Supercritical fluid extraction (SFE) in environmental analysis

This thesis deals with the use of supercritical fluid extraction (SFE) in environmental analysis. Traditionally SFE in environmental analysis has been used for quantitative extraction. In this thesis, quantitative extraction as well as other applications of SFE will be discussed. Studies of SFE extraction efficiency of pesticides from water and soil matrices were performed. Solid phase extraction (SPE) with Empore discs and bulk sorbent in combination with SFE, showed promising results for extraction of pesticides from water samples. With the bulk sorbent, it may also be possible to design effective extraction procedures for specific target analytes, using sorbents with different chemical properties. Sulfonylurea herbicides were extracted from soil with the objective to develop a general SFE procedure for sulfonylureas. The results showed that optimized SFE methods cannot always be directly applied to similar compounds without further method development. The possibility to fine tune the selectivity of SFE were used for pesticide retention studies on model matrices and soils. Investigation on model matrices with well known properties (sand and silica) gave valuable information for further studies on binding mechanisms. The purpose of such studies would be to characterize different interactions that determine the behaviour of pesticides in complex matrices such as soils. Extraction of soils under moderate SFE condition, i.e. nonquantitative extraction, allows the interaction between soil and analyte to influence the recovery. This is useful for pesticide retention studies. The results indicate that nonquantitative extraction can be used to study the relative strength of different types of sorptive sites. The use of SFE to determine pesticide sorption coefficients (~) in field-moist soil has the potential to yield better information to model the fate of pesticides in the field than sorption coefficients characterized by traditional batch-slurry techniques

The Changing Corporate Governance Paradigm : Implications for Transition and Developing Countries

The rapidly growing literature studying the relationship between legal origin, investor protection, and finance has stimulated an important debate in academic circles. It has also generated a number of applied research projects and strong policy statements. This paper discusses the implications, in particular for developing and transition countries, from this literature. We conclude that its focus on the plight of small investors is too narrow when applied to these countries. We argue that this group is unlikely to play an important role in most developing and transition countries. External investors may still be crucial, but they are more likely to come in as strategic investors or creditors. The paper also proposes a broader paradigm including other stakeholders and mechanisms of governance in order to better understand the problems facing these countries and generate policy implications that compensate for the weaknesses of capital markets.corporate governance; corporate law; economic transition; economic development

Nine ideas to strengthen our global firepower against COVID-19

The IMF and World Bank have begun to tackle the global emergency. But they need to do far more. Erik Berglof (LSE) proposes nine ways in which governments can ensure that international financial institutions have sufficient resources

Do feed-in tariffs promote environmental efficiency among wind farms?

It is generally known that wind power has an offsetting effect on emissions by crowding out fossil dependent energy sources. What has not been studied to any further extent is the variability in environmental impacts caused by wind turbine erection and manufacturing. Also, it is not known how economic incentives could affect these impacts. The argument made in this thesis was that the Danish price-premium feed-in tariff system provides incentives for WF operators to upscale, as this maximizes profit. Upscaling in turn is hypothesized to reduce the environmental impacts of the Danish wind farm (WF) fleet. The aim was to investigate whether the Danish wind subsidization policies indirectly have a positive effect on environmental efficiency for WFs, and if so, what factors mediate this effect. An environmental and operational two-stage LCA + DEA (SBM-I) efficiency analysis on a sample of 75 onshore and offshore Danish WFs was performed. The second stage analysis showed a strong association between environmental efficiency and feed-in tariffs per MW. There is suggestive evidence that the main driving factors behind this association are upscaling related variables, as well as production type. Such that Danish policy makers explicitly want to target environmental impact reductions of the WF fleet, it is recommended to promote large-scale operations, and preferably offshore.Det är allmänt känt att vindkraft har en utsläppsminskande effekt när denna energikälla ersätter fossila energikällor. Något som är mindre beforskat är variabiliteten i miljöpåverkan inom vindkraften – en variabilitet vars ursprung främst kan härledas till vindkraftverkets tillverknings- och installationsfas samt lokala förhållanden. Det är inte heller känt i vilken utsträckning – eller om – subsidier har någon effekt på vindkraftsbetingade miljöpåverkan. I denna uppsats argumenteras att det danska s.k. relativprisbaserade feed-in-tariffsystemet (sv. inmatningstariff) har en positiv inverkan på den miljömässiga effektiviteten. Vidare medlas denna effekt genom de storskalighetsincitament som denna subventionstyp skapar. Syftet bakom uppsatsen var att undersöka de hypotiserade positiva miljömässiga externa effekter som orsakas av detta subventionssystem – och om evidens för denna effekt finns, undersöka vilka exogena faktorer som påverkar den miljömässiga effektiviteten för vindkraftsparker. En miljöinriktad och en verksamhetsinriktad effektivitetsberäkning, kallad two-stage LCA + DEA, genomfördes på sjuttiofem land- och havsbaserade danska vindkraftsparker. Den statistiska analysen gav indicier för en stark association mellan feed-in-tariffer per MW och miljömässig effektivitet. Ytterligare fanns indikativ för att den medlande effekten är graden av storskalighet, liksom produktionstyp (havsbaserad vindkraft är mer miljömässigt effektiv). Om danska beslutsfattare önskar att specifikt inrikta sig mot att minska vindkraftsflottans miljöpåverkan rekommenderas att premiera havsbaserad vindkraft och storskalighet i både turbin- och parkstorlek

