We develop a new theory that views organizational founding as involving a role transition. Through the construct of founder role identity, we delineate how identity centrality and complexity affect individuals' ability to exit a work role in order to undertake founding activities. We argue that individuals are challenged to adjust to the founder role requirements and incorporate the new role into an overall self-concept. We then delineate how configurations of founder role identities influence persistence, and the longer-term outcomes of dormancy and successful founding. 相似文献
Identification of structural parameters in models with adaptive learning can be weak, causing standard inference procedures to become unreliable. Learning also induces persistent dynamics, and this makes the distribution of estimators and test statistics non-standard. Valid inference can be conducted using the Anderson-Rubin statistic with appropriate choice of instruments. Application of this method to a typical new Keynesian sticky-price model with perpetual learning demonstrates its usefulness in practice. 相似文献
This paper presents a DGE model in which aggregate price level inertia is generated endogenously by the optimizing behavior of price-setting firms. All the usual sources of inertia are absent here i.e., all firms are simultaneously free to change their price once every period and face no adjustment costs in doing so. Despite this, the model generates persistent movements in aggregate output and inflation in response to a nominal shock. Two modifications of a standard one-quarter pre-set pricing model deliver these results: learning-by-doing and habit formation in leisure. While the model delivers persistence, simulations based on estimated shocks to tfp and money growth suggest both output and inflation are too volatile relative to the data and fail to closely follow the historical time series. 相似文献
We investigate the welfare implications of alternative financial market structures in a two-country endowment economy model. We obtain an analytic expression for the expected lifetime utility of the representative household when sovereign bonds are the only internationally traded asset, and we compare this welfare level with that obtained under complete asset markets. The welfare cost of incomplete markets is negligible if agents are very patient and shocks are not very persistent, but this cost is dramatically larger if agents are relatively impatient and shocks are highly persistent. For realistic cases in which agents are very patient and shocks are highly persistent, the welfare cost of incomplete markets is highly sensitive to the specific values of these parameters. 相似文献
On the basis of macro data from 10 OECD countries, I find that the job vacancy rate outperforms the unemployment rate as
a reliable measure of domestic inflationary pressure. Moreover, while the rate of unemployment affects inflation primarily
through its difference, the vacancy rate operates through a level effect as well. In most countries, a unique equilibrium
rate of vacancies seems to coexist with a drifting equilibrium rate of unemployment. I show that this result is consistent
with existing theories of unemployment hysteresis that focus on depreciation of human capital and search activity during unemployment
spells.
First version received: October 1997/Final version received: June 2001 相似文献
This paper provides new evidence on the stochastic behaviour of the EPU (Economic Policy Uncertainty (EPU) index constructed by Baker et al. (2016) in six of the biggest economies (Canada, France, Japan, US, Ireland, and Sweden), and also on cross-country linkages, over the period from January 1985 to October 2019. For this purpose, it uses fractional integration/cointegration methods to measure the degree of persistence of the EPU and whether there exists a long-run equilibrium relationship linking the individual indices. This framework is much more general than the standard approaches based on the I(0)/I(1) dichotomy since it allows for fractional values of the integration/cointegration parameter and therefore does not impose restrictive assumptions on the dynamic behaviour of the individual series and their linkages. EPU is found to be in most cases a non-stationary, mean-reverting series which is characterised by long memory. Several breaks are also detected in each country. Finally, there is very little evidence of cross-country linkages. Our analysis provides fresh insights into the degree of persistence and the transmission of EPU shocks and has implications both for investors having to make risk management decisions and choose investment strategies and policymakers having to design effective macroeconomic policies. 相似文献
The rapidly increasing volume of goodwill assets in the capital market generates potential risks due to the possibility of an untimely recognition of goodwill impairment. In this paper, we investigate the financial consequences of goodwill impairment avoidance based on firms’ future performance and stock prices. Using Chinese A-share listed firms with goodwill balances, we find that avoiding goodwill impairments negatively affects a firm’s performance growth and increases its risk of a future stock price crash. These adverse effects continue for the three years following the goodwill impairment avoidance. Our results indicate that goodwill impairment avoidance has detrimental impacts on a firm’s future performance and stock price and that these impacts are persistent. Our conclusions are helpful for regulators on how to prevent the risks hidden in goodwill impairment recognition and maintain the stable development of the financial market. 相似文献
Background: The β3-adrenoceptor agonist, mirabegron, and antimuscarinic agents provide similar efficacy for the treatment of overactive bladder (OAB), but mirabegron appears to be associated with better persistence, perhaps due to an absence of anticholinergic side-effects. This study estimated the expected costs associated with the management of OAB in Canada from a societal perspective by utilizing real-world evidence.
Methods: An economic model with monthly cycles and a 1-year time horizon was developed to depict a treatment pathway for a hypothetical cohort of 100 patients with OAB. At model entry, patients receive mirabegron or an antimuscarinic. Patients who do not persist may switch treatment, undergo a minimally invasive procedure, or remain symptomatic (uncontrolled). The model includes direct costs (e.g. physician visits) and indirect costs (e.g. lost productivity). A one-way univariate sensitivity analysis assessed a ±20% variation in each of the key model inputs.
Results: At 1 year, a greater proportion of patients persisted on treatment with mirabegron compared with antimuscarinics (33% vs 15–23%), and a smaller proportion switched treatment (17% vs 20–22%). The number of healthcare visits (292 vs 299–304), pads used (74,098 vs 77,878–81,669), and work hours lost (4,497 vs 5,372–6,249) were all lower for mirabegron vs antimuscarinics. The estimated total annual cost of treatment per patient with mirabegron was $2,127.46 Canadian dollars (CAD) ($5.82 CAD/day) compared with $2,150.20–$2,496.69 CAD ($5.89–$6.84 CAD/day) for antimuscarinics. The one-way sensitivity analysis indicated the results are robust.
Conclusions: Improved persistence observed in routine clinical practice with mirabegron appears to translate into benefits of reduced healthcare resource use, and lower direct and indirect costs of treatment compared with antimuscarinics. Overall, these data suggest that mirabegron may offer clinical and economic benefits for the management of patients with OAB in Canada. 相似文献