Specificity revisited: The role of cross-investments

Previous analysis has shown that traders may opt for specific technologies with nojoint productivity advantage as a way to commit themselves to trading jointly, butonly when long-term contracting is infeasible. This paper proves that speciÞcity canalso be optimal (by relaxing the budget-balance constraint) in settings with long-termcontracting. Traders will opt for specificity when one trader makes a cross-investmentand either (1) this cross-investment has a direct externality on the other trader, (2) bothparties invest, or (3) private information is present. The specificity (e.g. from non-salvageable investments, specific assets and technologies, narrow business strategies,and exclusivity restrictions) is equally effective regardless of which trader's alternativetrade payoff is reduced. Specificity supports long-term contracts in a broad rangeof settings - both with and without renegotiation. The theory also offers a novelperspective on franchising and vertical integration.

Capital goods imports and investments in Latin America in the mid 1920s

The assessment of Latin American long term economic performance is in urgent need ofmobilizing more data to match the pressing demands of growth analysts. We present asystematic comparison of capital goods imports for 20 Latin American countries in 1925. It relies on both the foreign trade data of the importing countries and of the major exporting countries the industrialized economies of the time. The quality of foreign trade figures is tested; an homogeneous estimate of capital goods imported is derived, and its per capita ranking is discussed providing new light on Latin American development levels before import substitution.

Endogeneizing know-how flows through the nature of R&D investments

In this paper we carefully link knowledge flows to and from a firm s innovation process with this firm s investment decisions. Three types of investments are considered: investments in applied research, investments in basic research, and investments in intellectual property protection. Only when basic research is performed, can the firm effectively access incoming knowledge flows and these incoming spillovers serve to increase the efficiency of own applied research. The firm can at the same time influence outgoing knowledge flows, improving appropriability of its innovations, by investing in protection. Our results indicate that firms with small budgets for innovation will not invest in basic research. This occurs in the short run, when the budget for know-how creation is restricted, or in the long-run, when market opportunities are low, when legal protection is not very important, or, when the pool of accessible and relevant external know-how is limited. The ratio of basic to applied research is non-decreasing in the size of the pool of accessible external know-how, the size and opportunity of the market, and, the effectiveness of intellectual property rights protection. This indicates the existence of economies of scale in basic research due to external market related factors. Empirical evidence from a sample of innovative manufacturing firms in Belgium confirms the economies of scale in basic research as a consequence of the firm s capacity to access external knowledge flows and to protectintellectual property, as well as the complementarity between legal and strategic investments.

Foreign direct investments and spillovers through workers' mobility

We analyze a model where a multinational firm can use its superiortechnology in a foreign subsidiary only after appropriate trainingof local managers. Technological spillovers from foreign directinvestment arise when such managers are later hired by a localfirm. Benefits for the host economy may also take the form of therent that trained managers receive by the foreign affiliate toprevent them from moving to local competitors. We study conditionsunder which technological spillovers occur. We also show that undercertain circumstances the multinational firm might find it optimalto resort to export instead of foreign direct investment, to avoiddissipation of its intangible assets.

A comment on the cost of capital for investments with non-homogeneous components

In this paper, the expression for the cost of capital is derived when net and replacement investments exhibit differences in their effective prices due to a different fiscal treatment. It is shown that, contrary to previous results in the literature, the cost of capital should be constructed under an opportunity cost criterion rather than a historical one. This result has some important economic consequences, since the optimizing firm will take into account not only the effective price for the new investments but also consider the opportunity cost of replacing them.

Parents’ Investments and Education Returns

[cat] Aquest article analitza la relació entre els ingressos dels pares i l’educació dels seus fills. En un context d’altruïsme perfecte, el model descriu les decisions dels pares sobre quant consumir i quant invertir en l’educació dels seus fills. El model prediu que els rendiments de l’educació en termes de sous haurien de ser lineals. Usant aquest model en una economia competitiva, es mostra com el resultat depèn dels subsidis o impostos del govern sobre l’educació. El compromís habitual igualtat-eficiència apareix en aquest context. Finalment, el model dóna intuïcions sobre la relació entre educació i productivitat.

