Determinants of the relative price impact of unanticipated information in U.S. macroeconomic releases

The intraday response of T‐bond futures prices to surprises in headline figures of U.S. macroeconomic reports is investigated. Analyzing the time series properties and the information content of the macroeconomic news flow, the answer to the question, “What determines the relative price impact of releases?” is sought. Several types of information regarding inflation and economic strength are distinguished and the explanatory power of the type of information is tested against the alternative hypothesis that the timeliness of a release determines its impact. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:609–629, 2004     

Asymmetric persistence in GDP? A deeper look at depth

If an economic time series behaves asymmetrically, then an interpretation of economic fluctuations based on linear time-series models could be misleading. Beaudry and Koop (1993) recently argued that for post-war US GDP data there exists a statistically significant difference in persistence between negative and positive shocks. We demonstrate that their test has two pitfalls: First, the t-statistic for testing asymmetry in persistence does not have a conventional interpretation. Second, a highly significant t-value may come from sources different from asymmetry. Using international data, we investigate for the presence of asymmetric persistence across the G-7 countries.     

Health Care Educators: New Directions in Leadership Development

Fortune 500 companies have a competitive advantage in leadership development, whereas health care has lagged far behind. Physician leadership development, in particular, is a game changer for a closed staff, group practice that relies on a pipeline of physician leaders—such as the Cleveland Clinic. To address this leadership development gap in health care, the Cleveland Clinic Academy (CCA) was established in 2006. The academy is predicated on developing health care leaders with specific emphasis on physician leadership education using a competency‐based curriculum with value‐added components, including continuing medical education (CME) and master's of business administration (MBA) transfer credits. In the pioneering spirit of Dr. F. Mason Sones, the novel curriculum includes didactic learning, experiential immersion, and executive coaching, designed to promote physician career development, leadership potential, productivity and job satisfaction, and business acumen. The unique programs—54 stand‐alone courses, and customized programs such as Leading in Health Care, Staff Leadership Rotation, Samson Global Leadership Academy, Healthcare Finance and Accounting, and others—have affected individuals and patient care by reaching over 6,000 health care providers, including physicians from Cleveland Clinic, Bulgaria, France, Ireland, Japan, Qatar, UAE, India, Belgium, Saudi Arabia, Nigeria, Turkey, Dominican Republic, and throughout the United States. CCA provides a new direction in leadership development with an integrated competency‐based curriculum for physicians, nurses, and administrators.     

Marketing and persistent innovation success

Despite their critical roles in innovation success, marketing activities are overlooked when the sources of innovation persistence are considered. Using three waves of the French Community innovation survey covering the period 2002–2008, this paper investigates the influence of marketing activities on innovation success and in particular on persistent innovation success in high-tech industries. Our results confirm that innovation success depends on past innovation success. Innovation marketing does not positively influence persistent innovation success in low-tech industries. The dynamic of innovation marketing is found to be more complex in high-tech industries: innovation marketing positively influences persistent innovation success for incremental innovation but negatively influences it for radical innovation. We therefore provide support to the existing literature on ambidextrous organizations which, for the most part, associate incremental innovation success with marketing and radical innovation success with R&D resources. Innovation marketing also impacts innovation success over the short term. However, there is no evidence of a positive carry-over effect from innovation marketing activities over time (short or long term). The results regarding the short-term effects of innovation marketing activities mainly hold for low-tech industries.     

Strategic response: A key to understand how cheap talk works

Experimental protocols testing the effectiveness of cheap talk are numerous but have generated conflicting results. The theoretical interpretation of hypothetical bias as a strategic response according to the perceived consequence could be the missing key to understand these opposite results from the literature. Increasing evidence suggests that this bias rises from subjects’ perception of how stated preferences surveys will be used; some subjects believing that stated valuations can impact the price of the good, while others that it will influence its provision. Subjects strategically respond by adjusting their declared values accordingly. This paper reports experimental findings supporting the presence of strategic response, showing that cheap talk operates by mitigating these behaviors and potentially explaining cheap talk's heterogeneous results.