bluuebunny/crossref_metadata_2025 huggingface dataset:
Individual Information Technology (IT) creativity: a conceptual and operational definition
Authors: Carraher Wolverton Colleen , Rizzuto Tracey , Thatcher Jason B. , Chin Wynne
Published: September 2022

Purpose

An organization’s competitive advantage can be strengthened if they are able to identify highly creative individuals. In fact, organizational success in the 21st century may depend upon a firm’s ability to identify highly creative individuals who are able to develop novel and useful ideas, which are the outcome of creativity. The authors posit that Information Technology (IT) plays a significant role in creativity.

Design/methodology/approach

Applying the componential view of creativity, the authors propose the theoretically-derived concept of Individual IT Creativity (IITC). Utilizing a 5-phase methodology, the authors provide a theoretically-derived and rigorously-validated measure of IITC.

Findings

This study demonstrates that IITC is manifested in individuals who (1) possess IT expertise; (2) are motivated by IT tasks and (3) exhibit IT creativity-relevant processes. The authors then develop a scale to measure IITC and examine IITC within a broader nomological network.

Originality/value

This study facilitates the investigation of new streams of research into IITC, including new possible outcomes in addition to IT acceptance.
The effects of social density on consumers’ channel selection
Authors: Zhao Jing , Huang Rui , Chen Xiangxi
Published: September 2022

Purpose

The purpose of this paper is to examine how crowding without violating personal space influences consumers’ channel selection and the underlying mechanism of this process. Crowded environment is ubiquitous and affects consumers’ behaviors. However, less attention has been paid to whether and how crowding influences consumers’ preference for purchasing channels.

Design/methodology/approach

There were three studies to test the validity of the theorized model, including two laboratory experiments and a field study. The variance analyses and mediation analyses were used to give more insights into the analytical process.

Findings

This study proposes that crowding makes consumers lose their perceived control, leading them to form certain compensatory behavior through the conversion between online and offline purchasing channels – the type of goods moderates the process of compensatory behavior.

Practical implications

The results of this study are helpful for retailers to design effective strategies to allocate resources into online or offline channels and to choose the appropriate types of product to promote.

Originality/value

Environmental clues have been widely studied in previous marketing research. Crowding, as a common environmental clue, has only been noticed in recent years. This study examines the impact of crowding on consumers’ channel preference. The results of three studies have confirmed that consumers have higher preference for offline shopping when they are in a crowded environment and found the intrinsic mechanism and the marginal scenario of this process.
3D printed children's prostheses as enabling technology? The experience of children with upper limb body differences
Authors: Şahinol Melike
Published: September 2022

Purpose

This paper examines the extent to which 3D printed children's prostheses function as enabling technology. The focus lies on the experiences of children with upper limb body differences using 3D printed prostheses in the context of (posthuman) cyborg theories.

Design/methodology/approach

This article is based on several years of field research applying a grounded theory approach. (Health) technology and the body are examined with special regard to the vulnerability of the technology user who is, also, the technology designer. Taking these children's particular vulnerability and sensitivity into account, the method of “cultural probes” was further developed applying distributed socio-(bio-)technical probes, which conceive soma design as the matter of a socio-material world.

Findings

It was shown that the e-NABLE device is not only a socially enabling somatechnic but can itself be limiting, vulnerable and painful for children due to its materiality. The somatechnical construction of children's bodies and identities are presented as heroic figures, which, in part, produces and experiences a corporeal being that is based on and identifies with these heroes and heroines – but may not always be in the interests of children with disabilities. In order to meet these children's needs, the author argues in line with crip technoscience that 3D printed prostheses should be co-developed with (and specifically for) them.

Originality/value

This paper is the first of its kind to consider the daily lives of children with 3D printed prostheses and their experiences as knowers and makers of such. This paper adds to the body of knowledge in the field of crip technoscience and enabling technologies.

Peer review

The peer review history for this article is available at: https://publons.com/publon 10.1108/JET-02-2022-0017
Determinants of voluntary CSR reporting reliability – evidence from Canada
Authors: Gosselin Anne Marie , Berthelot Sylvie
Published: September 2022

Purpose

The purpose of this study is twofold: to examine the reliability of voluntary corporate social responsibility reporting (CSRR) to determine whether users can rely on the information released by corporations and to examine the determinants of CSRR reliability in a voluntary context.

Design/methodology/approach

This study analyses the information included in a sample of 190 standalone corporate social responsibility (CSR) reports issued by Canadian corporations listed on the Toronto Stock Exchange S&P/TSX Composite Index from 2016 to 2018.

Findings

The results of this study show that CSR reports lack reliability. The determinants identified (image, corporate governance and financialisation) partially explain the quality of the information disclosed. As well, the results suggest that corporations may attempt to manipulate users’ perception through their disclosures.

Practical implications

TThis study provides a greater understanding of the current state of CSRR in a voluntary context. It offers further insights into the strategies corporations use to manage impressions through CSR disclosures.

Social implications

This study provides further empirical data as to current shortcomings of voluntary CSRR and the potential benefits of further regulation.

