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PhD, University of Pennsylvania
This article investigates the role of boards in founder-managed firms with concentrated ownership in emerging markets. The literature frequently suggests that in this type of companies, boards have little influence on the corporate decision making. The article conducts a case study of AFK Sistema—a large Russian founder-managed firm with concentrated ownership. We observe that, contrary to the expectations, in this company, the founder provided real authority to the board, at the same time focusing on recruiting independent (mainly foreign) members. Based on this case, we argue that selectively empowering boards in this type of ownership setting could be beneficial for the firm: Selective empowerment is a source of intrinsic motivationfor the independent board members, making them proactively search for new projects and assist in their implementation on behalf of the firm. As a result, the company can overcome a number of important barriers in its development.
This research advances the hypothesis and establishes empirically that interpersonal population diversity, rather than fractionalization or polarization across ethnic groups, has been pivotal to the emergence, prevalence, recurrence, and severity of intrasocietal conflicts. Exploiting an exogenous source of variations in population diversity across nations and ethnic groups, as determined predominantly during the exodus of humans from Africa tens of thousands of years ago, the study demonstrates that population diversity, and its impact on the degree of diversity within ethnic groups, has contributed significantly to the risk and intensity of historical and contemporary civil conflicts. The findings arguably reflect the contribution of population diversity to the non-cohesiveness of society, as reflected partly in the prevalence of mistrust, the divergence in preferences for public goods and redistributive policies, and the degree of
fractionalization and polarization across ethnic, linguistic, and religious groups.
This paper presents a model of strategic competition between universities that accounts for the existence of positive spillover effect from -education (peer effect). It was demonstrated that in the presence of peer effect strategic competition results in inefficient student allocation between the two universities (biased to the high-quality university) and excessive quality differentiation. The model is used to analyze the implications of government funding policies as well as admission and quality regulation. It was demonstrated that traditional schemes of institutional funding and students’ financial aid programs like tuition fee subsidy, quality investment subsidy, or total cost subsidy reduce social welfare. At the same time, an introduction of provision of tuition-free education for the best students combined with a per-student grant provided to the university improves both students’ and social welfare. It was also demonstrated that tight admission regulation is not socially desirable while the introduction of minimum quality standards makes society better off.
The writings of Thomas Robert Malthus continue to resonate today, particularly An Essay on the Principle of Population which was published more than two centuries ago. Malthus Across Nations creates a fascinating picture of the circulation of his economic and demographic ideas across different countries, highlighting the reception of his works in a variety of nations and cultures. This unique book offers not only a fascinating piece of comparative analysis in the history of economic thought but also places some of today’s most pressing debates into an accurate historical perspective, thereby improving our understanding of them.
Providing a complex and multi-faceted analysis of the reception and dissemination of the works of Malthus, this book examines how his approach was misunderstood and distorted throughout his lifetime and beyond. It illuminates the different ways in which groups of actors, including laymen, politicians and experts, have reacted to his work in specific historical and intellectual contexts, and with particular theoretical, political and moral concerns. Detailed breakdowns of the main controversies over his work are also explored.
An insightful read for scholars studying economics and history of economic thought, this book guides readers from Malthus’s original publications to their continuing impact today. This will also be a useful volume for ethics, political thought and intellectual history students.
Restricted domains have been extensively studied within computational social choice, initially for voters’ preferences that are total orders over the set of alternatives and subsequently for preferences that are dichotomous—i.e., that correspond to approved and disapproved alternatives. We contribute to the latter stream of work. We obtain forbidden subprofile characterisations for various important dichotomous domains, and we also study profiles with incomplete information about the voters’ preferences. Specifically, we design polynomial algorithms to determine whether such incomplete profiles admit completions within certain restricted domains.
