Managerial Optimism and Corporate Investment : Is the CEO Alone Responsible for the Relation?

Why should aggregate investment of large conglomerates depend on personal characteristics of one single person, the CEO? In reality, decision processes are complex. Are personal characteristics of all senior managers together perhaps a better predictor of corporate decisions than the CEOs' characteristics alone? This is the question we tackle in this paper empirically for the case of managerial optimism and corporate investment. In contrast to existing empirical studies we do not only focus on optimism measures of single managers like the CEO or CFO of a firm as investment decisions of firms are usually not made by only one single person. Instead, our optimism measure is based on the insider stock transaction behavior of all senior managers that they have to report to the German Federal Financial Supervisory Authority. The main results can be summarized as follows. Managers are optimistic. Managers voluntarily increase their exposure to company specific risk more often than they reduce it, although they should, if anything, reduce their exposure. Furthermore, we find that firms with optimistic managers invest more. Moreover, the investment-cash flow sensitivity is higher for firms with optimistic managers. Consistent with theory, these results are stronger for financially constrained firms. As new insights, we find that optimism of all insiders has also explanatory power when compared to pure CEO optimism and that the higher managerial optimism, the lower the excess value of a company. We also identify moderating variables that determine when the CEO is more relevant for corporate investment (firm size, corporate governance, type of investment). CFO optimism has no explanatory power. These findings show that it is crucial to analyze how the exact decision process works within a firm

Assessing product portfolios from a production logistics perspective

The increasing individualization and the growing customer demand for product variety leads to a constant shortening of product life cycles and to the necessity of periodically rationalizing product portfolios. For this reason, approaches to product portfolio assessment offer methods that allow a financial or market-oriented valuation of existing products in portfolios. When assessing products in product portfolios, conventional approaches do not explicitly take the logistical impact of products on the logistics performance or costs of the production into account. The consequence of neglecting the logistical assessment dimension to product portfolios is that products, that have a negative impact on the logistics performance of a company, are not part of a critical examination. This paper therefore presents an approach that aims at developing a methodology to assess product portfolios both from a logistical as well as from financial or market-oriented perspectives. To this end, the approach initially works the influence of individual products and product characteristics on the logistics performance and logistics costs of production out. The consolidation of these findings with further evaluation variables then enables a product portfolio optimization with explicit consideration of a logistic assessment dimension

A New Framework for Production Planning and Control to Support the Positioning in Fields of Tension Created by Opposing Logistic Objectives

This paper presents an approach for modelling the connection between the tasks of production planning and control (PPC) and a supply chain’s logistic objectives. Therefore a new production planning and control framework is developed. First of all, the tasks of production planning and control are described universally valid. A representation of a company’s internal supply chain with five core processes complements the framework. For each core process, a system of logistic objectives is set up. The interdependencies between the variables presented in the systems are depicted. Existing fields of tensions between opposing logistic objectives are emphasized. For calculating values for PPC parameters and beyond that for positioning a production within the indicated fields of tension, existing quantitative logistic models are located in the framework. To clarify the overall approach the model-based calculation of lot sizes for production is presented exemplarily

Why a Systematic Investigation of Production Planning and Control Procedures is Needed for the Target-oriented Configuration of PPC

The target-oriented configuration of production planning and control (PPC) confronts companies with major challenges. While there are already many publications dealing with the effect of specific procedures of PPC tasks on the logistic objectives, there is still a lack of a framework allowing a comprehensive and relatively simple examination of the target conformity of PPC configuration on the level of procedures. Furthermore, such a framework would thereby also enable companies to position their PPC among conflicting production and logistic objectives. This contribution presents the current state of knowledge on target-oriented and holistic PPC configuration and points out why a systematic investigation of the generally valid interdependencies of PPC procedures with each other as well as the impact on the most important objectives is necessary. Further, it is outlined which future research activities are planned and with a demonstrative example illustrated how complex cause-effect relationships within PPC on the level of procedures arise. © 2021 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.Deutsche Forschungsgemeinschaft (DFG)/Systematische Untersuchung der Wirkung von Verfahren der Produktionsplanung und der Produktionssteuerung auf logistische Zielgrößen/434659386/E

Integrated Concept for Acquisition and Utilization of Production Feedback Data to Support Production Planning and Control in the Age of Digitalization

Digitalization is changing industrial production and is offering huge potential for producing companies. One effect resulting from the increasing presence of information and communication technology in production is the increasing quantity and quality of production feedback data. However, only collecting large amounts of data of data does not lead to high logistical performance and low logistical costs. It is essential to acquire the right data with as little operating expenses as possible, to analyze the acquired data target-oriented and to present the results user-oriented, so that concrete actions can be derived. In practice, this is a challenge for producing companies. To demonstrate the opportunities in this field of action, a concept was developed at the Institute of Production Systems and Logistics (IFA) (Hannover, Germany) and, furthermore, implemented in the IFA learning factory. This paper starts with a short introduction of the IFA learning factory. After that, the paper presents the developed concept in detail, describing the PPC system, the data acquisition using RFID, an order processing support system using ESL and the (real-time) data analysis. In the end a summarizing conclusion is given underlining the importance of an integrated concept for data acquisition and utilization

