Transparency of medicines data and safety issues–a European/US study of doctors’ opinions: what does the evidence show?

Over the past 10 years, European pharmaceutical regulators (especially the European Medicines Agency [EMA]) have enacted a wave of transparency policies. Since 2010, the overwhelming majority have focused on releasing more scientific medicines information online and providing open access to regulatory data. Amongst other benefits, EMA expects its policies to build public trust and provide outsiders with a better understanding of regulatory decision-making. Yet, few studies have empirically examined the EMA’s transparency policies, especially on the end users of ‘transparent’ information (e.g. medical doctors or patients). This paper presents standout findings from a November 2014 survey conducted in Spain, Germany, France and the United Kingdom with a sample of 1005 general practitioners and medical specialists treating either multiple sclerosis, rheumatoid arthritis, osteoporosis, idiopathic pulmonary fibrosis or HIV/AIDS. The study found that 76% of respondents think it is a bad idea to release information into the public domain before possible safety issues have been investigated by the regulators and (relevant) pharmaceutical company. The results also suggested that medical doctors in Europe have a poor understanding of pharmaceutical regulatory activities. In particular, the majority were largely unaware of the current activities of the EMA, did not have good knowledge of how the regulators assess the safety of medicines (e.g. only 17% said they had good knowledge of how EMA assess the safety of medicines) and were unfamiliar with regulatory documents frequently used by regulators and industry to discuss the safety of medicines (e.g. in approving a medicine).     

Cosmopolitan risk community in a bowl: a case study of China’s good food movement

Abstract

Ulrich Beck fundamentally transformed our way of thinking about human interdependence through his three core theses on risk, individualisation and cosmopolitanisation. However, two commonly observed deficiencies in Beck’s grand theory were its Eurocentric orientation and a lack of empirical grounding. Based on 5 focus groups and 14 interviews with participants of the emerging Clean Food Movement in China, this paper extends the Beckian discussion outside Europe. Through examining how individuals understand both ‘traditional’ and ‘new’ risks associated with contemporary food consumption, this paper demonstrates that in the face of unpredictable and incalculable harms, risks are not seen as a ‘thing’, but are translated into ‘causal relations’. Subsequently, for Chinese stakeholders, the best way to safeguard food risks is to enact more visible and functioning interdependent relations in the food system. This in turn has given rise to new forms of communities which cut across conventional geographic, socio-economic and political boundaries. The paper deepens a Beckian theorisation in two ways. First, it demonstrates that the ‘enabling’ effect of risk towards a cosmopolitan society is not limited to obvious global crises, such as climate catastrophes and financial meltdown. In fact, the mundane yet intimate concern of putting ‘good’ food in one’s dinner bowl already presses actors to form new social solidarities that are cosmopolitan in nature. Second, it goes beyond Beck’s assertion that the risk society has culminated in a cosmopolitan moment, and explores how a performative cosmopolitan community reshapes the ‘relations of definition’ to mitigate risks on the ground.     

Determinants of stakeholders’ attitudes towards a new technology: nanotechnology applications for food,water, energy and medicine

Stakeholder risk and benefit perceptions and attitudes towards a technology matter for the societal response to these technologies. This is especially the case for technological innovations where the public has no direct experience with the technology and its applications. In such cases, expert views are the main source for public opinion formation. Stakeholder risk and benefit perception, and their effect on attitudes towards a new technology (nanotechnology) and its applications were examined in two studies. In a survey, the effect of risk and benefit perception on attitudes to nanotechnology in specific application domains (energy, water, food and medicine) was examined. While risk and benefit perception predicted much of the variance in attitude, experts were more positive about medicine applications and more negative about food applications than could be explained through risk and benefit perception. In the second study, expert focus groups were asked for reasons why food and medicine were seen as more negative and positive than based on the risk and benefit perceptions as measured in the survey. For medicine, the urgency and unique potential of nanotechnology was seen as a reason as why this domain was liked more. For food, the high level of uncertainty about risk assessment and about exposure of consumers and the lack of urgency in applying nanotechnology to food was seen as a reason this domain was liked less. In addition, experts voiced concern about potential negative public response to food applications as reasons for their negative attitude. These results thus suggest that both risk and benefit perception consist of multiple dimensions that require further exploration.     

Risk and Return in Fixed-Income Arbitrage: Nickels in Front of a Steamroller?

We conduct an analysis of the risk and return characteristicsof a number of widely used fixed-income arbitrage strategies.We find that the strategies requiring more "intellectual capital"to implement tend to produce significant alphas after controllingfor bond and equity market risk factors. These positive alphasremain significant even after taking into account typical hedgefund fees. In contrast with other hedge fund strategies, manyof the fixed-income arbitrage strategies produce positivelyskewed returns. These results suggest that there may be moreeconomic substance to fixed-income arbitrage than simply "pickingup nickels in front of a steamroller."     

