aggregate insider stakes (see Table 2 below), we can infer that increases in insider ownership are beneficial for most ofthe REITs in our sample—the moral hazard model that we include may be more relevant than the control benefits that we ex- clude from consideration. Capozza and Seguin (2003) and Dolde and Knopf (2007), the latter with a non-linear specification and more recent data, find no relation be- tween REIT insider ownership and returns. Those two papers do report a generally negative relation between general and administrative expenses (perhaps a measure of perk consumption) and ownership. That result also suggests that omitting control benefits may not be crucial. Furthermore, as pointed out by Capozza and Seguin (2003) and others, a relative lack of hostile takeovers in the REIT market is not sur- prising in light ofthe legal requirement that five or fewer owners may not hold more than 50% of a REIT’s shares. This suggests that REIT managers are entrenched regardless of their extent of ownership so that control benefits may be independent of shareholdings. A final relation that has been examined recently is that of in- sider ownership with investment sensitivity to quality of investment opportunities. Hartzell et al. (2006) find investment is more responsive to property-type q when institutional ownership is high and when officer and director ownership is low; our model does not distinguish between institutional block-holders and officer/director owners.
Most studies on unemployment, however, look into specific psychological outcomes (DeFrank & Ivancevich, 1986). Kirchler (1985), for example, focuses on mood. He found that unemployment is associated with bad mood (Kirchler, 1985). Tiggemann and Winefield (1984) also found greater depressed mood among young unemployed school leavers. Besides several physical consequences of unemployment, another study also reports more stress symptoms among unemployed construction workers than for their employed counterparts (Leino-Arjas, Liira, Mutanen, Malmivaara, & Matikainen, 1999). A large study conducted in Spain comparing data from primary care centers in 2006 (pre-crisis) and 2010 (during the crisis) shows a significant increase in mood disorders, anxiety disorders, and alcohol related disorders (Gili, Roca, Basu, McKee, & Stuckler, 2013). The authors found unemployment, mortgage payment difficulties, and evictions to be of particular relevance in the increase of prevalence of these disorders. Finally, many studies found that unemployment leads to lower self-esteem (DeFrank & Ivancevich, 1986; Feather, 1989; Kirchler, 1985; McKee-Ryan et al., 2005; Paul & Moser, 2009; Ranzijn, Carson, Winefield, & Price, 2006; Tiggemann & Winefield, 1984; Turner, 1995; Winefield, 2002). Moreover, self- esteem plays an important role in the relation between unemployment and mental health (see §6.2).
A possible extension of this model would be the introduction of government behavior. The government would decide the total expenditure in the …ght against crime and how to allocate these resources. A standard approximation would be to minimize the present discounted value ofthe crime burden by choosing both the investment in street surveillance andthe resources spent to manage detention centers, subject to an intertemporal budget constraint. However, I decided to exclude government behavior from the analysis for two reasons. First, this is a model analyzing thebehaviorof minors, who represent only 8 percent ofthe total population. Thus, in order to introduce the government, I would also have to introduce taxes paid by adults to …nance government expenditure, andthebehaviorof adults is out ofthe scope of this model. Second and more importantly, given that the magnitude ofthe elasticity of police crime surveillance remains unde…ned in the literature (Levitt 2002), government behavior would be impossible to calibrate with precision. The exclusion ofthe public sector prevents the introduction of government welfare transfer payments into the model, which could a¤ect the decision between working or committing crime. In fact, while unconditional transfer payments would have no e¤ect onthe model’s decisions, conditional ones (on legal activities) could a¤ect the individual’s choice to engage in either legal or criminal activities.
