In Capital in the Twenty-First Century, Thomas Piketty argues that capitalism can generate arbitrary and unsustainable levels of inequality. He proposes a host of measures to alter the institutions ...of capitalism to create a more just social order. Piketty's analytical framework, however, assumes away the reasons for the very existence of the institutions he intends to modify. In addition, Piketty treats capital as a homogeneous entity. In the real world, there is no such thing as "capital" apart from the concrete and specific forms it takes. Capital has both a time structure and a goods structure, with varying degrees of specificity within those structures. The price system, along with other institutions, coordinates the capital structure of an economy. Without heterogeneity of capital, there are no coordination problems, and without coordination problems, there is no need for the institutions of capitalism. In this sense, Capital in the Twenty-First Century is prescription without diagnosis.
Based on micro panel data for industrial companies, we estimate factor demand models with electricity, other energy, labour and machine capital as flexible inputs using both the translog and the ...linear logit specification. As opposed to the few previous micro (cross-section) data studies we find that both electricity and other energy are complements with capital. Substitution between electricity and other energy is limited. The own-price elasticity for electricity is −0.21 in the translog model and −0.19 in the linear logit model. The corresponding own-price elasticities are −0.45 and −0.23 for other energy, −0.08 and −0.05 for labour and −0.45 and −0.34 for capital.
In this study, the optimal value of a tax on capital inflows is estimated so that private agents internalize the social costs of their borrowing decisions in an economy with financial constraints. A ...key feature of our model is that we provide a theoretical foundation to tax level differentiation by asset volatility. Using Colombian data for the 1996–2011 period (which includes the crisis of 1998–1999), we find the tax would be around 1.2 %.
The main motive of business operations of any bank is to achieve the highest profit possible and utilise it to increase dividends to shareholders, as well as to create conditions to increase their ...financial and credit potential by reinvesting in shares. The most important quality indicator of a loan portfolio is the share of non-performing loans to total operating assets and liabilities. In the first quarter of 2013, a trend of increasing non-performing loans in the legal entities sector increased by 2.6%, while there was stagnation with the population, i.e. slight decrease. The main objective of this paper is to examine the impact of the global financial crisis on the movement tendency of non-performing loans in the banking market in B&H, and their interdependence with the movement of profitability indicators by a simple regression equation.
"Stakeholder Politics is an indispensable read for corporate leaders struggling with complex stakeholder interests and relationships. Robert Boutilier has produced a clear theoretical framework, ...supported by solid research and on-the-ground practice in tough environments. He has built a solid bridge between theory and practice, while contributing to the much-needed intensification of collaboration among the main actors in our economy."
TONY DEAN
Former Cabinet Secretary, Head of the Ontario Public Service, and Fellow-in-Residence, School of Public Policy and Governance, University of Toronto
Chopra and Ziemba (J. Portf. Manag. 19: 6–11,
1993
) show that for asset only allocations the return forecasts are more important than assumptions about the variance-covariance matrix of the returns. ...Following Basse et al. (ZVersWiss 96: 617–648,
2007
) the same holds true for the asset liability management (ALM) of insurance companies. Given the high quotas of bonds in the real as well as optimized insurance portfolios, interest rate forecasts are of exceptional importance. Therefore this paper examines some of these estimates for the European market using techniques of time series analysis. A set of criteria for the evaluation of the forecasts is presented. While some results seem to be quite favorable for forecasters, others indicate that none of the analyzed forecasts seems to provide relevant information about the future development. There is lot of evidence showing that interest rates are very difficult to predict. Some hints clearly point towards herd behavior among forecasters.
Firm success is dependent, to a degree, on a marketing manager’s ability to develop social capital within the firm’s global network. A model is developed employing individual social capital (both ...internal and external) as the foundation for three types of firm level social capital (i.e., customer, business partner and governing agency) resident in a firm’s global network. It is theorized that customer, business partner and governing agency social capital provide a basis for enhancing customer value delivery and thus firm performance. Specific marketing management strategies necessary for the development of each type of firm level social capital, as well as the benefits derived from each type of social capital are presented. This analysis raises a number of previously unexplored research issues concerning the nature and scope of social capital in a firm’s global network and how social capital can be employed in a global marketplace.
Avtorica v prispevku preučuje povezave med neformalnim izobraževanjem odraslih in razvojem socialnega kapitala v lokalnem okolju. Ugotavlja, kako izobraževalni program za odrasle UŽU Izzivi podeželja ...prispeva k ustvarjanju soci- alnega kapitala na podeželju. V ta namen najprej opredeli osnovno terminologijo: definira podeželje, socialni kapital in predstavi izobraževalni program UŽU Izzivi podeželja. Empirični del temelji na kvalitativni analizi. Na primeru neformalnega izobraževalnega programa za odrasle UŽU Izzivi podeželja je bila izvedena primerjalna analiza med skupino oseb, ki niso bile vključene v program UŽU Izzivi po- deželja, in udeleženci programa. Pokazalo se je, da obstajajo nekatere razlike glede posameznih elementov socialnega kapitala. Največje razlike se kažejo v socialnih omrežjih in normah recipročnosti.
This work shows that the collapse of socialist employment and social service systems - and of the USSR itself - has had profoundly damaging effects, manifested in dislocation and homelessness, ethnic ...strife, family breakdown, declining life expectancy, and soaring rates of violence and crime.
Funding of university spin-off companies Sørheim, Roger; Widding, Lars Øystein; Oust, Martin ...
Journal of small business and enterprise development,
01/2011, Volume:
18, Issue:
1
Journal Article
Peer reviewed
Purpose - During the last decade, there has been an increasing focus on commercialization of knowledge and technology from universities. However, universities report financing as being the main ...impediment to successful university spin-off companies (USOs) creation, leaving valuable inventions un-commercialized. The purpose of this paper is to develop a conceptual model in order to explain financing challenges experienced by USOs.Design methodology approach - This paper presents a conceptual model illustrating financing challenges met by USOs, and provides an explanation why TTOs report that obtaining financing is their biggest impediment to spin-off creation. Two different theoretical perspectives back this conceptual development: Knightian uncertainty and agency theory.Findings - This theoretical examination suggests that increasing levels of uncertainty affect the investor's willingness to fund new companies in a negative way. Through the literature review, clear indications were also found for the increased uncertainty with which USOs are faced. It is therefore natural to conclude that investors are more reluctant to invest in USOs because of the level of uncertainty compared with other entrepreneurial companies.Research limitations implications - This study made a generalization of USOs as a homogeneous group of companies, which is an oversimplification. Further research should address how different business models, types of resources and their institutional link affect USOs' capital requirements and their problems in raising the required capital.Originality value - The main contribution from this paper is the combination of theoretical insights from the concepts of Knightian uncertainty and agency theory. These combined with insights from previous empirical studies explain why USOs face specific challenges in order to raise risk capital.
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