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Context: Suboxone (buprenorphine-naloxone) is an opioid product approved in the US and Canada for the treatment of opioid use disorder. The drug is considered an important response to the opioid overdose epidemic with consistent calls for wider prescribing and deregulation in primary care. But there are documented irregularities, or 'abuses', in the US pharmaceutical regulation process that support manufacturer profit-making. Objective: We aimed to critically examine the regulatory history of Suboxone in Canada--and compare it to that of the US--to determine how federal regulators balance profit- making and equitable access during an epidemic. Study Design and Analysis: First, we investigated Suboxone's entry into the Canadian market to understand how it achieved market exclusivity. Second, we examined Health Canada's risk mitigation process to address extramedical use and diversion to understand the intersection of regulation and brand promotion. Third, we extended these insights to the recent approval of two related buprenorphine products and their pathways to market exclusivity. Setting or Dataset: Public drug and patent registries. Population Studied: Canadian and US government regulatory bodies. Results: We identified inconsistencies in Suboxone's regulatory history that suggest Health Canada's functions of health protection and promotion were compromised in favour of a profit-making 'innovations' agenda. Despite six years of market exclusivity in Canada, there was no evidence suggesting Suboxone achieved formal exclusivity (i.e., through patent or data protection). Health Canada's process to address Suboxone's safety concerns was compromised and ultimately allowed the manufacturer to develop and deliver a branded 'education' program to providers. In the US, we found similar inconsistencies like orphan drug approvals and 'product hopping' between therapeutically interchangeable formulations that served to extend market exclusivity. Conclusions: Health Canada's regulatory duties were compromised in favour of manufacturer profitmaking. This approach can adversely affect public health due to unnecessarily high costs for drugs deemed essential to stem a major health crisis. Alternative pharmaceutical policies are urgently needed to safely expand primary care treatment for opioid use disorder., Presenters Meghan McGee, PhD, MSc, [...]

This paper examines whether earnings levels predict future returns distinct from earnings changes. I find that the predictive ability of earnings levels is subsumed by and is not incremental to the predictive ability of earnings changes. Specifically, I find that trading strategies based on net income, operating profitability, and gross profitability do not earn significant abnormal returns after controlling for earnings changes. My evidence suggests that these anomalies are an artifact of post-earnings-announcement drift and the failure to properly control for earnings changes. History: Accepted by Mary Barth, accounting. Supplemental Material: Data are available at https://doi.org/10.1287/mnsc.2017.2838. Keywords: unexpected earnings * earnings levels * earnings changes * post-earnings-announcement drift * return predictability * asset pricing, 1. Introduction Research shows that net income, gross profitability, and operating profitability predict returns (Balakrishnan et al. 2010, Novy-Marx 2013, Ball et al. 2015). The ability of these variables, collectively [...]

We investigate why extreme positive earnings surprises occur and the consequences of these events. We posit that managers know before analysts when extremely good earnings news is developing, but can have incentives to allow the earnings news to surprise the market at the earnings announcement. In particular, managers can use an extreme positive earnings surprise to attract investor attention when they believe their stock is neglected and future performance is expected to be strong. Analysts, who must allocate scarce resources across many firms, can also be inattentive and miss signals that suggest good performance is going to be announced. Using various proxies for extreme positive earnings surprises, management expectations for future performance and desire for attention, and analyst neglect, we find evidence that an extreme positive earnings surprise is a predictable event. These findings are incremental to controlling for a firm's information environment, earnings volatility, and operating leverage. Finally, we show that extreme positive earnings surprises are a successful method for attracting attention, with significant increases in the number of institutional owners, the number of analysts, and trading volume during the subsequent three years. Keywords: accounting; economics; behavior; behavioral decision making; financial institutions; markets History: Received January 16, 2013; accepted June 2, 2015, by Mary Barth, accounting. Published online in Articles in Advance January 19, 2016., 1. Introduction This paper examines the causes and consequences of extreme positive earnings surprises. Instances where a firm's earnings far exceed the analyst consensus forecast are interesting because, on the [...]

