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It is 25 years since the European Union (EU) agreed to complete the European Single Market (SM) in goods, services, people, and capital. While many barriers to the free movement of capital across borders have been removed, some important practical hurdles are still in place. The euro crisis has shown that the European financial sector in particular remains vulnerable and fragmented and this poses serious risks to the stability of both national economies and the euro area as a whole. In 2015, the European Commission therefore set out a list of measures to establish an integrated capital market in the EU by 2019.
The first part of this policy paper analyzes the channels through which financial integration affects growth, stability, and convergence in the EU, including capital allocation, production specialization, diversification of risk, and access to investment opportunities. The second part takes stock of persisting administrative and legal hurdles that impede full market integration. In particular, this paper distinguishes between a firm-level perspective, investors, and banks in its analysis. The final part provides some specific recommendations to improve the internal market for capital in the EU.

This chapter summarizes the need to transfer leadership development in Russian organizations from the hands of HR to senior executives and boards.

The thre­at of in­s­er­ting hard­ware Tro­jans du­ring the de­sign, pro­duc­tion, or in-field poses a dan­ger for in­te­gra­ted cir­cuits in re­al-world ap­p­li­ca­ti­ons. A par­ti­cu­lar cri­ti­cal case of hard­ware Tro­jans is the ma­li­cious ma­ni­pu­la­ti­on of third-par­ty FPGA con­fi­gu­ra­ti­ons. In ad­di­ti­on to at­tack vec­tors du­ring the de­sign pro­cess, FPGAs can be in­fil­tra­ted in a non-in­va­si­ve man­ner after ship­ment through al­te­ra­ti­ons of the bit­stream. First, we pre­sent an im­pro­ved me­tho­do­lo­gy for bit­stream file for­mat re­ver­sing. Se­cond, we in­tro­du­ce a novel idea for Tro­jan in­s­er­ti­on.

This paper presents an analytical framework of the product take back legislation in the context of product reuse. We characterize existing and proposed forms of E-waste legislation and compare their environmental and economic performance. Using stylized models, we analyze an OEM’s decision about new and remanufactured product quantity in response to the legislative mechanism. We focus on the 2012 waste electrical and electronic equipment directive in Europe, where the policy-makers intended to create additional incentives for the product reuse. Through a comparison to the original 2002 version of the directive, we find that these incentives translate into improved environmental outcomes only for a limited set of products. We also study a proposed policy that advocates a separate target for the product reuse. Our analysis reveals that from an environmental standpoint, the recast version is always dominated either by the original policy or by the one that advocates a separate target for the product reuse. We show that the benefits of a separate reuse target scheme can be fully replicated with the aid of fiscal levers. Our main message is that there can not be a single best environmental policy that is suitable for all products. Therefore, the consideration of product attributes is essential in identification of the most appropriate policy tool. This can be done either by the implementation of different policies on each product category or by implementation of product based target levels.

© 2018 Production and Operations Management Society

Crowdfunding has gained traction as a mechanism to raise resources for entrepreneurial and artistic projects, yet there is little systematic evidence on the potential of crowdfunding for scientific research. We first briefly review prior research on crowdfunding and give an overview of dedicated platforms for crowdfunding research. We then analyze data from over 700 campaigns on the largest dedicated platform, Experiment.com. Our descriptive analysis provides insights regarding the creators seeking funding, the projects they are seeking funding for, and the campaigns themselves. We then examine how these characteristics relate to fundraising success. The findings highlight important differences between crowdfunding and traditional funding mechanisms for research, including high use by students and other junior investigators but also relatively small project size. Students and junior investigators are more likely to succeed than senior scientists, and women have higher success rates than men. Conventional signals of quality–including scientists’ prior publications–have little relationship with funding success, suggesting that the crowd may apply different decision criteria than traditional funding agencies. Our results highlight significant opportunities for crowdfunding in the context of science while also pointing towards unique challenges. We relate our findings to research on the economics of science and on crowdfunding, and we discuss connections with other emerging mechanisms to involve the public in scientific research.

© 2019 Sauermann et al.