Less Livestock in North-western Europe? Discourses and Drivers Behind Livestock Buyout Policies

Direct intervention in the size of livestock numbers is not considered a main option in European agri-environmental policies nor in policy studies. Nevertheless, the governments of the Netherlands and Flanders (Belgium) have announced livestock buyout schemes. This article contributes to the scarce literature on this policy instrument by sketching the characteristics of different types of buyout schemes. We analyse how the issue of reducing livestock numbers is being framed in four EU Member States with high livestock dense regions: the Netherlands, Belgium (Flanders), Denmark and Germany. While the debate on ‘technology versus volume’ can be observed in all four countries, the ‘nitrogen crises’ in the first two has led to a reframing of concerns over livestock numbers in relation to place-based deterioration of habitats and the possibility of granting permits for new economic activities, rather than as a global issue of mitigating climate change. Pre-existing institutional frameworks influence the introduction and design of new buyout policies. In the context of high political pressure, existing policies to close down farms were reinforced and nutrient emission rights systems offered the opportunity to take production rights out of the market. Notwithstanding the policies and available budgets, the issue of direct intervention to reduce livestock numbers remains controversial.     

The Effects of Fiscal Policy in a Small Open Economy with a Fixed Exchange Rate

We study the empirical effects of fiscal policy in Denmark since the adoption of a fixed exchange rate policy in 1982. Denmark’s fixed exchange rate implies that the nominal interest rate remains fixed after a fiscal expansion, facilitating a substantial impact of the fiscal stimulus on the real economy. On the other hand, the large degree of openness of the Danish economy means that a sizeable share of the fiscal stimulus will be directed towards imported goods. Our results suggest that the ‘monetary accomodation channel’ dominates the ‘leakage effect’ in the short run. We demonstrate that fiscal stimulus has a rather large impact on economic activity in the very short run, with a government spending multiplier of 1.1 on impact in our preferred specification. We also find that the effects of fiscal stimulus are rather short-lived in Denmark, with the effect on output becoming insignificant after around two years. The fiscal multiplier is above 1 only in the first quarter, and drops to 0.6 one year after the shock. We also find that in the short run, the government spending multiplier is larger than the tax multiplier. Finally, we demonstrate that exogenous shocks to government spending account for less than 10 % of the movements in output over the business cycle in Denmark.     

The role of implied volatility in forecasting future realized volatility and jumps in foreign exchange,stock, and bond markets

We study the forecasting of future realized volatility in the foreign exchange, stock, and bond markets from variables in our information set, including implied volatility backed out from option prices. Realized volatility is separated into its continuous and jump components, and the heterogeneous autoregressive (HAR) model is applied with implied volatility as an additional forecasting variable. A vector HAR (VecHAR) model for the resulting simultaneous system is introduced, controlling for possible endogeneity issues. We find that implied volatility contains incremental information about future volatility in all three markets, relative to past continuous and jump components, and it is an unbiased forecast in the foreign exchange and stock markets. Out-of-sample forecasting experiments confirm that implied volatility is important in forecasting future realized volatility components in all three markets. Perhaps surprisingly, the jump component is, to some extent, predictable, and options appear calibrated to incorporate information about future jumps in all three markets.     

Identifying and Acting on Early Warning Signs in Complex Projects

We consider identification of early warning signs (EWS) in projects. Project professionals are not good at detecting or acting on EWS. Barriers that lead to this are identified. The nature of EWS and their detection change with the evolving situation. Project assessments, typically part of gateways, are useful in identifying EWS connected to the formalities of the project. As complexity increases, assessments have more limited use, and the project is increasingly dependent on detecting EWS by informal “gut feeling.” Thus, knowledge, experience, and communication skills are increasingly important in complex situations. We conclude with a list of early warning signs.     

The effects of removing the Trondheim toll cordon

This article presents the effects of removing the Trondheim toll cordon, which was closed after nearly 15 years of operation on December 31, 2005. The traffic levels, measured as vehicles per hour, in 2006 are compared to traffic levels in 2005. The evaluation also covers the effect on the retail market and possible environmental effects. We also seek to investigate what the traffic levels would have been today if the cordon had still been in operation. We find that the closing of the Trondheim toll cordon has lead to increased traffic levels in the peak hours, with an average increase of 11.3% in the former charging hours of 06:00–18:00. On an average, the hours between 14:00 and 18:00 experienced an increase in traffic of 15.5%, whilst traffic in the evenings and nights decreased. Model results suggest that the removal of the toll cordon has caused the private car to increase its modal share at the expense of passengers per car, public transport and cycling/walking. The increase in the total number of trips would have been more uniformly distributed among the alternatives if the toll cordon had still been in operation.     

Private Firms and Corporate Governance: An Integrated Economic and Management Perspective

This article provides a definition of corporate␣governance and highlights the challenges in adapting understanding of governance to the privately-held firm. We emphasize the need to develop the scope of governance in privately-held firms beyond the traditional agency theory focus in the financial economics literature relating to large publicly-listed corporations. There is a need to draw on and integrate an array of theoretical perspectives from both economics and other social science disciplines as well. We present a schematic model of corporate governance which places the contributions presented in the special issue in context and which serves as a guide to highlighting gaps in the research base. We review the principal issues relating to corporate governance in privately-held firms which relate to: governance in different organizational contexts (institutional context; the industrial sector within which the firm finds itself, the ownership context of the firm, and the stage within the firm’s life-cycle); the scope of corporate governance; and other internal governance mechanisms to be considered We identify areas for further research on corporate governance in privately-held firms with respect to processes of governance, organizational contexts, assumptions about the owners, executive remuneration, financial reporting, the nature of the dependent variable relating to the expected outcome of different approaches to governance and various methodological issues. We suggest a need to develop governance codes for privately-held firms that are flexible enough to take account of the different types of governance needs of firms at different stages in their life-cycle.      

Governance Systems in Family SMEs: The Substitution Effects between Family Councils and Corporate Governance Mechanisms

The main objective of this paper is to explore the role of family councils vis‐à‐vis corporate governance mechanisms. Particularly, the paper explores whether family councils perform only their distinctive family governance role or if they also substitute for the roles performed by corporate governance control mechanisms. Based on a sample of 243 Italian family SMEs, our research findings show that the family council partially substitutes the shareholders' meeting and the board of directors in playing their respective corporate governance roles of ownership and monitoring. These findings are interpreted in the light of both agency and relational perspectives.     

Theoretical Perspectives on the Internationalization of Firms

The purpose of this article is to build a coherent framework of the four main theories relating to the internationalization of firms, in order to facilitate better business teaching and research. Yet, theories of the internationalization of firms are broad and rest on different underlying assumptions. With the purpose of clarifying the potential for integration of partial theories and fragments in a more logically connected theoretical area, this article offers a meta‐theoretical overview of four perspectives within international business economics: Research and its related background, basic assumptions, study area, and implications of the theories in the internationalization of the firm.     

Internal Performance Measurement Systems: Problems and Solutions

This article pursues two aims: to identify problems and dangers related to the operational use of internal performance measurement systems of the Balanced Scorecard (BSC) type and to provide some guidance on how performance measurement systems may be designed to overcome these problems. The analysis uses and extends Nørreklit's (2000) critique of the BSC by applying the concepts developed therein to contemporary research on the BSC and to the development of practice in performance measurement. The analysis is of relevance for many companies in the Asia-Pacific area as an increasing numbers of them are implementing the BSC.