Metabolic and haemodynamic effects of oral glucose loading in young healthy men carrying the 825T-allele of the G protein β3 subunit

BACKGROUND: A C825T polymorphism was recently identified in the gene encoding the β3 subunit of heterotrimeric G-proteins (GNB3). The T-allele is significantly associated with essential hypertension and obesity. In order to further explore a possible pathogenetic link between the T-allele and impaired glucose tolerance we studied metabolic and haemodynamic responses to oral glucose loading in young, healthy subjects with and without the 825T-allele. METHODS: Twelve subjects with and 10 without the 825T-allele were investigated at rest and following glucose ingestion (75 g). Blood glucose, serum insulin and haemodynamics were determined prior to and over 2 hours following glucose ingestion. We non-invasively measured stroke volume (SV, by impedance-cardiography), blood pressure (BP), heart rate (HR), and systolic-time-intervals. Cardiac output (CO) was calculated from HR and SV. Total peripheral resistance was calculated from CO and BP. Metabolic and haemodynamic changes were quantified by maximal responses and by calculation of areas under the concentration time profile (AUC). Significances of differences between subjects with and without the T-allele were determined by unpaired two-tailed t-tests. A p < 0.05 was considered statistically significant. RESULTS: Metabolic and haemodynamic parameters at baseline were very similar between both groups. The presence of the T-allele did not alter the response of any metabolic or haemodynamic parameter to glucose loading. CONCLUSIONS: In conclusion, this study does not support the hypothesis that the C825T polymorphism may serve as a genetic marker of early impaired glucose tolerance

Staphylococcus massiliensis isolated from human blood cultures, Germany, 2017-2020

Clinical and laboratory data on newly described staphylococcal species is rare, which hampers decision-making when such pathogens are detected in clinical specimens. Here, we describe Staphylococcus massiliensis detected in three patients at a university hospital in southwest Germany. We report the discrepancy of microbiological fndings between matrix-assisted laser desorption/ionization time-of-fight mass spectrometry, 16S-rRNA polymerase chain reaction, and whole-genome sequencing for all three isolates. Our fndings highlight the diagnostic pitfalls pertinent to novel and non-model organisms in daily microbiological practice, in whom the correct identifcation is dependent on database accuracy

A symptom-related monitoring program following pulmonary embolism for the early detection of CTEPH: a prospective observational registry study

Background Chronic thromboembolic pulmonary hypertension (CTEPH) is a long-term complication following an acute pulmonary embolism (PE). It is frequently diagnosed at advanced stages which is concerning as delayed treatment has important implications for favourable clinical outcome. Performing a follow-up examination of patients diagnosed with acute PE regardless of persisting symptoms and using all available technical procedures would be both cost-intensive and possibly ineffective. Focusing diagnostic procedures therefore on only symptomatic patients may be a practical approach for detecting relevant CTEPH. This study aimed to evaluate if a follow-up program for patients with acute PE based on telephone monitoring of symptoms and further examination of only symptomatic patients could detect CTEPH. In addition, we investigated the role of cardiopulmonary exercise testing (CPET) as a diagnostic tool. Methods In a prospective cohort study all consecutive patients with newly diagnosed PE (n=170, 76 males, 94 females within 26 months) were recruited according to the inclusion and exclusion criteria. Patients were contacted via telephone and asked to answer standardized questions relating to symptoms. At the time of the final analysis 130 patients had been contacted. Symptomatic patients underwent a structured evaluation with echocardiography, CPET and complete work-up for CTEPH. Results 37.7%, 25.5% and 29.3% of the patients reported symptoms after three, six, and twelve months respectively. Subsequent clinical evaluation of these symptomatic patients saw 20.4%, 11.5% and 18.8% of patients at the respective three, six and twelve months time points having an echocardiography suggesting pulmonary hypertension (PH). CTEPH with pathological imaging and a mean pulmonary artery pressure (mPAP) ≥ 25 mm Hg at rest was confirmed in eight subjects. Three subjects with mismatch perfusion defects showed an exercise induced increase of PAP without increasing pulmonary artery occlusion pressure (PAOP). Two subjects with pulmonary hypertension at rest and one with an exercise induced increase of mPAP with normal PAOP showed perfusion defects without echocardiographic signs of PH but a suspicious CPET. Conclusion A follow-up program based on telephone monitoring of symptoms and further structured evaluation of symptomatic subjects can detect patients with CTEPH. CPET may serve as a complementary diagnostic tool

Summary: International Consensus Statement on Nomenclature and Classification of the Congenital Bicuspid Aortic Valve and Its Aortopathy, for Clinical, Surgical, Interventional and Research Purposes.

peer reviewedThis International evidence-based nomenclature and classification consensus on the congenital bicuspid aortic valve and its aortopathy recognizes 3 types of bicuspid aortic valve: 1. Fused type, with 3 phenotypes: right-left cusp fusion, right-non cusp fusion and left-non cusp fusion; 2. 2-sinus type with 2 phenotypes: Latero-lateral and antero-posterior; and 3. Partial-fusion or forme fruste. This consensus recognizes 3 bicuspid-aortopathy types: 1. Ascending phenotype; root phenotype; and 3. extended phenotypes