The Role of Law, Corruption and Culture in Investment Fund Manager Fees

This paper considers an international sample of venture capital and private equity funds to assess the role of law, corruption and culture in setting fund manager fees in terms of their fixed management fees, carried interest performance fees, clawbacks of fees and cash versus share distributions of fees. The data highlight a role of legal conditions in shaping fees paid to fund managers. In countries with better legal conditions, fixed fees are lower, carried interest fees are higher, clawbacks are less likely, and share distributions are more likely. These findings suggest legal conditions help to align the interests of managers and shareholders. More specifically, we examine which element of legal conditions matter most, and discover that corruption levels play a pronounced role in shaping fund manager fee contracts. We also show that cultural forces such as Hofstede's measures of power distance and uncertainty avoidance likewise play a role in influencing fees.Managerial Compensation; Incentive Contracts, Private Equity; Law and Finance

The Role of Law Corruption and Culture in Investment Fund Manager Fees.

This paper considers an international sample of venture capital and private equity funds to assess the role of law, corruption and culture in setting fund manager fees in terms of their fixed management fees, carried interest performance fees, clawbacks of fees and cash versus share distributions of fees. The data highlight a role of legal conditions in shaping fees paid to fund managers. In countries with better legal conditions, fixed fees are lower, carried interest fees are higher, clawbacks are less likely, and share distributions are more likely. These findings suggest legal conditions help to align the interests of managers and shareholders. More specifically, we examine which element of legal conditions matter most, and discover that corruption levels play a pronounced role in shaping fund manager fee contracts. We also show that cultural forces such as Hofstede`s measures of power distance and uncertainty avoidance likewise play a role in influencing fees.Managerial Compensation; Incentive Contracts; Private Equity; Law and Finance;

Greater Cairo Earthquake Loss Assessment and its Implications on the Egyptian Economy

This study develops a loss estimation model for assessing the seismic economic implications resulting from damage to Greater Cairo’s building stock, as well as natural gas and electricity lifelines. The model estimates both the direct and indirect economic losses resulting from seismic occurrences. The developed model is composed of three modules. The first of which is the ground shaking module which estimates ground-motion throughout Greater Cairo. This is done through investigating the seismicity of Egypt and its surroundings, in order to develop recurrence relationships. Furthermore, through the use of geological and geotechnical data, seismic geological classification is conducted. This investigation is used along with three attenuation relationships to estimate ground-motion throughout Greater Cairo. The second module evaluates the damage to the building stock as well as natural gas and electricity lifelines. This is done through developing a building inventory database, and classifying structures in this database according to various classes. Moreover, data regarding components in the natural gas and electricity networks is collected, and through the use of minimum cut sets the networks’ behaviour is assessed. Finally, through the use of fragility curves the vulnerability of structures and components is evaluated. The final module estimates the direct economic losses associated with repairing damaged components. Furthermore, the indirect costs associated with business interruption resulting from disruption to elements in the built environment are also estimated. This study will pave the way for developing countries to recognize the impacts of earthquakes on their economies. Moreover, it will be useful for countries that exhibit a centralized economy that is dependant on major cities. Furthermore it provides a step forward in earthquake loss estimation to model multiple lifelines, rather than past research which modelled each lifeline separately

Nonlinear interactions between US waves and contact interface

Gli ultimi decenni sono stati caratterizzati da un crescente interesse per le non linearità inerenti al danneggiamento (difetti) dei solidi ed alle interfacce di contatto. Di conseguenza, diversi metodi di analisi non-lineare sono stati sviluppati per l'individuazione del danno e per la caratterizzazione delle interfacce di contatto. Tuttavia, la comprensione dei meccanismi fisici relativi alle non linearità di contatto rimane limitata. In questo contesto, il lavoro di tesi è indirizzato all’ analisi dell'interazione non lineare tra un'onda ed un'interfaccia, integrando diversi meccanismi legati al contatto, al fine di proporre gli strumenti idonei ad una metodologia di analisi non-distruttiva efficiente, per la caratterizzazione delle interfacce. Lo studio dell'evoluzione della seconda armonica per caratterizzare le proprietà di difetti localizzati e più in generale delle interfacce di contatto è dunque al centro di questo lavoro. L'interazione non lineare tra un'onda longitudinale e un'interfaccia di contatto è stata qui analizzata combinando due approcci: uno basato sull’analisi di propagazione acustica, ed utilizzato per caratterizzare l’interfaccia in trazione; l'altro basato sull’analisi della vibrazione strutturale, ed utilizzato per la caratterizzazione dell’interfaccia in compressione. Il primo consiste nel modellare il contatto con una legge RCCM. Lo studio propone un'analisi dettagliata del comportamento dell'interfaccia in trazione, integrando l'adesione tra le due superfici in contatto. I parametri principali, che regolano la firma non lineare della legge RCCM, sono stati identificati, permettendo quindi una migliore comprensione della fisica alla base di questa interazione non lineare. Il secondo metodo, usato in compressione, si basa su un modello di rigidezza non lineare dell'interfaccia, in cui la rigidezza dell'interfaccia è descritta in funzione della pressione di contatto. Lo studio consiste in un'analisi complementare, numerica e sperimentale, della componente non-lineare della risposta dinamica del sistema, dovuta alla presenza di un'interfaccia di contatto. Si è così evidenziato come la non-linearità della rigidezza di contatto alle basse pressioni ha un effetto importante sulla risposta non-lineare del sistema. Infine, le leggi di contatto proposte in compressione e trazione sono state combinate in una unica legge di contatto, per permettere una correlazione più fine tra le non-linearità associate alle differenti fasi del contatto, sia compressione che trazione, e le caratteristiche della risposta non-lineare del sistema . I risultati numerici sono promettenti, in vista dello sviluppo di metodologie inverse per la caratterizzazione delle proprietà delle interfacce di contatto a partire dalla risposta non-lineare ad una eccitazione esterna, applicabile nell’identificazione non-distruttiva del danno e dei contatti

