bluuebunny/crossref_metadata_2025 huggingface dataset:
Psychosocial antecedents of communication, trust, and relationship effectiveness in new product development projects: a functional manager perspective
Authors: Kyriazis Elias , Couchman Paul , Johnson Lester W.
Published: October 2015

The basic differences between marketing managers and their technically trained counterpart managers [e.g., research and development (R&D), engineering, and manufacturing managers] in terms of work experience, training, and differing decision‐making styles have often been suggested as a source of conflict, which acts as a barrier to effective working relationships and integration during new product development (NPD) work. In this paper, we empirically explore this issue by developing and testing a model of psychosocial differences (thought worlds and psychological distance) between the two groups of managers and their effect on communication, trust, and relationship effectiveness during NPD projects. We find that while thought world differences do still matter, it was from a marketing perspective that they had a stronger effect. These findings have implications for top management trying to manage the functional manager interface during NPD projects. We propose a semi‐formalized approach to relationship building that may speed up the acquisition of social data that is often necessary to elevate working relationships to trusting ones and improve the efficiency of NPD work. Our model is tested using data from two samples, 184 technically trained managers and 145 marketing managers from Australian companies involved in NPD work.
Foreign‐born academic scientists: entrepreneurial academics or academic entrepreneurs?
Authors: Libaers Dirk , Wang Tang
Published: October 2015

Although foreign‐born scholars make up a significant portion of the US professoriate, little is known about how their ‘foreign‐born’ identity directly or indirectly affects their entrepreneurial prowess. This article integrates role identity theory with theoretical arguments from social network and cultural proximity theories to examine whether foreign‐born academic scientists can better be characterized as entrepreneurial academics (strong government grant productivity) or academic entrepreneurs (strong involvement in the creation and commercialization of university‐invented technologies). Our analysis indicates that foreign‐born academic scientists seem more successful in attracting research resources, but are less successful in exploiting their inventions through entrepreneurial activities. They can therefore be best described as entrepreneurial academics. These findings may partially explain the tepid performance of many research‐intensive universities in terms of technology transfer and commercialization. We discuss the policy implications of our findings and provide guidance for academic entrepreneurs.
The strategic dilemmas of innovative enterprises: proposals for high‐technology sectors
Authors: Zarzewska‐Bielawska Agnieszka
Published: October 2015

High levels of research and development (R&D) expenditure, pressure for innovation and the creation of new knowledge are features that distinguish high‐technology (high‐tech) enterprises from other, less technologically advanced, firms. Confronted with multiple contemporary approaches to strategy and turbulence in their environment, these enterprises make strategic choices continuously and dynamically. This paper proposes a model and matrix for the classification of high‐tech enterprises’ development strategies (with regard to their specific features), which are then verified. Qualitative research was conducted in 61 medium and large high‐tech companies based in Poland that operate either in Poland or in the global marketplace. The results show that high‐tech firms have the fundamental goal of developingR&Dactivity as a resource (and its redundancy) rather than product/market goals. The studied firms strive above all for leadership in innovation, creating new technologies based on their ownR&Dresources, while also using outside sources and mostly applying the personalisation approach in knowledge management. However, they choose different paths for product and market development, depending on the opportunities presented by the environment, and the firm's ability to identify and take advantage of these.
The influence of firm and industry characteristics on returns from technology licensing deals: evidence from the US computer and pharmaceutical sectors
Authors: Walter Jorge
Published: October 2015

This study examines the relationships between firm and industry characteristics and firms' abnormal stock market returns accompanying the announcement of technology licensing deals. In particular, I examine the fit among firms' licensing activities, their resource endowments, and their industry context, and develop hypotheses on its impact on abnormal stock market returns after licensing deals. Analyzing 11 years of inward and outward licensing transactions in the US computer and pharmaceutical industries between 1990 and 2000, I find support for my argument that while firms profit from both inward and outward licensing, the magnitude of such profits is determined by licensing firms' resource endowments, and that these determinants have a different impact in different industry contexts. Understanding these relationships helps explain when firms should use licensing to exploit their proprietary technologies and make better predictions about the impact of licensing transactions on firm performance.
Design principles for corporate venture transition processes in established technology firms
Authors: van Burg Elco , de Jager Sjoerd , Reymen Isabelle M. M. J. , Cloodt Myriam
Published: October 2015

Corporate venturing has become a well‐known approach toward new business development and strategic renewal for established technology firms. However, without an effectively designed process for aligning and integrating a corporate venture in the established business, the firm increases the risk of venture failure. This paper provides a process perspective on corporate venture transition. Based on the results of an empirical study of six corporate venture transition processes, we present suitable actions for each of the different phases of the venture transition process. In addition, we indicate the proper timing for venture transition, which is one of the long‐standing difficulties in this area. Finally, we integrate the results of the empirical study with knowledge from extant literature in a set of design principles. These design principles provide practical guidelines to improve corporate venture transition processes.
Scale and performance in publicly funded collaborative research and development
Authors: Spanos Yiannis E. , Vonortas Nicholas S.
Published: October 2015

