The role of peer effects in corporate employee welfare policies

This paper investigates the role of peer effects in the employee welfare policies of organizations. Using US panel data for a sample of 11,451 firm-year observations from 1996 to 2017, we find that firms’ employee welfare decisions are driven by their peers and show that peer firms play a significant role in defining corporate employee welfare policies. Our findings are robust to various sensitivity checks, including alternative definitions of employee welfare, alternative peer proxies and several identification strategies. Our additional analysis shows that herding behaviour is prevalent in followers, who mimic leaders’ behaviour, but we do not find any such relationship for industry leaders. Further, we show evidence suggesting that mimetic and normative isomorphic pressures are driving the peer effects. Finally, we examine the economic consequences of peer mimicking in employee welfare policies and show that it improves focal firms’ value and innovation. Our findings on firms’ peer effects and herding behaviour have policy implications

Value of Lung Ultrasound Sonography B-Lines Quantification as a Marker of Heart Failure in COPD Exacerbation

Fadwa Lajili,1,2 Marwa Toumia,1,2 Adel Sekma,1,2 Khaoula Bel Haj Ali,1,2 Sarra Sassi,1,2 Asma Zorgati,3 Hajer Yaakoubi,3 Rym Youssef,3 Mohamed Habib Grissa,1,2 Kaouther Beltaief,1,2 Zied Mezgar,4 Mariem Khrouf,4 Ikram Chamtouri,5 Wahid Bouida,1,2 Hamdi Boubaker,1,2 Mohamed Amine Msolli,1,2 Zohra Dridi,6 Riadh Boukef,1,3 Semir Nouira1,2 1Research Laboratory LR12SP18, Monastir University, Monastir, 5019, Tunisia; 2Emergency Department, Fattouma Bourguiba University Hospital, Monastir, 5000, Tunisia; 3Emergency Department, Sahloul University Hospital, Sousse, 4011, Tunisia; 4Emergency Department, Farhat Hached University Hospital, Sousse, 4031, Tunisia; 5Department of Cardiology B, Fattouma Bourguiba University Hospital, Monastir, 5000, Tunisia; 6Department of Cardiology A, Fattouma Bourguiba University Hospital, Monastir, 5000, TunisiaCorrespondence: Semir Nouira, Emergency Department and Laboratory Research(LR12SP18), Fattouma Bourguiba University Hospital, Monastir, 5000, Tunisia, Tel +21673106046, Email [email protected]: Identifying heart failure (HF) in acute exacerbation of chronic obstructive pulmonary disease (AECOPD) can be challenging. Lung ultrasound sonography (LUS) B-lines quantification has recently gained a large place in the diagnosis of HF, but its diagnostic performance in AECOPD remains poorly studied.Purpose: This study aimed to assess the contribution of LUS B-lines score (LUS score) in the diagnosis of HF in AECOPD patients.Patients and methods: This is a prospective cross-sectional multicenter cohort study including patients admitted to the emergency department for AECOPD. All included patients underwent LUS. A lung ultrasound score (LUS score) based on B-lines calculation was assessed. A cardiac origin of dyspnea was retained for a LUS score greater than 15. HF diagnosis was based on clinical examination, pro-brain natriuretic peptide levels, and echocardiographic findings. The LUS score diagnostic performance was assessed by receiver operating characteristic (ROC) curve, sensitivity, specificity, and likelihood ratio at the best cutoffs.Results: We included 380 patients, mean age was 68± 11.6 years, sex ratio (M/F) 1.96. Patients were divided into two groups: the HF group [n=157 (41.4%)] and the non-HF group [n=223 (58.6%)]. Mean LUS score was higher in the HF group (26.8± 8.4 vs 15.3± 7.1; p< 0.001). The mean LUS score in the HF patients with reduced LVEF was 29.2± 8.7, and was 24.5± 7.6 in the HF patients with preserved LVEF. LUS score area under ROC curve for the diagnosis of HF was 0.71 [0.65– 0.76]. The best sensitivity (89% [85.9– 92,1]) was observed at the threshold of 5; the best specificity (85% [81.4– 88.6]) was observed at the threshold of 30. Correlation between LUS score and E/E’ ratio was good (R=0.46, p=0.0001).Conclusion: Our results suggest that LUS score could be helpful and should be considered in the diagnostic approach of HF in AECOPD patients, at least as a ruling in test.Keywords: chronic obstructive pulmonary disease, COPD, heart failure, dyspnea, lung ultrasound sonograph

Value migration: digitalization of shipping as a mechanism of industry dethronement

In this conceptual paper, we review latest developments related to unmanned vessels and sketch potential scenarios that implicate with the existing maritime industry structure. On the one hand, we isolate a range of challenges that make the imminent realization of unmanned vessels seem like a rather utopian pursuit. On the other hand, we explain the reasons that may catalyse their emergence. Inspired by these opposing tensions, we highlight that the digital transformation of the shipping industry has the potential to enhance value within the industry’s ecosystem. However, we also contend that unmanned vessels -if realized- pose a very particular threat to the identity of the shipping industry as we know it. In particular, we build upon the concept of value migration and we highlight the drastic existential changes that may likely stem from a shift to non-seafarer-centric shipping. We conclude with questions that matter for industry dethronement purposes i.e., the possibility that existing industry structures may be substantially reconfigured following a removal of the seafarer as the nucleus of value creation in shipping

Director Characteristics and Firm Performance

The traditional methodology examining optimal boards relates a simple board variable (e.g. independence or board demography) to firm performance, however, ig- noring other board characteristics. This paper investigates how the education and business experience of directors affect firm performance. The sample consists of 1,574 directorships from 224 listed firms in Switzerland. Using OLS and including control variables, the results show that graduates of minor Swiss universities are negatively related to Tobin’s Q, and industrial knowledge and Tobin’s Q are nega- tively correlated if the firm has more divisions. In addition, director fixed effects (or unobserved characteristics) are significant, but improve the explanatory power of the models only by 5 percent

The number of securities giving the maximum return in the presence of transaction costs

Transaction costs, Portfolio selection, Return optimization,