La monarquia francesa y los financieros en el Antiguo Régimen. El ejemplo de los traitants durante la Guerra de los Nueve Años, 1689-1697 = The French Monarchy and the financiers during the Old Regime. The case of the traitants during the Nine Years War, 1689-1697

This article explores the relationship between the Crown, the French society and the king's financiers. It starts with a brief review of the discourses on the financiers and a survey of the work done by historians. Further to a description of the various groups of financiers, it analyses the nature of the contracts passed between the king and the traitants to pay for the Nine Years War, as well as the latter’s activities and profits. The article argues that the government supervised effectively the traitants and that, given the constraints of the Old Regime, these financiers provided essential services, but too costly to be sustainable.

Bank integration and co-movements across housing markets

This paper investigates whether bank integration measured by cross-border bank flows can capture the co-movements across housing markets in developed countries by using a spatial dynamic panel model. The transmission can occur through a global banking channel in which global banks intermediate wholesale funding to local banks. Changes in financial conditions are passed across borders through the banks’ balance-sheet exposure to credit, currency, maturity, and funding risks resulting in house price spillovers. While controlling for country-level and global factors, we find significant co-movement across housing markets of countries with proportionally high bank integration. Bank integration can better capture house price co-movements than other measures of economic integration. Once we account for bank exposure, other spatial linkages traditionally used to account for return co-movements across region – such as trade, foreign direct investment, portfolio investment, geographic proximity, etc. – become insignificant. Moreover, we find that the co-movement across housing markets decreases for countries with less developed mortgage markets characterized by fixed mortgage rate contracts, low limits of loan-to-value ratios and no mortgage equity withdrawal.

What drives ICT clustering in European Cities?

ICT clusters have attracted much attention because of their rapid growth and their value for other economic activities. Using a nested multi-level model, we examine how conditions at the country level and at the city level affect ICT clustering activity in 227 cities across 22 European countries. We test for the influence of three country regulations (starting a business, registering property, enforcing contracts) and two city conditions (proximity to university, network density) on ICT clustering. We consider heterogeneity within the sector and study two types of ICT activities: ICT product firms and ICT content firms. Our results indicate that country conditions and city conditions each have idiosyncratic implications for ICT clustering, and further, that these can vary by activities in ICT products or ICT content manufacturing.

Missing steps in a staircase: a qualitative study of the perspectives of key stakeholders on the use of adaptive designs in confirmatory trials

Background Despite the promising benefits of adaptive designs (ADs), their routine use, especially in confirmatory trials, is lagging behind the prominence given to them in the statistical literature. Much of the previous research to understand barriers and potential facilitators to the use of ADs has been driven from a pharmaceutical drug development perspective, with little focus on trials in the public sector. In this paper, we explore key stakeholders’ experiences, perceptions and views on barriers and facilitators to the use of ADs in publicly funded confirmatory trials. Methods Semi-structured, in-depth interviews of key stakeholders in clinical trials research (CTU directors, funding board and panel members, statisticians, regulators, chief investigators, data monitoring committee members and health economists) were conducted through telephone or face-to-face sessions, predominantly in the UK. We purposively selected participants sequentially to optimise maximum variation in views and experiences. We employed the framework approach to analyse the qualitative data. Results We interviewed 27 participants. We found some of the perceived barriers to be: lack of knowledge and experience coupled with paucity of case studies, lack of applied training, degree of reluctance to use ADs, lack of bridge funding and time to support design work, lack of statistical expertise, some anxiety about the impact of early trial stopping on researchers’ employment contracts, lack of understanding of acceptable scope of ADs and when ADs are appropriate, and statistical and practical complexities. Reluctance to use ADs seemed to be influenced by: therapeutic area, unfamiliarity, concerns about their robustness in decision-making and acceptability of findings to change practice, perceived complexities and proposed type of AD, among others. Conclusions There are still considerable multifaceted, individual and organisational obstacles to be addressed to improve uptake, and successful implementation of ADs when appropriate. Nevertheless, inferred positive change in attitudes and receptiveness towards the appropriate use of ADs by public funders are supportive and are a stepping stone for the future utilisation of ADs by researchers.

The Role of Collateral in Entrepreneurial Finance

Previous research has suggested collateral has the role of sorting entrepreneurs either by observed risk or by private information. In order to test these roles, this paper develops a model which incorporates a signalling process (sorting by observed risk) into the design of an incentivecompatible menu of loan contracts which works as a self-selection mechanism (sorting by private information). It then tests this Sorting by Signalling and Self-Selection Model, using the 1998 US Survey of Small Business Finances. It reports for the first time that: high type entrepreneurs are more likely to pledge collateral and pay a lower interest rate; and entrepreneurs who transfer good signals enjoy better contracts than those transferring bad signals. These findings suggest that the Sorting by Signalling and Self-Selection Model sheds more light on entrepreneurial debt finance than either the sorting-by-observed-risk or the sorting-by-private information paradigms on their own.

