The Impact of the Sarbanes-Oxley Act on the Cost of Going Public

This paper examines the impact of the Sarbanes-Oxley Act (SOX), a legal framework intended to increase transparency and accountability of listed companies, on the cost of going public in the US. We expect SOX to increase the direct cost of going public, but decrease the underpricing because of reduced asymmetric information. Our main results corroborate these hypotheses. First, we find an increase in the cost of going public of 90 bp of gross proceeds. Second, we record a reduction in underpricing of 6 pp, which is related to a reduced offer price adjustment. This supports our hypothesis that SOX represents a mechanism to reduce asymmetric information.

Does culture affect public service motivation? Evidence of sub-national differences in Switzerland

This article explores societal culture as an antecedent of public service motivation. Culture can be a major factor in developing an institution-based theory of public service motivation. In the field of organization theory, culture is considered a fundamental factor for explaining organization behavior. But our review of the literature reveals that culture has not been fully integrated into public service motivation theory or carefully investigated in this research stream. This study starts to fill this gap in the literature by using institutionalism and social-identity theory to predict how the sub-national Germanic and Latin cultures of Switzerland, which are measured through the mother tongues of public employees and the regional locations of public offices, affect their levels of public service motivation. Our analysis centers on two large data sets of federal and municipal employees, and produces evidence that culture has a consistent impact on public service motivation. The results show that Swiss German public employees have a significantly higher level of public service motivation on the whole, while Swiss French public employees have a significantly lower level overall. Implications for theory development and future research are discussed.

Open Finance Apps: Chancen und Voraussetzungen bei der Visualisierung von Finanzdaten

Die Open Government Bewegung soll der Verwaltungsführung mehr Transparenz und Verständnis entgegenbringen. Durch Open Finance Apps werden Finanzangaben und dazugehörige Informationen verständlich zugänglich gemacht und Grössenverhältnisse veranschaulicht.

Mehr Transparenz und Mitwirkung bei oeffentlichen Finanzen: Open Finance Apps in der Schweiz und im Ausland

Die Finanzfluesse in oeffentlichen Haushalten sind heute hochkomplexe Gebilde. Mit interaktiven Visualisierungen können oeffentliche Finanzen transparenter und verstaendlicher werden. Diese sogenannten Open Finance Apps helfen mit, dass sich Bevoelkerung und Politik rasch ein objektives Bild der relevanten Finanzen verschaffen und vertiefte Informationen abrufen koennen. Immer haeufiger werden Open Finance Apps auch für partizipative und kollaborative Projekte eingesetzt.

A model of factors determining levels of public support for health care policy in the United States

Public preferences for policy are formed in a little-understood process that is not adequately described by traditional economic theory of choice. In this paper I suggest that U.S. aggregate support for health reform can be modeled as tradeoffs among a small number of behavioral values and the stage of policy development. The theory underlying the model is based on Samuelson, et al.'s (1986) work and Wilke's (1991) elaboration of it as the Greed/Efficiency/Fairness (GEF) hypothesis of motivation in the management of resource dilemmas, and behavioral economics informed by Kahneman and Thaler's prospect theory. ^ The model developed in this paper employs ordered probit econometric techniques applied to data derived from U.S. polls taken from 1990 to mid-2003 that measured support for health reform proposals. Outcome data are four-tiered Likert counts; independent variables are dummies representing the presence or absence of operationalizations of each behavioral variable, along with an integer representing policy process stage. Marginal effects of each independent variable predict how support levels change on triggering that variable. Model estimation results indicate a vanishingly small likelihood that all coefficients are zero and all variables have signs expected from model theory. ^ Three hypotheses were tested: support will drain from health reform policy as it becomes increasingly well-articulated and approaches enactment; reforms appealing to fairness through universal health coverage will enjoy a higher degree of support than those targeted more narrowly; health reforms calling for government operation of the health finance system will achieve lower support than those that do not. Model results support the first and last hypotheses. Contrary to expectations, universal health care proposals did not provide incremental support beyond those targeted to “deserving” populations—children, elderly, working families. In addition, loss of autonomy (e.g. restrictions on choice of care giver) is found to be the “third rail” of health reform with significantly-reduced support. When applied to a hypothetical health reform in which an employer-mandated Medical Savings Account policy is the centerpiece, the model predicts support that may be insufficient to enactment. These results indicate that the method developed in the paper may prove valuable to health policy designers. ^

