Information production in credit relationships : on the role of internal ratings in commercial banking

This paper discusses the role of internal corporate ratings as a means by which commercial banks condense their informational advantage and preserve it vis-à-vis a competitive lending market. In drawing on a unique data set collected from leading universal banks in Germany, we are able to evaluate the extent to which non-public information determines corporate ratings. As a point of departure, the paper describes a sample of rating systems currently in use, and points at methodological differences between them. Relying on a probit analysis, we are able to show that the set of qualitative, or soft, factors is not simply redundant with respect to publicly available accounting data. Rather, qualitative information tends to be decisive in at least one third of cases. It tends to improve the firms' overall corporate rating. In the case of conflicting rating changes, i.e. when qualitative and quantitative rating changes have opposing signs, quantitative criteria dominate the overall rating change. Furthermore, the more restrictive the weighting scheme as part of the rating methodology is, the stronger is the impact of qualitative information on the firms' overall rating. The implications of our results underline the need to define stringent rating standards, from both a risk management and a regulatory point of view. Revised edition published in: ZEW Wirtschaftsanalysen 2001, Bd 54, Baden-Baden, Nomo

Competition and Enterprise Performance in Transition Economies: Evidence from a Cross-country Survey

This paper uses a survey of 3,300 firms in 25 transition countries to shed light on the factors that influence restructuring by firms and their subsequent performance as measured by growth in sales and in sales per employee over a three-year period. We begin by surveying what a decade of transition has taught us about the factors that determine how firms respond to the new market environment. We go on to analyse the impact on performance of ownership, soft budget constraints, the general business environment and a range of measures of the intensity of competition as perceived by a firm. We find that competition has an important and non-monotonic effect on the growth of sales and of labour productivity: some degree of perceived market power is associated with higher sales growth, but competitive pressure is also important. Similar competition effects are found upon firms' decisions to develop and improve their products, but market power has an unambiguously negative impact on purely defensive (cost-reducing) restructuring activity. New firms have grown relatively fast, but among old firms ownership per se has no significant relationship to performance (though state-owned firms have engaged in significantly less development of new products). Soft budget constraints have a broadly negative and the business environment a broadly positive impact on restructuring and performance.http://deepblue.lib.umich.edu/bitstream/2027.42/39760/3/wp376.pd

Auntie knows best? public broadcasters and current affairs knowledge

Public service broadcasters (PSBs) are a central part of national news media landscapes. In many countries, PSBs are the first choice of citizens when it comes to news providers. And in perhaps more countries still, PSBs are thought of as specialists in provision of hard news. We test this proposition here using survey data from a large crossnational survey involving indicators of current affairs knowledge and media consumption. Specifically, we examine whether exposure to public versus commercial news influences the knowledge citizens possess about current affairs, both domestically and internationally. We also test, using propensity score analysis, whether there is variation across PSBs in this regard. Results indicate that compared to commercial news, watching PSB has a net positive influence on knowledge of hard news, though not all PSBs are equally effective in contributing to knowledge acquisition. This knowledge gap between PSB and commercial news media consumption appears to be mitigated by factors such as de jure independence,proportion of public financing, and audience share

The Cost of Affordable Housing Development in Oregon

The cost of new affordable housing has been a topic of intense scrutiny recently as the need for affordable housing across Oregon continues to significantly outpace the current system's ability to deliver additional units. Many people have questioned why costs for publicly subsidized affordable projects are as high as they are, and whether there are ways to significantly reduce the cost of new affordable housing. Meyer Memorial Trust convened the Cost Efficiencies Work Group to answer questions like these. Meyer recruited sixteen experts from development, construction, finance, and related fields and charged this Work Group with three major tasks: 1) To create a clear and concise summary of key factors affecting the cost of developing affordable housing; 2) To identify opportunities – whether policy and systems changes, or innovative approaches to design, construction, and financing – to deliver affordable units at a lower cost; and 3) To advise Meyer on pilot or demonstration projects to test new approaches to affordable housing development. This report synthesizes the results of this work over the last year. The full report engages a wide variety of topics in detail – and the details and nuances are important – but the key results are summarized below

Дослідження управління багатонаціональною корпорацією, на прикладі компаніїb "Кока-Кола"

