Building a Cleaner World

Korupsi dalam artian luas telah menembus semua zona dan lapisan hidup sosialmasyarakat. Suburnya korupsi mencerminkan lemahnya suatu sistem pemerintahan yangmemungkinkan tindakan koruptif yang merugikan banyak orang. Ketidakadilan dalamdunia hukum memperlebar peluang untuk berkorupsi. Apakah korupsi memasukilembaga-lembaga keagamaan? Apakah mereka yang terjun dalam dunia keagamaan(departemen pemerintah dan non-pemerintah) juga terlibat dalam dunia korupsi? Tulisanini berusaha menggali Kenyataan dalam dunia keagamaan

A Tradable Conservation Easement For Vulnerable Conservation Objectives

Weeks talks about tradable conservation easement for vulnerable conservation objectives. The critical conservation objectives in some conservation easements will probably be compromised by the effects of climate change in the relatively near future. Conservation easements broadly intended and drafted to serve those kinds of general purposes are, as a group, unlikely to be so acutely affected by changing ecological conditions that their broad purposes will cease, over time, to be served

Ryegrasses: An Option for an Annual Forage Crop in Alaska

Annuals are often planted for a forage crop in Alaska, often on land that is being renovated or on newly cleared land, thus providing a longer opportunity for worldng the soil before seeding a perennial. Oats (Avena sativa) and barley (Hordeum vulgare) , sometimes seeded with a legume, are the most important annuals used for forage in Alaska. Cereals can provide a high-yield , late-summer forage crop, stored as hay or silage. Ryegrass (Lolium), another annual not now in significant use in Alaska , affords an option that merits consideration in forage programs

Shareholder Value and Auditor Independence

This Article questions the practice of framing problems concerning auditors\u27 professional responsibility inside a principal-agent paradigm. If professional independence is to be achieved, auditors cannot be enmeshed in agency relationships with the shareholders of their audit clients. As agents, the auditors by definition become subject to the principal\u27s control and cannot act independently. For the same reason, auditors\u27 duties should be neither articulated in the framework of corporate law fiduciary duty, nor conceived relationally at all. These assertions follow from an inquiry into the operative notion of the shareholder-beneficiary. The Article unpacks the notion of the shareholder and tells a particularized story about the shareholder interest. The exercise complicates the agency description, highlighting multiple and unstable shareholder demands that displace the unitary model of the shareholder usually brought to bear. This fragmented and volatile model of the shareholder provides neither a basis for articulating a coherent set of instructions respecting aggressive accounting nor for imposing conservative accounting. The Article concludes that legal positivism provides a more appropriate conceptual framework. Auditor duties should be conceived in formal rather than relational terms, with fidelity going to the rules and the system that auditors apply rather than to a client interest

A complete natural deduction system for the relational calculus

A relational calculus is a formal system in which relation is the fundamental concept. The simplest relational calcu1us, that of ordinary binary relations, was introduced by Tarski in [4]. Tarski's system is essentially an algebra in which the operations are the usual Boolean operations (on sets of ordered pairs) together with the two special operations converse (denoted by u) and composition (denoted by ";" or by juxtaposition)

Perennial Grass Trials for Forage Purposes In Three Areas of Southcentral Alaska

Forage trials of seeded perennial grasses were conducted at four sites in three areas of southcentral Alaska on soils with pH readings generally below 5.5 (down to 4 .35) . Three trials were at forested locations and one at a subalpine site. Each trial was sustained for three to five harvest years under a two-harvest system. 'Engmo' timothy (Phleum pratense) , the standard forage grass on strongly acidic soils in the region, equaled or, more often , exceeded the other grasses in first-harvest yields, but often was surpassed in second-harvest yields. Grasses often substantially exceeding timothy in second-harvest yields included reed canarygrass (Phalaris arundinacea) and entries of tufted hairgrass (Deschampsia caespitosa) and Bering hairgrass (D. beringensis), sometimes providing more total yield than timothy. Some red fescues (Festuca rubra) and 'Nugget' Kentucky bluegrass .(Poa pratensis) also tended to surpass timothy in second growth. Smooth bromegrass (Bromus inermis) failed at sites with soil pH below 5.3, but persisted at one site with pH varying from 5.3 to 5.7. 'Garrison' creeping foxtail (Alopecurus arundinaceus) also failed at these sites; its close relative meadow foxtail (A. pratensis), was better adapted to the strongly acidic sites. Indigenous polargrass (Arctagrostis latifolia) about equaled or surpassed timothy in yield at two of the sites, and bluejoint reedgrass (Calamagrostis canadensis) provided comparable but somewhat lower yields. Timothy tended to be higher in digestible dry matter than most grasses, but near to below average in CP, P, K, and Ca concentrations. Some deficiencies occurred in energy values (DDM) and, except for red fescue, in Ca concentrations of first-harvest herbage relative to the requirements of a growing 500-lb steer. Crude protein of second-harvest herbage was deficient for many grasses at two sites, and DDM was marginal to low for some, but especially for bluejoint reedgrass

Venture Capital on the Downside: Preferred Stock and Corporate Control

This Article takes the occasion of the simultaneous collapse of the high technology stock market and the failure of the dot-coin startups, along with the subsequent retrenchment of the venture capital business, to examine the law and economics of downside arrangements in venture capital contracts. The subject matter implicates core concerns of legal and economic theory of the firm. Debates about the separation of ownership and control, relational investing, takeover policy, the law and economics of debt capitalization, and bankruptcy reform, all grapple with the downside problem of controlling and terminating unsuccessful managers for the benefit of outside debt and equity investors (and the related upside problem of incentivizing effective but fallible managers). The factors motivating these debates also bear on venture capital contracting. But venture capital presents a special puzzle for solution. Convertible preferred stock is the dominant financial contract in the venture capital market, at least in the United States. This contrasts with other contexts in corporate finance, where preferred stock is thought to be a financing vehicle long in decline. The only mature firms that finance with preferred, which once was ubiquitous in American capital structures, tend to be firms in regulated industries having little choice in the matter. Tax rules favoring debt finance provide the primary explanation for preferred\u27s decline. But many corporate law observers would suggest dysfunctional downside contracting as a concomitant cause. Simply, preferred performs badly on the downside, where senior security contracts supposedly are at their most effective. Preferred stockholders routinely have been victimized in distress situations by opportunistic issuers who strip them of their contract rights, transferring value to the junior equity holders who control the firm\u27s management. The cumulation of bad experiences adds impetus to a wider trend in favor of debt as the mode of senior participation

Pari Passu and A Distressed Sovereign\u27s Rational Choices

Part I describes the disruptive role the pari passu clause plays in sovereign debt compositions, stating the case favoring the narrow reading. Part II reconsiders the economic incentives in play at the time lenders close loans to sovereigns, stating a case for the broad reading. Part III works the competing readings through the legal framework of bond contract interpretation. The exercise shows that the matter comes down to a choice between an ex ante reading, conducted as of the time the contract is executed and delivered, and an ex post reading, conducted as of the later time of distress. The Article concludes that the ex post reading legitimately may be attached to the clause, not because it is correct at all times and in all contexts, but because this is in fact a time of distress