Originality/value

Few studies have specifically focused on the reliability of CSRR and its determinants in a voluntary context.
Technology-push and market-pull strategies: the influence of the innovation ecosystem on companies' involvement in the Industry 4.0 paradigm
Authors: Boyer James , Kokosy Annemarie
Published: September 2022

Purpose

This study analyzes how the innovation ecosystem helps integrate technology-push and market-pull strategies in the Industry 4.0 paradigm.

Design/methodology/approach

This study investigates companies' involvement in the Industry 4.0 paradigm through technology-push strategies, and through both technology-push and market-pull strategies. The authors perform two econometric logit models to test the influence of collaborations with heterogeneous actors, research and university relationships, and relations with business incubator (the pivot actor) on companies' involvement in Industry 4.0.

Findings

The study empirically shows that developing relationships with a greater diversity of actors, collaborating with university and research laboratories, and developing intense relationships with business incubator increase the likelihood for companies to integrate both technology-push and market-pull strategies in companies' involvement in the Industry 4.0 paradigm.

Practical implications

This study provides insights to practitioners who are interested or involved in the new Industry 4.0 paradigm. The authors' study explains how specific features of an innovation ecosystem, such as complex interactions among actors, can stimulate creative ideas and successfully implement innovations to address Industry 4.0 challenges.

Originality/value

First, the authors confirm the role of the innovation ecosystem on companies' involvement in the Industry 4.0 paradigm. Second, the authors study highlights that the innovation ecosystem is a new relevant framework that enables companies to integrate both technology-push and market-pull strategies. Third, we provide empirical evidence about the role of business incubator on firms' strategies to get involved in the Industry 4.0 paradigm.
Personal factors and the role of memory in faculty refinding of stored information
Authors: Nwagwu Williams Ezinwa , Donkor Antonia Bernadette
Published: September 2022

Purpose

The study examined the personal information management (PIM) challenges encountered by faculty in six universities in Ghana, their information refinding experiences and the perceived role of memory. The study tested the hypothesis that faculty PIM performance will significantly differ when the differences in the influence of personal factors (age, gender and rank) on their memory are considered.

Design/methodology/approach

The study was guided by a sample survey design. A questionnaire designed based on themes extracted from earlier interviews was used to collect quantitative data from 235 faculty members from six universities in Ghana. Data analysis was undertaken with a discrete multivariate Generalized Linear Model to investigate how memory intermediates in the relationship between age, gender and rank, and, refinding of stored information.

Findings

The paper identified two subfunctions of refinding (Refinding 1 and Refinding 2) associated with self-confidence in information re-finding, and, memory (Memory 1 and Memory 2), associated with the use of complimentary frames to locate previously found and stored information. There were no significant multivariate effects for gender as a stand-alone variable. Males who were aged less than 39 could refind stored information irrespective of the memory class. Older faculty aged 40–49 who possess Memory 1 and senior lecturers who possess Memory 2 performed well in refinding information. There was a statistically significant effect of age and memory; and rank and memory.

Research limitations/implications

This study was limited to faculty in Ghana, whereas the study itself has implications for demographic differences in PIM.

Practical implications

Identifying how memory mediates the role of personal factors in faculty refinding of stored information will be necessary for the efforts to understand and design systems and technologies for enhancing faculty capacity to find/refind stored information.

Social implications

Understanding how human memory can be augmented by technology is a great PIM strategy, but understanding how human memory and personal factors interplay to affect PIM is more important.

Originality/value

PIM of faculty has been extensively examined in the literature, and limitations of memory has always been identified as a constraint. Human memory has been augmented with technology, although the outcome has been very minimal. This study shows that in addition to technology augmentation, personal factors interplay with human memory to affect PIM. Discrete multivariate Generalized Linear Model applied in this study is an innovative way of addressing the challenges of assimilating statistical methodologies in psychosocial disciplines.
New thiadiazol azo disperse dyes derivatives and their application as a colored material for silk screen-printing ink for printing on polyester fabric
Authors: Abdelwahab Hamada , A.M. Al-Zahrani Fatimah , Ali Ali A. , Mahmoud Ammar , Lin Long
Published: September 2022

Purpose

This paper aims to synthesize new screen-printing ink formula based on new derivatives of azo thiadiazol disperse dyes and evaluate their characteristics after being printed on polyester fabric substrates.

Design/methodology/approach

New dispersed dyes based on 1, 3, 4-Thiadiazole derivatives (dyes 1 and 2) were prepared and confirmed by different analyses, infrared (IR), mass and nuclear magnetic resonance (NMR) spectroscopy, and then formulated as colored materials in the screen-printing ink formulations. Printing pastes containing the prepared dyestuffs and other ingredients were used for printing polyester using screen-printing or traditional printing. The characteristics of printed polyester fabric substrates were measured by color measurements such as a*, b*, L*, C*, E, Ho, R% and color strength, as well as light, washing, crock and alkali perspiration fastness, and finally, the depth of penetration was evaluated.

