TOP MANAGEMENT TEAM STRATEGIC CONSENSUS,DEMOGRAPHIC HOMOGENEITY AND FIRM PERFORMANCE: A REPORT OF RESOUNDING NONFINDINGS

In this study, we hypothesized that relationships among top managers' goals consensus, means consensus, demographic homogeneity and firm performance would be positive and stronger in a stable industry environment than in a dynamic one. Utilizing a more rigorous methodology, the significant findings of earlier studies could not be replicated. Although the questions remain interesting and important ones, we believe pursuing this line of inquiry further will yield results inconsistent at best and fruitless at worst. Therefore, we urge future researchers to cautiously tread the perilous methodologic minefield that led to our nonfindings.     

An examination of the moderating effect of channel member firm size on perceptions of preferred channel linkages

The purpose of this study was to empirically test a model of channel member preferability status. The channel linkage examined was the food manufacturer—food broker interface. The results of the study suggest that the preferability status of a food manufacturer as perceived by a food broker is a function of manufacturer coercive and noncoercive power, food broker organizational role stress, and food broker performance. The findings also suggest that some of the relationships are moderated by the size of the respondent's firm. Both authors contributed equally in this study.     

THE SHORT‐RUN EMPLOYMENT EFFECTS OF RECENT MINIMUM WAGE CHANGES: EVIDENCE FROM THE AMERICAN COMMUNITY SURVEY

This paper presents early evidence on the employment effects of state minimum wage increases enacted between January 2013 and January 2015. As of 2015, we estimate that relatively large minimum wage increases (defined as those exceeding $1) reduced employment among low‐skilled population groups by just over 1 percentage point. Smaller minimum wage increases, as well as increases linked to inflation indexation provisions, appear to have had much smaller (and possibly positive) effects on employment over our sample period. The estimates thus raise the potential importance of nonlinearities in the minimum wage's effects, which are consistent with standard models of the labor market. (JEL H11, J08, J23)     

Job security regulations and the dynamic demand for industrial labor in India and Zimbabwe

Government permission is required to dismiss or lay off even a single worker in India and Zimbabwe. Dynamic labor demand equations, derived from a CES cost minimization model, are estimated for 64 manufacturing industries in these two countries. The data reveal a substantial reduction in demand for workers but no slowing in adjustment of number of employees following enactment of the labor laws. In India, no comparable reduction in labor demand occurred in small scale plants uncovered by the job security regulations. Among larger Indian plants, the drop in labor demand is estimated to be largest in industries where: coverage of the legislation is more extensive, private ownership dominates, and there are fewer union members.     

The economic burden of tuberous sclerosis complex in UK patients with renal manifestations: a retrospective cohort study in the clinical practice research datalink (CPRD)

Background: Tuberous sclerosis complex (TSC) is a multi-system genetic disorder in which renal manifestations occur in ～50% of children and 80% of adults. Since these often present alongside other manifestations, renal TSC is likely to incur significant costs. This study aims to quantify healthcare resource use (HCRU) and costs for renal TSC patients in the UK.

Methods: TSC patients in the Clinical Practice Research Datalink (CPRD) linked to Hospital Episodes Statistics were identified from January 1987–June 2013. Clinical data were extracted over the entire history and costs were reported over the most recent 3-year period. HCRU was compared with a matched comparator cohort. Incremental costs were reported and the key cost drivers by primary manifestation category were identified by regression modeling.

Results: A total of 79 renal TSC patients were identified with manifestations including chronic kidney disease stage 3–5 (with prevalence increasing with age) and renal angiomyolipoma. Renal TSC patients consistently reported greater HCRU than the comparator. Inpatient hospitalizations were more frequent for renal TSC patients (3.2 vs 1.6), but length of stay was comparable; however, 70.9% of renal TSC patients recorded no kidney-related procedures ever and averaged <1 test per year in the 3-year period. Average costs for renal TSC patients were nearly 3-fold greater than the comparator (£15,162 vs £5672). Costs increased with additional manifestation categories (£3600: only renal; £27,531: renal with ≥4 additional manifestation categories [25% of patients]). Additional nervous system and dermatology/psychiatric manifestations significantly (p?Conclusions: Renal TSC patients have greater HCRU than the general CPRD population, likely to result from progression of renal disease and additional manifestations; however, surveillance for disease progression appears to be deficient. Inadequate monitoring may contribute to a lack of co-ordinated care and increased healthcare-associated costs. Efforts should be made to follow the TSC guidelines to effectively monitor and treat patients.     

The struggle for space: Past and future of the space race

This article is geared toward shedding some more light on what may be the next space race and its contours.Space flight is undoubtedly a human achievement of the second half of the 20th century, and probably the most audacious one of the past century. The space race started suddenly in the 1950s and has grown explosively during the following two decades, but decreased steadily after the 1970s. After the 1990s, however, we have seen a shy rebirth of space-related activities, when many other actors (states) entered the stage, adding up to the agonizing role of the two-actor piece that we have witnessed during the so-called Cold War.The opening years of the 21st century provided a more complex narrative for space exploration. At the start of the new millennium a new technosphere [1] emerged, dominated by what is used to be called as the Information and Communications Technologies (ICT), with the Internet playing the leading role among the bandwagon of technological novelties that appeared during the twilight of space activities. In despite of the fact that artificial satellites represent the very backbone of the global communications system, space activities seem to play a secondary role amidst the apparently accelerated rate of change concerning the technological systems of the present technosphere. But, as it is demonstrated in this paper, things are changing, and very probably a renewed space race will unfold in the coming decades.A question may be placed: what happened? Why the Earth stood still with regard to the race toward the cosmos? Answer: futurists, even prestigious ones like Herman Kahn and Arthur Clarke, did not consider the existence of socioeconomic long waves (Kondratieff waves, or K-waves for short) with their two decades long economic downturn, which has contributed to the deceleration of space-related activities.Analyzing the worldwide evolving scenario of space-related activities during the last eighty years under the framework of the succeeding K-waves and applying some technological forecasting tools, namely the logistic analysis, technological surveillance and intensive data mining, scrutinizing more than 7500 events occurred in the period 1930–2010 related with space activities, it is demonstrated that the space race like the one that we have witnessed until now is a natural growth process that has saturated at the dawn of this century. The same analysis demonstrates that a new growth process in this field might be nowadays under way with contours very different from that imagined by futurists and science fiction writers sixty years ago. Also the main trends in the usage of launching vehicles and satellites are framed and discussed in this paper.     

Does exchange rate pegging enhance credibility? Evidence from the European Monetary System

The European Monetary System (EMS) has been credited with immediately enhancing the credibility of onetary policy among its member countries. However, there is little empirical evidence to support this view. This study provides evidence from exchange rate data that political actions taken to support the EMS enhanced rate arangement. Further, empirical results were sensitive to the specification of the estimating equations, and varied dramatically if risk premia (discounts) were absent from estimating equations.     

Forward Discount Bias: Is it Near-Rationality in the Foreign Exchange Market?*

A risk-averse US investor adjusts the shares of a portfolio of short-term nominal domestic and foreign assets to maximize expected utility. The optimal strategy is to respond immediately to all new information which arrives weekly. We develop a model to estimate the cost of optimizing less frequently and find that it is generally very small. For example, if the investor adjusts portfolio shares every three months, an average expected utility loss of 0.16 per cent p.a. is incurred. Hence, slight opportunity costs of frequent optimization may outweigh the benefits. This result may help explain forward discount bias.