Transplantation of cells within alginate microspheres has been extensively studied for sustained drug delivery. However, the lack of control over cell behavior represents a major concern regarding the effi- cacy andthe safety ofthe therapy. Here, we demonstrated that when formulating the biosystem, an adequate selection of osmolarity adjusting agents significantly contributes to theregulationof cell responses. Our data showed that these agents interact in the capsule formation process, influencing the alginate crosslinking degree. Therefore, when selecting inert or electrolyte-based osmolarity adjust- ing agents to encapsulate D1 multipotent mesenchymal stromal cells (MSCs), alginate microcapsules with differing mechanical properties were obtained. Since mechanical forces acting on cells influence their behavior, contrasting cell responses were observed both, in vitro and in vivo. When employing mannitol as an inert osmolarity adjusting agent, microcapsules presented a more permissive matrix, allowing a tumoral-like behavior. This resulted in the formation of enormous cell-aggregates that pre- sented necrotic cores and protruding peripheral cells, rendering the therapy unpredictable, dysfunc- tional, and unsafe. Conversely, the use of electrolyte osmolarity adjusting agents, including calcium or sodium, provided the capsule with a suitable crosslinking degree that established a tight control over cell proliferation and enabled an adequate therapeutic regimen in vivo. The crucial impact of these agents was confirmed when gene expression studies reported pivotal divergences not only in prolifera- tive pathways, but also in genes involved in survival, migration, and differentiation. Altogether, our results prove osmolarity adjusting agents as an effective tool to regulate cell behaviorand obtain safer and more predictable therapies.
single-valued choice mechanism where a two-stage maximization process yields out the chosen alternative uniquely. 5 In the first stage an acyclic and not necessarily complete binary relation and in the second stage a complete and not necessarily acyclic relation are considered to be maximized. Two rationality axioms, the standard Expansion axiom and a weakening of WARP, Weak WARP are shown to be necessary and sufficient for the choice data to reveal the two binary relations ofthe RSM. The novelty of RSM lies in explaining cyclical choice as a result of a boundedly rational procedure. A natural and interesting subclass of RSM models, not only for our purposes but also in general, would be RSM with transitive binary relations. Au and Kawai  show that an additional axiom that ensures the acyclicity ofthe revealed preference relation also ensures transi- tivity. In a recent project, Horan  proposes a pair of behavioral axioms that do not impose acyclicity directly but does guarantee the existence of transitive rationales. Our model, differs from the existing two stage maximization procedures in many aspects. First of all we consider two individuals. The second criterion that the individual uses to choose is not simply another criteria in mind, but the preference of another individ- ual that is equipped with a choice structure as well. Hence the behavioral axioms we search for are to reveal the mutual relation between these two individuals, to identify the specific choice problems over which influence is taken. Moreover, we do not impose single-valuedness ofthe choice structure. Since the basic motivation for getting influ- enced is the inability to compare all alternatives it would be too restraining to focus only on single-valued choice. It would require individuals to ever interact with each other only if each of them has a unique answer to all ofthe questions the other makes. A first axiom, Consistency of Influence links the choice behaviorofthe two individuals. It allows to detect the binary choice problems over which one ofthe individuals has influenced the other, and guarantees consistent behavior in larger problems:
While the privatization and liberalization ofthe telecommunications market are unanimously recognized as factors that boosted technological innovation, economists still do not agree on whether regulatory policies (such as price regulation, providers separation or integration, subsidies etc.) have promoted technological development or have just followed it. Evidence can come to hand to clear this issue. In many cases, new technologies have been helping economists to provide new theories to approach market regulation. In other cases, economists’ indications and regulators’ consequent policies have stimulated the adoption of new technologies. However, in many other cases, the apple of discord is represented by the discrepancies between theoretical models and regulatory practices. Economists developed analytical tools responding to regulators’ needs but that were necessarily approximations of real- ity. More realistic models were requiring too many information about the market structure or providing fine tuning regulations. Policy makers have often found very complicated to apply economists’ indications and have rather adopted a “rule of thumb” approach.
