"Large" versus "Small" Players: A Closer Look at the Dynamics of Speculative Attacks *

Abstract What is the role of "large players" (e.g., hedge funds) in speculative attacks? Recent work suggests that large players move early to induce smaller agents to attack. However, many observers argue that large players move late in order to benefit from interest-rate differentials. We propose a model in which large players can do both. Using data on currency trading by foreign (large) and local (small) players, we find that foreign players moved last in three attacks on the Norwegian krone during the 1990s. During the attack on the Swedish krona after the Russian moratorium in 1998, foreign players moved early. Gains by delaying attack were small, however, because interest rates did not increase

Strategic management as multi-contextual sensemaking in intermediate organizations

Abstract Traditional strategic theory often provides limited means for dealing with the strategic management problems of organizations operating between societal sectors. This article thus uses the case of three industrial development organizations in developing an understanding of strategic management in organizations that operate under multi-contextual conditions. It is concluded that such organizations lack any clear mandate to act, any sound resource base, or any domain of their own, and that all these have to be created as part of the organizations' strategic management process. The implications of this line of reasoning for the general strategic management process are discussed in the closing section of the article

Flexible dosing of adjunctive zonisamide in the treatment of adult partial-onset seizures: a non-comparative, open-label study (ZEUS)

Objectives - To assess the efficacy and tolerability of zonisamide in a study allowing flexible dosing in a more diverse and less refractory population than assessed in randomized controlled trials. Methods - This 19-week, non-comparative study of adjunctive zonisamide included 281 adults who had at least four partial-onset seizures within 8 weeks on one or two antiepileptic drugs. Alterations to zonisamide doses were allowed after titration, except during two fixed-dose periods (weeks 10-13 and 16-19). Results - At the end of the second fixed-dose period (median dose 300 mg/day), the median reduction in monthly seizure frequency was 33.3-41.1%; >= 50% responder rate was 40.9-44.2%; and seizure freedom rate was 15.0-15.9%, depending on the analysis used. The most common adverse events were fatigue (16.7%) and somnolence (15.3%). Conclusions - Zonisamide demonstrated efficacy in a setting more reflective of clinical practice and was generally well tolerated