Fintech in the time of COVID−19: Technological adoption during crises

We document the effects of the COVID−19 pandemic on digital finance and fintech adoption. Drawing on mobile application data from a globally representative sample, we find that the spread of COVID− 19 and related government lockdowns led to a sizeable increase in the rate of finance app downloads. We then analyze factors that may have driven this effect on the demand−side and better understand the “winners” from this digital acceleration on the supply−side. Our overall results suggest that traditional incumbents saw the largest growth in their digital offerings during the initial period, but that “BigTech” companies and newer fintech providers ultimately outperformed them over time. Finally, we drill−down further on the adoption of fintech apps pertaining to both the asset and liability side of the traditional bank balance sheet, to explore the implications that the accelerated trends in digitization may have for the future landscape of financial intermediation.     

‘Chronic unease’ for safety in senior managers: an interview study of its components,behaviours and consequences

The high reliability literature describes a sense of chronic unease as supporting managers’ ability to deal with (safety) risks. This concept has been proposed to contain five components, namely the traits of propensity to worry, pessimism, and the cognitive abilities of requisite imagination, flexible thinking and vigilance. We study their applicability to senior managers’ experience of chronic unease and explore related behaviours and consequences. Semi-structured interviews (n = 27) were conducted with senior managers from the energy sector. Content analysis identified flexible thinking most frequently, followed by pessimism, propensity to worry, vigilance and requisite imagination. Experience additionally emerged as a theme. Sections that had been coded as flexible thinking were frequently also coded as a behaviour, suggesting it to be a partially observable response to chronic unease. Other behaviours that emerged as related to chronic unease were demonstrating safety commitment, transformational and transactional leadership styles, and seeking information. Chronic unease was described as having positive effects on safety, positive and negative effects on team interaction and negative effects on business and the managers’ personal outcomes. The findings indicate that the five components provide a basis for the measurement of chronic unease and suggest central behaviours and responses that should be considered in its future investigation.     

Skin in the game: personal stock holdings and investors’ response to stock analysis on social media

Review of Accounting Studies - Motivated by concerns that financial positions impair analyst objectivity, we examine investor perceptions of the financial positions of nonprofessional analysts...     

Latin American stock markets’ volatility spillovers during the financial crises: a multivariate FIAPARCH-DCC framework

The main purpose of this paper is to analyse the volatility spillovers in Latin American emerging stock markets. A multivariate Fractionally Integrated Asymmetric Power ARCH model with dynamic conditional correlations of Engle (1982 Engle, R. F. 1982. Autoregressive conditional heteroscedasticity with estimates of the variance of United Kingdom inflation. Econometrica, 50: 987–1007. [Crossref], [Web of Science ®] , [Google Scholar]) with a Student-t distribution is employed. We examine whether considering for long memory and asymmetry in emerging stock markets behaviour may provide more insights into the volatility spillovers phenomenon. In this paper we select daily frequency stock indexes covering four emerging countries in Latin America for the period (January 1995–September 2009). Our results point out the importance of volatility spillovers in these countries. Moreover, long memory and asymmetry in emerging stock market dynamics seem to provide more insights into the transmission of volatility shocks. More interestingly, the analysis of the DCCEs behaviour over time via multivariate cointegration, vector error correction model and the Cholesky variance decomposition shows shifts behaviour around major Latin American financial crisis and recent subprime crisis. On the practical side, these results may be useful for international portfolio managers and Latin American stock market authorities.     

‘Ordinary science intelligence’: a science-comprehension measure for study of risk and science communication,with notes on evolution and climate change

This paper describes the ‘ordinary science intelligence’ scale (OSI_2.0). Designed for use in the empirical study of risk perception and science communication, OSI_2.0 comprises items intended to measure a latent capacity to recognize and make use of valid scientific evidence in everyday decision-making. The derivation of the items, the relationship of them to the knowledge and skills OSI requires, and the psychometric properties of the scale are examined. Evidence of the external validity of OSI_2.0 is also presented. Finally, the utility of OSI_2.0 is briefly illustrated by its use to assess standard survey items on evolution and global warming: when administered to members of a US general population sample, these items are more convincingly viewed as indicators of one or another latent cultural identity than as indicators of science comprehension.     

