Steven A. Bank
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780195326192
- eISBN:
- 9780199775811
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195326192.001.0001
- Subject:
- Law, Legal History
The U.S. corporate income tax — and in particular the double taxation of corporate income — has long been one of the most criticized and stubbornly persistent aspects of the federal revenue system. ...
More
The U.S. corporate income tax — and in particular the double taxation of corporate income — has long been one of the most criticized and stubbornly persistent aspects of the federal revenue system. Unlike in most other industrialized countries, corporate income is taxed twice, first at the entity level and again at the shareholder level when distributed as a dividend. The conventional wisdom has been that this double taxation was part of the system's original design over a century ago and has survived despite withering opposition from business interests. In both cases, history tells another tale. Double taxation as it is known today did not appear until several decades after the corporate income tax was first adopted. Moreover, it was embraced by corporate representatives at the outset and in subsequent years businesses have been far more ambivalent about its existence than is popularly assumed. From Sword to Shield: The Transformation of the Corporate Income Tax, 1861 to Present is the first historical account of the evolution of the corporate income tax in America. It explains the origins of corporate income tax and the political, economic, and social forces that transformed it from a sword against evasion of the individual income tax to a shield against government and shareholder interference with the management of corporate funds.Less
The U.S. corporate income tax — and in particular the double taxation of corporate income — has long been one of the most criticized and stubbornly persistent aspects of the federal revenue system. Unlike in most other industrialized countries, corporate income is taxed twice, first at the entity level and again at the shareholder level when distributed as a dividend. The conventional wisdom has been that this double taxation was part of the system's original design over a century ago and has survived despite withering opposition from business interests. In both cases, history tells another tale. Double taxation as it is known today did not appear until several decades after the corporate income tax was first adopted. Moreover, it was embraced by corporate representatives at the outset and in subsequent years businesses have been far more ambivalent about its existence than is popularly assumed. From Sword to Shield: The Transformation of the Corporate Income Tax, 1861 to Present is the first historical account of the evolution of the corporate income tax in America. It explains the origins of corporate income tax and the political, economic, and social forces that transformed it from a sword against evasion of the individual income tax to a shield against government and shareholder interference with the management of corporate funds.
James Herbert
- Published in print:
- 2008
- Published Online:
- January 2012
- ISBN:
- 9780197264294
- eISBN:
- 9780191734335
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197264294.003.0004
- Subject:
- Sociology, Education
This chapter discusses the separation and independence of the AHRB from the HEFCE. In 2001, through the aid of Bahram Bekhradnia, the AHRB gained autonomy from the HEFCE. At the beginning of the ...
More
This chapter discusses the separation and independence of the AHRB from the HEFCE. In 2001, through the aid of Bahram Bekhradnia, the AHRB gained autonomy from the HEFCE. At the beginning of the fiscal year in April 2001, the ARHB became a company limited by guarantee. In September of the same year, the organisation gained legal status as a charity, hence affording it certain tax advantages. The newly independent company and charity took on new trustees, however it retained its broad responsibilities. It also took on the responsibility for producing its own audited Statutory Accounts. At the same time, the organisation's staff formally transferred to the employment of the ARHB and in the following year additional staff were recruited. In the month of October, the organisation signed a ten-year lease contract on its new office in Whitefriars Building in Bristol. In addition, the organisation was also attaining full realization of its programmes and objectives. It formed three award schemes including the Research Leave scheme. It also created the Fellowships in the Creative and Performing Arts. In addition, the organisation also formed new funding schemes and in 2002, upon the approval of the government, the Research Council funded projects throughout the UK. In sum, as Chief Executive David Eastwood puts it, the ARHB was achieving independence and operating in ways which still mirrored those of the research councils.Less
This chapter discusses the separation and independence of the AHRB from the HEFCE. In 2001, through the aid of Bahram Bekhradnia, the AHRB gained autonomy from the HEFCE. At the beginning of the fiscal year in April 2001, the ARHB became a company limited by guarantee. In September of the same year, the organisation gained legal status as a charity, hence affording it certain tax advantages. The newly independent company and charity took on new trustees, however it retained its broad responsibilities. It also took on the responsibility for producing its own audited Statutory Accounts. At the same time, the organisation's staff formally transferred to the employment of the ARHB and in the following year additional staff were recruited. In the month of October, the organisation signed a ten-year lease contract on its new office in Whitefriars Building in Bristol. In addition, the organisation was also attaining full realization of its programmes and objectives. It formed three award schemes including the Research Leave scheme. It also created the Fellowships in the Creative and Performing Arts. In addition, the organisation also formed new funding schemes and in 2002, upon the approval of the government, the Research Council funded projects throughout the UK. In sum, as Chief Executive David Eastwood puts it, the ARHB was achieving independence and operating in ways which still mirrored those of the research councils.
