Adding Value to Agricultural Data: A Golden Opportunity

Agricultural decision makers rely on information provided by public and private entities. Data is a valuable asset and represents a tremendous investment of resources. However, difficulty locating sources and/or interpreting values may compromise its usefulness. The Florida citrus industry serves as an example of the data problem faced by many users; over 50 publications produced by 13 agencies are identified as official sources of citrus data. An indication of the potential for lost value and the dilemma facing modern agriculture is provided. This paper draws on corporate information management techniques as a framework for adding value to agricultural data.     

A review and validation of overall survival extrapolation in health technology assessments of cancer immunotherapy by the National Institute for Health and Care Excellence: how did the initial best estimate compare to trial data subsequently made available?

Background: Validation of overall survival (OS) extrapolations of immune-checkpoint inhibitors (ICIs) during the National Institute for Health and Care Excellence (NICE) Single Technology Assessment (STA) process is limited due to data still maturing at the time of submission. Inaccurate extrapolation may lead to inappropriate decision-making. The availability of more mature trial data facilitates a retrospective analysis of the plausibility and validity of initial extrapolations. This study compares these extrapolations to subsequently available longer-term data.

Methods: A systematic search of completed NICE appraisals of ICIs from March 2000 to December 2017 was performed. A targeted search was also undertaken to procure published OS data from the pivotal clinical trials for each identified STA made available post-submission to NICE. Initial Kaplan-Meier curves and associated extrapolations from NICE documentation were extracted to compare the accuracy of OS projections versus the most mature data.

Results: The review identified 11 STAs, of which 10 provided OS data upon submission to NICE. The extrapolations undertaken considered parametric or piecewise survival models. Additional data cut-offs provided a mean of 18 months of OS beyond the end of the original data. Initial extrapolations typically under-estimated OS from the most mature data cut-off by 0.4–2.7%, depending on the choice of assessment method and use of the manufacturer- or ERG-preferred extrapolation.

Conclusion: Long-term extrapolation of OS is required for NICE STAs based on initial immature OS data. The results of this study demonstrate that the initial OS extrapolations employed by manufacturers and ERGs generally predicted OS reasonably well when compared to more mature data (when available), although on average they appeared to underestimate OS. This review and validation shows that, while the choice of OS extrapolation is uncertain, the methods adopted are generally aligned with later-published follow-up data and appear appropriate for informing HTA decisions.     

Where are the best opportunities for reducing greenhouse gas emissions in the food system (including the food chain)?

This paper reviews estimates of food related greenhouse gas (GHG) emissions at the global, regional and national levels, highlighting both GHG-intensive stages in the food chain, and GHG-intensive food types. It examines approaches that have been proposed for mitigating emissions at each stage in the chain and looks at how these sit within wider discussions of sustainability. It finds that efficiency-focused technological measures, while important, may not only be insufficient in reducing GHGs to the level required but may also give rise to other environmental and ethical concerns. It gives evidence showing that in addition to technological mitigation it will also be necessary to shift patterns of consumption, and in particular away from diets rich in GHG-intensive meat and dairy foods. This will be necessary not just in the developed but also, in the longer term, in the developing world. This move, while potentially beneficial for food secure, wealthier populations, raises potentially serious nutritional questions for the world’s poorest. A priority for decision makers is to develop policies that explicitly seek to integrate agricultural, environmental and nutritional objectives.     

Rio plus Ten: Politics,Poverty, and Environment

The purpose of this paper is to contrast the work of Douglass North and Karl Polanyi regarding financial institutions associated in market economies. Both implicitly acknowledge the synergy between public and private financial markets, which can serve to solidify an alliance between wealth holders and the state, potentially at the expense of “sociery” at large. This alliance may stimulate growth, according to North, as well as impose the strain of the market, according to Polanyi. Taken together, these insights undercut the classical story of the neutral role of money, as well as the notion of a clear distinction between public and private, politics and markets.     

Currency unions and Irish external trade

Ireland has participated in two currency unions–a bilateral union with the UK that lasted until 1979 and as a founder member of European Monetary Union (EMU) that began in 1999. This article investigates whether currency unions have influenced Irish trade patterns.     

Ownership influences on corporate social responsibility in the Indian context

The empirical evidence from the extant literature has been equivocal regarding the influence exerted by different ownership types on corporate social responsibility (CSR), especially in developing countries such as India characterized by institutional voids. We use a longitudinal panel dataset of 500 large Indian companies to test a model of corporate ownership forms as key determinants of CSR engagement in India. Based on neo-institutional theory, our model of CSR determinants investigates the roles of three salient aspects of ownership namely multinational ownership/affiliation, state ownership and family ownership and control, after controlling for the influence of firm size, firm age, leverage, the availability of slack resources, profitability and various governance attributes. Our ordered logit regressions indicate strong support for the role of multinational ownership and family control and management in promoting higher levels of CSR engagement. Contrary to expectations, public sector ownership appeared to negatively impact CSR engagement. We offer our conjectures on this anomalous finding and the research possibilities it opens up.     

