STOCK SPLITS AND MARKET ANOMALIES

Previous studies of market efficiency have reported conflicting results when examining stock splits. Recent studies reporting market inefficiencies have made several methodological improvements, but have failed to control for the possible confounding effects of “unexpected” changes in corporate earnings announced near the stock split event. Stock splits are often issued around the time that firms experience large increases in corporate earnings. Therefore, an explicit treatment of earnings announcements in an event study of stock splits may yield further insights. This study found no market inefficiencies associated with splitting securities that experienced moderate changes in corporate earnings. However, anomalies were associated with splitting securities that experienced large increases in corporate earnings. These results suggest that previous findings of market inefficiencies, attributable solely to the stock split event, may be due in part to unexpected changes in corporate earnings.     

Treatment patterns and predictors of costs among patients with migraine: evidence from the United States medical expenditure panel survey

Abstract

Aim: Within a treated migraine population, to evaluate if the sub-group meeting criteria for high disease-specific total costs is significantly different to the sub-group with medium and/or low-costs, and to identify the associated risk factors.

Methods: Data from the Household Component of Medical Expenditure Panel Survey (MEPS-HC, 2008–2012), a nationally representative survey of non-institutionalized civilians in the US, were analyzed. Key inclusion criteria were migraine diagnosis (ICD-9 code: 346.XX) and prescribed treatment for migraine. Patients were categorized into high (>top 10th percentile), low (<bottom 10th percentile), and medium (between high and low) cost sub-groups per migraine-specific total costs. Logistic regression models were applied to identify predictors of high vs medium and medium vs low-costs. Preventive eligibility, defined as (i) past/current use of migraine preventives or (ii) overuse of acute medications, was compared to non-preventive eligibility.

Results: Within the treated migraine cohort (n?=?1,735), the mean age was 39?years, 80% were female, and the majority were in the medium-cost sub-group (n?=?1,360) (low-cost n?=?190, high-cost n?=?195). Significant predictors of high vs medium-costs were low SF-12 Physical Composite Scores (OR?=?0.95; 95% CI?=?0.92–0.97), low SF-6D health utility index scores (OR?=?0.019; 95% CI?=?0.002–0.193), preventive eligibility-i (OR?=?0.019; 95% CI?=?0.002–0.193), and preventive-eligibility-ii (OR?=?3.10; 95% CI?=?1.62–5.91). Statistically significant (p?<?0.05) predictors of medium vs low-costs included anxiety, Fleishman score, preventive-eligible-i, and preventive-eligible-ii.

Conclusions: Among patients treated for migraine, distinct characteristics, including patient-functioning measures and comorbidities, are predictive of high vs medium-costs, and medium vs low-costs. Preventive eligibility is a predictor of being in the higher cost sub-groups; however, preventive treatments that improve functioning and reduce acute medication use have the potential to reduce migraine-specific costs.

Limitations: The results are limited to a population that is diagnosed and treated for migraine. Over-the-counter medication use, and migraine headache frequency and severity were not captured.     

The Impact of Segment Reporting Under the IFRS 8 and SFAS 131 Management Approach: A Research Review

This paper evaluates the impact of adopting the management approach for segment reporting. We review studies of the effect of the application of SFAS 131 and IFRS 8 on the number of reported operating segments and items of disclosure, segment reporting gaps and reconciliations, entitywide geographic disclosures, and competitive harm and decision usefulness of segment information. We report on the advantages and disadvantages of the management approach and explore whether the concerns of critics of adopting the management approach in IFRS 8 have been realized. We also identify opportunities for important and policy‐relevant research in the area of segment reporting based on IFRS 8.     

Disaffection with trade unions in China: some evidence from SOEs in the auto industry

Despite the growing research into China's industrial relations system there is remarkably little research into how China's workers regard their trade union. This article draws on over 500 interviews conducted in three SOEs in the auto industry in Hubei Province to examine this question.     

How to serve sustainability performance in businesses? An appetizing recipe to link practices to performance in business sustainability research

Recent critiques claim that business sustainability scholarship offers little evidence on how to effectively address business unsustainability. In this article, we demonstrate why this problem exists. Specifically, we argue that the literatures on internal practices of business sustainability, and on the sustainability performance of businesses, do not speak to each other and that explanatory models also fail to bridge a corresponding gap in the field. We argue for the development of a subfield of sustainability performance in businesses and explain the types of inquiries that should be developed. Finally, we suggest how scholars in the business sustainability field could contribute to the development of better understanding of sustainability performance in businesses.     

Environmental adders in the real world

This paper evaluates the use of environmental ‘adders’ as a regulatory instrument. It evaluates their likely performance in meeting the policy objective of social costing given the changes in the electric utility industry's structure and in environmental policy since the efforts to estimate these costs were initiated. The prognosis is largely negative — suggesting that environmental adders are inconsistent with the increased competition already underway in the utility industry, as well as with the trend toward greater use of true market-based approaches to environmental policy that are not subject to detailed economic regulation.