bluuebunny/crossref_metadata_2025 huggingface dataset:
Macroscopic, but not microscopic, perivesical fat invasion at radical cystectomy is an adverse predictor of recurrence and survival
Authors: Bastian Patrick J. , Hutterer Georg C. , Shariat Shahrokh F. , Rogers Craig G. , Palapattu Ganesh S. , Lotan Yair , Vazina Amnon , Amiel Gilad E. , Gupta Amit , Sagalowsky Arthur I. , Lerner Seth P. , Schoenberg Mark P. , Karakiewicz Pierre I. ,   from the Bladder Cancer Research Consortium
Published: September 2007

OBJECTIVE

To examine whether the presence of microscopic (pT3a) or macroscopic (pT3b) disease worsens the prognosis relative to pT2 disease at radical cystectomy, as the prognostic significance of pT3a vs pT3b perivesical fat invasion (pT3) is controversial.

PATIENTS AND METHODS

In all, 242 patients with pT3 disease (pT3a in 88, pT3b in 121) had radical cystectomy and bilateral pelvic lymphadenectomy for transitional cell carcinoma of the urinary bladder; they were compared with 172 who had organ‐confined muscle‐invasive disease (pT2). For the analyses we used univariable and multivariable Cox regression models of recurrence and cancer‐specific survival, adjusted for age, tumour grade, lymphovascular invasion and the presence of lymph node metastases.

RESULTS

In multivariable analyses, microscopic perivesical fat extension (pT3a) was not associated with higher recurrence (P = 0.3) or the mortality rate (P = 0.06) vs pT2 disease. Conversely, the presence of deep perivesical fat extension (pT3b) was associated with 1.8 times the rate of recurrence (P = 0.002) and with twice the rate of death (P = 0.001) vs pT2 disease.

CONCLUSION

These findings imply that a detailed assessment of the cystectomy specimen for the presence of microscopic perivesical fat invasion might not be necessary, as the presence of pT3a disease has no strong effect on recurrence or mortality. Moreover, patients with pT3a disease might not require more aggressive therapy than their counterparts with pT2 disease. However, further validation of our data is required.
The antibody response to Propionibacterium acnes is an independent predictor of serum prostate‐specific antigen levels in biopsy‐negative men
Authors: Shannon Beverley A. , Cohen Ronald J. , Garrett Kerryn L.
Published: September 2007

OBJECTIVE

To investigate whether the serum titres of Propionibacterium acnes antibodies in patients undergoing prostate biopsy are associated with prostate cancer or markers of prostate disease, including serum prostate‐specific antigen (PSA) levels.

PATIENTS AND METHODS

The cell wall‐associated proteins from P. acnes types IA, IB and II were extracted and characterized by Western blotting and immunoblotting. We developed an enzyme‐linked immunosorbent assay (ELISA) based on extracted proteins to determine the anti‐P. acnes antibody titres in the sera of 68 patients undergoing prostate biopsy. Correlations between these titres and multiple markers of prostate disease were investigated.

RESULTS

In patients with biopsies negative for cancer, a high anti‐P. acnes antibody titre was associated with high serum PSA levels (≥10.0 ng/mL, P = 0.04), and multiple linear regression analysis identified antibody titre as the predominant independent predictor of serum PSA level (P = 0.03). The titre was positively correlated with patient age, prostate volume and aggressive inflammation, suggesting an involvement with benign prostatic hyperplasia (BPH). However in patients with histologically detected cancer, the volume of cancer in the biopsy cores was the predominant independent predictor of serum PSA (P = 0.01).

CONCLUSIONS

These results support our hypothesis that P. acnes might be involved in the development of inflammation‐related prostate diseases, in particular with BPH. Our ELISA might be valuable for identifying P. acnes infection of the prostate gland in patients with elevated serum PSA levels but a negative biopsy, and might identify men at risk of developing clinical BPH. However, an investigation with more patients is needed to confirm these preliminary findings.
PIRACY ON THE SILVER SCREEN*
Authors: ROB RAFAEL , WALDFOGEL JOEL
Published: September 2007

Using survey data on movie consumption by about 500 University of Pennsylvania undergraduate students, we ask whether unpaid consumption of movies displaces paid consumption. A variety of cross‐sectional and longitudinal empirical approaches show large and statistically significant evidence of displacement. In the most appropriate empirical specification, we find that unpaid first consumption reduces paid consumption by about 1 unit. Unpaid second consumption has a smaller effect, about 0.20 units. Our analysis indicates that unpaid consumption, which makes up 5.2 per cent of movie viewing in our sample, reduced paid consumption in our sample by 3.5 per cent.
DOES ELECTRICITY RESTRUCTURING WORK? EVIDENCE FROM THE U.S. NUCLEAR ENERGY INDUSTRY*
Authors: ZHANG FAN
Published: September 2007

