The role of the National Audit Office in Private Finance Initiative endurance

The Private Finance Initiative (PFI) has become one of the UK’s most contentious public policies. Despite New Labour’s advocacy of PFI as a means of achieving better value for money, criticisms of PFI have centred on key issues such as a lack of cost effectiveness, exaggerated pricing of risk transfers, excessive private sector profits, inflexibility and cumbersome administrative arrangements. Nevertheless, PFI has persisted as a key
infrastructure procurement method in the UK and has been supported as such by successive governments, as well as influencing policy in the Republic of Ireland and other European Nations. This paper explores this paradoxical outcome in relation to the role played in the UK by the National Audit Office (NAO). Under pressure to justify its support for PFI, the Blair government sought support for its policies by encouraging the NAO to investigate issues relating to PFI as well as specific PFI projects. It would have been expected that in fulfilling its role as independent auditor, the NAO would have examined whether PFI projects could have been delivered more efficiently, effectively or economically through other means. Yet, in line with earlier research, we find evidence that the NAO failed to comprehensively assess
key issues such as the value for money of PFI projects, and in so doing effectively acted as a legitimator of PFI policy. Using concepts relating to legitimacy theory and the idea of framing, our paper looks into 67 NAO private finance reports published between 1997 and 2011, with the goal of identifying the preferences, values and ideology underpinning the
NAO’s view on PFI during this period. Our analysis suggests that the NAO sought to legitimise existing PFI practices via a selective framing of problems and questions. Utilising a longitudinal approach, our analysis further suggests that this patterns of selective framing persisted over an extended time period during which fundamental parameters of the policy (such as contract length, to name one of the most important issues) were rarely addressed.
Overall the NAO’ supportive stance toward PFI seems to have relied on 1) a focused on positive aspects of PFI, such as on time delivery or lessons learned, and 2) positive comments on aspects of PFI that were criticised elsewhere, such as the lack of flexibility of underlying contractual arrangements. Our paper highlights the possibility that, rather than providing for a critical assessment of existing policies, national auditing bodies can
contribute to the creation of legitimatory environments. In terms of accounting research we would suggests that the objectivity and independence of accounting watchdogs should not be taken for granted, and that instead a critical investigation of the biases which can characterise these bodies can contribute to a deeper understanding of the nature of lobbying networks in the modern state.

‘Abuse of Rights’ in Belgian and French Patent Law – A Case Law Analysis

This paper examines what types of actions undertaken by patent holders have been considered as abusive in the framework of French and Belgian patent litigation. Particular attention is given to the principle of the prohibition of “abuse of rights” (AoR). In the jurisdictions under scrutiny, the principle of AoR is essentially a jurisprudential construction in cases where judges faced a particular set of circumstances for which no codified rules were available. To investigate how judges deal with the prohibition of AoR in patent litigation and taking into account the jurisprudential nature of the principle, an in-depth and comparative case law analysis has been conducted. Although the number of cases in which patent holders have been sanctioned for such abuses is not overabundant, they do provide sufficient leads on what is understood by Belgian and French courts to constitute an abuse of patent rights. From this comparative analysis, useful lessons can be learned for the interpretation of the ambiguous notion of ‘abuse’ from a broader perspective.

Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian

Expanding a Global Company Management System to An Integrated Coverage of Several Standards

This Master’s thesis examines the implementation of management system standard requirements as integrated in the organization. The aim is to determine how requirements from management system standards ISO 14001:2015 and ISO 9001:2015 can be integrated and implemented into the existing ISO 9001:2008 compliant management system. Research was executed as action research by utilizing an operating model about the integrated use of management system standards created by the International Organization for Standardization. Phases of the operating model were applied to the target organization. The similarity and integration potential of relevant standards were assessed by using comparative matrices. Allocation of the requirements and conformity assessment of the processes was executed by gap analysis. The main results indicate that the requirements of the relevant standards are principally equivalent or have the same kind of purpose. The results also show the most important processes of the target organization in terms of requirement compliance, as well as the requirements which affect the process the most. Prioritizing the compliance achievement of the most important processes and implementation of those requirements that have the most effect create an opportunity for organizations to implement the integrated requirements effectively.

A Comparative Study: China’s Water Pollutants Discharge Permit System with Reference to the National Pollutants Discharge Elimination System of the United States of America

China's water pollution control law stipulates the Water Pollution Discharge Permit (WPDP) institution and authorizes the State Council to draft the regulations for its implementation and enforcement. However, until today, national regulations have not been established and the permitting system has been operating according to provincial regulations. in contrast to USA, the effluents permit system has been operated for more than 40 years and received relatively successful results. The CWA/NPDES experience offers a valuable reference for China’s water permit system.

