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This study investigates the effect of firm-level political risk on corporate tax behavior. Using a novel, firm-level measure of political risk, we find that firms delay tax avoidance investments when facing high political uncertainty, consistent with the implications of the real options theory. In addition, we find that the main effect is more pronounced in firms with greater flexibility to adjust tax positions and firms that are more politically sensitive. Further analyses show that firms with high political risk are associated with less tax planning and consulting fees, less foreign income designated as permanently reinvested earnings, and more lobbying activities. Our findings suggest that the lost tax savings can be a specific channel through which political risk affects shareholder values.

Background: Cinema programmes are set in advance (usually with a weekly frequency), which motivates us to investigate the short-term forecasting of attendance. In the literature on the cinema industry, the issue of attendance forecasting has gained less research attention compared to modelling the aggregate performance of movies. Furthermore, unlike most existing studies, we use data on attendance at the individual show level (179,103 shows) rather than aggregate box office sales. Objectives: In the paper, we evaluate short-term forecasting models of cinema attendance. The main purpose of the study is to find the factors that are useful in forecasting cinema attendance at the individual show level (i.e., the number of tickets sold for a particular movie, time and cinema). Methods/Approach: We apply several linear regression models, estimated for each recursive sample, to produce one-week ahead forecasts of the attendance. We then rank the models based on the out-of-sample fit. Results: The results show that the best performing models are those that include cinema- and region-specific variables, in addition to movie parameters (e.g., genre, age classification) or title popularity. Conclusions: Regression models using a wide set of variables (cinema- and region-specific variables, movie features, title popularity) may be successfully applied for predicting individual cinema shows attendance in Poland.

This chapter examines the changes in the rural, agrarian economy of India, through a two-period survey of a village in Rajasthan. It is found that the increasing number of uneconomic farm plots due to the continuous division of land and lack of alternative job opportunities in rural areas have profoundly affected the tenancy relations. It is the marginal farmers who are leasing out land as cultivation has become unviable due to high fragmentation and uneconomic size of farm plots. A resurvey of the villages revealed the ground-level implications of price fluctuations in the world market. With an increase in the price of a single crop, self-cultivation became profitable, leading to a fall in tenancy, which in turn, had an adverse impact on the livelihood of marginal and landless tenant farmers pushing them into the labour market.

This paper is the first to use loan level data to investigate the relationship between equity volatility and financial leverage on the firm level. We use a comprehensive dataset of large syndicated loans with a total loan amount in excess of 12 trillion USD. This allows us to precisely identify when a company experiences a large change in leverage. In contrast to several previous studies that have relied only on accounting data, we find very clear results that increased financial leverage increases equity volatility. Our findings are robust to controlling for time trends in variance as well as the type and purpose of the loan.

Using monthly zip-code level data on credit card transactions covering 16 U.S. cities, this paper investigates changes in consumption at local commercial places during the coronavirus disease 2019 (COVID-19). Since using aggregate-level data can suppress valuable information on consumption patterns coming from zip codes, the main contribution is achieved by estimating common factors across zip codes that are controlled for factors that are zip-code and time specific as well as those that are zip-code and sector specific. Whereas raw data for the median zip code suggest that spending on all sectors (except for grocery) has decreased amid COVID-19, the estimation results based on common factors across zip codes rather show that relative consumption of products and services that can be consumed at home (e.g., grocery, pharmacy, home maintenance) has increased up to 56% amid COVID-19 compared to the previous year, whereas relative consumption of products and services that cannot be consumed at home (e.g., fuel, transportation, personal care services, restaurant) has decreased up to 51%. Similarly, after controlling for the corresponding factors, online shopping has relatively increased up to 21%, while its expenditure share has relatively increased by up to 16% compared to the pre-COVID-19 period.

