Foreign exchange risk management in UK multinational companies.

While there have been a number of studies of foreign exchange risk management in UK Multinational Companies (MNCs), the management of economic exposure has received very little attention. The aim of this study was to describe the management of economic exposure (and its relationship to transaction exposure) in UK MNCs. A random sample of twenty MNCs was selected, and archival data relevant to foreign exchange risk management were gathered. Finance personnel in both the HQ and the Irish subsidiaries of the twenty companies were interviewed. The results of the study with respect to transaction exposure were similar to previous studies. However, data collected at a subsidiary level revealed that the degree of centralisation may be underestimated by HQ treasurers, since divisional personnel may influence the practices in foreign subsidiaries. The degree of centralisation was explained by the presence of transaction costs in foreign exchange markets, and a relationship between centralisation and netting opportunities was detected. The in-house bank was highlighted as a mechanism for realising transaction cost savings without decreasing operating unit autonomy. An examination of the economic exposures of the sample companies revealed that economic exposure might be classified into four subsets: 1) Sticky Price Exposure (of which transaction exposure is a subset) 2) Traded Good Exposure (which arises from the tradeability of the MNC's products and factors of production) 3) Parallel Import Exposure 4) The Macroeconomic and Sectoral Consequences of Exchange Rate Changes The managerial response to economic exposure was also examined. The majority of corporate treasurers were only involved in transaction exposures and, with a few exceptions, the response to economic exposure was operational rather than financial. Political and promotional tactics were used extensively to manage economic exposure in the short-run. The creation of barriers to entry (and the resultant decrease in the tradeability of the firm's products) was a popular medium-run strategy. The author also found that only some of the sample MNCs had significant economic exposures. Finally, a decision support model was developed in order to operationalise the measurement of economic exposure, and the evaluation of exposure management alternatives

Exploring First-time Online Undergraduate and Graduate Students’ Growth Mindsets and Flexible Thinking and Their Relations to Online Learning Engagement

The present study was an attempt to help us reveal the characteristics and complexity of today’s first-time online students in a higher education setting. Data were collected from undergraduate and graduate students enrolled in fully online courses for the first time during spring semester in the 2016-2017 academic year at a Southern university in the United States. Primarily, path analysis was conducted to investigate the impacts of flexible thinking, mindsets, and self-efficacy on the 254 first-time online students’ online learning engagement. The results of the path analysis supported six out of the eight hypotheses and all standardized path coefficients have values between 0.14 to 0.31. In conclusion, growth mindset and learning self-efficacy appear to be important variables for first-time online students and have a positive relation to online engagement. The practical implications and future research are discussed

Inversion produces opposite size illusions for faces and bodies

Faces are complex, multidimensional, and meaningful visual stimuli. Recently, Araragi and colleagues (Araragi, Aotani, & Kitaoka, 2012) demonstrated an intriguing face size illusion whereby an inverted face is perceived as larger than a physically identical upright face. Like the face, the human body is a highly familiar and important stimulus in our lives. Here, we investigated the specificity of the size underestimation of upright faces illusion, testing whether similar effects also hold for bodies, hands, and everyday objects. Experiments 1a and 1b replicated the face-size illusion. No size illusion was observed for hands or objects. Unexpectedly, a reverse size illusion was observed for bodies, so that upright bodies were perceived as larger than their inverted counterparts. Experiment 2 showed that the face and reverse body size illusions were maintained even when the photographic contrast polarity of the stimuli was reversed, indicating that the visual system driving the illusions relies on geometric featural information rather than image contrast. Our findings show that size illusions caused by inversion show a high level of category specificity, with opposite illusions for faces and bodies