Findings

The prepared 1, 3, 4-Thiadiazole derivatives (dyes 1 and 2) were obtained from the reaction of 5,5’-(1,4-phenylene)bis(1,3,4-Thiadiazole-2-amine) with resorcinol and m-toluidine as a coupling component. The suitability of the prepared dyestuffs for silk screen-printing on polyester fabrics has been investigated. The prints obtained from a formulation containing dye 1 possess high color strength as well as good overall fastness properties if compared to those obtained using dye 2.

Practical implications

The method of synthesis of the new dyestuffs and screen-printing ink provides a simple and practical solution to prepare some new heterocyclic disperse azo dyes, and they are formulated in the screen-printing inks for printing on a polyester fabric substrate.

Originality/value

The prepared disperse dyes based on 1,3,4-Thiadiazole derivatives (dyes 1 and 2) could be used in textile printing of polyester on an industrial scale.
Properties of Cu/SAC0307 mixed solder balls/Cu joints with different Zn-particles content at low-temperature under ultrasonic assisted
Authors: Gan Guisheng , Chen Shiqi , Jiang Liujie , Liu Cong , Huang Tian , Ma Peng , Cheng Dayong , Liu Xin
Published: September 2022

Purpose

This study aims to research properties of Cu/SAC0307 mixed solder balls/Cu joints with different Zn-particles content at low-temperature under ultrasonic assisted.

Design/methodology/approach

A new method that 1µm Zn particles and Sn-0.3Ag-0.7 (SAC0307) with a particle size of 25–38 µm were mixed to fill the joint and successfully achieved micro-joining of Cu/Cu under ultrasonic-assisted at low temperature.

Findings

The results showed that with a continuous increase in the Zn-particle content, the interfacial intermetallic compounds (IMCs) of the upper and lower interfaces of joints gradually changed from scallop-shaped Cu6Sn5 to wavy-shaped Cu5Zn8. Moreover, the IMC thickness of the upper/lower interface of joints first decreased and then increased with increasing Zn-particle content. The shear strengths of joints increased with Zn-particle content, the shear strength of joints went to a maximum of 29.76 MPa when the Zn-particle content was 40%, an increase of 62.6% compared to joints without Zn particles. However, as the Zn-particle content continued to increase, the shear strengths of the joints decreased. Additionally, when the Zn content increased to 50%, because the oxidation degree of Zn particles increased, the joints were mainly broken among Zn particles.

Originality/value

A new method that 1µm Zn particles and Sn-0.3Ag-0.7 (SAC0307) with a particle size of 25–38 µm were mixed to fill the Cu/Cu joint at 180°C.
Contextual welfare chauvinism: Left‐wing governments and immigrant welfare rights in Western Europe
Authors: HARRIS ELOISA , RÖMER FRIEDERIKE
Published: September 2022

In Western Europe, as immigration flows increase – or at least become more salient – and austerity measures place welfare states under pressure, policy reforms that extend or restrict access to the welfare state for immigrants are highly contested. Much academic attention has been paid to restrictive or ‘welfare chauvinist’ policy reforms and the role played by far‐right parties and sympathisers in the policy‐making process. Yet, left‐wing parties, often considered the most susceptible to the ‘progressive's dilemma’ between open borders and strong welfare states, remain under‐researched. Using new data on immigrant welfare rights for 14 European countries from 1980 to 2018, and differentiating between social democrats, the greens and far‐left parties, we show that social democrats engage in both reforms that restrict as well as expand, but on average, they tend to be negatively associated with immigrant welfare rights. However, our evidence shows that context matters: We find that that social democrats are less likely to retrench immigrant welfare rights when they share power with the far left, and become more likely to retrench as unemployment rises.
Beyond dots with dates: A landscape approach to the Sohar hinterlands
Authors: Düring Bleda S.
Published: September 2022

Landscape archaeology, as a type of research based on a systemic surface survey and that results in quantifiable datasets of high quality, has started to be practiced in southeastern Arabia only in recent years. In this paper, I will briefly review the short history of landscape archaeology in the area and its relevance. I will then present the approach and methods used in the Wadi al Jizzi Archaeological Project and discuss some of the results obtained to discuss both the potential and problems of the data that the project generated. In particular, I will focus on ephemeral sites and assemblages, data quality and data representativity.
Effect of Institutional Depositors on Banks' Dividend Policy: Evidence from Korea during the Global Financial Crisis*
Authors: Jung Hyun‐Jae , Lee Jinho , Park Young S.
Published: September 2022

This study investigates the motive for dividends by examining the relationship between dividends and banks' institutional depositors during the global financial crisis. The results indicate that during the financial crisis, the higher the deposit ratio of institutional depositors to the total insured deposits was, the lower the dividend payments were. This may be attributable to the fact that during the financial crisis, banks significantly reduced their dividends because they were under close monitoring due to the fear that institutional depositors would overreact to disadvantageous policy and cause a bank run.
Age and the anaesthetist: considerations for the individual anaesthetist and workforce planning
Authors: Davies M. , Clyburn P. , Barker P. , Flatt N. , Noble N. , Swart M. , Redfern N. , Davidson R. , Fleming R. , Stacey K. , Richards C.
Published: September 2022

