A referenciapont-elmélet mint a hiányos információjú szerződések gondolatkörének új irányzata (The concept of ‘reference points’ as a new direction in the ‘incomplete contract’ theory)

A cikk az alig több mint öt éve született referenciapont-elméletet mutatja be, ismerteti és értékeli a témában eddig megjelent cikkeket és a nagyobb horderejű munkaanyagokat. A referenciapont-elmélet arra a kérdésre keresi a választ, hogy mi a vállalat optimális mérete, és mikor érdemesebb a termelési kooperációt nem a vállalaton belül, a különböző egységek koordinációjával megoldani, hanem külső vállalatok segítségével, a piacon keresztül megvalósítani. A referenciapont-elmélet az azonos kérdések megválaszolására törekvő hiányos szerződések elméletét ért kritika hatására született meg, és saját, újonnan megfogalmazott feltételrendszerét számos ponton ötvözi a hiányos szerződések hipotéziseivel, ugyanakkor bizonyításai során felhasználja a standard közgazdasági irányzat több eszközét is. A cikk a friss eredmények bemutatása mellett megkísérli előre becsülni a referenciapont-elmélet várható jövőbeli fejlődési irányait is. ____ The concept of reference points was established slightly more than five years ago, and it deals with the same boundary of firm related questions as the incomplete contract theory. The present review shows the most important journals and research papers in this field. Reference point theory arose out of a criticism of some of the elements of incomplete contract theory. Reference point theory combines newly- formulated hypotheses with some of the assumptions of incomplete contracts. The theory also uses some of the proving tools of standard economics. The author’s study not only shows the main results of the reference point theory, but it also tries to predict some possible future developments within the theory.

Franchisor failure : an assessment of the adequacy of regulatory response

Franchisor failure is one of the most problematic areas of the franchise relationship. It impacts negatively on landlords and other suppliers, but the contracting parties that are currently without legal rights to respond when a franchisor fails, and thus without consumer protection, are its franchisees. In this thesis I explore the current contractual, regulatory and commercial environment that franchisees inhabit, within the context of franchisor failure. I conclude that ex ante there are opportunities to level the playing field through consumer protection legislation. I also conclude that the task is not one solely for the consumer protection legislation; the problem should also be addressed ex post through the Corporations Act.

Contrato incompleto

A tese objetiva construir, sob o ponto de vista dogmático, critérios para a caracterização do contrato incompleto no direito brasileiro, estabelecendo o traço distintivo de sua causa e a disciplina jurídica que lhe é aplicável, à luz da metodologia civil-constitucional. Pretende-se, ainda, na perspectiva funcional dos fatos jurídicos, que permite a qualificação do contrato incompleto como negócio jurídico que emprega a técnica da gestão negativa da álea normal dos contratos, definir parâmetros interpretativos que orientem a sua execução. Por representarem o esmorecimento voluntário da técnica regulamentar, os contratos incompletos exigem elevados padrões de cooperação entre os contratantes na integração das lacunas, a ensejar a incidência reforçada dos princípios da boa-fé objetiva, da função social e do equilíbrio contratual, relativamente aos contratos em que ocorre a gestão positiva da álea normal. Após investigar os mecanismos legais incidentes na hipótese de inadimplemento do dever de integração da lacuna, analisam-se os limites legais e valorativos a que se sujeitam os contratos incompletos. Em chave conclusiva, almeja-se estabelecer o contrato incompleto como negócio jurídico lícito e merecedor de tutela no atendimento aos interesses concretos dos particulares no exercício de suas atividades econômicas, a evidenciar os novos confins da autonomia privada na legalidade constitucional.

Toward a Political Theory of Environmental Policy.

This paper makes some steps toward a formal political economy of environmental policy. Economists' quasi-unanimous preferences for sophisticated incentive regulation is reconsidered. First, we recast the question of instrument choice in the general mechanism literature and provide an incomplete contract approach to political economy. Then, in various settings, we show why constitutional constraints on the instruments of environmental policy may be desirable, even though they appear inefficient from a purely standard economic viewpoint.