‘Slow-burn’ spillover and ‘fast and furious’ contagion: a study of international stock markets

‘Fast and furious’ contagion across capital markets is an important phenomenon in an increasingly integrated financial world. Different from ‘slow-burn’ spillover or interdependence among these markets, ‘fast and furious’ contagion can occur instantly. To investigate this kind of contagion from the US, Japan and Hong Kong to other Asian economies, we design a research strategy to capture fundamental interdependence, or ‘slow-burn’ spillover, among these stock markets as well as short-term departures from this interdependence. Based on these departures, we propose a new contagion measure which reveals how one market responds over time to a shock in another market. We also propose international portfolio analysis for contagion via variance decomposition from the portfolio manager’s perspective. Using this research strategy, we find that the US stock market was cointegrated with the Asian stock markets during four specific periods from 3 July 1997 to 30 April 2014. Beyond this fundamental interdependence, the shocks from both Japan and Hong Kong have significant ‘fast and furious’ contagion effects on other Asian stock markets during the US subprime crisis, but the shocks from the US have no such effects.     

Italian consumers’ attitudes towards food risks: self-protective and non-self-protective profiles for effective risk communication

The study aims to assess Italian consumers’ attitudes towards food risks and seeks to outline their socio-demographic and behavioural characteristics on the basis of their attitudes (self-protective and non-self-protective) towards food risks. Using the Computer-assisted telephone interviewing survey method, a sample of 1000 Italian consumers was interviewed on risk perception issues and general eating habits. Factor analyses on the consumers’ propensities to read the label when buying a food product for the first time, their propensities to seek food-related information and their perceived levels of exposure to food risks have enabled us to define Italian consumers’ attitudes towards food risks. Distinguishing between consumers with more self-protective attitudes and those with less self-protective attitudes and identifying their distinctive socio-demographic and behavioural characteristics (e.g. gender, age, the frequency with which respondents do grocery shopping and the channels used for further inquiry) are crucial for communication campaigns aimed at reducing consumers’ exposure to food risks.     

Public’s perceived overcrowding risk and their adoption of precautionary actions: a study of holiday travel in China

The importance of travel risk has been recognized, but only a limited number of studies have been conducted on this risk and the precautionary actions the public may take to manage it during holidays. This study applied the protective action decision model and the protection motivation theory to examine the public’s intent to take precautionary actions during holiday times to handle the risk of overcrowding in China. Our survey showed that efficacy-related attributes of precautionary actions were positively correlated, whereas resource-related attributes were negatively correlated, with the intention to take precautionary measures. Risk perception also significantly influenced the adoption intention, but the amount of variance in the intention to adopt precautionary actions that was motivated by risk perception was lower than that related to efficacy-related attributes. In addition, we found that risk perception mediated the influence of past overcrowding experiences on people’s intention to adopt precautionary measures. Travel frequency, length of time spent away for the holiday, and the number of underage family members involved were significantly correlated with the intention to adopt precautionary actions. Finally, this paper discussed suggestions and implications for travelers, tourist departments, and related stakeholders.     

Higher education and stakeholders’ donations: successful civic crowdfunding in an Italian university

Can civic crowdfunding be used to improve the structures and services offered by public universities? Are stakeholders willing to make donations to such projects? This paper answers these questions by analysing a successful civic crowdfunding project in an Italian university. Stakeholders were found to be willing to engage in crowdfunding and make donations. The key to success is to ensure effective communication and to draw on feelings of belonging to the institution.     

Who’s behind the wheel? The role of social and media news in driving the stock–bond correlation

Review of Quantitative Finance and Accounting - This study investigates the impact of both social and news sentiments indices on the dynamic stock–bond correlation across wavelet-based...     

Risk perception and worry in environmental decision-making – a case study within the Swedish steel industry

Sustainable development is an important issue for the industry in order to fulfil legislation requirements and to be able to use green marketing as a competitive advantage. The Swedish steel industry has implemented a large number of environmental improvements, for example, within energy efficiency, raw materials and recyclability. Technical improvements can help the industry decrease its environmental impact; however, in order to reach sustainable development, more factors need to be considered: an effective environmental decision-making process, for example. This process may be influenced by personal factors such as risk perception and worry, which are factors that will not contribute to an effective decision-making process. The aim of this study was to investigate if personal worry and risk perception influenced environmental decision-making within the Swedish steel industry. Thirty-eight interviews were performed at 10 Swedish steelworks using the Q-methodology. The major perceived environmental risks with the facility and personal worry were assessed, compared to the day-to-day work. It was concluded that the major perceived risks were emissions of carbon dioxide, use of non-renewable energy and emissions of particulate matter. The decision-makers were mainly worried about emissions of carbon dioxide, emissions of dioxin and use of non-renewable energy. The environmental issues that were prioritised in practice (day-to-day work) were emissions of carbon dioxide, emissions of particulate matter and emissions of metals. Even though emissions of carbon dioxide were given the highest priority in the Q-sorts, there was in general no clear relationship between risk perception and personal worry with the prioritised environmental issues at the steelworks. The quantitative analysis of the Q-sorts and the qualitative interviews both showed that the day-to-day work was unaffected by personal worry and risk.     