Profits, malversations, restitutions. Les bénéfices des financiers durant la guerre de la Ligue d’Augsbourg et la taxe de Chamillart

Profit, embezzlement, restitution. The role of the traitants in the Nine Years War and Chamillart’s tax on financial benefits The aim of this article is to revisit the question of the financiers in Old Regime France. It starts with an analysis of the discourses about the financiers under the Absolute monarchy that underlines the complexity of their relationship with the government and the public. It then reviews the secondary literature and highlights the existence of competing historical interpretations (functional, political, utilitarian), which raise the question of their overall capacity to account for the role and impact of the financiers at different times. On this ground, the article focuses on a specific group of financiers, the so-called traitants d’affaires extraordinaires, during the Nine Years War. Further to a description of the specific role and scope of the activities of the various financiers responsible for helping the monarchy to raise the funds it needed to pay for its peace and wartime expenditure, the article examines the conditions and profits granted by the king in his contracts with the traitants whose services were hired for the purpose of selling royal offices in the public and advancing the revenue to the Treasury. It also explores the contractual arrangements of the companies established by the financiers to manage their operations as well as the rights and the responsibilities of their various stakeholders. These bases being laid, the article relies on the administrative correspondence relating to the traités during the Nine Years War to address a range of issues, in particular the extent to which these contracts, and other control procedures, were robust enough to deter fraud. The accounts of two traitants’ companies offer an opportunity to analyse and compare the structure of their income and expenditure (including the volume and cost of the promissory notes sold in the public to finance their payments to the Treasury), to explore the strategies of the contractors, to calculate their net profits and further discuss the problem of embezzlement. The article ends with the study of the context and debates which led to the introduction by finance minister Michel Chamillart, in 1700, of a shortfall tax on the financial profits of the gens d’affaires or traitants, the method used to determine its rate (50 % of the net benefits), its distribution among the various stakeholders (including the bailleurs de fonds or backers), and the related procedures. In total, the article argues that the relationship between the monarchy, society and the financiers under the Ancien Regime was not static and, therefore, suggests that the broad question of control and fraud must be examined against changing circumstances. With regard specifically to the Nine Years War, the article concludes that within the constraints of the Absolute monarchy, contractors offered valuable services by raising capital for the benefit of a king who ruled over a country which, at the time, was by far the wealthiest in Europe, and where ministers failed to foresee long wars of attrition and whose financial strategy was limited by the very existence of privilege. Overall, the traités were too costly to be a viable system of war financing. In these conditions, the substantial fortunes made by a handful of very successful traitants suffice to explain that the government easily gave in to public criticism against the wealth of the financiers and felt compelled, when peace resumed, to cancel the advantageous conditions offered in the treaties by taxing financial profits.

Detecting abnormal and collusive bids in capped tendering

Recent developments in the area of Bid Tender Forecasting have enabled bidders to implement new types of easy-to-use tools for increasing their chances of winning contracts. Although these new tools (such as iso-Score Curve Graphs, Scoring Probability Graphs, and Position Probability Graphs) are designed for bidders in capped tendering (tenders with an upper price limit), some of their principles can also be applied by a Contracting Authority to detect which bidders do not follow a standard pattern, that is, their bids are extremely high or low. Since a collusive bid generally needs to be sufficiently high or low to make an impact on the bid distribution, any person in charge of supervising capped tenders can be alerted to any bidder that might be involved in a cartel after identifying the same abnormal behavior in a series of tenders through simple calculations and a new type of graph.

Modeling bidding competitiveness and position performance in multi-attribute construction auctions

Currently, multi-attribute auctions are becoming widespread awarding mechanisms for contracts in construction, and in these auctions, criteria other than price are taken into account for ranking bidder proposals. Therefore, being the lowest-price bidder is no longer a guarantee of being awarded, thus increasing the importance of measuring any bidder’s performance when not only the first position (lowest price) matters. Modeling position performance allows a tender manager to calculate the probability curves related to the more likely positions to be occupied by any bidder who enters a competitive auction irrespective of the actual number of future participating bidders. This paper details a practical methodology based on simple statistical calculations for modeling the performance of a single bidder or a group of bidders, constituting a useful resource for analyzing one’s own success while benchmarking potential bidding competitors.

