Reassessing the Prospects of a Human Rights Safeguard Policy at the World Bank
In: Journal of international economic law, Band 15, Heft 3, S. 823-841
ISSN: 1464-3758
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In: Journal of international economic law, Band 15, Heft 3, S. 823-841
ISSN: 1464-3758
Do development banks influence syndicate structure? Using a global dataset across 48 countries of 11,949 syndicated loans from 2001 to 2016, we show that lead banks decrease their loan shares and form less concentrated structures in mixed syndicates that include both development banks and private-sector banks as participant lenders. In line with the social view on the role of development banks, we find that such an effect is stronger during periods of financial instability, particularly for the green industry and in the case of borrowers that are financially constrained. Conversely, we do not find any evidence that mixed syndicates exhibit a different syndicate structure for political distortions. Lastly, we find that mixed syndicates are not associated with higher covenant violations and an increasing of the borrowers' risk profile after the loan origination. Our results are robust when accounting for, among others, relationship lending, asymmetric information within the syndicate, lenders' lending expertise, borrowers' opacity, types of loan, and ranking hierarchy in the syndicate.
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Do development banks affect the structure of loan syndicates? We argue that development banks' participation in syndicates can reduce the lead banks' monitoring efforts and generate higher risk diversification across lenders. Using a global dataset of syndicated loans from 2001 to 2016 for 105 countries and 44,899 deals, we show that the lead banks decrease their loan shares and form less concentrated syndicates when development banks are participant lenders. These syndicates are also composed of a higher number of foreign lenders that retain greater loan shares. We also find that development banks are not associated with higher covenant violations. Our results are robust when accounting for relationship lending, asymmetric information within the syndicate, lenders' lending expertise, borrower opacity, types of loan, and ranking hierarchy in the syndicate, among others.
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This articles examines small and medium enterprises' (SMEs) expectations of access to debt finance in times of uncertainty. In particular, we studied whether relationship lending affects British SMEs' concerns about future access to debt finance after the UK referendum on European Union membership (the so-called Brexit referendum). By using a unique survey, we found that relationship lending significantly reduces SMEs' expectations of being financially constrained, although the same does not hold for firms engaging in product innovation. Our results are robust after controlling for accounting information disclosure and for the relationship between the expectation of access to debt finance, the prospect of growth, and changes in business strategies.
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In: Cogent social sciences, Band 9, Heft 1
ISSN: 2331-1886
This study analyses the effects of political institutions and macroeconomic factors on credit risk in South Africa using quarterly data between 1998 and 2016. The study uses the ARDL approach to cointegration and reports on both long-run and short-run influences of credit risk. In the long-run political institutions and gold prices are found to positively impact credit risk whereas Gross domestic product has a negative influence on credit risk. In the short-run however political institutions have a negative influence on credit risk. Further, the study confirms the recent country risk downgrades by rating agencies, S & P, Moody and Fitch. Policies that grow the economy and are consistent with the government's long-term strategy needs to be followed to improve investor and lender confidence.
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The demand for assurance on integrated reporting (IR) is increasing as this form of reporting becomes more widespread. The different nature of information contained in an integrated report, compared to traditional financial and sustainability reports, gives rise to significant challenges and opportunities associated with assurance engagements on IR. The International Integrated Reporting Council (IIRC) is working closely with the International Auditing and Assurance Standards Board (IAASB), which is currently developing guidance for practitioners when undertaking an Extended External Reporting (EER) assurance engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3000. In the current vacuum of regulatory guidance, a range of credibility-enhancing approaches to IR is emerging, including two approaches under the current IAASB remit (the ISAE 3000 approach and the ISA 720 approach), and two innovative approaches currently outside the IAASB remit: the combined assurance approach; and what we are describing as the integrated report assurance approach, which aligns with the International Integrated Reporting Framework ( Framework) principles, and overcomes a number of the identified challenges associated with other assurance approaches. The diversity of credibility-enhancing approaches to IR and the non-mandatory nature of such services provide opportunities for academics to inform practitioners and regulators on the current state, the demand for, and the consequences of these various assurance approaches to IR.
