The Changing Rewards to Science: The Case of Biotechnology

Little is known about the form and or magnitude of compensation provided university-based scientists working on firm R&D. This is unfortunate, given the important role that university-based scientists play in R&D, and the growing literature concerning compensation and innovation. This paper sheds some light on these issues by examining the compensation of university-based scientists involved with 52 biotech firms that made an initial public offering between March of 1990 and November of 1992. Although the stock holdings of the university scientists are of particular interest, additional forms of compensation received by the scientists are also examined.We find that approximately 10 percent of the university-based scientists affiliated with these companies hold sufficient options or stock to require disclosure at the time of the public offering. A far larger proportion has an equity position in the firm. In many instances the scientists also receive consulting fees or salary from the firm and enter into licensing agreements with the firm. In addition to providing information concerning the compensation of university-based scientists, the empirical work suggests that the rewards to science can be significantly greater than previous work would suggest.     

Uk Corporate Acquisitions In Latin America In The 1990s: Lost Opportunities In A New Economic Environment

During the 1990s, foreign direct investment flowed into Latin America at an unprecedented rate. Capital inflows associated with privatizations and private mergers and acquisitions (M&As) rose steeply. Drawing on original firm–level transactions data, this article examines the extent to which UK enterprises participated in the Latin American privatization and private M&A boom. The authors conclude that, relative to their counterparts in many other major industrial countries, UK enterprises adopted a cautious stance, largely eschewing privatization opportunities and concentrating M&A activities on relatively few operations, sectors and countries, in order to strengthen product and market positions. Moreover, the strategic logic guiding the most important corporate acquisitions centred on gaining access to domestic markets rather than attempting to create global export platforms.     

Company reputation and its influence on consumer trust in response to ongoing CSR communication

There is considerable disagreement in academic scholarship and beyond as to whether, in cases of bad reputations, companies will want to communicate corporate social responsibility (CSR) activities because this kind of communication is likely to increase consumers’ skepticism. In this regard, the two empirical studies discussed in this article examine the influence of prior company reputation on consumers’ trust in response to CSR communication in general and the development in response to continuous CSR activities and their ongoing communication by companies as well as by the media in particular. The two studies show that consumers’ trust in companies’ CSR activities increases after a second presentation of information by companies even in instances when companies had prior negative reputations. The second study in particular fills a gap in the literature on underlying mechanisms of consumers’ reactions to CSR communication. The results suggest that companies with prior negative reputations do not need to remain silent about their CSR activities; instead, CSR communication can help improve consumers’ trust in companies. However, the findings of these two studies also suggest that this positive development is short-lived. Consumers’ developing trust in companies’ CSR activities decreases significantly if they are exposed to negative information on these companies.     

Determinants of bank’s interest margin in the aftermath of the crisis: the effect of interest rates and the yield curve slope

Empirical Economics - This paper analyses the determinants of net interest margin, focusing on the impact of interest rates and the slope of the yield curve, using a broad panel of data from 32...     

Technological and non-technological innovation and productivity in services vis-à-vis manufacturing sectors

In this paper, the links between investment in innovation activities, innovation outputs (technological and non-technological innovation) and productivity in services vis-à-vis the manufacturing sector are explored using innovation survey data from Uruguay. The size of firms, their cooperation in R&D activities, the use of public financial support, patent protection and the use of market sources of information are very important drivers of the decision to invest in innovation activities across sectors. The main determinants of technological and non-technological innovations are the level of investment in innovation activities and the size of the firm. The results indicate that both technological and non-technological innovations are positively associated to productivity gains in services, but non-technological innovations have a more important role. The reverse happens for manufacturing, where technological innovations are more relevant for productivity.     

Current and projected patient and insurer costs for the care of patients with non-small cell lung cancer in the United States through 2040

Aims: The objective of this study was to quantify the current and to project future patient and insurer costs for the care of patients with non-small cell lung cancer in the US.

Materials and methods: An analysis of administrative claims data among patients diagnosed with non-small cell lung cancer from 2007–2015 was conducted. Future costs were projected through 2040 based on these data using autoregressive models.

Results: Analysis of claims data found the average total cost of care during first- and second-line therapy was $1,161.70 and $561.80 for patients, and $45,175.70 and $26,201.40 for insurers, respectively. By 2040, the average total patient out-of-pocket costs are projected to reach $3,047.67 for first-line and $2,211.33 for second-line therapy, and insurance will pay an average of $131,262.39 for first-line and $75,062.23 for second-line therapy.

Limitations: Claims data are not collected for research purposes; therefore, there may be errors in entry and coding. Additionally, claims data do not contain important clinical factors, such as stage of disease at diagnosis, tumor histology, or data on disease progression, which may have important implications on the cost of care.

Conclusions: The trajectory of the cost of lung cancer care is growing. This study estimates that the cost of care may double by 2040, with the greatest proportion of increase in patient out-of-pocket costs. Despite the average cost projections, these results suggest that a small sub-set of patients with very high costs could be at even greater risk in the future.     

Keynes at the periphery: Currency hierarchy and challenges for economic policy in emerging economies

While the post Keynesian literature offers a rather clear concept for growth-oriented policies, it is necessary to adapt them for peripheral emerging economies. We base our analysis of an appropriate Keynesian policy mix for these countries on the concept of currency hierarchy, where the currencies of peripheral emerging economies have a lower liquidity premium than the currencies of advanced economies. The international asymmetry related to the currency hierarchy, amplified by financial globalization, imposes major constraints to the adoption of Keynesian policies for these economies. Under these conditions, we argue that domestic economic policy coordination should lay a major focus on a low policy rate and, especially, a competitive exchange rate for obtaining, at least, a balanced current account, in order to prevent capital flows boom-bust-cycles with subsequent financial crises. We conclude that it is a rather ambitious and long-term goal to climb up the currency hierarchy, especially under the current condition of financial globalization.     

Shift work in nursing: is it really a risk factor for nurses' health and patients' safety?

There is evidence in the scientific literature of the adverse physiological and psychological effects of shift work, including disruption to biological rhythm, sleep disorders, health problems, diminished performance at work, job dissatisfaction, and social isolation. In this study, the results of health problems and sleep disorders between female and male nurses, between daytime and shift nurses, and between sleep-adjusted and non-sleep-adjusted shift nurses were compared. Also the relationship between adjustment to shift work and organizational outcomes (errors and incidents and absenteeism from work) was analyzed. Gender, age, and weight were more significant factors than shift work in determining the well-being of nurses. Shift work by itself was not found to be a risk factor for nurses' health and organizational outcomes in this study. Moreover, nurses who were identified as being "non-adaptive" to shift work were found to work as effectively and safely as their adaptive colleagues in terms of absenteeism from work and involvement in professional errors and accidents. This research adds two additional findings to the field of shift work studies. The first finding is that female shift workers complain significantly more about sleep disorders than male shift workers. Second, although high rates of nurses whose sleep was not adapted to shift work were found, this did not have a more adverse impact on their health, absenteeism rates, or performance (reported errors and incidents), compared to their "adaptive" and "daytime" colleagues.