Correction to: Earnings beta

Review of Accounting Studies - A Correction to this paper has been published: https://doi.org/10.1007/s11142-021-09585-w     

Comparing post-operative resource consumption following transcatheter aortic valve implantation (TAVI) and conventional aortic valve replacement in the UK

Objective:

To define the in-hospital and 6-month post-discharge resource use, following Transcatheter Aortic Valve Implantation (TAVI) and conventional Aortic Valve Replacement (AVR) surgery within a single UK hospital.

Methods:

A local service evaluation of patients undergoing TAVI or AVR between January 2011 and May 2012 captured data until 6-months post-procedure, collected from hospital records and via a General Practitioner questionnaire. The main end-points were mortality, time in ITU/HDU, hospital length of stay (LoS), discharge destination, re-admission, and post-discharge primary/secondary care resource use. Sub-group analyses were performed for AVR patients aged ≥80 (AVR?≥?80) and with EuroSCORE of ≥10 (AVR ES?≥?10) to allow more direct comparison with ‘TAVI type’ patients.

Results:

Results are given as means (standard deviation) for TAVI (n?=?51), AVR (n?=?188), AVR?≥?80 (n?=?48), and AVR ES?≥?10 (n?=?47), respectively, unless otherwise stated. Age in years was 83.0 (8.1), 71.2 (13.1), 84.1 (2.7), 79.4 (7.1); EuroSCORE was 24.7 (11.9), 8.1 (6.4), 12.0 (6.0), and 16.5 (6.6); post-operative LoS (days) was 11.5 (11.2), 10.9 (10.8), 14.3 (16.7), and 15.2 (17.7). For discharged patients, 0%, 7%, 13%, and 9% had unplanned cardiac-related re-admissions within 30-days of discharge. Time to first readmission was 74.6 (34.0), 35.0 (34.2), 20.8 (9.7), and 22.6 (14.3) days.

Limitations:

This was a single-center retrospective evaluation, not prospectively powered to confirm differences in outcomes.

Conclusions:

Despite TAVI being performed in an older, higher risk population, LoS was similar to AVR. Most strikingly there were no cardiac-related re-admissions within 30-days for TAVI and time to first re-admission was significantly longer. This evaluation suggests that TAVI is clinically appropriate and provides economic advantages in both the hospital and post-discharge setting in this high risk group. Many patients undergoing TAVI are considered unfit for surgery and, hence, TAVI offers a treatment that delivers similar results to traditional AVR without the high risk associated with surgery.     

Team Climate,Team Cognition,Team Intuition,and Software Quality: The Moderating Role of Project Complexity

Teams represent a prevailing approach to getting work done in today’s hypercompetitive business environment. Although there is a widely held assumption that team-related capabilities determine the success of new product development projects, empirical research on team capabilities is scant. Based on the resource-based view of the firm, organizational learning theory, and situated learning theory, this study investigates the interrelationships among team climate, two information-processing capabilities (i.e., team cognition and team intuition), and software quality. As well, this study explores the moderating effect of project complexity between the information-processing capabilities and the quality of the software. In studying the data from 139 software development projects using the partial least squares structural equation modeling methods, we found that team climate has a direct influence on team cognition. Moreover, the findings showed that team cognition was positively related to the quality of the software product in general; in particular, this relationship was found to be far more significant when project complexity was used as a moderator. This finding indicates that the software development team’s ability to process information logically in order to interpret situations effectively allows the team to launch superior software products when unexpected and undesirable events make a project complicated and challenging to perform. In particular, managers should encourage teams to benefit from new ideas and make collective efforts for reaching goals. Managers should also enable teams to specialize in their tasks and improve their collective information-processing capabilities.     

Earnings beta

Review of Accounting Studies - The literature on cash flow or earnings beta is theoretically well-motivated in its use of fundamentals, instead of returns, to measure systematic risk. However,...     

Liquidity risk and maturity management over the credit cycle

We show that firm demand-side factors are strong drivers of procyclical refinancing behavior over the credit cycle using novel data from the Shared National Credit program. Firms are more likely to refinance early when credit conditions are good to keep the effective maturity of their loans long and hedge against having to refinance in tight credit conditions. High credit quality firms are better able to hedge, making their refinancing propensity more sensitive to credit cycles than less creditworthy firms. There is a strong relationship between refinancing a loan, and subsequent growth in capital expenditure, especially when a loan is refinanced early.     