Editing reality in the brain

Recent information technologies such as virtual reality (VR) and augmented reality (AR) allow the creation of simulated sensory worlds with which we can interact. Using programming language, digital details can be overlaid onto displays of our environment, confounding what is real and what has been artificially engineered. Natural language, particularly the use of direct verbal suggestion (DVS) in everyday and hypnotic contexts, can also manipulate the meaning and significance of objects and events in ourselves and others. In this review, we focus on how socially rewarding language can construct and influence reality. Language is symbolic, automatic and flexible and can be used to augment bodily sensations e.g. feelings of heaviness in a limb or suggest a colour that is not there. We introduce the term ‘suggested reality’ (SR) to refer to the important role that language, specifically DVS, plays in constructing, maintaining and manipulating our shared reality. We also propose the term edited reality to encompass the wider influence of information technology and linguistic techniques that results in altered subjective experience and review its use in clinical settings, while acknowledging its limitations. We develop a cognitive model indicating how the brain’s central executive structures use our personal and linguistic-based narrative in subjective awareness, arguing for a central role for language in DVS. A better understanding of the characteristics of VR, AR and SR and their applications in everyday life, research and clinical settings can help us to better understand our own reality and how it can be edited

Disease activity flares and pain flares in an early rheumatoid arthritis inception cohort; characteristics, antecedents and sequelae

© 2019 The Author(s). This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made. The Creative Commons Public Domain Dedication waiver (http://creativecommons.org/publicdomain/zero/1.0/) applies to the data made available in this article, unless otherwise stated.Background: RA flares are common and disabling. They are described in terms of worsening inflammation but pain and inflammation are often discordant. To inform treatment decisions, we investigated whether inflammatory and pain flares are discrete entities. Methods: People from the Early RA Network (ERAN) cohort were assessed annually up to 11 years after presentation (n = 719, 3703 person-years of follow up). Flare events were defined in 2 different ways that were analysed in parallel; DAS28 or Pain Flares. DAS28 Flares satisfied OMERACT flare criteria of increases in DAS28 since the previous assessment (≥1.2 points if active RA or ≥ 0.6 points if inactive RA). A ≥ 4.8-point worsening of SF36-Bodily Pain score defined Pain Flares. The first documented episode of each of DAS28 and Pain Flare in each person was analysed. Subgroups within DAS28 and Pain Flares were determined using Latent Class Analysis. Clinical course was compared between flare subgroups. Results: DAS28 (45%) and Pain Flares (52%) were each common but usually discordant, with 60% of participants in DAS28 Flare not concurrently in Pain Flare, and 64% of those in Pain Flare not concurrently in DAS28 Flare. Three discrete DAS28 Flare subgroups were identified. One was characterised by increases in tender/swollen joint counts (14.4%), a second by increases in symptoms (13.1%), and a third displayed lower flare severity (72.5%). Two discrete Pain Flare subgroups were identified. One occurred following low disease activity and symptoms (88.6%), and the other occurred on the background of ongoing active disease and pain (11.4%). Despite the observed differences between DAS28 and Pain Flares, each was associated with increased disability which persisted beyond the flare episode. Conclusion: Flares are both common and heterogeneous in people with RA. Furthermore our findings indicate that for some patients there is a discordance between inflammation and pain in flare events. This discrete flare subgroups might reflect different underlying inflammation and pain mechanisms. Treatments addressing different mechanisms might be required to reduce persistent disability after DAS28 and Pain Flares.Peer reviewedFinal Published versio

The relationship between different types of dissociation and psychosis-like experiences in a non-clinical sample

This study investigates whether detachment-type dissociation, compartmentalisation-type dissociation or absorption was most strongly associated with psychosis-like experiences in the general population. Healthy participants (N=215) were tested with the Dissociative Experiences Scale (DES, for detachment-related dissociative experiences); the Harvard Group Scale of Hypnotic Susceptibility (HGSHS:A, for dissociative compartmentalisation); the Tellegen Absorption Scale (TAS, for non-clinical ‘functional’ dissociative experience); and two measures of psychotic-like experiences, the 21-item Peters et al. Delusions Inventory (PDI-21) and the Cardiff Anomalous Perceptions Scale (CAPS). In multiple regression analyses, DES and TAS but not HGSHS: A scores were found to be significantly associated with PDI-21 and CAPS overall scores. A post-hoc hierarchical cluster analysis checking for cluster overlap between DES and CAPS items, and the TAS and CAPS items showed no overlap between items on the DES and CAPS and minimal overlap between TAS and CAPS items, suggesting the scales measure statistically distinct phenomena. These results show that detachment-type dissociation and absorption, but not compartmentalisation-type dissociation are significantly associated with psychosis-like experiences in a non-clinical population

Using heterogeneity in disease to understand the relationship between health and personality

