Terlipressin or norepinephrine in septic shock: do we have the answer?

Comment on Terlipressin versus norepinephrine as infusion in patients with septic shock: a multicentre, randomised, double-blinded trial. [Intensive Care Med. 2018

Dividends, stock repurchases and signaling: evidence from U.S. panel data

This paper exploits yearly accounting data from 1977 to 1994 to test the relative signaling power of dividends and net stock repurchases. The specification controls for potential agency cost and asset dissipation effects. Specifically, we regress changes in future income before extraordinary items on changes in dividends, changes in net stock repurchases, and a host of control variables. We also split the sample at 1981 to measure the impact of changes in the relative taxation of distribution methods. For the full twenty-year sample, only dividend changes are correlated with changes in future income. Moreover, the dividend coefficient and the repurchases coefficient differ statistically different in every future income equation. Splitting the sample reveals that the pre-1981 subsample drives the full-sample results. Put another way, the empirical link between changes in dividends and changes in future income vanishes just as a revision of the tax law reduced the tax disadvantage of dividend distributions. This evidence supports the notion that, at least for a period in time, firms deliberately exposed shareholders to punitive taxation to signal favorable prospects.Corporate governance

CONSUMERS' WILLINGNESS TO PURCHASE LOCALLY PRODUCED AGRICULTURAL PRODUCTS: AN ANALYSIS OF AN INDIANA SURVEY

Using a survey of over 320 consumers from across the state of Indiana, we estimate an ordered probit model to determine the demographic and attitudinal factors which are most important in predicting the likelihood of consumers to purchase products that are produced within the state. Our results indicate that the willingness to purchase locally produced agricultural products increases with time of residency in the state, and we find a greater tendency for female consumers to purchase such products. We also find that quality perceptions play a critical role in these food purchase-decisions. We underscore the importance of maintaining minimum quality standards to maximize the effectiveness of state level agricultural promotion programs.Consumer/Household Economics,

A holistic multi-scale approach to using 3D scanning technology in accident reconstruction

Three-dimensional scanning and documentation methods are becoming increasingly employed by law enforcement personnel for crime scene and accident scene recording. Three-dimensional documentation of the victim’s body in such cases is also increasingly used as the field of forensic radiology and imaging is expanding rapidly. These scanning technologies enable a more complete and detailed documentation than standard autopsy. This was used to examine a fatal pedestrian-vehicle collision where the pedestrian was killed by a van whilst crossing the road. Two competing scenarios were considered for the vehicle speed calculation: the pedestrian being projected forward by the impact or the pedestrian being carried on the vehicle’s bonnet. In order to assist with this, the impact area of the accident vehicle was scanned using laser surface scanning, the victim was scanned using postmortem CT and micro-CT and the data sets were combined to virtually match features of the vehicle to injuries on the victim. Micro-CT revealed additional injuries not previously detected, lending support to the pedestrian-carry theory

Community detection in temporal multilayer networks, with an application to correlation networks

Networks are a convenient way to represent complex systems of interacting entities. Many networks contain "communities" of nodes that are more densely connected to each other than to nodes in the rest of the network. In this paper, we investigate the detection of communities in temporal networks represented as multilayer networks. As a focal example, we study time-dependent financial-asset correlation networks. We first argue that the use of the "modularity" quality function---which is defined by comparing edge weights in an observed network to expected edge weights in a "null network"---is application-dependent. We differentiate between "null networks" and "null models" in our discussion of modularity maximization, and we highlight that the same null network can correspond to different null models. We then investigate a multilayer modularity-maximization problem to identify communities in temporal networks. Our multilayer analysis only depends on the form of the maximization problem and not on the specific quality function that one chooses. We introduce a diagnostic to measure \emph{persistence} of community structure in a multilayer network partition. We prove several results that describe how the multilayer maximization problem measures a trade-off between static community structure within layers and larger values of persistence across layers. We also discuss some computational issues that the popular "Louvain" heuristic faces with temporal multilayer networks and suggest ways to mitigate them.Comment: 42 pages, many figures, final accepted version before typesettin

Genealogy of today\u27s contributors to accounting research

This paper explores the intellectual roots of some of today\u27s major contributors to accounting research. Specifically, twenty-four present-day contributors were identified through their publication records and editorial service. For each of these contributors, the dissertation chairman was identified and assumed to be the primary mentor; in turn, dissertation chairmen for these individuals were also identified. Several iterations of this process produced four generations of accounting genealogy. The intellectual roots depicted in this paper highlight noteworthy linkages with members of the Accounting Hall of Fame, recipients of the Outstanding Educators Award, and with education in the discipline of economics

The Mirage of Triangular Arbitrage in the Spot Foreign Exchange Market

We investigate triangular arbitrage within the spot foreign exchange market using high-frequency executable prices. We show that triangular arbitrage opportunities do exist, but that most have short durations and small magnitudes. We find intra-day variations in the number and length of arbitrage opportunities, with larger numbers of opportunities with shorter mean durations occurring during more liquid hours. We demonstrate further that the number of arbitrage opportunities has decreased in recent years, implying a corresponding increase in pricing efficiency. Using trading simulations, we show that a trader would need to beat other market participants to an unfeasibly large proportion of arbitrage prices to profit from triangular arbitrage over a prolonged period of time. Our results suggest that the foreign exchange market is internally self-consistent and provide a limited verification of market efficiency

A Third Pandemic is on the Horizon

The emergence of the novel SARS-CoV-2 virus and the resultant COVID-19 pandemic has brought the world to a standstill. In the United States, the morbidity and mortality associated with COVID-19 infection has disproportionately impacted Black, Indigenous and People of Color (BIPOC) communities, highlighting an underlying “second pandemic” perpetuated by the deeply-rooted health care inequities and social determinants of health. In this manuscript, we warn about a “Third Pandemic” on the horizon which could be driven by federal policies that fail to ensure equitable access to COVID-specific therapeutics for BIPOC communities, and the potential inequitable implementation of such policies that could further perpetuate disparities in health outcomes