The impact of economic globalisation on unemployment: The Malaysian experience

Malaysia plans to emerge as one of the high-income economies by 2020 through the Economic Transformation Programme. A key component of this programme is to adopt more trade liberalisation policies that can generate a variety of economic activities, particularly more jobs. Although the integration with the world market bears the promise of prosperity for the developing and transitional economies, such integration may also adversely affect such economies. Preceding studies regarding labour market and international trade policies are still inconclusive and raise questions that require further examination; particularly in terms of whether exposure to the external sector can create or destroy jobs. The present study evaluates how Malaysia labour market has responded to the economic globalisation of the country. The study focuses on the long-run impact of economic globalisation on unemployment within the period between 1980 and 2014. The study uses autoregressive distributive lags method to examine the pattern of the relationship. The results show that economic globalisation have significant and positive impact on reducing unemployment in Malaysia in the long run. These findings indicate that policy-makers in Malaysia should facilitate the economy globalisation to maintain the current low level of unemployment rate.     

Environmental,social and governance disclosure and default risk

We investigate whether environmental, social and governance (ESG) disclosure is related to default risk. Using a sample of US nonfinancial institutions from 2006 to 2017, we find that ESG disclosure is positively related to Merton's distance to default and is negatively related to the credit default swap spread, which suggests that firms with a higher ESG disclosure have lower default risk. Our analysis further indicates that the inverse effect of ESG disclosure on default risk is through increased profitability and reduced performance variability and cost of debt. We also document that the negative impact of ESG disclosure on default risk is existent only for mature and older firms. These results are important for all stakeholders of firms, including shareholders and bondholders to consider firm's ESG disclosure in conjunction with life cycle stage before making their investment decisions.     

Is Trade Liberalisation Pro-Poor in Pakistan? Evidence from Large-Scale Manufacturing

This article aims to analyse the impact of industry-level trade liberalisation (measured through industry-specific tariff rates) on poverty in Pakistan. Combining data for tariff rates with the Labour Force Survey of Pakistan, we use quantile regression analysis to estimate the impact of changes in tariff rates on workers’ wages (associated with the manufacturing sector of Pakistan) that are at different points of the income distribution. Our findings meaningfully signal that trade liberalisation helps to reduce poverty in the economy. Based on these results, this study provides policy recommendations to reap maximum benefits from trade liberalisation.     

Wage indexation and the unemployment-inflation trade-off

A variety of wage indexation schemes are analyzed in the context of a simple dynamic disequilibrium macroeconomic model. These indexation schemes include rigid money wages (zero indexation), rigid real wages (full indexation), and intermediate cases (partial indexation). In a situation of unemployment, aggregate demand increases produce the most desirable results under rigid money wages. In a situation of excess demand for labor, aggregate demand increases produce the least desirable effects under rigid money wages. Mixed indexation schemes, in which money or real wages are rigid downward, are also examined as are the effects of stop-go policies.     

Moderating Affect of Workplace Spirituality on the Relationship of Job Overload and Job Satisfaction

With the increase in market competition and dynamic work environment, work overload seems to have become a common issue suffered by almost every employee. Overload usually results in not only poor health conditions but also mental circumstances. These problems then become a threat to the organizations in the form of poor performance and lack of ability to reach standards. Workplace spirituality is one way to deal with stressful overload conditions. This research deals with the study of moderating affects of workplace spirituality on job overload and employee’s satisfaction relationship. Having large piles of work in given targeted time results in employees becoming stressed out from their work as well as their organization. The motive of their job becomes to achieve targets and diminish the creativity within the employees. Workplace spirituality basic dimensions mentioned in this research help one achieve these targets and help employees cope with the symptoms caused by work overload. The research includes three variables, workplace spirituality, job overload, and job satisfaction. The samples of 76 respondents were asked to fill the questionnaire on all the three variables. The final results show interestingly different results then, as conceptualized according to theory. Workplace spirituality also showed to have quite an impact on job satisfaction.