Toward Transparency: New Approaches and Their Application to Financial Markets

The Asian financial crisis in the late 1990s not only highlightedthe welfare consequences of transparency in the financial sectorbut also linked this relatively narrow problem to the broadercontext of transparency in governance. It has been observedthat objections to transparency, often on flimsy pretexts, arecommon even in industrialized countries. This article arguesthat transparency is indispensable to the financial sector anddescribes its desirable characteristics: access, timeliness,relevance, and quality. The authors emphasize the need to weighthe costs and benefits of a more transparent regulatory policy,and they explore the connection between information imperfections,macroeconomic policy, and questions of risk. The article arguesfor developing institutional infrastructure, standards, andaccounting practices that promote transparency, implementingincentives for disclosure and establishing regulations to minimizethe perverse incentives generated by safety net arrangements,such as deposit insurance. Because institutional developmentis gradual, the authors contend that relatively simple regulations,such as limits on credit expansion, may be the most reasonableoption for developing countries. They show that transparencyhas absolute limits because of the lack of adequate enforcementand argue that adequate enforcement may be predicated on broaderreforms in the public sector.      

Should I advertise on the interstate?

The highway logo signing program has existed for over 20 years. Since its inception, most motorists have become accustomed to relying on these blue signs to provide information on services available at each highway exit. However, there is little, if any, literature that examines the program as an advertising source, and no formal literature that addresses the signing program from the perspective of the independent business owner. This paper provides service business owners with information about the highway logo signing program, and is directed toward independent owners who are considering the signing program as an advertising source. A five step process is described that owners can follow to first determine if the venue is viable, and then if the investment is value-added for them.     

Resolving the exposure puzzle: The many facets of exchange rate exposure

Theory predicts sizeable exchange rate (FX) exposure for many firms. However, empirical research has not documented such exposures. To examine this discrepancy, we extend prior theoretical results to model a global firm's FX exposure and show empirically that firms pass through part of currency changes to customers and utilize both operational and financial hedges. For a typical sample firm, pass-through and operational hedging each reduce exposure by 10–15%. Financial hedging with foreign debt, and to a lesser extent FX derivatives, decreases exposure by about 40%. The combination of these factors reduces FX exposures to observed levels.     

The Struggle Against Sweatshops: Moving Toward Responsible Global Business

Today’s sweatshops violate our notions of justice, yet they continue to flourish. This is so because we have not settled on criteria that would allow us to condemn and do away with them and because the poor working conditions in certain places are preferable to the alternative of no job at all. In this paper, we examine these phenomena. We consider the definitional dilemmas posed by sweatshops by routing a standard definition of sweatshops through the precepts put forward in the literature on justice and virtue ethics. We conclude that fixing on definitions is pointless and misleading and that we are better off looking at whether or not a workplace violates the basic human rights of workers and whether or not the working conditions there cohere with situations on which we have already rendered judgments. In the end, we suggest guidelines for businesses that operate in the global workplace to help them avoid charges of running sweatshops. These recommendations account for the harsh living conditions in certain developing and emerging countries as well as the norms of societies in developed countries. * A summer research grant from the Frank G. Zarb School of Business at Hofstra University contributed toward making this research possible. Tara J. Radin is Visiting Assistant Professor in the Legal Studies and Business Ethics Department at the Wharton School and Assistant Director of The American College Center for Ethics in Financial Services. She earned a J.D. from the University of Virginia School of Law and an M.B.A. and Ph.D. in Management from the Darden School at the University of Virginia. Her research encompasses topics such as employment, global labor practices, technology, privacy, corporate governance, and stakeholder theory, and includes publications in journals such as Business Ethics Quarterly, Journal of Business Ethics, and American Business Law Journal. She is also co-author of Employment and Employee Rights, published by Blackwell Publishers, Ltd. Martin Calkins is Assistant Professor in the College of Management at the University of Massachusetts Boston. He earned a Ph.D. in management from the University of Virginia, M.Div. and Th.M. degrees in theology from the Weston School of Theology, and an M.I.M. in international management from the American Graduate School of International Management. His academic interests include moral theory (in particular, casuistry and virtue theory) as well as contemporary international business issues such as international codes, whistleblowing, sweatshops, and the impact of computer and Internet technologies on societies.