Public Trading and Private Incentives

This article studies the link between public trading and theactivity of a firm's large shareholder who can affect firm value.Public trading results in the formation of a stock price thatis informative about the large shareholder's activity. Thisincreases the latter's incentives to engage in value-increasingactivities. Indeed, if he has to liquidate part of his stakebefore the effect of his activity is publicly observed, a moreinformative price rewards him for his activity. Implicationsare derived for the decision to go public, capital structure,and security design.     

Real-world treatment patterns and healthcare costs among biologic-naive patients initiating apremilast or biologics for the treatment of psoriasis

Objective: This study compared real-world treatment patterns and healthcare costs among biologic-naive psoriasis patients initiating apremilast or biologics.

Methods: A retrospective cohort study was conducted using the Optum Clinformatics? claims database. Patients with psoriasis were selected if they had initiated apremilast or biologics between January 1, 2014, and December 31, 2015; had 12?months of pre-index and post-index continuous enrollment in the database; and were biologic-naive. The index date was defined as the date of the first claim for apremilast or biologic, and occurred between January 1, 2014, and December 31, 2015. Treatment persistence was defined as continuous treatment without a?>?60-day gap in therapy (discontinuation) or a switch to a different psoriasis treatment during the 12-month post-index period. Adherence was defined as a medication possession ratio (MPR) of ≥ 80% while persistent on the index treatment. Persistence-based MPR was defined as the number of days with the medication on hand measured during the patients’ period of treatment persistence divided by the duration of the period of treatment persistence. Because patients were not randomized, apremilast patients were propensity score matched up to 1:2 to biologic patients to adjust for possible selection bias. Treatment persistence/adherence and all-cause healthcare costs were evaluated. Cost differences were determined using Wilcoxon rank-sum tests.

Results: In all, 343 biologic-naive patients initiating apremilast were matched to 680 biologic-naive patients initiating biologics. After matching, patient characteristics were similar between cohorts. Twelve-month treatment persistence was similar for biologic-naive patients initiating apremilast vs biologics (32.1% vs 33.2%; p?=?0.7079). While persistent on therapy up to 12?months, per-patient per-month (PPPM) total healthcare costs were significantly lower among biologic-naive cohorts initiating apremilast vs biologics ($2,214 vs $5,184; p?p?p?p?Limitations: Data were limited to individuals with United Healthcare commercial and Medicare Advantage insurance plans, and may not be generalizable to psoriasis patients with other insurance or without health insurance coverage.

Conclusion: Biologic-naive patients with similar patient characteristics receiving apremilast vs biologics had significantly lower PPPM costs, even when they switched to biologics during the 12-month post-index period. These results may be useful to payers and providers seeking to optimize psoriasis care while reducing healthcare costs.     

Whither Foreign R&D in China: Some Concluding Thoughts on Chinese Innovation

The purpose of this article is to highlight the impact of a new range of field-work driven scholarly research regarding foreign R&D in China on the field of Chinese innovation studies. The field of China innovation studies is positioned for a major take-off with the opening up and broadening of the field to a new generation of scholars and experts, including the growing participation and contributions of Chinese nationals from the People's Republic of China (PRC). With the continued opening of China to the outside world has come also increased scholarly access which is allowing for research on issues that heretofore was constrained due to the limited availability of information as well as political and national security sensitivities. The field also is benefiting from the increased visibility being given to innovation matters by the Chinese government and the rise in the number of foreign R&D centres that have been established by foreign companies. New ‘internally-focused’ questions related to R&D spending, the cultural and historical setting for innovation, and the institutional structure are being addressed with some promising results. In addition, a whole new series of ‘externally-focused’ questions also are beginning to dominate the research agenda as more and more foreign firms seek to take advantage of China's improved climate for overseas business as well as the growing number of scientists and engineers at the higher end of the Chinese talent pool. The more we seem to find out, however, the more we realize we need to know to truly understand China's technological potential. That said, it is increasingly clear that foreign influence is having an important shaping effect on the nature of the PRC's R&D system, especially with respect to the strategic role played or potentially being played by returned scholars and experts whose more cosmopolitan perspectives serve as a real asset in building bridges between Chinese traditional attitudes and modes of behaviour towards new knowledge creation and the current institutional constraints on China's innovation trajectory since 1949.     

Domestic competitor influence on internationalizing SMEs as an industry evolves

Taking an industry-level perspective of how SME internationalization is shaped by interaction with domestic competitors, and by researching the whole population of internationalizing firms in the same industry segment in the same country over time, the paper uses industry evolution and reference competitor theories to explain SME internationalization as a response to changing market and industry context. Three competitive patterns are predicted, and examined empirically, for SMEs internationalizing in the emergence, growth and consolidation stages of an industry’s evolution. Pioneering internationalizing SMEs act as reference competitors for firms subsequently entering the industry, thereby influencing the industry evolution domestically and globally.     

Information technology and efficiency in trucking

Abstract .  We develop an econometric model to estimate the impact of Electronic Vehicle Management Systems ( EVMS ) on the load factor ( LF ) of heavy trucks. This technology is supposed to improve capacity utilization. The model is estimated on the Quebec subsample of the 1999  National Roadside Survey . The  LF  is explained as a function of truck, trip, and carrier characteristics. We show that the use of  EVMS  results in an increase of 16 percentage points of  LF  on backhaul trips. However, we also find that there is a rebound effect on fronthaul movements, with a reduction of  LF  by about 7.6 percentage points.     

Revisiting the UNICEF malnutrition framework to foster agriculture and health sector collaboration to reduce malnutrition: A comparison of stakeholder priorities for action in Afghanistan

High rates of undernutrition persist in Afghanistan, but community-level information is scarce on its underlying causes. Developing policy in such situations is affected by varying stakeholder perspectives on the issues. This study uses the UNICEF malnutrition framework and a rapid assessment methodology to compare how stakeholders at community, provincial and national levels describe the food and nutrition situation. Consistent differences in problem definition by administrative level and between agriculture and health sectors were apparent. Stakeholders at all administrative levels widely agreed on the need to improve incomes and employment to ensure food security because of the many constraints to agricultural production. Provincial and national level stakeholders further agreed on the need for nutrition education at all levels of society. The research illustrates how local adaptation and application of the UNICEF malnutrition framework can reveal divergent perspectives, as a first step toward finding common ground and an appropriate policy response.     

A pseudo-panel data model of household electricity demand

We study the dynamic behaviour of household electricity consumption on the basis of four large independent surveys conducted in the province of Québec from 1989 to 2002. The latter region displays some rather unique features such as the very extensive use of electricity for space heating in a cold climate and the wide range of energy sources used to meet space heating requirements. We adopt Deaton (1985) approach to create 25 cohorts of households that form a pseudo-panel. The cohorts have on average 131 households. The model error terms allow for group heteroskedasticity and serial correlation. Short-run and long-run own and cross-price elasticities are statistically significant. Electricity and natural gas are estimated to be substitutes while electricity and fuel oil are complements, as it may occur in the Quebec context. The estimate of the income elasticity is not significant. Comparisons with related studies are provided.     

THE COSTS OF EQUITY ISSUES SINCE RULE 415: A CLOSER LOOK

In this paper I re-examine the effect of shelf registration (SEC Rule 415) on the underwriter fees of firms issuing equity. The data indicate that lower fees cannot be obtained by typical firms using the shelf procedure. Rather, previously documented evidence of lower underwriter spreads for shelf issues appears to be due to a selection bias in the firms choosing shelf registration. These firms enjoy a comparative cost advantage over other firms regardless of the registration procedure used.