This paper reports the results of an extensive empirical investigation on the role of project scale (reflected in consortium size and in project budget) on various performance dimensions of publicly funded collaborative research and development (R&D) projects. Recent trends in European research policy are founded on the premise that such scale economies do exist, hence the emphasis placed on the critical mass of R&D projects. We argue that large scale in collaborative R&D confers both positive and negative effects, and thus we hypothesize an inverse U‐shaped relation between scale and performance. We only find an inverse U‐shaped effect of consortium size on networking impacts and a U‐shaped effect of project budget on goal achievement. No other statistically significant relationships were found for the remaining performance dimensions (i.e. scientific outputs, technological outputs, and research capacity impacts). More generally, and consistent with recent work on the relation between quality and quantity in academic research, our analyses offer little evidence to support the idea that increasing scale generally improves collaborative R&D performance. It appears that the simple assumption ‘bigger is better’ in European Union‐financed collaborative R&D may need to be reconsidered.
Product Market Integration, Rents and Wage Inequality
Authors: Andersen Torben M. , Sørensen Allan
Published: October 2015

Globalization in the form of product market integration affects labor markets and produces winners and losers. While there are aggregate gains, it is in general ambiguous how inequality is affected. We explore this issue in a Ricardian model and show that it depends on the balance between “protection” and “specialization” rents. In particular, wage inequality among similar workers (residual wage inequality) may be U‐shaped, at first decreasing and then increasing in the process of product market integration. Consequently, there may be gains in both the efficiency and the equity dimension until integration reaches a certain level at which a trade‐off arises.
Trade Intermediation and the Organization of Exporters
Authors: Felbermayr Gabriel , Jung Benjamin
Published: October 2015

Empirical papers show that successful exporting firms either use unaffiliated foreign trade intermediaries or own foreign wholesale subsidiaries. However, conventional trade theory models assume that producers can directly access foreign consumers. We introduce intermediaries in an international trade model where producers differ with respect to productivity as well as regarding their varieties' perceived quality and tradability. Trade intermediation is prone to frictions owing to the absence of enforceable cross‐country contracts while own wholesale subsidiaries require additional capital investment. The sorting pattern of firms depends on their degree of competitive advantage; the equilibrium prevalence of intermediation in the industry depends negatively on the heterogeneity among producers, and the market‐specificity of goods, and positively on expropriation risk. Using sectoral US export data by destination country, we confirm the empirical validity of these predictions.
Optimal Taxation of Risky Human Capital*
Authors: Jacobs Bas , Schindler Dirk , Yang Hongyan
Published: October 2015

In a two‐period life‐cycle model with ex ante homogeneous households, earnings risk, and a general earnings function, we derive the optimal linear labor tax rate and optimal linear education subsidies. The optimal income tax trades off social insurance against incentives to work. Education subsidies are not used for social insurance, but they are only targeted at offsetting the distortions of the labor tax and internalizing a fiscal externality. Both optimal education subsidies and tax rates increase if labor and education are more complementary, because education subsidies indirectly lower labor tax distortions by stimulating labor supply. Optimal education subsidies (taxes) also correct non‐tax distortions arising from missing insurance markets. Education subsidies internalize a positive (negative) fiscal externality if there is underinvestment (overinvestment) in education because of risk. Education policy unambiguously allows for more social insurance if education is a risky activity. However, if education hedges against labor‐market risk, optimal tax rates could be lower than in the case without education subsidies.
Labor Income Taxation, Human Capital, and Growth: The Role of Childcare*
Authors: Casarico Alessandra , Sommacal Alessandro
Published: October 2015

In this paper, we examine the effects of labor income taxation on growth in an overlapping generations model in which schooling and childcare play a role in the production of human capital. We compare such effects with those obtained in a model in which only schooling matters for skill formation. We show that the omission of childcare from the technology of skill formation can bias the results related to the impact of labor income taxation on growth.
Social Interaction Effects in Disability Pension Participation: Evidence from Plant Downsizing*
Authors: Rege Mari , Telle Kjetil , Votruba Mark
Published: October 2015

We estimate the magnitude of social interaction effects in disability pension participation among older workers in Norway. The problem of omitted variable bias is addressed using the exposure of an individual's neighbors to plant‐downsizing events as an instrument for the disability entry rate among the individual's previously employed neighbors. Our instrumental variable (IV) estimates suggest that an increase of one percentage point in the participation rate of previously employed neighbors increased the subsequent four‐year entry rate of older workers by about 0.4 percentage points. Numerous robustness and specification tests appear to support the validity of the identifying assumption in our IV strategy.
Government Spending Shocks and Rule‐of‐Thumb Consumers with Steady‐State Inequality*
Authors: Natvik Gisle James
Published: October 2015

