Using imagine instructions to induce consumers to generate ad-supporting content

Some recent advertisements attempt to increase persuasiveness by directly asking consumers to imagine arguments supporting the ad's message. This research provides a critical test of the effectiveness of this imagine strategy, while also identifying specific situations in which this technique can be most effective in increasing persuasion. Three studies reveal that imagine instructions are most effective when there is a lack of fit between consumers' regulatory orientation and the ad content, when consumers are dispositionally oriented toward a high need for cognitive closure, and when consumers are at a high construal level. These results are consistent with the possibility that the imagine strategy is most effective when used to enhance the motivation level of otherwise unmotivated consumers.     

Revolution, evolution, or status quo? Guidelines for efficiency measurement in health care

This paper discusses ways forward in terms of making efficiency measurement in the area of health care more useful. Options are discussed in terms of the potential introduction of guidelines for the undertaking of studies in this area, in order to make them more useful to policy makers and those involved in service delivery. The process of introducing such guidelines is discussed using the example of the development of guidelines in economic evaluation of health technologies. This presents two alternative ways forward—‘revolution’, the establishment of a panel to establish initial guidelines, or ‘evolution’—the more gradual development of such guidelines over time. The third alternative of ‘status quo’, representing the current state of play, is seen as the base case scenario. It is concluded that although we are quite a way on in terms of techniques and publications, perhaps revolution, followed by evolution is the way forward.     

Tumor treating fields and maintenance temozolomide for newly-diagnosed glioblastoma: a cost-effectiveness study

Abstract

Purpose: The EF-14 trial demonstrated that adding tumor treating fields (TTFields) to maintenance temozolomide (TMZ) significantly extends progression-free survival (PFS) and overall survival (OS) for newly-diagnosed glioblastoma (GBM) patients. This study assessed the cost-effectiveness of TTFields and TMZ for newly-diagnosed GBM from the US healthcare system perspective.

Methods and materials: Outcomes for newly-diagnosed GBM patients were estimated over a lifetime horizon using an area under the curve model with three states: stable disease, progressive disease, or death. The survival model integrated the 5-year EF-14 trial results with long-term GBM epidemiology data and US background mortality rates. Adverse event rates were derived from the EF-14 trial data. Utility values to determine quality-adjusted life-years, adverse event costs, and supportive care costs were obtained from published literature. A 3% discount rate was applied to future costs and outcomes. One-way and probabilistic sensitivity analyses were performed to assess result uncertainty due to parameter variability.

Results: Treatment with TTFields and TMZ was estimated to result in a mean increase in survival of 1.25 life years (95% credible range [CR]?=?0.89–1.67) and 0.96 quality-adjusted life years (QALYs) (95% CR = 0.67–1.30) compared to treatment with TMZ alone. The incremental total cost was $188,637 (95% CR = $145,324–$225,330). The incremental cost-effectiveness ratio (ICER) was $150,452 per life year gained and $197,336 per QALY gained. The model was most sensitive to changes in the cost of TTFields treatment.

Conclusions: Adding TTFields to maintenance TMZ resulted in a substantial increase in the estimated mean lifetime survival and quality-adjusted survival for newly-diagnosed GBM patients. Treatment with TTFields can be considered cost-effective within the reported range of willingness-to-pay thresholds in the US.     

Creativity is …: A metaphoric model of the creative thought process

This study applied a three-part metaphoric model of thinking to illuminate the creative thought process in developing marketing communications. The Zaltman Metaphor Elicitation Technique was used to categorize metaphorical statements about the creative process. Analysis found that these statements fit the model's tripartite structure of perception, movement, and object manipulation. These results suggest alternative paths for developing creative concepts, and also suggest a framework for understanding how best to use various techniques at different stages of the creative process.     

Compensating Competitors or Restoring Competition? EU Regulation of State Aid for Banks During the Financial Crisis

We contrast the theory underpinning state aid for failing banks with that for failing firms in the non-financial sector. We argue that there is little justification for measures to ‘compensate’ rivals when the bank has been saved for reasons of systemic stability. The Commission’s approach to bank restructuring aid takes insufficient notice of this. Furthermore, the use of punitive divestitures is not the best way of addressing moral hazard. Worse, such divestitures can impede competition by creating weak rivals. We provide four detailed case studies to illustrate the problems. We conclude that the Commission provided a useful constraint in the midst of a crisis of unprecedented scale and complexity, but its approach could have been improved by more systematic attention to effective competition relative to the appropriate counterfactual.     

The New Political Economy of EU State Aid Policy

Despite its importance and singularity, the EU’s state aid policy has attracted less scholarly attention than other elements of EU competition policy. Introducing the themes addressed by the special issue, this article briefly reviews the development of EU policy and highlights why the control of state aid matters. The Commission’s response to the current economic crisis notably in banking and the car industry is a key concern, but the interests of the special issue go far beyond. They include: the role of the European Commission in the development of EU policy, the politics of state aid, and a clash between models of capitalism. The special issue also examines the impact of EU policy. It investigates how EU state aid decisions affect not only industrial policy at the national level (and therefore at the EU level), but the welfare state and territorial relations within federal member states, the external implications of EU action and the strategies pursued by the Commission to limit any potential disadvantage to European firms, and the conflict between the EU’s expanding legal order and national.     

Hedge Fund Involvement in Convertible Securities

Convertible arbitrage hedge funds combine long positions in convertible securities with short positions in the underlying stock. In effect, hedge funds use their knowledge of the borrowing and short‐sale market to hedge themselves while distributing equity exposure to a large number of well‐diversified investors through their short positions. The authors argue that many “would‐be” equity issuers that would otherwise pay high costs in a secondary equity issue choose instead to issue convertible debt to hedge funds that in turn distribute equity exposure to institutional investors. This allows companies to receive “equity‐like” financing today at lower cost than a secondary equity offering. The authors' findings also suggest that more convertibles will be privately placed with hedge funds when issuer and market conditions suggest that shorting costs will be lower.     

Methods for the Analysis of CCRC Data

Abstract

This paper presents an approach to analyzing continuing care retirement community (CCRC) data and demonstrates the methodology by using data from a CCRC. It is assumed that residents make "transitions" among a number of "states" that represent the levels of care required by residents. There is randomness associated with both the transition times and the states entered at these times. The model is conveniently characterized in terms of “transition intensity functions,” which represent the instantaneous rates of transition between pairs of states. Statistical methods for estimating these functions are discussed, and estimates are obtained from the data-set. A simulation approach for determining probabilities and other interesting quantities based on the estimated intensity functions is also described and illustrated.     

Corporate collaborative activity: exploratory evidence on the determinants of vehicle choice

This exploratory study analyses the factors that affect the selection of a contract, alliance or joint venture for collaborative activity. The findings, based on a sample of 441 announcements made by UK firms, reveal that although no unequivocal support exists for either the agency- or transaction cost economics-based explanations of vehicle choice, the decision does appear to have a strategic element. In addition, the results suggest that while the three forms of inter-firm arrangement are often viewed as points on a continuum, the key decision relates to whether or not to establish a joint venture. In the light of these initial findings, future research might most usefully investigate decision-making of this type on a case-by-case basis, rather than attempting to induce pervasive explanations of the process.     

Rising accountability of Australian non-government schools

This paper reflects on the contested space of school funding in Australia and with it accountability requirements for non-government schools. With the significant growth of Australian government schools has come substantial visibility and electoral power. Yet, over the past 20 years, the Australian central (Commonwealth) government has used its countervailing power to expand its accountability requirements. Possible lessons for the UK situation are suggested.