bluuebunny/crossref_metadata_2025_split huggingface dataset:
Seeking Closure: Competition in Complementary Markets*
Authors: Cattani Kyle , Heese Hans Sebastian 
Published: November 2009

ABSTRACTWhen offering a product that has a complementary product in a different market, a firm must consider the interdependence between the complementary products as well as the competition within markets. If the firm participates in both markets, the balancing act becomes even more challenging. This article provides insights about strategies in this latter setting: when should the firm seek to keep its products closed to competing complementary products, and when would the firm be better off by accepting a common standard? To address these questions, we employ standard game theoretic analysis to a simple spatial model that captures aspects of both intermarket externalities and intramarket competition. We find that if a firm participates in both markets and chooses a closed standard, it achieves lower profits compared to an open standard, but gains greater market share. Surprisingly, we find that customers are better off when standards are kept closed.
Locating Facilities in the Presence of Disruptions and Incomplete Information*
Authors: Berman Oded , Krass Dmitry , Menezes Mozart B. C. 
Published: November 2009

ABSTRACTIn this article, we analyze a location model where facilities may be subject to disruptions. Customers do not have advance information about whether a given facility is operational or not, and thus may have to visit several facilities before finding an operational one. The objective is to locate a set of facilities to minimize the total expected cost of customer travel. We decompose the total cost into travel, reliability, and information components. This decomposition allows us to put a value on the advance information about the states of facilities and compare it to the reliability and travel cost components, which allows a decision maker to evaluate which part of the system would benefit the most from improvements. The structure of optimal solutions is analyzed, with two interesting effects identified: facility centralization and co‐location; both effects appear to be stronger than in the complete information case, where the status of each facility is known in advance.
Multichannels Strategy Implementation: The Role of Channel Alignment Capabilities*
Authors: Wallace David W. , Johnson Jean L. , Umesh U. N. 
Published: November 2009

ABSTRACTA firm's distribution channels represent a key portfolio of resources that can be leveraged for competitive advantage. One approach to this portfolio that has become increasingly important in recent years is multichannel distribution (MCD). While this strategy has important benefits in terms of market coverage and firm performance, the use of multiple channels seriously affects downstream channel roles such as service delivery, as the financial rewards to channel members and the services they offer are separated. A channel member who offers poor or no service can free‐ride on the services offered to the same customer from a different channel. We draw on agency theory to explain these negative consequences. Additionally, the resource‐based view of the firm along with capabilities theory provides two key means of alleviating these consequences: channel tracking capabilities and reward alignment capabilities. The study, conducted in an industry facing serious MCD issues (the outdoor sporting goods industry), used key informant data matched to secondary data. Our results show that managers can reap the performance rewards of MCD strategies while minimizing its negative consequences. In particular, monitoring practices such as frequent site visits and phone contact with customers develop the firm's channel tracking capabilities, allowing managers to better monitor downstream activities. This becomes particularly important as the complexity from having multiple channels increases. Likewise, reward alignment capabilities such as retail price maintenance agreements and cooperative advertising enable the manager to minimize conflict among channel participants by ensuring sufficient profitability for all channel members.
Organizational Silence and Whistle‐Blowing on IT Projects: An Integrated Model*
Authors: Park ChongWoo , Keil Mark 
Published: November 2009

ABSTRACTAn individual's reluctance to report bad news about a troubled information technology (IT) project has been suggested as an important contributor to project failure and has been linked to IT project escalation as well. To date, information systems researchers have drawn from the mum effect and whistle‐blowing literature to gain a better understanding of the factors that influence bad news reporting. More recent theoretical work in the area of organizational silence offers a promising new conceptual lens, but remains empirically untested. In this research note, we integrate key elements of Morrison and Milliken's (2000) model of organizational silence, which has never been empirically tested, with the basic whistle‐blowing model adapted from Dozier and Miceli (1985). Using a role‐playing experiment, we investigate how organizational structures/policies, managerial practices, and degree of demographic dissimilarity between employees and top managers create a climate of silence and how this climate, in turn, affects an individual's willingness to report. Our results show that all three types of factors contribute to a climate of silence, exerting both direct and indirect influence on willingness to report, as hypothesized. The implications of these findings and directions for future research are discussed.
Long‐Run Stockholder Consumption Risk and Asset Returns
Authors: MALLOY CHRISTOPHER J. , MOSKOWITZ TOBIAS J. , VISSING‐JØRGENSEN ANNETTE 
Published: November 2009

