Competition for Listings

We develop a model in which two profit maximizing exchanges compete for IPO listings. They choose the listing fees paid by firms wishing to go public and control the trading costs incurred by investors. All firms prefer lower costs, however firms differ in how they value a decrease in trading costs. Hence, in equilibrium, the exchanges obtain positive expected profits by charging different trading fees and different listing fees. As a result, firms that list on different exchanges have different characteristics. The model has testable implications for the cross-sectional characteristics of IPOs' on different quality exchanges and the relationship between the level of trading costs and listing fees. We also find that competition does not guarantee that exchanges choose welfare maximizing trading rules. In some cases, welfare is larger with a monopolist exchange than with oligopolist exchanges.market microstructure; listings; competition; exchanges; regulation

Repositioning of special schools within a specialist, personalised educational marketplace - the need for a representative principle

This paper considers how notions of inclusive education as defined in the United Nations Educational, Scientific and Cultural Organization (UNESCO) Salamanca Agreement (1994) have become dissipated, and can be developed and reframed to encourage their progress. It analyses the discourse within a range of academic, legal and media texts, exploring how this dissipation has taken place within the UK. Using data from 78 specialist school websites it contextualises this change in the use of the terms and ideas of inclusion with the rise of two other constructs, the 'specialist school' and 'personalisation'. It identifies the need for a precisely defined representative principle to theorise the type of school which inclusion aims to achieve, which cannot be subsumed by segregated providers. It suggests that this principle should not focus on the individual, but draw upon a liberal/democratic view of social justice, underlining inclusive education's role in removing social barriers that prevent equity, access and participation for all

Securing circulation pharmaceutically: antiviral stockpiling and pandemic preparedness in the European Union

Governments in Europe and around the world amassed vast pharmaceutical stockpiles in anticipation of a potentially catastrophic influenza pandemic. Yet the comparatively ‘mild’ course of the 2009 H1N1 pandemic provoked considerable public controversy around those stockpiles, leading to questions about their cost–benefit profile and the commercial interests allegedly shaping their creation, as well as around their scientific evidence base. So, how did governments come to view pharmaceutical stockpiling as such an indispensable element of pandemic preparedness planning? What are the underlying security rationalities that rapidly rendered antivirals such a desirable option for government planners? Drawing upon an in-depth reading of Foucault’s notion of a ‘crisis of circulation’, this article argues that the rise of pharmaceutical stockpiling across Europe is integral to a governmental rationality of political rule that continuously seeks to anticipate myriad circulatory threats to the welfare of populations – including to their overall levels of health. Novel antiviral medications such as Tamiflu are such an attractive policy option because they could enable governments to rapidly modulate dangerous levels of (viral) circulation during a pandemic, albeit without disrupting all the other circulatory systems crucial for maintaining population welfare. Antiviral stockpiles, in other words, promise nothing less than a pharmaceutical securing of circulation itself

Rights or containment? The politics of Aboriginal cultural heritage in Victoria

Aboriginal cultural heritage protection, and the legislative regimes that underpin it, constitute important mechanisms for Aboriginal people to assert their rights and responsibilities. This is especially so in Victoria, where legislation vests wide-ranging powers and control of cultural heritage with Aboriginal communities. However, the politics of cultural heritage, including its institutionalisation as a scientific body of knowledge within the state, can also result in a powerful limiting of Aboriginal rights and responsibilities. This paper examines the politics of cultural heritage through a case study of a small forest in north-west Victoria. Here, a dispute about logging has pivoted around differing conceptualisations of Aboriginal cultural heritage values and their management. Cultural heritage, in this case, is both a powerful tool for the assertion of Aboriginal rights and interests, but simultaneously a set of boundaries within which the state operates to limit and manage the challenge those assertions pose. The paper will argue that Aboriginal cultural heritage is a politically contested and shifting domain structured around Aboriginal law and politics, Australian statute and the legacy of colonial history