O comitê operacional como mecanismo de governança dos consórcios para exploração e produção do pré-sal

Este trabalho objetiva analisar aspectos jurídicos relacionados ao consórcio e ao Comitê Operacional que deverão ser constituídos no âmbito do novo modelo regulatório criado para a exploração e produção das reservas do pré-sal – o contrato de partilha de produção. Para esse fim, será feita uma análise do histórico do setor de petróleo e gás no Brasil, com o objetivo de contextualizar o novo modelo. Em seguida, serão analisados os principais aspectos presentes na doutrina e na legislação societária a respeito do consórcio, enfatizando-se as peculiaridades previstas na legislação do pré-sal. Passa-se, então, à análise de problemas relacionados à tomada de decisão no consórcio exigido pela lei do pré-sal e, consequentemente, no Comitê Operacional que o administrará. Para isso, serão examinados: (i) a teoria dos contratos incompletos; (ii) o modelo do principal-agente; (iii) os problemas de governança em uma sociedade de economia mista; e (iv) a teoria da dependência de recursos. Tendo por base o estudo realizado, a última parte buscará mostrar a necessidade de implementação de mecanismos de governança na execução dos contratos de partilha de produção, de modo a beneficiar todos os envolvidos.

Trade Credits under Imperfect Enforcement: A Theory with a Test on Chinese Experience

It is widely recognized that trade credit is an important financial mechanism, particularly in developing economies and transition economies where institutions are weak. This paper documents theoretical analysis and empirical accounts on what facilitates an effective supply of trade credit based on original surveys conducted in P.R. of China. Our theory predicts that trade volume and trade credit are increasing function of cash held by the buyer and enforcement technology of the seller. Furthermore, if the state sector’s enforcement technology is high, it has positive external effect to expand the volumes of trade credit and trades in the whole economy. From the data, we found that government made active commitment in enforcement of trade credit contract and the government owned firms are main supplier and receivers of trade credit, which suggest that enforcement by government and state sector were effective against presumptions in the previous literatures.

Financial Aspects of Transactions with FDI: Trade Credit Provision by SMEs in China

This paper will document financial aspects of transactions, and trade credit supply behavior with FDI among small and medium-sized enterprises(SMEs) based on two original surveys, conducted in four cities in China in 2003. The survey was designed to capture the nature of inter-firm transactions, trade credit and other financial conditions. Literature on FDI mainly refers to technology transfer, employment or investment. This paper focuses on the role and significance of FDI in the supply of trade credit due to its trade credit enforcement technology. Yanagawa, Ito and Watanabe [2006] developed a model which indicates that when a seller has higher enforcement technology or a buyer has richer liquidity, both trade credit and transaction volume will be increased. In this paper, we confirmed that FDI and G contributed to the provision of trade credit and had a positive external effect on trade credit enforcement towards China’s economy. (1) Sales towards FDI customers have the power to increase the trade credit ratio,even when controlling other factors such as choice of payment instrument, competitiveness, and expost default management. This implies that FDI does provide trade credit, not only because it has superior liquidity, but because it is also superior in terms of enforcement of trade credit repayment.(2) Cash constraints of the buyer influence the decisions concerning trade credit provided by the seller, as a model in Yanagawa, et al. [2006] predicted, and this implies that strategic default is a serious concern among SMEs in China. (3) Spillover effect exists in payment enforcement technology in transactions with FDI customers.

Végtelen sokszor ismételt kiszerződés (Infinitely repeated outsourcing)

A cikk a kormányzat és a vállalat közti végtelen sokszor ismételt kiszerződésekkel foglalkozik. Vizsgálati eszköztárát a nem teljes szerződések elméletéből kölcsönzi. A szakirodalmat felhasználva megmutatja, hogy létezik olyan fenyegetési stratégia, köznapi szóhasználattal az adott szabályok esetén mindkét fél számára saját érdekében betartandó stratégia, ahol mind a vállalat, mind a kormányzat beruházásának értéke a társadalmilag optimális nagyság. Bebizonyítja, hogy annál valószínűbb, hogy mind a kormányzat, mind a vállalat a társadalmilag optimális beruházási szintet valósítja meg, minél nagyobb annak az esélye, hogy az adott vállalat kapja meg a következő periódusban is az ismétlődő munkafeladatot. Felhívja a figyelmet a szabályozó felelősségére az újabb szerződés valószínűségének indirekt meghatározásában. ____ The paper analyses the in¯nitely repeated contracts between the government and a firm. Methods from the incomplete contract theory are used for this analysis. Based on the literature, it is shown that there exist a trigger strategy, when both the government and the firm deploy the socially optimal amount of investment. The paper proves that the greater the chance that an excellently accomplished firm receives a new contract the higher is the probability that both actors' investments are on the socially optimal level. The regulator has a great liability in establishing indirectly the chance of receiving a new contract opportunity.

