Entrepreneur's Overconfidence, Private Benefits and the Market Performance of the Firm

Many firms around the world are managed and partially owned by entrepreneurs. These entrepreneurs hold under diversified portfolios and, therefore, bear idiosyncratic risk in addition to systematic risk. To compensate the additional risk borne, they extract private benefits. In this paper, we analyse how an entrepreneur's overconfidence affects the market performance of the firm, through the channel of private benefits. We show that two dimensions of overconfidence, namely overestimation of future cash-flows and underestimation of idiosyncratic risk (called miscalibration), have opposite effects on the private benefits extracted by the entrepreneur. As a consequence, firms managed and partially owned by overconfident entrepreneurs can deliver overperformance or underperformance, depending on the prevalence of overestimation or miscalibration of the beliefs of the entrepreneur.

Prevención de la transmisión sexual del VIH en adolescentes

En una muestra de 119 estudiantes de cuarto de Educación Secundaria Obligatoria (ESO) y primerode Bachillerato (52,6% mujeres) se analizan los conocimientos sobre la prevención de latransmisión sexual del virus del sida, las expectativas de resultados y de autoeficacia respecto a losmétodos preventivos y el tipo de prevención utilizada durante la última relación sexual. Para evitarlas respuestas inducidas respecto a los comportamientos preventivos se emplea un formato de preguntaabierta. Los resultados muestran que sólo el 23,5% de los estudiantes han dado dos respuestastotalmente correctas sobre estrategias consideradas eficaces en la prevención sexual del VIH:uso del preservativo y abstinencia (por este orden). El 70,5% valoran totalmente o muy eficaz elpreservativo para evitar la transmisión sexual del VIH y el 95% de los que dan la segunda respuestajuzgan totalmente eficaz la práctica de la abstinencia con la misma finalidad. En el caso del preservativose sienten totalmente o muy capaces de usarlo el 64,3%, mientras que cuando se trata de laabstinencia sólo se perciben con esa competencia el 20%. Por lo que se refiere al uso autoinformadode métodos preventivos en la última relación, por parte de los 29 estudiantes que tuvieronactividad sexual durante el mes anterior, se observa que 21 de ellos emplearon el preservativo, dosla píldora anticonceptiva, otros dos no precisan el tipo de precaución y el resto no tomó ninguna.Tanto el reducido nivel de conocimientos sobre prevención, como la baja percepción de autoeficaciapara mantenerse abstinentes, nos alertan sobre la necesidad de hacer un mayor esfuerzo de informaciónpara eliminar creencias equivocadas, como por ejemplo: sobre la pretendida eficacia protectorade tener relaciones sexuales con una pareja estable o conocida. Así mismo, conviene insistiren el uso del preservativo como anticonceptivo de elección entre los adolescentes

Influencia social y uso del preservativo en la prevención de la transmisión heterosexual del VIH = Social influence and condom use for VIH heterosexual transmission prevention

Se revisan diferentes formas en que la influencia social puede incidir sobre los comportamientosheterosexuales de prevención de la transmisión del VIH de los jóvenes y se presentanlos resultados de algunos trabajos de las autoras, así como de otros investigadores, en que seanalizan dichas relaciones. Se concluye resaltando: 1) la utilidad clínica de la evaluación de lasexpectativas de autoeficacia para poder intervenir específicamente en aquellas áreas en que losjóvenes se perciban con menores capacidades para ser preventivos, 2) la relación observadaentre el uso de preservativo autoinformado y la creencia en su aceptación por parte de los referentessociales más cercanos y 3) la conveniencia de que los jóvenes posean suficientes habilidadesde comunicación que les permitan negociar con éxito el uso del preservativo y les ayudena compensar posibles influencias sociales en contra de su empleo

Els mites en les altes capacitats

Davant la diversitat de teories que acompanyen les altes capacitats, la intel·ligència,la sobredotació, el talent, etc., a continuació es presenta el treball que he desenvolupat en el centre privat Sales Jové S.L.P. de Lleida, enfocat a detectar i avaluar infants i adolescents amb altes capacitats. Gràcies a les dades obtingudes he pogut verificar o rebutjar alguns dels mites, creences i tòpics existents sobre les altes capacitats.