California's School Finance Reform: An Experiment in Fiscal Federalism

The 1971 ruling of the California Supreme Court in the case of Serrano v. Priest initiated a chain of events that abruptly ended local financing of public schools in California. In seven short years, California transformed its school finance system from a decentralized one in which local communities chose how much to spend on their schools to a centralized one in which the state legislature determines the expenditures of every school district. This paper begins by describing California's school finance system before Serrano and the transformation from local to state finance. It then delineates some consequences of that transformation and draws lessons from California's experience with school finance reform.

La planificación estática-la planificación dinámica : Ausencia de planes de ordenamiento territorial municipal

Mucho ofthe towns of Mendoza have been working for years with a methodology built with traditional zoningand code of permitted uses,not permitted or conditional. With these instrument sexpectthe presentation of private enter prisesto assess whether it complies with these regulationsto authorize the works.These agencies have a plan with zoning and code application shave already considered planning. This form of work, shows clearly the lack of actions to drive urban developmentsin the department, initiatives on the issue only limited to astatic situation, waiting for proposal sand external actions,not being able to see the advantagesand /or contribution saccom panying the Land Use Plan. Une of the important elements to considerin the Plan process, is the incorporation of participatory stage allows, consensus and guidanceto policy makers, community in territorial actions. For this way are designed and constructed public works, to address concerns of the population and in some cases,works that will produce community supportat election time. A look at the performance of Cities hall suchas Granada City Council, Churriana de la Vega and Jun, you can observe that the planning can be done other wise, as articulated action from the same organism. In principle determining zoning and uses of spaceis integral to the Land Use Planand that it further comprises the development proposals,the lines of action and prioritization of programs and projects. These local governants, which manage a municipality, working withdy namic planning councilasit implements the proposed urban development, agricultural, commercial and industrialin its territory and build public work saccording to plan. Since 2009,the province has a Law of Zoningand Land Use demanded Municipal Land Management Plans, but three years after the enactmentof the 18 only has aplan.Thisis due to two reasons:the policy makersdo not understand the multiplicity of elements and facets of a plan covering the other,the plans are perceived as a limitation on their actions , a fact not willing to accept. The dissemination of know ledge and the, new ways toaddress the Land Use Planning and management of conflicts generated by the unprecedented growthwith incompatible usesin these cities that the component swhich will requirel and manager stoimplement aplanning Plans. Tusa dinámica risión Fromm te municipalitos in thais contexto de can tal abur innovación and a newway of governing

Descentralización municipal, intendentes y 'fuerzas vivas' durante el Proceso (1976- 1983)

En este artículo analizaremos el diseño y la implementación de tres medidas que tuvieron diferentes repercusiones en el tiempo : la 'municipalización' (1976-1980); la selección de intendentes en 1981 y el recorte del gasto público hacia 1982. En primer lugar, veremos que la política de municipalización se inscribió en un programa más general de reducción del aparato estatal sostenido por el ministro de Economía, José Martínez de Hoz (1976-1981). Observaremos que, en algunos distritos, dicha municipalización careció del impacto que los propios funcionarios le atribuían. En segundo término, presentaremos las derivaciones que tuvo la política de selección de intendentes en 1981. Clausurados los mecanismos electorales, los gobernadores tenían la autoridad exclusiva para nombrar y remover intendentes. Esta práctica comenzó a ser denunciada públicamente por los grupos que se sentían perjudicados. Sin elecciones ala vista, el gobernador y sus ministros respondieron a los reclamos de distintas maneras, lo que acentuó la arbitrariedad. En algunos casos atendieron a las protestas y en otros las ignoraron abiertamente. En tercer lugar, estudiaremos los efectos de las medidas económicas de ajuste que debieron aplicar los intendentes al final del Proceso. Por un lado, aparecieron movimientos de 'amas de casa' que presionaban para que bajaran los precios; y por el otro, los intendentes en persona admitían que la política económica los estaba afectando directamente