Report on the Iowa Law Enforcement Academy for the year ended June 30, 2015

Report on the Iowa Law Enforcement Academy for the year ended June 30, 2015

Professional service productization and its implications to knowledge transfer in internationalization processes –Case: Company X in Finnish, Swedish and Norwegian markets

As a result of globalization, two thirds of the world’s business takes place nowadays in the service sector. In line, professional service firms are growing their share of the global service production. However, saturation of the professional service sector has forced professional service firms to search for more heuristic ways to conduct business in the international markets. By leveraging effectively the firm’s professionals, a professional service firm can lower its costs to clients and simultaneously generate additional value for the company and thus gain competitive advantage. Even though the academic field has shown growing interest towards services for decades, the fields of service productization and service internationalization are heavily understudied even today. Hence, the objective of this study was to contribute to the research on professional service internationalization and productization. The study concentrated on examining the impact that productization has on knowledge sharing and leveraging in professional service firms operating internationally. The research question focused on examining what implications productization has on knowledge transfer and leveraging during professional service internationalization by leaning on the existing research and on an empirical research. The empirical research was conducted as a single case study within a professional service firm operating in debt-related administrative service business. The case company is one of the leading operators in its field of business and therefore offered a fruitful environment to observe and analyze the topics in question. Additionally, the case company has a strong international presence and a large scale of operations in the selected markets, Finland, Norway and Sweden. Based on the previous literature and on the empirical research, this study found that for professional service firms to efficiently utilize individual, tacit knowledge, in its internationalization processes, it must be shared with the whole organization. By exploiting productization as a knowledge leveraging mechanism, a PSF can apply and transfer knowledge profoundly during its internationalization processes that would otherwise be difficult to tap into. Productization might not be sufficient alone, but by complementing it with a favorable organizational structure and culture, and by encouraging open communication, a PSF may take advantage of the whole potential that productization has to offer.

The regulation of cohabitants in Scottish succession law

Ten years ago, cohabitants in Scotland had no statutory rights in respect of their deceased partner’s estate. Section 29 of the Family Law (Scotland) Act 2006 gave cohabitants the right to apply to the court for discretionary provision from their deceased partner’s intestate estate. This thesis examines the process of making such an application and the way that the provisions have been applied in practice. The juxtaposition of the Family Law (Scotland) Act 2006 and the existing rules for intestate succession in the Succession (Scotland) Act 1964 is considered, with particular focus on the subordination of cohabitants’ rights to the succession rights of a surviving spouse, and the negative impact that this may have on children. It is concluded that the current succession framework is incapable of protecting cohabitants and children in reconstituted families. Potential measures are considered to displace the traditional primacy of marital succession rights, and provide a fair and flexible system of succession law that is capable of dealing with complex family structures.

Transmission Easement and Adverse Possession of Transmission Easement in the Polish Law