This paper examines whether electricity restructuring improves the efficiency of U.S. nuclear power generation. Using a panel dataset consisting of the full sample of 73 investor‐owned nuclear plants in the United States from 1992 to 1998, I estimate the plant‐level cross‐sectional and longitudinal efficiency changes associated with restructuring. Special attention is given to the potential policy endogeneity bias and different modeling strategies are presented to cope with the issue. Overall, I find a striking positive relationship between restructuring and cost reduction, and increased plant utilization.
THE ECONOMIC EFFECTS OF THE MARATHON‐ASHLAND JOINT VENTURE: THE IMPORTANCE OF INDUSTRY SUPPLY SHOCKS AND VERTICAL MARKET STRUCTURE*
Authors: TAYLOR CHRISTOPHER T. , HOSKEN DANIEL S.
Published: September 2007

This study measures the effects of the Marathon/Ashland Petroleum (MAP) joint venture on rack and retail reformulated (RFG) gasoline prices in the four cities where both firms sold RFG before the joint venture. MAP was an early transaction in the recent era of petroleum mergers and resulted in large regional increases in concentration. While wholesale (rack) prices increased in the two cities experiencing the largest change in market structure in the year following the transaction, retail prices did not increase. Our results also highlight the importance of identifying the marginal source of supply in correctly identifying merger effects.
COLLUSION AND FIGHTS IN AN EXPERIMENT WITH PRICE‐SETTING FIRMS AND ADVANCE PRODUCTION*
Authors: BRANDTS JORDI , GUILLEN PABLO
Published: September 2007

We present results from 50‐round duopoly and triopoly experiments. Firms decide repeatedly both on price and quantity of a perishable good. Each firm has capacity to serve the whole market. The stage game does not have an equilibrium in pure strategies. Most markets evolve either to monopolies as a consequence of bankruptcies or to collusion at the monopolistic price. Evolution is faster in markets with two than in those with three firms. Therefore, over time average price is lower with three than with two. Consumer surplus is higher with three firms, but efficiency is lower in markets with three firms.
COLLUSION IN THE PRESENCE OF EXTERNALITIES*
Authors: RHEE KI‐EUN
Published: September 2007

I examine collusive bidder behavior in auctions with negative externalities and show that the optimal bidding scheme exhibits only partial rigidity. Because of externalities, a cartel not only has incentive to maximize gains from trade but also to minimize the probability of sales. I identify the tension between the two incentives and show that the more rigid the bidding scheme, the higher the possibility of sales. As the extent of externalities increases, the cartel finds it more important to keep a low probability of sales than to minimize payment to the seller. This results in a partially‐rigid optimal collusive bidding scheme.
OPEN VERSUS CLOSED FIRMS AND THE DYNAMICS OF INDUSTRY EVOLUTION*
Authors: ARORA ASHISH , BOKHARI FARASAT A. S.
Published: September 2007

We develop a model of industry evolution in which firms choose proprietary standards (closed firm) or adopt a common standard (open firm). A closed entrant can capture multiple profits whereas an open entrant faces lower entry barriers: The odds of closed entry (relative to open entry) decrease with price and eventually open entry becomes more likely. While initially closed firms have better survival because they can offset losses in one component with profits from another, the situation is reversed when prices fall below a threshold. These entry and exit dynamics can lead the industry away from its long run equilibrium.
ROBUSTNESS OF PRODUCTIVITY ESTIMATES*
Authors: VAN BIESEBROECK JOHANNES
Published: September 2007

Researchers interested in estimating productivity can choose from an array of methodologies, each with its strengths and weaknesses. We compare the robustness of five widely used techniques, two non‐parametric and three parametric: in order, (a) index numbers, (b) data envelopment analysis (DEA), (c) stochastic frontiers, (d) instrumental variables (GMM) and (e) semiparametric estimation. Using simulated samples of firms, we analyze the sensitivity of alternative methods to the way randomness is introduced in the data generating process. Three experiments are considered, introducing randomness via factor price heterogeneity, measurement error and differences in production technology respectively. When measurement error is small, index numbers are excellent for estimating productivity growth and are among the best for estimating productivity levels. DEA excels when technology is heterogeneous and returns to scale are not constant. When measurement or optimization errors are nonnegligible, parametric approaches are preferred. Ranked by the persistence of the productivity differentials between firms (in decreasing order), one should prefer the stochastic frontiers, GMM, or semiparametric estimation methods. The practical relevance of each experiment for applied researchers is discussed explicitly.
The Value Relevance of Accounting Income Reported by DAX‐30 German Companies
Authors: Jermakowicz Eva K. , Prather‐Kinsey Jenice , Wulf Inge
Published: September 2007