Is the poor aggregate employment growth of the manufacturing sector in Sub-Saharan African countries the outcome of inadequate job creation or rival forces of job creation and job destruction acting in opposite direction? Using a unique dataset from the Kenyan manufacturing sector, we examine this question using ordinary least squares method and feasible generalized least squares technique. We find simultaneous high rates of job creation and job destruction. In most cases, job creation in the manufacturing sector was not adequate to offset the rapid destruction of jobs. Second, we find that the presence of simultaneously high rates of job creation and job destruction cut across firm size and age. Third, we find that young firms account for almost all of the net job creation rates implying that the firm's age is important in shaping its contribution to net job creation rates. Our findings have practical implications. First, job creation policies alone without policies that mitigate the destruction of jobs created might not be successful. For job creation to be successful in the manufacturing sector, effort should be made towards developing strategies that mitigate the destruction of jobs created. This is because job creation and destruction rates simultaneously follow each other. Second, to expand employment growth, effort should be dedicated to supporting young firms (6-10 years), through possibly, tax relief, providing technology of production or any possible government subsidy that can help these firms grow and survive in the turbulent business environment.

Using a large panel dataset of more than 60.000 firms matched to 125 banks in France, we investigate the transmission of the Sovereign Debt Crisis to the French economy via lending relations. We show that French banks’ exposure to sovereign stress negatively affected their corporate borrowers and this impact is heterogeneous across firms. We document three main findings. First, banks most exposed to risky sovereign debt decreased overall lending by more relatively to less exposed banks during the Sovereign Debt Crisis. Second, firms that borrowed from banks with higher sovereign debt exposure obtained less short-term loans and faced higher funding costs with respect to firms related to other banks. Third, the magnitude of these effects depends on the likelihood of firms being financially constrained: among firms related to banks with larger exposure to sovereign risk, younger and smaller firms were relatively more affected by these credit restrictions. These results support existing evidence on the spill-overs of the Sovereign Debt Crisis in the Euro Area from peripheral to core countries via the direct exposure of their domestic banking system.

Trademarking firms are more productive, generate higher profits, and have a better survival rate. Trademarking firms are in one word more successful, which might motivate non-trademarking firms to adopt a trademark strategy. But this does not seem to be the case. The proportion of trademarking firms in the German business sector amounts to just 18%. This figure is quite low, given that nearly each firm has reputation to protect. But why does the vast majority of firms not have registered trademarks? Using a representative sample of German firms, the present paper links certain firm characteristics to a firm’s propensity to register trademarks. The empirical results point to circumstances under which trademarks are significantly more often used: this is the case where a large distance between a firm and its customers exists, a firm’s product quality is difficult to assess, a firm’s products are characterised by a limited (but not strong) substitutability, and where a firm is engaged in R&D and introduces innovative products. Trademarks are considerably less frequently used if none of this is the case.

While video-assisted thoracoscopic surgery (VATS) has gained acceptance as the recommended approach in the surgical management of resectable early stage non-small cell lung cancer (NSCLC), newer minimally invasive techniques continue to evolve and show promise as viable alternatives. The increasingly popular robotic platform, praised for its improved dexterity and visualization, has advanced the ongoing debate regarding superiority among the minimally invasive approaches. A review of the best available literature comparing robotic and thoracoscopic lung resection in the treatment of early stage lung cancer was thus performed to determine the optimal approach. Although high level evidence remains limited to date, the results of the reviewed studies suggest that patients with early stage non-small cell lung cancer can safely undergo either robotic or VATS lung resection with no compromise in morbidity, oncologic effectiveness, or survival. Robotic lobectomy was shown to have an increased cost; however, this variable may be reduced with increased technical proficiency and decreased operative times. Therefore, apart from the cost discrepancy favoring a VATS approach, the two minimally invasive techniques should be considered equivalent in regard to patient outcomes.

Using a balanced panel of manufacturing firms from China between 2007 and 2013, we estimate that being connected to a high-speed rail (HSR) system leads to 9.5% reduction in local firms’ input inve...

