AN ANALYSIS OF SHAREHOLDER AGREEMENTS

Shareholder agreements govern the relations among shareholders in privately held firms, such as joint ventures and venture capital‐backed companies. We provide an economic explanation for key clauses in such agreements—namely, put and call options, tag‐along and drag‐along rights, demand and piggy‐back rights, and catch‐up clauses. In a dynamic moral hazard setting, we show that these clauses can ensure that the contract parties make efficient ex ante investments in the firm. They do so by constraining renegotiation. In the absence of the clauses, ex ante investment would be distorted by unconstrained renegotiation aimed at (i) precluding value‐destroying ex post transfers, (ii) inducing value‐increasing ex post investments, or (iii) precluding hold‐out on value‐increasing sales to a trade buyer or the IPO market. (JEL: G34)     

Catastrophe Risk Models for Evaluating Disaster Risk Reduction Investments in Developing Countries

Major natural disasters in recent years have had high human and economic costs, and triggered record high postdisaster relief from governments and international donors. Given the current economic situation worldwide, selecting the most effective disaster risk reduction (DRR) measures is critical. This is especially the case for low‐ and middle‐income countries, which have suffered disproportionally more economic and human losses from disasters. This article discusses a methodology that makes use of advanced probabilistic catastrophe models to estimate benefits of DRR measures. We apply such newly developed models to generate estimates for hurricane risk on residential structures on the island of St. Lucia, and earthquake risk on residential structures in Istanbul, Turkey, as two illustrative case studies. The costs and economic benefits for selected risk reduction measures are estimated taking account of hazard, exposure, and vulnerability. We conclude by emphasizing the advantages and challenges of catastrophe model‐based cost‐benefit analyses for DRR in developing countries.     

Diversity of romantic experiences in late adolescence and their contribution to identity formation

Romance constitutes a central experience in adolescence, which can take several forms including (a) serious romance with a steady partner, (b) casual and short‐lived dating, and (c) pending experiences of romantic thoughts and attempts. Using a three‐way longitudinal design, the present study examined the gender differences and developmental changes of these romantic experiences, and their cross‐lagged associations with identity processes, throughout one year in late adolescence. 389 students (63% girls) filled out questionnaires about their romantic experiences and identity processes. Girls reported more serious romance than did boys, who reported more casual dating and pending experiences. Serious romance increased over the year for both genders whereas casual dating and pending experiences continued to rise only for boys. The cross‐lagged model highlighted that serious romantic experience positively predicted identity commitments and exploration in depth whereas identity exploration in breadth positively predicted casual dating. This pattern was stable over the three time points and across gender and age groups. Overall, this study invites consideration of more diverse romantic experiences than those associated with tangible involvement. We discuss the contribution of romantic experiences to the identity dynamic.     

作为精神分析的聆听——关于中国孤独症儿童家长的精神分析的讲座

2002年12月2日,现任欧洲和中国精神分析互助联合会主席、法国精神分析家米歇尔·吉布尔(MichelGuibal)先生应邀在北京大学就有关中国孤独症儿童家长的精神分析的命题,与北大师生展开了一次学术对话,下面刊发的就是这次讲座的部分内容。——编者     

Wavelet‐based estimators for mixture regression

We consider a process that is observed as a mixture of two random distributions, where the mixing probability is an unknown function of time. The setup is built upon a wavelet‐based mixture regression. Two linear wavelet estimators are proposed. Furthermore, we consider three regularizing procedures for each of the two wavelet methods. We also discuss regularity conditions under which the consistency of the wavelet methods is attained and derive rates of convergence for the proposed estimators. A Monte Carlo simulation study is conducted to illustrate the performance of the estimators. Various scenarios for the mixing probability function are used in the simulations, in addition to a range of sample sizes and resolution levels. We apply the proposed methods to a data set consisting of array Comparative Genomic Hybridization from glioblastoma cancer studies.     

Risk aversion in expected intertemporal discounted utilities bandit problems

We consider a situation where an individual is facing an uncertain situation, but may costly alter his knowledge of the uncertainties. We study in this context how risk aversion may modify the individual search behavior. We consider a one-armed bandit problem (where one arm is safe and the other is risky) and study how the agent risk aversion can change the sequence of arms selected. The main result is that when the utility function is more concave, the agent has more chances to select the safe arm. We also discuss how search is affected by risk aversion.     

Relations between Theory of Mind and Indirect and Physical Aggression in Kindergarten: Evidence of the Moderating Role of Prosocial Behaviors

The present study examined the association between theory of mind and indirect versus physical aggression, as well as the potential moderating role of prosocial behavior in this context. Participants were 399 twins and singletons drawn from two longitudinal studies in Canada. At five years of age, children completed a theory of mind task and a receptive vocabulary task. A year later, teachers evaluated children's indirect and physical aggression and prosocial behavior. Indirect aggression was significantly and positively associated with theory of mind skills, but only in children with average or low levels of prosocial behavior. Physical aggression was negatively associated with prosocial behavior but not with theory of mind. Each analysis included gender, receptive vocabulary, and the respective other subtype of aggression as control variables. These results did not differ between girls and boys or between twins and singletons. Theoretical and clinical implications of these findings are discussed.     

Are Geographical Indications a Valid Property Right? Global Trends and Challenges

This article explores what is at stake in the international conflict on geographical indications (GIs), particularly for developing countries. It first examines how the WTO panel has obliged the European Union to open its registration system to third countries and how the ongoing negotiations on GIs seem to be reaching stalemate. Initiatives showing how GIs are a key political and trade issue are identified in Turkey, India, China, Colombia and Ethiopia. Trade negotiation agendas have to handle this new balance of power, in which the reputation accompanying a good may become common.