International Financial Reporting Standards (IFRS) are required for consolidated financial statements of all European Union (EU) publicly traded companies starting from the December 2005 fiscal year end [Regulation (EC)]; and endorsed by the International Organization of Securities Commission (IOSCO) for its member countries beginning in 2000. We examine the challenges and benefits, including value relevance, of the adoption of IFRS by DAX‐30 companies, the German premium stock market. Based on a survey sent to DAX‐30 company executives, we find most companies agreeing that implementing IFRS should improve the comparability of financial statements. The complex nature, high cost of adopting and lack of guidance for implementing IFRS, as well as increased volatility of earnings after adopting IFRS, are listed among the most important challenges of conversion to IFRS. We use regression to measure another benefit: the value relevance of book values of earnings and equity in explaining market values of DAX‐30 companies during the period 1995–2004. Using 265 observations, we find that adopting IFRS or US Generally Accepted Accounting Principles or cross‐listing on the New York Stock Exchange significantly increases the value relevance of earnings relative to market prices.
Insider Trading, Earnings Management and Corporate Governance: Empirical Evidence Based on Hong Kong Firms
Authors: Jaggi Bikki , Tsui Judy
Published: September 2007

We document positive association between earnings management and insider selling after the fiscal year‐end for Hong Kong firms. This positive association is especially evident before the 1997 Asian Financial Crisis. Our findings suggest that Hong Kong executives manage reported earnings to maximize their private benefits from insider selling. Additionally, we find that a higher proportion of independent directors (INED) on corporate boards moderate the positive association between insider selling and earnings management. Stricter monitoring of earnings management by INED is especially evident when no member of the family with majority ownership is present on corporate boards as a director. This suggests that the presence of family members with majority ownership on corporate boards significantly reduces INED's monitoring effectiveness. Our findings suggest that strict regulations are needed to control insider trading, and independence of corporate boards is important for monitoring of earnings management associated with insider trading. Furthermore, appointment of family members with majority shareholdings should be avoided to enhance independence and to monitor effectiveness of corporate boards.
Ownership Structure and Accounting Information Content: Evidence from France
Authors: Zhao Ronald , Millet‐Reyes Benedicte
Published: September 2007

This paper investigates how family and bank ownership affect the accounting information content of French firms. In Continental Europe, the existence of block‐holders triggers specific corporate governance issues, including the transparency of financial reporting. Our test results for the clean surplus model show that book value carries a significantly greater weight for family‐controlled firms. This finding is attributed to their lack of incentive to report timely and relevant earnings to outside (minority) investors. In contrast, bank owners are under more market pressure to achieve earnings persistence through the use of accounting accruals. Bank ownership is also associated with higher levels of debt. These results are consistent with findings that in code law countries, insiders dominate as a source of finance, and financial reporting is aimed at creditor protection.
What did Simon say? Revisiting the bilingual advantage
Authors: Morton J. Bruce , Harper Sarah N.
Published: September 2007

Bilingual children often outperform monolingual children in tasks of cognitive control. This advantage may be a consequence of the fact that bilinguals have more practice controlling attention due to an ongoing need to manage two languages. However, existing evidence is limited because possible differences in ethnicity and socioeconomic status have not been properly controlled. To address this issue, we administered the Simon task to bilingual and monolingual children of identical ethnic and socioeconomic backgrounds. Bilingual and monolingual children performed identically, whereas children from higher SES families were advantaged relative to children from lower SES families. Controlling differences in SES and ethnicity may attenuate the bilingual advantage in cognitive control.
The influence of action perception on object recognition: a developmental study
Authors: Mounoud Pierre , Duscherer Katia , Moy Guénaël , Perraudin Sandrine
Published: September 2007

Two experiments explored the existence and the development of relations between action representations and object representations. A priming paradigm was used in which participants viewed an action pantomime followed by the picture of a tool, the tool being either associated or unassociated with the preceding action. Overall, we observed that the perception of an action pantomime can facilitate the recognition of a corresponding tool. Experiment 1 was based on a naming task and was conducted with 9‐ to 12‐year‐old children and a group of young adults. While substantial priming effects were obtained for all age groups, they were especially important for the youngest participants. Smaller priming effects were obtained in Experiment 2, using a categorization task and conducted on 5‐ to 11‐year‐old children and young adults, but again the results suggest that these action priming effects diminish with increasing age. Implications of these results for the organization and development of conceptual knowledge are discussed.
Young children's use of scale models: testing an alternative to representational insight
Authors: Troseth Georgene L. , Bloom Pickard Megan E. , DeLoache Judy S.
Published: September 2007

Using a symbolic object such as a model as a source of information about something else requires some appreciation of the relation between the symbol and what it represents. Representational insight has been proposed as essential to success in a symbolic retrieval task in which children must use information from a hiding event in a scale model to find a toy hidden in a room. The two studies reported here examine and reject a proposed alternative account for success in the model task. The results with 2.5‐year‐olds and 3‐year‐olds show that children's successful use of a scale model cannot be attributed to the simple detection of the correspondences between the objects in the two spaces. A higher‐level representation of the model–room relation (i.e. representational insight) is required. The results are discussed with respect to the coalescence of multiple factors in determining performance in the model task.
Nature and nurture: Williams syndrome across cultures
Authors: Zitzer‐Comfort Carol , Doyle Teresa , Masataka Nobuo , Korenberg Julie , Bellugi Ursula
Published: September 2007

