The globalisation of research in the pharmaceutical industry: A case of uneven development

The paper discusses different conceptualisations of the term globalisation of research. From this discussion five dimensions of globalisation of research are identified. Using three different type of data, the paper goes on to examine the extent, motivations and mechanism for the globalisation of research along these five dimensions among leading European and US pharmaceutical multinational companies (MNCs). The evidence for the period 1975-1998 shows that the general process of international expansion of research activities varied significantly between leading US and European MNCs. It is also clear that the development of the process of globalisation has proceeded unevenly along the five dimensions studied. The data also show the increasing concentration of both US and European research investment in the USA.     

Sicherer Umgang mit Betäubungsmitteln

Ambulante Pflegedienste betreuen h?ufig auch Patienten, die einer intensiven Schmerztherapie bedürfen. Viele von ihnen werden dabei mit Medikamenten versorgt, die unter das Bet?ubungsmittelgesetz fallen. Für die Pflegedienste hei?t das: Die Dokumentation muss hier besonderen Anforderungen genügen.     

Pflege aus der Kräuterküche: Erlaubt ist,was gefällt?

Rechtliche Sicherheit bei der Verwendung von Tee, Kohlblatt & Co. - Die Anwendung von Kr?utern oder Heilpflanzen in der Pflege erfreut sich wachsender Beliebtheit. Doch nicht alles, was angewendet wird, ist in dieser Form auch erlaubt. Was müssen Sie beachten, um rechtlich auf der sicheren Seite zu stehen?     

Arranger Certification in Project Finance

Using a sample of 4,122 project finance loans worth $769 billion arranged from 1991 to 2005, we demonstrate that certification by prestigious lead arranging banks creates economic value by reducing overall loan spreads compared to loans arranged by less prestigious arrangers. Banks participating in these loan syndicates, rather than the project sponsors, pay for this certification. They do so by allowing top tier arrangers to keep larger fractions of the upfront arranging fees. Results are robust to the correction for the endogenous choice of loans by prestigious arrangers and indicate that certification is even more valuable during periods of extreme financial stress.     

What explains Latin America's poor investment performance during the 1980–2001 period?: a panel unit root analysis

This article analyses the theoretical and empirical links between key economic variables and private investment spending in Latin America during the 1980–2001 period. The Seemingly Unrelated Regression (SUR) estimates for the pooled investment model suggest that real (lagged) public investment, the output gap, lagged domestic credit to the private sector, and the national savings rate have a positive and significant effect on private capital formation, while the standard deviation of the real exchange rate index has a negative effect on private capital formation. A major contribution of the study is the application of recently developed panel unit roots test on the stacked residuals of the pooled regressions. The tests indicate that the included variables have a stable, non‐spurious (cointegrated) relationship. All in all, the findings in this article make an important contribution to the ongoing debate about which policies need to be promoted to raise and sustain the rate of private capital formation – Latin America's future source of employment and income creation.     

Does Financial Development Promote Innovation in Developing Economies? An Empirical Analysis

Using firm‐level data from 2006 to 2013 for a set of developing countries, we examine the effects of financial development on innovation. Financial development boosts innovation by improving resource allocation and investment in strategic sectors as well as facilitating technology to promote growth. Using binary response models and instrumental variable techniques to correct for endogeneity, we find robust but puzzling results. Contrary to most of the existing literature, financial development has a negative effect on the probability of a firm to innovate in developing countries. This effect is conditional on firm size, and only larger firms benefit from financial development. These results are robust to different measures of financial development and econometric specifications. We argue that this is a result of the design of the financial system in regard to the lack of capital and institutional system. Consequently, developing countries should first generate appropriate institutional conditions if they want financial development to spur growth through innovation.     

When consumers follow their feelings: The impact of affective or cognitive focus on the basis of consumers' choice

The authors assumed that automatic preferences based on lower‐order affective processes have a greater impact on choice when people focus on their affective response to choice options (affective focus) than when they try to find reasons for their preferences (cognitive focus). They further supposed that the impact of the focus during decision making is less important when the cognitive resources of consumers are constrained. In an experiment, participants had to choose between two options while the cognitive or affective focus and processing resources were manipulated. Measures of automatic preferences correlated with choice under an affective, but not under a cognitive, focus. In contrast to expectations, this effect of focus was not moderated by the manipulation of processing resources. Interest‐ingly, the automatic measures contributed to the prediction of choice under an affective focus independently and apart from self‐report measures. © 2006 Wiley Periodicals, Inc.