James Herbert
- Published in print:
- 2008
- Published Online:
- January 2012
- ISBN:
- 9780197264294
- eISBN:
- 9780191734335
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197264294.003.0006
- Subject:
- Sociology, Education
This chapter discusses the developments in terms of research grants and research funding of the newly established AHRB. By 2002 to 2003, during its fifth year, the AHRB's total budget had increased ...
More
This chapter discusses the developments in terms of research grants and research funding of the newly established AHRB. By 2002 to 2003, during its fifth year, the AHRB's total budget had increased from £17.9 million to £64.8 million. During this period, non-programmed costs were capped at five per cent. Putting aside its administrative costs, the AHRB in its fifth year had programmatic expenditures of £61.7 million, a 20 per cent increase from the initially predicted expenditure. Of the £61.7 million, £9 million was allocated to the operation of museums and galleries of English institutions and the rest was equally divided between postgraduate awards and research awards throughout the UK. As funding rose, intellectual ambitions also increased. Several ambitious projects were initiated such as the editing of Francis Bacon's works, the creation of public policy concerning the film and television of Britain and Europe, the pursuing of the long-delayed multinational Romanian project, and several other projects. During this period, the AHRB garnered a distinct sense of direction and momentum. Over three years, the applications of research funding increased to 58 per cent. The applications for the postgraduate awards increased to 20 per cent in a year and the four year doctoral submission rate for arts and humanities students increased to 78 per cent.Less
This chapter discusses the developments in terms of research grants and research funding of the newly established AHRB. By 2002 to 2003, during its fifth year, the AHRB's total budget had increased from £17.9 million to £64.8 million. During this period, non-programmed costs were capped at five per cent. Putting aside its administrative costs, the AHRB in its fifth year had programmatic expenditures of £61.7 million, a 20 per cent increase from the initially predicted expenditure. Of the £61.7 million, £9 million was allocated to the operation of museums and galleries of English institutions and the rest was equally divided between postgraduate awards and research awards throughout the UK. As funding rose, intellectual ambitions also increased. Several ambitious projects were initiated such as the editing of Francis Bacon's works, the creation of public policy concerning the film and television of Britain and Europe, the pursuing of the long-delayed multinational Romanian project, and several other projects. During this period, the AHRB garnered a distinct sense of direction and momentum. Over three years, the applications of research funding increased to 58 per cent. The applications for the postgraduate awards increased to 20 per cent in a year and the four year doctoral submission rate for arts and humanities students increased to 78 per cent.
Samuel Issacharoff and Anna Morawiec Mansfield
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199291922
- eISBN:
- 9780191603716
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199291926.003.0009
- Subject:
- Political Science, International Relations and Politics
The September 11th Victims Compensation Fund can only hesitatingly find its place within a comprehensive study of reparation programs. While the origin of the Fund lies in the political exigencies ...
More
The September 11th Victims Compensation Fund can only hesitatingly find its place within a comprehensive study of reparation programs. While the origin of the Fund lies in the political exigencies surrounding a perceived threat to the security of the United States, it more accurately reflects the desire by the U.S. Congress to ensure the viability of its nation’s air carriers. Unlike traditional reparations which are closely related to a process of social reintegration of the victim, fostering civic trust and social solidarity, the Fund was not established to bring justice to the victims of the terrorist attacks on September 11, 2001. Also, unlike traditional reparations, the Fund did not seek to serve as a mechanism of corrective or distributive justice as a result of an authoritarian domestic regime or internal conflict. It was initially created out of fear that recourse to the U.S. courts would threaten the precarious financial health of the airline industry. Implicitly, however, such pragmatism reflected a desire by lawmakers that the government be seen as doing all it could to ease the pain of those who suffered so greatly on September 11, 2001. Initial motivations for the program aside, there is no question that the compensation scheme has since taken on a life of its own. Ultimately, the Fund’s contribution to any reparations case-study lies in its cautionary tale about the creation of elaborate administrative schemes that try to individualize recoveries as the mechanisms through which to compensate victims.Less
The September 11th Victims Compensation Fund can only hesitatingly find its place within a comprehensive study of reparation programs. While the origin of the Fund lies in the political exigencies surrounding a perceived threat to the security of the United States, it more accurately reflects the desire by the U.S. Congress to ensure the viability of its nation’s air carriers. Unlike traditional reparations which are closely related to a process of social reintegration of the victim, fostering civic trust and social solidarity, the Fund was not established to bring justice to the victims of the terrorist attacks on September 11, 2001. Also, unlike traditional reparations, the Fund did not seek to serve as a mechanism of corrective or distributive justice as a result of an authoritarian domestic regime or internal conflict. It was initially created out of fear that recourse to the U.S. courts would threaten the precarious financial health of the airline industry. Implicitly, however, such pragmatism reflected a desire by lawmakers that the government be seen as doing all it could to ease the pain of those who suffered so greatly on September 11, 2001. Initial motivations for the program aside, there is no question that the compensation scheme has since taken on a life of its own. Ultimately, the Fund’s contribution to any reparations case-study lies in its cautionary tale about the creation of elaborate administrative schemes that try to individualize recoveries as the mechanisms through which to compensate victims.