Descentralización municipal, intendentes y 'fuerzas vivas' durante el Proceso (1976- 1983)

En este artículo analizaremos el diseño y la implementación de tres medidas que tuvieron diferentes repercusiones en el tiempo : la 'municipalización' (1976-1980); la selección de intendentes en 1981 y el recorte del gasto público hacia 1982. En primer lugar, veremos que la política de municipalización se inscribió en un programa más general de reducción del aparato estatal sostenido por el ministro de Economía, José Martínez de Hoz (1976-1981). Observaremos que, en algunos distritos, dicha municipalización careció del impacto que los propios funcionarios le atribuían. En segundo término, presentaremos las derivaciones que tuvo la política de selección de intendentes en 1981. Clausurados los mecanismos electorales, los gobernadores tenían la autoridad exclusiva para nombrar y remover intendentes. Esta práctica comenzó a ser denunciada públicamente por los grupos que se sentían perjudicados. Sin elecciones ala vista, el gobernador y sus ministros respondieron a los reclamos de distintas maneras, lo que acentuó la arbitrariedad. En algunos casos atendieron a las protestas y en otros las ignoraron abiertamente. En tercer lugar, estudiaremos los efectos de las medidas económicas de ajuste que debieron aplicar los intendentes al final del Proceso. Por un lado, aparecieron movimientos de 'amas de casa' que presionaban para que bajaran los precios; y por el otro, los intendentes en persona admitían que la política económica los estaba afectando directamente

La planificación estática-la planificación dinámica : Ausencia de planes de ordenamiento territorial municipal

Mucho ofthe towns of Mendoza have been working for years with a methodology built with traditional zoningand code of permitted uses,not permitted or conditional. With these instrument sexpectthe presentation of private enter prisesto assess whether it complies with these regulationsto authorize the works.These agencies have a plan with zoning and code application shave already considered planning. This form of work, shows clearly the lack of actions to drive urban developmentsin the department, initiatives on the issue only limited to astatic situation, waiting for proposal sand external actions,not being able to see the advantagesand /or contribution saccom panying the Land Use Plan. Une of the important elements to considerin the Plan process, is the incorporation of participatory stage allows, consensus and guidanceto policy makers, community in territorial actions. For this way are designed and constructed public works, to address concerns of the population and in some cases,works that will produce community supportat election time. A look at the performance of Cities hall suchas Granada City Council, Churriana de la Vega and Jun, you can observe that the planning can be done other wise, as articulated action from the same organism. In principle determining zoning and uses of spaceis integral to the Land Use Planand that it further comprises the development proposals,the lines of action and prioritization of programs and projects. These local governants, which manage a municipality, working withdy namic planning councilasit implements the proposed urban development, agricultural, commercial and industrialin its territory and build public work saccording to plan. Since 2009,the province has a Law of Zoningand Land Use demanded Municipal Land Management Plans, but three years after the enactmentof the 18 only has aplan.Thisis due to two reasons:the policy makersdo not understand the multiplicity of elements and facets of a plan covering the other,the plans are perceived as a limitation on their actions , a fact not willing to accept. The dissemination of know ledge and the, new ways toaddress the Land Use Planning and management of conflicts generated by the unprecedented growthwith incompatible usesin these cities that the component swhich will requirel and manager stoimplement aplanning Plans. Tusa dinámica risión Fromm te municipalitos in thais contexto de can tal abur innovación and a newway of governing

