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Reputation Sells -Compensation Payments in the Political Sphere
Bargaining between different groups, which differ in objectives, preferences and interests, is at the core of political decision-making. Yet, it is logical to presume that negotiations involving more parties will lead to inertia and a slow pace in the legislative process. According to this hypothesis, political systems involving many veto-players such as federal countries or international organisations must be prone to a low activity. Oddly enough, a closer look on the European Unions" and Germany"s legislation activity level shows that these are fairly high, although in both systems exist a considerably amount of opportunities to block or delay reforms. Decision-making in this framework is mostly brought about by side-payments, which are usually not reported to the public. This poses a question. If compensation payments are able to fuel the decision process by balancing interest and help to avoid reform deadlocks why are they frequently disguised? This paper addresses this question by suggesting that politicians do avoid openly paid compensation payments out of concerns over their reputation and that decision-making is rather a strategically action than showing majorities for a certain topic.
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text:
MELBOURNE -- For the second year in a row, Florida pitcher A.J. Burnett will spend much of spring training sidelined by an injury.
Burnett had a broken right foot that will prevent him from pitching for up to a month, the Marlins said Thursday. The right-hander might be able to join the rotation sometime in April, but it's unlikely he'll be ready when the season begins April 2.
Still, the setback was not as severe as a year ago, when Burnett fell during a fielding drill, hurt his right thumb and missed the first 31/2 months of his rookie season.
Manager John Boles was able to smile at the suggestion that Burnett skip spring training in the future.
"Next year I'm getting him locked in a closet,'' Boles said.
The Marlins have high expectations for Burnett, 24, who had 476 strikeouts in 399 innings in the minor leagues. He as 3-7 with a 4.79 ERA in 13 starts for Florida last year.
Frank Thomas sounds insulted: The Chicago White Sox first baseman thinks his $9.9 million salary is unjust.
"He's a little upset,'' teammate Ray Durham said Thursday at Chicago's training camp in Tucson, Ariz. "All around baseball guys are upset about their contracts. It filters down. A lot of guys are wanting new deals because of the deals that are out there.''
Thomas used to be one of baseball's highest-paid players. Then, Alex Rodriguez got a $252 million, 10-year contract from Texas in December.
Now, Thomas isn't even in the top 30. He unpacked his bags Wednesday, left the clubhouse before a team meeting and vented during dinner with some teammates.
He joined a lengthening list of stars upset over money. Sammy Sosa, Gary Sheffield, Barry Bonds and Omar Vizquel all have asked for extensions.
"You see the pay scale is getting out of whack,'' Thomas said. "You can't have A-Rod making 25 million and we're coming in at 7, 8, 9 million. It's a business. It's just like Hollywood. You can't have the top actor making 25 million and the rest making 10 million.''
n David Wells, whose attempt to gain an extension from Toronto led to a trade to the White Sox, finally reported Thursday, a week past the voluntary date but well before next Tuesday's mandatory date.
Toronto has asked the commissioner's office review the controversial trade that brought him to the White Sox for injured Mike Sirotka, with the Blue Jays asking that the deal be reworked.
n Pedro Martinez, winner of the last two AL Cy Young Awards, also reported Thursday. He looked beefier when arrived at Boston's training camp in Fort Myers.
n At Winter Haven, Juan Gonzalez worked out with the Cleveland Indians for the first time and quickly got hurt.
Gonzalez, signed as a free agent this winter to help replace Manny Ramirez, was hit on the right elbow by a foul ball off the bat of Russell Branyon during the team's first full-squad workout.
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subset: commoncrawl


text:
Doug Davis chats with fans
By / MLB.com
baseballmod: Hello everyone. Thank you for joining us. Doug Davis will be with us momentarily.
bjrobbins: Doug, Brady Robbins here. Spent some time with you in Round Rock at BAT. I was glad to here last year you finally got the contract you deserved. Just wanted to drop a line and say hey. Good luck this year.
