scholarly journals On the Antitrust Treatment of Production Joint Ventures

1990 ◽  
Vol 4 (3) ◽  
pp. 113-130 ◽  
Author(s):  
Carl Shapiro ◽  
Robert D Willig
Keyword(s):  
Joint Ventures ◽  
Joint Venture ◽  
Joint Production ◽  
Antitrust Law ◽  
Enforcement Policy ◽  
Rival Firms ◽  
Legislative Changes ◽  
The U.S

The U.S. Congress is currently considering several bills to alter the antitrust treatment of collaborative production activities among rival firms. This paper sketches the tradeoffs involved in altering U.S. antitrust treatment of joint venture production activities among rival firms. This requires understanding the nature, benefits, difficulties and dangers to competition of production joint ventures; identifying their degrees of prevalence in the U.S. and elsewhere; summarizing the current antitrust treatment of joint ventures; and analyzing the interactions between U.S. competitiveness and antitrust treatment of production joint ventures. We discuss these topics below, after which we assess some proposed alterations to the antitrust treatment of production joint ventures. We conclude that current antitrust law and enforcement policy with regard to production joint ventures are working quite well and hardly can be considered a hindrance to innovation or “competitiveness.” We support some modest changes in antitrust law that may serve to encourage pro-competitive joint production ventures, but we do not endorse the more sweeping legislative changes by Jorde and Teece in this issue.

scholarly journals The Fiduciary Duties of Joint Venture Parties – When do They Arise and What Do They Comprise?

2011 ◽  
Vol 42 (1) ◽  
pp. 117 ◽  
Author(s):  
Jane Knowler ◽  
Charles Rickett
Keyword(s):  
Joint Ventures ◽  
Joint Venture ◽  
Case Law ◽  
The Other ◽  
Common Goal ◽  
Fiduciary Duties ◽  
Fiduciary Obligations ◽  
Australian Case

Joint Ventures are often used by parties in commercial enterprises where parties seek to achieve a common goal. One issue which is increasingly contentious is the extent to which, if any, joint venture parties owe each other fiduciary obligations. This paper refutes, as a dangerous heresy, the idea that joint venture relationships are discrete legal relationships that are inherently fiduciary in nature. The majority of self-styled "joint ventures" are, invariably, nothing more in legal terms than contracts. If parties are going to be bound by fiduciary duties, over and above the contractual duties they owe each other, this will only be so by virtue of the particular arrangement they have entered into which, on a thorough examination of the facts, is found to require each party to give unstinting loyalty to the other. Recent Australian case law bears this out.

Marpol V and Cargo Residues in the Great Lakes

1995 ◽  
Vol 32 (03) ◽  
pp. 179-185
Author(s):  
Eric Reeves ◽  
Laurie Perry
Keyword(s):  
Great Lakes ◽  
Central Region ◽  
Scientific Information ◽  
Special Problem ◽  
The United States ◽  
Coast Guard ◽  
Regulatory Regime ◽  
Enforcement Policy ◽  
Bulk Carriers ◽  
The U.S

In 1989 the U.S. Coast Guard promulgated regulations implementing Annex V to Marpol 73/78, which regulates the discharge of "garbage" from ships. Since that time it has become apparent that Marpol V, an international regime designed for the high seas, does not translate into a workable regime for the Great Lakes without some modification for the special problem of cargo residue discharges from dry bulk carriers. Application of Marpol V to the Great Lakes by the United States has also created an anomaly, because Canada has yet to do so, in large part because of serious concerns about its application to cargo residues on the Great Lakes. On September 22, 1993 the U.S. Coast Guard Ninth District put out an interim enforcement policy designed to provide a reasonable balance between the need to protect the environment of the lakes against any possible harm while taking account of the need for safe operation of commercial dry bulk carriers. At the same time, in cooperation with the Canadian Coast Guard Central Region and the U.S. National Oceanic and Atmospheric Administration, the U.S. Coast Guard Ninth District is developing better scientific information about the possible effects of cargo residues in order to build a scientific basis for a revised regulatory regime. As the scientific study progresses, the Ninth Coast Guard District continues to make modifications to the current enforcement policy, in consultation with Canadian Coast Guard Central Region, the scientific community, industry, and environmental groups. The final goal is a reasonably balanced and consistent regime on both sides of the lakes, in accordance with the mandates of the Great Lakes Water Quality Agreement.