The object of analysis in the text are the issues concerned with the transmission easement and the adverse possession thereof on the grounds of the Polish law. The text features: (1) a historical outline of the solutions concerned with easements in the Polish law following 1945, (2) the institution of transmission easement introduced in 2008 and the solutions concerned with the claims for the establishment thereof at court, (3) the institution of adverse possession of transmission easement pursuant to civil law regulations, judicature and the legal doctrine. On account of the need to elaborate the wide-ranging legal issues concerned with the transmission easement in this text, the analysis embraces two research questions giving rise to the following conclusions: (1) What function is performed by the institution of transmission easement in the system of civil-law relations in the Polish law? The legislator in the articles introducing a transmission easement ossified the solutions functioning in the judicature of the Polish courts before 2008. The legal interpretation took a turn for clarification, that is for the establishment of a norm in the situation where its comprehension was dubious. It is noteworthy that in the period prior to 2008, the law provided for easement appurtenant, and on account of the usual course of judicial decisions also for easement appurtenant with the content corresponding to transmission easement. In 2008 these two “legal existences” were supplemented with a transmission easement, which nevertheless failed to resolve all the legal problems; nay, this gave rise to even more problems, e.g. the one of non-establishment of interpolar norms which would address the issues arising in connection with the use of various easement institutions in legal transactions. While amending the civil law, the legislator aimed to bring order to legal transactions by streamlining the unregulated actual state of easement in relation to transmission infrastructure, but also in relation to the situations where an easement was yet to be established and a facility yet to be constructed. Thus, such action is intended to regulate the disorderly legislation in force as well as to safeguard investment processes. This is of particular significance, for example, for energy companies which are burdened with statutory public-law obligations as regards securing energy supplies and providing for the development of energy infrastructure. Hence, the de facto introduced civil-law solutions indirectly served to realise the principles of the doctrine of easement in the public interest. (2) What legal problems in the civil-law relations does the application of the institution of transmission easement by adverse possession entail? On account of the functioning of various institutions of easement, that is (1) an easement appurtenant, (2) an easement appurtenant with the content corresponding to a transmission easement, and as of 2008 (3) a transmission easement, a problem arose as to which of the given easements companies exercised in particular periods, all the more so because before 1989 the State Treasury owned them and many of the transmission facilities were put in place by virtue of administrative decisions. The commonly held belief is that in the period of “society-oriented economy” as well as up to 2008 infrastructure companies could exercise an easement appurtenant which corresponded to the content of a transmission easement. Therefore, in such a case the running of the prescriptive period should allow for the general rules laid down for an easement appurtenant. Apart from the problem of the relation of a capacity to exercise a right to property and the free development of civil-law relations before 1989, the recognition of the running of prescriptive periods – given the functioning of the three various easements as legal institutions – became a significant legal problem. By way of illustration, the recognition – against the period of exercising transmission easement – of the period required for the acquisition thereof by adverse possession, whereby before 3 August 2008 the real estate featured the legal state corresponding to the content of this right, is debatable. One cannot recognise that within that period a transmission easement was exercised, because such a right was not in existence as yet. Therefore, the institution that might be employed is the running of the period as regards the adverse possession in relation to an easement appurtenant with the content of a transmission easement. Still, the problem remains as to whether the period of the exercise of the easement appurtenant with the content corresponding to a transmission easement can be recognised against the period of possession required for the adverse possession of a transmission easement pursuant to the regulations introduced in 2008. One might incline to the position whereby in such a case it would be right to fully recognise – against the period of exercising a transmission easement – the period of exercising an easement appurtenant corresponding thereto in respect of its content. That being so, the adverse possession of a transmission easement might ensue in such a situation on 3 August 2008 at the earliest, that is the moment the regulations governing this right come into effect. Conversely, if the prescriptive period expires before that date, the entrepreneur would acquire an easement appurtenant with the content corresponding to the transmission easement. Such an interpretation is aligned with the purpose intended by the legislator, which is to bring order to the actual state of the broadest scope with the aid of a new legal instrument. The text, while analysing the issue of a transmission easement and an adverse possession thereof as a institution of the civil law, presents only some selected problems. Hence, the analysis does not include, for example, the issues concerned with claims for remuneration (for usufruct without contractual basis or usufruct fees), or claims for compensation (redress or amends). Furthermore, the text does not conduct a more profound analysis of the relation between the provisions regulating public-law relations (e.g. acts of law introducing the institution of dispossession) and the provisions regulating civil-law relations (the easements in question).

Les droits réels et personnels sur les titres détenus auprès d'un intermédiaire : analyse comparative en droit québécois interne et international privé

Les transactions sur les valeurs mobilières ainsi que leur mise en garantie se font bien au-delà des frontières nationales. Elles impliquent une multitude d’intervenants, tels que l’émetteur, un grand nombre d’intermédiaires disposés en structure pyramidale, un ou des investisseurs et, bien évidemment, les bénéficiaires desdites valeurs mobilières ou garanties. On peut aussi signaler l’existence de nombreux portefeuilles diversifiés contenant des titres émis par plusieurs émetteurs situés dans plusieurs états. Toute la difficulté d’une telle diversité d’acteurs, de composantes financières et juridiques, réside dans l’application de règles divergentes et souvent conflictuelles provenant de systèmes juridiques d’origines diverses (Common Law et civiliste). De nombreux juristes, de toutes nationalités confondues, ont pu constater ces dernières années que les règles de création, d’opposabilité et de réalisation des sûretés, ainsi que les règles de conflit de lois qui aident à déterminer la loi applicable à ces différentes questions, ne répondaient plus adéquatement aux exigences juridiques nationales dans un marché financier global, exponentiel et sans réelles frontières administratives. Afin de résoudre cette situation et accommoder le marché financier, de nombreux textes de loi ont été révisés et adaptés. Notre analyse du droit québécois est effectuée en fonction du droit américain et canadien, principales sources du législateur québécois, mais aussi du droit suisse qui est le plus proche de la tradition civiliste québécoise, le tout à la lueur de la 36e Convention de La Haye du 5 juillet 2006 sur la loi applicable à certains droits sur des titres détenus auprès d'un intermédiaire. Par exemple, les articles 8 et 9 du Uniform Commercial Code (UCC) américain ont proposé des solutions modernes et révolutionnaires qui s’éloignent considérablement des règles traditionnelles connues en matière de bien, de propriété, de sûreté et de conflits de lois. Plusieurs autres projets et instruments juridiques dédiés à ces sujets ont été adoptés, tels que : la Loi uniforme sur le transfert des valeurs mobilières (LUTVM) canadienne, qui a été intégrée au Québec par le biais de la Loi sur le transfert de valeurs mobilières et l’obtention de titres intermédiés, RLRQ, c.T-11.002 (LTVMQ) ; la 36e Convention de La Haye du 5 juillet 2006 sur la loi applicable à certains droits sur des titres détenus auprès d'un intermédiaire; la Loi fédérale sur le droit international privé (LDIP) suisse, ainsi que la Loi fédérale sur les titres intermédiés (LTI) suisse. L’analyse de ces textes de loi nous a permis de proposer une nouvelle version des règles de conflit de lois en matière de sûretés et de transfert des titres intermédiés en droit québécois. Cette étude devrait susciter une réflexion profonde du point de vue d’un juriste civiliste, sur l’efficacité des nouvelles règles québécoises de sûretés et de conflit de lois en matière de titres intermédiés, totalement inspirées des règles américaines de Common Law. Un choix qui semble totalement ignorer un pan du système juridique civiliste et sociétal.

Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian

Essays on Supply Chain Finance

I study how a larger party within a supply chain could use its superior knowledge about its partner, who is considered to be financially constrained, to help its partner gain access to cheap finance. In particular, I consider two scenarios: (i) Retailer intermediation in supplier finance and (ii) The Effectiveness of Supplier Buy Back Finance. In the fist chapter, I study how a large buyer could help small suppliers obtain financing for their operations. Especially in developing economies, traditional financing methods can be very costly or unavailable to such suppliers. In order to reduce channel costs, in recent years large buyers started to implement their own financing methods that intermediate between suppliers and financing institutions. In this paper, I analyze the role and efficiency of buyer intermediation in supplier financing. Building a game-theoretical model, I show that buyer intermediated financing can significantly improve supply chain performance. Using data from a large Chinese online retailer and through structural regression estimation based on the theoretical analysis, I demonstrate that buyer intermediation induces lower interest rates and wholesale prices, increases order quantities, and boosts supplier borrowing. The analysis also shows that the retailer systematically overestimates the consumer demand. Based on counterfactual analysis, I predict that the implementation of buyer intermediated financing for the online retailer in 2013 improved channel profits by 18.3%, yielding more than $68M projected savings. In the second chapter, I study a novel buy-back financing scheme employed by large manufacturers in some emerging markets. A large manufacturer can secure financing for its budget-constrained downstream partners by assuming a part of the risk for their inventory by committing to buy back some unsold units. Buy back commitment could help a small downstream party secure a bank loan and further induce a higher order quantity through better allocation of risk in the supply chain. However, such a commitment may undermine the supply chain performance as it imposes extra costs on the supplier incurred by the return of large or costly-to-handle items. I first theoretically analyze the buy-back financing contract employed by a leading Chinese automative manufacturer and some variants of this contracting scheme. In order to measure the effectiveness of buy-back financing contracts, I utilize contract and sales data from the company and structurally estimate the theoretical model. Through counterfactual analysis, I study the efficiency of various buy-back financing schemes and compare them to traditional financing methods. I find that buy-back contract agreements can improve channel efficiency significantly compared to simple contracts with no buy-back, whether the downstream retailer can secure financing on its own or not.

Discrimination in the Private Sphere. A subjective Right or a Legal Abuse. An European North American Legal Comparative Study

En el presente trabajo se estudian los límites de la autonomía privada desde la perspectiva del derecho a la igualdad y del principio de no discriminación tanto en el derecho norteamericano como en el europeo, con especial incidencia a la doctrina española. Por un lado se plantea si la piedra angular a la hora de establecer límites a la autonomía privada debe ser el concepto de dignidad o el de igualdad, por otro superando dicho debate se propone un acercamiento al problema entendido como una colisión entre derechos fundamentales en la que en cada concreto supuesto ha de estudiarse cual debe prevalecer. Finalmente se estima conveniente seguir el modelo de la Constitución de Sudáfrica y entender que los derechos fundamentales afectan directamente tanto a las relaciones horizontales como verticales, es decir tanto al ámbito público como privado.