Doug Davis: Thanks, I appreciate it. And thanks to everyone else for tuning in. Sorry I'm a little bit late. I'm looking forward to answering your questions.
Base_Ball: After having bounced around with a number of teams, then finally being arbitration-eligible, how does it feel to be under contract with one team for more than a year? And has it changed your style of life -- house, car, friends and family?
Davis: It feels good to be locked up. I don't have to come in trying to win a job, and yes, it has changed my life -- house, car, hobbies, everything. Wouldn't it change anyone?
We're looking to buy a house sometime in 2005, but still in the Dallas area.
jonlimer: Doug, do you go through a 'mental checklist' on each pitch? By that I mean, are there certain things related to your mechanics that you think about with every throw?
Davis: Mechanics shouldn't be an issue out on the mound. If you're worrying about mechanics, how are you going to get the guy out? You should be thinking about one thing -- the location of the pitch.
We work on our mechanics during bullpens with pitching coach Mike Maddux. It's a 10 minute, 70 percent effort 'touch and feel' exercise of all pitches. If one pitch needs extra attention -- you're not happy with it or there was an issue in your previous start -- you might work on it a little bit more.
Your mechanics are something your pitching coach needs to point out to you. You can't see yourself out there unless you're watching tape. So it's important to have him point out what's going on. It's all about muscle memory after that -- everybody throws the ball different.
Kate_Jaeger: Do you have any pre- or postgame rituals? What is the atmosphere in the clubhouse in the hours and minutes leading up to game time and after the game is over? What if you win? What if you lose?
Davis: I eat the same thing -- tuna fish -- before every start. I wear the same hat, the same undershirt, same shorts, same shows, same glove. I don't touch the line when I go out -- I hop over it. I throw the same warm-up pitches before every inning -- fastball, fastball, fastball, changeup, cutter, curveball, fastball, fastball. That's eight pitches, every time, at 50 percent effort except the last throw.
As for the clubhouse, I take a nap until 2 or 3 at the ballpark, get something to eat and then go over the game plan. That involves studying the opposing hitters with Maddux and the catcher. I'm locked in once I get to the clubhouse. I'll have discussions, but I won't be looking around the clubhouse too much. I'm to myself.
After a game, win or lose, as long as I gave my team a chance to win I'm satisfied. We don't have music in the clubhouse, win or lose, so it's pretty quiet both ways. There are always conversations, though.
21rush12: Is 49 your lucky number or was it just given to you?
Davis: It was given to me here in Milwaukee. Before, it was 17. Seven is my lucky number, so if 7x7 is 49, that's good by me. No. 17 is taken by Jim Gantner, so there's no chance I would even ask for it. No. 49 works for me.
mench21: Hey Doug, I've been a fan of yours since you pitched for the Rangers, and I was wondering what mechanical adjustment you made last season that made you more of an effective pitcher.
Davis: The Rangers really never gave me the confidence to go out there and be what I can be. The Brewers have, and I worked with Mike Maddux to shorten my arm path. That helped me get my hand on top of the ball and be more consistent.
Base_Ball_3: D-Squared, I hear you're a really competitive "Bridge" player, is this true?
Davis: I think I know who this question is from, and it's not bridge -- it's cribbage. How many times to do I have to tell you that?
When we're waiting for our food on the team charter -- the flight attendants always take a long time -- we play cribbage. I used to play with Ben Ford and Matt Kinney, so I don't know who I'm going to play with this year.
carrie6: Why do you think the majority of pitchers are terrible hitters?
Davis: Are you calling me a terrible hitter? Because I agree. Not all pitchers are terrible at the plate. They have no problem hitting off me! That's my claim to fame -- giving up Randy Johnson's only home run.
foop42: Why do you bat right-handed?
Davis: I don't know. Maybe I should try left. I guess it came from golf -- I started playing golf when I was 8 and didn't start playing baseball until I was 12.
tdotbjayz: Who drives the best car on the Brewers?
