Regional integration, multinational enterprise strategy and the impact of country-level risk: the case of the EMU

The European Monetary Union (EMU) provides a new macro-level, institutional setting for multinational enterprises (MNEs). The authors investigate the impact of regional integration on MNE strategy by analysing Belgian firms’ entry-mode choices in foreign markets, both EMUand non-EMU ones, with a focus on what impact remains of countrylevel risk. They demonstrate that regional integration has altered the impact of countrylevel institutional risk on MNE entry-mode choices inside the EMU. The conventional predictions of international business theory have been reversed, with higher country-level risk inside the EMU driving a preference for wholly owned subsidiaries.Within the integrated region, insider firms now view higher country-level risk as the equivalent of higher, micro-level contracting risk. Such risk can best be mitigated through full internalization, combined with arm’s length contracts, rather than through equity joint ventures

Enhancing Innovativeness:The Role of Dynamic Marketing Capabilities

The gap between the relatively static marketing resources of a firm and the turbulent marketplace is growing in importance for both practitioners and academics alike. This paper explores how marketing capabilities, specifically market orientation, work synergistically with other organizational capabilities to form dynamic marketing capabilities that enhance firm innovativeness. Findings indicate that a tight integration between the technical and marketing functions of a firm creates a fertile transformation point, where market orientation infuses the innovation process. Market orientation interacts with these integrated capabilities to form a dynamic marketing capability that enhances the organization\u27s innovativeness. Implications include how these dynamic marketing capabilities differ between service and manufacturing firms, where only the cultural aspects of market orientation enhance performance in service firms

Temporal discounting in major depressive disorder.

BACKGROUND: Major depressive disorder (MDD) is associated with abnormalities in financial reward processing. Previous research suggests that patients with MDD show reduced sensitivity to frequency of financial rewards. However, there is a lack of conclusive evidence from studies investigating the evaluation of financial rewards over time, an important aspect of reward processing that influences the way people plan long-term investments. Beck's cognitive model posits that patients with MDD hold a negative view of the future that may influence the amount of resources patients are willing to invest into their future selves. METHOD: We administered a delay discounting task to 82 participants: 29 healthy controls, 29 unmedicated participants with fully remitted MDD (rMDD) and 24 participants with current MDD (11 on medication). RESULTS: Patients with current MDD, relative to remitted patients and healthy subjects, discounted large-sized future rewards at a significantly higher rate and were insensitive to changes in reward size from medium to large. There was a main effect of clinical group on discounting rates for large-sized rewards, and discounting rates for large-sized rewards correlated with severity of depressive symptoms, particularly hopelessness. CONCLUSIONS: Higher discounting of delayed rewards in MDD seems to be state dependent and may be a reflection of depressive symptoms, specifically hopelessness. Discounting distant rewards at a higher rate means that patients are more likely to choose immediate financial options. Such impairments related to long-term investment planning may be important for understanding value-based decision making in MDD, and contribute to ongoing functional impairment

Environmental controls on pteropod biogeography along the Western Antarctic Peninsula

Pteropods are abundant zooplankton in the Western Antarctic Peninsula (WAP) and important grazers of phytoplankton and prey for higher trophic levels. We analyzed long-term (1993-2017) trends in summer (January-February) abundance of WAP pteropods in relation to environmental controls (sea ice, sea surface temperature, climate indices, phytoplankton biomass and productivity, and carbonate chemistry) and interspecies dynamics using general linear models. There was no overall directional trend in abundance of thecosomes, Limacina helicina antarctica and Clio pyramidata, throughout the entire WAP, although L. antarctica abundance increased in the slope region and C. pyramidata abundance increased in the South. High L. antarctica abundance was strongly tied to a negative Multivariate El Nino Southern Oscillation Index the previous year. C. pyramidata abundance was best explained by early sea ice retreat 1-yr prior. Abundance of the gymnosome species, Clione antarctica and Spongiobranchaea australis, increased over the time series, particularly in the slope region. Gymnosome abundance was positively influenced by abundance of their prey, L. antarctica, during the same season, and late sea ice advance 2-yr prior. These trends indicate a shorter ice season promotes longer periods of open water in spring/summer favoring all pteropod species. Weak relationships were found between pteropod abundance and carbonate chemistry, and no long-term trend in carbonate parameters was detected. These factors indicate ocean acidification is not presently influencing WAP pteropod abundance. Pteropods are responsive to the considerable environmental variability on both temporal and spatial scales-key for predicting future effects of climate change on regional carbon cycling and plankton trophic interactions

The Performance of Private Equity Funds: Does Diversification Matter?