The policy importance of non-core liabilities (bank liabilities other than equity and retail deposits) has risen to prominence in recent years with a number of studies highlighting it as a useful indicator of financial procyclicality and vulnerability. In this paper, we look at non-core liabilities in relation to its role in the transmission of monetary policy, particularly by examining how the interest rate channel of monetary policy is affected by non-deposit liabilities. We analyse this issue in the context of an emerging economy experience of Indonesia, which in recent years, has seen an increased reliance of its banking sector on non-core funding. Our investigation employs available bank-level data on non-core liabilities and lending rates in Indonesia over the period October 2011 to July 2016. We find that including non-core liabilities in the estimation has an effect, relative to the baseline, of stronger overall and immediate pass-through, albeit with a more sluggish adjustment towards the...

The United Nations University World Institute for Development Economics Research and National Treasury.

Deliberative democracy assumes that management decisions based on open voluntary and fair procedures are rational and just. This article presents arguments that deliberative democracy can bolster t...

Purpose – This paper aims to examine the distributional differences of Islamic bank financing responses to financing rate across bank-specific characteristics in dual banking system. The study also aims to provide understanding of how efficiently Islamic banks perform their roles as suppliers of capital for businesses and entrepreneurs. Design/methodology/approach – The study uses panel regression methodology covering all Islamic banks in Malaysia. The study estimates the benchmark model for Islamic bank financing with respect to bank characteristics and monetary policy. Findings – The evidence suggests that bank-specific characteristics are important in determining Islamic financing behaviour. The Islamic financing behaviour is consistent with conventional lending behaviour that the Islamic bank financing operates depending on the level of bank size, liquidity and capital. There is no significant difference between Islamic bank financing and conventional bank lending behaviour with respect to changes in monetary policy. Originality/value – Many problems and challenges relating to Islamic financing instruments, financial markets and regulations must be addressed and resolved. In practice, it would be a good idea if Islamic banks move away from developing debt-based instruments and concentrate more efforts to develop profit and loss sharing instruments. Objetivo - Este documento tiene como objetivo examinar las diferencias de distribución de las respuestas de financiación de los bancos islámicos a la tasa de financiación a través de las características específicas de los bancos en el sistema de banca dual. El estudio también tiene como objetivo proporcionar una comprensión de la eficacia con la que los bancos islámicos desempeñan sus funciones como proveedores de capital para empresas y emprendedores. Diseño / metodología / enfoque - El estudio utiliza una metodología de regresión de panel que cubre todos los bancos islámicos de Malasia. El estudio estima el modelo de referencia para el financiamiento bancario islámico con respecto a las características bancarias y la política monetaria. Recomendaciones - La evidencia sugiere que las características específicas de los bancos son importantes para determinar el comportamiento financiero islámico. El comportamiento de la financiación islámica es coherente con el comportamiento de los préstamos convencionales que opera la financiación de los bancos islámicos en función del tamaño del banco, la liquidez y el capital. No existe una diferencia significativa entre el financiamiento de los bancos islámicos y el comportamiento de los préstamos bancarios convencionales con respecto a los cambios en la política monetaria. Originalidad / valor - Se deben abordar y resolver muchos problemas y desafíos relacionados con los instrumentos financieros islámicos, los mercados financieros y las regulaciones. En la práctica, sería una buena idea que los bancos islámicos dejaran de desarrollar instrumentos basados ​​en deuda y concentraran más esfuerzos en desarrollar instrumentos de distribución de pérdidas y ganancias.

This study assesses the impact of the Clean Development Mechanism (CDM) on the transfer of clean technology in India. The reason this study is unique is because firstly, it adopts an outcome-oriented approach to define ‘technology transfer’, which means that technology transfer occurs if firms are able to upgrade their ‘dynamic capabilities’. It uses three indicators of firms’ dynamic capabilities: R&D expenditures to sales ratio, fuel consumption to sales ratio and total factor productivity growth. Secondly, it moves away from the analysis of technology transfer claims made in either Project Development Documents or primary surveys to using actual information on firms’ performance for the analysis. The empirical analysis is based on a difference-in-difference design. It draws on the balance sheet data of 612 firms from India between 2001 and 2012 from the PROWESS database. The results reveal that CDM has the potential of laying a foundation for capability building in developing countries but in its current form, it is not effective.