Credit Risk Measurement, Leverage Ratios, and Basel III

2017 ◽  
pp. 86-116
Keyword(s):  
United States ◽  
The United States ◽  
Basel Iii ◽  
Holding Companies ◽  
Leverage Ratio ◽  
Basel Committee ◽  
Legislative Changes ◽  
Credit Risk Measurement ◽  
The Impact ◽  
The U.S

The Basel III Leverage Ratio, as originally agreed upon in December 2010, has recently undergone revisions and updates – both in relation to those proposed by the Basel Committee on Banking Supervision – as well as proposals introduced in the United States. Whilst recent proposals have been introduced by the Basel Committee to improve, particularly, the denominator component of the Leverage Ratio, new requirements have been introduced in the U.S to upgrade and increase these ratios, and it is those updates which relate to the Basel III Supplementary Leverage Ratio that have primarily generated a lot of interests. This is attributed not only to concerns that many subsidiaries of US Bank Holding Companies (BHCs) will find it cumbersome to meet such requirements, but also to potential or possible increases in regulatory capital arbitrage: a phenomenon which plagued the era of the original 1988 Basel Capital Accord and which also partially provided impetus for the introduction of Basel II. This paper is aimed at providing an analysis of the recent updates which have taken place in respect of the Basel III Leverage Ratio and the Basel III Supplementary Leverage Ratio – both in respect of recent amendments introduced by the Basel Committee and proposals introduced in the United States. As well as highlighting and addressing gaps which exist in the literature relating to liquidity risks, corporate governance and information asymmetries, by way of reference to pre-dominant based dispersed ownership systems and structures, as well as concentrated ownership systems and structures, this paper will also consider the consequences – as well as the impact - which the U.S Leverage ratios could have on Basel III. There are ongoing debates in relation to revision by the Basel Committee, as well as the most recent U.S proposals to update Basel III Leverage ratios and whilst these revisions have been welcomed to a large extent, in view of the need to address Tier One capital requirements and exposure criteria, there is every likelihood, indication, as well as tendency that many global systemically important banks (GSIBS), and particularly their subsidiaries, will resort to capital arbitrage. What is likely to be the impact of the recent proposals in the U.S.? The recent U.S proposals are certainly very encouraging and should also serve as impetus for other jurisdictions to adopt a pro-active approach – particularly where existing ratios or standards appear to be inadequate. This paper also adopts the approach of evaluating the causes and consequences of the most recent updates by the Basel Committee, as well as those revisions which have taken place in the U.S, by attempting to balance the merits of the respective legislative updates and proposals. The value of adopting leverage ratios as a supplementary regulatory tool will also be illustrated by way of reference to the impact of the recent legislative changes on risk taking activities, as well as the need to also supplement capital adequacy requirements with the Basel Leverage ratios and the Basel liquidity standards.

scholarly journals Simulation analysis of incentives on employees' acceptance of foreign joint venture management practices: a case study

2020 ◽  
Vol 27 (8) ◽  
pp. 2047-2078
Author(s):  
Jingxiao Zhang ◽  
You Ouyang ◽  
Hui Li ◽  
Pablo Ballesteros-Pérez ◽  
Martin Skitmore
Keyword(s):  
Joint Ventures ◽  
Management Practices ◽  
Joint Venture ◽  
Business Practices ◽  
Content Type ◽  
Joint Management ◽  
Study Results ◽  
Venture Management ◽  
Employee Acceptance

PurposeCultural differences between employees of different nationalities are hindering the development of some transnational joint ventures. Describing and modelling the positive (or negative) factors that cause joint venture employees to accept (or reject) joint management business practices is of great value to all corporations operating abroad with locally sourced employees.Design/methodology/approachThis study uses a Sino-Japan construction joint venture project as a representative case study. First, structural equation modelling is used to identify the factors influencing Chinese employees' acceptance of joint venture management practices. Then, a system dynamics model is adopted to simulate the time-dependent effects of the incentives.FindingsThe study results (1) indicate which incentives strongly affect employee acceptance of joint venture management practices; (2) identify inefficient management practices in cross-cultural joint ventures; and (3) provide evidence that the employees' perceptions of clear purpose, good working relationships and helpful mechanisms positively and directly also support their acceptance of joint management practices.Originality/value–A dynamic simulation method is used to analyse the influence of various incentive factors on employee acceptance of joint management. This provides unprecedented information regarding how these factors interact with each other, hence how their effectiveness varies (both positively and negatively) over time. Further findings also provide new ideas for joint venture managers to adopt more effective management methods.

