An optimal incentive contract to venture capitalist

This paper aims to study the principal-agent relationship between investors and venture capitalists （VCs）, makes research on the moral hazard issues under this relationship, and how to design an effective incentive mechanism to avoid it. By constructing a new incentive model, this paper provides the reference for investors to establish a reasonable payment contract. The designed incentive contract is a kind of dominant consecutive payment mode, which plays a strong incentive role to the VCs, in addition, it also requires the VCs to invest certain capital to the project, which can effectively prevent the slapdash action of VCs, and reduce the agent cost of investors.     

研究资本主义经济危机的新视角

资本主义世界经济体系客观存在着经济危机。发达国家向新兴工业化国家转嫁经济危机、金融危机已成为现实。从维护国家政治经济安全出发 ,应引起警惕     

Venture capitalist monitoring: Evidence from governance structures

We examine the impact of venture capitalist (VC) involvement, quality and exit on corporate governance structures at the time of and subsequent to an initial public offering (IPO). Venture capital backed firms utilize governance structures with greater levels of monitoring at the time of an IPO compared to non-backed firms, but this difference begins to dissipate over time. While short-lived, IPOs backed by high quality VCs have greater overall monitoring levels than those IPOs backed by low quality VCs. IPOs backed by high quality VCs use significantly more equity-based compensation than their low quality counterparts. Finally, the exit of a VC materially alters the governance structure of firms. Measures of governance decline following the departure of a venture capital firm. Overall, the presence of a venture capitalist affects governance structures of firms both at the IPO and through the early years as public firms.     

The role of venture capitalist to enhance the growth of Spanish and Italian university spin-offs

The establishment of spin-offs to commercialise university knowledge/technology is a potential mechanism to promote economic and innovative development. Nevertheless, University Spin-Offs (USOs) are usually resource-constrained, especially in obtaining funding, limiting their growth. Venture Capital (VC) investors play an important role in the financing and the improvement of their managerial skills, which are critical for firm growth. This paper aims to explore both the effect of VC partners on the USOs’ growth and the cross-national differences in the role played by them. To study both issues, we empirically analysed 516 Spanish and 904 Italian USOs created by 50 Spanish and 57 Italian universities, respectively, and observed them between 2005 and 2013. The results showed different effects in the Spanish and Italian cases. While in Spain the presence of VC partners positively affects the USOs’ growth, in Italy there is not a significant effect. This evidence calls for systematic policies by public administrations and universities to foster USO growth.     

Capital gains tax V. the venture capitalist

Does Capital Gains Tax frustrate the venture capitalist? Anthony joy, of CINVen, argues that CGT mesns that individual entreneurs suffer while companies go free of tax.     

Venture capitalist participation and the post-issue operating performance of IPO firms

Previous studies have identified the value-added potential of venture capitalist monitoring in the initial public offering (IPO) market. We test this proposition by comparing the post-issue operating performance of venture capitalist-backed IPOs with a matched sample of non-venture capitalist-backed IPOs. We find that venture capitalist-backed IPO firms exhibit relatively superior post-issue operating performance compared to non-venture capital-backed IPO firms. Further, the market appears to recognize the value of monitoring by venture capitalists as reflected in the higher valuations at the time of the IPO. Finally, we find that proxies for the quality of venture capitalist monitoring are positively related to post-issue operating performance.     

Market alternative to state activism in restoring the capitalist economy

The theory of economic transition is concerned less with the end product of building a capitalist economy than with intermediate solutions and the appropriate pace of institutional change. This article advances theoretical arguments on the advantages of a self-grown, evolutionary restoration of the capitalist economy in Eastern Europe or any country abandoning the socialist experiment.The article develops the point that of the two basic methods of setting up an economic order—the state or a market-type mechanism—only the latter can assure the emergence of a genuine, complete market. Further, it suggests that markets with self-interested individual actors at the center are not only superior to states in the allocation of scarce resources, be they economic or political, but are also the best vehicle for institution building.     