In the body of literature concerning fiscal policy, a central result is that government spending might stimulate private consumption because only some households save, while others spend their entire income each period. Although such heterogeneity naturally causes inequality, this complication is commonly avoided by assuming that transfers redistribute steady‐state wealth. I show that this steady‐state assumption drives short‐run results. Without redistribution, the equilibrium is indeterminate, and the labor‐market structure that is imposed to support the expansive result is theoretically inconsistent. On a more positive note, I propose a labor‐market formulation under which the expansive effects of government spending might arise.
Christopher A. Sims and Vector Autoregressions*
Authors: Christiano Lawrence J.
Published: October 2015

Three decades ago, Christopher A. Sims suggested that vector autoregressions (VARs) are useful statistical devices for evaluating alternative macroeconomic models. His suggestion has stood the test of time well. In the early days, VARs played an important role in the evaluation of alternative models. They continue to play that role today.
Teaching the Material and Teaching the Students: Reflections on Introductory Courses for Non‐Majors
Authors: Kirkpatrick Shane
Published: October 2015

Teaching a required introductory Bible course to non‐majors at a church‐related college presents a number of pedagogical challenges. When considering how to teach such a course in the context of concerns common to the liberal arts, I find myself reflecting on authority. My thoughts on the teaching of this course in my own context are organized around authority understood as a developmental issue, an educational issue, and a religious issue. In each case, I seek to use my discipline and the primary and secondary materials of the course as occasions for the development of capacities that will contribute to the life of students as critical thinkers, creative problem‐solvers, and responsible global citizens.
Between Guru and Deceiver? Responding to Unchosen Metaphors in the Religious Studies Classroom
Authors: Carr Amy , Simmons John K.
Published: October 2015

Two troublesome portraits of religious studies professors often exist in the minds of some students at any given time: the Guru, or wise spiritual teacher, and the Deceiver. These metaphors capture student perceptions of us that may be ill‐informed and beyond our control. We will examine and compare how our own chosen metaphors for teaching – theological typologist and neutral enthusiast – respond creatively to the unchosen metaphors of guru or deceiver. We cannot avoid being cast as gurus/deceivers, but we can discern how our own metaphors for teaching engage “unchosen” student metaphors for us. This exercise can enhance our self‐awareness about our own normative agendas in the classroom, and help to sharpen colleagues' conversations about our sometimes differing assumptions regarding the discipline and teaching of religious studies.
The Trade‐Off between Foreign Direct Investments and Exports: The Role of Multiple Dimensions of Distance
Authors: Lankhuizen Maureen , de Groot Henri L. F. , Linders Gert‐Jan M.
Published: October 2015

To serve foreign markets, firms can either export or set up a local subsidiary through horizontal foreign direct investment (FDI). The conventional proximity–concentration theory suggests that FDI substitutes for trade if distance between countries is large, while exports become more important if scale economies in production are large. This paper investigates empirically the effect of different dimensions of distance on the choice between exports and FDI. We find that different dimensions of distance affect exports and FDI differently. There is clear evidence of a proximity–concentration trade‐off in geographical terms: the share of FDI sales in total foreign sales increases with geographical distance. The positive relation between import tariffs and FDI intensity provides further evidence for a trade‐off resulting from trade costs. On the other hand, the share of FDI decreases with language differences and cultural and institutional barriers. The latter dimensions of distance thus affect FDI more strongly than exports.
International Trade and Economic Growth Nexus in Australia: A Robust Evidence from Time‐Series Estimators
Authors: Singh Tarlok
Published: October 2015

This study examines the effects of international trade on output and tests the null of Granger non‐causality between trade and economic growth in Australia. The single‐equation IV‐GMM, DOLS, FMOLS and NLLS and the system‐based ML estimates consistently support the positive and significant long‐run effects of exports and investment on output. The effects of imports are consistently negative across all the estimates. The OLSEG, RLS and ARDL‐ECM estimates provide a mixed and weak and that overparameterised level‐VAR estimates no support for the effects of trade on output. The estimates of the model with structural breaks provide a dominant support for the cointegrating relationship among variables. In conclusion, the evidence supporting the positive and significant long‐run effects overwhelms the evidence providing a mixed, weak or no support for the effects of trade on output. The results of the study can be inductively generalised to mimic the findings of the literature at large and to suggest that a part of the inconclusiveness over the gains of trade could analogously be ascribed to the use of different methodologies and test statistics across studies. The results support the acceleration of exports and investment to foster the higher levels of output and economic growth.
Is the Chinese Currency Substantially Misaligned to Warrant Further Appreciation?
Authors: Qin Duo , He Xinhua
Published: October 2015