An Incomplete Contracts Approach to Corporate Bankruptcy

This paper integrates the problem of designing corporate bankruptcy rules into a theory of optimal debt structure. We show that, in an incomplete contract framework with imperfect renegotiation, having multiple creditors increases a firm's debt capacity while increasing its incentives to default strategically. The optimal debt contract gives creditors claims that are jointly inconsistent in case of default. Bankruptcy rules, therefore, are a necessary part of the overall financing contract, to make claims consisitent and to prevent a value reducing run for the assets of the firm. Furthermore, a too unequal allocation of security rights is not optimal, and creditors are not treated asymmetrically in default under the optimal contract.bankruptcy; debt structure; contracts

Club-in-the-Club: Reform under Unanimity

In many organizations, decisions are taken by unanimity giving each member veto power. We analyze a model of an organization in which members with heterogenous productivity privately contribute to a common good. Under unanimity, the least efficient member imposes her preferred effort choice on the entire organization. In the presence of externalities and an incomplete charter, the threat of forming an "inner organization" can undermine the veto power of the less efficient members and coerce them to exert more effort. We also identify the conditions under which the threat of forming an inner organization is executed. Finally, we show that majority rules effectively prevent the emergence of inner organizations.organizations; club good; voting rules; EU integration

Reconstructing and reforming Ukraine

Helping Ukraine to reconstruct and reform its economy is arguably the most important project for Europe this century. It will require extraordinary collaboration from within and outside of the country. We establish a set of principles that should guide these efforts, based on international and Ukraine’s own experience. This experience also suggests key building blocks of a reform and reconstruction architecture that can help ensure that these principles are successfully applied. We assess the current institutional arrangements in this light and suggest adjustments that will increase the likelihood of success. The core of the argument is that the unfathomable choices involved in reconstruction and reform, including the use of donor resources, must be made by the Ukrainian people and its elected representatives, and the outcome must be owned by them

Short-Term versus Long-Term Interests: Capital Structure with Multiple Investors

We study the problem of financial contracting and renegotiation between a firm and outside investors when the firm cannot commit to future payouts, but assets can be contracted upon. We show that a capital structure with multiple investors specializing in short-term and long-term claims is superior to a structure with only one type of claim, because this hardens the incentives for the entrepreneur to renegotiate the contract ex post. Depending on the parameters, the optimal capital structure also differentiates between state-independent and state-dependent longterm claims, which can be interpreted as long-term debt and equit

European Transition at Twenty

This study gauges the status of transition in the formerly centrally planned economies of Eastern Europe and Central Asia, using a broad approach that compares countries with respect to their business environment, competition, and managerial practices; and assesses transition progress at the level of 13 economic sectors. The largest transition gaps remain in Central Asia and some Eastern European and Western Balkans countries. However, significant reform needs also remain in some Central European and Baltic countries, particularly in energy efficiency, transport, and in the financial sector where regulatory regimes require strengthening and local capital markets need to be developed.transition, economic reform, managerial practices, competition, business environment

A new policy paradigm from the LSE Maryam Forum: 1. reforming the way we deal with global emergencies

Existing systems for dealing with global emergencies have struggled to rise to the challenge of the pandemic. Erik Berglof, Adnan Khan, Hassan Gali (LSE) and the LSE Maryam Forum’s global emergencies working group sets out what needs to change. Over the past year, it has become clear quite how badly the systems for dealing with global ... Continue