Control, Conflict, and Performance: A Study of U.S.-Chinese Joint Ventures

1997 ◽  
Vol 5 (3) ◽  
pp. 31-45 ◽  
Author(s):  
Daniel Z. Ding
Keyword(s):  
Empirical Evidence ◽  
Joint Ventures ◽  
Questionnaire Survey ◽  
Joint Venture ◽  
Positive Impact ◽  
Managerial Control ◽  
Foreign Partner ◽  
Venture Performance ◽  
General Managers ◽  
And Performance

This study was designed to test empirically the linkages between control, conflict, and performance using a sample of U.S.-Chinese joint ventures established in China during the period of 1979–1989. Data were gathered through a questionnaire survey among U.S. managers and personal interviews with both U.S. and Chinese general managers in the selected joint ventures. Results showed that dominant managerial control exercised by the foreign partner had a positive impact on the perceived joint venture performance. The study identified major areas in which conflict between joint venture partners occurred. Empirical evidence was found that conflict between joint venture partners significantly hindered joint venture performance.

Agreeing to disagree: structuring future capital investment provisions in joint ventures

2020 ◽  
Vol 13 (1) ◽  
pp. 12-22
Author(s):  
Edgar Elliott ◽  
Lois D’Costa ◽  
James Bamford
Keyword(s):  
Joint Ventures ◽  
Capital Investment ◽  
Joint Venture ◽  
Investment Decisions ◽  
Capital Investments ◽  
Agreeing To Disagree ◽  
Structural Work ◽  
Opt Out ◽  
Contractual Structures

Abstract Prior to entering into any joint venture agreement (JVA), dealmakers should be aware of the options available to resolve future investment disagreements. There are three broad capital investment structures commonly found in joint ventures: (i) standard passmark rules; (ii) non-consent/opt-out; and (iii) sole risk. Within each category, deal practitioners have numerous options to tailor capital investment structures. As much as possible, deal practitioners should contemplate the most likely areas of disagreement, and then tailor the capital investment structures appropriately to ensure that the joint ventures (JV) can manage capital investment decisions in an efficient, value-preserving way. While it is impossible to establish a formula to determine which specific contractual structures will best accommodate future capital investments in a given JV, companies should weigh various factors to inform their position. We reviewed 40 JVAs to understand various capital investment mechanics and how they differ based on the nature of the venture and owner context. Our research found an extremely diverse array of creative structural work-arounds to address different owner appetites to make future capital investments. The purpose of this article is to describe, illustrate and provide benchmarks on different mechanics and contractual terms found in joint venture agreements, and to offer guidance as to which future capital investment mechanics should be included in venture agreements.

A discussion on orbital analysis - Radio tracking at Winkfield

1967 ◽  
Vol 262 (1124) ◽  
pp. 46-49
Keyword(s):  
Space Flight ◽  
Joint Venture ◽  
Radio Telemetry ◽  
Research Station ◽  
Radio Tracking ◽  
Goddard Space Flight Center ◽  
Telemetry Measurements ◽  
Orbital Analysis ◽  
The U.S

Winkfield is one of the stations in the Space Tracking and Data Acquisition Network (Stadan) of the U.S. National Aeronautics and Space Administration (N.A.S.A.) and is operated by the Radio and Space Research Station as a joint venture with N.A.S.A. The stations in the network, using standardized equipment supplied by N.A.S.A., receive by radio telemetry measurements from the various experiments in the satellites, they command the functioning of satellites and they track them. Tracking, with which this paper is concerned, means the measurement of quantities which contribute to the determination of the positions of satellites as a function of time. About ten stations in the network use tracking equipment and methods identical with those used at Winkfield. The network operates 24 h a day, its functioning being coordinated by the Goddard Space Flight Center of N.A.S.A. by means of teleprinter circuits which also serve to convey the raw tracking information from the stations to the N.A.S.A. computer facilities.

Sign in / Sign up

Export Citation Format

Share Document