Trolls Identification within an Uncertain Framework

The web plays an important role in people's social lives since the emergence of Web 2.0. It facilitates the interaction between users, gives them the possibility to freely interact, share and collaborate through social networks, online communities forums, blogs, wikis and other online collaborative media. However, an other side of the web is negatively taken such as posting inflammatory messages. Thus, when dealing with the online communities forums, the managers seek to always enhance the performance of such platforms. In fact, to keep the serenity and prohibit the disturbance of the normal atmosphere, managers always try to novice users against these malicious persons by posting such message (DO NOT FEED TROLLS). But, this kind of warning is not enough to reduce this phenomenon. In this context we propose a new approach for detecting malicious people also called 'Trolls' in order to allow community managers to take their ability to post online. To be more realistic, our proposal is defined within an uncertain framework. Based on the assumption consisting on the trolls' integration in the successful discussion threads, we try to detect the presence of such malicious users. Indeed, this method is based on a conflict measure of the belief function theory applied between the different messages of the thread. In order to show the feasibility and the result of our approach, we test it in different simulated data.Comment: International Conference on Tools with Artificial Intelligence - ICTAI , Nov 2014, Limassol, Cypru

African economic integration: Assessing the tripartite free trade area

In 2015, Member States of COMESA, EAC and SADC signed the Tripartite FTA to integrate their three RECs into a single market from Cape to Cairo . The agreement came in response to many challenges that faced the three communities in their integration programs, specifically challenges related to market integration and overlapping membership. Using qualitative data, this paper studies the economic integration model of COMESA, and the Tripartite FTA The paper argues that many of the challenges that faced COMESA within its integration plan have been accounted for within the Tripartite FTA, especially the problems related to overlapping membership and economic development of Member States. However, for the tripartite integration plan to be successful, it is necessary that it replaces the original three RECs on the long run, in addition to becoming the foundation upon which the Continental FTA is built in order to create a broader form of economic integration in the continent

La systémique : Un outil pour une posture enseignante critique en architecture

Re-penser le monde implique une disposition à adopter une posture critique (Taddei, 2010) d'une manière systémique (globale et située à la fois) en tant qu'individu, citoyen ou professionnel engagé dans une discipline et un savoir-faire/être donné. Dans notre cas, il s'agit du savoir en rapport avec l'architecture, les modes d'établissements humains et leur "enseignabilité" à venir ou à penser. La posture critique n'est pas un savoir ou un objet disponible, c'est un positionnement, un processus souvent individuel, pouvant devenir collectif. Ce qui est à l'essence d'une posture critique c'est la volonté de dépasser un état de fait, d'innover et de comprendre. En architecture ce dépassement est indispensable pour être à l'écoute de l'évolution de notre métier, du monde qui bouge numériquement et écologiquement. En Tunisie, La crise du COVID-19 a impulsé un mouvement de solidarité et d'intelligence collective pour pallier à la pénurie du matériel paramédical. Architectes, nous nous sommes retrouvés au centre d'une dynamique nationale de fabrication de visières et de masques par imprimante 3D. Cet élan a dégagé l'expression d'une posture collective. Le post-covid se mesure, de notre point de vue, dans l'intérêt qu'accordent les tunisiens, les architectes et les étudiants à la question écologique en architecture. Davantage de maître d'ouvrages, ONG, Municipalités, décideurs institutionnels nous sollicitent aujourd'hui et interagissent avec notre plateforme ebniecolo.tn. Alors que cela fait plus de vingt ans que nous tentons d'initier les étudiants et d'inciter les architectes à re-penser nos modes constructifs et architecturaux à fort impact carbone, malgré une faible réceptivité. Cette "événementialité en acte" (Ismaïl, 2009) post-covid19 nous pousse à adopter une posture critique "systémique" en vue d'une transition écologique dans une pensée collective et coopérative. Nous exposerons le contour épistémique, les outils conceptuels et les paliers significatifs pour la construction d'une posture critique enseignant(e), comme support pour engager un débat