Managing ServerHotel

This graduate study was assigned by Unisys Oy Ab. The purpose of this study was to find tools to monitor and manage servers and objects in a hosting environment and to remotely connect to the managed objects. Better solutions for promised services were also researched. Unisys provides a ServerHotel service to other businesses which do not have time or resources to manage their own network, servers or applications. Contracts are based on a Service Level Agreement where service level is agreed upon according to the customer's needs. These needs have created a demand for management tools. Unisys wanted to find the most appropriate tools for its hosting environment to fulfill the agreed service level with reasonable costs. The theory consists of literary research focusing on general agreements used in the Finnish IT business, different types of monitoring and management tools and the common protocols used inthem. The theory focuses mainly on the central elements of the above mentioned topics and on their positive and negative features. The second part of the study focuses on general hosting agreements and what management tools Unisys has selected for hosting and why. It also gives a more detailed account of the hosting environment and its features in more detail. Because of the results of the study Unisys decided to use Servers Alive to monitor network and MS applications’ services. Cacti was chosen to monitor disk spaces, which gives us an idea of future disk growth. For remote connections the Microsoft’s Remote Desktop tool was the mostappropriate when the connection was tunneled through Secure Shell (SSH). Finding proper tools for the intended purposes with cost-conscious financial resources proved challenging. This study showed that if required, it is possible to build a professional hosting environment.

Det personliga nätverkets funktion : Etablering och underhåll av presonliga nätverk inom ljuddesign för rörlig bild

The aim of this paper was to discover the functions and workings of personal networks and their advantages for self-employed sound designers and producers whose focus was upon the moving image (film, advertising, tv, etc). Investigations on how entrepreneurs develop their networks were made, as well as inquiries on how these networks are used for generating work. Another important aspect perused was whether or not the networks are dependent on specific geographical locations in order to function. A case study and comparative analysis was undertaken, based upon three qualitative interviews with entrepreneurs whose operations shared several similar characteristics. The results pointed out the importance of constantly making new contacts, and maintaining and managing current ones. There was no evidence that traditional marketing strategies or advertising were used by the interviewees. New commissions were often gained from former clients or acquaintances, or through referrals from them. There are definite advantages to having one's business in the geographical area where one's contacts exist. This also makes it easier to keep up these contacts for future prospects. However, it is very feasible to take on contracts, do the job, and to deliver work to clients in far away locations, due to the high speed internet connections available today.Målet med denna uppsats var att ta reda på hur personliga nätverk fungerar och verkar till fördel för egenföretagande ljuddesigers för rörlig bild (Film, Reklam och tv etc.). Hur entreprenörerna utvecklar nätverken utforskades, även hur de används för att generera arbete samt om nätverken bör vara lokaliserade på en speciell plats för att fungera. En fallstudie och komparativ analys utfördes, baserad på tre kvalitativa intervjuer med entreprenörer vars verksamheter liknade varandra på flera plan. Resultatet påvisade vikten av att hela tiden skapa nya kontakter och underhålla befintliga sådana. Inget tydde på att traditionell marknadsföring eller reklam används. Nya uppdrag uppkommer oftast genom tidigare kunder, kontakter eller rekommendationer från dessa. Det finns klara fördelar med att bedriva sin verksamhet i det område där kontakterna finns och det är även lättare att underhålla dem i dessa fall. Det är dock fullt möjligt att åta sig, utföra och leverera uppdrag för befintliga kontakter på långt håll tack vare dagens snabba internetuppkopplingar.

Flexibilitetens frammarsch, en studie om den intermittenta anställningen

Flexible working conditions is used extensively in organizations today as a way to create flexibility for the employer. Recently we’ve been reading in the newspapers that this approach is a growing problem and the EU has warned Sweden twice that abuse of these forms of employment must be stopped. The Government has recently submitted a proposed rule change to reduce the possibility of stacking one temporary contract after another. Borlänge kommun makes themselves more flexible with the intermittent employments. This study aims to examine why infrequent employments, such as the intermittent employment is used and preferred by Borlänge kommun and how it’s perceived by affected employees in the organization. The questions related, besides why the intermittent employment is used by the organization and how its perceived by those involved, also includes the management of intermittent employment and how the organization is handling work contracts. The background information on the employment law implications gives the reader an insight into how the regulatory framework works surrounding the topic. The theory section highlights the main theories about flexibility and its different shapes and perspectives. For the study a qualitative approach is used. A case study with semi-structured interviews was performed. The respondents were employees involved in the staffing of intermittent employees and also members of the staff with an intermittent employment. The results show that the employment and contracts is correctly handled by labour law regulations. This study shows that Borlänge kommun uses intermittent employments extensively, with its 1 320 intermittently employees. If this is abuse, or not, is not clear from the result. The authors discuss, however, if that is the case. The intermittent employment is used mainly because of the great needs. This is because society is changing and the average age is increasing, both by those using the services and the employees. All respondents perceive the intermittent employment as most flexible for the employees. Respondents working in the staffing department say that they are not flexible enough. The intermittent employees’ working today does not cover the great need. Borlänge kommun think that the flexibility should benefit them more and is currently trying to become more flexible. The employees were generally satisfied with their work situation. Some tendencies of insecurity and uncertainty could be inferred from the intermittent employees answers. The author’s conclusions are that flexibility and the intermittent employment contracts mainly benefit the employer and the employees who actively choose this type of work, such as students. This kind of employment affects, however, the society and those who need a secure lifestyle. The necessary permanent contracts are becoming fewer and replaced by precarious and flexible employment conditions.