There is clear evidence of a growing workforce gap and this is compounded by demographic data that show the current workforce is ageing. Within the current workforce, more doctors are taking voluntary early retirement and the loss of these experienced clinicians from departments can have wide‐ranging effects. Older doctors are at risk of age‐related health problems (e.g. sight, musculoskeletal, menopause) and are more susceptible to the effects of fatigue, which may increase the risk of error and or complaint. The purpose of this working party and advocacy campaign was to address concerns over the number of consultants retiring at the earliest opportunity and whether a different approach could extend the working career of consultant anaesthetists and SAS doctors. This could be viewed as ‘pacing your career’. The earlier this is considered in a clinician's career the greater the potential mitigation on individuals.
Navigating Wait Space in Uncertain Times: Young Women and Precarious Labour in Turkey
Authors: Kara Hilal , Mullings Beverley
Published: September 2022

Despite dramatic increases in university graduates over the last 30 years, unemployment rates among youth with advanced education in Turkey remain some of the highest in the world. With levels of unemployment among university graduates almost equal that of high school graduates, the promise of social mobility and formal waged work that higher education once promised, no longer holds credibility. Many young people, instead find themselves in waithood—a state characterised by uncertainty, joblessness, and obstacles to independent adulthood. Studies tend to view waithood temporally as a period of indeterminacy and frustrated futures, but we argue, waithood also encompasses spatial dimensions that are liberatory in so far as they communicate a demand for a liveable life. Examining how young women in Turkey navigate both the state’s conservative politics, and restricted employment opportunities, we use the term “wait space” to capture what an attentiveness to the intimate connection between space and time and work offers to our understanding of the politics and possibilities of work beyond the wage.
Factors influencing dairy cattle farmer use of antimicrobials on farms in New South Wales, Australia
Authors: Doyle E , Heller J , Norris JM
Published: September 2022

Antimicrobial use (AMU) in the food chain is a potential driver of antimicrobial resistance. Despite Australia's strong regulation of AMU limited to veterinary prescriptions, a proportion of empirical antimicrobial treatments are administered by dairy farmers to manage common cattle health problems. This cross‐sectional survey identified key influences on AMU by dairy cattle farmers within New South Wales, Australia, to detect opportunities for antimicrobial stewardship (AMS) engagement. The study identified existing relationships, resources and attitudes of the dairy farmers that could be optimised for on‐farm AMS strategies. Farmers were most highly influenced by veterinary advice and clinical signs of the animal followed by the withholding period and the potential for antimicrobial resistance development. Farmers' high confidence regarding their own knowledge of antimicrobials (>90%), their high regard for veterinary advice (>90%) and high rate of veterinary health care plan use (69%) provides a strong framework to build the profile and practice of AMS on dairy farms. Positive engagement by dairy farmers (survey response of 20%), was achieved by working with the NSW Food Authority. Despite respondents reporting low reliance on formal (government and commercial) organisations for information about AMU, their engagement demonstrates an opportunity for groups with unparalleled access to dairy farmers to drive AMS. An association between frequent use of veterinary advice and respondents keeping ceftiofur on‐farm requires further investigation. Quantitative and qualitative analysis of on‐farm resources, decision‐making, and practices is required to understand how practices relate to veterinary advice and accepted standards of appropriate AMU on dairy farms.
The socioecology of fear: A critical geographical consideration of human‐wolf‐livestock conflict
Authors: Anderson Robert M. , Charnley Susan , Epstein Kathleen , Gaynor Kaitlyn M. , Martin Jeff Vance , McInturff Alex
Published: September 2022

Animal fear can be an important driver of ecological community structure: predators affect prey not only through predation, but also by inducing changes in behaviour and distribution—a phenomenon evocatively called the “ecology of fear.” The return of wolves to the western United States is a notable instance of such dynamics, yet plays out in a complex socioecological system where efforts to mitigate impacts on livestock rely on manipulating wolves' fear of people. Examining Washington state's efforts to affect wolf behaviour to reduce livestock predation, we argue that this approach to coexistence with wolves is predicated on relations of fear: people, livestock, and wolves can arguably share landscapes with minimal conflict, as long as wolves are adequately afraid. We introduce the “socioecology of fear” as an interdisciplinary framework for examining the interwoven social and ecological processes of human‐wildlife conflict management. Beyond frequently voiced ideas about wolves' “innate” fear, we examine how fear is (re)produced through human‐wolf interactions and deeply shaped by human social processes. We contribute to the critical physical geography project by integrating critical social analysis with ecological theory, conducted through collaborative interdisciplinary dialogue. Such integrative practice is essential for understanding the complex challenges of managing wildlife in the Anthropocene.
Comparative study of the evolution of cancer gene duplications across fish
Authors: Baines Ciara , Meitern Richard , Kreitsberg Randel , Sepp Tuul
Published: September 2022

