Money and capital as competing media of exchange

We construct a model where capital competes with fiat money as a medium of exchange, and establish conditions on fundamentals under which fiat money can be both valued and socially beneficial. When the socially efficient stock of capital is too low to provide the liquidity agents need, they overaccumulate productive assets to use as media of exchange. When this is the case, there exists a monetary equilibrium that dominates the nonmonetary one in terms of welfare. Under the Friedman Rule, fiat money provides just enough liquidity so that agents choose to accumulate the same capital stock a social planner would.     

The Micro-level Foundations and Dynamics of Political Corporate Social Responsibility: Hegemony and Passive Revolution through Civil Society

Exploration of the political roles firms play in society is a flourishing stream within corporate social responsibility (CSR) research. However, few empirical studies have examined multiple levels of political CSR at the same time from a critical perspective. We explore both how the motivations of managers and internal organizational practices affect a company’s choice between competing CSR approaches, and how the different CSR programs of corporate and civil society actors compete with each other. We present a qualitative interpretative case study of how a French children’s clothing retailer develops CSR practices in response to accusations of poor working conditions and child labor in its supply chain. The company’s CSR approach consists of superficial practices, such as supplier audits by a cooperative business-organized nongovernmental organization (NGO) and philanthropic activities, which enable managers to silence more radical alternative models defended by other NGOs, activists, and trade unions. By this approach, the core business model based on exploitative low-cost country sourcing remains intact through self-regulated CSR. Through the case study, we develop a framework of dynamism in competing CSR programs. We discuss the implications of our study for CSR researchers, company managers, and policy makers.     

Domestic and export performances of French firms

The French trade balance deteriorated almost continuously from the late 1990s to the early 2010s. At the macroeconomic level, French export market share deteriorated while domestic sales kept pace with domestic demand. Does this assessment apply to individual firms? Using microlevel data for French industrial firms over the period 2002–12, we explore the link between domestic and export sales. We show that export and domestic sales have a tendency, albeit slight, to move in opposite directions. This may be due to factors such as deliberate strategies to target a specific market or the presence of production constraints. Addressing the resulting endogeneity issue, our analysis shows that a positive demand shock in the domestic market also leads to an increase in exports. In particular, a 10% increase in domestic demand leads to a 4% increase in exports. This complementarity between markets seems to be driven by small firms and could reflect the existence of liquidity constraints. Increased sales in one market could lessen these constraints by facilitating funding for company development in the export market.     

The cost of injustice: overall justice,emotional exhaustion,and performance among entrepreneurs: do founders fare better?

Small Business Economics - In this paper, we build on the allostatic load model, developed in stress research, to explore the impact of entrepreneurs’ overall justice perceptions on emotional...     

Pork versus public goods: an experimental study of public good provision within a legislative bargaining framework

We experimentally investigate a legislative bargaining model with both public and particularistic goods. Consistent with the qualitative implications of the model: there is near exclusive public good provision in the pure public good region, in the pure private good region minimum winning coalitions sharing private goods predominate, and in the “mixed” region proposers generally take some particularistic goods for themselves, allocating the remainder to public goods. As in past experiments, proposer power is not nearly as strong as predicted, resulting in public good provision decreasing in the mixed region as its relative value increases, which is inconsistent with the theory.     

Predictors of high healthcare resource utilization and liver disease progression among patients with chronic hepatitis C

Background:

Since hepatitis C virus therapy is typically prioritized for patients with more advanced disease, predicting which patients will progress could help direct scarce resources to those likely to benefit most. This study aims to identify demographics and clinical characteristics associated with high healthcare resource utilization (HRU) and liver disease progression among CHC patients.

Methods:

Using health insurance claims (January 2001–March 2013), adult patients with ≥2 CHC claims (ICD-9-CM: 070.44 or 070.54), and ≥6 months of continuous insurance coverage before and ≥36 months after the first CHC diagnosis were included. Patients with human immunodeficiency virus were excluded. Generalized estimating equations were used to identify the demographic and clinical characteristics of being in the 20% of patients with the highest HRU. Factors predicting liver disease progression were also identified.

Results:

In the study population (n?=?4898), liver disease severity and both CHC- and non–CHC-related comorbidities and conditions were strong predictors of high healthcare costs, with odds ratios (ORs; 95% confidence interval [CI]) for ≥2 CHC-related and ≥2 non-CHC-related comorbidities/conditions of 2.78 (2.48–3.12) and 2.19 (1.76–2.72), respectively. CHC- and non-CHC-related comorbidities and conditions were also strong predictors of liver disease progression with ORs (95% CI) for ≥2 CHC-related and ≥2 non-CHC-related comorbidities and conditions of 2.18 (1.83–2.60) and 1.50 (1.14–1.97), respectively.

Limitations:

Potential inaccuracies in claims data, information or classification bias, and findings based on a privately insured population.

Conclusion:

This study suggests that CHC patients with high healthcare resource utilization have a high level of comorbidity at baseline and also that non-CHC comorbidities and conditions are strong predictors of high HRU. Non-cirrhotic CHC patients with one or more comorbidities are at high risk of progressing to cirrhosis or end-stage liver disease.     

Optimal Redistribution with Endogenous Social Norms

In this paper, we examine the effect of social norms on redistributive policies, where social norms are reflected in the degree of work participation among the different skill classes. Participation is driven both by the material incentives and heterogeneous preferences for leisure of each skill class, and by an endogenous social norm. Results for optimal redistributive taxation show that when the social norm enters as a benefit or cost for participants, participation taxes are generally lower than in its absence. Multiple participation equilibria can occur, and an engineered shift from a low‐ to a high‐participation equilibrium can be Pareto‐improving in the long run.     

THE IMPACT OF THE AFFILIATION OF VENTURE CAPITAL FIRMS: A SURVEY

The aim of this paper is to review the theoretical and empirical literature on the impact of the affiliation of venture capital (VC) firms with a particular focus on the differences between Europe and the US. A main characteristic of VC firms is their high level of involvement in the management of funded firms. However, the VC industry is composed of heterogeneous actors. The literature has studied to a great degree the independent funds that dominate the US market. Yet, there also exist VC funds affiliated with banks or with industrial firm, which can benefit from synergies with their parent corporation. Several studies have highlighted significant differences between these types of VC firms.