Advanced age increases the failure rate of non-operative management of blunt splenic injuries

Introduction: Non-operative management (NOM) of blunt splenic injuries in hemodynamically stable patients is nowadays considered the standard treatment. Material and Methods: The aim was to clarify the criteria used for primary operative management (OM) and planned NOM. Furthermore, the study aimed to identify risk factors for failure of NOM. All adult patients with blunt splenic injuries treated from 2000-2008 were reviewed and a logistic regression analysis employed. Results: There were 206 patients (146 men, 70.9%). Mean age was 38.2 ± 19.1 years. The mean Injury Severity Score (ISS) was 30.9 ± 11.6. The American Association for the Surgery of Trauma (AAST) classification of the splenic injury was: grade I, n = 43 (20.9%); grade II, n = 52 (25.2%); grade III, n = 60 (29.1%), grade IV, n = 42 (20.4%) and grade V, n = 9 (4.4%). 47 patients (22.8%) required immediate surgery (OM). More than 5 units of red cell transfusions (odds ratio [OR] 13.72, P < 0.001), a Glasgow Coma Scale < 11 (OR 9.88, P = 0.009) and age ? 55 years (OR 3.29, P = 0.038) were associated with primary OM. 159 patients (77.2%) qualified for a non-surgical approach (NOM), which was successful in 89.9% (143/159). The overall splenic salvage rate amounted to 69.4% (143/206). Multiple logistic regression analysis found age ? 40 years to be the only factor significantly and independently related to the failure of NOM (OR 13.58, P = 0.001). Conclusion: Advanced age is associated with an increased failure rate of NOM in patients with blunt splenic injuries.

Role of intra-operative duplex ultrasound in living renal donor transplantation

Objective: The treatment of choice in end-stage renal disease is¦transplantation.¦Hemodynamic disturbances can evoke graft loss, while early ultrasound¦identification of vascular problems improves outcome. The primary endpoint¦of this study was to identify differences in post-op complications with and¦without systematic, intraoperative Doppler ultrasound use. A secondary aim¦was to find a predictive resistance index limit which would show where surgical¦reintervention was necessary.¦Methods: Between Jan 2000 and Dec 2010, 108 renal transplants were¦performed from living donors at our institution. In group 1 (n = 67),¦intra-operative duplex ultrasound and intra-parenchymatous resistance index¦measurements assessed patients, while in group 2 (n = 41), no ultrasound was¦performed.¦Results. There were no inter-group differences in the overall post-op¦complication rate or in benefit to graft or patient survival with Doppler use,¦however, significantly more vascular complications (10% vs. 0%, p = 0·02) and¦more acute rejections (37% vs. 10%) occurred in group 2 than in group 1,¦respectively. When the resistance index was <0·5 intra-operatively, immediate¦surgical revision was undertaken to raise the index >0·6.¦Results: There were no inter-group differences in the overall post-op¦complication rate or in benefit to graft or patient survival with Doppler use,¦however, significantly more vascular complications (10% vs. 0%, p = 0·02) and¦more acute rejections (37% vs. 10%) occurred in group 2 than in group 1,¦respectively. When the resistance index was <0·5 intra-operatively, immediate¦surgical revision was undertaken to raise the index >0·6.¦Conclusion: This is the first report demonstrating benefits of systematic¦intraoperative Doppler ultrasound on post-operative complications in renal¦transplantation from living donors. Our results support surgical revision with a¦resistance index <0·5.

A comment on the cost of capital for investments with non-homogeneous components

In this paper, the expression for the cost of capital is derived when net and replacement investments exhibit differences in their effective prices due to a different fiscal treatment. It is shown that, contrary to previous results in the literature, the cost of capital should be constructed under an opportunity cost criterion rather than a historical one. This result has some important economic consequences, since the optimizing firm will take into account not only the effective price for the new investments but also consider the opportunity cost of replacing them.

Parents’ Investments and Education Returns

[cat] Aquest article analitza la relació entre els ingressos dels pares i l’educació dels seus fills. En un context d’altruïsme perfecte, el model descriu les decisions dels pares sobre quant consumir i quant invertir en l’educació dels seus fills. El model prediu que els rendiments de l’educació en termes de sous haurien de ser lineals. Usant aquest model en una economia competitiva, es mostra com el resultat depèn dels subsidis o impostos del govern sobre l’educació. El compromís habitual igualtat-eficiència apareix en aquest context. Finalment, el model dóna intuïcions sobre la relació entre educació i productivitat.

