OVERLAPPING SETS OF PRIORS AND THE EXISTENCE OF EFFICIENT ALLOCATIONS AND EQUILIBRIA FOR RISK MEASURES

The overlapping expectations and the collective absence of arbitrage conditions introduced in the economic literature to insure existence of Pareto optima and equilibria with short‐selling when investors have a single belief about future returns, is reconsidered. Investors use measures of risk. The overlapping sets of priors and the Pareto equilibrium conditions introduced by Heath and Ku for coherent risk measures are respectively reinterpreted as a weak no‐arbitrage and a weak collective absence of arbitrage conditions and shown to imply existence of Pareto optima and Arrow–Debreu equilibria.     

Determinants and economic consequences of cash flow restatements

The FASB, PCAOB, SEC, and AICPA have all acknowledged that the accounting field needs to revisit the statement of cash flows (SCF). While the overall number of restatements has held steady over the past five years, the percentage of cash flow restatements (CFRs) has risen from 8.7% of all restatements in 2009 to 20.2% of all restatements in 2014. We examine the determinants of CFRs, investors’ differential beliefs about CFRs, and the information content of CFRs by focusing on abnormal trading volume and price reactions to CFRs. We then examine whether the guidance the SEC/AICPA published in early 2006 changed the information content of CFRs. Finally, since the proper classification within the SCF is a current regulatory issue, we examine whether classification shifting within the SCFs impacts the market. The market finds CFRs to be informative with some investor disagreement as shown by higher abnormal trading volume. We also find an incremental volume reaction to changes in operating cash flows after the SEC allowance period. While the market responds negatively to CFRs, we find that the market does not differentiate between whether classification shifting occurs or does not occur with the CFR. This study has implications for policymakers, auditors, and investors since it is one of the first to examine the capital market consequences of CFRs.     

Implications of nurse-physician relations: report of a successful intervention

Given the evidence linking medical errors to ineffective communication, strategies for improving communication among health care professionals must be implemented. The purpose of this article was to examine the effect of a collaborative intervention on improving communication patterns between nurses and physicians on two study units. The intervention consisted of two nurses and two physicians (per unit) meeting together (8 hours total) to collaboratively develop a solution to communication issues on their respective units. Physicians scored significantly higher on reports of openness of communication within groups, openness between groups, accuracy between groups, and collaboration between groups. Collaboration reported among nurses and physicians improved for both professions, with significance reached for physicians (p = 0.031). Strategies must be identified to break down the barriers set by the current culture, and that expedite the development of a team-centered culture supporting collaborative relations among health care professionals.     

Cost-effective species conservation in exurban communities: A spatial analysis

Exurban areas have increasingly become zones of conflict as conservation and development compete for the same finite land resources. Conversion of natural areas to land dominated by human use results in loss, degradation, and fragmentation of wildlife habitat which often lead to species endangerment or even extinction. Recently, reserve site selection models have begun to integrate spatial attributes in order to design more compact and connected reserve networks that are thought to improve long-term species persistence. While these models are a good step forward to designing conservation reserve networks, they might not be adequate for use in exurban areas that consist of heterogeneous mosaics of land uses where habitat fragmentation already exists and not all parcels are available for preservation. This paper presents a species conservation framework that expands upon traditional reserve site selection models in three ways. First, because of the focus on exurban areas, the framework used here allows for land conversion within core habitat patches. Second, the framework provides a more robust assessment of connectivity among patches by accounting for land-use heterogeneity in the dispersal matrix. And third, the framework explicitly incorporates species population dynamics. We apply our conservation framework to the case of pond-breeding salamanders in an exurban community in Rhode Island, USA. Comparisons are made between the outcomes for uniform conservation policies and more flexible policies that accommodate ecological and economic heterogeneity. As expected, policies that offer more flexibility in the decision-making process are less costly in terms of foregone development. Conservation planners should consider core habitat patches, dispersal matrix, and spatial scale in their decision making. By not assessing the potential impact of dispersal barriers, reserve site selection models will result in conservation plans that may not protect species over the long term, particularly for species residing in highly fragmented landscapes such as those found in many exurban communities.     

Individual responses to competing institutional logics in emerging markets

In this paper, we study individual responses to competing institutional market and community logics. We argue that when individuals experience strong pressures both from market and community logics in hybrid contexts, they are unlikely to choose one logic over another. Instead, they combine both logics act as hybridizers. We identified three roles of local (Kazakhstani and Turkish) managers as hybridizers: bridging between competing logics, boundary spanning and cultural buffering.