La planificación estática-la planificación dinámica : Ausencia de planes de ordenamiento territorial municipal

Mucho ofthe towns of Mendoza have been working for years with a methodology built with traditional zoningand code of permitted uses,not permitted or conditional. With these instrument sexpectthe presentation of private enter prisesto assess whether it complies with these regulationsto authorize the works.These agencies have a plan with zoning and code application shave already considered planning. This form of work, shows clearly the lack of actions to drive urban developmentsin the department, initiatives on the issue only limited to astatic situation, waiting for proposal sand external actions,not being able to see the advantagesand /or contribution saccom panying the Land Use Plan. Une of the important elements to considerin the Plan process, is the incorporation of participatory stage allows, consensus and guidanceto policy makers, community in territorial actions. For this way are designed and constructed public works, to address concerns of the population and in some cases,works that will produce community supportat election time. A look at the performance of Cities hall suchas Granada City Council, Churriana de la Vega and Jun, you can observe that the planning can be done other wise, as articulated action from the same organism. In principle determining zoning and uses of spaceis integral to the Land Use Planand that it further comprises the development proposals,the lines of action and prioritization of programs and projects. These local governants, which manage a municipality, working withdy namic planning councilasit implements the proposed urban development, agricultural, commercial and industrialin its territory and build public work saccording to plan. Since 2009,the province has a Law of Zoningand Land Use demanded Municipal Land Management Plans, but three years after the enactmentof the 18 only has aplan.Thisis due to two reasons:the policy makersdo not understand the multiplicity of elements and facets of a plan covering the other,the plans are perceived as a limitation on their actions , a fact not willing to accept. The dissemination of know ledge and the, new ways toaddress the Land Use Planning and management of conflicts generated by the unprecedented growthwith incompatible usesin these cities that the component swhich will requirel and manager stoimplement aplanning Plans. Tusa dinámica risión Fromm te municipalitos in thais contexto de can tal abur innovación and a newway of governing

Descentralización municipal, intendentes y 'fuerzas vivas' durante el Proceso (1976- 1983)

En este artículo analizaremos el diseño y la implementación de tres medidas que tuvieron diferentes repercusiones en el tiempo : la 'municipalización' (1976-1980); la selección de intendentes en 1981 y el recorte del gasto público hacia 1982. En primer lugar, veremos que la política de municipalización se inscribió en un programa más general de reducción del aparato estatal sostenido por el ministro de Economía, José Martínez de Hoz (1976-1981). Observaremos que, en algunos distritos, dicha municipalización careció del impacto que los propios funcionarios le atribuían. En segundo término, presentaremos las derivaciones que tuvo la política de selección de intendentes en 1981. Clausurados los mecanismos electorales, los gobernadores tenían la autoridad exclusiva para nombrar y remover intendentes. Esta práctica comenzó a ser denunciada públicamente por los grupos que se sentían perjudicados. Sin elecciones ala vista, el gobernador y sus ministros respondieron a los reclamos de distintas maneras, lo que acentuó la arbitrariedad. En algunos casos atendieron a las protestas y en otros las ignoraron abiertamente. En tercer lugar, estudiaremos los efectos de las medidas económicas de ajuste que debieron aplicar los intendentes al final del Proceso. Por un lado, aparecieron movimientos de 'amas de casa' que presionaban para que bajaran los precios; y por el otro, los intendentes en persona admitían que la política económica los estaba afectando directamente

A study of four listed micro finance institutions

Compared to the size of the microfinance market, the number of Microfinance Institutions that are professionally ran like commercial banks is still scarce, and even more scarce are the MFI listed in public stock exchanges. This document focuses on four listed MFIs and reviews its business model and funding sources. The document also analyses the market price evolution of the listed shares and investigates whether investors are assigning a premium to the MFIs compared with its respective market indices. Keywords: Microfinance institutions, Micro-credits, Financial Institutions, Equity; Stock Exchange.