Rights of passage: law and the biopolitics of dying

Deleuze and Law: Forensic Futures explores the relation between law and life and the advent of a politics of 'life'. How have recent events focused social, political and cultural attention on the living body and its maintenance and management? The central concept, through which the embodiment of the subject will be examined will be that of 'bio-power'. Articulated by Michel Foucault, but brought to attention more recently in the work of Giorgio Agamben, this concept recognises that the relation between life and law is both historical and necessary: the law must operate on bodies but can only do so by establishing a border between the body of the polity, and the mere life excepted from political concern. The contemporary advent of bio-politics occurs when the polity increasingly and invasively operates on this 'mere' life, and the body or organism – rather than the self – becomes the object of political management. The manner in which the body becomes the focus of contemporary power has led legal theory to explore new questions of the threshold between life and death and has led social theory to question the new extensions of the law and the polity into embodied life. The contributors explore the forensic shift in contemporary social theory and cultural sensibility from a number of perspectives. Description of book from publisher website at: http://www.palgrave.com

Structure and play: rethinking regulation in the higher education sector

This paper explores possible tactics for academics working within a context of increasing regulation and constraint. One suggested tactic is to move outside of a creativity-conformity binary. Rather than understanding creativity and conformity as separable, where one is seen as excluding the other, the authors consider the potential of examining the relationships between them. The theme of 'structure and play' illustrates the argument. In the first part of the paper, using various examples from art and design - fields generally associated with creativity - the authors explore the interrelatedness of creativity and conformity. For example, how might design styles, which are generally understood as creative outcomes, constrain creativity and lead to conformity within the design field? Is fashion producing creativity or conformity? Conversely, the ways in which conformity provides the conditions for creativity are also examined. For example, the conformity imposed by the state on artists in the former communist bloc contributed to a thriving underground arts movement which challenged conformity and state regulation. Continuing the theme of 'structure and play', the authors recount a story from an Australian university which foregrounds the ongoing renegotiation of power relations in the academy. This account illustrates how programmatic government in a university, with its aim of regulating conduct, can contribute to unanticipated outcomes. The authors propose that a Foucauldian view of distributed power is useful for academics operating in a context of increasing regulation, as it brings into view sites where power might begin to be renegotiated

Математична модель маршрутизації в ТКМ

In this paper, drawing on the work of Michel Foucault, I argue that academics are enmeshed in power relations in which confession operates, both on and through academics. Drawing on Foucault’s genealogy of confession, I illustrate how academics are not only invited to reflect on performance, faults, temptations and desires in their work and private life, but as teachers they mobilise the same kind of technology in relation to students. These power relations are connected to wider changes in society, where discourses on New Public Management have become all pervasive in organising and governing public institutions. The examples of the use of appraisal interviews and logbooks as governing techniques illustrate how government currently operates through the freedom of the individual. The paper ends with a discussion on how books of life could introduce a different relation of the self to the self in academia, and thus provide opportunities to live the present otherwise.

Caring for the collective: biopower and agential subjectification in wildlife conservation

types: ArticleCopyright © 2014 PionPost Print. Srinivasan, K. 2014. The definitive, peer-reviewed and edited version of this article is published in Environment and Planning D: Society and Space, Vol. 32, Issue 3, pp. 501 – 517 DOI:10.1068/d13101pThis paper explores turtle conservation in Odisha, India, to map the complicated ways in which animal well-being is pursued in the contemporary world. Using insights from Foucault’s work on biopolitics, it offers an account of conservation as population politics, questioning the entanglement of harm and care that infuses this space of more-than-human social change. In doing this, the paper elaborates the concept of agential subjectification in order to track the mechanisms that underlie the asymmetric circulation of biopower in human–animal interactions and to develop Foucauldian scholarship for the examination of present-day manifestations of the ‘will to improve’.RGS‑IBGCulture and Animals Foundatio