Managing other people's money: an agency theory in financial management industry

We build an active asset management model to study the interplay between the career concerns of a manager and prevailing market conditions. We show that fund managers overinvest in market-neutral strategies, as these have a reputational benefit. This benefit is smaller in bull markets, when investors expect more managers to use high-beta strategies, making their performance less informative about their ability than in bear markets. Consequently, fund flows that follow high-beta strategies are less responsive to the fund's performance, and flow-performance sensitivity is higher in bear markets than in bull markets

Scale of hospitality firms and local economic development: evidence from Crete

The hospitality industry generates benefits for many host communities including employment generation and foreign exchange earnings. However, the hospitality industry often leads to external dependency contributing to a loss of local control over resources, migrant workforce and leakages outside the local economy, seriously reducing industry's potential for generating net financial advantages and growth for the local economy. Despite the variation of size of hospitality firms, there is still limited research on how well different size hospitality firms contribute to local economic development, something which this paper addresses, taking as a case the island of Crete. The findings suggest that the smaller the size of hospitality firm the larger the benefits to the local economy

Cerebellar tDCS: A Novel Approach to Augment Language Treatment Post-stroke

People with post-stroke aphasia may have some degree of chronic deficit for which current rehabilitative treatments are variably effective. Accumulating evidence suggests that transcranial direct current stimulation (tDCS) may be useful for enhancing the effects of behavioral aphasia treatment. However, it remains unclear which brain regions should be stimulated to optimize effects on language recovery. Here, we report on the therapeutic potential of right cerebellar tDCS in augmenting language recovery in SMY, who sustained bilateral MCA infarct resulting in aphasia and anarthria. We investigated the effects of 15 sessions of anodal cerebellar tDCS coupled with spelling therapy using a randomized, double-blind, sham controlled within-subject crossover trial. We also investigated changes in functional connectivity using resting state functional magnetic resonance imaging before and 2 months post-treatment. Both anodal and sham treatments resulted in improved spelling to dictation for trained and untrained words immediately after and 2 months post-treatment. However, there was greater improvement with tDCS than with sham, especially for untrained words. Further, generalization to written picture naming was only noted during tDCS but not with sham. The resting state functional connectivity data indicate that improvement in spelling was accompanied by an increase in cerebro-cerebellar network connectivity. These results highlight the therapeutic potential of right cerebellar tDCS to augment spelling therapy in an individual with large bilateral chronic strokes

Drivers of joint cropland management strategies in agri-food cooperatives

[EN] In several Spanish regions, collective action through production and marketing cooperatives has traditionally concentrated the food supply of small and medium-sized farms. However, many cooperatives are threatened by the risk of abandonment of members' cropland, which reduces their sourcing capacity. In this context, joint cropland management initiatives have become a useful form of social and organizational innovation. This research's contribution is twofold: it examines the relevance of some drivers of this organizational innovation, and it determines the cooperative characteristics or combinations of characteristics that can sufficiently explain the adoption of a joint cropland management strategy. Some cooperatives' features have been a priori identified as related to the achievement of joint cropland initiatives: economic size, social innovation, innovative behavior, and collaborative orientation. The study is mainly based on data from a cooperatives survey, and fuzzy set Qualitative Comparative Analysis (fsQCA) methodology has been used. The analysis has been completed by surveying cooperatives' managers about their opinions on a joint cropland management strategy's main advantages and drivers. Results indicate that social and economic innovation, size, and propensity to cooperate with other cooperatives are key factors that help create a cooperative profile capable of tackling the challenge of land abandonment and the consequent loss of production.Ministry of Science and Innovation, Spain, European Regional Development Fund, European Commission. Project "Strengthening innovation policy in the agri-food sector" (RTI2018-093791-B-C22).Piñeiro, V.; Martinez Gomez, VD.; Melia-Marti, E.; García Alvarez-Coque, JM. (2021). Drivers of joint cropland management strategies in agri-food cooperatives. Journal of Rural Studies. 84:162-173. https://doi.org/10.1016/j.jrurstud.2021.04.003S1621738