Davis: I guess it would be Geoff Jenkins with the Astin Martin -- just like 007. Until it got dented by a home run. We take batting practice on a back field, and the players' parking lot is over the left field fence. Now, my Mercedes is the best.
crazyforcappy: Who is the joker of the team -- like, who plays the most jokes in the clubhouse?
Davis: Sheets. I guess Carlos Lee does a lot, too, but he hasn't done anything so far. Maybe he's just trying to feel his way. Ned Yost is a good practical joker too.
tdotbjayz: What do you think of the additions of Carlos Lee and Jose Capellan?
Davis: I think that the right-handed power bat is going to definitely help our lineup. It will definitely break up our lefties. Capellan is a young hard-thrower with the talent, but he needs experience.
jonlimer: Doug, which minor league pitchers have caught your eye this spring?
Davis: For the Brewers? I like watching Derrick Turnbow (not exactly a minor leaguer -- just a new guy) and Luis Pena. Pena has a good arm, and he's long. The lefty Jeff Housman was also good. He pitched himself out of some jams this spring. Jim Rooney, our minor league pitching coordinator, says Housman reminds him of a young me.
madisonian: Does the difficulty of the sun at Miller Park for day games give you more confidence on the mound since it's so hard to see the baseball as a hitter?
Davis: It is not a factor in my head, because I still have to put the baseball where I want it. I don't throw 98 mph. I don't try to change my game plan for any outside factors -- the wind blowing out or in, whatever. It goes the same way for hitters, because they sometimes try to do more. You have to stick with your approach.
shulawrebel: Doug, did any of the players apologize to you and Ben for the lack of run support last year, given that you guys had really great performances?
Davis: No apology necessary. We win and lose as a team.
One guy who does say sorry, all the time, is Ned Yost. "I wish we could have scored more runs for you," he says.
mlb_com_member: What pitch other than your cut fastball do you consider your best?
Davis: Good question. All of my other pitches set up that cut fastball.
madisonian: Do you like batting?
Davis: I love batting. I really do. I'm just not good at it. I try to do too much.
Base_Ball_2: After a Brewers Spring Training highlight the other night, the sports anchor added "Look for 60 wins out of the Brewers this year." How do you feel about the lack of respect the Brewers get from some of the national sports media?
Davis: To each his own. I think we'll do better than 60. I think we'll do better than .500, pending everybody staying healthy. We should score more runs and have a stronger bullpen. Some people question the young talent we have in there because of lack of experience at certain positions, but we have the talent to be a plus-.500 club.
rbro22: Hey Doug, what is the biggest aspect of your game that you've been working on this offseason that you hope to bring to the table?
Davis: Hitting! That's the hardest thing I've been working on. I bought a pitching machine. If there is one thing I can help my team out with, it's getting some bunts down and getting some clutch hits here and there. If I could have done those things last year, helping myself out, I might have won 2-3 more games.
jonlimer: Doug, how do you think the addition of Damian Miller will change/help you as a pitcher?
Davis: The history of Damian Miller has a lot to do with Chad Moeller. Moeller came up under Miller with the Diamondbacks. Damain has a lot of experience, both behind the plate and at the plate. But why change something that works? I worked well with Moeller last year. But, either is fine with me. I trust them both.
fgdfs: In 2002 you played on three MLB teams in one season. That must be stressful -- how did you manage that and does something like that effect your pitching?
Davis: It was actually SIX teams, because there were some minor league teams in there. The change was the best thing for me, because a new environment allowed me to prove myself worthy of becoming a big league starter. It also showed teams that I was willing to go to Double-A and Triple-A. It showed that I wanted to be there, and I wanted to help.
Kate_Jaeger: Is it a huge bummer to have to work on Easter? Will you still be able to celebrate with your family? I'm looking forward to watching the FSN broadcast.