The determinants of MFIs’ social and financial performances in sub-Saharan Africa: has mission drift occurred?

This paper studies the determinants of microfinance institutions’ (MFIs) financial performance (FP: self-sustainability and profitability) and social performance (SP: depth of outreach), and examine the FP/SP tradeoffs they face. Based on a sample of 120 MFIs over the period 2000–2009, we use the random effects method to isolate the effect of fixed-time factors such as loan lending technique, legal status and location (sub-region) on MFIs’ behavior. We find that financial expenses, wages and portfolio quality, mainly influence MFIs’ financial performance whereas social performance is mostly influenced by lending methodology and institutional form, and to a lesser extent by location. The analysis of FP–SP shows that mission drift is a concern primarily for banks, mutual/cooperatives and individual lenders. The results question the trend toward microfinance commercialization since it weakens outreach without improving significantly self-sustainability and profitability.     

Takeover motives in a weak regulatory environment surrounding a market shock: a case study of New Zealand with a comparison of Gondhalekar and Bhagwat’s (2003) US findings

We examine the motives for takeovers in New Zealand surrounding the 1987 stock market crash and compare with the US findings of Gondhalekar and Bhagwat (2003). There are a number of structural differences between the New Zealand and US markets that could impact on merger motives. Compared with the US, New Zealand is a small capital market; with weak takeover regulation and a prolonged aftermath of the 1987 stock market crash. Consistent with US research, we find evidence of synergy and hubris motivations in New Zealand takeovers although we find the synergy motivation is stronger. Contrary to expectations we find no evidence of agency motivated takeovers.

Making sense of New Zealand’s ‘spirit of service’: social identity and the civil service

ABSTRACT

This paper explores the creation a more unified civil service in New Zealand with the Public Service Act 2020, which promotes the most profound changes to the public service since New Zealand’s New Public Management heyday in the late 1980s. Among its many reforms is an explicit attempt to foster a unified culture around a ‘spirit of service to the community’—a construct without fixed definition that appears to incorporate ideas of motivations and ethics. This paper shows that this unified culture can be traced through a series of key collaborative discussions that have taken place among New Zealand’s public sector chief executives. The authors present a case study to show how these collaborations contributed to a new social identity, and provided a foundation for a civil service unified by its spirit of service to the community. The paper contributes to this PMM theme by providing empirical evidence from the latest New Zealand experience; and also contributes to theory of social identity and sensemaking in creating civil service values.     

‘Download to delicious’: Promissory themes and sociotechnical imaginaries in coverage of 3D printed food in online news sources

The fabrication of food products is one of the emergent uses of 3D printing technologies. The news media are important sources for framing the meanings of emerging technologies such as 3D food printing and introducing them to publics. In this article, I discuss the findings of an analysis of online news reporting of 3D printed food technology. A sociocultural perspective was adopted, in which the promissory themes contributing to broader sociotechnical imaginaries related to food and novel technologies were identified in the corpus of news stories examined. These imaginaries can be pivotal in framing collective ideas of where the futures of technologies lie. The analysis found that, unlike coverage of many other novel food technologies, the corpus of online news reports examined overwhelmingly framed food printing technologies in positive ways. Five major promissory themes were identified, portraying 3D printed food technologies as: futuristic; creative; healthy; efficient; and sustainable. These themes contributed to sociotechnical imaginaries that drew on a number of contemporary preoccupations related to food cultures: novelty, entertainment and leisure pursuits; convenience and time-saving; effective production and distribution; health and nutritional aspects; and environmental impacts and global food security.     

Trust in a High‐concern Risk Controversy: A Comparison of Three Concepts

A community survey examined factors affecting the trust of four groups involved in a high concern controversy over the risks posed by motor boats to the quality of a municipal water supply. In an effort at conceptual integration the survey results were used to examine the relationships between three concepts of trust. Perceived agreement in values between self and four controversy‐involved groups was found to be the most powerful predictor of trust of all four groups, as expected by the salient value similarity perspective. “Fairness” and “competency,” as expected by the “dimensions” of trust perspective were also found to be significant predictors of trust. However, judgments of “fairness” and “competency” were context specific as indicated by significant correlations with judgments of salient value similarity and self interests. This violates the assumption of universality of the “dimensions” of trust perspective. Judgments of similarity of values between self and the controversy‐involved groups were significantly correlated to self interests. This indicates a conceptual overlap between the salient values similarities perspective and the encapsulated trust perspective.