Executive Stock Option, Mediation of Agency Costs and Allocation of Power in Levered Firms

The relationship between options and agency costs in levered firms is studied by modeling the effect of executive stock options on the manager‘s investment strategy in levered firms. Stock options do not necessarily aggravate agency costs in levered finns. The corporate governance affects agency costs greatly. If debt-holders were entitled to design executive stock options together with stockholders, by allocating power properly between stockholders and debt-holders, firm value could be enhanced greatly. The following way of allocating power between the two parties is proposed: the exercise price should be the weighted average of the stockholders‘ and debtholders‘ suggested exercise prices. The weight allocated to debt-holders is positively related to the amount of debts that debt-holders lend to stockholders.     

Recent developments in Flexible Transport Services

This paper focuses on recent experiences in the evolution of Flexible Transport Services (FTS). It describes how previous manifestations of FTS provided dedicated solutions for special groups, often in parallel to the conventional public transport network, but highlights that in numerous countries across Europe there is now a discernable trend towards open access FTS providing services for the whole community and often feeding the conventional public transport network to provide wider access and opportunities. This is as a result of policies intended to mainstream services for people with disabilities and moves to tackle social exclusion amongst other groups while at the same time reducing the very high costs per trip associated with STS.To meet these policies, and the higher expectations and different travel behaviours of citizens to-day, it is suggested that FTS will need to radically reposition itself in terms of scale, so that there is mass coverage and ability to function as a full transport mode. This will require breakthroughs in concepts; business models; organisational and operational models; and in supporting technologies. A proposed solution to this is the Flexible Agency for Collective Mobility Services (FAMS) which provides an organisational structure and business model for FTS that incorporates the required supporting technologies.     

Real-world gaseous and particle emissions of a Bi-fuel gasoline/CNG Euro 6 passenger car

The objective of the present study is the assessment of the environmental impact of a bivalent (bi-fuel) vehicle, running either on gasoline or compressed natural gas (CNG). To that aim, a Euro 6 passenger car was tested under various real-world driving conditions. In order to cover the full range of conventional powertrains currently in the market, the tests were also repeated on a Euro 6 diesel passenger car. Both cars were driven in two routes, the first complying with the regulation limits and the second going beyond them. Carbon monoxide (CO), nitrogen oxides (NO_x) and particle number (PN) emissions were recorded using a Portable Emissions Measurement System (PEMS). Apart from the aggregated emission levels, in g/km, the exact emission location along the route was also assessed. Natural gas proved beneficial for CO and PN emissions, the level of which always remained below the respective legislation limits. On the other hand, under the dynamic driving conditions with gasoline, the relevant limits were exceeded. Cold start, occurring at the beginning of the urban part, and motorway driving were identified as major contributors to total emissions, especially in gasoline mode. However, the application of natural gas was associated with a penalty in NO_x emissions, which were significantly increased as compared to gasoline. Local peaks within the urban part were identified in CNG mode. In any case, the diesel vehicle was by far the highest NO_x emitter.     

an analysis of transportation energy conservation projects in developing countries

Industrialized countries have extensive experience with various transportation energy conservation measures and have been making steady progress in improving the efficiency of their transport sector. Less Developed Countries (LDCs) have also been making progress, but their experience in many aspects of transportation energy conservation is very limited. Development organizations have funded many transportation projects in developing countries, but the vast majority of these projects were designed to improve the transportation infrastructure. Very few transportation energy conservation projects have been implemented and decision-makers face a scarcity of information on effective strategies. This paper gives an overview of transportation projects in LDCs in order to identify those transportation energy conservation measures that offer the greatest potential for LDCs. Two case studies, from Tunisia and Costa Rica, are given to illustrate the issues involved in implementing transportation energy conservation measures in LDCs. Conclusions are drawn to suggest actions for developing countries and for development organizations.Acronyms DECAT Driver Energy Conservation Awareness Training - DSE Direccion Sectorial de Energia (Costa Rica) - GDP Gross domestic product - km Kilometer - LDCs Less Developed Countries - TOE Metric tonne of oil equivalent - USAID US Agency for International Development     

过程:思想政治教育重要的中介概念

中介就是客观事物之间的联系环节。中介是客观的、普遍的。过程是思想政治教育重要的中介概念。思想政治教育是历史的、文化的过程;是运动的、发展的过程;是具体的、有步骤的过程。     

Rationale for utilizing 3PL in supply chain management: A shippers' economic perspective

In this paper we first propose a conceptual framework for evaluating 3PL (third-party logistics) utilization in SCM (supply chain management), in which it is assumed that shippers may enjoy advantages derived from four contributory sources of 3PL specialization: scale, know-how, searching ability, and IT skills. It is also supposed that shippers may particularly benefit from 3PL when facing uncertain business environments. We also apply principal–agent relationships to shippers and 3PL providers. Further, we see enhancing “agency efficiency” as important to obtaining the benefits of 3PL utilization. We also look at the role of 3PL provider selection, the “hold-up” problem under incomplete contracts, and asset ownership. After that we briefly discuss the utilization of 3PL and environmental concerns. These are the main points that we consider related to 3PL utilization. The main contribution of this study is to identify discussion points from models and theories, such as contract theory, that relate to the utilization of 3PL in SCM.