Carcinoid of the intrahepatic ducts

Carcinoid tumors of the biliary tree are rare. To the best of our knowledge, this is the first reported case of an intrahepatic ductal carcinoid and the thirteenth reported case of biliary carcinoid. The radiographic appearance is variable. A brief review of the previously described cases is presented.     

A note on comparative statics and dynamics of stationary states

Certain results are communicated regarding effects of parameter changes, when the stationary state is stable, on the stationary state and an optimal paths in its neighbourhood in discrete time multi-sectoral optimal growth models where period utilities are discounted.     

African Americans in southern rural regions: The importance of legacy

This analysis reassesses the importance of the combined legacies of race, class, and culture by using the concentration of African Americans in a county as a general measure of this phenomenon for thirteen Southern states. Explanatory variables associated with labor force structure, social well-being and region provide evidence that those areas of the South with the highest concentrations of African Americans continue to be the most disadvantaged. These results suggest little change for metropolitan counties with increased concentrations of African Americans. The analyses point toward the need for a focused assessment of the efficacy of existing public and private programs to provide a foundation for overcoming the negative dimensions of the regional legacy.     

Severance Payment: Incentive or Lethargy Effect?

The aim of the paper is to determine the impact of severance payment on the motivation of the worker to make an effort, when there is a risk for him to be dismissed once his effort was made. We highlight through a two‐stage model the various factors which influence the dismissal decision by the firm and the worker's effort, such as the initial wage, the litigation costs and the relative bargaining powers of the parties when the relationship ends or goes on. In this context, we show that the impact of the severance payment paid ex post in case of dismissal on the level of effort chosen by the worker ex ante may depend on such characteristics.     

Application of the “probable future competition” doctrine to the commercial banking and savings and loan industries

Conclusions This study identified two implicit assumptions inherent in the use of the probable future competition (PFC) doctrine by regulators in the commercial banking and savings and loan industries. One assumption was that an institution's merger request identified it as the most likely entrant (MLE). The other assumption was that the higher the likelihood that a merger requestor would enterde novo the more important it is to deny its merger request so as to maintain the over all probability of entry.Both of these implicit assumptions were shown to be tenuous. In all cases where PFC was the issue, it was demonstrated that there was no logical reason for regulators to presume that a merger request signaled an MLE. Also, it was shown that in some quite reasonable situations merger approval is less harmful to the probability of at least onede novo entrant the higher is the merger requestor's individual likelihood of entry.     

COHERENCE OF THE KNOWLEDGE BASE AND THE FIRM'S INNOVATIVE PERFORMANCE: EVIDENCE FROM THE U.S. PHARMACEUTICAL INDUSTRY*

We examine the relationship between the coherence of the knowledge base and the innovative performance of U.S. pharmaceutical firms during the 1990's. We develop measures of the coherence and scope of the firms' knowledge base. Count data regression models show a strong link between these two properties and the firms' innovative performance. Firms experience decreasing returns to scale in research but larger firms enjoy a significant size advantage in innovation. Knowledge flows are necessary in knowledge production but not sufficient to secure its quality. Over time, the contribution of the scope and coherence of the knowledge base is increasing.     

A New Approach to Markov-Switching GARCH Models

The use of Markov-switching models to capture the volatilitydynamics of financial time series has grown considerably duringpast years, in part because they give rise to a plausible interpretationof nonlinearities. Nevertheless, GARCH-type models remain ubiquitousin order to allow for nonlinearities associated with time-varyingvolatility. Existing methods of combining the two approachesare unsatisfactory, as they either suffer from severe estimationdifficulties or else their dynamic properties are not well understood.In this article we present a new Markov-switching GARCH modelthat overcomes both of these problems. Dynamic properties arederived and their implications for the volatility process discussed.We argue that the disaggregation of the variance process offeredby the new model is more plausible than in the existing variants.The approach is illustrated with several exchange rate returnseries. The results suggest that a promising volatility modelis an independent switching GARCH process with a possibly skewedconditional mixture density.