This paper is the first systematic analysis of the impact of diversification on the performance of private equity funds. A unique data set allows the exact evaluation of diversification across the dimensions financing stages, industries, and countries. Very different levels of diversification can be observed across sample funds. While some funds are highly specialized others are highly diversified. The empirical results show that the rate of return of private equity funds declines with diversification across financing stages, but increases with diversification across industries. Accordingly, the fraction of portfolio companies which have a negative return or return nothing at all, increase with diversification across financing stages. Diversification across countries has no systematic effect on the performance of private equity funds

The Periotest Method: Implant-Supported Framework Precision of Fit Evaluation

: In this study, the Periotest instrument was used to measure the precision of fit between cast high noble-metal frameworks and the supporting implants in a patient-simulation model. Three framework conditions and three implant-location variables were used to evaluate the rigidity of the assembly as measured by the Periotest method. The framework variables were (1) one-piece castings (OPC); (2) sectioned-soldered inaccurate castings (SSIC); and (3) sectioned-soldered accurate castings (SSAC). The implant-location variables were right anterior (RA), center (C), and left anterior (LA). Materials and Methods : The patient simulation model used consisted of three self-tapping BrÅnemark implants in a reasonable arch curvature in bovine bone. Three working casts were fabricated from the patient-simulation model using polyvinyl siloxane and tapered impression copings. From the working casts, three sets of three frameworks were fabricated as OPCs, SSICs, and SSACs using type 3 high noble alloy. The SSICs were fabricated with a quantitative misfit of 101.6 Μm at the facial surface, between the abutment-to-gold cylinder interface at the C implant location. Periotest value (PTV) measurements were made at the midfacial surface of the frameworks directly above each abutment-to-gold cylinder interface. Three measurements were made for each test condition. The data were analyzed to compare framework condition(s) and implant location(s) using ANOVA and Fisher's Protected Least Significant Difference Comparison Test. Results : The ANOVA showed that significant differences exist between the mean PTV data for framework condition and for implant location (p < .01). Significant differences were shown between the mean PTV data for the SSAC assemblies and the OPC and SSIC assemblies. The SSICs displayed a more positive (+) mean PTV than the OPCs. The OPC assemblies had a more positive mean PTV than the SSAC assemblies. The mean PTV data for the SSAC assemblies had a significantly different PTV (p < .01) than the other two framework condition assemblies. The OPC and the SSIC assemblies had PTVs that were not significantly different. The C implant location was significantly different from the RA and the LA implant locations (p < .01). The RA and the LA implant locations were not significantly different from each other. The C implant location always demonstrated the most positive mean PTV regardless of the framework condition being tested. Conclusions : The Periotest instrument quantified differences in the precision of fit between three framework conditions. The SSAC assemblies were significantly more rigid than the OPC and SSIC assemblies. The OPC and SSIC assemblies' mean PTVs were not significantly different. The mean PTVs for the C implant location and the RA and LA implant locations were significantly different (p < .01). The mean PTVs of the RA and LA implant locations were not significantly different. The implant-location PTVs followed the same rank order for all three framework conditions. The procedures used to fabricate a more precise fit between the framework and the supporting implants is influenced by the skill of the clinician and technician.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/75096/1/j.1532-849X.1996.tb00298.x.pd

Earnings Management: The Effect of Ex Ante Earnings Expectations

Yeshttps://us.sagepub.com/en-us/nam/manuscript-submission-guideline

The effects of multimarket contact on partner selection for technology cooperation

We investigate how multimarket contact between prospective partners affects their partner selection for technology cooperation. Drawing on the multimarket competition literature, we argue that multimarket contact generates mutual forbearance from opportunism by enabling broad retaliation across the shared markets against opportunism. As a result, multimarket contact between potential partners makes them prefer each other as partners for technology cooperation. We also claim that this positive effect of multimarket contact on the formation of cooperative agreements is more pronounced when the partners have reciprocal contacts rather than nonreciprocal ones

Application of cladistics to the analysis of genotype-phenotype relationships

We seek to understand the relative contribution of allelic variations of a particular gene to the determination of an individual's risk of atherosclerosis or hypertension. Work in progress is focusing on the identification and characterization of mutations in candidate genes that are known to be involved in determining the phenotypic expression of intermediate biochemical and physiological traits that are in the pathway of causation between genetic variation and variation in risk of disease. The statistical strategy described in this paper is designed to aid geneticists and molecular biologists in their search to find the DNA sequences responsible for the genetic component of variation in these traits. With this information we will have a more complete understanding of the nature of the organization of the genetic variation responsible for quantitative variation in risk of disease. It will then be possible to fully evaluate the utility of measured genetic information in predicting the risk of common diseases having a complex multifactorial etiology, such as atherosclerosis and hypertension.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/42664/1/10654_2004_Article_BF00145343.pd