This study is concerned with ways in which children with Williams syndrome (WS), a rare neurodevelopmental disorder arising from a hemizygous deletion in chromosome band 7q11.23 including the gene for elastin (ELN) and approximately 20 surrounding genes, are affected by social mores of vastly differing cultures: the United States and Japan. WS presents a compelling model for the investigation because its genetic phenotype is well defined and results in an uneven cognitive profile as well as a social phenotype typical of the syndrome including overt over‐friendliness toward strangers. While a number of research groups have been studying the cognitive strengths and weaknesses of individuals with WS in various countries, there have not been studies to date that explore the social phenotype in WS across different cultures. This study examines the ways in which social behavior in WS, stemming from specific genetic underpinnings, might be mediated by cultural expectations. We conducted a cross‐cultural study using an instrument that measures aspects of sociability commonly found among people with WS. Quantitative analyses revealed a significant effect of diagnostic category in that in both countries, children with WS were rated as significantly higher in global sociability and more likely to approach strangers than were their normal counterparts. There was also an effect of culture, in that regardless of category, WS and normal children in Japan were rated lower than their counterparts in the US. We suggest that the excessively social phenotype of children with Williams syndrome, although markedly present across cultures, appears to vary in its intensity by culture. This is an intriguing illustration of interactions between nature and nurture.
Visual processing speed: effects of auditory input on visual processing
Authors: Robinson Christopher W. , Sloutsky Vladimir M.
Published: September 2007

The ability to process simultaneously presented auditory and visual information is a necessary component underlying many cognitive tasks. While this ability is often taken for granted, there is evidence that under many conditions auditory input attenuates processing of corresponding visual input. The current study investigated infants’ processing of visual input under unimodal and cross‐modal conditions. Results of the three reported experiments indicate that different auditory input had different effects on infants’ processing of visual information. In particular, unfamiliar auditory input slowed down visual processing, whereas more familiar auditory input did not. These results elucidate mechanisms underlying auditory overshadowing in the course of cross‐modal processing and have implications on a variety of cognitive tasks that depend on cross‐modal processing.
The development of sentence interpretation: effects of perceptual, attentional and semantic interference
Authors: Leech Robert , Aydelott Jennifer , Symons Germaine , Carnevale Julia , Dick Frederic
Published: September 2007

How does the development and consolidation of perceptual, attentional, and higher cognitive abilities interact with language acquisition and processing? We explored children's (ages 5–17) and adults’ (ages 18–51) comprehension of morphosyntactically varied sentences under several competing speech conditions that varied in the degree of attentional demands, auditory masking, and semantic interference. We also evaluated the relationship between subjects’ syntactic comprehension and their word reading efficiency and general ‘speed of processing’. We found that the interactions between perceptual and attentional processes and complex sentence interpretation changed considerably over the course of development. Perceptual masking of the speech signal had an early and lasting impact on comprehension, particularly for more complex sentence structures. In contrast, increased attentional demand in the absence of energetic auditory masking primarily affected younger children's comprehension of difficult sentence types. Finally, the predictability of syntactic comprehension abilities by external measures of development and expertise is contingent upon the perceptual, attentional, and semantic milieu in which language processing takes place.
Strategies for Revising and Resubmitting Papers to Refereed Journals*
Authors: Altman Yochanan , Baruch Yehuda
Published: September 2007

We explored what authors allegedly do and why, when invited to revise and resubmit manuscripts to refereed journals. Based on responses from 249 business and management scholars from the UK and USA, we found that authors preferred to resubmit to the original journal, whether the required revision was minor or major, and that under certain circumstances other options would be considered: submitting to alternative journals, sometimes without revising at all; discarding the paper; or challenging the editor. Experience in publishing was found to be an important moderator. As to ‘why’ they purport to do so, a classification of qualitative responses yielded a matrix of four optional strategies, grouped along two axes: rationale (instrumental reasoning versus ethical reasoning) and agency (individually centred reasoning versus community‐centred reasoning). Most responses were located in the instrumental/self‐centred quadrant.
Dynamic Capabilities and Knowledge Management: an Integrative Role for Learning?*
Authors: Easterby‐Smith Mark , Prieto Isabel M.
Published: September 2007

Modern strategic management theories try to explain why firms differ, because new sources of competitive advantage are keenly sought in the dynamic and complex environment of global competition. Two areas in particular have attracted the attention of researchers: the role of dynamic capabilities, and the firm's abilities for knowledge management. In this paper, we argue that there is a link between these two concepts, which has not been fully articulated in the literature. The aim of the paper is therefore to ascertain the conceptual connection between them as a basis for future research. Our proposed framework acknowledges and critiques the distinct roots of each field, identifies boundaries, and proposes relationships between the constructs and firm performance.
The Role of Non‐structural and Informal Mechanisms of Integration and Coordination as Forces in Knowledge Creation
Authors: Moreno‐Luzón María D. , Begoña Lloria M.
Published: September 2007