This study provides quarterly estimates of the misalignment in the real effective exchange rate (REER) of Renminbi (RMB) for the period 1999–2008. Starting from a commonly used economic approach, the estimates are obtained from an extensive application of econometric techniques on a carefully constructed database that covers 22 economies that account for roughly 70 per cent of China’s total foreign trade. Our estimates demonstrate that the RMB underwent a period of undervalued misalignment during the early to mid‐2000s, if measured vis‐à‐vis the REER of a multilateral currency basket of the 22 economies, but the misalignment margin has disappeared since 2008. However, if the RMB is only evaluated by a subpanel dataset including only the United States and the Euroland, the resulting misalignment estimates are much more pronounced and withstand the recent recession. The difference between the full‐panel dataset and subpanel dataset estimates suggests that the current misalignment problem lies more with overvalued USD and euro rather than with an undervalued RMB. The finding thus refutes the claim that the current global trade imbalance could be resolved mainly by further and greater appreciation of the RMB.
RELIGION AS A CONTROL GUIDE: ON THE IMPACT OF RELIGION ON COGNITION
Authors: Hommel Bernhard , Colzato Lorenza S.
Published: October 2015

Religions commonly are taken to provide general orientation in leading one's life. We develop here the idea that religions also may have a much more concrete guidance function in providing systematic decision biases in the face of cognitive‐control dilemmas. In particular, we assume that the selective reward that religious belief systems provide for rule‐conforming behavior induces systematic biases in cognitive‐control parameters that are functional in producing the wanted behavior. These biases serve as default values under uncertainty and affect performance in any task that shares cognitive‐control operations with the religiously motivated rule‐conforming behavior the biases were originally developed for. Such biases therefore can be unraveled and objectified by means of rather simple tasks that are relatively well understood with regard to the cognitive mechanisms they draw on.
HOW TO CONFUSE ORGANISMS WITH MOUSETRAPS: MACHINE METAPHORS AND INTELLIGENT DESIGN
Authors: Recker Doren
Published: October 2015

Why do design arguments—particularly those emphasizing machine metaphors such as “Organisms and/or their parts are machines”—continue to be so convincing to so many people after they have been repeatedly refuted? In this essay I review various interpretations and refutations of design arguments and make a distinction betweenrationallyrefuting such arguments (RefutingR) and rendering thempsychologicallyunconvincing (RefutingP). Expanding on this distinction, I provide support from recent work on the cognitive power of metaphors and developmental psychological work indicating a basic human propensity toward attributingagencyto natural events, to show that design arguments “make sense”unlessone is cued to look more closely. As with visual illusions, such as the Müller‐Lyer arrow illusion, there is nothing wrong with a believer's cognitive apparatus any more than with their visual apparatus when they judge the lines in the illusion to be of unequal length. It takes training or a dissonance between design beliefs and other beliefs or experiences to play the role that a ruler does in the visual case. Unless people are cued to “look again” at what initially makes perfect sense, they are not inclined to apply more sophisticated evaluative procedures.
CRITICAL AFTERWORD
Authors: Clayton Philip
Published: October 2015

This Afterword looks back over both parts of the discussion of “God and the World of Signs”—“Semiotics and the Emergence of Life” in the previous issue ofZygonand “Semiotics and Theology” in this issue. Three central questions in this extended debate are identified: What is the nature of biological organisms and biological evolution? What is the relationship between the natural world and the Triune God of the Christian theological tradition? What should be the goals of Science/Religion Studies? I summarize the answers that Christopher Southgate and Andrew Robinson have given in their program and the challenges raised by their critics. Their strengths and weaknesses are assessed. In the conclusion I ask readers to imagine that this particular research program were to be taken as a model program in science‐and‐religion research (with some tweaking) and then consider the features of the program that could function as standards for scholars working in other areas of the dialogue.
Mutual Fund Performance: Measurement and Evidence1
Authors: Cuthbertson Keith , Nitzsche Dirk , O'Sullivan Niall
Published: October 2015

The paper provides a critical review of empirical findings on the performance of mutual funds, mainly for the US and UK. Ex‐post, there are around 0‐5% of top performing UK and US equity mutual funds with truly positive‐alpha performance (after fees) and around 20% of funds that have truly poor alpha performance, with about 75% of active funds which are effectively zero‐alpha funds. Key drivers of relative performance are, load fees, expenses and turnover. There is little evidence of successful market timing. Evidence suggests past winner funds persist, when rebalancing is frequent (i.e., less than one year) and when using sophisticated sorting rules (e.g., Bayesian approaches) ‐ but transactions costs (load and advisory fees) imply that economic gains to investors from winner funds may be marginal. The US evidence clearly supports the view that past loser funds remain losers. Broadly speaking results for bond mutual funds are similar to those for equity funds. Sensible advice for most investors would be to hold low cost index funds and avoid holding past ‘active’ loser funds. Only sophisticated investors should pursue an active ex‐ante investment strategy of trying to pick winners ‐ and then with much caution.
When Should a Retrial be Permitted After a Conviction is Quashed on Appeal?
Authors: Chalmers James , Leverick Fiona
Published: October 2015

