Voucher funds in transitional economies : the Czech and Slovak experience

Voucher funds have arisen in the transitional economies of Eastern and Central Europe that have used voucher privatization. These funds collect vouchers from citizens and use them to buy shares in enterprises. In the Czech and Slovak Republics, voucher funds are typically organized as corporations owned by the citizens who contributed their vouchers. Recently, they have also been organized as unit trusts (either open-ended or closed). A management company manages the funds under a contract that specifies the management fee. The management company is typically owned by the initial sponsor of the fund - for example, a bank. Voucher funds can give owners a diversified and professionally managed portfolio. More important, the funds select who sits on an enterprise's governance boards (which oversee management and profitability). Although experience is limited, the funds in these two countries have probably stopped most fraud and self-serving by enterprise mangers and are beginning to encourage the restructuring needed for profitability. A few funds have replaced poorly performing or dishonest managers; more often, because qualified replacements are few, they encourage managers to improve performance. There have been complaints about funds'performance. Some have made unrealistic promises to voucher holders and have appointed poorly qualified members to management boards. There is concern about conflicts of interest in the bank-sponsored funds and excessive control of enterprises. Funds typically lack capital or expertise to undertake restructuring - but few other potential owners are likely to be better qualified. The author examines 27 regulations that have been proposed for funds. Regulations in transitional economies, unlike regulations in most western countries, should encourage funds to play a strong role in corporate governance, he contends, as few potential owners have this ability. Most important, regulations should require that funds disclose information about their operations so their owners can monitor and control fund managers. The regulatory regime, the author says, should discourage monopolies and anticompetitive behavior; create incentives for fund managers to improve fund performance; discourage self-serving or fraudulent behavior by fund managers, and conflicts of interest; and eliminate high-risk investments unacceptable to fund owners. Because there is so little experience with these funds, the regulatory regime should not be unduly restrictive. As problems arise, regulations to deal with them can be added.International Terrorism&Counterterrorism,Economic Adjustment and Lending,Economic Theory&Research,Agricultural Knowledge&Information Systems,Payment Systems&Infrastructure

DSM-PM2 adequacy for distributed constraint programming

As Redes de alta velocidade e o melhoramento rápido da performance dos microprocessadores fazem das redes de computadores um veículo apelativo para computação paralela. Não é preciso hardware especial para usar computadores paralelos e o sistema resultante é extensível e facilmente alterável. A programação por restrições é um paradigma de programação em que as relações entre as variáveis pode ser representada por restrições. As restrições diferem das primitivas comuns das outras linguagens de programação porque, ao contrário destas, não específica uma sequência de passos a executar mas antes a definição das propriedades para encontrar as soluções de um problema específico. As bibliotecas de programação por restrições são úteis visto elas não requerem que os programadores tenham que aprender novos skills para uma nova linguagem mas antes proporcionam ferramentas de programação declarativa para uso em sistemas convencionais. A tecnologia de Memoria Partilhada Distribuída (Distributed Shared Memory) apresenta-se como uma ferramenta para uso em aplicações distribuídas em que a informação individual partilhada pode ser acedida diretamente. Nos sistemas que suportam esta tecnologia os dados movem-se entre as memórias principais dos diversos nós de um cluster. Esta tecnologia poupa o programador às preocupações de passagem de mensagens onde ele teria que ter muito trabalho de controlo do comportamento do sistema distribuído. Propomos uma arquitetura orientada para a distribuição de Programação por Restrições que tenha os mecanismos da propagação e da procura local como base sobre um ambiente CC-NUMA distribuído usando memória partilhada distribuída. Os principais objetivos desta dissertação podem ser sumarizados em: - Desenvolver um sistema resolvedor de restrições, baseado no sistema AJ ACS [3], usando a linguagem ”C', linguagem nativa da biblioteca de desenvolvimento paralelo experimentada: O PM2 [4] - Adaptar, experimentar e avaliar a adequação deste sistema resolvedor de restrições usando DSM-PM2 [1] a um ambiente distribuído assente numa arquitetura CC-NUMA; /ABSTRACT - High-speed networks and rapidly improving microprocessor performance make networks of workstations an increasingly appealing vehicle for parallel computing. No special hardware is required to use this solution as a parallel computer, and the resulting system can be easily maintained, extended and upgraded. Constraint programming is a programming paradigm where relations between variables can be stated in the form of constraints. Constraints differ from the common primitives of other programming languages in that they do not specify a step or sequence of steps to execute but rather the properties of a solution to be found. Constraint programming libraries are useful as they do not require the developers to acquire skills for a new language, providing instead declarative programming tools for use within conventional systems. Distributed Shared Memory presents itself as a tool for parallel application in which individual shared data items can be accessed directly. In systems that support Distributed Shared Memory, data moves between main memories of different nodes. The Distributed Shared Memory spares the programmer the concerns of massage passing, where he would have to put allot of effort to control the distributed system behavior. We propose an architecture aimed for Distributed Constraint Programming Solving that relies on propagation and local search over a CC-NUMA distributed environment using Distributed Shared Memory. The main objectives of this thesis can be summarized as: - Develop a Constraint Solving System, based on the AJ ACS [3] system, in the C language, the native language of the experimented Parallel library - PM2 [4]; - Adapt, experiment and evaluate the developed constraint solving system distributed suitability by using DSM-PM2 [1] over a CC-NUMA architecture distributed environment

