Macroeconometric Modelling with a Global Perspective

This paper provides a synthesis and further development of a global modelling approach introduced in Pesaran, Schuermann and Weiner (2004), where country specific models in the form of VARX* structures are estimated relating a vector of domestic variables to their foreign counterparts and then consistently combined to form a Global VAR (GVAR). It is shown that VARX* models can be derived as the solution to a dynamic stochastic general equilibrium (DSGE) model where over-identifying long-run theoretical relations can be tested and imposed if acceptable. Similarly, short-run over-identifying theoretical restrictions can be tested and imposed if accepted. The assumption of the weak exogeneity of the foreign variables for the long-run parameters can be tested, where foreign variables can be interpreted as proxies for global factors. Rather than using deviations from ad hoc statistical trends, the equilibrium values of the variables reflecting the long-run theory embodied in the model can be calculated

Franchising as a Strategy for Combining Small and Large Group Advantages (Logics) in Social Entrepreneurship:A Hayekian Perspective

This article develops a Hayekian perspective on social franchising that distinguishes between the end-connected logic of the small group and the rule-connected logic of the big group. Our key claim is that mission-driven social entrepreneurs often draw on the small-group logic when starting their social ventures and then face difficulties when the process of scaling shifts their operations toward a big-group logic. In this situation, social franchising offers a strategy to replicate the small group despite systemwide scaling, to mobilize decentrally accessible social capital, and to reduce agency costs through mechanisms of self-selection and self-monitoring. By employing a Hayekian perspective, we are thus able to offer an explanation as to why social franchising is a suitable scaling strategy for some social entrepreneurship organizations and not for others. We illustrate our work using the Ashoka Fellow Wellcome

A Stewardship Cost Perspective on the Governance of Delegation Relationships:The Case of Social Franchising

We explore how nonprofits can effectively govern delegation relationships. We extend stewardship theory by conceptualizing stewardship costs—costs in delegation relationships based on stewardship behavior. As stewards are theorized as other-regarding, self-actualizing, and intrinsically motivated, so far, literature almost exclusively points to the positive performance potential of stewardship behavior. Addressing this shortcoming, we develop propositions showing how stewardship selection costs rooted in the psychological characteristics of stewardship behavior and stewardship management costs rooted in situational factors of stewardship behavior occur during relationship formation and maintenance, and how they counteract the potential to increase performance. We identify and systematize opportunity costs of delayed growth, limited growth potential, and lost standardization gains, as well as increased selection and management costs. To demonstrate the theoretical potential and empirical relevance of our framework, we illustrate our arguments by referring to social franchising, a scaling strategy considered relevant for nonprofits as well as social enterprises

Social Entrepreneurship and Social Business: Retrospective and Prospective Research

Ye

Communitarian perspectives on social enterprise

Concepts of social enterprise have been debated repeatedly, and continue to cause confusion. In this paper, a meta-theoretical framework is developed through discussion of individualist and communitarian philosophy. Philosophers from both traditions build social theories that emphasise either consensus (a unitarist outlook) or diversity (a pluralist outlook). The various discourses in corporate governance reflect these assumptions and create four distinct approaches that impact on the relationship between capital and labour. In rejecting the traditional discourse of private enterprise, social enterprises have adopted other approaches to tackle social exclusion, each derived from different underlying beliefs about the purpose of enterprise and the nature of governance. The theoretical framework offers a way to understand the diversity found within the sector, including the newly constituted Community Interest Company (CIC).</p

Social Entrepreneurship and Social Business: Retrospective and Prospective Research

Ye

S.6.1 β-catenin is a central mediator in SSc

Background. β-catenin is the central integrator of canonical Wnt signalling. Since recent evidence suggests a central role of Wnts in fibrosis, we examined the β-catenin/Wnt pathway in SSc and focused on the role of β-catenin in fibroblast activation. Methods. We performed qPCR for several Wnt ligands and axin-2 to examine Wnt expression in SSc skin. We further studied protein levels of Wnt-1, -4, -10b and β-catenin by IHC. To establish the effects of β-catenin/Wnt signalling on collagen release, we created mice with fibroblast-specific stabilization of β-catenin (dEx3 β-catenin (wt/fl) × Col1a2; Cre-ER) as well as mice carrying fibroblast-specific deletion of β-catenin [Ctnnb1(fl/fl) × Col1a2; Cre-ER]. Summary of the results. We could demonstrate mRNA overexpression of Wnt-1, -2, -9a, -9b, -10a, -10b and -16 in SSc skin. Wnt-1, -4 and -10b consistently showed strong expression in SSc skin when compared with healthy skin. On protein level, however, Wnt-4 was indistinguishable between SSc patients and healthy controls, whereas Wnt-1 and Wnt-10b protein levels were increased in SSc skin. The overexpression of Wnt-1 and Wnt-10b resulted in a prominent nuclear accumulation of β-catenin in fibroblasts. Finally, increased mRNA levels of the target gene axin-2 confirmed the activation of canonical Wnt signalling. In dEx3 β-catenin (wt/ex) mice, we addressed the consequences of enhanced Wnt signalling and increased accumulation of β-catenin in SSc. We selectively targeted β-catenin in fibroblasts. Cre-activated dEx3 β-catenin (wt/fl) × Col1a2; Cre-ER mice showed massive and spontaneous dermal thickening even 2 weeks after Cre activation. Eight weeks after Cre-activation, skin thickening cumulated at 102.6% (P < 0.001). In line with the dermal thickening, hydroxyproline content and myofibroblast counts showed strong increases. To test the therapeutic potential of targeting β-catenin/Wnt signaling, we created Ctnnb1(fl/fl) x Col1a2;Cre-ER mice to specifically delete β-catenin in fibroblasts. After Cre activation and β-catenin deletion in fibroblasts, mice were challenged with bleomycin subcutaneously for 4 weeks. We found that Cre-activated Ctnnb1(fl/fl) × Col1a2; Cre-ER mice were protected from bleomycin-induced dermal with a reduction of skin thickening by 71% (P < 0.05). Conclusions. We demonstrated a prominent activation of canonical Wnt signalling in SSc with nuclear accumulation of β-catenin in fibroblasts and activation of the target gene axin-2. Our results showed that fibroblast-specific stabilization of β-catenin resulted in enhanced collagen release, whereas deletion of β-catenin potently reduced collagen production. Together, our findings highlight a key role of β-catenin in fibroblast activation and fibrosis. Thus, β-catenin may be promising molecular target for anti-fibrotic therapie

New result for the neutron β\beta-asymmetry parameter A0A_0 from UCNA

The neutron $\beta$-decay asymmetry parameter $A_0$ defines the correlation between the spin of the neutron and the momentum of the emitted electron, which determines $\lambda=\frac{g_{A}}{g_{V}}$, the ratio of the axial-vector to vector weak coupling constants. The UCNA Experiment, located at the Ultracold Neutron facility at the Los Alamos Neutron Science Center, is the first to measure such a correlation coefficient using ultracold neutrons (UCN). Following improvements to the systematic uncertainties and increased statistics, we report the new result $A_0 = -0.12054(44)_{\mathrm{stat}}(68)_{\mathrm{syst}}$ which yields $\lambda\equiv \frac{g_{A}}{g_{V}}=-1.2783(22)$. Combination with the previous UCNA result and accounting for correlated systematic uncertainties produces $A_0=-0.12015(34)_{\mathrm{stat}}(63)_{\mathrm{syst}}$ and $\lambda\equiv \frac{g_{A}}{g_{V}}=-1.2772(20)$.Comment: 9 pages, 7 figures, updated to as-published versio