The power to permit a retrial after a conviction has been quashed on appeal is an established part of criminal procedure, with over a third of successful appeals against conviction in England and Wales now resulting in a retrial being ordered. Despite this, relatively little attention has been paid to the circumstances in which it is appropriate for such permission to be granted. This article reviews the practice of the courts, offering a rational reconstruction of the reported cases. It argues that appeal courts have improperly entered into consideration of matters which should properly be reserved to prosecutorial discretion. While retrial after a quashed conviction should only be possible with the permission of the appeal court, such permission should – where sought – always be granted unless insufficient competent evidence was led at the first trial or a second prosecution would be an abuse of process.
Introducing a New Diminished Responsibility Defence for England and Wales
Authors: Kennefick Louise
Published: October 2015

A divisive law from the outset, the diminished responsibility defence has continued to arouse criticism since its inception over fifity years ago under section 2 of the Homicide Act 1957. Increasing pressure from academics, practitioners, and mental health professionals, among others, to restructure the law has resulted in a reformulation of the wording of section 2 under the unassuming auspices of section 52 of the Coroners and Justice Act 2009. This paper examines the new definition of diminished responsibility on two levels: the broader context and structural significance of the Act and section 52's place within it; and, the technical detail of the section itself. In so doing, consideration is given as to whether the new law appeases the critics of the old, in addition to whether the Government has succeeded in bringing to bear its objectives of clarity, fairness and effectiveness.
Sources of variation in trade union membership across the UK: the case of Wales
Authors: Beynon Huw , Davies Rhys , Davies Steve
Published: October 2015

This article deals with issues relating to trade union density and the fact that while over the past 30 years, union densities have followed a declining path in all regions, this retreat was not uniform across space. Analysis of the Labour Force Survey reveals that Wales exhibits among the highest levels of union density in the UK. The reasons for this are examined through statistical analysis, historical analysis and interview data. These analyses reveal that there appear to be intrinsic differences in the nature of workplace representation in Wales; one linked to a particular style of trade unionism supported by the authority of a devolved state that continue to contribute to higher levels of membership.
Financing US Debt: Is There Enough Money in the World – and at What Cost?
Authors: Kitchen John , Chinn Menzie
Published: October 2015

With the outlook for continued US budget deficits and growing debt – and the uncertainties regarding their financing – we examine the role of foreign official holdings of US Treasury securities in determining Treasury security interest rates, and the resulting implications for international portfolio allocations, net international income flows and the US net international debt position. We update estimates of the relationship between Treasury interest rates and US structural budget deficits, and extend that empirical analysis to include foreign official and Federal Reserve holdings of US Treasury securities. Although relationships suggest that the world portfolio could potentially accommodate financing requirements over the intermediate horizon, substantial uncertainty surrounds the likelihood of that accommodation and the associated effects on interest rates and adjustments in international portfolios. Notably, unprecedented levels and growth of foreign official holdings of US Treasuries will be required to keep longer term Treasury security interest rates from rising substantially above current consensus projections.
The Home Bias, Capital Income Flows and Improved Long‐Term Consumption Risk Sharing between Industrialized Countries
Authors: Artis Michael J. , Hoffmann Mathias
Published: October 2015

Is financial globalization associated with improved international consumption risk sharing? We focus on the long‐term (that is low frequency) co‐movement of consumption and output in answering this question. Theoretically, the impact of financial globalization should show up first and most robustly in the lower frequencies of the data. We show that this is the case empirically: by the end of our sample period (1960–2007), up to 40% of long‐term idiosyncratic consumption risk is shared between industrialized countries – as compared to less than 10% before 1990. This dramatic increase is associated with a huge increase in international capital income flows: while capital income flows remain relatively limited as a channel of risk sharing at business‐cycle horizons, their contribution to international risk sharing at longer horizons has increased substantially. Much of this increase can be attributed to the growth in international asset positions over the recent globalization period.
Analyst vs. Market Forecasts of Earnings Management to Avoid Small Losses
Authors: Eames Michael , Kim Yongtae
Published: October 2015

