Showing papers on "Restructuring published in 2013"

A Female Style in Corporate Leadership? Evidence from Quotas

Abstract: This paper studies the impact of gender quotas for corporate board seats on corporate decisions. We examine the introduction of Norway’s 2006 quota, comparing affected firms to other Nordic companies, public and private, that are unaffected by the rule. We find that affected firms undertake fewer workforce reductions than comparison firms, increasing relative labor costs and employment levels and reducing short-term profits. The effects are strongest among firms without female board members beforehand and are present even for boards with older and more experienced members afterward. The boards appear to be affecting corporate strategy in part by selecting like-minded executives. (JEL G34, J16, J78, M12, M51)

The Greek Debt Restructuring: An Autopsy

Abstract: The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief – over 50 per cent of 2012 GDP – with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash incentives, and official sector pressure on key creditors. But it did so at a cost. The timing and design of the restructuring left money on the table from the perspective of Greece, created a large risk for European taxpayers, and set precedents – particularly in its very generous treatment of holdout creditors – that are likely to make future debt restructurings in Europe more difficult.

Spaces of Neoliberal Experimentation: Soft Spaces, Postpolitics, and Neoliberal Governmentality

Abstract: This paper examines the proliferation of soft spaces of governance, focusing on planning. We move beyond more functional explanations to explore the politics of soft spaces, more specifi cally how soft space forms of governance operate as integral to processes of neoliberalisation, highlighting how such state forms facilitate neoliberalisation through their fl exibility and variability. Recent state restructuring of the planning sector and emerging trends for soft spaces in England under the Coalition government proposals are discussed.

Authoritarian Environmentalism Undermined? Local Leaders’ Time Horizons and Environmental Policy Implementation

Abstract: China’s national leaders see restructuring and diversification away from resource-based, energy intensive industries as central goals in the coming years. On the basis of extensive fieldwork in China between 2010 and 2012, we suggest that the high turnover of leading cadres at the local level may hinder state-led greening growth initiatives. Frequent cadre turnover is intended primarily to keep local Party secretaries and mayors on the move in order to promote implementation of central directives. While rotation does seem to aid implementation by reducing coordination problems, there are also significant downsides to local leaders’ changing office every three to four years. Officials with short time horizons are likely to choose the path of least resistance in selecting quick, low quality approaches to the implementation of environmental policies. We conclude that the perverse effects of local officials’ short time horizons give reason to doubt the more optimistic claims about the advantages of China’s model of environmental authoritarianism.

Medical Education: Part of the Problem and Part of the Solution

Abstract: Medical education today is pedagogically superb, but the graduates of our educational programs are still unable to successfully translate decades of biomedical advances into health care that reliably meets the Institute of Medicine quality criteria. Realizing the promise of high-quality health care will require that medical educators accept that they must fulfill their contract with society to reduce the burden of suffering and disease through the education of physicians. Educational redesign must begin with the understanding that the professional identity of the physician who was successful in the acute disease era of the 20th century will not be effective in the complex chronic disease era of the 21st century. Medical schools and residency programs must restructure their views of basic and clinical science and workplace learning to give equal emphasis to the science and skills needed to practice in and lead in complex systems. They must also rethink their relationships with clinical environments so that the education of students and residents accelerates the transformation in health care delivery needed to fulfill our contract with society.

The Greek Debt Restructuring: An Autopsy

Abstract: The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief – over 50% of 2012 GDP – with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash incentives, and official sector pressure on key creditors. But it did so at a cost. The timing and design of the restructuring left money on the table from the perspective of Greece, created a large risk for European taxpayers, and set precedents – particularly in its very generous treatment of holdout creditors – that are likely to make future debt restructurings in Europe more difficult. — Jeromin Zettelmeyer, Christoph Trebesch and Mitu Gulati

Why firms relocate their production overseas? the answer lies inside: corporate, logistic and technological determinants

Abstract: The paper analyses the drivers of international production relocation using a model built on intra-corporate factors. The results of an empirical research on an original and thorough data base for the Spanish automobile parts sector over the period 2001-2008 show the impact of corporate restructuring strategies on flexibility for transferring resources overseas. In particular, the larger the number of alternative plants in other countries, the greater the operational flexibility and, therefore, the more likely relocation will be. Second, lean supply requirements and technological complexity in the product or process at production plant level are both serious barriers to mobility. Finally, our results confirm that sunk costs are irrelevant in comparison with corporate factors.

