An Ethnographic Perspective on Urban Planning in Brazil: Temporality,Diversity and Critical Urban Theory

This article provides an ethnographic perspective on urban planning by presenting the creative practices of marginalized slum residents in Recife, Northeast Brazil, who are affected by planners’ decisions. It argues that such a perspective contributes to current critical urban theory in three ways. First, while many studies of urban planning follow the temporality of the timeframe of a particular project (‘project time’), this analysis emphasizes the timeframe of the lives of the affected residents (‘people's time’). Second, it attends to diversity, taking account of the variety of affected residents and the diverse consequences of urban planning on their lives. Third, it shows how urban interventions — similar to marriage, divorce, the birth of children and the death of loved ones — are high-impact life events for the urban poor. Finally, the article assesses the engagement between ethnography and critical urban theory and argues in favour of ‘grounding’ the latter better in the analysis of actual practices and experiences.     

Self-Governance As a Mode of Societal Governance

This article explores the concept of self-governance. Self-governance refers to the capacity of social entities to govern themselves autonomously and, as such, is an important mode of societal governance in modern society. However, the nature of'self-governance'and its actual and potential contribution to societal governance in modern society are not (yet) fully understood. Therefore, two perspectives on self-governance as a mode of societal governance are dis-cussed: a system-oriented perspective thatfocuses on the operational closure of systems; and an actor-oriented perspective that stresses the situational dependency of the actual possibilities for making use of self-governance. A third, interactional, approach is added that stresses the need to understand societal interactions in their full complexity, dynamics and diversity, in which self-governing capacities are tapped.     

International investment positions revisited: Investor heterogeneity and individual security characteristics

This paper contributes to the literature by empirically documenting the importance of investor heterogeneity and security level characteristics for international investment positions. We estimate a standard gravity model to explain holdings in individual bonds and stocks for euro area investors covering 2013Q4–2018Q4. First, our results confirm the importance of market size and distance, but there are significant differences between banks, insurance companies and pension funds, investment funds, households and other investors. Second, we show the statistical significance and economic relevance of security characteristics such as currency, bond maturity and dividend yield. Third, the results are robust to including domestic holdings.     

The Myth of Formality in the Global North: Informality‐as‐Innovation in Dutch Governance

Why has urban informality in the global North received so little attention? We suggest that this neglect can be explained in part by the tendency of scholarship to reproduce the myth of Northern formality: the widely held belief that informality occurs only in corrupt and clientelist ‘developing countries’. This myth has allowed activities and connections that would generally be framed as clientelist or corrupt in the global South to be rebranded as policy innovation in Western Europe and North America. In this brief paper, we challenge the myth of Northern formality by focusing on two empirical cases of informality in Dutch governance that demonstrate how the state frames the toleration and deliberate use of informality as policy innovations. Specifically, we focus on strategic, uncodified and non‐transparent deviation from legal procedure in order to achieve compliance and/or effectiveness. Relying on ethnographic methods and secondary sources, we discuss firstly the governance of Amsterdam's red light district and secondly participatory infrastructure projects in the surrounding province of North Holland. The first case highlights the strategic non‐enforcement or non‐application of laws, while the second case points to the use of personalized relationships and non‐transparency in participatory governance.     