Abstract:  Burgstahler and Eames (2003) present evidence that analysts commonly anticipate earnings management to avoid small losses, but often incorrectly predict its occurrence. Here we consider whether the market's behavior mimics that of analysts. Our results suggest that analysts exhibit more forecast optimism in their zero earnings forecasts than in their other small earnings forecast levels, and markets exhibit less relative optimism at this point. At the 271–360 day forecast horizon, we find a reduction in the earnings response coefficient at analysts’ zero earnings forecasts and interpret this as reflecting less optimism in market earnings forecasts than in analyst forecasts when analysts forecast zero earnings. This evidence is consistent with the market not following analysts in erroneously predicting earnings management to avoid small losses. We do not find similar evidence for shorter forecast horizons, suggesting that market and analyst forecasts converge towards the end of the year. Finding differences in market and analyst earnings forecasts in this loss avoidance environment raises the possibility of differences in a variety of earnings management and other environments, and sends a general note of caution in using analyst forecasts issued early in the year to proxy market expectations.
Do Compensation Committees Pay Attention to Section 404 Opinions of the Sarbanes‐Oxley Act?
Authors: Hsu Audrey Wen‐Hsin , Liao Chih‐Hsien
Published: October 2015

Abstract:  This study examines whether compensation committees adjust CEO/CFO compensation using the auditor opinions on internal control effectiveness (SOX 404 opinions), and whether the emphasis on internal controls depends on the level of compensation committees’ financial expertise. Following SOX 404, a firm's CEO and CFO are required to evaluate the effectiveness of internal controls over financial reporting, subject to the auditor's attestation. In light of recent accounting fraud, we expect and find that compensation committees adjust CEO/CFO compensation by reference to the SOX 404 opinions. Using different measures of financial expertise, we also find that the relationship is more pronounced in firms with higher levels of financial expertise. Our results suggest the importance of including directors with financial expertise on compensation committees.
How Do Managers of Non‐Announcing Firms Respond to Intra‐Industry Information Transfers?
Authors: Desir Rosemond
Published: October 2015

Abstract:  I investigate non‐announcing firms’ disclosure patterns in response to information transfers. Anecdotal evidence suggests that non‐announcing managers take steps to shield their firms from their peers’ bad news or to imitate their peers’ good news. However, existing research on information transfers seems to ignore this aspect. Using announcements of dividend changes, I find that non‐announcing managers routinely intervene in the information transfer process by disclosing good news to dispel negative information transfers on their firms’ share prices. More importantly, I find that industry concentration plays a significant role in managers’ reactions. In particular, managers in more‐concentrated industries are more likely to disclose good news following a rival's good news, while managers in less‐concentrated industries are more likely to disclose good news following a rival's bad news. Finally, my results accentuate the role of disclosure by documenting that managers who intervene significantly reduce (increase) negative (positive) information transfers on their firms’ share prices.
Publication recommendations for electrodermal measurements
Authors:   Society for Psychophysiological Research Ad Hoc Committee on Electrodermal Measures
Published: October 2015

This committee was appointed by the SPR Board to provide recommendations for publishing data on electrodermal activity (EDA). They are intended to be a stand‐alone source for newcomers and experienced users. A short outline of principles for electrodermal measurement is given, and recommendations from an earlier report (Fowles et al., ) are incorporated. Three fundamental techniques of EDA recording are described: (1) endosomatic recording without the application of an external current, (2) exosomatic recording with direct current (the most widely applied methodology), and (3) exosomatic recording with alternating current—to date infrequently used but a promising future methodology. In addition to EDA recording in laboratories, ambulatory recording has become an emerging technique. Specific problems that come with this recording of EDA in the field are discussed, as are those emerging from recording EDA within a magnetic field (e.g., fMRI). Recommendations for the details that should be mentioned in publications of EDA methods and results are provided.
What Can Multicultural Theory Tell Us about Integrating Muslims in Europe?
Authors: Lenard Patti Tamara
Published: October 2015

Across Europe and elsewhere we are witnessing a series of decisions, including attempts (successful and otherwise) to ban the burka or the building of minarets on mosques, which seem to be made from a fear of ‘politicised Muslims’ – Muslim residents and citizens in European countries – who are alleged to be irredeemably and unambiguously anti-European and therefore anti-democratic. They are, additionally, frequently portrayed as taking orders from fundamentalist regimes, or organisations, which operate from outside Europe and aim to destabilise European political life. The debates and conflicts portrayed in the Swiss media in the week before the vote on whether to ban the construction of minarets, for example, and in the days just afterwards, mirror those that have been occupying European countries for the past several years. As I shall suggest in this article, these debates are familiar to theorists of multiculturalism, and of liberal democracy more generally, and they press us to consider whether the challenges (apparently) posed by Muslim integration are distinct from the challenges that have occupied the attention of multicultural theorists in the past. Underpinning the analysis in this article is my view that the principles that underpin multicultural theorising, principles that were developed in response to previous waves of immigration, are able to guide us in developing fair terms of integration for Muslim citizens.
Parallelism, deep homology, and evo‐devo
Authors: Hall Brian K.
Published: October 2015

