Suchergebnisse

This paper examines corporate governance in management buy‐outs and buy‐ins and in particular considers the problems faced by venture capitalists as active investors. Evidence is presented based on large scale surveys and case studies. The study suggests the importance of achieving a balance between the independence of venture capitalists as monitors of management and the need for cooperation in their relationships with managers in buy‐outs and buy‐ins. The study also questions the adequacy with which financiers as active investors have taken account of the differing attributes of each type of transaction, particularly in relation to access to information and the roles of management. The costs of closely monitoring smaller investments may often exceed the benefits, which helps explain why the greater control found in buy‐ins is more likely to be indirect rather than greater board representation. The evidence suggests the need for a flexible approach to governance under which the forms adopted take account of the specific circumstances of a particular enterprise.

Lit.

'My Love Affair With America: The Cautionary Tale of a Cheerful Conservative' by Norman Podhoretz is reviewed.

School buses, a practical necessity for millions of children, are at the center of new efforts to raise revenue. School bus advertising laws bring public health and commercialization concerns to the school setting. In doing so, they potentially expose school districts to First Amendment lawsuits.

A report and examination of a study, which was prepared by the Sudanese Consultations Bureau and which recommends auctioning foreign currency as the way out of the present economic mess in Sudan. The auction scheme envisages three major categories of foreign exchange in Sudan: export proceeds, expatriates remittances and donor countries, the latter including West Germany. Application for foreign exchange to be auctioned would be submitted through commercial banks and would take the form of bids. Customers upon placing their bids, would be required to pay the banks the full Sudanese pounds value to their foreign exchange applications. The introduction of an auction system, the report argues, would result in the simplification of existing administrative controls and regulations. (DÜI-Asd)