Comparative studies of cancer‐related genes not only provide novel information about their evolution and function but also an understanding of cancer as a driving force in biological systems and species’ life histories. So far, these studies have focused on mammals. Here, we provide the first comparative study of cancer‐related gene copy number variation in fish. Fishes are a paraphyletic group whose last common ancestor is also an ancestor of the tetrapods, and accordingly, their tumour suppression mechanisms should include most of the mammalian mechanisms and also reveal novel (but potentially phylogenetically older) previously undetected mechanisms. We have matched the sequenced genomes of 65 fish species from the Ensemble database with the cancer gene information from the COSMIC database. By calculating the number of gene copies across species using the Ensembl CAFE data (providing species trees for gene copy number counts), we used a less resource‐demanding method for homolog identification. Our analysis demonstrates a masked relationship between cancer‐related gene copy number variation (CNV) and maximum lifespan in fish species, suggesting that a higher number of copies of tumour suppressor genes lengthens and the number of copies of oncogenes shortens lifespan. Based on the positive correlation between the number of copies of tumour suppressors and oncogenes, we show which species have more tumour suppressors in relation to oncogenes. It could be suggested that these species have stronger genetic defences against oncogenic processes. Fish studies could be a largely unexplored treasure trove for understanding the evolution and ecology of cancer, providing novel insights into the study of cancer and tumour suppression, in addition to fish evolution, life‐history trade‐offs, and ecology.
Savanna vegetation increase triggers freshwater community shifts
Authors: Demare Guillaume , Spieler Marko , Grabow Karsten , Rödel Mark‐Oliver
Published: September 2022

Tropical savannas are globally extensive and ecologically invaluable ecosystems. As most ecosystems however, they are subject to serious anthropogenic stress. Defaunation, and especially the loss of large mammals, is pervasive in tropical savannas and known to trigger wide‐ranging ecological effects, from vegetation changes to the loss of ecosystem function. Despite what is currently known about the terrestrial consequences of defaunation, and the potential cross‐ecosystem influence of large mammals, virtually no research has investigated associated effects on small adjacent water bodies. This research gap persists because (1) tropical savannas have been historically neglected, (2) the ecological value of small water bodies (e.g. ponds) is only recently being recognized, and (3) empirical baseline data are often lacking. In this paper, we compared a rare pre‐change dataset with newly collected data on 213 freshwater assemblages, to investigate community structure and composition before and after a major defaunation event. Our research focused on a diverse species assemblage of amphibian larvae (i.e. tadpoles) in temporary savanna ponds. We found that pond vegetation cover increased from 16.0% to 45.6% post‐defaunation, that is, a near three‐fold increase. Such habitat changes seemed to have benefitted those species that use vegetation during reproduction (e.g. the leaf‐folding Afrixalus spp.), while others have declined. Interestingly, we found a strong correlation between tadpole community shifts and other freshwater organisms, which indicates that habitat changes have affected a wide variety of aquatic organisms. Given that organisms inhabiting temporary aquatic habitats often have complex life histories with terrestrial adult life stages, we propose that the terrestrial effects of defaunation have indirectly led to distinct aquatic communities, in addition to direct habitat effects. These results shed new light on the potential role of large‐bodied mammals in shaping adjacent ecosystems, and raise important questions concerning the functioning of temporary aquatic systems in the Anthropocene.
The British HIV Association national clinical audit 2021: Management of HIV and hepatitis C coinfection
Authors: Raya Reynie P. , Curtis Hilary , Kulasegaram Ranjababu , Cooke Graham S. , Burns Fiona , Chadwick David , Sabin Caroline A. ,   the BHIVA Audit and Standards Sub‐committee
Published: September 2022

Objectives

We aimed to describe clinical policies for the management of people with HIV/hepatitis C virus (HCV) coinfection and to audit routine monitoring and assessment of people with HIV/HCV coinfection attending UK HIV care.

Methods

This was a clinic survey and retrospective case‐note review. HIV clinics in the UK participated in the audit from May to July 2021 by completing an online questionnaire regarding their clinic's policies for the management of people with HIV/HCV coinfection, and by contributing to a case‐note review of people living with HIV with detectable HCV RNA who were under the care of their service.

Results

Ninety‐five clinics participated in the clinic survey; of these, 15 (15.8%) were regional specialist centres, 19 (20.0%) were HIV services with their own coinfection clinics, 40 (42.1%) were HIV services that referred coinfected individuals to a local hepatology service and 20 (21.1%) were HIV services that referred to a regional specialist centre. Eighty‐one clinics provided full caseload estimates; of the approximately 3951 people with a history of HIV/HCV coinfection accessing their clinics, only 4.9% were believed to have detectable HCV RNA, 3.15% of whom were already receiving or approved for direct‐acting antiviral (DAA) treatment. In total, 29 (30.5%) of the clinics reported an impact of COVID‐19 on coinfection care, including delays or reductions in the frequency of services, monitoring, treatment initiation and appointments, and changes to the way that treatment was dispensed. Case‐note reviews were provided for 283 people with detectable HCV RNA from 74 clinics (median age 42 years, 74.6% male, 56.2% HCV genotype 1, 22.3% HCV genotype 3). Overall, 56% had not received treatment for HCV, primarily due to lack of engagement in care (54.7%) and/or being uncontactable (16.4%).

