice for a preliminary ruling. They concern the legality of the European Central Bank’s Outright Monetary Transaction mechanism created in 2012. Simultaneously, the German Court has threatened to disrupt the implementation of OTM in Germany if its very restrictive analysis is not validated by the European Court of Justice. This raises fundamental questions about the future efficiency of the ECB’s monetary policy, the damage to the independence of the ECB, the balance of power between judges and political organs in charge of economic policy, in Germany and in Europe, and finally the relationship between the BVG and other national or European courts.

La réforme Dodd-Frank des produits dérivés de gré à gré : vers un modèle mondial?

Suite à la crise financière de 2008 les pays du G20 se sont interrogés sur la transparence des marchés, la stabilité du système et une façon de réguler les risques posés par le nouvel environnement économique. Les produits dérivés de gré à gré ont été identifiés et des engagements ont été pris en faveur de nouvelles régulations des dérivés de gré à gré et la gestion des risques sous-jacents. Les régulateurs ont donc adopté chacun à leur tour un cadre législatif régulant les dérivés de gré à gré tout en déployant un effort international d'harmonisation et de reconnaissance des contreparties assujetties à des régimes équivalents. Les autorités canadiennes en valeurs mobilières ont publié des projets de règlements. Nous nous interrogerons sur ce nouveau cadre réglementaire des dérivés de gré à gré élaboré par les autorités canadiennes en valeurs mobilières, prenant en considération les spécificités canadiennes et les acteurs actifs sur leur territoire. Notre étude traite de ces projets de règlements et de la difficulté d'encadrer les marchés des dérivés de gré à gré qui par définition ne comportent pas de plateformes de négociation ou de lieu géographique et de frontières mais se caractérisent surtout par le lien contractuel entre les parties et l'identification de ces parties. L'élaboration d'un nouveau cadre pour les dérivés de gré à gré qui régule les transactions transfrontières semble très délicat à traiter et les possibles conflits et chevauchements de lois seront inévitables. Confrontés à des définitions divergentes de contreparties locales, les parties à une opération seront condamnées à un risque de qualification en vertu des règlements nationaux sur les dérivés de gré à gré. Une concertation pourrait être renforcée et la détermination de l'autorité compétente ainsi que les concepts de contreparties locales, succursales ou filiales pourraient être harmonisés.

Intergenerational Transfer of Family Firm Control: Discount Expectations of Potential Successors

Building on institutional theory and family sociology literature we explore the logics that underlie the formation of transaction price expectations related to the intergenerational transfer of corporate ownership in private family firms. By probing a sample of 3'487 students with family business background from 20 countries we show that next generation family members expect to receive a 56.58% discount in comparison to some nonfamily buyer (i.e. the family discount) when taking over the parent's firm. We also show that the logic underlying the formation of family discount expectations is characterized by parental altruism, filial reciprocity, filial decency and parental inducement. These norms embrace both the family and market logics and accommodate the duties and demands of children and parents in determining a fair transfer price. These findings are important for institutional theory as well as for family business and entrepreneurial exit literatures.

Constitution of the Senate of the Urbana-Champaign campus University of Illinois.

Includes : Bylaws of the Senate of the Urbana-Champaign Campus University of Illinois. As approved November 9, 1970 ; Senate Committee on University statutes and Senate procedures transaction report. As approved November 9, 1970 and revised March 8, and April 12, 1971.

Transactions of the Institution of Engineers and Shipbuilders in Scotland.

Mode of access: Internet.

Patterns of robbery and burglary in 9 states, 1984-88 /

"November 1992."

Kitāb jāmiʻ al-ḍarūrīyāt li-anwāʻ al-muʻāmalāt [microform] /

Microfilm.

Transactions.

An appendix, including the minutes and proceedings of the society from its organization in 1865 through the 5th session, 1869, is inserted at the end of the 12th transaction, 1876.

Transactions of the ... meeting of the American Surgical Association.

Issues for 1935?-1968 include papers read before the Association at the meeting, issued separately 1969- as scientific papers of the meeting of the American Surgical Association.

La aplicación del componente pragmático funcional en un manual sueco de español publicado tras el currículo Lgy 2011

El objetivo de esta monografía es el de analizar el modo en el que un manual didáctico para la enseñanza del español en el contexto educativo sueco de bachillerato aplica y desarrolla la competencia pragmática funcional en sus propuestas didácticas. Para la realización de dicho análisis usaremos como instrumento de medida, por una parte, las actividades de simulación, escenario y role-play que propone Sánchez Sarmiento (2005), y que se dirigen a la activación de la competencia pragmática de los estudiantes de lenguas extranjeras y, por otra, los criterios de transacciones e interacciones de colaboración para el desarrollo de la competencia pragmática funcional que se recogen en el §.5 del Marco Común Europeo de Referencia para las lenguas: aprendizaje, enseñanza, evaluación (MCER, 2002). La hipótesis de la que parte este estudio postula que el manual que analizamos (Caminando 5, Natur & Kultur, 2013), a pesar de estar compuesto de propuestas didácticas en las que se presentan el componente pragmático funcional, no enuncia de forma explícita el trabajo con ella, no conduce ni a su activación ni a su desarrollo, su frecuencia de aparición en el manual es irregular, y las actividades que forman parte de sus propuestas didácticas no proponen reflexiones metapragmáticas sobre los propios contenidos pragmáticos de la lengua. La investigación que hemos desarrollado confirma que, aunque en algunas propuestas didácticas del manual  se proponen actividades que activan y desarrollan algunos de los criterios de transacción e interacción colaborativa del MCER (2002), su tratamiento resulta poco exhaustivo y su explicitación es escasa. Sin embargo, se puede constatar que el manual representa un acercamiento a los principios metodológicos de los enfoques comunicativos y que su explotación didáctica, aunque no de forma explícita, conduce, en parte, al trabajo con algunos de los criterios pragmáticos funcionales que se proponen en el MCER (2002).

Confirmation: Increasing resource availability for transactional workflows

The notion of compensation is widely used in advanced transaction models as means of recovery from a failure. Similar concepts are adopted for providing transaction-like behaviour for long business processes supported by workflows technology. In general, it is not trivial to design compensating tasks for tasks in the context of a workflow. Actually, a task in a workflow process does not have to be compensatable in the sense that the forcibility of reverse operations of the task is not always guaranteed by the application semantics. In addition, the isolation requirement on data resources may make a task difficult to compensate. In this paper, we first look into the requirements that a compensating task has to satisfy. Then we introduce a new concept called confirmation. With the help of confirmation, we are able to modify most non-compensatable tasks so that they become compensatable. This can substantially increase the availability of shared resources and greatly improve backward recovery for workflow applications in case of failures. To effectively incorporate confirmation and compensation into a workflow management environment, a three level bottom-up workflow design method is introduced. The implementation issues of this design are also discussed. (C) 2003 Elsevier Science Inc. All rights reserved.

The influence of social communications networks on intentions to purchase on the web

Despite the increased offering of online communication channels to support web-based retail systems, there is limited marketing research that investigates how these channels act singly, or in combination with offline channels, to influence an individual's intention to purchase online. If the marketer's strategy is to encourage online transactions, this requires a focus on consumer acceptance of the web-based transaction technology, rather than the purchase of the products per se. The exploratory study reported in this paper examines normative influences from referent groups in an individual's on and offline social communication networks that might affect their intention to use online transaction facilities. The findings suggest that for non-adopters, there is no normative influence from referents in either network. For adopters, one online and one offline referent norm positively influenced this group's intentions to use online transaction facilities. The implications of these findings are discussed together with future research directions.