ABSTRACTWe provide new evidence on the success of long‐run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting microlevel household consumption data, we show that long‐run stockholder consumption risk better captures cross‐sectional variation in average asset returns than aggregate or nonstockholder consumption risk, and implies more plausible risk aversion estimates. We find that risk aversion around 10 can match observed risk premia for the wealthiest stockholders across sets of test assets that include the 25 Fama and French portfolios, the market portfolio, bond portfolios, and the entire cross‐section of stocks.
Blockholder Trading, Market Efficiency, and Managerial Myopia
Authors: EDMANS ALEX 
Published: November 2009

ABSTRACTThis paper analyzes how blockholders can exert governance even if they cannot intervene in a firm's operations. Blockholders have strong incentives to monitor the firm's fundamental value because they can sell their stakes upon negative information. By trading on private information (following the “Wall Street Rule”), they cause prices to reflect fundamental value rather than current earnings. This in turn encourages managers to invest for long‐run growth rather than short‐term profits. Contrary to the view that the U.S.'s liquid markets and transient shareholders exacerbate myopia, I show that they can encourage investment by impounding its effects into prices.
Reinforcement Learning and Savings Behavior
Authors: CHOI JAMES J. , LAIBSON DAVID , MADRIAN BRIGITTE C. , METRICK ANDREW 
Published: November 2009

ABSTRACTWe show that individual investors over‐extrapolate from their personal experience when making savings decisions. Investors who experience particularly rewarding outcomes from 401(k) saving—a high average and/or low variance return—increase their 401(k) savings rate more than investors who have less rewarding experiences. This finding is not driven by aggregate time‐series shocks, income effects, rational learning about investing skill, investor fixed effects, or time‐varying investor‐level heterogeneity that is correlated with portfolio allocations to stock, bond, and cash asset classes. We discuss implications for the equity premium puzzle and interventions aimed at improving household financial outcomes.
Momentum, Reversal, and Uninformed Traders in Laboratory Markets
Authors: BLOOMFIELD ROBERT J. , TAYLER WILLIAM B. , ZHOU FLORA (HAILAN) 
Published: November 2009

ABSTRACTWe report the results of three experiments based on the model of Hong and Stein (1999). Consistent with the model, the results show that when informed traders do not observe prices, uninformed traders generate long‐term price reversals by engaging in momentum trade. However, when informed traders also observe prices, uninformed traders generate reversals by engaging in contrarian trading. The results suggest that a dominated information set is sufficient to account for the contrarian behavior observed among individual investors, and that uninformed traders may be responsible for long‐term price reversals but play little role in driving short‐term momentum.
Catering through Nominal Share Prices
Authors: BAKER MALCOLM , GREENWOOD ROBIN , WURGLER JEFFREY 
Published: November 2009

ABSTRACTWe propose and test a catering theory of nominal stock prices. The theory predicts that when investors place higher valuations on low‐price firms, managers respond by supplying shares at lower price levels, and vice versa. We confirm these predictions in time‐series and firm‐level data using several measures of time‐varying catering incentives. More generally, the results provide unusually clean evidence that catering influences corporate decisions, because the process of targeting nominal share prices is not well explained by alternative theories.
International Stock Return Comovements
Authors: BEKAERT GEERT , HODRICK ROBERT J. , ZHANG XIAOYAN 
Published: November 2009

ABSTRACTWe examine international stock return comovements using country‐industry and country‐style portfolios as the base portfolios. We first establish that parsimonious risk‐based factor models capture the data covariance structure better than the popular Heston–Rouwenhorst (1994) model. We then establish the following stylized facts regarding stock return comovements. First, there is no evidence for an upward trend in return correlations, except for the European stock markets. Second, the increasing importance of industry factors relative to country factors was a short‐lived phenomenon. Third, large growth stocks are more correlated across countries than are small value stocks, and the difference has increased over time.
The Manipulation of Executive Stock Option Exercise Strategies: Information Timing and Backdating
Authors: CICERO DAVID C. 
Published: November 2009

ABSTRACTI identify three option exercise strategies executives engage in, including (i) exercising with cash and immediately selling the shares, (ii) exercising with cash and holding the shares, and (iii) delivering some shares to the company to cover the exercise costs and holding the remaining shares. Stock price patterns suggest executives manipulate option exercises. They use private information to increase the profitability of all three strategies, and likely backdated some exercise dates in the pre‐Sarbanes‐Oxley period to enhance the profitability of the latter two strategies, where the executive's company is the only counterparty. Backdating is associated with reporting of internal control weaknesses.
A Bayesian's Bubble
Authors: LI C. WEI , XUE HUI 
Published: November 2009