Conclusions

Our findings show that the small number of people with HIV with detectable HCV RNA in the UK should mean that it is possible to achieve HCV micro‐elimination. However, more work is needed to improve engagement in care for those who are untreated for HCV.
Stewart Myers and the MIT School of Real Options and Capital Structure
Authors: Chew Don , Stewart Bennett
Published: September 2022

The thinking and writings of America's most accomplished living corporate finance scholar, MIT professor Stewart Myers, are presented as “a life in three Acts.” Starting with Stew's collaboration with Stanford's Alex Robichek on capital structure and valuation in Act I, the scene then shifts to the subjects of corporate strategy and “real options,” and their import for both valuation and investment and financing decisions. And following an Act III that explores the effects of information costs on capital structure and financing choices, the Epilogue recounts Stew's late forays (with colleague James Read) into the question of risk capital—that is, how much, as well as what kinds of, capital do companies need to support their operations and strategic investment?

As the article says in closing,

Stew's work can be seen as ending where it began. The truly important goal in designing a company's financial and capital structure, as virtually all of his work during the past nearly 60 years has tried to show, is to help ensure that corporate managers are making the best investment and operating decisions. Which in turn brings us back full circle to the first principle of modern corporate finance. For, as we saw earlier when discussing M&M and the Chicago school theory, it is those investment decisions that are the primary source of long‐run corporate efficiency and value.
Will Blockchain Be a Big Deal? Reasons for Caution
Authors: Pirrong Craig
Published: September 2022

The initial enthusiasm for implementing blockchain in financial markets has been dampened considerably by its collision with economic realities. Though the author warns against avoiding the Panglossian trap of viewing ours as the best of all possible worlds, he reminds us that financial institutions have evolved and won the trust of many consumers in a competitive environment as means of economizing on transactions costs. Such costs arise from the nature of transactions, including crucially the information environment in which they take place. Though new technologies such as blockchain have the potential to reduce some of these costs, they often do so without fundamentally changing the underlying economic conditions that have given rise to them. As a result, the traditional institutions such as banks and exchanges that technologists scoff at may well prove surprisingly competitive and durable in the face of technological challengers.

The most successful implementation of blockchain—Bitcoin—solves a very basic transactional challenge peculiar to cryptocurrency: the double spend problem. But it does so in a very expensive way, and many other transactions pose far more complex challenges. The three cautionary tales provided by the author—the first involving securities and derivatives trading and clearing, the second commodity trading, and the third proposals to “equitize” assets—all demonstrate the need to confront “Chesterton's Fence” when evaluating the potential of blockchain in any particular application. To understand the value of a new technology for a given set of functions, one must understand the economic forces that have shaped the processes and institutions that currently perform those functions. When such forces are considered, it often becomes apparent that new technologies like blockchain will not prove superior to existing practices—and may even create adverse unintended consequences that offset and perhaps even eliminate their beneficial effects.
Texas Private Equity Conference 2022: Session II: The Role of Private Equity and Debt in Reshaping the Ownership, Valuation, and Governance of Private Companies
Authors: Sztejnberg Xavier , Whitaker Carlos , Roberts Vanessa , Canfield Phil , Kramer Jeffrey W.
Published: September 2022

Although the phenomenal growth of private equity investments into a $2 trillion market has been widely recognized, little is known about the recent rise of the private credit market, which has doubled to over $1 trillion in the past five years and generated annual returns of close to 9% during the past 15 years. In this panel, three private and public debt professionals discuss the interplay between private equity and debt, pricing pressures, competition for assets, and deal terms for private equity and debt investors in an increasing‐interest‐rate environment.

Direct lending to PE‐owned firms has expanded dramatically since the 2008 global financial crisis, driven in significant part by the effect of Dodd‐Frank on traditional banks' lending to their core middle market segment. Alternative lenders such as Blackstone and Ares Capital Management have filled the resulting void in this large market. While much of this activity is direct lending to those small and mid‐market companies, another major part is structured or asset‐backed lending to a discrete pool of assets wherein repayment of that debt is derived solely from the contractual cash flows coming off those assets rather than from the company.

Morgan Stanley's Vanessa Roberts explains how the private debt markets, as evidenced by their continued growth, complement public debt markets without supplanting them. But as Phil Canfield emphasized, private equity sponsors value the speed of execution and certainty of commitment along with fewer public disclosures that come with private credit. It's typically a less complex process, one that removes regulatory obstacles to risk‐reducing structures and ends up providing more flexible solutions. What's more, the dramatic expansion of private capital pools in 2021 has brought much more liquidity to the market and accelerated the move toward cash‐flow‐based lending.
Should Private Companies Have the Same SEC Disclosure Requirements as Public Companies? A Debate
Authors: Phalippou Ludovic , Brown Gregory
Published: September 2022