The main purpose of this research paper is to investigate system of management of multinational corporations and to give recommendations as for system of management at Coca-Cola Company. The main tasks of master research paper are the following: - To ascertain whether the multinational corporation are social responsible. - To ascertain whether the MNC in Nigeria have any contribution to the economic advancement of the nation. - To ascertain whether they contribute to the technological development of the countries. - To determine the environmental factors that influences the operations of the Multinationals Corporation Coca-Cola Company. - To give recommendations as for improvement of activity os Coca-Cola Company and industry of beverages.Master’s research paper critically evaluates the challenges Coca-Cola Company experiences while managing its operations in geographical and culturally diverse contexts. An overview of Coca-Cola Company and brief analysis of the global contemporary landscape is initially examined. A critical evaluation is conducted of the Global competitive, Political-Legal, Economic, Socio-cultural and Ethical challenges experienced by Coca-Cola Company. Ways to improve Coca-Cola's operations in the African markets were proposed.Introduction. 1. The theoretical framework and study of Multinational Corporation 1.1 Meanings and definition of Multinational Corporation 1.2 The managerial functions in international business 1.3 Important finding in managing Multinational Corporation 2. Research and analysis of Coca-Cola Company 2.1 Introduction to Coca-Cola Company 2.2 SWOT-analysis of the industrial and economic activity of Coca-Cola Company 2.3 Analysis of the system of management at Coca-Cola Company 3. Recommendations in management for Coca-Cola Company that operates in different geographical and cultural contexts 3.1 Recommendations as for the corporate social responsibly at Coca-Cola company 3.2 Recommendations as for using stevia in producing beverages at Coca-Cola Company 3.3 Recommendations as for strategic issues that Coca-Cola Company is facing today 4. Special part 4.1 Current trends in the field of Coca-Cola Company 4.2 Activities of multinational corporations in the development of Nigeria 5. Rationale for recommendations 5.1 Statement for recommendations at Coca-Cola Company 5.2 Recommendations as for using stevia in producing beverages at Coca-Cola Company 6. Occupational health and safety in emergencies 6.1 Safety and health for Coca-Cola Company 6.2 Protection against specific risks in safety and health 7. Environmental issues 7.1 Environmental impact of products in Coca-Cola Company 7.2 Coca-Cola sustainability plan Conclusions References Appendice

Impact of age norms and stereotypes on managers' hiring decisions of retirees

Purpose -Our study investigates the role of managers in the re-employment of early retirees and asks what the effect is of managers’ age norms and stereotypes on managers’ employment decisions. Design/methodology/approach- A combination of a factorial study and a survey was conducted. First, information on the age norms and stereotypes was collected. Secondly, profiles of hypothetical retired job applicants were presented to the employers, who were asked to make a specific hiring decision. The information collected during both studies was combined in the analysis and multilevel models were estimated. Findings -The results indicate that higher age norms result in a higher propensity to hire an early retiree. Stereotypes, by contrast, do not influence managers’ decisions. Early retirees’ chances for re-employment are also related to their own circumstances (physical appearance and relevant experience) and organisational forces, as they are hired when organisations face labour force shortages. Research limitation / implications – with the use of vignettes study we deal with hypothetical hiring situation. Originality value- Although the effect of age norms and age stereotypes has been often suggested, not much empirical evidence was presented to support this notion. Our study estimates the effect of age norms and stereotypes on hiring decision. key words: bridge employment; early retirees; age norms; age stereotypes; multilevel models.

A Conceptual Overview to Understand Commodities, Linkages and Industrial Development in Africa

Sub-Sahara African commodity exporting economies have benefitted greatly from the commodities boom of the past decade. The conventional wisdom argues that resource extraction is corrosive of industrial development due to a combination of the macroeconomic consequences of resource exploitation and the assumed enclave nature of mineral and energy extraction. The paper challenges this pessimistic ‘resource curse’ argument, arguing that there are unexploited opportunities for promoting industrial development through the development of linkages from the commodities sector. In particular, these opportunities may be greater for backward than for forward linkages, particularly in the minerals and energy sectors. In making this case, this Discussion Paper draws on the experience of high-income countries which have resource-intensive economic structures, the geographical specificity of many resources and the growing interest of large resource-extracting firms in outsourcing the production of inputs which are outside of their core competences, It sets out a general model of linkages between industry and services and the commodities sector which distinguishes between win-win and win-lose outcomes. The paper concludes with a brief review of the reasons why Governments might wish to intervene to support linkages between the commodities and the industrial and service sectors

Competing and Learning in Global Value Chains - Firms’ Experiences in the Case of Uganda. A study of five export sub-sectors with reference to trade between Uganda and Europe

Executive Summary and Chapter 5: Presentation and discussion of main finding

Economic impact of training and education in basic skills: summary of evidence (BIS research paper no.6)

This paper summarises recent quantitative evidence on the economic returns to having or improving literacy and numeracy skills. The summary includes evidence on earnings and employment, and distinguishes between returns to having basic skills whenever these are acquired, and returns to acquiring basic skills in adulthood. The review is confined to economic returns to individuals; macro effects - on productivity for example - are not considered