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In: The journal of development studies: JDS, Band 33, Heft 5, S. 675-692
ISSN: 0022-0388
World Affairs Online
In: Abacus, Band 55, Heft 3, S. 610-633
SSRN
The Australian Northern Prawn fishery (NPF) is one of the few that has adopted a dynamic version of a 'maximum economic yield' (MEY) target, and, on this basis, the fishery is undergoing a process of substantial stock rebuilding. This paper details the bioeconomic model that is used to provide scientific management advice for the NPF, in terms of the amount of allowable total (and tradable) gear length in the fishery, both in terms of the MEY target and the path to MEY. It combines the stock assessment process for two species of tiger prawns (brown and grooved tiger prawns) with a specification for discounted economic profits, where the harvest function in the profit equation is stock dependent. Results for the NPF show a substantial 'stock effect', indicating the importance of conserving fish stocks for profitability. MEY thus occurs at a stock size that is larger than that at which maximum sustainable yield is achieved, leading to a 'win-win' situation for both the industry (added profitability) and the environment (larger fish stocks and lower impacts on the rest of the ecosystem). Sensitivity results emphasize this effect by showing that the MEY target is much more sensitive to changes in the price of prawns and the cost of fuel, and far less so to the rate of discount. ; Copyright Information: Authors own the copyright.Permission granted by Crawford School to archive their papers and make them publicly available - permission given by Director, Research, Crawford School of Economics and Government, in email dated 30/10/1
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In: Journal of social work practice in the addictions, Band 23, Heft 1, S. 24-38
ISSN: 1533-2578
Background: The INSPIRE framework was developed by 10 global agencies as the first global package for preventing and responding to violence against children. The framework includes seven complementary strategies. Delivering all seven strategies is a challenge in resource limited contexts. Consequently, governments are requesting additional evidence to inform which 'accelerator' provisions can simultaneously reduce multiple types of violence against children. Methods and Findings: We pooled data from two prospective South African adolescent cohorts including Young Carers (2010-2012), and Mzantsi Wakho (2014-2017). The combined sample size was 5034 adolescents. Each cohort measured six self-reported violence outcomes: sexual abuse, transactional sexual exploitation, physical abuse, emotional abuse, community violence victimisation, and youth lawbreaking; and seven self-reported INSPIRE-aligned protective factors: positive parenting, parental monitoring and supervision, food security at home, basic economic security at home, free schooling, free school meals, and abuse response services. Associations between hypothesised protective factors and violence outcomes were estimated jointly in a sex-stratified multivariate path model, controlling for baseline outcomes and socio-demographics, and correcting for multiple hypothesis testing using the Benjamini-Hochberg procedure. We calculated adjusted probability estimates conditional on the presence of no, one, or all protective factors significantly associated with reduced odds of at least three forms of violence in the path model. Adjusted risk differences (ARD) and risk ratios (ARR) with 95% confidence intervals (CI) were also calculated. The sample mean age was 13.54 years and 56.62% were female. There was 4% loss to follow up. Positive parenting, parental monitoring and supervision, and food security at home, were each associated with lower odds of three or more violence outcomes (p<0.05). For girls, the adjusted probability of violence outcomes was estimated to be ...