This chapter provides some details of Malthus’s personal encounter with Russia and distinguishes three periods in the reception of his works in the Russian Empire. During the first period (1800s–1830s), there was generally adopted an optimistic version of Malthusianism suitable for substantiation of the benevolent nature of the ‘enlightened despotism’ – ‘Malthusianism in reverse’. During the 1840s–1850s, the significant social and cultural shifts resulted in the radicalization and diversification of Russian public opinion, which ceased to be confined to the tiny circle of the highest nobility and imperial bureaucracy. It was the period of actualization of Malthus, but the general attitude to his ideas became critical, if not hostile. The way, how and why that Malthus was criticized (and sometimes accepted) since the 1860s and up to the 1917 Revolution allows for a better grasp of the debates between different strands of the then prominent ideological approaches: radical, conservative and liberal.
The article examines the current transformation of ASEAN−UK foreign economic cooperation pattern in the context of digitalization of the global economy. Brexit as a manifestation of the European integration crisis has catalyzed diversification of Britain’s foreign trade in services. Southeast Asian nations are becoming the UK’s priority partner in this area. In these circumstances, parties have to choose the model of their future trade agreement and the degree of trade liberalization.
The global economy passes the COVID-19 related crises. For various projections, the output fall in Russia in 2020 will vary from 2 to 8 percent. So, in comparison with the crises of 1998 and 2008, the current shock can be more severe. In the upcoming years the Russian economy will pass the recovery stage, approaching the new balanced growth path. What proximate sources would push this growth?
With the neoclassical industry growth accounting and the Russia KLEMS dataset the present report aims to shed light on this, considering the growth patterns and sources of growth after the crises of 1998 and 2008. The report unveils the most important sources of the after-2008 stagnation in Russia, which are the decreasing efficiency of the extended oil and gas sector and the suspension of technology convergence. Since the recovery in Russia will be, most probably, caused by the increasing demand on energy and raw materials, driven by the recovery of global markets, policy implications for Russia should include efforts to improve efficiency in such export-oriented sectors, as oil and gas, and efforts, which aim to boost technology convergence such as backing export-oriented firms, which have been integrated to global value chains.
The chapter analyzes the influence of K. Marx's "Capital" on reformist Populism, legal Marxism and Katheder-sozialismus in Russia. Special attention is paid to heated discussions about the stages of Russia's economic development in comparison with Western Europe.
The paper develops a new extension of the sequential preference condition, which leads to unique stable matching in all subpopulations, obtained by consistent restrictions of the marriage matching problem. Under the new condition, the Gale–Shapley algorithm is stable, consistent, strategy-proof, Pareto optimal for men, and Pareto optimal for women.
The article traces trends in Soviet economic discourse from the 1920s until perestroika. We examine the works of leading political economists of this period through the lens of debates on market exchanges under socialism—the central theoretical issue of the political economy of socialism. The discursive structure underlying the debates can be traced back to the writing of the first Soviet textbook on political economy, personally supervised by Joseph Stalin. Our purpose is to assess the impact of this textbook on subsequent discussions of the role of commodity production and market exchanges in a socialist economy. The story suggests that Soviet economic discourse was neither homogeneous nor stable. Rather, it consisted of several subdiscourses of different levels of authoritativeness allowing for a certain stable core as an attribute of any authoritative discourse, as well as for more flexible elements that adjusted the structure to new political and ideological challenges.
The article examines the problem of the ICO (Initial Coin Offering, from English — “initial offer of coins, initial placement of coins”). The information source is the ICO rating data of the return on investment in blockchain startups. The methodological base of the research is a situational comparative analysis of the ICO, DAOICO, IEO and STO and systematization of information. The author analyzes three new ICO models. The first one includes elements of Decentralized Autonomous Organizations (DAO). Its aim is to minimize the difficulties and risks associated with the ICO. The second model (Initial Exchange Offering (IEO), from English — “primary exchange offer”) is designed to minimize risks, liquidity problems and a delay in listing tokens at the end of the token sale. The third model — the Security Token Offering (STO, from English — “offer of security token”) — was designed to support real assets and comply with the SEC requirements. These models are a new direction for small and medium enterprises and investors. The absence of any scientific work emphasizes the relevance and scientific novelty of the study. The article is a follow-up of the empirical work related to the success of the ICO, as well as the basis for its revision using the case study results.