Innovate to survive: The effect of technology competition on corporate bankruptcy

This paper establishes a strong relation between technology competition and corporate bankruptcy. Using detailed firm-level patent data, we show that: 1) the capability of firms to innovate predicts future bankruptcies better than the typical measures such as Z-score and credit rating, 2) technology-related bankruptcies are less sensitive to the business cycle and industry success, and 3) firms that go bankrupt as a result of technology competition experience larger declines in earnings and stock prices. © 2011 Financial Management Association International.postprin

An economic analysis of email-based telemedicine: A cost minimisation study of two service models

<p>Abstract</p> <p>Background</p> <p>Email-based telemedicine has been reported to be an efficient method of delivering online health services to patients at a distance and is often described as a low-cost form of telemedicine. The service may be low-cost if the healthcare organisation utilise their existing email infrastructure to provide their telemedicine service. Many healthcare organisations use commercial-off-the-shelf (COTS) email applications. COTS email applications are designed for peer-to-peer communication; hence, in situations where multiple clinicians need to be involved, COTS applications may be deficient in delivering telemedicine. Larger services often rely on different staff disciplines to run their service and telemedicine tools for supervisors, clinicians and administrative staff are not available in COTS applications. Hence, some organisations may choose to develop a purpose-written email application to support telemedicine. We have conducted a cost-minimisation analysis of two different service models for establishing and operating an email service. The first service model used a COTS email application and the second used a purpose-written telemedicine application.</p> <p>Methods</p> <p>The actual costs used in the analysis were from two organisations that originally ran their counselling service with a COTS email application and later implemented a purpose-written application. The purpose-written application automated a number of the tasks associated with running an email-based service. We calculated a threshold at which the higher initial costs for software development were offset by efficiency gains from automation. We also performed a sensitivity analysis to determine the effect of individual costs on the threshold.</p> <p>Results</p> <p>The cost of providing an email service at 1000 consultations per annum was $19,930 using a COTS email application and$31,925 using a purpose-written application. At 10,000 consultations per annum the cost of providing the service using COTS email software was $293,341 compared to$272,749 for the purpose-written application. The threshold was calculated at a workload of 5216 consultations per annum. When more than 5216 email consultations per annum are undertaken, the purpose-written application was cheaper than the COTS service model. The sensitivity analysis showed the threshold was most sensitive to changes in administrative staff salaries.</p> <p>Conclusion</p> <p>In the context of telemedicine, we have compared two different service models for email-based communication – purpose-written and COTS applications. Under the circumstances described in the paper, when workload exceeded 5216 email consultations per annum, there were savings made when a purpose-written email application was used. This analysis provides a useful economic model for organisations contemplating the use of an email-based telemedicine system.</p

Robot deployment in long-term care: a case study of a mobile robot in physical therapy

Background. Healthcare systems in industrialised countries are challenged to provide care for a growing number of older adults. Information technology holds the promise of facilitating this process by providing support for care staff, and improving wellbeing of older adults through a variety of support systems. Goal. Little is known about the challenges that arise from the deployment of technology in care settings; yet, the integration of technology into care is one of the core determinants of successful support. In this paper, we discuss challenges and opportunities associated with technology integration in care using the example of a mobile robot to support physical therapy among older adults with cognitive impairment in the European project STRANDS. Results and discussion. We report on technical challenges along with perspectives of physical therapists, and provide an overview of lessons learned which we hope will help inform the work of researchers and practitioners wishing to integrate robotic aids in the caregiving process

Research in Caregiving

Between 1950 and 2050, the proportion of those aged 65 years and older in the population will more than double (Himes, Elderly Americans, 2001). As the population ages, the likelihood of frailty, dementia, and disabling illness increases. This unprecedented growth in the elderly population in need of support presents multiple challenges for society and in particular, for families who are frequently called upon to act as caregivers for impaired spouses, parents, and siblings. A tremendous degree of burden and psychological distress are associated with the caregiving role (Schulz et al., Gerontologist 35:771–791, 1995). For this reason, research is essential to identify those caregivers who are most susceptible to adverse outcomes and to identify and alleviate the burden associated with different aspects of the caregiving experience. Furthermore, innovative caregiving research can lead to the development of constructive interventions that will aid families, older adults, and society at large

Equity Misvaluation and Default Options

Abstract We study whether default options are mispriced in equity prices by employing a structural equity valuation model that explicitly takes into account the value of the option to default (or abandon the firm) and uses firm-specific accounting inputs. We implement our model on the entire cross-section of stocks and identify both over- and underpriced equity. An investment strategy that buys stocks that are classified as undervalued by our model and shorts overvalued stocks generates an annual 4-factor alpha of about 11% for U.S. stocks. The model’s performance is stronger for stocks with higher value of default option, such as distressed or highly volatile stocks. We find similar results in a sample of nine most highly capitalized developed markets

Issues in Geriatric Research

With the increasing number and proportion of the population growing older, more emphasis has been placed upon addressing the issues that are related to aging. This rapid growth of the elderly sector of our population has also prompted concerns about spiraling health care costs and the necessity for substantial research advances in the prevention and treatment of disease. It is remarkable that until recent years, the special characteristics and needs of elderly patients were largely neglected

Uncomplicated general anesthesia in the elderly results in cognitive decline: Does cognitive decline predict morbidity and mortality?

Elderly surgical patients constitute a unique surgical group. They require special consideration in order to preempt the long term adverse effects of anesthesia. This paper examines the proposition that general anesthesia causes harm to elderly patients with its impact being felt long after the anesthetic agents are cleared from the body. One complication, Postoperative Cognitive Decline (POCD), is associated with the administration of anesthesia and deep sedation. Its’ occurrence may herald an increase in morbidity and mortality. Based on both human and animal data, this paper outlines a unitary theoretical framework to explain these phenomena. If this hypothesis proves to be correct, anesthesiologist should consider regional rather than general anesthesia for equivalent surgical procedures to reduce POCD and consequently achieving superior patient outcome