First, the sample period is from 1996 to 2008, because the type of contract is not reliable for the previous period. We focus on men born between 1948 and 1971, that is between 25 and 48 years old in 1996. This is because is better to avoid thebehaviorof wages when starting the job career, that could be different from older ages workers. Second, we only use job spells posterior to 1996, since prior to that year, information on type of contract is not reliable. Third, we consider workers who are in the “Regimen General” which includes 90 per cent of all workers; i.e. we exclude the self-employed, workers in Agriculture, Fishing and other minor special cases. Forth, the data is transformed to show as unit of observation a quarter. Because of this, more restrictions are added. Simultaneous employment spells are disregarded and, instead, use the information cor- responding to the full time job or longer-lasting of these. We unify any two registers that present overlapping contracts, i.e., when one ofthe contracts begins before the previ- ous one has ended. Incomplete or incorrect registers are dropped (for example, negative spells durations). The sample is also restricted to full-employment workers at the time of displacement. This, the wage in a given quarter will be mean daily wage observed in that quarter.
While the results above compare the lending behaviorof two banks to the same firm at the same time period, one could still be concerned about borrowers match- ing with banks differentially. To analyze this differential matching channel, in columns 5 and 6, we run the estimation including bank(lender)*firm(borrower) fixed effects. The inclusion of bank fixed effects also helps to account for all time-invariant characteristics of banks. In column 5, even after controlling for bank*borrower fixed effects, we find that trading banks with a higher level of capital decrease supply of credit relative to other banks. Also, we find that the main bank coefficient remains very similar in magnitude to the earlier estimations. Moreover, in column 6, we also find that non-inclusion of borrower*time fixed ef- fects does not alter at all the magnitude ofthe coefficients onthe bank capital for trading banks, despite substantially reducing the R-squared from 64% to 27%. These results suggest that the covariance between bank capital for trading banks (supply) and firm fundamentals (demand) is negligible, thus suggesting that dif- ferential borrower demand arising due unobserved matching between banks and borrowers is unlikely to be the driver ofthe results. It also suggests that our main bank variable coefficients are exogenous to a large set of unobserved borrower fundamentals (see Altonji, Elder and Taber, 2005). We also estimated the regres- sions controlling for the loan exposures of banks to different business sectors, andthe results remain unchanged (not reported). The results are also robust to double clustering at the bank and borrower level.
Thebehavior we document is compatible with the features of memory high- lighted by psychologists and in earlier theoretical work in economics. The Euro crisis reduced the freedom of action ofthe Greek government, which had to rely on bailouts from its European partners. The German government in particular imposed harsh conditions, including severe expenditure cuts. As the placards car- ried by demonstrators show, the situation reminded many Greeks ofthe German occupation during World War II, which also left Greeks powerless to oppose any German diktat. As memories of World War II became more salient, seemingly consistent stories about the aberrant German national character gained traction. The surge in protest groups, calls for boycott, andthe hatred expressed in demon- strations suggest that memories of war crimes were reactivated by the economic crisis. Such memories can become salient more readily in areas where people’s families suffered at the hand ofthe occupying forces after 1941. Finally, as con- flict erupted several times, its effects accumulated — repetition made it harder to forget the past, andthe accumulated difference in market shares for German cars in reprisal prefectures kept increasing.
Innovativeness relates to the firm’s capacity to engage in innovation, that is, the introduction of new products or services, processes, or ideas in the firm’s context. There is a growing recognition in strategic management and marketing literature that the capacity to innovate is among the most important factors that impact on business performance (e.g., Akman and Yilmaz, 2008; Alegre et al., 2009; Hult et al., 2004). But innovativeness as a key component in the success of firms had received attention long before. For instance, for Schumpeter (1934), organizational innovativeness is highlighted as an important factor for aggregate economic growth and performance over time. In fact, Schumpeter (1934) was among the first to emphasize the role of innovativeness in the entrepreneurial process. Then, in Schumpeter (1942), the author stressed an economic process of “creative destruction”, by which wealth was created when existing market structures were disrupted by the introduction of new goods or services that shifted resources away from existing firms and caused new firms to grow. Furthermore, in one of his most-cited texts, Drucker (1954) links innovativeness and market orientation, stating that “there is only one valid definition of business purpose: to create a customer…It is the customer who determines what the business is…Because it is its purpose to create a customer…Any business enterprise has two-and only two- basic functions: marketing and innovation” (p. 37).