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ANPCyT, Argentina ; YerPhI, Armenia ; ARC, Australia ; BMWFW, Austria ; FWF, Austria ; ANAS, Azerbaijan ; SSTC, Belarus ; Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq) ; Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP) ; NSERC, Canada ; NRC, Canada ; CFI, Canada ; CERN ; CONICYT, Chile ; CAS, China ; MOST, China ; NSFC, China ; COLCIENCIAS, Colombia ; MSMT CR, Czech Republic ; MPO CR, Czech Republic ; VSC CR, Czech Republic ; DNRF, Denmark ; DNSRC, Denmark ; IN2P3-CNRS, CEA-DRF/IRFU, France ; SRNSFG, Georgia ; BMBF, Germany ; HGF, Germany ; MPG, Germany ; GSRT, Greece ; RGC, Hong Kong SAR, China ; ISF, Israel ; Benoziyo Center, Israel ; INFN, Italy ; MEXT, Japan ; JSPS, Japan ; CNRST, Morocco ; NWO, Netherlands ; RCN, Norway ; MNiSW, Poland ; NCN, Poland ; FCT, Portugal ; MNE/IFA, Romania ; MES of Russia, Russian Federation ; NRC KI, Russian Federation ; JINR ; MESTD, Serbia ; MSSR, Slovakia ; ARRS, Slovenia ; MIZS, Slovenia ; DST/NRF, South Africa ; MINECO, Spain ; SRC, Sweden ; Wallenberg Foundation, Sweden ; SERI, Switzerland ; SNSF, Switzerland ; Canton of Bern, Switzerland ; MOST, Taiwan ; TAEK, Turkey ; STFC, United Kingdom ; DOE, United States of America ; NSF, United States of America ; BCKDF, Canada ; CANARIE, Canada ; CRC, Canada ; Compute Canada, Canada ; COST, European Union ; ERC, European Union ; ERDF, European Union ; Horizon 2020, European Union ; Marie Sk lodowska-Curie Actions, European Union ; Investissements d' Avenir Labex and Idex, ANR, France ; DFG, Germany ; AvH Foundation, Germany ; Greek NSRF, Greece ; BSF-NSF, Israel ; GIF, Israel ; CERCA Programme Generalitat de Catalunya, Spain ; Royal Society, United Kingdom ; Leverhulme Trust, United Kingdom ; BMBWF (Austria) ; FWF (Austria) ; FNRS (Belgium) ; FWO (Belgium) ; Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) ; Fundação de Amparo à Pesquisa do Estado do Rio de Janeiro (FAPERJ) ; FAPERGS (Brazil) ; MES (Bulgaria) ; CAS (China) ; MoST (China) ; NSFC (China) ; COLCIENCIAS (Colombia) ; MSES (Croatia) ; CSF (Croatia) ; RPF (Cyprus) ; SENESCYT (Ecuador) ; MoER (Estonia) ; ERC IUT (Estonia) ; ERDF (Estonia) ; Academy of Finland (Finland) ; MEC (Finland) ; HIP (Finland) ; CEA (France) ; CNRS/IN2P3 (France) ; BMBF (Germany) ; DFG (Germany) ; HGF (Germany) ; GSRT (Greece) ; NKFIA (Hungary) ; DAE (India) ; DST (India) ; IPM (Iran) ; SFI (Ireland) ; INFN (Italy) ; MSIP (Republic of Korea) ; NRF (Republic of Korea) ; MES (Latvia) ; LAS (Lithuania) ; MOE (Malaysia) ; UM (Malaysia) ; BUAP (Mexico) ; CINVESTAV (Mexico) ; CONACYT (Mexico) ; LNS (Mexico) ; SEP (Mexico) ; UASLP-FAI (Mexico) ; MOS (Montenegro) ; MBIE (New Zealand) ; PAEC (Pakistan) ; MSHE (Poland) ; NSC (Poland) ; FCT (Portugal) ; JINR (Dubna) ; MON (Russia) ; RosAtom (Russia) ; RAS (Russia) ; RFBR (Russia) ; NRC KI (Russia) ; MESTD (Serbia) ; SEIDI (Spain) ; CPAN (Spain) ; PCTI (Spain) ; FEDER (Spain) ; MOSTR (Sri Lanka) ; MST (Taipei) ; ThEPCenter (Thailand) ; IPST (Thailand) ; STAR (Thailand) ; NSTDA (Thailand) ; TAEK (Turkey) ; NASU (Ukraine) ; SFFR (Ukraine) ; STFC (United Kingdom ; DOE (U.S.A.) ; NSF (U.S.A.) ; Marie-Curie programme ; Horizon 2020 Grant (European Union) ; Leventis Foundation ; A.P. Sloan Foundation ; Alexander von Humboldt Foundation ; Belgian Federal Science Policy Office ; Fonds pour la Formation a la Recherche dans l'Industrie et dans l'Agriculture (FRIA-Belgium) ; Agentschap voor Innovatie door Wetenschap en Technologie (IWT-Belgium) ; F.R.S.