Private equity regulation: a comparative analysis

This article examines the existing contractual arrangements and industry standards in private equity. It shows that investors are, in principle, capable of structuring their particular investments according to their own preferences, there are a range of governance problems and risks that could be potentially hazardous for some classes of investors. We examine the circumstances where existing industry codes and legal tools can be used to address the problems that arise in relation to private equity and buyout activity.     

On being unreasonable in modern society: are mental health problems special?

There are many grounds for arguing that people with a range of disabilities have more in common than they have differences. However, those grounds to date have not resulted in a unified social movement. This paper examines one possible reason for that lack of unity: the particular force of being unreasonable in modern society. However, being unreasonable is not limited to those with a psychiatric diagnosis, nor does a lack or loss of reason take a simple common form within that group: it is a highly nuanced and context-specific matter. This complexity is discussed in relation to a set of inter-related questions about legalism, morality and post-enlightenment concerns with order and rationality. The paper concludes with a discussion of scenarios available to new social movements concerned with disability.     

The future of hormone replacement therapy in the aging male

This paper is based on a presentation given at the 2nd World Congress on the Aging Male, Geneva, Switzerland, February 2000     

Maintaining strategic momentum: The CEO''s agenda

How does the chief executive of a large complex organization maintain strategic momentum? This represents a great challenge when there are no obvious external threats, and no obvious reasons for having a concerted action. Floris Maljers, Charles Baden-Fuller and Frans van den Bosch explore the inherent tensions which exist between stability and change. Change is necessary to maintain success, but too much change is disastrous. The authors argue that there are several possible solutions to this paradox, including that of generating periods of intense activity followed by periods of comparative stability and incremental improvement. Using the introspection of one of the CEOs of Unilever, who held office from 1984 to 1994, the authors examine how these tensions were played out and resolved.     

Exploring teachers’ career self-management. Considering the roles of organizational career management,occupational self-efficacy,and learning goal orientation.

The current study examines how organizational career management – i.e. activities undertaken by schools in order to plan and manage teachers’ careers – relates to teachers’ career self-management – i.e. teachers steering their careers by means of searching for opportunities, networking, or seeking supervisory support. Moreover, it examines the mediating roles of occupational self-efficacy and learning goal orientation in this relationship. Mediation analysis in SPSS, using the PROCESS macro of survey data from 220 Dutch secondary school teachers, showed that positive relationships between organizational career management and career self-management were mediated by occupational self-efficacy and learning goal orientation.     

Generalized stochastic dominance and bad outcome aversion

Incomplete preferences over lotteries on a finite set of alternatives satisfying, besides independence and continuity, a property called bad outcome aversion are considered. These preferences are characterized in terms of their specific multi-expected utility representations (cf. Dubra et al., J Econ Theory, 115:118–133, 2004), and can be seen as generalized stochastic dominance preferences.     

Evaluating the Move to a Linear Tax System in Germany and Other European Countries

This paper proposes a comparison of the results of tax policy analysis obtained on the basis of unitary and collective representations of the household. We first generate labour supplies consistent with the collective rationality, by use of a model calibrated on microdata as described in Vermeulen et al. [Collective Models of Household Labor Supply with Nonconvex Budget Sets and Nonparticipation: A Calibration Approach (2006)]. A unitary model is then estimated on these collective data and unitary and collective responses to a tax reform are compared. We focus on the introduction of linear taxation in Germany. The exercise is replicated for other European countries and other topical reforms. Distortions due to the use of a unitary model turn out to be important in predicting labour supply adjustments, in the design of tax revenue neutral reforms, and in predicting a reform’s welfare implications.

The Collective Model of Household Consumption: A Nonparametric Characterization

We provide a nonparametric characterization of a general collective model for household consumption, which includes externalities and public consumption. Next, we establish testable necessary and sufficient conditions for data consistency with collective rationality that only include observed price and quantity information. These conditions have a similar structure as the generalized axiom of revealed preference for the unitary model, which is convenient from a testing point of view. In addition, we derive the minimum number of goods and observations that enable the rejection of collectively rational household behavior.     

Sharing Rule Identification for General Collective Consumption Models

We propose a method to set identify bounds on the sharing rule for a general collective household consumption model. Unlike the effects of distribution factors, the level of the sharing rule cannot be uniquely identified without strong assumptions on preferences across households. Our new results show that, though not point identified without these assumptions, strong bounds on the sharing rule can be obtained. We get these bounds by applying revealed preference restrictions implied by the collective model to the household's continuous aggregate demand functions. We obtain informative bounds even if nothing is known about whether each good is public, private, or assignable within the household, though having such information tightens the bounds. We apply our method to US PSID data, obtaining narrow bounds that yield useful conclusions regarding the effects of income and wages on intrahousehold resource sharing, and on the prevalence of individual (as opposed to household level) poverty.