Whole mouse gene expression microarray analysis was performed using the available SurePrint G3 Mouse GE v2 8x60K Microarray (Agilent Microarray Design ID: ID 074809, Agilent Technologies). Nucleic acid from each replicate, 100 ng, were labeled following the Agilent protocol "Gene Expression FFPE Workflow". Briefly, cDNA library was generated and amplified using TransPlex Whole Transcriptome Amplification System (Sigma-Aldrich, Spain). The Titanium Taq DNA polymerase (Takara, Saint-Germain-en-Laye, France) was used during the cDNA library amplification step. Amplified cDNA was purified using the QIAquick PCR Purification kit (Qiagen, Hilden, Germany) and quantified using the NanoDrop 1000 spectrophotometer. The SureTag Labeling kit (Agilent Technologies) was used to enzymatically label 1.8 μg of amplified cDNA with cyanine 3-dUTP. Cy3-labeled cDNA samples were cleaned up using an Amicon Ultra-0.5 with Ultracel-30 Membrane, 30 kDa filter, provided with the SureTag Labeling kit. Yield and specific activity were determined using the NanoDrop 1000 spectrophotometer. The purified Cy3-labeled cDNA samples were hybridized to the Agilent SurePrint G3 Mouse GE v2 8x60K Microarray following the manufacturer instructions. Hybridized microarrays were scanned on a G2565CA DNA microarray scanner (Agilent Technologies).
Based on former research (Blevins et al., 2016; Mezquita et al., 2010, 2014; Sher et al., 2005; Stewart et al., 2001), we hypothesized (see Supplementary Material [SM 1 ]) that neuroticism or low emotional stability will be mainly related to alcohol-related problems via coping drinking motives (i.e., the negative affect regulation pathway). Additionally, we expected that both low conscientiousness and extraversion will be associated with alcohol use via enhancement drinking motives (i.e., the positive affect regulation pathway) (Kuntsche et al., 2008; Mezquita et al., 2014, 2010; Stewart et al., 2001). We also anticipated links from low agreeableness and low conscientiousness to alcohol outcomes via antisocial behavior (i.e., the deviance proneness pathway) (Finn et al., 2000; Mezquita et al., 2014). Further, specific direct paths between the Big Five Personality Domains and alcohol outcomes were included in the model to test whether the mediation was partial or total (see SM 1 ). Additionally, we examined model
This paper develops a search and matching model with an explicit theoretical link between wage stickiness and job destruction. This task has proved to be a difficult one in the existing literature, as one needs to deal with the criticism of Barro (1977), directed at the allocational effects of wage stickiness. In particular, Barro argued that job separations due to wage stickiness violate rationality as the worker andthe firm have an ongoing relationship and should therefore be able to exploit all potential gains from mutual trade. The model developed here avoids this criticism by relying on microeconomic foundations for wage stickiness. More precisely, the model explicitly acknowledges that wage bargaining takes time and other resources, and thus relates the origins of infrequent wage adjustments to a fixed wage bargaining cost. Firms and workers are thus free to renegotiate the wage at any point in time, but need to pay a fixed bargaining cost whenever such wage negotiations occur. Whether it is optimal to renegotiate or not, will depend on aggregate and idiosyncratic productivity shocks experienced, with wage iner- tia emerging as an endogenous outcome ofthe model. Crucially, in recessionary periods characterized by low aggregate productivity some firms and workers will find it optimal to separate instead of renegotiating the wage and paying the fixed wage bargaining cost. In this sense, the model rationalizes the empirical obser- vation that many firms in recessions do not avoid layoffs by cutting pay (Bewley, 1998, 1999).