This study focuses on the analysis of the influence of organizational design variables on the creation of knowledge within the firm. The impact that enablers have on knowledge creation has been widely demonstrated and established by the relevant literature. Using this assumption as a starting point, this study will consider and explore the role that mechanisms of integration and coordination play in the creation of knowledge, considering enablers as intermediate variables. In this way, we can create a model of the relationships between these variables and contrast them with an empirical investigation of a quantitative nature, using a sample of 167 large Spanish firms. Despite the fact that the theoretical framework in question is characterized by a direct and positive connection between thestandardization of work processesand knowledge creation, the results suggest that the relation is not significant. All the other coordination mechanisms, however, do have a significant influence on the creation of knowledge:standardization of skillsthrough theautonomyenabler;standardization of outputsthroughintention; interventions for socializationthroughintentionandtrust and commitment; and, lastly,mutual adjustmentwhose influence is found inredundancyandvariety.
Top Management Team Heterogeneity, Strategic Change and Operational Performance*
Authors: Naranjo‐Gil David , Hartmann Frank , Maas Victor S.
Published: September 2007

This study examines the role of top management team (TMT) heterogeneity in facilitating strategic change. Based on the upper echelons literature, we argue that heterogeneous management teams are better able to handle the simultaneous and conflicting demands of refocusing the organization strategically and keeping up operational performance. We expect this to be true only for teams that are heterogeneous with respect to factors directly related to job requirements, however. Data were collected from 92 full TMTs of hospitals in Spain that were confronted with institutional pressures that challenged their current strategies. In support of our hypotheses, the results show job‐related TMT heterogeneity moderates the relation between strategic change and operational performance. No moderating effect is found for non‐job‐related TMT heterogeneity.
Similarity, Isomorphism or Duality? Recent Survey Evidence on the Human Resource Management Policies of Multinational Corporations
Authors: Brewster Chris , Wood Geoffrey , Brookes Michael
Published: September 2007

There is considerable debate as to the determinants of the human resource policies of human resource management: do they reflect national institutional or cultural realities, emerging common global practices, parent country effects or the dual effects of transnational and national realities? We use an extensive international database to explore these differences, assessing variations in a range of human resource practices. We find new evidence of national differences in the manner in which indigenous firms manage their people, but also evidence of a similarity in practice amongst multinational corporations. In other words, multinational corporations tend to manage their human resources in ways that are distinct from those of their host country; at the same time, country of origin effects seem relatively weak. Whilst there is some evidence of common global practices, sufficient diversity in practice persists to suggest that duality theories may provide the most appropriate explanation.
The strategic use of corporate philanthropy: building societies and demutualisation defences
Authors: Campbell David , Slack Richard
Published: September 2007

This paper examines the strategic use of corporate philanthropy in the 1990s by UK building societies faced with an intensification of societal pressure to change legal form from mutual to corporate status. While the economic case for mutuality has been made elsewhere, this paper examines the observation that community relationships were thought by management to be capable of assisting in the strategic positioning of mutual societies with regard to their legal form. By increasing charitable giving to respond to the level of societal scrutiny and discussion on the issue of mutuality, this paper argues that charitable giving, as one proxy for community involvement, was used as a strategic tool to deflect calls for demutualisation, thereby preserving the existing mutual status of building societies.
Board diversity in the United Kingdom and Norway: an exploratory analysis
Authors: Grosvold Johanne , Brammer Stephen , Rayton Bruce
Published: September 2007

This paper examines the evolving pattern of gender diversity of the boards of directors of leading Norwegian and British companies on a longitudinal basis. The period covered by the study covers the run up to proposed affirmative action legislation in Norway and, as such, affords an insight into corporate actions in this emerging institutional context. The findings demonstrate that, while board diversity has grown substantially in both countries in recent years, it has done so considerably more rapidly in Norway than in the United Kingdom. The analysis highlights the sectoral variation between the countries in the pattern and growth of board diversity and suggests that the vast majority of the overall growth in board diversity is the result of changing firm behaviour rather than sectoral shift in the United Kingdom or Norwegian economies. It is also shown that as diversity has increased there has been no fall in how experienced female directors are; neither is there evidence of a rise in the number of boards that female directors sit on. This suggests that the rapid growth in board diversity has been achieved without any fall in the quality of female directors.
The shadow of MacIntyre's manager in the Kingdom of Conscience constrained
Authors: Hine James A. H. S.
Published: September 2007

This article addresses the issue of moral compunction among a sample of senior managers set against the background of their routine organizational participation. In considering what factors influence their moral sensibilities these managers were interviewed using an approach designed to elicit their perceptions concerning both the ethical and commercially imperative dimensions of their working lives. The qualitative data resulting from this inquiry, while tentative, indicates the primacy of the normative appeal of shareholder value, conditioned by the exigencies of engagement in corporate bureaucracies, including the maintenance of career and livelihood responsibilities. These conclusions indicate the magnitude of the obstacle that the normative business ethics project requires to overcome in order to fulfil its promise.
Two case study scenarios in banking: a commentary on The Hutton Prize for Professional Ethics, 2004 and 2005
Authors: Molyneaux David
Published: September 2007