E. Philip Davis
- Published in print:
- 1998
- Published Online:
- March 2012
- ISBN:
- 9780198293040
- eISBN:
- 9780191684944
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198293040.003.0001
- Subject:
- Economics and Finance, Financial Economics, Public and Welfare
Because of lower fertility and the various advances in terms of medicine, the number of people over 60 will have raisen from 500 million in 1990 to about 1.4 billion in 2030. If seen on a global ...
More
Because of lower fertility and the various advances in terms of medicine, the number of people over 60 will have raisen from 500 million in 1990 to about 1.4 billion in 2030. If seen on a global scale, the issue of population ageing may give rise to various economic problems. As compared to when life expectancy was still relatively low, a large portion of the population will have claims to a share of a particular output in spite of not being about to provide labour sufficient enough to maintain their incomes. One of the major issues in both advanced and Third World countries will then involve how to organize this type of system while retaining economic growth and efficiency. In taking the political and financial risks into account, the resulting option as well as its consequences for pension fund development will significantly affect the financial system's structure.Less
Because of lower fertility and the various advances in terms of medicine, the number of people over 60 will have raisen from 500 million in 1990 to about 1.4 billion in 2030. If seen on a global scale, the issue of population ageing may give rise to various economic problems. As compared to when life expectancy was still relatively low, a large portion of the population will have claims to a share of a particular output in spite of not being about to provide labour sufficient enough to maintain their incomes. One of the major issues in both advanced and Third World countries will then involve how to organize this type of system while retaining economic growth and efficiency. In taking the political and financial risks into account, the resulting option as well as its consequences for pension fund development will significantly affect the financial system's structure.
Christopher Balding
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199842902
- eISBN:
- 9780199932498
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199842902.001.0001
- Subject:
- Economics and Finance, Financial Economics
Sovereign wealth funds are a dynamic and sizeable force in international finance. There is surprisingly little information about their history, economics, investments, and politics. This book seeks ...
More
Sovereign wealth funds are a dynamic and sizeable force in international finance. There is surprisingly little information about their history, economics, investments, and politics. This book seeks to provide a better understanding of sovereign wealth funds beginning with their history and their evolution from small stabilization funds into major institutional investors. Then the book turns to the economics and finance of sovereign wealth funds seeking to understand the unique challenges facing states that establish sovereign wealth funds and how well they accomplish their task of stabilizing small oil dependent states and managing surplus capital reserves. Despite the focus on the potential for sovereign wealth funds to leverage their financial capital into foreign policy influence, the political ramifications of concentrated public wealth is demonstrated through distorted local economies and stunted domestic politics. Using a variety of case studies from major and unique sovereign wealth fund states coupled with an analysis of their historical, economic, and financial framework, this books lays out a framework of the challenges facing sovereign wealth funds and their founding states.Less
Sovereign wealth funds are a dynamic and sizeable force in international finance. There is surprisingly little information about their history, economics, investments, and politics. This book seeks to provide a better understanding of sovereign wealth funds beginning with their history and their evolution from small stabilization funds into major institutional investors. Then the book turns to the economics and finance of sovereign wealth funds seeking to understand the unique challenges facing states that establish sovereign wealth funds and how well they accomplish their task of stabilizing small oil dependent states and managing surplus capital reserves. Despite the focus on the potential for sovereign wealth funds to leverage their financial capital into foreign policy influence, the political ramifications of concentrated public wealth is demonstrated through distorted local economies and stunted domestic politics. Using a variety of case studies from major and unique sovereign wealth fund states coupled with an analysis of their historical, economic, and financial framework, this books lays out a framework of the challenges facing sovereign wealth funds and their founding states.