This study examines the importance of saving during adolescence as one way of obtaining larger sums of money, and investigates differences between adolescents who choose to save and those who [...]

Nowadays, globalization of local firms is an important topic for every country. The international firms seem to have a high reputation, but does it really work for investors? Historically, several international firms that had a high reputation among investors have been involved accounting scandals before the exposure of terrible news. These cases raise investors' suspicion that international firms do not always have high quality accounting information. Investors should focus on some important indexes of earnings quality, helping themselves to decide the quality of companies' accounting statements which lead to a better decision. This paper tries to answer the following 3 questions: what kind of companies make overseas investment? Can overseas investment improve all types of earnings qualities? Do the legal systems and degree of development of the invested countries effect earnings qualities? In this paper, we hypothesize that firms under greater influence of common law and developed countries have higher earnings qualities. Then we use the propensity score matching model to control for differences in firms' characteristics between overseas investment Japanese firms and non-overseas investment Japanese firms. After that we examine the correlation between overseas investment and three types of earnings qualities (earnings management, value relevance of accounting information, and reporting conservatism), using two dimensions (quantity and percentage) to represent the extent of influence of common law countries and developed countries. We test out 6 hypotheses with the propensity score matching sample of 6,973 firm-year data for the year 2005 to 2014. Based on the results, we find that Japanese firms with lower advertisement expenditure, lower quick ratio, higher capital ratio, higher R&D expenditure, higher interest expense, higher intangible assets rate, higher ROA, and larger size, have a higher tendency to make overseas investment. In addition, we find that overseas investment can improve earnings quality by reducing earnings management risk. We also find that firms under greater influence of common law countries or developed countries have lower (higher) level of earnings management risk (value relevance). Lastly, we find that overseas investment can damage earning quality by impairing the reporting conservatism, but firms under greater influence of common law countries or developed countries have higher level of reporting conservatism. The findings of this study have implications not only for investors but also for security analysts, auditors, policy makers, and other accounting information users in enhancing their understanding of legal systems and degree of development differences, and their impact on earnings qualities. JEL Classifications: M41, D92, Q56, K42 Keywords: overseas investment, earnings quality, propensity score matching Corresponding Author's Email Address: gu.junjian@f.mbox.nagoya-u.ac.jp, INTRODUCTION Nowadays, globalization of local firms is an important topic for every country, as it is one of the main drivers of economic growth. As of 2015, around 1,100 listed [...]

We study earnings of individuals who exit entrepreneurship for paid employment. We find mean (median) positive rewards from entrepreneurship in subsequent paid employment relative to matched employees. Rewards are higher [...]

Transfer spending among English Premier League clubs has increased drastically since the inception of the league, often funded by extremely wealthy owners who began purchasing majority stakes in clubs. Using [...]

This paper examines the phenomenon of profit-increasing consumer exit and the related phenomenon of profit-decreasing consumer entry. We demonstrate that firms can be better off in shrinking markets and worse [...]

Although previous studies have examined the rewards available to individuals inside entrepreneurial firms, entrepreneurial experience may provide rewards that are independent of the entrepreneurial context. Building on human capital theory, this study provides theoretical explanations for the effects of experience at a startup on earnings across an individual's career and then examines these implications in the context of California's semiconductor industry. Comparing the career trajectories of employees who join start-ups with a matched control group of comparable workers without start-up experience, I perform a counterfactual analysis and find that start-up experience in this context has a persistent positive effect on earnings that extend outside the entrepreneurial environment. The results from the matched sample are consistent with the development and revelation of valuable general human capital through entrepreneurial experience and suggest that the rewards to entrepreneurship are not limited to just the rewards available inside entrepreneurial firms. Key words: start-ups; experience; human capital; compensation; careers; entrepreneurship; risk preferences History: Received February 1, 2010; accepted May 2, 2012, by Lee Fleming, entrepreneurship and innovation. Published online in Articles in Advance November 28, 2012., 1. Introduction A broad set of scholars has examined why some individuals become entrepreneurs and some do not (e.g., Blanchflower and Oswald 1998, Douglas and Shepherd 2000, Nicolaou et al. [...]

