Motivations and performance of public to private transactions： An international study

This article deals with the motivations and the different sources of value from public to private transactions in Europe, USA and Asia from 2000 to 2007. We determine eight main motivations （tax savings, incentive realignment, control, free cash flow, growth of prospects, transaction costs, takeover defence and undervaluation）. Then, we evaluate the shareholder wealth by measuring the offered premiums and the CAAR （cumulative average abnormal return）. Finally, we analyse the impact of public to private to the wealth shareholder. The main sources for firms from going private are incentive realignment, free cash flow （mostly for Asia）, the economy of cost transaction and undervaluation. Furthermore, taxation benefit is a source of wealth effects for Asia and family blockholder （for the control hypothesis） is significant for Europe. Premiums and CAAR are the most important for the USA and Asia. The main observation that we have made is that Asia gets the same behavior as the USA.     

Power,Intergroup Conflicts and Social Stratification in the United States: What has the Global Crisis Taught us?

Abstract

Drawing on early sociological analyses of how power and intergroup conflicts can affect the development of modern economies, this paper investigates how the recent Global Crisis (GC) has affected the stratification of the US society. The paper argues that the consumerist society has reinforced the historical stratification of social identities with white men in high-paid, high-social status managerial and financial occupations at the top, and black women in low-paid, low-status service occupations at the bottom. This paper calls for a deconstruction of the neoliberal individual into a unique combination of identities in a stratified capitalist society in order to reveal how social stratification has evolved during the GC. The paper finally concludes on the importance of heterogeneous identities in reflecting the diversity of societal and economic interests in order to address the issues of financial stability and sustainability at the corporate and societal levels.     

Major issues concerning pharmaceutical policies in the third world

Estimates indicate that total expenditures on drugs in developing countries would reach a magnitude of US $200 billion by the year 2000. In order to meet these requirements, developing countries would have to rationalize - individually and in cooperation among themselves - their pharmaceutical supply system, improving service technology and choices regarding the selection, procurement and distribution of drugs, as well as enhancing production possibilities and strengthening their capacity regarding transfer, application and development of technology in the pharmaceutical sector.     

A rationale for public intervention in disruptive technological development: public policy tools as trust-enabling mechanisms

This paper discusses how actors engage in knowing, testing and developing a new technology option in a situation of uncertainty about its potentialities. We demonstrate that two kinds of trust-enabling mechanisms help actors cope with the uncertainty: promise-securing mechanisms and judgement-enabling mechanisms. Our central argument is that public policy tools can play the role of such trust-enabling mechanisms. By analysing the attempt to change the paradigm in the electronic industry based on Moore's law from a clock to a clockless design, we show that they enabled key stages to unfold: building a community of interest around a common language and conventions, fostering exploration in specific frameworks, and developing collaborative projects around demonstrators up until the determination of a standard and the setting-up of the infrastructures.     

Cooperators and reciprocators: A within-subject analysis of pro-social behavior

We perform a within-subject analysis of pro-social behavior in the public-good and gift-exchange game. We find that participants classified as cooperators in the public-good game tend to reciprocate higher wages in the gift-exchange game with higher levels of effort. Non-cooperators do not exhibit such tendency. Both types offer similar wages.