Chris Jones
- Published in print:
- 2005
- Published Online:
- July 2005
- ISBN:
- 9780199281978
- eISBN:
- 9780191602535
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199281971.001.0001
- Subject:
- Economics and Finance, Public and Welfare
Important results in the applied welfare literature are used to extend a conventional Harberger cost-benefit analysis. A conventional welfare equation is obtained for marginal policy changes in a ...
More
Important results in the applied welfare literature are used to extend a conventional Harberger cost-benefit analysis. A conventional welfare equation is obtained for marginal policy changes in a general equilibrium economy with tax distortions. It is extended to accommodate internationally traded goods, time, income taxes, and non-tax distortions, including externalities, non-competitive behaviour, public goods, and price-quantity controls. The welfare analysis is developed in stages, and where possible is explained using diagrams, to make it more amenable to the different institutional arrangements encountered in applied work. Computable welfare expressions are solved using demand-supply elasticities. In a conventional cost-benefit analysis, lump sum transfers are used to separate the welfare effects of individual policy variables. This is important because it allows policy evaluation to be divided across specialist agencies. These transfers are carefully examined to identify the important role played by the marginal social cost of public funds (MCF) in policy evaluation when governments balance their budgets with distorting taxes. This book separates income effects for marginal policy changes in the shadow value of government revenue. As a scaling coefficient that converts efficiency effects into dollar changes in private surplus, it makes income effects irrelevant in single (aggregated) consumer economies, and conveniently isolates distributional effects in heterogeneous consumer economies. This decomposition is used to test for Pareto improvements, and to examine the separate, but related roles of the shadow value of government revenue and the MCF in applied work.Less
Important results in the applied welfare literature are used to extend a conventional Harberger cost-benefit analysis. A conventional welfare equation is obtained for marginal policy changes in a general equilibrium economy with tax distortions. It is extended to accommodate internationally traded goods, time, income taxes, and non-tax distortions, including externalities, non-competitive behaviour, public goods, and price-quantity controls. The welfare analysis is developed in stages, and where possible is explained using diagrams, to make it more amenable to the different institutional arrangements encountered in applied work. Computable welfare expressions are solved using demand-supply elasticities. In a conventional cost-benefit analysis, lump sum transfers are used to separate the welfare effects of individual policy variables. This is important because it allows policy evaluation to be divided across specialist agencies. These transfers are carefully examined to identify the important role played by the marginal social cost of public funds (MCF) in policy evaluation when governments balance their budgets with distorting taxes. This book separates income effects for marginal policy changes in the shadow value of government revenue. As a scaling coefficient that converts efficiency effects into dollar changes in private surplus, it makes income effects irrelevant in single (aggregated) consumer economies, and conveniently isolates distributional effects in heterogeneous consumer economies. This decomposition is used to test for Pareto improvements, and to examine the separate, but related roles of the shadow value of government revenue and the MCF in applied work.
David B. Resnik
- Published in print:
- 2009
- Published Online:
- January 2009
- ISBN:
- 9780195375893
- eISBN:
- 9780199866632
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195375893.001.0001
- Subject:
- Philosophy, Moral Philosophy
This book examines the relationship between science and politics and argues for a balance between scientific independence and government oversight and control. It uses ethical theories and historical ...
More
This book examines the relationship between science and politics and argues for a balance between scientific independence and government oversight and control. It uses ethical theories and historical case studies to argue for the autonomy of science within limits. The autonomy of scientists should be restricted only for a compelling social purpose, and restrictions should be the minimum necessary to achieve this purpose. The autonomy of scientific organizations may be restricted if the social benefits of restriction outweigh the harms. There are a variety of legitimate reasons for restricting the autonomy of scientific organizations and institutions, including promoting health and safety, protecting the environment, ensuring financial accountability, promoting research integrity, protecting human and animal research subjects, and establishing fair employment practices. The government should enact restrictions that benefit society while doing minimal damage to the progress and objectivity of science. Government oversight of science should be appropriately balanced, well‐measured, and fair. The first three chapters of the book develop a conceptual framework for thinking about government restrictions on the autonomy of science. The last six chapters of the book apply this framework to different situations, including government science advice, government funding of research, national security issues, research with human subjects, and science education.Less
This book examines the relationship between science and politics and argues for a balance between scientific independence and government oversight and control. It uses ethical theories and historical case studies to argue for the autonomy of science within limits. The autonomy of scientists should be restricted only for a compelling social purpose, and restrictions should be the minimum necessary to achieve this purpose. The autonomy of scientific organizations may be restricted if the social benefits of restriction outweigh the harms. There are a variety of legitimate reasons for restricting the autonomy of scientific organizations and institutions, including promoting health and safety, protecting the environment, ensuring financial accountability, promoting research integrity, protecting human and animal research subjects, and establishing fair employment practices. The government should enact restrictions that benefit society while doing minimal damage to the progress and objectivity of science. Government oversight of science should be appropriately balanced, well‐measured, and fair. The first three chapters of the book develop a conceptual framework for thinking about government restrictions on the autonomy of science. The last six chapters of the book apply this framework to different situations, including government science advice, government funding of research, national security issues, research with human subjects, and science education.