Objective This study aimed to describe the conceptualization, development, and implementation processes of the newly established Korean Cardiac Arrest Resuscitation Consortium (KoCARC) to improve out-of-hospital cardiac arrest (OHCA) outcomes. Methods The KoCARC was established in 2014 by recruiting hospitals willing to participate voluntarily. To enhance professionalism in research, seven research committees, the Epidemiology and Preventive Research Committee, Community Resuscitation Research Committee, Emergency Medical System Resuscitation Research Committee, Hospital Resuscitation Research Committee, Hypothermia and Postresuscitation Care Research Committee, Cardiac Care Resuscitation Committee, and Pediatric Resuscitation Research Committee, were organized under a steering committee. The KoCARC registry was developed with variables incorporated in the currently existing regional OHCA registries and Utstein templates and were collected via a web-based electronic database system. The KoCARC study population comprises patients visiting the participating hospitals who had been treated by the emergency medical system for OHCA presumed to have a cardiac etiology. Results A total of 62 hospitals volunteered to participate in the KoCARC, which captures 33.0% of the study population in Korea. Web-based data collection started in October 2015, and to date (December 2016), there were 3,187 cases compiled in the registry collected from 32 hospitals. Conclusion The KoCARC is a self-funded, voluntary, hospital-based collaborative research network providing high level evidence in the field of OHCA and resuscitation. This paper will serve as a reference for subsequent KoCARC manuscripts and for data elements collected in the study.

Conventional wisdom holds that public campaign financing can diversify the socioeconomic makeup of candidate pools and, therefore, of U.S. elected officials, which could make U.S. public policy more responsive to lower socioeconomic status (SES) citizens. I argue that in addition to the absence of a positive relationship between public financing and candidate socioeconomic diversity, public financing, depending on the program design, may, in fact, reduce candidate socioeconomic diversity. Using occupational data on state legislative candidates in public financing state Connecticut and two paired control states to execute a difference in difference analysis, I demonstrate that when public financing is available, fewer low SES candidates run for state legislative office, and those who do run are not more likely to win and are less likely to utilize public financing.

This paper is a pioneering effort to jointly analyze the intraday and interday distribution of stock returns and their asymmetric time varying volatility using firm level data from an emerging stock market, namely, the Bourse Istanbul. The joint intraday and interday distribution analysis is based on the two trading sessions with a two-hour lunch break and the trading days of week. The asymmetric time varying volatility is based on the Threshold Generalized Autoregressive Conditional Heteroscedasticity-in-Mean [TGARCH(1,1)-M] model with systematic risk entering the return generating process. This is a unique framework to simultaneously test (i) the weak-form informational efficiency, (ii) the conditional total risk-return relationship and the systematic risk effects, and (iii) volatility persistence and asymmetry in volatility. The firm level intraday data sets are used for the period 1995 to 2015. Firstly, a strong result can be pronounced for a positive return effect for the second trading session of Thursdays followed by the second session of Fridays. The first session of Wednesdays is more associated with a stock price decline. The volatility is the highest in the second session of Mondays. Although the second session of Thursdays sees a volatility increase referring to a positive risk-return relationship, Fridays do not have any significant volatility increase. This can be seen as a true anomaly where we could observe higher returns with lower volatility. Secondly, it can be concluded that only the systematic risk is priced for the great majority of the selected firms. In addition, we cannot observe a significant asymmetry in the volatility in most cases. Finally, it is found that the financial companies have a significantly higher systematic risk than the industrial companies.