The aim of this study was to compare the relationship between two health outcomes (pain and self-reported health) and personality while accounting for heterogeneity in arthritic disease. Traditionally health psychology and other health research has treated patients’ disease experiences as homogeneous but stratified medicine suggests that treating a disease as homogenous might over-generalise findings and miss important effects. We present a longitudinal analysis over 14 years, on a subsample of 443 arthritic respondents from the English Longitudinal Study of Ageing (ELSA). Using linear regressions, we modelled how the Big Five domains of personality (wave 5) moderated the relationship between past health (at wave 1) and present health (at wave 7). Then, to model heterogeneity in arthritis experience we included assignment to 4 different sub-groups based on their experience of pain progression. The results showed that modelling heterogeneity led to the identification of specific stratified effects for personality (neuroticism, agreeableness, and extraversion) not observed when these data are model treating the sample as homogenous. For example, higher agreeableness was associated with worse pain for those in a sub-group reporting the greatest pain, and higher extraversion was protective against pain among those whose pain improved. The results highlight the importance of modelling heterogeneity of disease

Discrete trajectories of resolving and persistent pain in people with rheumatoid arthritis despite undergoing treatment for inflammation: results from three UK cohorts

Rheumatoid arthritis (RA) is an example of human chronic inflammatory pain. Modern treatments suppress inflammation, yet pain remains a major problem for many people with RA. We hypothesised that discrete RA subgroups might display favourable or unfavourable pain trajectories when receiving treatment, and that baseline characteristics will predict trajectory allocation.Growth Mixture Modelling was used to identify discrete trajectories of SF36-Bodily Pain scores during 3 years in 3 RA cohorts (Early RA Network (ERAN); n=683, British Society for Rheumatology Biologics Register Biologics (n=7090) and Non-Biologics (n=1720) cohorts. Logistic regression compared baseline predictor variables between trajectories. The role of inflammation was examined in a subgroup analysis of people with normal levels of inflammatory markers after 3 years.Mean SF36-Bodily Pain scores in each cohort improved but remained throughout 3y follow up >1 SD worse than the UK general population average. Discrete Persistent Pain (59% to 79% of cohort participants) and Resolving Pain (19% to 27%) trajectories were identified in each cohort. In ERAN, a third trajectory displaying persistently Low Pain (23%) was also identified. In people with normal levels of inflammatory markers after 3 years, 65% of them were found to follow a Persistent Pain trajectory. When trajectories were compared, greater disability (aORs 2.3-2.5 per unit baseline Health Assessment Questionnaire score) and smoking history (aORs 1.6-1.8) were risk factors for Persistent Pain trajectories in each cohort.In conclusion, distinct trajectories indicate patient subgroups with very different pain prognosis during RA treatment. Inflammation does not fully explain the pain trajectories, and non-inflammatory factors as well as acute phase response predict which trajectory an individual will follow. Targeted treatments additional to those which suppress inflammation might reduce the long term burden of arthritis pain

Trajectories of pain predict disabilities affecting daily living in arthritis

Purpose: To examine the interplay between pain and disability in arthritis when adjusting for patient heterogeneity in pain progression. There is consistent evidence to suggest that people experience osteoarthritis heterogeneously, with subgroups of people having different trajectories of pain. However, at present it is unclear how these pain trajectories are related to functional disability. We ask the question: Do levels of disability track changes in pain across different pain trajectories? Methods: Secondary analysis of a subset (n = 889) from a cohort of older English adults, representative of the general population (the English Longitudinal Study of Ageing). The relationship between pain and functional disability was compared in three domains of disability: mobility, activities of daily living and instrumental activities of daily living. These represent increasingly complex forms of self-care required for independent living. Data analysis compared the heterogeneous analysis of pain (different trajectories) and disability compared to treating pain as a simpler homogenous construct.Results: On a population level, pain was significantly positively correlated with increased disability in all three domains, and the relationship remained stable over time. However, when heterogeneity was examined respondents whose pain improved did not show a corresponding improvement in disability in 2 domains (ADL and mobility).Conclusions: These findings highlight how, for some people, alleviating pain, the main symptom of arthritis, might not prevent the persistence or progression of disability. Even when pain improves, further interventions that improve disability are likely to be required