Design of the Intravenous Magnesium Efficacy in Acute Stroke (IMAGES) trial

The Intravenous Magnesium Efficacy in Acute Stroke (IMAGES) trial is a multicentre,randomised, placebo-controlled trial of magnesium sulphate (MgSO4) funded by the UK Medical Research Council. When complete, it will be the largest single neuroprotective study undertaken to date. Conscious patients presenting within 12 h of acute stroke with limb weakness are eligible. The primary outcome measure is combined death and disability as measured using the Barthel Index at 90-day follow up. By randomizing 2700 patients, the study will have 84% power to detect a 5.5% absolute reduction in the primary end-point. By April 2000, 86 centres were participating, with representation in Canada, USA, Europe, South America, Singapore and Australia. So far, 1206 patients have been randomised, of whom 37% were treated within 6 h. Overall 3-month mortality was 20% and the primary outcome event rate was 43%. The study is ongoing and centres worldwide are encouraged to participate

The use of scents to influence consumers: the sense of using scents to make cents

Since the sense of smell cannot be turned off and it prompts immediate, emotional responses, marketers are becoming aware of its usefulness in communicating with consumers. Consequently, over the last few years consumers have been increasingly influenced by ambient scents, which are defined as general odors that do not emanate from a product but are present as part of the retail environment. The goal of this article is to create awareness of the ethical issues in the scent marketing industry. In particular, we illuminate areas of concern regarding the use of scents to persuade, and its potential to make consumers vulnerable to marketing communications. Since this is a new frontier for marketers, we begin with an explanation of what makes the sense of smell different from other senses. We then provide a description of how scents are used in marketing, past research on the power of scents, and the theoretical basis for, and uses of scents to influence consumers. This brings us to the discussion of the ethical considerations regarding the use of this sense. We close with several future research ideas that would provide more evidence of how the sense of smell can, and should be used by marketers

Global Real Estate Markets - Cycles and Fundamentals

The correlations among international real estate markets are surprisingly high, given the degree to which they are segmented. While industrial, office and retail properties exist all around the world, they are not economic substitutes because of locational specificity. In addition, the broad securitization of real estate property companies has, until recently, lagged that of other types of companies. Never-the-less, international property returns move together in dramatic fashion. In this paper, we use eleven years of global property returns to explore the factors influencing this co-movement. We attribute a substantial amount of the correlation across world property markets to the effects of changes in GNP, suggesting that real estate is a bet on fundamental economic variables which are correlated across countries. A decomposition shows that a local production factor is more important in some countries than in others.

Complexity, Collective Effects and Modelling of Ecosystems: formation, function and stability

We discuss the relevance of studying ecology within the framework of Complexity Science from a statistical mechanics approach. Ecology is concerned with understanding how systems level properties emerge out of the multitude of interactions amongst large numbers of components, leading to ecosystems that possess the prototypical characteristics of complex systems. We argue that statistical mechanics is at present the best methodology available to obtain a quantitative description of complex systems, and that ecology is in urgent need of ``integrative'' approaches that are quantitative and non-stationary. We describe examples where combining statistical mechanics and ecology has led to improved ecological modelling and, at the same time, broadened the scope of statistical mechanics.Comment: 11 pages and 1 figur

Falling Trade Costs, Heterogeneous Firms, and Industry Dynamics

This paper examines the response of industries and firms to changes in trade costs. Several new firm-level models of international trade with heterogeneous firms predict that industry productivity will rise as trade costs fall due to the reallocation of activity across plants within an industry. Using disaggregated U.S. import data, we create a new measure of trade costs over time and industries. As the models predict, productivity growth is faster in industries with falling trade costs. We also find evidence supporting the major hypotheses of the heterogenous-firm models. Plants in industries with falling trade costs are more likely to die or become exporters. Existing exporters increase their shipments abroad. The results do not apply equally across all sectors but are strongest for industries most likely to be producing horizontally-differentiated tradeable goods.

Survival of the Best Fit: Exposure to Low-Wage Countries and the (Uneven) Growth of U.S. Manufacturing Plants

This paper examines the role of international trade in the reallocation of U.S. manufacturing activity within and across industries from 1977 to 1997. It introduces a new measure of industry exposure to international trade, motivated by the Heckscher-Ohlin model, which focuses on where imports originate rather than their overall level. Results demonstrate that plant survival as well as output and employment growth are negatively associated with the share of industry imports sourced from the world ¿s lowest-wage countries. Within industries, activity is reallocated towards capital- intensive plants. Plants are also more likely to alter their product mix (i.e. switch industries) in response to trade with low-wage countries. Plants altering their product mix switch to industries that are more capital and skill- intensive.Low-Wage Country Import Competition, Heckscher-Ohlin, Manufacturing Plant

Falling Trade Costs, Heterogeneous Firms and Industry Dynamics

This paper examines the response of industries and firms to changes in trade costs. Several new firm-level models of international trade with heterogeneous firms predict that industry productivity will rise as trade costs fall due to the reallocation of activity across plants within an industry. Using disaggregated U.S. import data, we create a new measure of trade costs over time and industries. As the models predict, productivity growth is faster in industries with falling trade costs. We also find evidence supporting the major hypotheses of the heterogeneous-firm models. Plants in industries with falling trade costs are more likely to die or become exporters. Existing exporters increase their shipments abroad. The results do not apply equally across all sectors but are strongest for industries most likely to be producing horizontally-differentiated tradeable goods.Plant deaths, survival, exit, exports, employment, tariffs, freight costs, transport costs

Transfer Pricing by U.S.-Based Multinational Firms

This paper examines how prices set by multinational firms vary across arm's-length and related-party customers. Comparing prices within firms, products, destination countries, modes of transport and month, we find that the prices U.S. exporters set for their arm's-length customers are substantially larger than the prices recorded for related-parties. This price wedge is smaller for commodities than for differentiated goods, is increasing in firm size and firm export share, and is greater for goods sent to countries with lower corporate tax rates and higher tariffs. We also find that changes in exchange rates have differential effects on arm's-length and related-party prices; an appreciation of the dollar reduces the difference between the prices.