Does Mandatory Gender Balance Work? Changing Organizational Form to Avoid Board Upheaval

Abstract: Norway is the first, and so far only, country to mandate a minimum fraction of female and male directors on corporate boards. We find that after a new gender balance law surprisingly stipulated that the firm must be liquidated unless at least 40% of its directors are of each gender, half the firms exit to an organizational form not exposed to the law. This response suggests that forced gender balance is costly. These costs are also firm-specific, because exit is more common when the firm is non-listed, successful, small, young, has powerful owners, no dominating family owner, and few female directors. These characteristics reflect high costs of involuntary board restructuring and low costs of abandoning the exposed organizational form. Correspondingly, certain unexposed firms hesitate to become exposed. Overall, we find that mandatory gender balance may produce firms with either inefficient organizational forms or inefficient boards.

Private Chinese Investment in Africa : Myths and Realities

Abstract: Private Chinese outbound investment, not as well-known as government-led investment, offers special opportunities and challenges for Africa today. The significance of Chinese private-sector investment is already visible in the burgeoning manufacturing sector in some parts of Africa, and the trend will continue to grow in the near future. The underlying force behind this trend is the increased pressure of industrial restructuring in coastal China, a force that drives some labor-intensive firms to relocate to other parts of the developing world, including Africa. African host country governments can respond to this phenomenon with proactive development policies and strategies to maximize private Chinese investment for the benefit of their own economies.

Child Care Policy at the Crossroads : Gender and Welfare State Restructuring

Abstract: Whether childcare is seen as part of society's educational policy, welfare policy, or employment policy affects not only its form and content but also its public image. The contributors in this volume use current polices for the care of infants and preschool children to analyze debates and track the emergence of new state welfare practices across a variety of social and political configurations-and offer some conclusions about which methods work the best.

Evolution of Global Electricity Markets: New paradigms, new challenges, new approaches

Abstract: Get the latest on rapidly evolving global electricity markets direct from the scholars and thought leaders who are shaping reform. In this volume, dozens of world-class experts from diverse regions provide a comprehensive assessment of the relevant issues in today’s electricity markets. Amid a seething backdrop of rising energy prices, concerns about environmental degradation, and the introduction of distributed sources and smart grids, increasingly stringent demands are being placed on the electric power sector to provide a more reliable, efficient delivery infrastructure, and more rational, cost-reflective prices. This book maps out the electric industry’s new paradigms, challenges and approaches, providing invaluable global perspective on this host of new and pressing issues being investigated by research institutions worldwide. Companies engaged in the power sector’s extensive value chain including utilities, generation, transmission & distribution companies, retailers, suppliers, regulators, market designers, and the investment & financial rating community will benefit from gaining a more nuanced understanding of the impacts of key market design and restructuring choices. How can problems be avoided? Why do some restructured markets appear to function better than others? Which technological implementations represent the best investments? Which regulatory mechanisms will best support these new technologies? What lessons can be learned from experiences in Norway, Australia, Texas, or the U.K.? These questions and many more are undertaken by the brightest minds in the industry in this one comprehensive, cutting-edge resource. Features a unique global perspective from more than 40 recognized experts and scholars around the world, offering opportunities to compare and contrast a wide range of market structures Analyzes how the implementation of existing and developing market designs impacts real-world issues such as pricing and reliability Explains the latest thinking on timely issues such as current market reform proposals, restructuring, liberalization, privatization, capacity and energy markets, distributed and renewable energy integration, competitive generation and retail markets, and disaggregated vs. vertically integrated systems

Origins of an Urban Crisis: The Restructuring of the San Francisco Bay Area and the Geography of Foreclosure

Abstract: Communities on the fringes of the American metropolis have recently garnered attention as the centers of the foreclosure crisis and its aftermath. On the one hand, this attention to the urban nature of the crisis is welcome, as the metamorphosis of the mortgage fiasco into a financial crisis-cum-global economic meltdown turned popular attention away from the urban roots of this calamity. But this emphasis on the exurbs as the site of crisis lends itself to the misconception that they, rather than the restructuring of the metropolis as a whole, are the sole source of the crisis. This article works across multiple scales to examine how three interwoven factors - demographics, policy and capital - each reacted to the San Francisco Bay Area landscape inherited at the end of the 1970s, affecting the region in new ways, leaving some places thriving and others struggling with foreclosure, which leads to plummeting property values and the deep uncertainty of the current American metropolis. This restructuring can be seen as the convergence between the unresolved urban crisis of the postwar era and the various reactions in the neoliberal era. It demands a reimagining of both planning and geography, especially from the left.

