Political economy of international diversification: The case for partial integration

The literature on international portfolio diversification explored the benefits of international diversification and the pricing of securities in an international context largely from the perspective of an integrated world capital market. Imperfections in the international markets were acknowledged as exogenous variables added to the basically integrated market, and their effects on security prices, consequences of diversification,etc, were then measured. All studies are related, explicitly or implicitly to two extreme situations. One extreme situation is complete segmentation, the other is perfect market integration. This paper begins with a literature review to illustrate the inadequacy of either of the extreme situations described above. A case of partial integration where the barriers are an endogenous part of the model is then presented. Indirect and circumstantial evidence that the international financial markets are partially integrated by design, and not as a result of market failures, is then presented as a preliminary validation of the partial integration model.The authors are thankful for the very valuable comments of Professor Peter Kaus of UCR.     

Treatment discontinuation of long-acting injectables or oral atypical antipsychotics among Medicaid recipients with schizophrenia

Abstract

Aims: Among patients with schizophrenia, poor adherence and persistence with oral atypical antipsychotics (OAA) often results in relapse and hospitalization. Second-generation antipsychotic long-acting injectables (SGA LAI) have demonstrated higher adherence than first-generation antipsychotic LAI and OAA therapies. This study aimed to determine whether SGA LAIs are associated with better persistency compared to OAA among Medicaid recipients with schizophrenia.

Materials and methods: From the MarketScan Medicaid Database (January 1, 2010–June 30, 2016), patients aged ≥18?years with schizophrenia and ≥2 pharmacy claims more than 90?days apart for the same SGA LAI or OAA were selected. New users of the specific antipsychotic agent were classified, based on their index agent, as: OAA, paliperidone palmitate LAI (PPLAI), aripiprazole LAI (ALAI), and risperidone LAI (RLAI). Discontinuation during 1 year of follow-up was defined as a?≥?60-day gap in the index OAA or SGA LAI medication past the exhaustion of the previous claim’s supply. Inverse probability of treatment weights (IPTW) balanced the cohort characteristics, and weight outliers (<0.1 or >0.9) were excluded. IPTW-weighted Cox proportional hazards regression estimated hazard ratios for discontinuation.

Results: Cohorts included 7,029 OAA, 4,302 PPLAI, 586 ALAI, and 1,456 RLAI patients. Mean age was 38.0–41.0?years and 44.0–46.6% were female. Persistence was significantly longer in the SGA LAI cohorts than in the OAA cohort. Adjusted hazard ratios (95% confidence intervals) for discontinuation were 0.60 (0.56–0.64) for PPLAI, 0.69 (0.60–0.79) for ALAI, and 0.70 (0.64–0.77) for RLAI vs OAA.

Limitations: Results may not be generalizable to patients covered by commercial or Medicare insurance, and limitations inherent to any claims-based retrospective analysis apply.

Conclusions: SGA LAI may be a valuable option for treating schizophrenia given the improvement in persistence.     

Countertrade: Forms,motives, pitfalls,and negotiation requisites

The impressive growth in countertrade necessitates a careful look at this trade financing mechanism and a new attitude by American policy makers and businessmen toward it. This study looks at the various forms of countertrade, at the motivating forces behind it, at the pitfalls that countertrade could engender, and at some imperatives in the negotiation of countertrade deals. The issues are examined from the perspective of a policy maker and that of a businessman. The two perspective are distinct but overlap sufficiently to merit a joint examination. It is the conclusion of this study that countertrade is here to stay, and that American businessmen better learn to cope with it if they are to maintain and improve their competitiveness in the world markets.     

The role of innovation in the implementation of green supply chain management practices

How organizational green practices become routinely embedded in supply chains remains underexplored in the literature. Based on the practice‐based view and normalization process theory, this study adopts a novel perspective on green supply chain management (GSCM) practices implementation and suggests that innovation is a crucial mechanism in such process. Specifically, we theorize and test the mediating effect of product and process innovation on the relationship between GSCM practices and sustainability performance. Survey data from 173 manufacturing firms were used to test the model hypotheses. Our findings show that product and process innovation mediate the relationship between GSCM practices and sustainability performance. The findings also suggest that the relevance of different innovation mechanisms depends on the stage of the operational lifecycle within which the practices are implemented. Our study provides insights for managers and scholars seeking to define innovation strategies to ensure the successful implementation of GSCM practices.