We apply a model of satisficing to oligopoly markets with price competition. Sellers have profit aspirations reflecting their conjectures about their competitors' behavior and search for a price guaranteeing these aspirations. Because it seems implausible that people have detailed priors on the others' actions, we postulate that sellers entertain multiple conjectures to which no probabilities can be assigned. This allows us to propose a theory of 'prior-free' optimality and to examine experimentally whether people comply with it. We find that decision makers have difficulties in making prior-free optimal choices. Most are content to just satisfice, although ways to aspire to more ambitious profits were obviously available. (JEL C92, C72, D43), I. INTRODUCTION The rational choice approach to market interaction investigates price competition maintaining commonly known unbounded rationality of sellers. Undoubtedly, to explain how the reasoning of competing sellers can result [...]

The manipulations of organizational earnings and indirect cost allocations by non-profit organizations are examined, taking into account the potential impact of the amounts that were externally raised. Problems between boards and management, and the effects of the difference in objectives between them were also considered. A comprehensive model of earnings manipulations is developed.

The bargaining between car dealers and the customer in a trade-in situation is examined. A negative correlation is found in the dealer's profit margin on the new car and on the trade-in.

A study was conducted to examine the joint effects of dividend propensity and voluntary disclosure on the relationship between current stock returns and future earnings. Findings indicate that the associations of voluntary disclosure and dividend propensity with share price anticipation of earnings are significant for high-growth firms.

This research investigates the post market effects created by the various earnings management schemes perpetrated from 1995 through 2002. The study compares stock price movement trends of 30 companies with the movement of the three major stock price indices; the DOW, NASDAQ, and S & P 500. The comparison was made over a six year time frame, January 1, 2001 to January 1, 2007. The research has an emphasis point of April 1, 2002, which was the approximate date of the culmination of media announcements involving reported earnings management schemes of the culprit companies. The study indicates that approximately 43% of the companies sampled were engaged in some kind of earnings management scheme during this period of time. The paper concludes with a summary of ethics reforms currently underway by the players involved in the free market system to correct the economic anomalies created as a result of earnings management schemes., INTRODUCTION In light of media attention to corporate scandals and numerous restatements of financial statement that occurred during 2001-2002 one common demand on company chief executive officers and chief financial [...]

This paper examines the claims made by Simon Mohun and Roberto Veneziani in their article 'The incoherence of the TSSI: A reply to Kliman and Freeman', published in Capital & Class, no. 92. We show that they have effectively conceded that simultaneist interpretations of Marx's theory contradict his conclusion that exploitation (workers' surplus labour) is the exclusive source of profit in capitalism.We demonstrate the errors of logic in their claim that the temporal single-system (TSS) interpretation is incoherent. Thus the results of this debate serve to confirm that the TSS interpretation--contrary to simultaneist interpretations--reproduces all of Marx's principal disputed conclusions, and therefore constitutes a superior interpretation of his theory of value., Introduction What is at stake? The central issue in this debate has been the incompatibility between simultaneist interpretations and Marx's own theory of profit, as is clear from the title [...]

A study on profit-structure relationships of German banks to identify the potentiality of takeover activities, based on economic models, is presented.

Previous literature has shown that demand fluctuations affect the scope for tacit collusion. I study whether discount factor fluctuations can have similar effects. I find that collusion depends not only [...]

This article provides a critical analysis of the evolution and impact of hospital-sponsored women's health centers. Using original data gathered from interviews, participant observation, and content analysis of documents and brochures, the authors describe the development of four models of hospital-sponsored women's health centers and illustrate three specific mechanisms of the co-optation process. They show how many elements of feminist health care were used for the purpose of marketing and revenue production rather than for empowering women and transforming the delivery of care. Following Stratigaki's notion of negative countereffect, the authors show how the key feminist concepts of women-centered care and empowerment ended up contradicting their original meaning and purpose. Rather than being the subject of care, women became the object of treatment and revenue production. Keywords: women's health; femizinism; co-optation; empowerment; profit

Empirical model of historical dependence of financial stability of businesses on returns and social influence is presented.