Davis: I'll have the morning with my wife and kids, and will be pitching that night against the Rangers, my old team.
bitzer2000: What is with the facial hair this season?
Davis: The thin mustache -- we called it "the anchor" -- got a little bit old. So I'm trying something new. If it doesn't work, I'll go back to the old one.
mlb_com_member: Who is the toughest hitter you have ever faced and why?
Davis: It has to be Bonds, because he doesn't miss the mistakes. But I have the most trouble with contact hitters, like David Eckstein, Matt Kata, Mark Grudzielanek. There are other scrappy hitters like that, too. They may not hit the long ball, but they get the clutch hits.
brewcrew1122: What are your hobbies or things that you enjoy doing in the offseason?
Davis: I love playing golf, and now I'm into R/C airplanes, cars. We had a plane on a back field a few weeks ago, and me and Matt Wise got it going. But we were shut down by the grounds crew. They're fun -- a lot of crashes, but fun to fix. It gets expensive.
Julie_Pankow: How cool is it for the Brewers players to see enthusiastic fans like in the Tuesday night Buckethead section? Does it help energize the team?
Davis: Yes, it definitely helps. It's like having a 10th man out there on the field.
mlb_com_member_2: What Stadium do you think is the hardest to play in ?
Davis: For pitching, it's Colorado and Texas because of the thin air. On the flip side, I like pitching at Oakland, L.A., Shea Stadium in New York and Florida. I like Miller Park, too.
21rush12: What's the toughest thing about being a Major Leaguer?
Davis: Getting good help in the clubhouse -- just kidding, the clubhouse guys are great. For real, it's keeping a level head when things are going right and wrong, keeping your emotions intact on the field and off it. If you can do that, being a big leaguer is the idea, rock star job. Everybody wants to be a rock star, right?
mlb_com_member_8: What are your realistic goals for the season ... ERA, wins, strikeouts?
Davis: My first goal is to repeat what I did last year -- to have two consecutive years of 200 innings. I'd like to help my numbers out, especially in the win column, and allow fewer walks. We all have the same goal here -- that's to win more games. Not just for the other guys in the clubhouse, but for the city of Milwaukee and the rest of our fans.
Hey everyone, thanks for all of your questions. I have to get out of here so I can catch the Brewers-Mariners game! Hope to see you out and about at the stadium this season.
This story was not subject to the approval of Major League Baseball or its clubs.


text: After you log into your account, click on 'List' in the primary menu. From 'View/Find Members' click the 'Find' tab. To view just the number of people in a specific category, select the category (or categories) you're looking for, scroll to the bottom of the page, and select 'Return Count Only' from the 'Return Matches in Groups Of' option. Then click the 'Find' button.


text:
So, maybe I just had a little too much holiday champagne or something, but I woke up this week and discovered the whole world was singing. A musically literate populous? Huzzah!
But no, that was just the ringing in my ears (music people with noise makers should be marked with warning labels). In reality, the tone of things was much less Walt Disney than initial impressions suggested. What we're talking about here is opera, folks, and the people in that end of the art form swimming pool seem to like their medium a little more when it's all dark and twisty. A sampling of this week's headlines:
- An opera featuring the POTUS dancing in his underwear is canceled…no, wait, maybe not.
- But why wait for the presidency? William Bolcom gets started on Barack Obama—The Musical! in a bid to control the previously undervalued opera vote.
- The Vatican announces plans for a punk version of the Divine Comedy penned by (and I am not making this up) an avant-garde priest.
- Hell may be a rock song, but just to get the performers good and ready, we've already started testing ways to torture the sopranos.
Outside of the opera realm, the classical music folks were sticking to the usual lament that no one is really paying attention to us in the way we truly deserve. Or they are paying too much attention to us in a way we don't particularly care for.
Still, there were those who took a look at the forest, and a look at the trees, and then picked up a few rocks and looked around under there, and pronounced it all very good indeed.