Mapping the Urban Debtscape: The Geography of Household Debt in Canadian Cities

Abstract: Vulnerability resulting from debt is part and parcel of the risk society and a salient characteristic of current neoliberal times under financialized global capitalism. Rising indebtedness increases the susceptibility of homeowners to housing and labor market restructuring, and if the degree of leverage is very high, can threaten the solvency, living standards, and social stability of local communities. However, very little is understood regarding how levels of household indebtedness are spatially distributed within or across cities, and how private debt maps onto the geography of race, class, housing, urban form, and other social variables, especially outside of the United States. It remains unknown whether and how higher and unsustainable levels of indebtedness might be associated with urban growth, decline, suburbanization, gentrification, immigration, racialization, and/or greying. This article examines the spatial distribution of household debt in Canadian cities at multiple scales of analys...

The Double Crisis of the Welfare State and What We Can Do About It

Abstract: The NHS, education, social care, local government, employment services, social housing and benefits for the poor face major challenges from a government determined to entrench a radical and divisive liberalism permanently in British public life. This book analyses the immediate challenges from headlong cuts that bear most heavily on women, families and the poor, and from a root-and-branch restructuring which will fragment and privatise the bulk of public services. It sets this in the context of escalating inequalities and the longer-term pressures from population ageing. It demonstrates that a more humane and generous welfare state that will build inclusiveness is possible by combining policies that limit child poverty, promote more equal outcomes from health care and education, introduce a greater contributory element into social benefits, invest in better child and elder care and address low wages and workplace rights. It shows that such policies are affordable because they follow the long-term trajectory of welfare state spending across the UK and other developed countries. It analyses the political forces that can be marshalled to support these shifts and shows that, with political leadership, the welfare state can attract mass support.

Why do market ‘reforms’ persistently increase inequality?

Abstract: The dominant market logic in contemporary education produces social inequalities in education, through new mechanisms. To create markets in education, services and resources have to be rationed, so inequality is built in. To motivate parents to buy privatised services, losers have to be created and publicised – this is the function of NAPLAN testing and the MySchool website. In neo-liberal rhetoric, the actual pattern of social inequality is misrepresented, e.g. the idea of ‘pockets of poverty’, while institutional restructuring embeds the new mechanisms. Neoliberalism seeks to close down arenas for debate and create a monopoly for the market perspective; it is important to sustain other agendas.

Financing small and medium enterprises (smes) in ghana: challenges and determinants in accessing bank credit

Abstract: Access to credit is crucial for the growth and survival of Small and Medium-sized Enterprises (SMEs). Thus policy makers attempt to pursue financial sector policies to propel financial intermediaries to extend more credit to SMEs. Access to credit still remains a challenge to SMEs especially those in developing economies and continues to dominate discussions both within business circles and at the corridor of various governments. In Ghana, for instance, a survey by the Association of Ghana Industries (AGI) for the second quarter of 2011 indicated that lack of adequate access to credit topped the factors hampering the growth of small businesses in Ghana. The ability of SME’s to grow depends highly on their potentials to invest in restructuring, innovation etc. All of these investments need capital, and therefore access to finance. Against this background the consistently repeated complaint of SME’s about their problems regarding access to finance is a highly relevant constraint that endangers the economic growth of countries. The general objective of this study is to examine the challenges and determinants of access to bank credit in Ghana by focusing on SMEs in the Wa Municipality. The study employed the quantitative approach to research in which the probability sampling criteria specifically the stratified and simple random sampling was employed to select eighty entrepreneurs from the Wa Municipality. The major findings for the study indicated that there exist significantly, positive relations between certain attributes of a firm and access to credits. There are also, some financial activities such as business registration, documentation/recording, business planning, asset ownership, and others that also impact heavily on SMEs access to bank credits.

IT IS AND IT ISN’T : Vernacular globalization, educational policy, and restructuring

Abstract: Introduction Within the vernacular we sometimes describe the complexities of a social phenomenon by the use of: “Well, it is and it isn’t.” This seems to be a productive way to think about globalization generally, as well as its playing out in educational policy and restructuring. The recent restructuring of educational systems can aptly be explained by recourse to an understanding of globalization. However, we also need to understand the microhistories, microcultures, and micropolitics of local practices of educational restructuring as they are implicated in the multiple flows of globalization.