Monitoring and incentives of executives in risky firms : a test of the association with firm performance

This study investigates the relationship between a firm's risk and the effectiveness of the firm's corporate governance practices. Previous research investigating the relationship between corporate controls and firm performance has been mixed and often weak. Therefore, this study sets out to determine the efficiency of monitoring and incentive contracts given certain characteristics of the firm. That is, the study sets out to determine whether risk firms with higher monitoring and levels of incentives are associated with higher firm performance.
The results of this study of 282 firms demonstrate how the relationship between firm risk and performance is associated with the monitoring and incentive contracts used by these firms. In particular, the results of this study showed that the negative association between risk and firm performance is weakened when firms have stronger monitoring and incentive mechanisms. The particular contribution of this study is to show that the role of corporate governance variables infirm performance should be evaluated in the context of the firm's risk.

Analysis of a large-scale IT outsourcing "failure": what lessons can we learn?

Much of the research that has been carried out into outsourcing is based on relatively successful case studies. Yet drawing inferences from case studies when those with largely negative outcomes rarely see the light of day represents a significant problem. When negative cases are systematically unrepresented, there is less opportunity to subject theory to scrutiny. This chapter goes some way towards redressing this trend, by reporting on a large scale “selective” outsourcing arrangement that has been publicly described as a failure — the Australian Federal Government’s “whole of government” IT infrastructure outsourcing initiative. This initiative, originally promoted as likely to lead to a billion dollar saving, was abandoned early in 2001, after a damning public report by the Australian Auditor General. However, a detailed study of the initiative suggests that the “failure” occurred despite the project adhering to many of the recommended guidelines for successful outsourcing that had been derived from earlier case analysis. The findings have important implications for decision makers confronted with outsourcing choices. The study suggests that the risks of outsourcing are often downplayed, or ignored in the rush to reap the expected benefits. The study also suggests that expectations of savings from outsourcing IT are often substantially higher than those that have been empirically confirmed in the field. Decision makers are advised that key assumptions about costs, savings, managerial effort, and the effects of outsourcing on operational performance might be incorrect, and to plan for their outsourcing activity accordingly. They should pay particular attention to coordination and transaction costs, as these tend to be overlooked in the business case. These costs will be magnified if “best in breed” multiple-vendor outsourcing is chosen, and if contracts are kept short. Decision-makers are also warned of the difficulties they are likely to have at the end of an outsourcing contract if there is not a large and robust pool of alternative vendors willing to bid against the incumbent.

Financial safety nets: reconstructing and modelling a policymaking metaphor

This paper explains that financial safety nets exist because of difficulties in enforcing contracts and shows that elements of deposit-insurance schemes differ substantially across countries. It shows that differences in the design of financial safety nets correlate significantly with differences in the informational and contracting environments of individual countries and that a country's GDP per capita is correlated with proxies for a country's level of: (1) informational transparency, (2) contract enforcement and deterrent rights, and (3) accountability for safety net officials. The analysis portrays deposit insurance as a part of a country's larger safety net and contracting environment. This means that there is no universal method for preventing and resolving banking problems and that the structure of a country's safety net should evolve over time with changes in private and government regulators' capacity for valuing financial institutions, disciplining risk taking and resolving insolvency promptly, and for being held accountable for how well they perform these tasks.

The care crunch: changing work, families and welfare in Australia

Structural shifts in labour markets and in households are impacting on the capacity of households and families to deal with risk. In Australia the post-Federation and post-war social settlement, based on the gendered assumptions underpinning the male breadwinner/female carer model, is no longer viable in an era of increasingly precarious employment, diverse family forms and deepening inequalities. Labour market and industrial relations changes, when combined with major demographic shifts such as divorce and population ageing, and increasing expectations for community care are contributing to a 'care crunch'. The article canvasses the challenge of developing a social risk protection framework that balances caring, work and quality of life.