Carcinoma of the gallbladder: CT findings in 50 cases

Fifty patients with histologically proven carcinoma of the gallbladder were examined by computed tomography (CT). The gallbladder masses were categorized into two broad groups: group 1 (74%) included patients in whom the gallbladder was identified along with a mass lesion; and group 2 (26%), where a large mass was present in the gallbladder fossa with no identifiable gallbladder. Group 1 was further divided into three types according to the nature of the tumor: Type 1, mass almost filling the entire gallbladder lumen; Type 2, a polypoidal mass projecting into the lumen; type 3, an infiltrating tumor seen as focal or diffuse wall thickening. Liver involvement, in the form of localized invasion in the vicinity of the primary gallbladder malignancy, was the most common associated finding (80%). Other ancillary features included presence of calculi, lymphadenopathy, and biliary obstruction. CT was found useful for characterizing and defining the extent of carcinoma of the gallbladder. However, it may not consistently demonstrate involvement of the gastrointestinal tract, omentum, and abdominal wall. CT can also be used for aspiration/biopsy guidance of the gallbladder mass in selected cases.     

Culture,Gender, and GMAT Scores: Implications for Corporate Ethics

Business leadership increasingly requires a master’s degree in business and graduate management admission test (GMAT) scores continue to be an important component of applications for admission to such programs. Given the ubiquitous use of GMAT scores as gatekeepers for business leadership, GMAT scores are likely to influence organizational ethical behavior through gender, cultural, and other biases in the GMAT. There is little prior literature in this area and we contribute by empirically documenting that GMAT scores are negatively related to the cultural dimensions of masculinity and power distance and are positively related to math literacy, uncertainty avoidance, and individualism. We estimate that cultural factors may account for as much as an 80-point difference in cross-national mean GMAT scores which are also related negatively to local language literacy, national educational spending, wealth per capita, wealth inequality, and gender development. Most interestingly, we also find a significant negative association of GMAT scores with ethical orientation. These findings have important implications for business schools and corporate ethics and leadership.     

Assessing the recent Asian economic crises: the role of virtuous and vicious cycles

This is an analysis of the causes of the late 1997 economic crises in the (until then) strong Asian economies. This paper shows that, although the two proximate causes of this crises seem to be stronger inter-national competition and poorly developed domestic financial systems in Asia, the underlying causes were related more to the virtuous economic and financial cycles in Asia that turned into vicious cycles in 1997. The key determinant of Asian recovery is the reduction in the importance of these positive feedback cycles by reforming Asian domestic financial systems so they are no longer characterized by low disclosure levels, high debt ratios, and high political influence in credit decisions.     

Performance Incentives within Firms: The Effect of Managerial Responsibility

We show that top management incentives vary by responsibility. For oversight executives, pay‐performance incentives are $1.22 per thousand dollar increase in shareholder wealth higher than for divisional executives. For CEOs, incentives are $5.65 higher than for divisional executives. Incentives for the median top management team are substantial at $32.32. CEOs account for 42 to 58 percent of aggregate team incentives. For divisional executives, the pay–divisional performance sensitivity is positive and increasing in the precision of divisional performance and the pay–firm performance sensitivity is decreasing in the precision of divisional performance. These results support principal–agent models with multiple signals of managerial effort.     

A note on quasi convex programming

The function % MathType!MTEF!2!1!+-% feaafiart1ev1aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn% hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr% 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq-Jc9

$$f(x) = \frac{{x'B x + c' x + \alpha }}{{D' x + \beta }}$$     

When is informed trading more prevalent?—An examination of options trading around Indian M&A announcements

This study examines the prevalence of informed trading around proximate-date versus far-date mergers and acquisitions (M&As). Further, different options strategies pursued by informed traders in proximate-date M&As are identified. The results highlight that proximate-date M&As are associated with a significantly higher level of informed trading vis-à-vis far-date M&As. Results on the choice of options strategies highlight that risk-averse, informed traders may pursue a straddle strategy to profit from their private information, while risk-seeking, informed traders may use a vertical call spread strategy. Informed traders desirous of hedging their existing positions may employ a protective put strategy.     

Sovereign wealth fund governance and national culture

As sovereign wealth funds (SWFs) are owned and directed by sovereign governments which often have non-economic strategic motives and concomitant lack of transparency, there is much confusion, suspicion, and concern regarding the purpose of their investments. Strategic or non-economic motives for SWF investments are usually conveyed via respective governing boards of directors. Therefore, there is much need for understanding SWF governance. Using data for 49 large SWFs globally, we document significant and economically important evidence of the impact of national culture on SWF governance. Even when controlling for the quality of respective national governance, we find that poorer SWF governance is associated with the cultural dimensions of power distance, individualism, and most likely masculinity; while better SWF governance is associated with long-term orientation, indulgence and uncertainty avoidance. These results are consistent with what others have noted: good governance means different institutional dynamics in different countries (cultures). We also find that SWF governance is negatively associated with greater investment in foreign assets. Policy makers, capital-market participants, and managers will be interested in these results, as SWFs have become large and important global investors.     

Interdependent self-construal in collectivist cultures: Effects on compliance in a cause-related marketing context

This study is a replication and extension of prior work on the effectiveness of cause-related marketing efforts. We show that compliance behavior across cultures can be different depending on the dominant self-construal paradigm prevalent in a given society. The original study had shown that people in independent self-construal societies (individualist countries such as the USA) are unwilling to follow up on their original commitment (to support rainforest protection) if compliance involves bearing the cost of such action (paying a higher price for a product where part of the price is donated to rainforest protection). This study, drawing on a sample of students at a mid-sized university in northern Poland, shows that commitment–consistency works in collectivist, interdependent self-construal societies in a different way: if the cause being supported is of a pro-social nature, people in such societies are willing to pay the higher product price to support it.