Steffen Hindelang
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780199572656
- eISBN:
- 9780191705540
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199572656.001.0001
- Subject:
- Law, EU Law
The book presents a coherent doctrinal construction of the EC Treaty provisions on free movement of capital in a third-country context with a focus on direct investment. The respective regime ...
More
The book presents a coherent doctrinal construction of the EC Treaty provisions on free movement of capital in a third-country context with a focus on direct investment. The respective regime applicable to intra-Community capital movement serves as a point of reference and a benchmark and, thus, is also part of a substantial review. The central question of the study is: What rights does a private market participant, engaged in cross border direct investment originating from or directed to a non EC Member State, enjoy by virtue of Article 56 EC et seqq.? The book argues that in principle, the provisions on free movement of capital apply the same liberal standards irrespective of whether intra-Community or third country direct investment is involved. Hence, those who participate in third country direct investment enjoy essentially the same guarantees by virtue of the provisions on free movement of capital as those active in intra-Community direct investment. The book's subject matter is highly topical and of considerable relevance. Currently, neo protectionist ideas are on the rise within the Member States of the EC. The Member States face considerable problems in acclimating themselves to increasing inward direct investment originating from developing and emerging market countries. Scepticism increases, at times bordering on irrational blunt hostility, if an investment is placed by a so called sovereign wealth fund headquartered in an emerging market. Political opinion after a very emotional debate has been strong enough that some Member States have started tightening their regulatory framework on foreign direct investment. However, such protectionist regulatory measures restricting the admission and treatment of foreign direct investment cannot be imposed ad libitum. They must be measured against the freedom of capital movement.Less
The book presents a coherent doctrinal construction of the EC Treaty provisions on free movement of capital in a third-country context with a focus on direct investment. The respective regime applicable to intra-Community capital movement serves as a point of reference and a benchmark and, thus, is also part of a substantial review. The central question of the study is: What rights does a private market participant, engaged in cross border direct investment originating from or directed to a non EC Member State, enjoy by virtue of Article 56 EC et seqq.? The book argues that in principle, the provisions on free movement of capital apply the same liberal standards irrespective of whether intra-Community or third country direct investment is involved. Hence, those who participate in third country direct investment enjoy essentially the same guarantees by virtue of the provisions on free movement of capital as those active in intra-Community direct investment. The book's subject matter is highly topical and of considerable relevance. Currently, neo protectionist ideas are on the rise within the Member States of the EC. The Member States face considerable problems in acclimating themselves to increasing inward direct investment originating from developing and emerging market countries. Scepticism increases, at times bordering on irrational blunt hostility, if an investment is placed by a so called sovereign wealth fund headquartered in an emerging market. Political opinion after a very emotional debate has been strong enough that some Member States have started tightening their regulatory framework on foreign direct investment. However, such protectionist regulatory measures restricting the admission and treatment of foreign direct investment cannot be imposed ad libitum. They must be measured against the freedom of capital movement.
Arad Reisberg
- Published in print:
- 2007
- Published Online:
- January 2009
- ISBN:
- 9780199204892
- eISBN:
- 9780191709487
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199204892.003.0008
- Subject:
- Law, Company and Commercial Law
This chapter examines four possible avenues to rectify the economic impediments to derivative actions. The first two focus on short-term solutions and involve the company and the claimant ...
More
This chapter examines four possible avenues to rectify the economic impediments to derivative actions. The first two focus on short-term solutions and involve the company and the claimant shareholder. Section 7.2.1 considers making a mandatory requirement for the company to pay the costs of the action. Section 7.2.2 then looks at the merits and demerits of rewarding the shareholder with part of the proceeds of a successful action. The last two sections concentrate on solutions in which the risk of loss is shifted on to the claimant's attorney. Section 7.3 explores new possibilities in the guise of conditional fee agreements; Section 7.4 assesses the possibility of adopting a US-style contingency fees in the limited context of derivative actions. Section 7.5 concludes.Less
This chapter examines four possible avenues to rectify the economic impediments to derivative actions. The first two focus on short-term solutions and involve the company and the claimant shareholder. Section 7.2.1 considers making a mandatory requirement for the company to pay the costs of the action. Section 7.2.2 then looks at the merits and demerits of rewarding the shareholder with part of the proceeds of a successful action. The last two sections concentrate on solutions in which the risk of loss is shifted on to the claimant's attorney. Section 7.3 explores new possibilities in the guise of conditional fee agreements; Section 7.4 assesses the possibility of adopting a US-style contingency fees in the limited context of derivative actions. Section 7.5 concludes.