Hypertension and intra-operative incidents : a multicentre study of 125000 surgical procedures in Swiss hospitals

Rapport de synthèse : Bien que les complications sévères de l'anesthésie soient actuellement rares, des informations contradictoires existent à propos du rôle et de l'importance de l'hypertension artérielle chronique sur la survenue de complications en cours d'anesthésie. En raison de la prévalence élevée de l'hypertension artérielle dans la population et du grand nombre d'anesthésies effectuées, il est important de clarifier cette relation. Le but de l'étude était d'évaluer si les personnes hypertendues étaient à risque accru de présenter des complications lors d'anesthésies à partir de données collectées de routine lors d'anesthésies usuelles réalisées en Suisse. Nous avons utilisé les données figurant dans le registre ADS (Anesthésie Données Suisse) correspondant à des anesthésies, générales ou locorégionales, réalisées pour chirurgie élective chez des adultes, entre 2000 et 2004 dans 24 hôpitaux suisses. L'attention était portée principalement sur les incidents cardio-vasculaires, mais les autres incidents relevés de routine ont aussi été évalués. La présence d'une hypertension artérielle chronique était définie par la présence d'un traitement antihypertenseur ou par l'anamnèse d'une hypertension artérielle, combinée à la mesure d'une pression artérielle élevée (systolique >160 mm Hg ou diastolique >100 mm Hg) lors de l'examen préopératoire de l'anesthésiste. Les incidents relevés en cours d'anesthésie ont été définis a priori et sont enregistrés de routine sur la feuille d'anesthésie et reportés dans une base de données centralisée. En raison de la structure des données, des analyses hiérarchiques ont été effectuées incluant des variables individuelles (niveau 1), liées aux groupes d'interventions chirurgicales (niveau 2) et à l'hôpital (niveau 3). Parmi les 124 939 interventions, 27 881 (22%) concernaient des patients connus pour une hypertension artérielle chronique. Au moins un incident est survenu dans 16,8% des interventions (95% Cl 16,6 -17,0%). Chez 7 549 patients, au moins un incident cardio- vasculaire est survenu, soit dans 6% des anesthésies (95% Cl 5.9-6.2%). Le rapport des cotes (odds ratio) moyen ajusté pour les incidents cardio-vasculaires chez les patients hypertendus était de 1.38 (95% Cl 1.27-1.49), indiquant une augmentation du risque chez les patients hypertendus. Cependant, l'hypertension n'était pas liée à un risque augmenté de survenue d'un autre incident. Les rapports de cotes ajustés de la survenue d'une complication cardiovasculaire en présence d'une hypertension artérielle variaient selon les hôpitaux entre 0.41 et 2.25. Ainsi, cette étude confirme la présence d'un risque accru de survenue d'une complication cardiovasculaire chez un patient hypertendu lors d'une anesthésie pour chirurgie élective. Il s'agissait le plus souvent d'une arythmie ou d'une perturbation hémodynamique. Cette augmentation du risque proche de 40% a aussi été trouvée dans une revue systématique avec méta-analyse. L'hétérogénéité des institutions -qui persiste même en tenant compte des ajustements pour le type d'intervention chirurgicale et des variables individuelles (case-mix) - suggère des différences de pratique de l'anesthésie selon l'hôpital.

Peri-operative management of antiplatelet therapy in patients with coronary artery disease. Joint position paper by members of the working group on Perioperative Haemostasis of the Society on Thrombosis and Haemostasis Research (GTH), the working group on Perioperative Coagulation of the Austrian Society for Anesthesiology, Resuscitation and Intensive Care (ÖGARI) and the Working Group Thrombosis of the European Society for Cardiology (ESC).

An increasing number of patients suffering from cardiovascular disease, especially coronary artery disease (CAD), are treated with aspirin and/or clopidogrel for the prevention of major adverse events. Unfortunately, there are no specific, widely accepted recommendations for the perioperative management of patients receiving antiplatelet therapy. Therefore, members of the Perioperative Haemostasis Group of the Society on Thrombosis and Haemostasis Research (GTH), the Perioperative Coagulation Group of the Austrian Society for Anesthesiology, Reanimation and Intensive Care (ÖGARI) and the Working Group Thrombosis of the European Society of Cardiology (ESC) have created this consensus position paper to provide clear recommendations on the perioperative use of anti-platelet agents (specifically with semi-urgent and urgent surgery), strongly supporting a multidisciplinary approach to optimize the treatment of individual patients with coronary artery disease who need major cardiac and non-cardiac surgery. With planned surgery, drug eluting stents (DES) should not be used unless surgery can be delayed for ≥12 months after DES implantation. If surgery cannot be delayed, surgical revascularisation, bare-metal stents or pure balloon angioplasty should be considered. During ongoing antiplatelet therapy, elective surgery should be delayed for the recommended duration of treatment. In patients with semi-urgent surgery, the decision to prematurely stop one or both antiplatelet agents (at least 5 days pre-operatively) has to be taken after multidisciplinary consultation, evaluating the individual thrombotic and bleeding risk. Urgently needed surgery has to take place under full antiplatelet therapy despite the increased bleeding risk. A multidisciplinary approach for optimal antithrombotic and haemostatic patient management is thus mandatory.