The influence of depreciation-type adjustments on accounting earnings division is examined by using computer simulation methodologies.

The study demonstrates how recent advances in the data envelopment analysis (DEA) of profit efficiency, and in combining DEA and stochastic frontier analysis (SFA) to measure producer performance, can be used to obtain a 'technically level playing-field' profit efficiency performance measure. A three-stage analysis is used to provide an empirical investigation of public-sector universities facing regulatory pressures to attain both profit efficiency and output quality. Stage one employs directional distance function analysis to decompose DEA profit efficiency measures into technical and allocative components. As these performance measures incorporate the impacts of managerial inefficiency, the operating environment and luck (statistical noise), stage two applies SFA to total (radial and non-radial) slacks to obtain a degree of disentanglement from the latter two impacts. The stage-two results are used to define a common environment and common luck scenario, thus permitting university producers' inputs to be adjusted so as to reflect operation within this more level playing-field scenario. Stage three recomputes the first-stage DEA for this scenario, to yield an (input-focused) 'technically level playing-field' measure of profit efficiency that unifies the regulatory financial audit and output-quality indicators in a single, best-practice-benchmarked, performance measure. JEL classification: C2; C61; D2; D78; G28; I2 Keywords: Profit efficiency; Activity analysis; Stochastic frontier analysis

This article examines match bias arising from earnings imputation. Wage equation parameters are estimated from mixed samples of workers reporting and not reporting earnings, the latter assigned earnings of donors. Regressions including attributes not used as imputation match criteria (e.g., union) are severely biased. Match bias also arises with attributes used as match criteria but matched imperfectly. Imperfect matching on schooling (age) flattens earnings profiles within education (age) groups and creates jumps across groups. Assuming conditional missing at random, a general analytic expression correcting match bias is derived and compared to alternatives. Reweighting a respondent-only sample proves an attractive approach.

Studies examining welfare-to-work program effectiveness present mixed and sometimes discrepant findings, partly due to research design, data, and methodological limitations. Using administrative data on Missouri and North Carolina welfare recipients, we substantially improve on past estimation approaches to identify the distinct effects of each state's welfare-to-work subprograms--assessment, job search assistance and job readiness training, and more intensive programs designed to augment human capital. More intensive training is associated with greater initial earnings losses but also greater long-run earnings gains. The negative program impacts we observe in quarters immediately following participation turn positive by the second year after participation.

A Report of a research, on the relation between internal communication and financial results of companies, is presented. Link between internal communication and organizational stability is also studied.

A study on relationship between earnings momentum and price momentum with relation macroeconomic activities is presented.

A study is conducted to examine the factors that govern the profitability of Korean banking sector. The study also evaluates market structure hypothesis and efficient structure hypothesis, to deduce their effect on profitability and performance of banks.

A study is conducted to analyze the impact of product characteristics on profitability of firm. This study analyze both traditional and e-commerce retail trading settings.

Bad profits are those that are earned by compromising on customer relationships. Satisfied customers unwittingly act as promoters of the company's products, thus becoming an extension of salesforce.

We develop a two-country model of endogenous investment in process innovation by a manufacturer facing competition from parallel imports (PI). We find that the distortions associated with PI inhibit innovation. However, the difference between the manufacturer's expected profits under successful and failed innovation is U-shaped in the cost of engaging in PI. Thus, the reduction in R&D investment depends on both legality of PI and transport costs. The reduction in innovation could harm global welfare, depending on whether the manufacturer was deterring Pl with a high wholesale price. If so, banning such trade would raise expected welfare. Keywords: Parallel imports; Process innovation; Trade costs; Expected profits

Fuzzy methods, which are used to examine profitable forecasting of manufacturing industries, are presented.