Previous studies of industry level energy demand have not accounted for the hierarchical nesting of industries within a system that also adequately allows for country specific determinants of energy demand. The principal contribution of this paper is therefore to analyse energy demand for European industries over the period 1995–2009 using a dynamic multilevel model that accounts for this hierarchical data structure. Among other things, we find, firstly, that our dynamic multilevel model suggests that if industry income and the industry energy price increase by 10%, long run energy demand will increase by 8.1% and fall by 6.8%, respectively. Secondly, we find that the corresponding long run income and price elasticities are substantially larger in a standard dynamic model of industry level energy demand which does not account for the hierarchical data structure. Our results therefore suggest that not accounting for the hierarchical data structure results in unreliable estimates of energy demand elasticities. From a policy perspective we argue that it is imperative that future industry level energy demand studies account for the hierarchical structure of the data. This is to prevent energy policy making being based on industry level evidence that substantially inflates the responsiveness of long run energy demand to income and price changes.

This article conducts a firm‐level analysis of the effect of taxation on corporate investment, using large‐scale panel data on non‐financial firms over the period 1990–2014, and controlling for macrostructural differences among ASEAN countries. We find a significant degree of persistence in fixed investment over time, which varies with firm characteristics, such as size, growth prospects, profitability and leverage. The non‐linear estimations indicate that taxation facilitates business investment (possibly by enabling public investment in infrastructure and human capital, and the proper functioning of government institutions), but this effect turns negative and stifles private investment growth as the tax burden increases.

Sustainability and energy economics together as a field has rapidly developed in recent years. However, it is still limited of the literature regarding the effect of energy on firm performance. Thi...

Oropharyngeal cancer (OPC) has traditionally been managed by radiotherapy (RT)-based approaches. Minimally invasive surgery [transoral robotic surgery (TORS)/transoral laser microsurgery (TLMS)] is gaining popularity in T1-T2 HPV+ OPC. However, there is lack of high level evidence to guide practice. We summarize ongoing research regarding outcomes and investigational strategies for TORS/TLM- and RT-based treatments for this disease. Literature published in 2012–2017 demonstrated comparable exemplary outcomes with TORS/TLM and IMRT for selected HPV+ T1-T2 OPC. However, many TORS/TLM-treated patients also require adjuvant treatment, which impacts quality of life. Emerging RT-based de-intensification trial data suggest promising results. Ongoing investigation include indications for postoperative (chemo-)radiotherapy following TORS/TLM- and optimal RT-based de-intensification strategies. A contemporary literature review demonstrates equal efficacy for TORS/TLM and IMRT as primary treatment for selected HPV+ T1-T2 OPC. TORS/TLM is an attractive approach when the opportunity for single modality treatment is high.

This article examines how quality affects heterogeneous multiple-product firms’ exporting behaviours. We develop a structural model of the global movie market, including both consumers’ mov...

For small developing countries international trade can be a major channel for productivity growth. In particular, imports may enhance domestic firms’ productivity by giving them access to a larger variety of and/or better inputs (in terms of quality and incorporated technology). This paper analyses these import-induced productivity effects in the case of Uruguayan manufacturing firms, disentangling the impact of increased access to intermediate input varieties from that of technology transfer. The results obtained for the period 1999–2008 show a positive effect of foreign inputs on firms’ productivity, which would have operated through different channels according to the geographical origin of inputs.

Vesico-vaginal fistula is a global healthcare problem that has a high prevalence in sub-Saharan Africa, where obstetric complications lead to the development of this condition. Despite this, comparatively few fistula repairs are performed in well-resourced countries, where iatrogenic injury is the leading aetiological factor. As a consequence, much of our knowledge results from the experience of relatively few fistula surgeons in areas of high prevalence borne out of large case series or retrospective cohorts rather than high level evidence. At present, debate surrounds the exact timing of repair and the most appropriate surgical approach for this condition. Certain fistulae can be selected for conservative management, while those that do not demonstrate factors associated with spontaneous closure can be selected for surgery. Fistula surgeons should be aware of several potential repair options and the principles of contemporary fistula surgery, as the first attempt at repair is likely to be the best opportunity to achieve a successful outcome. We review the available literature and provide evidence on the optimal timing of repair, the appropriate surgical approach and the use of tissue interpositioning in fistula surgery. Keywords: Martius flap, Reconstructive urology, Urogenital fistula, Vesico-vaginal fistula