Martin Benninghoff and Dietmar Braun
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780199590193
- eISBN:
- 9780191723445
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199590193.003.0003
- Subject:
- Business and Management, Public Management, Knowledge Management
This chapter examines the changes that have taken place in the political organization of research and its possible consequences for research behaviour and research performance by analysing a specific ...
More
This chapter examines the changes that have taken place in the political organization of research and its possible consequences for research behaviour and research performance by analysing a specific corporate actor, the Swiss National Science Foundation (SNSF) as Switzerland's main funding agency, and its funding instruments. First, it briefly presents the position of the SNSF in the Swiss public science system. It discusses the establishment of the SNSF in the early 1950s then analyses the institutionalization of three funding instruments that characterize the key changes in governance rationales during the second part of the 20th century.Less
This chapter examines the changes that have taken place in the political organization of research and its possible consequences for research behaviour and research performance by analysing a specific corporate actor, the Swiss National Science Foundation (SNSF) as Switzerland's main funding agency, and its funding instruments. First, it briefly presents the position of the SNSF in the Swiss public science system. It discusses the establishment of the SNSF in the early 1950s then analyses the institutionalization of three funding instruments that characterize the key changes in governance rationales during the second part of the 20th century.
Barry Eichengreen
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780199257430
- eISBN:
- 9780191698453
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199257430.001.0001
- Subject:
- Economics and Finance, Financial Economics
This book provides a critical assessment of the official sector's efforts to manage more effectively financial crises in emerging markets. The book reviews international initiatives on both the ...
More
This book provides a critical assessment of the official sector's efforts to manage more effectively financial crises in emerging markets. The book reviews international initiatives on both the crisis prevention and crisis resolution fronts. While crises will always be with us, it concludes that good progress has been made in limiting their spread and strengthening the international financial system. Ironically, however, official sector initiatives in this area may in fact have made life more difficult for the poorest countries. Initiatives to limit the incidence of crises and threats to the stability of the international financial system should therefore be linked to an increase in development assistance designed to offset the extra burdens on the poorest countries. The other place where official efforts have fallen short is in creating new ways of resolving crises. The book argues that the old way — the official sector financing through the International Monetary Fund — is part of the problem, not part of the solution.Less
This book provides a critical assessment of the official sector's efforts to manage more effectively financial crises in emerging markets. The book reviews international initiatives on both the crisis prevention and crisis resolution fronts. While crises will always be with us, it concludes that good progress has been made in limiting their spread and strengthening the international financial system. Ironically, however, official sector initiatives in this area may in fact have made life more difficult for the poorest countries. Initiatives to limit the incidence of crises and threats to the stability of the international financial system should therefore be linked to an increase in development assistance designed to offset the extra burdens on the poorest countries. The other place where official efforts have fallen short is in creating new ways of resolving crises. The book argues that the old way — the official sector financing through the International Monetary Fund — is part of the problem, not part of the solution.
Roy C. Smith and Ingo Walter
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195171679
- eISBN:
- 9780199783618
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195171675.003.0006
- Subject:
- Economics and Finance, Microeconomics
This chapter explores the critical role of institutional investors as fiduciaries and in the governance of public companies. These institutions have more frequently encountered agency conflicts as ...
More
This chapter explores the critical role of institutional investors as fiduciaries and in the governance of public companies. These institutions have more frequently encountered agency conflicts as the complexities of their businesses (managing pension funds, mutual funds, and 401ks of various types for both corporate and individual accounts) and competitive pressures have increased. They are powerful players in exercising control rights. As an industry, they can make the difference between governance successes and failures.Less
This chapter explores the critical role of institutional investors as fiduciaries and in the governance of public companies. These institutions have more frequently encountered agency conflicts as the complexities of their businesses (managing pension funds, mutual funds, and 401ks of various types for both corporate and individual accounts) and competitive pressures have increased. They are powerful players in exercising control rights. As an industry, they can make the difference between governance successes and failures.
