On syndicate composition, corporate structure and the certification effect of credit ratings

We assess the relative importance of ratings versus stock exchange listings in reducing information asymmetry using a dataset of syndicated loans to public and private firms in the UK. We find that the certification effect of ratings is largest for private firms and that syndicates are smallest if firms are privately held or unrated. Moreover, we find that the marginal effect of being stock exchange listed is insignificant once these firms are rated. Exploiting the heterogeneity among lenders, we find that especially foreign bank and non-bank investors do not provide capital if firms are unrated. Our paper highlights the information produced by rating agencies as an important mechanism by which ratings improve access to capital. Our results also emphasize the importance of syndicate moral hazard on the supply of uninformed capital: bank-borrower relationships significantly increase the loan share syndicated to investors particularly if firms are not listed and unrated.     

Klachten over Handelsvrijheid

Tets over nieuw op te richten stoomvaartlijnen, doormr. B. M. Bahlmann. Het adres van enkele vereenigingen en steenfabrikanten aan de beide Kamers der Staten-Generaal. Het oude stelsel van vrijen Handel en het moderne protectionisme, doormr. C. E. Godée. Vrijhandel of bescherming? doorJ. Spée.     

Labour-Market Outcomes of Older Workers in the Netherlands: Measuring Job Prospects Using the Occupational Age Structure

This paper analyses changes in job opportunities of older workers in the Netherlands in the period 1996–2010. The standard human capital model predicts that, as a result of human capital obsolescence, mobility becomes more costly when workers become older. We measure and interpret how changing job opportunities across 96 occupations affect different age and skill groups. Older workers end up in shrinking occupations, in occupations with a lower share of high-skilled workers, in occupations facing a higher threat of offshoring tasks abroad, more focus on routine-intensive tasks and less rewarding job content. This process is not only observed for the oldest group of workers, but for workers aged 40 and above. Observing older workers in declining occupations is to a large extent a market outcome, but declining job opportunities in terms of less satisfying working conditions and job tasks and content could potentially raise incentives to retire early.     

The contribution of scenario analysis to the front-end of new product development

The front-end of new product development involves the identification and analysis of product or service opportunities, idea generation, and the selection of new product and service concepts. It is often referred to as non-routine, dynamic, and highly uncertain. Authors have made attempts to improve the manageability of this phase by proposing several methods and techniques. This paper explores the possible contribution of scenario analysis to increase the quality and effectiveness of the front-end of new product development process by linking a set of functions of scenario analysis as is recognized in the literature as possible solutions to various front-end problems. Two case studies are used to explore if and how the scenario analysis functions contribute to the front-end of new product development process in an empirical setting.     

Towards a New Standard Employment Relationship in Western Europe

This paper examines critically the concept of the standard employment relationship (SER), differentiating between form and substance. It explores the social functions served by the SER and its evolution in western Europe. Six major causes underpinning changes in the employment relationship are explored and the contours of a new more flexible SER developed. Two further social functions are added: equal access for men and women to the employment system, and increased internal flexibility in the workplace.     

Funktionen homogener Markoffscher Ketten als homogene bzw. inhomogene Markoffsche Ketten

Summary In this paper is considered a functionf of a finite-state, homogeneous Markov chain {X _n, n=1,2,...}. Sufficient and necessary conditions are derived that {X _n). n=1,2,...} is a homogeneous or inhomogeneous Markov chain. Furthermore the case is considered that {f (X _n), n=1,2,...} is Markovian whatever the initial dist