ABSTRACTThe acceleration of the U.S. productivity growth in the late 1990s suggests a significant advance in technological innovation, making the perceived probability of entering a “new economy” ever increasing. Based on macroeconomic data, we identify a Bayesian investor's belief evolution when facing a possible structural break in the economy. We show that such belief evolution plays a significant role in explaining both the stock market boom and crash during 1998 to 2001. We conclude that a rational investor's uncertainty about the future of the U.S. economy provides an alternative explanation for the late 1990s stock market “bubble.”
Implications of Keeping‐Up‐with‐the‐Joneses Behavior for the Equilibrium Cross Section of Stock Returns: International Evidence
Authors: GÓMEZ JUAN‐PEDRO , PRIESTLEY RICHARD , ZAPATERO FERNANDO 
Published: November 2009

ABSTRACTThis paper tests the cross‐sectional implications of “keeping‐up‐with‐the‐Joneses” (KUJ) preferences in an international setting. When agents have KUJ preferences, in the presence of undiversifiable nonfinancial wealth, both world and domestic risk (the idiosyncratic component of domestic wealth) are priced, and the equilibrium price of risk of the domestic factor is negative. We use labor income as a proxy for domestic wealth and find empirical support for these predictions. In terms of explaining the cross‐section of stock returns and the size of the pricing errors, the model performs better than alternative international asset pricing models.
The Price Is (Almost) Right
Authors: COHEN RANDOLPH B. , POLK CHRISTOPHER , VUOLTEENAHO TUOMO 
Published: November 2009

ABSTRACTMost previous research tests market efficiency using average abnormal trading profits on dynamic trading strategies, and typically rejects the joint hypothesis of market efficiency and an asset pricing model. In contrast, we adopt the perspective of a buy‐and‐hold investor and examine stock price levels. For such an investor, the price level is more relevant than the short‐horizon expected return, and betas of cash flow fundamentals are more important than high‐frequency stock return betas. Our cross‐sectional tests suggest that there exist specifications in which differences in relative price levels of individual stocks can be largely explained by their fundamental betas.
A Rational Expectations Equilibrium with Informative Trading Volume
Authors: SCHNEIDER JAN 
Published: November 2009

ABSTRACTA large number of empirical studies find that trading volume contains information about the distribution of future returns. While these studies indicate that observing volume is helpful to an outside observer of the economy it is not clear how investors within the economy can learn from trading volume. In this paper, I show how trading volume helps investors to evaluate the precision of the aggregate information in the price. I construct a model that offers a closed‐form solution of a rational expectations equilibrium where all investors learn from (1) private signals, (2) the market price, and (3) aggregate trading volume.
Exponential Growth Bias and Household Finance
Authors: STANGO VICTOR , ZINMAN JONATHAN 
Published: November 2009

ABSTRACTExponential growth bias is the pervasive tendency to linearize exponential functions when assessing them intuitively. We show that exponential growth bias can explain two stylized facts in household finance: the tendency to underestimate an interest rate given other loan terms, and the tendency to underestimate a future value given other investment terms. Bias matters empirically: More‐biased households borrow more, save less, favor shorter maturities, and use and benefit more from financial advice, conditional on a rich set of household characteristics. There is little evidence that our measure of exponential growth bias merely proxies for broader financial sophistication.
Metastatic adenocarcinoma of breast within a benign melanocytic nevus in the context of cutaneous breast metastatic disease
Authors: Schwartz Robert A. , Rothenberg Jerry 
Published: December 2009

Metastatic breast cancer of skin may be seen in a number of forms. It is rare to find it in association with a benign melanocytic nevus. We describe a patient with metastatic adenocarcinoma of breast within a benign melanocytic nevus and delineate this occurrence within the context of reviewing cutaneous breast metastatic disease.Schwartz RA and Rothenberg J. Metastatic adenocarcinoma of breast within a benign melanocytic nevus in the context of cutaneous breast metastatic disease.
Alternate trafficking of cathepsin L in dermal fibroblasts induced by UVA radiation
Authors: Klose Anke , Wilbrand‐Hennes Astrid , Brinckmann Jürgen , Hunzelmann Nicolas 
Published: November 2009