Proactive motivation and engagement in career behaviors: Investigating direct, mediated, and moderated effects

Proactive career behaviors become increasingly important in today's career environment, but little is known about how and when motivational patterns affect individual differences. In a six-month longitudinal study among German university students (Study 1; N = 289) it was demonstrated that motivation in terms of "can do" (self-efficacy and context beliefs), "reason to" (autonomous career goals), and "energized to" (positive affect) significantly predicted career behaviors. Contrary to expectation, negative context beliefs had a positive effect when combined with other motivational states. Study 2 replicated and extended those results by investigating whether "can do" motivation mediates the effect of proactive personality and whether those effects are conditional upon the degree of career choice decidedness. We tested a moderated multiple mediation model with a unique sample of 134 German students, assessed three times, each interval being 6 weeks apart. The results showed that effects of proactivity were partially carried through higher self-efficacy beliefs but not context beliefs. Supporting a moderation model, indirect effects through self-efficacy beliefs were not present for students with very low decidedness.

Opioid maintenance therapy in Switzerland: an overview of the Swiss IMPROVE study.

BACKGROUND/AIMS: Switzerland's drug policy model has always been unique and progressive, but there is a need to reassess this system in a rapidly changing world. The IMPROVE study was conducted to gain understanding of the attitudes and beliefs towards opioid maintenance therapy (OMT) in Switzerland with regards to quality and access to treatment. To obtain a "real-world" view on OMT, the study approached its goals from two different angles: from the perspectives of the OMT patients and of the physicians who treat patients with maintenance therapy. The IMPROVE study collected a large body of data on OMT in Switzerland. This paper presents a small subset of the dataset, focusing on the research design and methodology, the profile of the participants and the responses to several key questions addressed by the questionnaires. METHODS: IMPROVE was an observational, questionnaire-based cross-sectional study on OMT conducted in Switzerland. Respondents consisted of OMT patients and treating physicians from various regions of the country. Data were collected using questionnaires in German and French. Physicians were interviewed by phone with a computer-based questionnaire. Patients self-completed a paper-based questionnaire at the physicians' offices or OMT treatment centres. RESULTS: A total of 200 physicians and 207 patients participated in the study. Liquid methadone and methadone tablets or capsules were the medications most commonly prescribed by physicians (60% and 20% of patient load, respectively) whereas buprenorphine use was less frequent. Patients (88%) and physicians (83%) were generally satisfied with the OMT currently offered. The current political framework and lack of training or information were cited as determining factors that deter physicians from engaging in OMT. About 31% of OMT physicians interviewed were ≥60 years old, indicating an ageing population. Diversion and misuse were considered a significant problem in Switzerland by 45% of the physicians. CONCLUSION: The subset of IMPROVE data presented gives a present-day, real-life overview of the OMT landscape in Switzerland. It represents a valuable resource for policy makers, key opinion leaders and drug addiction researchers and will be a useful basis for improving the current Swiss OMT model.

Effects of victimization on the belief in a just world in four ex-Yugoslavian countries

Levels of support for just world beliefs among young adults (N = 598) from four ex-Yugoslavian countries-Bosnia and Herzegovina, Croatia, the former Yugoslav Republic of Macedonia, and Slovenia-were compared, taking into account victimization experiences and the general belief in a just world. Being a victim affected an individual's belief in a just world in the two less economically favored contexts: Victims of exclusion in Macedonia and victims of war in Bosnia and Herzegovina were less likely to believe in a just world than non-victims. These victimization variables partly explained why the mean scores of these two countries were less than those of the two others. A deleterious effect of cumulative negative events on belief in a just world was identified, in parallel with a lower endorsement of the belief when the first victimization occurred more recently.

Goal recognition over POMDPs: inferring the intention of a POMDP agent

Plan recognition is the problem of inferring the goals and plans of an agent from partial observations of her behavior. Recently, it has been shown that the problem can be formulated and solved usingplanners, reducing plan recognition to plan generation.In this work, we extend this model-basedapproach to plan recognition to the POMDP setting, where actions are stochastic and states are partially observable. The task is to infer a probability distribution over the possible goals of an agent whose behavior results from a POMDP model. The POMDP model is shared between agent and observer except for the true goal of the agent that is hidden to the observer. The observations are action sequences O that may contain gaps as some or even most of the actions done by the agent may not be observed. We show that the posterior goal distribution P(GjO) can be computed from the value function VG(b) over beliefs b generated by the POMDPplanner for each possible goal G. Some extensionsof the basic framework are discussed, and a numberof experiments are reported.