Once boys and girls present a balanced performance and teachers are effective and satisfied with their work, another important thing for an education system is how to measure students’ performance, so that any negative deviation in academic achievement can be quickly and accurately identified, and hence solved. Because of that, the third chapter of this thesis is devoted to assessment methods. Concretely, the line of research in this chapter intends to analyse recently developed academic assessment procedures, as they must be objective measurements of educational achievement in educational systems (Battauz, Bellio, & Gori, 2011; Marcenaro-Gutierrez & Vignoles, 2015); otherwise, these assessment procedures may potentially condition the relationship between inputs and outputs. Paper and pencil have been the basic tools for filling out assessment tests in different subjects (Paper and Pencil Assessment, PPA), either through exams held regularly as part ofthe subjects’ program or through standardized tests like PISA. However, with the development of new technologies, assessment tests administered by the use of computers are gaining an increasing importance nowadays. These tests may have many positive facts, as their lower potential cost in the medium term (Poggio, Glasnapp, Yang, & Poggio, 2005) – since there is no need for printed copies – and easier assessments through a more flexible questionnaire design. In addition, they can gather a greater quantity of information in less time, as well as facilitate its storage. This greater dynamism is particularly relevant in the context of international assessment programs where a large number of countries are involved. However, although computer-based assessment (CBA) presents many positive facts, this evaluation method has also risks of distorting the objective measurement of students’ competencies. This would happen if the results obtained depended onthe ability in using computers ofthe student being assessed and not on his/her true competencies in terms ofthe subject under assessment.
Abstract—Background This work explores for the first time the effects of temperature increments onthe development of high shear stresses between plaque and arterial wall due to their different dilatational properties. Data from the literature report febrile reactions prior to myocardial infarction in patients with normal coronary arteries and that coronary syndromes seem to be triggered by bacterial and viral infections, being fever the common symptom. Methods The thermo-mechanical behaviorof thoracic aortas of New Zealand White rabbits with different degrees of atheroscle- rosis was measured by means of pressure-diameter tests at different temperatures. In addition, specific measurements ofthe thermal dilatation coefficient of atheroma plaques andof healthy arterial walls were performed by means of tensile tests at different temperatures. Results Results show a different thermo-mechanical behavior, the dilatation coefficient of atheroma plaque being at least twice that ofthe arterial wall. The calculation of temperature-induced mechanical stress at the plaque-vessel interface yielded shear stress levels enough to promote plaque rupture. Conclusions Increases of corporal temperature either local—produced by the inflammatory processes associated with atherosclerosis—or systemic—by febrile reactions—can play a role in increasing the risk of acute coronary syndromes, and they deserve a more compre- hensive study.
The aim of this paper is to analyze thebehaviorof WOWA operators. More- over, since, in some cases, the results provided by these operators may be ques- tionable, we propose to use functions that maintain the relationship among the weights of a weighting vector when the non-zero components ofthe other weight- ing vector are equal. In this way, we obtain a class of functions that have been previously introduced by Engemann et al.  in a different framework.
A second move is in the word participation. Governance is the strategy by which sovereign power is replaced by a fluid, more local and apparently more democratic decentralization of decisions where everyone is obliged to become part of a structure made up of a large variety of commissions, in which decisions are to be made on many managerial aspects ofthe university, even though these decisions never actually affect the general framework established by the ministry. This creates a mechanism of involve- ment in decisions to be taken within restricted grids, which causes us to lose sight ofthe fact that, in this way, we are involved in a general framework about which we cannot decide anything. Participation is strongly requested and, in some departments, is even obligatory. In some limited fields of competence, unjust actions have sometimes been compulsory. It happened to me regarding the distribution of incentive funds in 2014 at my university where it was decided to give incentives to 50 % of teachers rather than all the teaching body. Establishing in advance a statistical selection factor on a whole group that, a priori, draws a line between those who are above that line and those beneath it, is deeply unfair. It is as if a decision was made to fail 50 % ofthe class before even seeing the results, whatever the effective progress ofthe class might be. Several of us wrote a letter of protest. A small move, which was answered with a very significant move onthe symbolic level: the workers suffer from this situation, ways need to be found so that they suffer less. In other words, the letter was translated into a psychological problem of personal suffering and a lack of adaptation rather than keeping to obvious injustice. The new psychology of work asks for ways to reduce the suffering of company workers. This is how the new ambiguous and anonymous power makes its nomination and re-nom- ination move onthe chessboard. And in fact, the protest letter move was very fragile.