The ‘Hutton Prize for Professional Ethics’ of The Chartered Institute of Bankers in Scotland is awarded annually to the author of an essay that addresses most convincingly the question, ‘what do you now do?’ in response to an ethically sensitive, case‐study scenario. This paper makes available the Scenarios from 2004 and 2005, together with commentary thereon. Scenario 2004 stresses the importance of moral imagination and empathy. It addresses borrowing arrangements for a mother and daughter where illness has created past and continuing problems and there is the possibility that a wealthy relative will be made an unwitting guarantor. Scenario 2005 explores the boundaries inhibiting an opportunity for showing ‘mercy’ by one employee for another. Particular attention is paid to the difficulties that practising this ethical virtue could cause in a professional context, including tracing back to similar ambiguities discernible within foundational texts for Christian ethics.
The natural environment as a salient stakeholder: non‐anthropocentrism, ecosystem stability and the financial markets
Authors: Norton Simon D.
Published: September 2007

The current debate as to whether the natural environment should be accorded stakeholder status involves an assumption that it is in some way ‘different’ from other stakeholders, requiring favourable discriminatory treatment. Essentially it is regarded as passive, requiring regulatory agencies to represent its interests or the wider public to demand its protection on the occasion of, for example, oil spills that leave wildlife in a visibly distressed state. But the natural environment does not have ‘consciousness’ as do traditional classes of stakeholders such as employees, shareholders and contractors, nor does it negotiate in markets over the price at which it sells its output in the way that a trader haggles with potential buyers. This paper proposes that in the context of financial markets the natural environment possesses stakeholder status, founded upon the essentiality of ecosystem stability for their proper functioning and the structuring of instruments traded on them.
That's not what happened and it's not my fault anyway! An exploration of management attitudes towards SRI‐shareholder engagement
Authors: Vandekerckhove Wim , Leys Jos , Van Braeckel Dirk
Published: September 2007

This paper explores semi‐formal interactions between SRI‐investors that take the governance route rather than deploy a best‐in‐class logic or exclusionary screening. On the basis of a stakeholder typology of the investor and of the chosen topic of interaction, namely compliance with the core ILO labour conventions, the paper formulates 10 expectations about management reactions to the concerns raised by investors. These expectations cover responsiveness, acknowledgment of positions and general attitude. The expectations are then related to the factual discourse by management responding to such concerns raised by investors. Based on data obtained from the Portfolio21‐correspondence, which is a joint initiative of European investors, it is found that management is very willing to discuss cases but at the same time denies the truth‐value of the allegations. Here, the problem of information asymmetry comes to the fore.
Do corporate codes of ethics reflect issues of societal transformation? Western German and Slovak companies compared
Authors: Winkler Ingo , Remišová Anna
Published: September 2007

Can differences in corporate codes of ethics arise from the specific situation of transformation in Slovakia in contrast to the stable context of the firms in Western Germany? This paper compares codes of ethics of large‐scale enterprises in both countries in terms of ethical issues addressed. It demonstrates that codes of ethics of the Slovak companies mirror the specific transformational circumstances in the country. Compared with Western Germany the codes of these firms include multiple ethical issues, meaning that they experience a broader range of relevant ethical problems. Furthermore, their codes are internally oriented, in terms of the ethical issues raised most often; they put more emphasis on committing employees, managers and shareholders/owners to the firm. Based on the differences discovered, it is proposed that negative experiences within the past process of transformation and in part the socialist heritage are the main reasons for differences between the two samples.
Rendering Plasma Phenomena: Applications and Challenges
Authors: Baranoski G.V.G. , Rokne J.G.
Published: September 2007

Plasmas are ubiquitous in the Universe. An understanding of plasma phenomena is therefore of importance in almost every area of astrophysics, from stellar atmospheres to star clusters. Plasmas also occur in daily life both in industrial processes and in consumer products. Recent groundbreaking data is making this the golden age of plasma science. Although direct observations and analysis of data provide important physical evidence for plasma phenomena, they do not necessarily explain the phenomena. Hence, recent discoveries in this area might not only arise out of observations, but also from visual simulations of the phenomena supported by advanced rendering technologies. This report describes the state of art of such simulations, and examines practical issues often overlooked in the literature. Educational and public outreach applications are also discussed. Although the emphasis is on the predictive rendering of plasma processes, the simulation guidelines and trade‐offs addressed in this report can be extended to other types of natural phenomena. The report closes with a discussion of further avenues of research involving the visual simulation of plasma phenomena.
Gender Bias in Education: the Role of Inter‐household Externality, Dowry and other Social Institutions
Authors: Lahiri Sajal , Self Sharmistha
Published: September 2007