For his part, Kyle is cashing out 2007 early (as a theory prof. anyway), but is raising a glass to all the ladies in the house before he goes.
Your Friday Informer wishes you all the best in 2007. Now get composing or you'll never catch Dennis.


text:
Denbury Resources Inc. (NYSE:DNR) filed Quarterly Report for the period ended 2009-06-30.
Denbury Resources Inc. is a Canadian corp. organized under the Canada Business Corp Act engaged in the acquisition development operation and exploration of oil and gas properties primarily in the Gulf Coast region of the U.S. through its wholly-owned subsidiary Denbury Management Inc. Denbury\'s production is primarily from developed fields close to major pipelines or refineries and established infrastructure. As a result Denbury has not experienced any difficulty in finding a market for all of its product as it becomes available or in transporting its product to these markets. Denbury Resources Inc. has a market cap of $4.07 billion; its shares were traded at around $16.36 with a P/E ratio of 15.43 and P/S ratio of 2.98. Denbury Resources Inc. had an annual average earning growth of 14.9% over the past 10 years. GuruFocus rated Denbury Resources Inc. the business predictability rank of 3-star.
Highlight of Business Operations:Second Quarter Operating Highlights. During the second quarter of 2009 we recorded a net loss of $87.2 million, as compared to net income of $114.1 million in the second quarter of 2008. Included in the 2009 second quarter loss was $194.8 million ($120.8 million after tax) expensed for non-cash fair value adjustments related to our oil and natural gas derivative contracts and $10.0 million ($6.2 million after tax) expensed in conjunction with Gareth Roberts retirement as CEO of the Company under a Founders Retirement Agreement. See further discussion regarding this Founders Retirement Agreement under Recent Management Changes below.
Despite the increase in our oil and natural gas production volumes over second quarter 2008 levels, our oil and natural gas revenues were 49% lower in the second quarter of 2009 than in the prior year second quarter, as the average price we received for our production on a per BOE basis was 55% lower in the current year period. Since over 70% of our production is oil, oil prices have a much larger impact on our revenues than natural gas prices. NYMEX oil prices moved from $44.60 per barrel at December 31, 2008 to as low as $34.00 per barrel in mid-February 2009, up to $49.66 per barrel at March 31, 2009 and $69.89 per barrel at June 30, 2009. NYMEX natural gas prices have decreased from year-end 2008, falling from $5.62 per Mcf at December 31, 2008 to $3.78 per Mcf at March 31, 2009 and $3.835 per Mcf at June 30, 2009.
Our 2009 budget incorporates significantly reduced spending in the Barnett Shale, and in other conventional areas such as the Heidelberg Selma Chalk, and a slower development program for our tertiary operations. Based on our current cash flow projections using futures prices as of the end of July 2009, and including the expected cash settlements on our 2009 oil derivative contracts, we anticipate that our projected 2009 capital expenditures of approximately $750 million, plus our already closed $201 million Hastings acquisition could, in the aggregate, exceed projected cash flow by as much as $450 million to $550 million. We expect this shortfall to be funded by the $381.4 million of net proceeds from our February 2009 subordinated debt issuance and the estimated $235 million of net proceeds from the sale of 60% of our Barnett Shale properties; however, we ultimately expect to utilize the net proceeds from the Barnett Shale assets to increase our capital expenditures in our tertiary operations during 2010.
On February 2, 2009, we closed our $201 million purchase of Hastings Field. Under the agreement, we are required to make aggregate net cumulative capital expenditures in this field of approximately $179 million over the next six years cumulating as follows: $26.8 million by December 31, 2010, $71.5 million by December 31, 2011, $107.2 million by December 31, 2012, $142.9 million by December 31, 2013, and $178.7 million by December 31, 2014. If we fail to spend the required amounts by the due dates, we are required to make a cash payment equal to 10% of the cumulative shortfall at each applicable date. Further, we are committed to injecting at least an average of 50 MMcf/d of CO2 (total of purchased and recycled) in the West Hastings Unit for the 90 day period prior to January 1, 2013. If such injections do not occur, we must either (1) relinquish our rights to initiate (or continue) tertiary operations and reassign to Venoco all assets previously purchased for the value of such assets at that time based upon the discounted value of the fields proved reserves using a 20% discount rate, or (2) make an additional payment of $20 million in January 2013, less any payments made for failure to meet the capital spending requirements as of December 31, 2012, and a $30 million payment for each subsequent year (less amounts paid for capital expenditure shortfalls) until the CO2 injection rate in the Hastings Field equals or exceeds the minimum required injection rate.