Please cite this paper as: Alternate trafficking of cathepsin L in dermal fibroblasts induced by UVA radiation. Experimental Dermatology 2010; 19: e117–e123.Abstract:  UVA radiation is increasingly used to treat fibrotic skin disorders. However, the mechanisms underlying the therapeutic effects of UVA for these disorders are only partially understood. Cathepsin L is a lysosomal cysteine protease, which has been shown to degrade various matrix proteins thus contributing to extracellular remodeling. Therefore, we investigated whether UVA irradiation regulates the expression and release of cathepsin L in human dermal fibroblasts. No alterations were found after single irradiation; however, a significantly increased extracellular release of cathepsin L was observed after repeated irradiation up to four times. The transcript levels of cathepsin L were elevated after repetitive irradiation, leading to increased amounts of total cathepsin L protein. Furthermore, higher amounts of extracellular cathepsin L were associated with a significant reduction of intracellular processed cathepsin L and an accumulation of unprocessed procathepsin L. The use of specific inhibitors elucidated mannose phosphate‐independent sorting pathways of cathepsin L leading to enhanced secretion and reduced intracellular processing. This is the first study which demonstrates that alternate trafficking mechanisms mediate the extracellular release of a cysteine protease induced by repetitive UVA irradiation.
New guidelines for cardiac risk assessment prior to non‐cardiac surgery
Authors: Pickett FA 
Published: November 2009

To cite this article:

Int J Dent Hygiene  DOI: 10.1111/j.1601‐5037.2009.00427.x Pickett FA. New guidelines for cardiac risk assessment prior to non‐cardiac surgery.Abstract:  The European Society of Cardiology (ESC) has established guidelines to determine the risk for non‐cardiac procedures, such as oral procedures, when individuals have experienced severe cardiac disease, including myocardial infarction. This is the first time the ESC has developed consensus guidelines to assist practitioners in managing care for cardiac patients receiving medical or dental procedures. Factors for risk assessment are described and management for oral care is discussed.
Risk factors for breast cancer in East Asian women relative to women in the West
Authors: PERRY Christine S , OTERO Jorge C , PALMER Jonathan L , GROSS Annette S 
Published: November 2009

AbstractThe incidence of breast cancer in women of East Asian ancestry (Chinese, Japanese and Korean) is lower than in women of European ancestry but is currently rising. This review explores potential reasons for this inter‐ethnic difference in incidence by profiling breast cancer risk factors reported for East Asian and Western women. Factors such as endogenous hormone exposure, lifestyle choices, diet and genetic predisposition are associated with breast cancer risk in both East Asian and Western women. However, the relative exposure to these risk factors may vary according to a woman's geographical ancestry and culture. For example, age at menarche and menopause, parity, breast‐feeding history, low fat and high soy consumption as well as the prevalence of high risk genetic alleles may vary with a woman's geographical ancestry and/or culture. Differences in exposure to these risk factors in East Asian and Western women are consistent with the inter‐ethnic differences in breast cancer incidence observed. Understanding the underlying factors contributing to differences in the profile of breast cancer across populations is important when considering screening and prevention programs for East Asian women resident in the East or the West.
Identification of patients at risk of ischemic events for long‐term secondary prevention
Authors: Brassard Andrea 
Published: December 2009

AbstractPurpose: To review the identification of patients at risk of secondary ischemic events, discuss the therapies available for their medical management, and identify the role of the nurse practitioner (NP) in their primary and long‐term care.Data sources: ACC/AHA 2007 guidelines for the management of patients with unstable angina and non‐ST‐elevation myocardial infarction, ACC/AHA 2005 guidelines for the management of patients with peripheral arterial disease, AHA/ASA 2006 guidelines for patients with ischemic stroke, AHA/ACC 2006 guidelines update for patients with coronary and other atherosclerotic vascular disease, and selected clinical articles identified through PubMed.Conclusions: Preventive therapy in patients with atherothrombotic vascular disease is critical for reducing the risk of recurrent events. Almost all patients with atherosclerotic disease will benefit from general lifestyle modifications, and most will also benefit from appropriate pharmacotherapies targeting dyslipidemia, diabetes, hypertension, and platelet function. However, evidence suggests that secondary prevention strategies may not be utilized effectively.Implications for practice: Increased awareness and implementation of clinical practice guidelines can reduce the risk of recurrent atherothrombotic events. NPs in primary care settings or in long‐term care facilities are well placed to determine whether patients are receiving appropriate preventive care and to implement improvements in their management.
Hand dermatitis in primary care: A nurse practitioner's role in management
Authors: Yang Ying , Zirwas Matthew 
Published: December 2009

AbstractPurpose: Discuss chronic hand contact dermatitis (CD) and its management by nurse practitioners (NPs) in primary care.Data Sources: Clinical studies, practice guideline, and clinic case.Conclusion: Hand CD is a common form of dermatitis in primary care. Recognition and avoidance of irritants and allergens, proper hand protection, and topical treatments can alleviate this chronic problem, significantly relieve symptoms, and promote skin health.Implications for Practice: A national shortage of dermatologists has caused more patients to seek treatment for skin disorders in primary care. NPs need to be prepared to diagnose and manage common skin problems in primary care.