Common ownership and competition in product markets

We investigate the relation between common institutional ownership of the firms in an industry and product market competition. We find that common ownership is neither robustly positively related with industry profitability or output prices nor is it robustly negatively related with measures of nonprice competition, as would be expected if common ownership reduces competition. This conclusion holds regardless of industry classification choice, common ownership measure, profitability measure, nonprice competition proxy, or model specification. Our point estimates are close to zero with tight bounds, rejecting even modestly sized economic effects. We conclude that antitrust restrictions seeking to limit intra-industry common ownership are not currently warranted.     

The U.S. listing gap

Relative to other countries, the U.S. now has abnormally few listed firms. This “U.S. listing gap” is consistent with a decrease in the net benefit of a listing for U.S. firms. Since the listing peak in 1996, the propensity to be listed is lower for all firm size categories and industries, the new list rate is low, and the delist rate is high. The high delist rate accounts for 46% of the listing gap and the low new list rate for 54%. The high delist rate is explained by an unusually high rate of acquisitions of publicly listed firms.     

APPLYING BETA‐TYPE SIZE DISTRIBUTIONS TO HEALTHCARE COST REGRESSIONS

This paper extends the literature on modelling healthcare cost data by applying the generalised beta of the second kind (GB2) distribution to English hospital inpatient cost data. A quasi‐experimental design, estimating models on a sub‐population of the data and evaluating performance on another sub‐population, is used to compare this distribution with its nested and limiting cases. While for these data the beta of the second kind (B2) distribution and generalised gamma (GG) distribution outperform the GB2, our results illustrate that the GB2 can be used as a device for choosing among competing parametric distributions for healthcare cost data. Copyright © 2013 John Wiley & Sons, Ltd.     

Epidemiology of fatal and non-fatal drowning patients attended by paramedics in Victoria,Australia

Drowning is a major cause of injury and death worldwide. This study aims to expand the evidence in fatal and non-fatal drowning. A retrospective study was conducted to investigate fatal and non-fatal drowning incidents attended by ambulance paramedics in Victoria (Australia) from 2007 to 2012. A total of 509 drowning incidents were identified, 339 (66.6%) were non-fatal, with 170 (33.4%) resulting in death. Children aged 0–4 years had the highest crude drowning rate (7.95 per 100,000 persons). Non-fatal incidents were more likely to be witnessed by a bystander when compared with fatal incidents (43.7% vs. 20.0%, p < 0.001). Spatial analysis indicated that 35 (43.8%) local government areas (LGAs) were considered at ‘excess risk’ of a drowning event occurring. This study is the first to apply spatial analysis to determine relative risk ratios for fatal and non-fatal drowning. These findings will enable geographically targeted and age-specific drowning prevention activities.     

Information-sharing in services for military personnel in transition to civilian life

An analysis of policy and practice documents on information-sharing in the transition of military personnel into civilian life finds (1) a complex transition pathway along which the responsibility for co-ordination of transition shifts from service providers to those in transition; (2) a lack of attention to operationalizing information-sharing for different service circumstances; (3) the potential for developing a framework for managing information-sharing; and (4) a need for further research to draw on the evidence of transitions and information-sharing in other policy sectors.     

Stress,resilience and leisure coping among university students: applying the broaden-and-build theory

Evidence suggests that leisure coping is affiliated with resilience, and that both predict stress-coping and well-being. However, a theoretical explanation of how resilience is associated with the stress-reducing properties of leisure coping is lacking. Using the broaden-and-build theory, a model was developed proposing that resilient individuals proactively use leisure coping to cultivate positive emotions and in turn enhance well-being. Leisure coping and positive affect (PA) were suggested to mediate the relationship between resilience and well-being outcomes (stress and flourishing). The model was tested among 202 U.K undergraduates, a population reported to experience high stress. Structural equation modelling revealed that resilience had a significant positive effect on flourishing. Leisure coping beliefs demonstrated a positive relationship with resilience, PA and flourishing. PA mediated the relationship between resilience and flourishing and between resilience and stress. Leisure coping strategies did not meaningfully contribute to the model. Leisure beliefs may have emerged as more important than leisure strategies because leisure beliefs are relatively stable with more enduring effects on health and well-being, while leisure strategies are transient and situation-based. Future research should examine the relationships longitudinally to explore developmental change. Implications of the findings for undergraduates are discussed.     

Gender,Risk, and Venture Creation Intentions

This paper is concerned with whether women are less likely to express business start‐up intentions because of a less favorable attitude to risk. Previous research suggests that attitude to risk differs significantly between genders, but has not addressed the question of whether this contributes to lower levels of female interest in venture creation. This paper describes a conceptual basis for this question, and investigates it using a survey of business start‐up intention from across a sample of European universities. A large proportion of the difference in average levels of intention between genders appears to be associated with attitude to risk.     

Subcontracting and Labour Standards: Reassessing the Potential of International Framework Agreements

Attempts to regulate labour standards in multinational companies face clear difficulties, not least because companies themselves may not have the executive power to enforce terms throughout complex and fragmented subcontracting structures. In the case of international framework agreements (IFAs), this might suggest a fundamental weakness. Taking our example from the South African construction industry, this article presents an IFA in the context of both employer and union strategy. We demonstrate that a two‐track approach exists: highly interventionist approach to quality‐critical issues compared with labour‐related issues. On this basis, we suggest that, far from being over‐hyped, IFAs have yet to be taken seriously enough.