As with any important policy decision, the question of mandated disclosure for private equity must weigh the potential benefits against the costs of implementation. At the 2022 Private Equity Research Symposium hosted by Oxford University, Oxford's Ludovic Phalippou and UNC‐Chapel Hill's Gregory Brown debated the merits of greater mandated financial reporting for private companies. Phalippou's arguments in favor of more disclosure center on the potential lack of alignment between private equity fund general partners (GPs) and limited partners (LPs), which can distort the incentives of GPs to be transparent and honest with LPs. Brown's arguments against increasing mandated disclosure focus on the potentially large costs associated with substantially more reporting, especially for smaller companies. These costs could change the landscape of private investments in a way that reduces investment in innovative, high‐growth companies.
Which whitening toothpaste with different contents is more effective on color and bond strength of enamel?
Authors: Dursun Meltem Nermin , Ergin Esra , Tekce Aybuke Uslu , Gurgan Sevil
Published: September 2022

Objective

To evaluate the effects of six whitening toothpastes with different whitening ingredients as follows: abrasives, polyphosphates, activated charcoal and hydrogen peroxide on the color, and shear bond strength (SBS) of enamel.

Materials and Methods

Thirty‐five extracted human molars were sectioned in mesiodistal direction, providing 70 enamel specimens and randomly divided into seven groups having different whitening ingredients (n = 10). After baseline color measurements, the specimens were brushed three times daily for the 30 s. At the end of 2 weeks, spectrophotometric readings were repeated, and color change parameters were calculated. Then, composite cylinders were built on the enamel surfaces and the specimens were subjected to SBS test. Failure modes were determined under a stereomicroscope (×10). One specimen from each group was examined with scanning electron microscope (SEM). The data were statistically analyzed using Kruskal–Wallis, Wilcoxon signed, one‐way‐ANOVA (p = 0.05).

Results

Clinically acceptable color change was observed in all whitening toothpastes. There were no significant differences among the groups for Δa, ΔL, ΔE00, and ΔWID (p > 0.05). The differences among the groups were not significant regarding SBS and failure mode distributions (p > 0.05). SEM findings were in line with the SBS test and failure mode distribution results.

Conclusions

All the tested whitening toothpastes showed similar and clinically acceptable efficacy on the color change of the enamel and led to comparable SBS values.

Clinical Significance

The tested whitening toothpastes had an acceptable whitening efficacy and did not have a negative effect on the bond strength to the enamel.
Psychological distress, social support, and family satisfaction among family members of non‐COVID‐19 critical care patients: A cross‐sectional study
Authors: Padilla‐Fortunatti Cristobal , Munro Cindy L. , Gattamorta Karina
Published: September 2022

Purpose

This study aims to explore the associations among psychological distress, perceived social support, and family satisfaction among family members of non‐COVID‐19 intensive care unit (ICU) patients during the COVID‐19 pandemic.

Design

A cross‐sectional study.

Methods

Family members of patients with at least 48 h in the ICU and without a COVID‐19 diagnosis were screened between January and March 2021. For enrolled ICU family members, five questionnaires for perceived stress (Perceived Stress Scale), anxiety symptoms (General Anxiety Disorder‐7), depressive symptoms (Patient Health Questionnaire‐9), perceived social support (Medical Outcomes Study Social Support Survey), and family satisfaction (Family Satisfaction with Care in the Intensive Care Unit‐24) were administered by phone either in English or Spanish language. Sociodemographic and patient clinical data were also collected. Data were analyzed using descriptive statistics, Pearson's correlations, Mann–Whitney U, and Fisher's exact tests.

Findings

Of 87 eligible ICU family members, 63 were enrolled (72.4%); 27% of the sample presented with clinically significant symptoms of anxiety, 25.4% with depression, and 76.2% had a high perception of social support. ICU family members with low/fair perceived social support reported statistically significantly higher perceived stress and lower family satisfaction. Perceived stress was negatively correlated with family satisfaction. Clinically significant symptoms of anxiety and depression were not statistically associated with family satisfaction or perceived social support.

Conclusions

While ICU admission‐related stress may undermine family satisfaction, perceived social support may be positively associated with the way that ICU family members of non‐COVID‐19 patients evaluate the quality of care in the ICU. Knowing the factors that influence family satisfaction in the ICU may assist stakeholders and policy developers to improve family‐centered care in the hospital setting.

Clinical Relevance

Early screening for psychological distress and social support levels during admission should be included in updates of visiting and communication policies in the ICU. Prompt identification of family members at risk of a poor ICU experience may enhance efforts to support them, particularly in acute care settings where differentiated approaches to COVID‐19 and non‐COVID‐19 ICU family members are established.
The Nature and Destiny of Niebuhr’s Augustine
Authors: Westerholm Martin
Published: September 2022