Integrated method to create optimal dynamic strategic plans for corporate technology start-ups

Thesis (S.M.)--Massachusetts Institute of Technology, Engineering Systems Division, 2009."June 2009." Cataloged from PDF version of thesis.Includes bibliographical references (p. 133-139).This thesis presents an innovative method for evaluating and dynamically planning the development of uncertain technology investments. Its crux centers on a paradigm shift in the way managers assess investments, toward an approach that incorporates uncertainty in the beginning phases of planning instead of first choosing a plan and then considering the effect of risk. By proactively identifying critical uncertainties and "purchasing" flexibility to handle them, management can increase the value of the start-up technology. The method builds on extensive literature in corporate venture capital (CVC), opportunity identification, and opportunity development, to present a new integrated approach that: 1. Explicitly identifies the synergies between an investing company and an opportunity, and articulates the new value network created through a Technology-Implement-Commercialization (TIC) linkage framework. 2. Develops the opportunities articulated in the TIC networks using a tool that identifies current and goal positions for a set of critical issues, and states the critical uncertainties. 3. Combines the outcomes of the TIC and opportunity development steps in a decision analysis of the possible development paths. The result is a recommended dynamic strategy that invests initially in some form of flexibility to enable program directors to avoid paths that eventually appear unproductive, while seizing opportunities that develop along the course of the project. The thesis demonstrates the approach by applying it to a start-up project in solar concentrators, done from the perspective of a corporate sponsor.(cont.) The purpose of this case study is to provide a comprehensive guide to the process used in the new method. While extensive effort was dedicated to creating a representative and reasonably accurate assessment, the analysis and numbers are neither authoritative nor exhaustive. The goal, indeed a major contribution of the thesis, is to provide a teaching tool to aid future use of the innovative planning and valuation method.by Samir Omar Mikati.S.M

Solar power satellite system definition study. Volume 2, phase 1: Systems analyses tradeoffs.

A systems definition study of the solar power satellite system is presented. The satellite solar energy conversion and microwave power transmission systems are discussed. Space construction and support systems are examined including a series construction and equipment characteristics analysis. Space transportation for the satellite and the ground receiving station are assessed

Walking the tightrope: UN peacekeeping operations and durable peace: do they actually contribute

Contains fulltext : 47142.pdf (Publisher’s version ) (Open Access)Radboud Universiteit Nijmegen, 23 maart 2006Promotores : Pauwels, A., Frerks, G.417 p