Roger M. Barker
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199576814
- eISBN:
- 9780191722509
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199576814.003.00011
- Subject:
- Business and Management, International Business, Corporate Governance and Accountability
The empirical evidence examined in this book is highly supportive of the idea that economic rents play a key role in determining the degree of association between partisanship and corporate ...
More
The empirical evidence examined in this book is highly supportive of the idea that economic rents play a key role in determining the degree of association between partisanship and corporate governance change in nonliberal market economies. Economic rents are the key factor that mould the preferences of political parties vis‐à‐vis corporate governance policy, and determine the ability of such policy to translate into changes in firm‐level corporate governance outcomes.Less
The empirical evidence examined in this book is highly supportive of the idea that economic rents play a key role in determining the degree of association between partisanship and corporate governance change in nonliberal market economies. Economic rents are the key factor that mould the preferences of political parties vis‐à‐vis corporate governance policy, and determine the ability of such policy to translate into changes in firm‐level corporate governance outcomes.
Barry Eichengreen
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780199257430
- eISBN:
- 9780191698453
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199257430.003.0006
- Subject:
- Economics and Finance, Financial Economics
This chapter comments on the international community's crisis prevention and crisis resolution efforts. It suggests that though a variety of initiatives have been successful, two gaps remain. One is ...
More
This chapter comments on the international community's crisis prevention and crisis resolution efforts. It suggests that though a variety of initiatives have been successful, two gaps remain. One is addressing the problems of the poorest countries because several elements of the so-called new international financial architecture have created further obstacles to their road to economic development. The other gap involves creating alternatives to bailouts for resolving crises in order to ease the pressure on the International Monetary Fund to extend to financial assistance.Less
This chapter comments on the international community's crisis prevention and crisis resolution efforts. It suggests that though a variety of initiatives have been successful, two gaps remain. One is addressing the problems of the poorest countries because several elements of the so-called new international financial architecture have created further obstacles to their road to economic development. The other gap involves creating alternatives to bailouts for resolving crises in order to ease the pressure on the International Monetary Fund to extend to financial assistance.
Sharan Jagpal
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195371055
- eISBN:
- 9780199870745
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195371055.003.0022
- Subject:
- Business and Management, Marketing
This chapter shows how the firm can use marketing-finance fusion to evaluate mergers and acquisition strategies. It examines the potential gains from mergers, the history of mergers and acquisitions, ...
More
This chapter shows how the firm can use marketing-finance fusion to evaluate mergers and acquisition strategies. It examines the potential gains from mergers, the history of mergers and acquisitions, the effect of private equity firms and hedge funds on merger activity and merger performance, and the special problems posed by international mergers. In particular, it shows how buying and selling firms can objectively value brands by combining game theory and data from choice-based experiments.Less
This chapter shows how the firm can use marketing-finance fusion to evaluate mergers and acquisition strategies. It examines the potential gains from mergers, the history of mergers and acquisitions, the effect of private equity firms and hedge funds on merger activity and merger performance, and the special problems posed by international mergers. In particular, it shows how buying and selling firms can objectively value brands by combining game theory and data from choice-based experiments.
Roderick Martin, Peter D. Casson, and Tahir M. Nisar
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199202607
- eISBN:
- 9780191707896
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199202607.003.0005
- Subject:
- Business and Management, Finance, Accounting, and Banking
Private equity funds contribute heavily to the performance of the firms in which they invest beyond the provision of capital. Through detailed examination of seven case studies of private equity ...
More
Private equity funds contribute heavily to the performance of the firms in which they invest beyond the provision of capital. Through detailed examination of seven case studies of private equity funds and portfolio companies, this chapter shows how private equity funds provide ‘commercial savvy’ and international connections to the companies in which they invest, as well as sector-specific knowledge. The funds may involve themselves in areas traditionally considered as matters of concern to investors, such as corporate strategy, and in matters normally considered the province of managers, such as innovation and employee skill development.Less
Private equity funds contribute heavily to the performance of the firms in which they invest beyond the provision of capital. Through detailed examination of seven case studies of private equity funds and portfolio companies, this chapter shows how private equity funds provide ‘commercial savvy’ and international connections to the companies in which they invest, as well as sector-specific knowledge. The funds may involve themselves in areas traditionally considered as matters of concern to investors, such as corporate strategy, and in matters normally considered the province of managers, such as innovation and employee skill development.
Toni Hustead
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199573349
- eISBN:
- 9780191721946
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199573349.003.0008
- Subject:
- Business and Management, Public Management, Pensions and Pension Management
Most US federal retirement plans are now fully funded, but since plan assets must legally be invested in federal securities, fund surpluses are used to reduce overall federal budget deficits. As a ...
