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This paper assesses the practical relevance of the agency theory; that is to say, determines to what extent agency models allows us to better understand real-world contracts as well as the economic-policy conclusions that we could derive from positive analysis of these models. This paper will show that agency theory lacks practical relevance. We identify such a limit in its failure to engage in a comparative institutional analysis. Finally, we propose a counterfactual theory of agency problems which present counterfactual laws relating expropriation and agency problems and we Continue to download »

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In general, the term ‚profit’ stands for the difference between revenue and costs. However, for one and the same activity, profit does not necessarily have to be the same number under different points of view. Different accounting standards (like US GAAP and IAS) or special regulations for taxation make organizations display different profits in financial statements for different purposes.  On top of that, profit from the accountant’s point of view is not equal to profit from the economists point of view. This difference Continue to download »

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Pure Play Method An approach used for estimating the beta of a project in which a ?rm (1) identi?es several companies whose only business is to produce the product in question, (2) calculates the beta for each ?rm, and then (3) averages the betas to nd an approximation to its own project’s beta. The Accounting Beta Method As noted above, it may beimpossible to ?nd single-product, publicly traded ?rms  as required for the pure play Continue to download »

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Built to Resist Earthquakes The Path to Quality Seismic Design and Construction Briefing Paper 1 Briefing Paper 1 Building Safety and Earthquakes Part C Earthquake Resisting Systems Introduction This Briefing Paper 1 Building Safety and Earthquakes consists of four parts describing earthquakes and their effects on buildings Parts A and B describe the causes of earthquakes and resulting ground motions and explain how earthquake motions create various forces acting on a building This Part C describes the types of structural systems and lateral force resisting elements used in buildings and how they can be used in combinations Part D discusses the load path of earthquake forces within buildings Structural Systems Defined The Uniform Building Code UBC earthquake provisions define three basic types of building structural systems bearing wall systems building frame systems and momentresisting frame systems Bearing wall systems consist of vertical loadcarrying walls located along exterior wall lines and at interior locations as necessary Continue to download »

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How to develop optimal design of an organization in the context of: Conflict of interest between principal and agent Different risk preferences between P and A Basic concern: Understanding decision making and control in organizations where there is a potential conflict of interest between those making decisions and those whose wealth position are affected by those decisions (“The Agency Problem”) Builds on Hayek’s concerns about how best to organize society to exploit diffuse information. Their twist is that Continue to download »