Behavioral treatments for children and adults who stutter: a review.

Abstract: This paper provides a brief overview of stuttering followed by a synopsis of current approaches to treat stuttering in children and adults. Treatment is discussed in terms of multifactorial, operant, speech restructuring, and anxiolytic approaches. Multifactorial and operant treatments are designed for young children who stutter. Both of these approaches involve parent training and differ primarily in their focus on reducing demands on the child (multifactorial) or in their use of response contingent stimulation (operant conditioning). Speech restructuring and anxiolytic approaches are used with adults who stutter. Speech restructuring approaches focus on the mechanics of speech production, and anxiolytic treatments tend to focus on the symptoms and social and vocational challenges of stuttering. The evidence base for these different approaches is outlined. Response contingent therapy (for children) and speech restructuring therapy (for adults) have the most robust empirical evidence base. Multifactorial treatments for children and stuttering management approaches for adults are popular but are based on theoretical models of stuttering; the evidence base is not robust and tends to be inferred from work in areas such as cognitive behavior therapy and desensitization. Comprehensive, or holistic, approaches to treating stuttering are also discussed. Comprehensive approaches for treating stuttering in adults address both improved speech fluency and stuttering management.

Financial Sustainability Within UK Charities: Community Sport Trusts and Corporate Social Responsibility Partnerships

Abstract: The change in political leadership in the UK in 2010 has created financial uncertainty and instability for many third sector organisations. In a shifting funding landscape, it is clear that an over-reliance on Government funding is a risky strategy and that there is a need to diversify and seek out alternative sources of revenue. This article considers the impact of political change on the financial sustainability of community sports trusts associated with Premier League and Football League clubs in England. It explores sources of revenue through the analysis of financial statements, revealing that on average community sports trusts receive a significant proportion of income from grant funding whilst sponsorship income is relatively small. The article goes on to discuss the potential for community sports trusts to diversify revenue streams by developing social partnerships that address the corporate social responsibility (CSR) agendas of commercial organisations. It illustrates that although commercial sponsorship can provide benefits including the provision of additional funding that can enable financial stability, key issues include the balance of power, the impact on organisational flexibility, whether there is a need to restructure, and the development of long-term partnerships. Although the findings from this article are focused on a particular type of charity, given the importance of CSR partnership income for the charities sector they may also have broader implications for other charitable organisations.

Restructuring of educational systems in the digital age from a co‐evolutionary perspective

Abstract: There have been repeated calls for restructuring of schooling to take advantage of information and communication technologies (ICT). This article recognizes an increasing range of radical restructuring resulting from the co-evolution of education and digital technologies in school systems and related activity in the global ecosystem. Research of previously innovative schools that did not sustain their innovative strategies with ICT has also helped to clarify relevant factors including the importance of leadership. Davis' co-evolutionary framework is illustrated with case studies of sustained transformation enabled by blended and online learning in New Zealand and the USA. Transformations include decoupling of the roles of a class teacher, plus decoupling of the services provided by a single school into provision by networked organizations, including a virtual school and web-based services. The diversity of transformed educational ecosystems is linked to local and regional variations in culture and conditions. The article concludes that teachers in a range of roles will remain the keystone species of K-12 education also in the 21st century and recommends that this co-evolutionary framework is applied globally to increase equitable provision.

Financialization in agri-food supply chains: private equity and the transformation of the retail sector

Abstract: The analysis of the financialization of food and farming has tended to focus on issues such as the impact on the productive and input sectors of the food chain, including the role of asset management companies, private equity consortia and other financial institutions in acquiring and managing farmland. However, processes of financialization impact along the whole agri-food supply chain, including the retail and food service sectors. This paper analyses the take-over by a private equity company of Somerfield, one of the UK’s leading supermarket chains, and the impact the subsequent restructuring had on the management and organization of the retailer’s operations. In doing so, the paper not only extends the analysis of the effects of financialization on the food system, but also raises questions about the extent to which the supermarkets are the dominant actors in the establishment and management of agri-food supply chains.