More
Most US federal retirement plans are now fully funded, but since plan assets must legally be invested in federal securities, fund surpluses are used to reduce overall federal budget deficits. As a result, current taxpayers are not charged with the cost of future federal retirement obligations. Nevertheless, federal rules do require the employing federal agency to budget for current personnel’s accruing liability of retirement promises. Therefore, policy decisions regarding the number of federal civilian and military personnel and the design of their retirement benefits may be made with a better understanding of the costs.Less
Most US federal retirement plans are now fully funded, but since plan assets must legally be invested in federal securities, fund surpluses are used to reduce overall federal budget deficits. As a result, current taxpayers are not charged with the cost of future federal retirement obligations. Nevertheless, federal rules do require the employing federal agency to budget for current personnel’s accruing liability of retirement promises. Therefore, policy decisions regarding the number of federal civilian and military personnel and the design of their retirement benefits may be made with a better understanding of the costs.
Milada Anna Vachudova
- Published in print:
- 2005
- Published Online:
- April 2005
- ISBN:
- 9780199241194
- eISBN:
- 9780191602382
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241198.003.0009
- Subject:
- Political Science, European Union
Ten new members, eight of them post-communist states, joined the EU on 1 May 2004. This chapter takes up three issues that will shape the future of an enlarged EU. First, the EU’s active leverage has ...
More
Ten new members, eight of them post-communist states, joined the EU on 1 May 2004. This chapter takes up three issues that will shape the future of an enlarged EU. First, the EU’s active leverage has had a substantial impact on the political and economic institutions of the new members: has it promoted robust democratic institutions and a vigorous economy, as I have argued, or did it in fact undermine them? Second, the endgame of the negotiations forced unfavourable terms of accession onto the new members: will these unfavourable terms translate into a permanent second-class status? Or will the new members, bargaining hard to improve their position and importing diversity, bring European integration to a standstill? I argue that both concerns are overblown. Third, why did the EU decide to enlarge to these eight post-communist states, and how much further it is likely to go? The EU’s active leverage has been working in parts of the Western Balkans and in Turkey, and it could work elsewhere. The costs of foreclosing future membership for countries such as Turkey, Ukraine, or Belarus could be substantial, yet EU elites and publics are far from reconciled to further enlargements.Less
Ten new members, eight of them post-communist states, joined the EU on 1 May 2004. This chapter takes up three issues that will shape the future of an enlarged EU. First, the EU’s active leverage has had a substantial impact on the political and economic institutions of the new members: has it promoted robust democratic institutions and a vigorous economy, as I have argued, or did it in fact undermine them? Second, the endgame of the negotiations forced unfavourable terms of accession onto the new members: will these unfavourable terms translate into a permanent second-class status? Or will the new members, bargaining hard to improve their position and importing diversity, bring European integration to a standstill? I argue that both concerns are overblown. Third, why did the EU decide to enlarge to these eight post-communist states, and how much further it is likely to go? The EU’s active leverage has been working in parts of the Western Balkans and in Turkey, and it could work elsewhere. The costs of foreclosing future membership for countries such as Turkey, Ukraine, or Belarus could be substantial, yet EU elites and publics are far from reconciled to further enlargements.
Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199288144
- eISBN:
- 9780191603884
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199288143.003.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter introduces the book and lays out the key questions of macroeconomic policy. Economists differ greatly in their views and policy prescriptions. All economic policies, though, have ...
More
This chapter introduces the book and lays out the key questions of macroeconomic policy. Economists differ greatly in their views and policy prescriptions. All economic policies, though, have trade-offs. Policy choices come with risks, and the risks involve different beneficiaries and victims. Political processes play a key role in macroeconomic policy just as they do in most arenas of economic decision-making. If there were no alternative policies, or if one approach were best for everyone, then we could leave the design of economic policy to domestic and international technocrats and bureaucrats. But there are always alternatives and trade-offs so choices are political in nature and cannot be left to technocrats.Less
This chapter introduces the book and lays out the key questions of macroeconomic policy. Economists differ greatly in their views and policy prescriptions. All economic policies, though, have trade-offs. Policy choices come with risks, and the risks involve different beneficiaries and victims. Political processes play a key role in macroeconomic policy just as they do in most arenas of economic decision-making. If there were no alternative policies, or if one approach were best for everyone, then we could leave the design of economic policy to domestic and international technocrats and bureaucrats. But there are always alternatives and trade-offs so choices are political in nature and cannot be left to technocrats.