In 2010, the Pew Charitable Trusts and the John D. and Catherine T. MacArthur Foundation launched an initiative called Results First to help states and local governments better incorporate evidence into their policy, budget, and management-related decision-making. This article reviews the early results and lessons of Results First by summarizing the initiative and the current level of evidence use in the states, describing political and administrative obstacles that have complicated similar efforts, and discussing how Results First is addressing them. I conclude that rational, top-down policymaking by elected officials is taking place in states and that Results First appears to be having some success in helping to make policy decisions better informed. I also argue, though, that Results First may be having an even greater effect by encouraging evidence-based management among appointed officials and non-policymaking civil servant managers, and that this may help evidence-based policy avoid some of the pitfalls that have undermined previous efforts at government reform.

This paper analyzes the impact of securitization on access to finance for small and medium‐sized enterprises (SMEs) in the euro area. Using firm‐level survey data on SME financing conditions, we show that an increase in securitization issuance reduces the probability of SMEs facing credit constraints and decreases the costs of bank financing for nonconstrained firms. Our results reveal that in addition to the volume of securitization, its type and quality matter for credit extension to SMEs. The paper thus provides empirical support for recent initiatives to revive securitization in Europe and for effective monetary policy transmission in the euro area. (JEL D22, E44, E51, E58, G21)

Although infrastructure and innovation play important roles in fostering a country's economic growth, discussion in the literature about how the two are connected is limited. This paper examines the impact of road density on firm innovation in the People's Republic of China. The analysis uses a matched patent database at the firm level and road information at the city level. Regional variation in the difficulty of constructing roads is used as an instrumental variable to address the potential endogeneity problem of the road variable. The empirical results show that a 10% improvement in road density increases the average number of approved patents per firm by 0.71%. Road development spurs innovation by enlarging market size and facilitating knowledge spillover.

Using a unique sample of mortgage loans for the UK buy-to-let market, we estimate a “double trigger” default model which links originating debt service and loan-to-value ratios to ex post default. We investigate whether the relationship between these ratios and default can be informative in the calibration of macro-prudential limits. We find default increasing with originating loan-to-value and falling in the origination debt service ratio. A non-linear cubic spline model is used to identify threshold effects and we identify clear turning points in these relationships. This analysis could provide one input into supervisory considerations when setting limits in a macro prudential context. In addition, we investigate how multiple loan portfolios interact with these thresholds with strong evidence to support tighter macroprudential restrictions on loans for second and subsequent properties.

Research has uncovered the so-called foreign-ownership bias in China – persistent and sizable policy-induced advantages conferred on foreign firms at the expense of domestic private firms. This article examines the presence of such biases in regulatory implementation, as revealed in the different actual value-added tax (VAT) incidence borne by foreign versus domestic firms. Using comprehensive Chinese manufacturing firm data, we find that within an industry, the de facto VAT rates facing foreign firms are on average 2 percentage points lower than those of domestic private firms. The finding of this “VAT discount” for foreign firms is robust to controlling for a host of firm characteristics and to using alternative definitions of foreign ownership. We rule out various economic motivations, such as the technology-seeking motive, and show indirect evidence that the ownership bias is intended to protect state-owned enterprises. Further research is needed to precisely pin down the underlying motivations and mechanisms.

This paper examines how cross-border differences in the stringency of bank regulations affect U.S. banks’ international activities. The analysis relies on a unique bank-level dataset on the globally most active U.S. banks’ balance sheet as well as their cross-border, foreign affiliate lending and foreign market entry choices in 82 foreign countries in the 2003-2013 period. Results show that U.S. banks are significantly more likely to enter foreign markets with relatively laxer bank capital and disclosure requirements, and exit foreign markets with relatively stricter deposit insurance schemes and more restrictions on activities. Banks substitute away from foreign affiliate lending (via subsidiaries in the foreign country) towards cross-border lending (originating from the U.S.) in foreign countries with more powerful and independent bank regulators and limits on activities.