Surviving the era of deindustrialization: the new economic geography of the urban rust belt

Abstract: :This article details the transformation of the urban rust belt over the course of economic restructuring. It begins by building typologies of cities at the starting point of restructuring and by showing how cities vary in socioeconomic performance by the endpoint. Multiple methods and data sources are then used to provide a general and detailed story of change for successful and unsuccessful performers. Results show that, in general, deindustrialization is not associated with performance. However, manufacturing still matters. Detailed stories show successful cities of one type have diversified manufacturing, becoming post-industrial producers. Successful cities of another type have specialized, retaining old manufacturing in branch plants. For the first type of city, policies aimed at developing the labor force and encouraging collaboration between local manufacturers is recommended. For the second type, policies targeted at improving the local business climate are encouraged. Results also show a...

Revisiting Sovereign Bankruptcy

Abstract: Sovereign debt crises occur regularly and often violently. Yet there is no legally and politically recognized procedure for restructuring the debt of bankrupt sovereigns. Procedures of this type have been periodically debated, but so far been rejected, for two main reasons. First, countries have been reluctant to give up power to supranational rules or institutions, and creditors and debtors have felt that there were sufficient instruments for addressing debt crises at hoc. Second, fears that making debt easier to restructure would raise the costs and reduce the amounts of sovereign borrowing in many countries. This was perceived to be against the interests of both the providers of both creditors and major borrowers.This report argues that both the nature and our understanding of sovereign debt problems have changed, over the course of the last decade, in a direction that creates a much stronger case for an orderly sovereign bankruptcy regime today than ten years ago. Pre-crisis policy mistakes are now recognized to be a much more severe problem for borrowing countries than the costs or limited availability of private financing. Recent court rulings – particularly a recent U.S. ruling that gives "holdout creditors" that decline a restructuring offer the right to interfere with payments to the creditors that accept such an offer. This will complicate efforts to resolve future debt crises on an ad hoc basis. Finally, sovereign debt crises are no longer just a problem in emerging markets, but a core concern in advanced countries as well – particularly in the Euro area. If the Euro is to survive, this will require both better ways to resolve debt crises and stronger, market-based incentives that prevent debt problems from occurring in the first place.To address these problems, policy proposals are presented at two levels: for the Euro area, and globally. A Euro area sovereign debt restructuring regime could be developed by amending the Treaty establishing the European Stability Mechanism (ESM). This would both restrict the scope for lending to highly indebted countries without also restructuring their debts, and protect Euro area members receiving ESM financial assistance from legal action byholdout creditors. At the global level, a number of proposals are discussed, ranging from a coordinated introduction of "aggregate collective action clauses" that would allow a supermajority of bondholders across all bonds to amend bond payment terms to an amendment of the IMF articles that would limit the legal remedies of holdouts when a debt restructuring proposal has been accepted both by a majority of creditors and endorsed by the IMF.

What Do We Know about the Impact of Government Interventions in the Banking Sector? The Assessment of Various Bailout Programs on Bank Behavior

Abstract: The systemic banking crises placed enormous pressure on national governments to intervene. The empirical literature is mute on what the optimal bailout program should look like to mitigate the negative consequence of government intervention in the banking sector. We document that, in general, government interventions have a negative impact on banking sector stability, increasing its risk significantly afterwards. Our results show that nationalization and Asset Management Companies (AMCs) among the restructuring measures, and public guarantees among the liquidity support mechanisms, tend to contribute to the risk effect the most. The optimal bailout package should include mechanisms aimed at strengthening market monitoring in the post-crisis period. Liquidity provisions and government-assisted mergers are an example of such a strategy.

Precarization, Genderization and Neotaylorist Work How Global Value Chain Restructuring Affects Banking Sector Workers in Brazil

Abstract: The transnationalization of financial markets impacted on the fragmentation and recomposition of value chains which induced comprehensive processes of outsourcing and the commodification of bank services. This paper explores how this translates into the sectoral and internal reorganization of Brazilian banks and how work organization and social relations are affected. The case of (bank-owned as well as outsourced) call center not only reflects changes in the importance and form of service relations but also shapes a neotayorist reorganization of the labor process and the respective modes of control. As a result, a complex process of precarization and segmentation of the work force can be observed which impacts on new lines of inequality related to categories like gender, class and race. The analysis is based on a theoretical approach which refers to Michael Burawoy’s concept of the “politics of production” and categories of Pierre Bourdieu’s social theory like symbolic violence. This allows an analysis of power relations which also includes the dimension of identities. Thus a more fine-grained insight can be gained on how transnational restructuring affects redistribution on a macro, meso and micro level.