자연주의적 탐구조사(Naturalistic Inquiry)

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The Theory of Industrial Organization

Much has been written about theory and practice in the law, and the tension between practitioners and theorists. Judges do not cite theoretical articles often; they rarely "apply" theories to particular cases. These arguments are not revisited. Instead the Essay explores the working and interaction of theory and practice, practitioners and theorists. The Essay starts with a story about solving a legal issue using our intellectual tools - theory, practice, and their progenies: experience and "gut." Next the Essay elaborates on the nature of theory, practice, experience and "gut." The third part of the Essay discusses theories that are helpful to practitioners and those that are less helpful. The Essay concludes that practitioners theorize, and theorists practice. They use these intellectual tools differently because the goals and orientations of theorists and practitioners, and the constraints under which they act, differ. Theory, practice, experience and "gut" help us think, remember, decide and create. They complement each other like the two sides of the same coin: distinct but inseparable.

Of Theory and Practice

Intersecting the boundaries of public and private economic activity, public-private ties carry important organizational strategy, management, and policy implications. We identify the value creation and capture mechanisms embedded in these ties through a theoretical framework of two conceptual public-private structural alternatives, each associated with different value-creating capacities, rationales, and outcomes. Two important restraints on private value capture--public partner opportunism and external stakeholder activism--arise asymmetrically under each form, carrying a critical effect on partnership outcomes.

Creating and Capturing Value in Public-Private Ties: A Private Actor's Perspective

Investment in Capital Markets creates a strategic vision on the financial capital investment in the capital markets with the aim to get an increased return premium in the short and long time periods. The book is written with a main goal to explain the pros and cons of the financial capital investment in the capital markets, discussing the sophisticated investment concepts and techniques in the simple understandable readable general format language. We would like to highlight the three interesting facts about the book: 1. It is centered on the consideration of the modern investment products, the investment vehicles and the investment mediums for the financial capital investment in the capital markets; 2. It is focused on the financial risk calculation and mitigation techniques for the financial capital investment in the financial capital markets. 3. It is aimed to describe the quantum winning virtuous investment strategies creation and execution techniques during the financial capital investment in the capital markets. The investors, financiers, economists, financial analysts, financial traders, financial advisers, lawmakers, policy analysts, subject experts, professors, and students will certainly enjoy a breathtaking splendid learning journey with the explained new ideas, established concepts and outlined future prospects toward the financial capital investment in the capital markets with the aim to get an increased return premium in the short and long time periods.

Investment in capital markets

Public-Private Partnerships (PPPs) are an important form of hybrid organization that may, if properly designed and managed, generate innovative solutions to complex problems by combining different institutional logics. Using data from a comparative case study of the creation of two PPPs in the Italian healthcare sector, we draw on ideas from business model design and organizational hybridity to explore how complexity can be managed inside PPPs and how this drives the creation of value for stakeholders. We link the literature on hybrid organizations with the one on business models by looking at the organizational mechanisms and processes that are implemented in PPP project governance, assets and processes. We go on to develop a theoretical model showing how effective business model design can help to bridge different logics and create value for stakeholders in the creation and operation of PPPs. This article is protected by copyright. All rights reserved.

Understanding Value Creation in Public-Private Partnerships: A Comparative Case Study

Fiscal consolidation by intergovernmental transfers cuts? The unpleasant effect on expenditure arrears

The economic literature on PPPs has often overlooked contractual incompleteness and agency problems within the private consortium (or Special Purpose Vehicle, SPV) joining the PPP. Taking into consideration such imperfections in bundling different tasks, SPV ownership structure becomes the main instrument to trade off the power of incentives of different private partners. Under imperfect bundling, the scope for welfare-improving PPP reduces, i.e., a stronger positive externality between investment and operation is required. Also, privately negotiated SPV ownership structures always involves less-than-socially-optimal shares to Builders. Thus, it is optimal for the government to impose minimum ownership requirements in PPP contracts.

Imperfect Bundling in Public–Private Partnerships

Fiscal and financial determinants of Eurozone sovereign spreads

This paper estimates regime-switching monetary policy rules featuring trend inflation using post-WWII US data. We find evidence in favour of regime shifts and time-variation of the inflation target. We also find a drop in the inflation gap persistence when entering the Great Moderation sample. Estimated Taylor rule parameters and regimes are robust across different monetary policy models. We propose an 'internal consistency' test to discriminate among our estimated rules. Such a test relies upon a feedback mechanism running from the monetary policy stance to the inflation gap. Our results support the stochastic autoregressive process as the most consistent model for trend inflation, above all when conditioning to the post-1985 subsample.

/pdf/estimating-regime-switching-taylor-rules-with-trend-vh5g1ymzjt.pdf

Luciano Greco

Papers

Understanding Value Creation in Public-Private Partnerships: A Comparative Case Study

Fiscal consolidation by intergovernmental transfers cuts? The unpleasant effect on expenditure arrears

Imperfect Bundling in Public–Private Partnerships

Fiscal and financial determinants of Eurozone sovereign spreads

Estimating Regime-Switching Taylor Rules with Trend Inflation