We analyze gender bias in school enrollment by developing a two‐period model where women become part of extended families of their in‐laws. Each family decides how many sons and daughters are sent to school and thus become skilled. Gender bias occurs due to failure of the families to internalize inter‐household externalities. “Groom‐specific” dowry worsens the situation. Under “bride‐specific” dowry, bias exists if and only if the skill premium in the labor market is bigger than that in the marriage market. A specific discriminatory “food‐for‐education” policy is shown to reduce bias, but increase total enrollment.
Inference by Eye: Pictures of Confidence Intervals and Thinking About Levels of Confidence
Authors: Cumming Geoff
Published: September 2007

A picture of a 95% confidence interval (CI) implicitly contains pictures of CIs of all other levels of confidence, and information about the p‐value for testing a null hypothesis. This article discusses pictures, taken from interactive software, that suggest several ways to think about the level of confidence of a CI, p‐values, and what conclusions can be drawn from inspecting a CI.
A Classroom Demonstration of Hypothesis Testing
Authors: Holland Bart K.
Published: September 2007

This article describes a classroom demonstration that may be used to encourage students’ development and understanding of the idea of hypothesis testing.
Pedagogical Simulation of Sampling Distributions and the Central Limit Theorem
Authors: Hagtvedt Reidar , Jones Gregory Todd , Jones Kari
Published: September 2007

Students often find the fact that a sample statistic is a random variable very hard to grasp. Even more mysterious is why a sample mean should become ever more Normal as the sample size increases. This simulation tool is meant to illustrate the process, thereby giving students some intuitive grasp of the relationship between a parent population and the distribution of a sample mean.
A Surprising Result in Random Permutations
Authors: Laghate Kavita , Deshpande M.N.
Published: September 2007

In this article, we present a somewhat surprising result connected with random permutations.
Simple Numbers: ANOVA Example of Facilitating Student Learning in Statistics
Authors: Lesser Larry , Melgoza Lorraine
Published: September 2007

This article advocates the use of simple data sets to help students gain a good intuitive grasp of ANOVA concepts.
Probability with Roulette
Authors: Marshall Jennings B.
Published: September 2007

This article describes how roulette can be used to teach basic concepts of probability. Various bets are used to illustrate the computation of expected value. A betting system shows variations in patterns that often appear in random events.
Organizing Data in Tables and Charts: Different Criteria for Different Tasks
Authors: Miller Jane E.
Published: September 2007

Tables and charts are efficient tools for organizing numbers, but many people give little consideration to the order in which they present the data. This article illustrates the strengths and weaknesses of four criteria for organizing data – empirical, theoretical, alphabetical and a standardized reporting scheme.
Setting Personalized Homework Exercises Using ISCUS
Authors: Hunt Neville
Published: September 2007

This article describes how a spreadsheet‐based tool can be used to provide personalized statistics homework exercises for each student in a class.
Assessment of Students’ Understanding of Variation
Authors: Watson Jane M. , Kelly Ben A.
Published: September 2007

Several tasks used in research studies are presented with assessment rubrics and examples of the development of student understanding. The tasks focus on students’ appreciation of variation in several contexts and illustrate the need to discuss variation in the classroom and to ask students specifically about it during assessment.
A NOTE ON THE EFFECTS OF TAXES ON OPTIMAL INVESTMENT
Authors: Buescu Cristin , Cadenillas Abel , Pliska Stanley R.
Published: September 2007

We integrate two approaches to portfolio management problems: that of Morton and Pliska (1995) for a portfolio with risky and riskless assets under transaction costs, and that of Cadenillas and Pliska (1999) for a portfolio with a risky asset under taxes and transaction costs. In particular, we show that the two surprising results of the latter paper, results shown for a taxable market consisting of only a single security, extend to a financial market with one risky asset and one bond: it can be optimal to realize not only losses but also gains, and sometimes the investor prefers a positive tax rate.
CALLABLE PUTS AS COMPOSITE EXOTIC OPTIONS
Authors: Kühn Christoph , Kyprianou Andreas E.
Published: September 2007

Introduced by Kifer (2000), game options function in the same way as American options with the added feature that the writer may also choose to exercise, at which time they must pay out the intrinsic option value of that moment plus a penalty. In Kyprianou (2004) an explicit formula was obtained for the value function of the perpetual put option of this type. Crucial to the calculations which lead to the aforementioned formula was the perpetual nature of the option. In this paper we address how to characterize the value function of the finite expiry version of this option via mixtures of other exotic options by using mainly martingale arguments.
THE EIGENFUNCTION EXPANSION METHOD IN MULTI‐FACTOR QUADRATIC TERM STRUCTURE MODELS
Authors: Boyarchenko Nina , Levendorskiǐ Sergei
Published: September 2007

