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

The Final Remnant of Binary Black Hole Mergers: Multipolar Analysis

Methods are presented to define and compute source multipoles of dynamical horizons in numerical relativity codes, extending previous work from the isolated and dynamical horizon formalisms in a manner that allows for the consideration of horizons that are not axisymmetric. These methods are then applied to a binary black hole merger simulation, providing evidence that the final remnant is a Kerr black hole, both through the (spatially) gauge-invariant recovery of the geometry of the apparent horizon, and through a detailed extraction of quasinormal ringing modes directly from the strong-field region.Comment: 12 pages, 13 figures. Published version. Some references have been added and reordered, and the figures cleaned up

Simultaneous measurements of particulate and gas-phase water-soluble organic carbon concentrations at remote and urban-influenced locations

The sources, sinks, and overall importance of watersoluble organic carbon (WSOC) in the atmosphere are not well understood. Although the primary historical focus has been on particulate WSOC (WSOCP), here we also present results obtained using a newly developed technique that additionally measures gas-phase water-soluble organic carbon (WSOCG). These first-of-their-kind measurements show that WSOCG can often be more than ten times larger than WSOCP at both urban and remote locations. The average fraction of WSOC residing in the gas phase (fg = WSOCG/(WSOCG + WSOCP)) at five various field sites ranged from 0.64 to 0.93, implying significant differences in WSOC phase partitioning between locations. At Houston, TX, and Summit, Greenland, a repeatable diurnal pattern was observed, with minimum values for fg occurring at night. These trends likely are due, at least in part, to temperature and/or relative humidity related gas-to-particle partitioning. These coincident measurements of WSOC in both the gas and particle phases indicate that a relatively large reservoir of water-soluble organic mass is not taken into account by measurements focused only on WSOCP. In addition, a significant amount of WSOCG is available to form WSOCP or enter cloud droplets depending on the chemical and physical properties of the droplets and/or aerosols present. Citation: Anderson, C., J. E. Dibb, R. J. Griffin, and M. H. Bergin (2008), Simultaneous measurements of particulate and gas-phase water-soluble organic carbon concentrations at remote and urban-influenced locations, Geophys. Res. Lett., 35, L13706, doi:10.1029/2008GL033966

An Invertible Linearization Map for the Quartic Oscillator

The set of world lines for the non-relativistic quartic oscillator satisfying Newton's equation of motion for all space and time in 1-1 dimensions with no constraints other than the "spring" restoring force is shown to be equivalent (1-1-onto) to the corresponding set for the harmonic oscillator. This is established via an energy preserving invertible linearization map which consists of an explicit nonlinear algebraic deformation of coordinates and a nonlinear deformation of time coordinates involving a quadrature. In the context stated, the map also explicitly solves Newton's equation for the quartic oscillator for arbitrary initial data on the real line. This map is extended to all attractive potentials given by even powers of the space coordinate. It thus provides classes of new solutions to the initial value problem for all these potentials

America's North Coast: A Benefit-Cost Analysis of a Program to Protect and Restore the Great Lakes

Examines the baseline ecological conditions of the Great Lakes and offers a plan for the area's environmental protection and restoration. Demonstrates how a restoration program can provide economic benefits that substantially exceed its costs

Maximal Strength Training Increases Metabolic Energy Expenditure in Sedentary Adults Classified as Obese

Background: Metabolic adaptations reduce resting and non-resting energy expenditure to account for approximately 120 kcal/day. Weight loss promotes greater skeletal muscle efficiency, reducing the energy cost of physical activity and is correlated with declines in skeletal muscle glucose oxidation. Maximal Strength Training (MST) has the potential to upregulate glucose utilization and may offset these metabolic adaptations. Objective: To determine if MST offsets markers of metabolic adaptation by increasing resting and non-resting energy expenditure in sedentary individuals classified as obese. Methods: Five (5) participants (2 females, 3 males), ages 18-35 years, with obesity (BMI 30–45 kg/m2) were enrolled in an 8-week MST intervention. Participants completed 3 MST sessions per week on non-consecutive days. Resting Energy Expenditure (REE) via indirect calorimetry and Skeletal Muscle Work Efficiency (SME) via graded exercise cycle ergometer test were assessed pre and post intervention. Results: REE (in kcal/kg FFM/24hrs) increased from 30.51 at baseline to 37.37 post (a 22.48% increase, P=0.02) with no significant changes in Body Fat (BF) or FFM. Skeletal Muscle Efficiency (SME) calculated as (watts converted to kcal/min)/ [energy expended (kcal/min) – resting energy expenditure (kcal/min) adjusted for fat-free mass) trended towards a significant decrease at 25 W (-6.51%, P=0.435) and at 50 W (-4.01%, P=0.579). Conclusions: These results suggest that an 8-week MST intervention can significantly increase REE in individuals classified as obese and shows trends towards decreasing SME at low intensity exercise. Therefore, MST may be a useful strategy to attenuate metabolic compensation

First Annual HSR Program Workshop: Headquarters perspective

The presentation is made up of viewgraphs. The national challenge is presented along with the program genesis and structure. The objectives of the workshop are also given. The national challenge is to develop and take advantage of the growing market for long distance air travel. The High Speed Civil Transport (HSCT) represents the next plateau in an aggressive international aviation competition. The workshop is to review and discuss future effort and plans in HSR

Compliance and Enforcement: Aviation Safety in the Public Interest Part I: Statutory Authority and Enforcement Procedures

This is the first article of a three part series looking at sanctions imposed upon airmen for non-compliance with Federal Aviation Regulations. Part I addresses statutory authority and enforcement procedures. Part II will look at the current enforcement program with an overview of administrative and legal enforcement actions. In Part III, an alternative, restitutive enforcement program will be proposed which might provide for a more street level” and less centralized form of justice

Demonstration of Self-Updating Landslide Hazard Maps with Dynamic Crowd-Sourced Data in Rwanda

No abstract availabl