Parallelism has been the subject of a number of recent studies that have resulted in reassessment of the term and the process. Parallelism has been aligned with homology leaving convergence as the only case of homoplasy, regarded as a transition between homologous and convergent characters, and defined as the independent evolution of genetic traits. Another study advocates abolishing the term parallelism and treating all cases of the independent evolution of characters as convergence. With the sophistication of modern genomics and genetic analysis, parallelism of characters of the phenotype is being discovered to reflect parallel genetic evolution. Approaching parallelism from developmental and genetic perspectives enables us to tease out the degree to which the reuse of pathways represent deep homology and is a major task for evolutionary developmental biology in the coming decades.
How was the notochord born?
Authors: Satoh Nori , Tagawa Kuni , Takahashi Hiroki
Published: October 2015

More than 550 million years ago, chordates originated from a common ancestor shared with nonchordate deuterostomes by developing a novel type of larva, the “tadpole larva.” The notochord is the supporting organ of the larval tail and the most prominent feature of chordates; indeed, phylum Chordata is named after this organ. In this review, we discuss the molecular mechanisms involved in the formation of the notochord over the course of chordate evolution with a special emphasis on a member of T‐box gene family, Brachyury. Comparison of the decoded genome of a unicellular choanoflagellate with the genomes of sponge and cnidarians suggests that T‐box gene family arose at the time of the evolution of multicellular animals. Gastrulation is a morphogenetic movement that is essential for the formation of two‐ or three‐germ‐layered embryos. Brachyury is transiently expressed in the blastopore (bp) region, where it confers on cells the ability to undergo invagination. This process is involved in the formation of the archenteron in all metazoans. This is a “primary” function of Brachyury. During the evolution of chordates, Brachyury gained an additional expression domain at the dorsal midline region of the bp. In this new expression domain, Brachyury served its “secondary” function, recruiting another set of target genes to form a dorsal axial organ, notochord. The Wnt/β‐catenin, BMP/Nodal, and FGF‐signaling pathways are involved in the transcriptional activation of Brachyury. We discuss the molecular mechanisms of Brachyury secondary function in the context of the dorsal–ventral (D–V) inversion theory and the aboral‐dorsalization hypothesis. Although the scope of this review requires some degree of oversimplification of Brachyury function, it is beneficial to facilitate studies on the notochord formation, a central evolutionary developmental biology problem in the history of metazoan evolution, pointed out first by Alexander Kowalevsky.
Development of the head and trunk mesoderm in the dogfish, Scyliorhinus torazame: II. Comparison of gene expression between the head mesoderm and somites with reference to the origin of the vertebrate head
Authors: Adachi Noritaka , Takechi Masaki , Hirai Tamami , Kuratani Shigeru
Published: October 2015

The vertebrate mesoderm differs distinctly between the head and trunk, and the evolutionary origin of the head mesoderm remains enigmatic. Although the presence of somite‐like segmentation in the head mesoderm of model animals is generally denied at molecular developmental levels, the appearance of head cavities in elasmobranch embryos has not been explained, and the possibility that they may represent vestigial head somites once present in an amphioxus‐like ancestor has not been ruled out entirely. To examine whether the head cavities in the shark embryo exhibit any molecular signatures reminiscent of trunk somites, we isolated several developmentally key genes, including Pax1, Pax3, Pax7, Pax9, Myf5, Sonic hedgehog, and Patched2, which are involved in myogenic and chondrogenic differentiation in somites, and Pitx2, Tbx1, and Engrailed2, which are related to the patterning of the head mesoderm, from an elasmobranch species, Scyliorhinus torazame. Observation of the expression patterns of these genes revealed that most were expressed in patterns that resembled those found in amniote embryos. In addition, the head cavities did not exhibit an overt similarity to somites; that is, the similarity was no greater than that of the unsegmented head mesoderm in other vertebrates. Moreover, the shark head mesoderm showed an amniote‐like somatic/visceral distinction according to the expression of Pitx2, Tbx1, and Engrailed2. We conclude that the head cavities do not represent a manifestation of ancestral head somites; rather, they are more likely to represent a derived trait obtained in the lineage of gnathostomes.
Organizational Structure and Product Market Competition
Authors: Hur Jung , Riyanto Yohanes E.
Published: October 2015

This paper explores the link between delegation of authority and product market competition. It considers a firm that is contemplating entering a market served by an incumbent. The firm can adopt either a decentralized or a centralized authority structure. In the former, authority is delegated to an agent, while in the latter, it is retained by the principal. We address the questions of how the toughness of future product market competition affects the delegation decision, and how this decision in turn affects product market competition. The delegation decision is determined by a trade‐off between inducing the agent to take greater initiative and accepting lower operating profits from a less efficient decision taken by the agent.
Collusive Networks in Market‐Sharing Agreements in the Presence of an Antitrust Authority
Authors: Roldán Flavia
Published: October 2015