Coupling digital and physical worlds in an AR magic show performance: lessons learned

“Magic for a Pixeloscope” is a one hour show conceived to berepresented in a theater scenario that merges mixed and augmented reality (MR/AR) and full-body interaction with classical magic to create new tricks. The show was conceived by an interdisciplinary team composed by a magician, twointeraction designers, a theater director and a stage designer. Themagician uses custom based hardware and software to createnew illusions which are a starting point to explore new languagefor magical expression. In this paper we introduce a conceptualframework used to inform the design of different tricks; weexplore the design and production of some tricks included in theshow and we describe the feedback received on the world premiere and some of the conclusions obtained.

The Economic Effects of Christian Moralities

This article examines the different influences that Catholicism and Protestantism exert on economically relevant values. It argues that Catholic theology and practice facilitate personal transactions while Protestantism favors values and types of moral and legal enforcement better adapted for impersonal trade. Protestantism may thus be more conducive to economic growth through anonymous exchange while Catholicism may provide better support for personal contracting. Several components of this hypothesis are confirmed using statistical models with data from the 1998 ISSP international survey on religion. These show that Protestants are more trusting of anonymous counter parties, develop more reliable institutions for legal enforcement and are more willing to spend resources on monitoring and punishing other members of the community. Catholicism is more protective of the family and small-group relationships, and provides more tolerant and less motivating beliefs. Relatively smaller and less consistent differences appear in terms of worldly personal success and incentives.

Essays on the principles and adoption of entreprise-wide architecture

Enterprise-wide architecture has become a necessity for organizations to (re)align information technology (IT) to changing business requirements. Since a city planning metaphor inspired enterprise-wide architecture, this dissertation's research axes can be outlined by similarities between cities and enterprises. Both are characterized as dynamic super-systems that need to address the evolving interest of various architecture stakeholders. Further, both should simultaneously adhere to a set of principles to guide the evolution of architecture towards the expected benefits. The extant literature on enterprise-wide architecture not only disregards architecture adoption's complexities but also remains vague about how principles guide architecture evolution. To bridge this gap, this dissertation contains three interrelated research streams examining the principles and adoption of enterprise-wide architecture. The first research stream investigates organizational intricacies inherent in architecture adoption. It characterizes architecture adoption as an ongoing organizational adaptation process. By analyzing organizational response behaviors in this adaptation process, it also identifies four archetypes that represent very diverse architecture approaches. The second research stream ontologically clarifies the nature of architecture principles along with outlining new avenues for theoretical contributions. This research stream also provides an empirically validated set of principles and proposes a research model illustrating how principles can be applied to generate expected architecture benefits. The third research stream examines architecture adoption in multinational corporations (MNCs). MNCs are Specified by unique organizational characteristics that constantly strive for balancing global integration and local responsiveness. This research stream characterizes MNCs' architecture adoption as a continuous endeavor. This endeavor tries to constantly synchron ize architecture with stakeholders' beliefs about how to balance global integration and local responsiveness. To conclude, this dissertation provides a thorough explanation of a long-term journey in Which organizations learn over time to adopt an effective architecture approach. It also clarifies the role of principles to purposefully guide the aforementioned learning process. - L'Architecture d'Entreprise (AE) est devenue une nécessité pour permettre aux organisations de (ré)aligner les technologies de l'information (TI) avec les changements en termes de besoins métiers. En se basant sur la métaphore de la planification urbaine dont l'AE s'est inspirée, cette dissertation peut être présentée comme une comparaison entre les villes et les entreprises; les deux sont des super-systèmes dynamiques ayant besoin de répondre aux intérêts d'acteurs divers et variés en constants évolution. De plus, les deux devraient souscrire simultanément à un ensemble de principes afin de faire converger l'évolution de l'architecture vers les bénéfices attendus. La littérature sur l'AE, non seulement ne prend pas en considération les complexités de l'adoption d'architecture, mais aussi reste vague sur la manière dont les principes guident l'évolution de l'architecture. Pour pallier ce manque, cette dissertation est composée de trois volets de recherche étroitement liés examinant les principes et l'adoption de l'AE. Le premier volet examine la complexité organisationnelle inhérente à l'adoption de l'architecture. Il caractérise l'adoption de l'architecture en tant que processus d'adaptation continu. En analysant le comportement organisationnel en réponse à ce processus d'adaptation, ce volet distingue quatre archétypes représentant la diversité des approches de l'architecture. Le deuxième volet de recherche clarifie de manière ontologique la nature des principes d'architecture et envisage les contributions théoriques futures possibles. Cet axe de recherche fournit aussi un ensemble de principes, validés de manière empirique, et propose un modèle de recherche illustrant la manière dont ces principes peuvent être appliqués afin de générer les bénéfices attendus de l'architecture. Le troisième volet examine l'adoption de l'architecture dans les entreprises multinationales. Ces dernières possèdent des caractéristiques organisationnelles uniques et sont constamment à la recherche d'un équilibre entre une intégration globale et une flexibilité locale tout en prenant en compte les convictions des divers acteurs sur la manière d'atteindre cet équilibre. Pour conclure, cette dissertation fournit une explication sur le long voyage au cours duquel les entreprises apprennent à adopter une approche d'architecture efficace. Elle clarifie aussi le rôle des principes dans l'accompagnement de ce processus d'apprentissage.