We spent approximately $0.16 per Mcf to produce our CO2 during the first six months of 2009, comprised of $0.14 per Mcf during the first quarter of 2009 and $0.18 per Mcf during the second quarter of 2009. This rate is down significantly from $0.25 per Mcf during the first six months of 2008, due primarily to decreased CO2 royalty expense as a result of lower oil prices (upon which royalties are based) in the first half of 2009. Our estimated total cost per thousand cubic feet of CO2 during the first half of 2009 was approximately $0.24, after inclusion of depreciation and amortization expense, down from the 2008 first six months average of $0.33 per Mcf. Our estimated total cost per thousand cubic feet of CO2 during the second quarter of 2009 was approximately $0.26, after inclusion of depreciation and amortization expense.
During the second quarter of 2009, our operating costs for our tertiary properties averaged $20.86 per Bbl, lower than the prior years second quarter average of $24.67 per Bbl, but slightly higher than our first quarter 2009 average of $20.48 per Bbl. For the first six months of 2009, our tertiary properties averaged $20.68 per Bbl as compared to $22.82 per Bbl in the prior year period. While our costs have increased on a gross basis due to our new tertiary floods and ongoing expansion of existing floods, they have decreased on a per Bbl basis from the second quarter and first six months of 2008, primarily due to our increased production and to the reduced cost of CO2 in the current year periods. On a per Bbl basis, our cost of CO2 decreased by $3.22 per BOE, from $6.90 per Bbl in the second quarter of 2008 to $3.68 in the second quarter of 2009, primarily due to the reduction in oil prices to which our CO2 costs are partially tied. In addition, our workover costs were lower in the second quarter of 2009 on a per BOE basis than in the prior year period. The slight increase from the first quarter of 2009 on a per BOE basis is primarily due to our new floods in Cranfield and H
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text:
Spin-offs and Start-ups in The Netherlands
After a decade of widespread attention for the entrepreneurial efforts of individuals, the focus seems to partly shift to companies and their contribution to new firm formation. Especially the works of Klepper (2001) have provided a solid ground for research on the entrepreneurial activities of companies. He claims that these efforts are particularly of interest in the explanation of the evolution of economic clusters, such as the Detroit automobile industry and Silicon Valley. The evidence, brought forward by Klepper, is based on case studies and a thorough analysis of very inaccessible and complicated sources. For a structural and comparative analysis of regions and their spin-off activities an easy applicable and accessible measure is needed. In the Netherlands, the Chamber of Commerce has developed an indicator, which distinguishes between individual start-ups and ?other founding?. The latter group is designed to cover spin-off activities. Figures are published from 1995 onwards. Much in line with common studies of regional variance in entrepreneurial activity, this paper presents an explanatory model for the spatial differences in occurrence of spin-offs, based on the data from the CoC?s business register. A model is defined on the one hand to explain regional differences in spin-offs, which provides a basis for structural research on cluster formation and the role of spin-offs in this process. On the other hand, it shows the differences between individual based start-ups and company driven endeavours. It is argued that these two groups of new firms are essentially distinct, and therefore cannot be explained by one and the same model. Reference: Klepper, S.J. (2001). The evolution of the U.S. automobile industry and Detroit as its capital. Carnegy Mellon University, Pittsburg Keywords: Spin-offs, spatial variances
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