Columbia Law School Roundtable on A Governance Research Agenda for the Academy

Since Jensen and Meckling's formulation of the theory of “agency costs” in 1976, corporate finance and governance scholars have produced a large body of research that attempts to identify the most important features and practices of effective corporate governance systems. But for all the research that has been done in the past 40 years, many practitioners continue to see a disconnect between theory and practice, between the questions researched and the questions that need to be answered. In this roundtable, Martijn Cremers begins by challenging the conventional view that limiting “agency costs” is the main challenge confronted by boards of directors in representing shareholder interests and, hence, the proper focus of most governance scholarship. Especially in today's economy, with the high values assigned to growth companies, the most important function of corporate governance may instead be to overcome the problem of American “short termism” that he attributes to “inadequate shareholder commitment to long‐term cooperation.” And he buttresses his argument with the findings of his own recent research suggesting that obstacles to the workings of the corporate control market like staggered boards and supermajority voting requirements may actually improve long‐run corporate performance by lengthening the decision‐making horizon of boards and the managements they supervise. Vik Khanna discusses Indian Corporate Social Responsibility (CSR) spending and its effects in light of a recent law requiring Indian companies of a certain size to devote at least 2% of their after‐tax profit to CSR initiatives. One unintended effect of this mandate, which took effect in 2010, was that all Indian companies that were spending more than the prescribed 2% of profits cut their expenditure back to that minimum, suggesting that CSR and advertising are substitutes to some extent, and that such legal mandates can discourage CSR spending by early adapters or “leaders.” Nevertheless, Khanna also found evidence of social norms developing in support of CSR, including a spreading perception that such spending can help some companies achieve strategic goals. Jeff Gordon closes by arguing that, to the extent investors are short‐sighted, their short‐sightedness is likely to be justified by their recognition that public company directors have neither the information nor the incentives to do an effective job of monitoring corporate managements. The best solution to the problems with U.S. corporate governance is to replace today's “thinly informed” directors with “activist” directors who more closely resemble the directors of private‐equity owned firms. Such directors would spend far more time with, and be much more knowledgeable about, corporate management and operations—and they would have much more of their personal wealth at stake in the form of company stock.     

Real exchange rate changes as a cause of protectionism

Summary In this article, the various ways in which a real appreciation of the exchange rate can induce an increase in the overall or sector-specific level of protection are surveyed. In a normative framework, a real appreciation can justify temporary government interference, including trade policy, aimed at protecting (part of) the traded-goods sector. In addition, a positive approach of political decision-making on protection has been applied in order to explain actual government behaviour. After a real appreciation the balance of influence between the interest groups involved will change in such a way that an increase in the level of protection results.This paper is part of the research project Exchange-rate policy and monetary policy in international dependence. I am indebted to the participants in that project, and especially to Henk Jager and Eelke de Jong, for their comments on an earlier version of this paper.     

New development: Breaking out or hanging on? Internal audit in government

Public audit is in transition. On the one hand, professional organizations claim it is time ‘to break out’ and develop new roles for auditors that ‘add more value’. On the other hand, critics are concerned about public sector accountability deficits necessitating more control and urging auditors to hold on to their traditional role. This article discusses tensions and relevance between these positions and their implications for auditing in government. The article will help policy-makers in their strategic decision-making on the role and focus of internal audit in government.     

Private transaction costs of participation in water quality improvement programs for Australia's Great Barrier Reef: Extent,causes and policy implications

The direct private cost to landholders of participating in programs that result in improved farming activities (IFAs) is generally well understood. However, the private indirect or transaction costs, such as the cost of a landholder's time and the expense to learn about IFAs and apply for assistance to implement these changes on‐farm, are not so well understood. Where these have been studied, they have been shown to be extensive. We assess the extent and causes of private transaction costs incurred by sugarcane growers participating in the Australian Government's Reef Rescue scheme which pays farmers to adopt environmentally beneficial farm management practices. Utilising a mail‐out‐mail‐back survey of 110 growers, we found that the average total transaction cost per farm of participating in the program was AU$8389. The average total transaction costs per farm as a percentage of the average funding provided was 38 per cent. We also assessed which type of improved farming activity (soil, nutrient, pest or water management) generated the greatest transaction costs and how landholder characteristics such as bounded rationality, opportunism and social connection impacted on the extent of transaction costs.     

Stakeholders’ Information Needs,Cost System Design,and Cost System Effectiveness in Dutch Local Government

This study examines the relationships between stakeholders’ information needs, cost system design, and cost system effectiveness in local government, using a dataset of survey responses from 71 Dutch municipalities. Three cost system design characteristics are examined: (a) the complexity and (b) the inclusiveness of cost systems, and (c) their understandability for non‐financial internal users. These characteristics are shown to be only partly related to each other, and to differ in the extent to which they are related to the information needs of internal and external stakeholders, as well as to three cost system effectiveness characteristics.