Post–Privatization Effects of Management and Employee Buy–outs

Management and employee buy–outs have played a significant role in the privatization of state–owned enterprises. Key research and policy issues are raised concerning whether insider ownership promotes or impedes restructuring and adaptation. This paper reviews and synthesizes studies of the effects of privatization management and employee buy–outs in both developed and transition economies. Trends in privatization buy–outs and conceptual issues concerning the expected effects of privatization buy–outs both in terms of performance and survival are discussed. A review of empirical evidence is presented in terms of the impact of buy–outs on employee attitudes, human resource management, strategy and restructuring, financial and economic performance, together with fresh evidence on survival. Privatization buy–outs can lead to significant restructuring but their impact depends on institutional context and policy. Restructuring may be greater where insiders purchase shares rather than acquiring them virtually free through voucher programmes.     

Techno-economic case study on dedicated RAN for an intelligent transportation system: impact of the legislation-driven costs

Intelligent Transportation Systems (ITS) aim at improving daily travel experience. There are many promising communication technologies that could provide some ITS services. So far they have been predominantly evaluated from the technical point of view. This paper contributes a techno-economic evaluation of a case study on dedicated Radio Access Network (RAN) for public ITS. We analyze, calculate and compare Capital (CapEx) and Operational Expenditures (OpEx) for four different ITS-enabling wireless technologies: Ultra High Frequency standard, Wi-Fi 802.11n, Dedicated Short Range Communications (DSRC) 802.11p and LTE. This paper expands our results from Grigoryev et al. (2015). Here, we discuss in more details RAN planning and generalize legislation-driven cost influence on CapEx for DSRC and LTE deployments.     

Legislative demands and economic realities: Company and group accounts compared

In many countries, not only one but several sets of accounts have to be prepared and disclosed by (holding) companies. This paper investigates the possibly different economic functions of these sets of accounts by looking at the German dual financial reporting system, in which company (single) and group (consolidated) accounts have to be published. Using a large number of accounting- and market-based metrics, we test whether single and group accounts display different properties and—if so—whether this finding can be explained by different economic roles played by both sets of accounts. Indeed, properties are found to differ. However, there is no evidence for single accounts being equally or more useful than group accounts in valuation and contracting. There is also no evidence that single accounts play a superior role in determining future dividend payouts or predicting default probabilities. Moreover, single accounts do not play an incremental role in fulfilling these functions either. Our results indicate that the factual role of single accounts is to provide the basis to compute taxable income. We do not consider this an economic function in its own right but, rather, as a legal requirement that can possibly be achieved by less costly means.