Employees, Firm Size and Profitability of U.S. Manufacturing Industries

We examine the relation between firm size and profitability within 109 SIC four-digit manufacturing industries. Depending on our measure of profitability, we find that profitability increases at a decreasing rate and eventually declines in up to 47 of our industries. No relation between profitability and size is found in up to 52 of our industries. These two categories account for 97 of our 109 industries. Profitability continues to increase as firms become larger in up to 11 industries. Hence, the relation between size and profitability is industry specific. But, regardless of the shape of the size profitability function, we find that profitability is negatively correlated with the number of employees for firms of a given size measured in terms of total assets and sales. These results are puzzling in the context of work by others who report that common stock returns are negatively correlated with size when size is measured by the market value of a company or with the work of those who argue that size is a proxy for risk. Interpreted against these works, our findings may mean that large firms earn excess returns, that small firms fail to earn their cost of capital, or that accounting returns simply behave differently than market returns with respect to firm size

Does Disclosure About the Common Factors Affect Laypersons' Opinions About How Cognitive Behavioral Psychotherapy Works?

Background: Written and online information about cognitive-behavioral therapy (CBT) prioritizes the role of specific techniques (e.g., cognitive restructuring) and typically omits discussion of “common factors” (e.g., the working alliance, or therapist empathy). However, according to extensive psychotherapy process research the common factors may be important mediators of client improvement.Objectives: This study aimed to assess lay opinions about the role of specific and common factors in CBT for depression. We also aimed to determine how different client disclosure processes might affect lay opinions about the relative importance of specific and common factors in CBT.Methods: We conducted a web-based experiment involving a sample of US participants who had never undergone psychotherapy. All participants were presented with similar vignettes describing an individual suffering from depression whose doctor recommends CBT. Participants were randomized to read one of six vignettes created in a 2 × 3 factorial design that crossed client gender with type of informed consent (Standard CBT Disclosure vs. Common Factors and CBT Disclosure vs. No Disclosure).Results: Disclosure type had a significant effect on participants' ratings of Common and Specific factors in psychotherapy. As compared to the CBT disclosure, participants allocated to the Common Factors disclosure rated Empathy and Positive Regard as significantly more important to treatment outcome, and rated the Specific factors of CBT as significantly less important to outcome. There were no significant differences between No Disclosure and Standard CBT Disclosure, and these participants rated Specific factors of CBT and the Working Alliance as more important components in treatment, and Empathy and Positive Regard as less important.Conclusions: The content of information disclosures influences lay opinions about the importance of specific and common factors in CBT. Further research should investigate ethically acceptable disclosures to CBT and other forms of psychotherapy, including whether disclosure practices affect treatment outcome

The Impact of Gender on Voluntary and Involuntary Executive Departure

We examine the frequency and conditions of executive departure from S&P 1500 firms. Based upon published news reports, we find that female executives are more likely than male executives to depart their positions voluntarily and involuntarily in the presence of controls for firm performance, firm governance, and human capital. We also find that women are less likely than men to depart voluntarily as firm size increases or board size decreases but more likely to be dismissed as the board becomes more male dominated

Evolutionary prisoner's dilemma game on a square lattice

A simplified prisoner's game is studied on a square lattice when the players interacting with their neighbors can follow only two strategies: to cooperate (C) or to defect (D) unconditionally. The players updated in a random sequence have a chance to adopt one of the neighboring strategies with a probability depending on the payoff difference. Using Monte Carlo simulations and dynamical cluster techniques we study the density $c$ of cooperators in the stationary state. This system exhibits a continuous transition between the two absorbing state when varying the value of temptation to defect. In the limits $c \to 0$ and 1 we have observed critical transitions belonging to the universality class of directed percolation.Comment: 6 pages including 6 figure

Series expansions of the percolation probability on the directed triangular lattice

We have derived long series expansions of the percolation probability for site, bond and site-bond percolation on the directed triangular lattice. For the bond problem we have extended the series from order 12 to 51 and for the site problem from order 12 to 35. For the site-bond problem, which has not been studied before, we have derived the series to order 32. Our estimates of the critical exponent $\beta$ are in full agreement with results for similar problems on the square lattice, confirming expectations of universality. For the critical probability and exponent we find in the site case: $q_c = 0.4043528 \pm 0.0000010$ and $\beta = 0.27645 \pm 0.00010$; in the bond case: $q_c = 0.52198\pm 0.00001$ and $\beta = 0.2769\pm 0.0010$; and in the site-bond case: $q_c = 0.264173 \pm 0.000003$ and $\beta = 0.2766 \pm 0.0003$. In addition we have obtained accurate estimates for the critical amplitudes. In all cases we find that the leading correction to scaling term is analytic, i.e., the confluent exponent $\Delta = 1$.Comment: 26 pages, LaTeX. To appear in J. Phys.

Vortex dynamics in a three-state model under cyclic dominance

The evolution of domain structure is investigated in a two-dimensional voter model with three states under cyclic dominance. The study focus on the dynamics of vortices, defined by the points where three states (domains) meet. We can distinguish vortices and antivortices which walk randomly and annihilate each other. The domain wall motion can create vortex-antivortex pairs at a rate which is increased by the spiral formation due to the cyclic dominance. This mechanism is contrasted with a branching annihilating random walk (BARW) in a particle antiparticle system with density dependent pair creation rate. Numerical estimates for the critical indices of the vortex density ($\beta=0.29(4)$) and of its fluctuation ($\gamma=0.34(6)$) improve an earlier Monte Carlo study [Tainaka and Itoh, Europhys. Lett. 15, 399 (1991)] of the three-state cyclic voter model in two dimensions.Comment: 5 pages, 6 figures, to appear in PR

Mannose‐binding lectin deficiency alters the development of fungal asthma: effects on airway response, inflammation, and cytokine profile

Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/142115/1/jlb0805.pd

Employees, firm size and profitability in U.S. manufacturing industries

We examine the relation between firm size and profitability within 109 SIC four-digit manufacturing industries. Depending on our measure of profitability, we find that profitability increases at a decreasing rate and eventually declines in up to 47 of our industries. No relation between profitability and size is found in up to 52 of our industries. These two categories account for 97 of our 109 industries. Profitability continues to increase as firms become larger in up to 11 industries. Hence, the relation between size and profitability is industry specific. But, regardless of the shape of the size profitability function, we find that profitability is negatively correlated with the number of employees for firms of a given size measured in terms of total assets and sales. These results are puzzling in the context of work by others who report that common stock returns are negatively correlated with size when size is measured by the market value of a company or with the work of those who argue that size is a proxy for risk. Interpreted against these works, our findings may mean that large firms earn excess returns, that small firms fail to earn their cost of capital, or that accounting returns simply behave differently than market returns with respect to firm size

Generalized Scaling for Models with Multiple Absorbing States

At a continuous transition into a nonunique absorbing state, particle systems may exhibit nonuniversal critical behavior, in apparent violation of hyperscaling. We propose a generalized scaling theory for dynamic critical behavior at a transition into an absorbing state, which is capable of describing exponents which vary according to the initial configuration. The resulting hyperscaling relation is supported by simulations of two lattice models.Comment: Latex 9 page