We propose the eigenfunction expansion method for pricing options in quadratic term structure models. The eigenvalues, eigenfunctions, and adjoint functions are calculated using elements of the representation theory of Lie algebras not only in the self‐adjoint case, but in non‐self‐adjoint case as well; the eigenfunctions and adjoint functions are expressed in terms of Hermite polynomials. We demonstrate that the method is efficient for pricing caps, floors, and swaptions, if time to maturity is 1 year or more. We also consider subordination of the same class of models, and show that in the framework of the eigenfunction expansion approach, the subordinated models are (almost) as simple as pure Gaussian models. We study the dependence of Black implied volatilities and option prices on the type of non‐Gaussian innovations.
INTENSITY‐BASED VALUATION OF RESIDENTIAL MORTGAGES: AN ANALYTICALLY TRACTABLE MODEL
Authors: Gorovoy Vyacheslav , Linetsky Vadim
Published: September 2007

This paper presents an analytically tractable valuation model for residential mortgages. The random mortgage prepayment time is assumed to have an intensity process of the form ht=h0(t) +γ (k−rt)+, where h0(t) is a deterministic function of time, rt is the short rate, and γ and k are scalar parameters. The first term models exogenous prepayment independent of interest rates (e.g., a multiple of the PSA prepayment function). The second term models refinancing due to declining interest rates and is proportional to the positive part of the distance between a constant threshold level and the current short rate. When the short rate follows a CIR diffusion, we are able to solve the model analytically and find explicit expressions for the present value of the mortgage contract, its principal‐only and interest‐only parts, as well as their deltas. Mortgage rates at origination are found by solving a non‐linear equation. Our solution method is based on explicitly constructing an eigenfunction expansion of the pricing semigroup, a Feynman‐Kac semigroup of the CIR diffusion killed at an additive functional that is a linear combination of the integral of the CIR process and an area below a constant threshold and above the process sample path (the so‐called area functional). A sensitivity analysis of the term structure of mortgage rates and calibration of the model to market data are presented.
LINEAR‐QUADRATIC JUMP‐DIFFUSION MODELING
Authors: Cheng Peng , Scaillet Olivier
Published: September 2007

We aim at accommodating the existing affine jump‐diffusion and quadratic models under the same roof, namely the linear‐quadratic jump‐diffusion (LQJD) class. We give a complete characterization of the dynamics of this class by stating explicitly the structural constraints, as well as the admissibility conditions. This allows us to carry out a specification analysis for the three‐factor LQJD models. We compute the standard transform of the state vector relevant to asset pricing up to a system of ordinary differential equations. We show that the LQJD class can be embedded into the affine class using an augmented state vector. This establishes a one‐to‐one equivalence relationship between both classes in terms of transform analysis.
DYNAMIC INDIFFERENCE VALUATION VIA CONVEX RISK MEASURES
Authors: Klöppel Susanne , Schweizer Martin
Published: September 2007

The (subjective) indifference value of a payoff in an incomplete financial market is that monetary amount which leaves an agent indifferent between buying or not buying the payoff when she always optimally exploits her trading opportunities. We study these values over time when they are defined with respect to a dynamic monetary concave utility functional, that is, minus a dynamic convex risk measure. For that purpose, we prove some new results about families of conditional convex risk measures. We study the convolution of abstract conditional convex risk measures and show that it preserves the dynamic property of time‐consistency. Moreover, we construct a dynamic risk measure (or utility functional) associated to superreplication in a market with trading constraints and prove that it is time‐consistent. By combining these results, we deduce that the corresponding indifference valuation functional is again time‐consistent. As an auxiliary tool, we establish a variant of the representation theorem for conditional convex risk measures in terms of equivalent probability measures.
The Transformation of Robert E. Sherwood from Pacifist to Interventionist
Authors: Hyman Alonso Harriet
Published: September 2007

The playwright Robert E. Sherwood is most known for his powerful antiwar voice on Broadway during the late 1920s and 1930s. A veteran of World War I, Sherwood's ideas echoed those of many in the U.S. population during the interwar years—anger at corporate greed and power‐hungry world leaders, and disillusionment with Woodrow Wilson's stated war goal of “making the world safe for democracy.” As fascism spread in Europe, Sherwood evolved from a pacifist into an interventionist. Largely relying on his diary entries and his three Pulitzer Prize–winning plays, Idiot's Delight (1936), Abe Lincoln in Illinois (1938), and There Shall Be No Night (1940), this article traces Sherwood's sea change from staunch pacifist to determined interventionist.
A Gandhian Blueprint for Nonviolent Change
Authors: Nojeim Michael J.
Published: September 2007

This article presents a Gandhian‐style blueprint for nonviolent change. It is written with an eye toward assisting academics and educators, at both the secondary and postsecondary levels, in making Mohandas K. Gandhi accessible and relevant. It employs a heuristic designed to illustrate how Gandhian principles and practices can be implemented to achieve meaningful change. The heuristic builds on the old‐fashioned cliché for education, the three Rs, in which the three Rs here stand for resistance, reform, and redemption. Also described are the three Ss representing Gandhian self‐suffering, simplicity, and service, and the three Ts for trusteeship, tolerance, and truth. The resulting blueprint illustrates how Gandhi masterfully merged principles with practices, how he connected the personal to the public, and how he wove together the political, social, and spiritual aspects of his life and work.