Governance and resource interaction in networks. The role of venture capital in a biotech start-up

This paper examines venture capital (VC) governance in innovation processes. The VC literature often presents the relationship between a VC firm and a start-up as dyadic and analyzes it with agency theory. In contrast, this paper deploys the resource interaction framework presented in Håkansson and Waluszewski (2002) to governance and innovation in networks. The paper reports an in-depth case study of Pyrosequencing, a Swedish biotech firm financed with VC. The results from this study reveal how the relationship between a VC and a start-up company is embedded in a wider network and how the governance of the VC spreads in the surrounding network and influences a start-up's possibilities to develop organizational and technical resource interfaces to critical counterparts such as suppliers and customers.     

Community resilience to long-term tourism decline and rejuvenation: a literature review and conceptual model

Studied for decades in disciplines such as ecology, psychology, engineering and sociology ‘resilience’ can be defined as a system's ability to withstand and respond to change. The tourism literature has embraced the concept of community resilience by harnessing concepts of adaptive capacity and vulnerability. Many of these studies have focused on the tourism system's ability to respond to short-term disasters and hazards. With the growth of resilience studies in tourism, it is timely to take stock of the core premise of resilience as it is applied to tourism and to identify key gaps in current research. Consequently, this research aims to identify the core concepts of community resilience, with a focus on its application within tourism. The findings reveal that many studies have been conceptual, although there are an increasing number of empirical studies underpinned by resilience theory. Therefore, a conceptual model is presented to broaden existing resilience research and to guide future research into community resilience to tourism decline and rejuvenation.     

Dancing in the dark: post-trade anonymity,liquidity and informed trading

We analyze the impact of post-trade anonymity on liquidity and informed trading in an order driven stock market. The German stock market introduced the Central Counterparty (CCP) in March 2003 for German equities traded on its anonymous electronic trading platform Xetra leading to a major change in its existing transparency regime. Before the introduction trader IDs were revealed to the counterparties of a trade, with the introduction of the CCP even after the transaction the traders remain anonymous. Previous theoretical and empirical research documents that pre-trade anonymity results in increased liquidity, while results on post-trade anonymity are mixed. We find a significant increase in liquidity measured through a reduction of 25% in implicit transaction costs. We also document that the arrival rate of informed traders is reduced in the anonymous setting. Following recent findings of Bloomfield et al. (J Finan Econ 75:165–199, 2005) that informed traders take on the role of liquidity providers we interpret our findings as indication that informed traders change their behavior in providing liquidity more aggressively in an anonymous environment.     

Pig pandemic: Industrial hog farming in eastern Mexico

Industrial hog farming is an increasingly important land use in Mexico. Despite the known public health and environmental risks associated with this factory-style model of production, hog concentrated animal feeding operations (CAFOs) remain unregulated. Legal standards regarding the establishment and operation of swine CAFOs are lacking at municipal, regional, and federal levels. There are currently no restrictions on the size, concentration, or geographic location of operations, and public notice to surrounding and downstream communities is generally not required. These lax environmental standards facilitate swine CAFO expansion in regions such as the Perote Valley, with potential for negative long-term impacts on public health, community well-being, water resources, ecosystems, and climate.     

EEG 2017 — Mehr Markt bei der Erneuerbare-Energien-Förderung?

Within four years now, the German Renewable Energy Resources Act (EEG) has been amended in 2016 for the third time. The main point of the current reform is the extension of bidding schemes to determine the remuneration of renewable power generation. The articles analyses whether or not the expected decrease in costs and improvement of deployment control could ever occur, and considers the critique of thwarting the energy transition and jeopardising the diversity of actors involved in the industry.     

International Norms,Power and the Politics of International Administration: The Kosovo Case

This article examines the practices of governance enacted within the framework of the international administration of Kosovo, which was established in 1999. I analyse the complex interplay between power and the liberal-democratic norms around which the UN-led mission defined its role in the province. The international administration exercised significant power in the legal/institutional reconstruction of the province, and in its systematic attempts to socialise Kosovars into accepting Western-based norms of liberal democracy as the only reasonable foundation of their polity. At the same time, however, the norms advocated by the international administration proved to be the source of a certain degree of power for the people of Kosovo. Specifically, those norms provided the framework within which Kosovars were able to criticise the international administration, and to claim the right to greater participation in decisions regarding the province. Over the past couple of years, Kosovo has witnessed the emergence of a shared normative framework within which the international administrators and Kosovar political elites articulate often competitive truth claims about the problems of the province, and mobilise different forms of power in support of those claims.     

Utilizing a Value of Information Framework to Improve Ore Collection and Classification Procedures

This case study utilizes a value of information decision framework to provide mine managers guidance regarding the purchase of ore grade scanners. LKAB's Kiruna mine produces three types of iron ore to meet long-term contractual agreements on a monthly basis. There is a priori uncertainty regarding the ore type in any given mineable section of the orebody. In addition, there is extracted ore type uncertainty that is introduced by the mining process. These uncertainties are better understood by obtaining more precise (real-time) information. In addition, a better understanding of the uncertainties can improve the quality of operational decisions and increase the overall profitability of the mine. This case study provides a framework for measuring the economic impact of information purchases in a mining context and discusses the implications of those findings.     

Proposal for a capital market-based guaranty scheme for the financial industry

In this paper, we introduce a capital market-based financial guaranty system as an alternative to current insurance guaranty funds and deposit insurance systems. The guaranty system secures clients’ claims for the event of default by the financial company using a special purpose vehicle which issues bonds to investors. The proposed system, analogous to a credit-linked note, consists of one guaranty vehicle for each financial company. In a first step, we present equations in order to derive the two main input parameters of the special purpose vehicle: the premium and the principal. Subsequently, we analyze the impact of different investment actions taken by the financial companies protected by the guaranty vehicle on various shortfall measures. We find that it will be necessary to restrict the investment volume of investors from the financial industry in order to avoid systematic risk within the proposed guaranty scheme. By deriving practical implications, we show that the capital market-based solution has some key benefits compared to current deposit insurance and insurance guaranty schemes.