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51.
We present a model of (re)elections in which an incumbency advantage arises because the incumbent can manipulate issue salience by choosing inefficient policies in the policy dimension in which he is the stronger candidate. The voters are uncertain about the state of the world and the incumbent's choice of policy. Under complete information they would reelect the incumbent if and only if the state is sufficiently high. Undesirable policy outcomes may be due to either a bad state or the incumbent's choice of inefficient policies. The incumbent uses inefficient policies in intermediate states, whereby he creates uncertainty about the true state in such a way that voters are better off in expectation reelecting him. Hence the equilibrium exhibits an incumbency advantage that stems from asymmetric information and the use of inefficient policies.  相似文献   
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Rapidly growing motorisation has led to high levels of traffic congestion and emissions and has encouraged large Chinese metropolitan areas to invest in subway developments. The financial burden of these projects, however, far exceeds the availability of available public funds. As a consequence, the Chinese government has started to allow local governments with public–private partnerships (PPP) and private finance to supplement the funding deficit. Analysts often claim that countries have to fulfil certain institutional and other pre-conditions before they can make effective use of PPP. In this article, China’s record in meeting those requirements is examined and conclusions are drawn as to where the remaining weaknesses lie. Seven recent PPP projects for subways in five large metropolitan areas in China (Shanghai, Beijing, Shenzhen, Chongqing and Harbin) are investigated empirically. Conclusions are drawn concerning China’s current status regarding the use of PPP, the way it has been adapted to China’s financial, institutional and geographical context and the likely prospects for PPP in China in the future.  相似文献   
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If Vladimir Put in returns as planned to the presidency in 2012,he will once again face the challenge of modernizing the Russian economy. This is something both he and his seat-warmer, Dmitri Medvedev,have failed to achieve during three consecutive presidential terms. A meeting  相似文献   
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Following the 1997/1998 financial crisis, Indonesian banks experienced major regulatory changes, including the adoption of the blanket guarantee scheme (BGS) in 1998, a limited guarantee (LG) in 2005, and changes in capital regulation in 1998 and 2001. We examine the impact of these regulatory changes on market discipline during the period 1995-2009. The price of deposits is used to measure market discipline in a dynamic panel data methodology on a sample of 104 commercial banks. We find a weakening of market discipline following the introduction of the BGS. The result is consistent with the deposit insurance scheme being credible in the lower capital requirement environment. The adoption of LG in a recovering economy also mitigates the role of market discipline. However, market discipline is more pronounced in listed banks than unlisted banks and in foreign banks than domestic banks. These results have important implications for banking regulation and supervision, particularly during a crisis period.  相似文献   
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The agricultural sector, as an important source of greenhouse gas (GHG) emissions, is under pressure to reduce its contribution to climate change. Decisions on financing and regulating agricultural GHG mitigation are often informed by cost‐effectiveness analysis of the potential GHG reduction in the sector. A commonly used tool for such analysis is the bottom‐up marginal abatement cost curve (MACC) which assesses mitigation options and calculates their cumulative cost‐effective mitigation potential. MACCs are largely deterministic, typically not reflecting uncertainties in underlying input variables. We analyse the uncertainty of GHG mitigation estimates in a bottom‐up MACC for agriculture, for those uncertainties capable of quantitative assessment. Our analysis identifies the sources and types of uncertainties in the cost‐effectiveness analysis and estimates the statistical uncertainty of the results by propagating uncertainty through the MACC via Monte Carlo analysis. For the case of Scottish agriculture, the uncertainty of the cost‐effective abatement potential from agricultural land, as expressed by the coefficient of variation, was between 9.6% and 107.3% across scenarios. This means that the probability of the actual abatement being less than half of the estimated abatement ranged from <1% (in the scenario with lowest uncertainty) to 32% (in the scenario with highest uncertainty). The main contributors to uncertainty are the adoption rate and abatement rate. While most mitigation options appear to be ‘win–win’ under some scenarios, many have a high probability of switching between being cost‐ineffective and cost‐effective.  相似文献   
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All public corporations must make a choice regarding board leadership structure. Advocates of more effective corporate governance argue for independent board leadership; yet many firms choose instead to allow the CEO to serve as board chairperson (CEO duality). This study examines the differential financial implications of these choices for 141 corporations over a 6-year time period. Results indicate significant differences in performance between the two groups along a number of performance measures; more specifically, firms opting for independent leadership consistently outperformed those relying upon CEO duality.  相似文献   
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Corporate failure is the subject of considerable academic debate since the 1960s. Failure in the retail sector receives less attention however. This paper addresses the notion of blame in corporate failure. Reference to A Goldberg and Sons, a failed retailer, exemplifies the discussion. Prior to bankruptcy in 1990, this firm was a successful Scottish department store and clothing retailer. The study takes a historical approach, using in-depth interviews, archival material, and other secondary data sources. Findings reveal that, despite warning signs from various key performance indicators and external reviews, the company's board failed to act appropriately. A series of bad strategic decisions contributed to the company's failure. In line with theories of blame attribution, through their (in)actions, the board's negligence played a major role in the firm's demise.  相似文献   
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