This essay poses a twofold question regarding the Augustine who influenced Niebuhr’s work: to which of the many versions of Augustine was Niebuhr drawn? What has happened to this Augustine across the reception of Niebuhr’s thought? As a first matter, I argue that Niebuhr was helped to resolve long‐standing questions not by Augustine the pessimistic realist, but rather by the distinctively analogical Augustine, mediated through the work of the Polish Jesuit Erich Przywara, who understands there to be an ‘in and beyond’ relation between God and creation, Church and world, the ultimate and penultimate. As a second matter, I argue that the reception of Niebuhr’s work is marked by repeating the structure that Niebuhr’s Augustine was intended to avoid. Niebuhr turned to Augustine in an effort to avoid a back and forth between exaggerated accounts of continuity and discontinuity between Church and world; but a Barthian reading depicted Niebuhr’s work as an inflated vision of continuity to which a strong statement of discontinuity was the appropriate response. This reading has, in turn, summoned forth fresh accounts of continuity from contemporary thinkers. I aim to show that accurately situating Niebuhr in relation to Augustine helps us to see that the reception of his work has perpetuated a difficulty that he sought to address, and that his Augustine may, all along, have presented an alternative.
Lung function in young adults born small for gestational age at term
Authors: Vellvé Kilian , Sepúlveda‐Martínez Álvaro , Rodríguez‐López Mérida , Crovetto Francesca , Bernardino Gabriel , Burgos Felip , Faner Rosa , Agustí Àlvar , Bijnens Bart , Gratacós Eduard , Crispi Fàtima , Blanco Isabel
Published: September 2022

See related Editorial
Phosphodiesterase 5 inhibitor treatment and survival in interstitial lung disease pulmonary hypertension: A Bayesian retrospective observational cohort study
Authors: Dawes Timothy J. W. , McCabe Colm , Dimopoulos Konstantinos , Stewart Iain , Bax Simon , Harries Carl , Samaranayake Chinthaka B. , Kempny Aleksander , Molyneaux Philip L. , Seitler Samuel , Semple Thomas , Li Wei , George Peter M. , Kouranos Vasileios , Chua Felix , Renzoni Elisabetta A. , Kokosi Maria , Jenkins Gisli , Wells Athol U. , Wort Stephen J. , Price Laura C.
Published: September 2022

Background and Objective

Pulmonary hypertension is a life‐limiting complication of interstitial lung disease (ILD‐PH). We investigated whether treatment with phosphodiesterase 5 inhibitors (PDE5i) in patients with ILD‐PH was associated with improved survival.

Methods

Consecutive incident patients with ILD‐PH and right heart catheterisation, echocardiography and spirometry data were followed from diagnosis to death, transplantation or censoring with all follow‐up and survival data modelled by Bayesian methods.

Results

The diagnoses in 128 patients were idiopathic pulmonary fibrosis (n = 74, 58%), hypersensitivity pneumonitis (n = 17, 13%), non‐specific interstitial pneumonia (n = 12, 9%), undifferentiated ILD (n = 8, 6%) and other lung diseases (n = 17, 13%). Final outcomes were death (n = 106, 83%), transplantation (n = 9, 7%) and censoring (n = 13, 10%). Patients treated with PDE5i (n = 50, 39%) had higher mean pulmonary artery pressure (median 38 mm Hg [interquartile range, IQR: 34, 43] vs. 35 mm Hg [IQR: 31, 38], p = 0.07) and percentage predicted forced vital capacity (FVC; median 57% [IQR: 51, 73] vs. 52% [IQR: 45, 66], p=0.08) though differences did not reach significance. Patients treated with PDE5i survived longer than untreated patients (median 2.18 years [95% CI: 1.43, 3.04] vs. 0.94 years [0.69, 1.51], p = 0.003) independent of all other prognostic markers by Bayesian joint‐modelling (HR 0.39, 95% CI: 0.23, 0.59, p < 0.001) and propensity‐matched analyses (HR 0.38, 95% CI: 0.22, 0.58, p < 0.001). Survival difference with treatment was significantly larger if right ventricular function was normal, rather than abnormal, at presentation (+2.55 years, 95% CI: −0.03, +3.97 vs. +0.98 years, 95% CI: +0.47, +2.00, p = 0.04).

Conclusion

PDE5i treatment in ILD‐PH should be investigated by a prospective randomized trial.
Local Heat Transfer Measurements for an Impinging Synthetic Jet
Authors: Li Alex , Zhu Rui , Simon Terrence
Published: September 2022

Research results demonstrate the heat transfer effectiveness of an impinging synthetic jet toward cooling a plane normal to it. The utility of the synthetic jet lies in that the supply of coolant comes from the device itself as an alternating jetting flow that emerges from a plenum followed by a sink flow that returns to that same plenum. Experiments reported herein were conducted with the synthetic jet driven by an oscillating diaphragm powered by a rotating cam to expel fluid from the plenum out of a single hole, then return it through the same hole. The frequency of diaphragm oscillation and the distance from the synthetic jet's orifice to the surface being cooled are varied in the test program to determine their effects on cooling performance. A numerical study agrees with the results given by the experiment and flow visualization utilizing a smoke generator supports the data and numerical results. The local, time-average Nusselt numbers were measured in the experiment using the thermochromic liquid crystal technique and air as coolant. The color display of each test case was recorded with a fisheye camera. In the case of the highest frequency and shortest distance from orifice to cooled plate, a Nusselt number of nearly 40 was achieved within the central region of the cooled plate when the Reynolds number based upon jet maximum velocity and orifice diameter was 7500 and the distance from the orifice to cooled plate was 3.2 orifice diameters.