Neglected risks, financial innovation, and financial fragility

We present a standard model of financial innovation, in which intermediaries engineer securities with cash flows that investors seek, but modify two assumptions. First, investors (and possibly intermediaries) neglect certain unlikely risks. Second, investors demand securities with safe cash flows. Financial intermediaries cater to these preferences and beliefs by engineering securities perceived to be safe but exposed to neglected risks. Because the risks are neglected, security issuance is excessive. As investors eventually recognize these risks, they fly back to safety of traditional securities and markets become fragile, even without leverage, precisely because the volume of new claims is excessive.

Cordes gitanes : la influència del flamenc en l'escriptura per a viola clàssica

Aquest treball sorgeix amb l'intenció d'enriquir el meu propi llenguatge musical a través d'una cultura i d' una música màgica. És un petit viatge sobre els orígens del flamenc, dels gitanos, una recerca sobre recursos tècnics del meu instrument per poder acostar-me a la veu humana, i nombrant a personatges com Falla o Lorca, dos dels màxims exponents que van apostar completament per aquesta música.

Use of medicinal plants by black women: ethnography study in a low-income community

Objective To explore beliefs, values and practices related to the use of medicinal plants among low-income black families. Method The research method was ethnography and the participant observation process was done in a low-income community in the peripheral area of the City of São Paulo. Twenty black women were interviewed. Results Two cultural sub-themes, I do use medicines that I learned to make with my mother and with religious practitioners to care for diseases and Home medicines are to treat problems that are not serious, and the cultural theme I do use home medicines to treat simple diseases because I always have them at my disposal, they are free and I don’t need a medical prescription represent beliefs, values, and practices related to the use of medicinal plants among low-income black families. Conclusion The development of such practices, which can hide ethnic and social vulnerability, reveals the resilience of low-income black women in the process of confronting problems during the health-illness process.

Limits and possibilities experienced by nurses in the treatment of women with chronic venous ulcers

Objective To understand the experiences and expectations of nurses in the treatment of women with chronic venous ulcers. Method Phenomenological research was based on Alfred Schütz, whose statements were obtained in January, 2012, through semi-structured interviews with seven nurses. Results The nurse reveals the difficulties presented by the woman in performing self-care, the perceived limitations in the treatment anchored in motivation, and the values and beliefs of women. It showed professional frustration because venous leg ulcer recurrence, lack of inputs, interdisciplinary work and training of nursing staff. There was an expected adherence to the treatment of women, and it emphasized the need for ongoing care, supported self-care and standard practices in treatment. Conclusion That treatment of chronic venous leg ulcers constitutes a challenge that requires collective investment, involving women, professionals, managers and health institutions.