This paper examines how the presence of an antitrust authority (AA) affects market‐sharing agreements made by firms. These agreements prevent firms from entering each other’s markets. The set of agreements defines a collusive network, which is pursued by antitrust authorities. This paper shows that in the absence of an AA, a network is stable if its alliances are large enough, and in the presence of an AA, more competitive structures can be sustained through bilateral agreements. Antitrust laws may have a procompetitive effect, as they give firms in large alliances more incentives to cut their agreements at once.
Determinants of Municipal Bond Ratings for General‐Purpose Governments: An Empirical Analysis
Authors: PALUMBO GEORGE , ZAPOROWSKI MARK P.
Published: October 2015

In the wake of the destabilization of the tax‐exempt bond insurance industry, this paper presents an ordered probit model of the determinants of the credit ratings of 965 county and city governments from throughout the nation. The underlying Moody's rating of these governments is posited as a function of a vector of publicly available economic, demographic, governmental, fiscal, and financial variables. The empirical results demonstrate the relative importance of economic base diversity, the growth rates of earnings, and population as well as existing full faith and credit debt on credit ratings. Additionally, our findings support the proposition that the existence of tax limits reduce the perception of credit quality, while expenditure limits raise credit ratings.
Effects of the Form of Government and Property Tax Limits on Local Finance in the Context of Revenue and Expenditure Simultaneity
Authors: CHAPMAN JEFFREY , GORINA EVGENIA
Published: October 2015

This paper examines the impact of the form of government and state‐imposed property tax limits on municipal finance. We suggest that municipal revenues and expenditures are determined concurrently and estimate revenue and expenditure functions as simultaneous equations. We use the instrumental variable approach and fixed effects to address revenue and expenditure endogeneity. By testing the model on a cross‐section of rich municipal data for fiscal year 2002, we find evidence that revenues and expenditures are simultaneously determined, that potentially binding state‐imposed property tax limits effectively restrict local revenues and that the form of government is a significant predictor of local expenditures.
Foreign market conditions and export performance: does ‘crowdedness’ reduce exports?
Authors: Breinlich Holger , Tucci Alessandra
Published: October 2015

Abstract This paper analyzes the link between firm exports and the competitive environment in foreign markets. We derive a theory‐based econometric specification linking market‐specific exports to foreign demand and the degree of a market’s ‘crowdedness,’ which depends on the number and efficiency of firms competing there and the barriers impeding their access. Estimates on a large sample of Italian firms indicate that increased crowdedness has reduced Italian exports, but only by 0.2%–0.3% per year. This is substantially less than the contribution of other factors such as higher unit labour costs or weak demand growth in the EU15.
Evidence Regarding Relationship Between Breastfeeding and Breast Cancer Remains Unclear
Authors: Bond Sharon
Published: October 2015

Yang L, Jacobsen KH. A systematic review of the association between breastfeeding and breast cancer. J Womens Health 2008;17:1635–45.
Spaces of Encounter: Public Bureaucracy and the Making of Client Identities
Authors: Silver Lauren J.
Published: October 2015

AbstractIn this article I analyze the intertwining of cultural narratives, identity stereotypes, and the material environment as these factors shape public service negotiations between clients and officials. I emphasize the material deficits, spatial barriers, and bureaucratic procedures that restrict the storylines clients and officials use to make sense of one another. This article is drawn from a two‐year ethnographic study with African American young mothers (ages 16–20) under the custody of the child welfare system. I focus here on the experiences of one young mother and explore several scenarios in her struggle to obtain public housing. I argue that service deficits can be explained not by the commonly articulated narratives of client “shortcomings” but, rather, by the nature of the organizational and material conditions guiding exchanges between public service gatekeepers and young mothers. I suggest that this work advances narrative approaches to psychological anthropology by attending to the roles of social and material boundaries in framing the stories people can tell each other. [identity, adolescent mothers, public bureaucracy, service negotiation, narrative]
National Competitiveness in Comparative Perspective: Evidence from Latin America
Authors: Weymouth Stephen , Feinberg Richard
Published: October 2015

The term competitiveness is widely applied as a catch-all for investor-friendly policies and institutions. This article argues that sloppy applications of the term ignore the possibilities of policy tradeoffs and varieties of institutional choices. Popular conceptualizations of the term describe three discernible clusters of economic policies and institutions. One cluster captures openness to international trade; a second gauges regulatory impediments to private sector competition; a third refers to public sector investments in human capital, security, and infrastructure. This essay develops three empirical indexes to operationalize these clusters and shows that these concepts are not only theoretically but also empirically distinct. In particular, the correlation between these measures is not especially high in a sample of Latin American countries. The larger economies in the region tend to be more competitive on the regulatory and public goods dimensions but fall well behind smaller economies in terms of external competitiveness, broadly conceived.