Citizenship and the right to the global city: reimagining the capitalist world order

This article joins many contemporary activists and scholars in criticizing and seeking alternatives to the ongoing neoliberalization of the global political economy. It sets out two main arguments: (1) in order to resist the growing control of capital over the global political economy, one important project is to develop new notions of citizenship that expand the decision‐making control of citizens; and (2) Henri Lefebvre's concept of ‘the right to the city’ is one particularly fertile set of principles on which to base such alternative citizenships because it resists and rethinks both traditional citizenship forms and capitalist social relations. The first part of the article outlines the context in which Lefebvre's ideas might be pursued by examining the contemporary destabilization of traditional citizenship and its relationship to global political and economic restructuring. The second part of the article develops more specifically the potential of Lefebvrian citizenship by constructing a theoretical sketch of one possible citizenship based on Lefebvre's idea: what I call the right to the global city. The article finishes by suggesting that the right to the city can be extended beyond the urban context. It points toward a new set of more democratic political relationships in which the power of inhabitants to shape the global political economy displaces the power of capital and the nation‐state. Cet article fait écho à nombre de militants et d'intellectuels contemporains critiquant la néolibéralisation actuelle de l'économie politique mondiale, et y cherchant des alternatives. Il expose deux arguments principaux: d'abord, pour résister au contrô le croissant du capital sur l'économie politique mondiale, un grand projet doit définir de nouvelles notions de citoyenneté qui permettent aux citoyens de mieux maîtriser les décisions; ensuite, le concept de ‘droit à la ville’ d'Henri Lefebvre est un ensemble particulièrement productif de principes utilisables pour asseoir ces citoyennetés alternatives, car il repousse et repense à la fois les formes de citoyenneté traditionnelles et les relations sociales capitalistes. La première partie de l'article délimite le cadre dans lequel les concepts de Lefebvre pourraient s'appliquer, en examinant la déstabilisation contemporaine de la citoyenneté classique et son lien avec la restructuration politico‐économique mondiale. La seconde partie développe le potentiel de la citoyenneté selon Lefebvre en ébauchant une possible citoyenneté théorique basée sur son idée: ce que j'appelle le droit à la ville mondiale. L'article se termine en suggérant que le droit à la ville peut s'étendre au‐delà du contexte urbain. Il vise un nouvel ensemble de relations politiques plus démocratiques où le pouvoir des habitants pour façonner l'économie politique mondiale supplante celui du capital et de l'Étatnation.     

Towards a political economy of urbanization in peripheral capitalist societies: problems of theory and method with illustrations from Latin America*

Les travaux théoriques récents en urbanisation ont tendance à supposer que les conditions historiques du capitalisme avancé sont universelles. Un objectif de cet article est d'aller à l'encontre de cette idée préconçue en démontrant la spécificité historique du capitalisme dans les sociétés sous-développées. Cette explication préliminaire est structurée autour de quatre éléments fondamentaux: i) la conquête et l'intégration dans une économic capitaliste mondiale; ii) l'impossibilité d'une accumulation industrielle autochtone; iii) un développement capitaliste sans transformation capitaliste; iv) l'impossibilité d'un développement socialiste sans un désengagement structurel de l'économie capitaliste mondiale. Il est proposé dans le contexte d'un capitalisme sous-développé, que ces quatre éléments fournissent une base nécéssaire et fondamentale pur toutes analyses futures de la problématique urbaine et régionale. Dans la seconde partie de cet article une évaluation critique est faite des diverses interprétations du processus d'urbanisation. Les travaux sur l'Amérique Latine qui relient la théorie de dépendance aux thèmes urbains ont droit à une attention particulière, et il est proposé qu'un problème majeur existe dans le peu d'attention donné à l'impérialisme et à la périodisation de l'accumulation du capital dans les sociétés capitalistes sous-développées. En dernier, quelques suggestions sont faites pour l'analyse de l'urbanisation péruvienne d'après-guerre. L'accent est porté sur la formulation d'une méthode théorique qui puisse intégrer la concentration spatiale accélérée du capital et de la main-d'?uvre à l'intérieure d'un processus généralisé de pénétration impérialiste et de développement capitaliste combiné et inégal.     

对“用户满意度”指数的几点分析The analysis of CSI

随着中国加入"WTO"的日期日益临近,国际通用的一些代号也频频出现在媒体上,望文生义的情况也时有发生,对"CSI"("用户满意度")指数的扩大应用,就是一例.