-FNRS (Belgium) ; Beijing Municipal Science & Technology Commission ; Ministry of Education, Youth and Sports (MEYS) of the Czech Republic ; Hungarian Academy of Sciences (Hungary) ; New National Excellence Program UNKP (Hungary) ; Council of Science and Industrial Research, India ; HOMING PLUS programme of the Foundation for Polish Science ; European Union, Regional Development Fund ; Mobility Plus programme of the Ministry of Science and Higher Education ; National Science Center (Poland) ; National Priorities Research Program by Qatar National Research Fund ; Programa Estatal de Fomento de la Investigacion Cientfica y Tecnica de Excelencia Maria de Maeztu ; Programa Severo Ochoa del Principado de Asturias ; EU-ESF ; Greek NSRF ; Rachadapisek Sompot Fund for Postdoctoral Fellowship, Chulalongkorn University (Thailand) ; Chulalongkorn Academic into Its 2nd Century Project Advancement Project (Thailand) ; Welch Foundation ; Weston Havens Foundation (U.S.A.) ; Canton of Geneva, Switzerland ; Herakleitos programme ; Thales programme ; Aristeia programme ; European Research Council (European Union) ; Horizon 2020 Grant (European Union): 675440 ; FWO (Belgium): 30820817 ; Beijing Municipal Science & Technology Commission: Z181100004218003 ; NKFIA (Hungary): 123842 ; NKFIA (Hungary): 123959 ; NKFIA (Hungary): 124845 ; NKFIA (Hungary): 124850 ; NKFIA (Hungary): 125105 ; National Science Center (Poland): Harmonia 2014/14/M/ST2/00428 ; National Science Center (Poland): Opus 2014/13/B/ST2/02543 ; National Science Center (Poland): 2014/15/B/ST2/03998 ; National Science Center (Poland): 2015/19/B/ST2/02861 ; National Science Center (Poland): Sonata-bis 2012/07/E/ST2/01406 ; Programa Estatal de Fomento de la Investigacion Cientfica y Tecnica de Excelencia Maria de Maeztu: MDM-2015-0509 ; Welch Foundation: C-1845 ; This paper presents the combinations of single-top-quark production cross-section measurements by the ATLAS and CMS Collaborations, using data from LHC proton-proton collisions at = 7 and 8 TeV corresponding to integrated luminosities of 1.17 to 5.1 fb(-1) at = 7 TeV and 12.2 to 20.3 fb(-1) at = 8 TeV. These combinations are performed per centre-of-mass energy and for each production mode: t-channel, tW, and s-channel. The combined t-channel cross-sections are 67.5 +/- 5.7 pb and 87.7 +/- 5.8 pb at = 7 and 8 TeV respectively. The combined tW cross-sections are 16.3 +/- 4.1 pb and 23.1 +/- 3.6 pb at = 7 and 8 TeV respectively. For the s-channel cross-section, the combination yields 4.9 +/- 1.4 pb at = 8 TeV. The square of the magnitude of the CKM matrix element V-tb multiplied by a form factor f(LV) is determined for each production mode and centre-of-mass energy, using the ratio of the measured cross-section to its theoretical prediction. It is assumed that the top-quark-related CKM matrix elements obey the relation |V-td|, |V-ts| « |V-tb|. All the |f(LV)V(tb)|(2) determinations, extracted from individual ratios at = 7 and 8 TeV, are combined, resulting in |f(LV)V(tb)| = 1.02 +/- 0.04 (meas.) +/- 0.02 (theo.). All combined measurements are consistent with their corresponding Standard Model predictions.
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