Angel Investing in Finland: An Analysis Based on Agency Theory and the Incomplete Contracting Theory

Wealthy individuals - business angels who invest a share of their net worth in entrepreneurial ventures - form an essential part of an informal venture capital market that can secure funding for entrepreneurial ventures. In Finland, business angels represent an untapped pool of capital that can contribute to fostering entrepreneurial development. In addition, business angels can bridge knowledge gaps in new business ventures by means of making their human capital available. This study has two objectives. The first is to gain an understanding of the characteristics and investment behaviour of Finnish business angels. The strongest focus here is on the due diligence procedures and their involvement post investment. The second objective is to assess whether agency theory and the incomplete contacting theory are useful theoretical lenses in the arena of business angels. To achieve the second objective, this study investigates i) how risk is mitigated in the investment process, ii) how uncertainty influences the comprehensiveness of due diligence as well as iii) how control is allocated post investment. Research hypotheses are derived from assumptions underlying agency theory and the incomplete contacting theory. The data for this study comprise interviews with 53 business angels. In terms of sample size this is the largest on Finnish business angels. The research hypotheses in this study are tested using regression analysis. This study suggests that the Finnish informal venture capital market appears to be comprised of a limited number of business angels whose style of investing much resembles their formal counterparts’. Much focus is placed on managing risks prior to making the investment by strong selectiveness and by a relatively comprehensive due diligence. The involvement is rarely on a day-to-day basis and many business angels seem to see board membership as a more suitable alternative than involvement in the operations of an entrepreneurial venture. The uncertainty involved does not seem to drive an increase in due diligence. On the contrary, it would appear that due diligence is more rigorous in safer later stage investments and when the business angels have considerable previous experience as investors. Finnish business angels’ involvement post investment is best explained by their degree of ownership in the entrepreneurial venture. It seems that when investors feel they are sufficiently rewarded, in terms of an adequate equity stake, they are willing to involve themselves actively in their investments. The lack of support for a relationship between increased uncertainty and the comprehensiveness of due diligence may partly be explained by an increasing trend towards portfolio diversification. This is triggered by a taxation system that favours investments through investment companies rather than direct investments. Many business angels appear to have substituted a specialization strategy that builds on reducing uncertainty for a diversification strategy that builds on reducing firm specific (idiosyncratic) risk by holding shares in ventures whose returns are not expected to exhibit a strong positive correlation.

Invitation to contractors and forms of contract, bond andcontractor's proposal for construction of a part of the ... Rapid transit railroad ... Form finaly adopted by the Commission ...

Some numbers have special subtitles, as follows: no. 5, sect. 8/11, "proposal for installation of cable feed pipes..." no. 16/18/36/37 [combined] "proposal for construction of signal towers..." no. 18 (180th street and 239th street yards)" proposal for furnishing and erecting structural steel for inspection sheds..." no. 19/22, sect. 2. "proposal for erection of structural steel..." no. 49, sect. 1/2, "proposal for construction of concrete track floors and platforms ..." no. 49, sect. 3, "proposal for the supply of structural steel ..."

Invitation to contractors, information for contractors and forms of contract, bond and contractor's proposal for construction of station finish for a part of the ... rapid transit railroad ... Form finally adopted by the Commission ...

No. 36/37 & 50, sect. 1-3. Queensboro subway.--No. 39, sect. 2. Broadway - Fourth avenue (New Utrecht avenue) - No. 43, 4/38, see no. 4/38, 43.--No. 48, sect. 1-2. Seventh avenue - Lexington avenue.--No. 50. Queensboro subway (Hunters Point avenue station

Exploring the dimensions and transactional outcomes of incomplete business contracts

With an increased emphasis on outsourcing and shortening business cycles, contracts between firms have become more important. Carefully written contracts contribute to the efficiency and longevity of inter-firm relationships as they may constrain opportunism and are often a less costly governance mechanism than maintaining complex social relationships (Larson 1992). This exploratory examination adds to our understanding of how incomplete contracts affect interorganizational exchange. First, we consider the multiple dimensions of contract constraints (safeguards). We also investigate the extent that constraints affect decisions to enforce the relationship by delaying payments, and whether the decision is efficient. Finally, we examine the extent the constraints are effective (and ineffective) at reducing transaction problems associated with enforcement. Based on 971 observations of transactions using explicit, written terms and other secondary data in the context of IT transaction in The Netherlands we test our research propositions.