The evaluation ofthe reform ofthe management ofthe Fund is controversial, since positive measures have not reached the goal, and a number of G20 recommendations have not yet been implemented. For example, a large issue of SDR, as always, did not change the proportion of its distribution between developed countries (2/3) and developing (1/3) of its total amount and did not solve the problem ofthe chronic shortage ofthe Fund’s credit resources. Traditional and new borrowings ofthe fund from member countries and other creditors onthe basis of bilateral agreements became the source of their replenishment. For the first time, the Fund began to issue its bonds denominated in SDR, but sells them to member countries, rather than to the global financial market, as recommended by the G20 summit, apparently to insure against the risk of their low non-competitiveness compared to securities denominated in world and national currencies. Having a large gold reserve (more than 2.8 thousand tons) due to payment in gold (or dollars) ofthe USA by a 25% contribution of countries in the Fund’s capital when it was created in 1944-1946. The fund sold 403.3 tons to replenish its resources. But these measures are insufficient to address the chronic shortage of credit resources ofthe Fund.
rights. More precisely, they attest that all shareholders are equally treated and that financial statements are in conformity with contractual commitments. Thus, external auditors improve the confidence of investors in financial reporting, facilitate the assessment ofthe objective situation ofthe firm, and increase fund-raising possibilities. The auditor considers the board, who reviews the overall planned audit scope andthe audit fee, as its client (Blue Ribbon Committee, 1999). Furthermore, OECD Principles of Corporate Governance (2004) state that board members should act on a fully informed basis, in good faith, with due diligence and care, and in the best interests ofthe company andthe shareholders. In most countries (e.g., Canada, France, Germany, Italy, Mexico, Spain, Switzerland, the UK andthe US), these fiduciary duties take the form of statutory obligations, with some of them (e.g., Canada, andthe US) having extensive case law and jurisprudence on their actual application (Aguilera and Cuervo-Cazurra, 2009). In this sense, Carcello et al. (2002) argue that the board of directors may seek to protect its reputational capital to avoid legal liability and to promote shareholders’ interests by putting pressure onthe CEOs and management in requesting more audit services. They find that independent boards are successful at enhancing the audit scope, while boards dominated by executives are more dormant and demand fewer external audit services.
común. En este sentido, la Sala de Apelaciones del tpiy , en su decisión de 21 de mayo de 2003 sobre jurisdicción en relación con el concepto de empresa criminal común en el caso Ojdanic (párrafos 23-26), ha señalado que los conceptos de conspiración y pertenencia a organización criminal diieren del de doctrina de la empresa criminal común porque esta última es una forma de participación en la comisión del delito. Así, según la Sala de Ape- laciones, el concepto de conspiración sólo requiere de la existencia de un acuerdo para cometer el delito, con independencia de que dicho acuerdo sea posteriormente ejecutado o no, mientras que el concepto de pertenencia a organización criminal requiere sólo de la de pertenecer voluntariamente a una organización que, de hecho, lleva a cabo actividades criminales. una opinión distinta ha sido sostenida por R. p. Barret y L. E. Little, “Lessons of Yugoslav Rape Trials: A Role for Conspiracy Law in International Criminal Tribunals”, Minnessotta Law Review, vol. 88, 2003, pp. 30 ss. para estos autores, la jurisprudencia del tpiy ha desarrollado una doctrina de empresa criminal colectiva que resulta difícil de distinguir del concepto de conspiración. Véase también Aarón Fichtelberg, “Conspiracy and International Criminal Justice”, Criminal Law Forum, vol. 17, 2006, p. 165.