Eustachian tube dysfuntion intends to describe a variety of signs, symptoms, and physical findings that result from the impairment of ET function. A large variety of methods have been employed to assess ET function in the literature. Due to the lack of high level evidence, it is difficult to draw conclusions on the effectiveness of medical and surgical treatments. There are various medical and surgical interventions available for chronic obstructive ET dysfunction including balloon Eustachian tuboplasty (BET) and laser or microdebrider tuboplasty. Consensus on diagnostic criteria for ETD is required to define inclusion criteria of future trials. There is however emerging work with reassuring, but preliminary, results that suggest evidence for safety in the surgical management of ETD. Like many newly introduced techniques the current data remains limited to non-controlled case-series, with heterogeneous data collection methods and lacking substantial long-term outcomes. Nevertheless, short-term data provide favorable results. Current treatment options comprising BET and patulous ET surgery may be offered as a treatment possibility to selected patients.

We analyse determinants of an enterprise’s decision to offshore R&D activities using a novel dataset for enterprises in Ireland over the period 2001–2006. Our results suggest that, on average, other things equal, enterprises integrated in international production and innovation networks, and enterprises which used information and communication technologies more intensively were more likely to offshore R&D. Furthermore, characteristics of the import source region had an important influence on enterprise offshoring behaviour, with offshoring to regions outside of the advanced European Union’s economies being less likely.

The literature shows that openness to trade improves long-term growth but also that it may increase exposure to high output volatility. In this vein, our paper investigates whether exporting and export diversification at the firm level have an effect on the output volatility of firms. We use large representative firm-level databases from Estonia, Hungary, Romania, Slovakia and Slovenia over the last boom-bust cycle in 2004-2012. The results confirm that exporting is related to higher volatility at the firm level. There is also evidence that this effect increased during the Great Recession due to the large negative shocks in export markets. In contrast to the literature and empirical findings for large or advanced countries we do not find a statistically significant and consistent mitigating effect from export diversification in the Central and Eastern European countries. In addition, exporting more products or serving more markets does not necessarily result in higher stability of firm sales.

Clinical practice involves making many treatment decisions for which only limited formal evidence exists. While the methodology of evidence-based medicine (EBM) has evolved tremendously, there is a need to better characterize lower-level evidence. This should enhance the ability to appropriately weigh the evidence against other considerations, and counter the temptation to think it is more robust than it actually is. A framework to categorize lower-level evidence is proposed, consisting of nonrandomized comparisons, extrapolation using indirect evidence, rationale, and clinical experience (ie, an accumulated general impression). Subtypes are recognized within these categories, based on the degree of confounding in nonrandomized comparisons, the uncertainty involved in extrapolation from indirect evidence, and the plausibility of a rationale. Categorizing the available evidence in this way can promote a better understanding of the strengths and limitations of using such evidence as the basis for treatment decisions in clinically relevant areas that are devoid of higher-level evidence.

This paper studies the relationship between the financial constraints and outward foreign direct investment (OFDI) of Chinese enterprises. First, we construct a theoretical model and develop a series of hypotheses to analyze how productivity and financial constraints influence firms' OFDI decisions. Then we construct a multivariate index to measure internal and external financial constraints. Using Chinese Industrial Enterprises Database as well as the Database of OFDI Firms in China, our empirical finds that both productivity and financial constraints have important impacts on firms' OFDI decisions. In addition, the marginal effect of the financial constraints increases as firms' productivity rises; an effect felt more to the private enterprises than state-owned enterprises. Empirical results also indicate that external financial constraints affect the firms' OFDI decisions more greatly than the internal financial constraints.

In this study, the panel smooth transition model will be used to analyze the nonlinear relationship between debt and investment. It can be inferred from the results that debt drives investment when the debt level is relatively low. However, a rise in debt reaching the “threshold” level diminishes the chances of an increase in investments. The results above indicate: the current economic downturn being experienced will not be resolved by further leverage.

Background: The management of rectal cancer has evolved over the years, including the recent rise of Transanal Total Mesorectal Excision (TaTME). TaTME addresses the limitations created by the bony confines of the pelvis, bulky tumours, and fatty mesorectum, particularly for low rectal cancers. However, guidance is required to ensure safe implementation and to avoid the pitfalls and potential major morbidity encountered by the early adopters of TaTME. We report a broad international consensus statement, which provides a basis for optimal clinical practice. Methods: Forty international experts were invited to participate based on clinical and academic achievements. The consensus statements were developed using Delphi methodology incorporating three successive rounds. Consensus was defined as agreement by 80% or more of the experts. Results: A total of 37 colorectal surgeons from 20 countries and 5 continents (Europe, Asia, North and South America, Australasia) contributed to the consensus. Participation to the iterative Delphi rounds was 100%. An expert radiologist, pathologist, and medical oncologist provided recommendations to maximize relevance to current practice. Consensus was obtained on all seven different chapters: patient selection and surgical indication, perioperative management, patient positioning and operating room set up, surgical technique, devices and instruments, pelvic anatomy, TaTME training, and outcomes analysis. Conclusions: This multidisciplinary consensus statement achieved more than 80% approval and can thus be graded as strong recommendation, yet acknowledging the current lack of high level evidence. It provides the best possible guidance for safe implementation and practice of Transanal Total Mesorectal Excision.

Cholangiocarcinoma, malignant tumor of epithelial cells of bile ducts has poor overall survival and prognosis. We report a case of non-resectable cholangiocarcinoma with a 57-month survival after incomplete R2 surgical margin resection of the tumor. A 52-year old man with generalized itching, jaundice, brownish urine, mild abdominal pain and weight loss of 8 kg in last two months presented. Imaging and surgical workups showed hilar cholangiocarcinoma (Klatskin tumor). Along with incomplete R2 margin resection we performed stent embedding and post-operative adjuvant chemotherapy. Based on current literature data there is no superiority of adjuvant chemotherapy after complete R0 resection compared to incomplete R2 resection. However, it seems that partial resection along with stent embedding and applied adjuvant chemotherapy in cases of locally advanced non-resectable cholangiocarcinoma may increase survival rate.

Financial innovation plays a crucial role in driving green innovation. Using patent data of 20 manufacturing industries and financial innovation data in 23 OECD countries from 1994 to 2009, this paper studies the impacts of financial innovation on green innovation from mechanism and empirical analysis. Our results show that financial innovation can significantly promote green innovation in industries that are more high-tech intensive. Using the mediation effect model, we find that the impact of financial innovation on industries’ green innovation is achieved by improving financial intermediaries’ ability to screen information. Then we find that although financial innovation has no obvious impact on the proportion of green innovation, it shows promotion effect in countries with stricter environmental regulations and lower degree of banking competition, as well as in industries with higher energy-intensity. Moreover, our study reveals that the promotion effect of financial innovation on green innovation is more significant among alternative energy innovation.

This study evaluates the pro†competitive effect of foreign market penetration with a broad firm†level database that covers manufacturing industries in six European countries. The main contribution is the demonstration of the heterogeneous effects on host country competition of the two main channels of foreign market penetration that have been assigned fundamental differences by economic theory: imports and foreign direct investment. The results of dynamic estimates of firm†level markups reveal a pro†competitive effect of imports, while foreign direct investment shows no clear overall impact, suggesting a cancelling out of competitive pressure and spillovers. These findings matter for both future empirical research and policy considerations that must weigh the positive and negative effects of foreign market integration on the competitive environment and consumer welfare.