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The number of short campaigns by hedge funds has dramatically increased over the last two decades. Nearly 80% of campaigns are undertaken by activist hedge funds, particularly those that employ hostile tactics in their long campaigns. Short campaigns are associated with negative abnormal returns of –7%, with aggregate valuation effects similar in magnitude to the gains from long activism campaigns. In contrast to long campaigns, public communication is a critical component of short campaigns. We do not find evidence that such communication is manipulative. Overall, our analysis highlights the importance of short campaigns for understanding the economic impact of activist hedge funds. [ABSTRACT FROM AUTHOR]

New brand launches are notoriously risky, with high failure rates. Yet, most research focuses on the out-of-store factors inherent to their success/failure, overlooking strategies that can be employed in-store. The present research addresses this oversight by examining the influence of two in-store factors, distraction and shelf position, and their impact on a new brand's visibility on the shelf. We draw on a unique data set featuring a real-life new brand entrant into the Australian market. Using an experimental design in a shopper laboratory, and mobile eye-tracking, we find that the new brand stands a greater chance of being noticed and visually attended to on the shelf when shoppers are distracted. This is attributed to shoppers dwelling longer in front of the fixture, being more open to new-to-the-consumer brands, and by negatively affecting the top-down processing of existing brands on the shelf. We also find that optimising shelf position, which is a common in-store marketing tactic for existing brands, may not produce the same return on investment for a new brand. The findings offer valuable theoretical and practical implications for improving the success rates of new brand launches, including selection of distribution channels, allocation of marketing resources, and the interplay between in-store and out-of-sore factors driving shopper behaviour. [ABSTRACT FROM AUTHOR]

This article investigates spillovers from foreign economies to the U.S. through changes in long-term Treasury yields. We document a decline in the contribution of U.S. domestic news to the variance of long-term Treasury yields and an increased importance of overnight yield changes, a proxy for foreign shocks' contribution to U.S. yields. A model that identifies U.S., Euro area, and U.K. shocks that move global yields suggests that foreign shocks account for at least 20% of the daily variation in long-term U.S. yields in recent years. We also document the predictability of long-term U.S. yields by the U.S.–foreign yield spread. [ABSTRACT FROM AUTHOR]

We estimate a narrative factor pricing model from news text of The Wall Street Journal. Our empirical method integrates topic modeling (LDA), latent factor analysis (IPCA), and variable selection (group lasso). Narrative factors achieve higher out-of-sample Sharpe ratios and smaller pricing errors than standard characteristic-based factor models and predict future investment opportunities in a manner consistent with the ICAPM. We derive an interpretation of the estimated risk factors from narratives in the underlying article text. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online [ABSTRACT FROM AUTHOR]

We find that the Campbell–Cochrane external-habit model can generate a value premium if the persistence of the consumption surplus is sufficiently low. Such low persistence is supported by micro evidence on consumption. If the mean and conditional volatility of consumption growth are highly persistent, as in the Bansal–Yaron long-run risk model, then fast-moving habit can also generate, without eroding the value premium: i) empirically sensible long horizon return predictability; and ii) a price–dividend ratio for market equity that exhibits the high autocorrelation found in the data. Fast-moving habit also delivers several empirical properties of market-dividend strips. [ABSTRACT FROM AUTHOR]

Municipal bond markets began pricing sea-level rise (SLR) exposure risk in 2013, coinciding with upward revisions to worst-case SLR projections and accompanying uncertainty around these projections. The effect is larger for long-maturity bonds and not solely driven by near-term flood risk. We use a structural model of credit risk to quantify the implied economic impact and distinguish between the effects of underlying asset values and of uncertainty. The SLR exposure premium exhibits a trend different from house prices and is unaffected by house price controls. Together, our results highlight the importance of climate uncertainty in driving municipal bond prices. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online [ABSTRACT FROM AUTHOR]

This paper documents that U.S. equity returns are large and positive during the opening hours of European markets. These returns are pervasive and highly economically and statistically significant. Consistent with models of inventory risk, we demonstrate a strong relationship with order imbalances at the close of the preceding U.S. trading day. Rationalizing unconditionally positive "overnight drift" returns, we uncover an asymmetric reaction to demand shocks: market sell-offs generate robust positive overnight reversals, while reversals following market rallies are much more modest. We argue that demand shock asymmetry can arise in inventory management models with time-varying market maker risk-bearing capacity. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Going public by merging with a Special Purpose Acquisition Company (SPAC) is much more expensive than conducting a traditional IPO. We rationalize why some companies merge with a SPAC by listing the potential benefits. We analyze the agency problems that certain SPAC features address. SPAC IPO investors and deal sponsors have earned remarkably high annualized average returns, although we warn that recent deals are likely to disappoint. Public investors in the merged companies have earned very low market-adjusted returns on an equally weighted basis, although high redemptions on the worst deals have limited the amount of money that they lost. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Drawing upon more than 12 million observations over the period from 1996 to 2020, we find that allowing for nonlinearities significantly increases the out-of-sample performance of option and stock characteristics in predicting future option returns. The nonlinear machine learning models generate statistically and economically sizable profits in the long-short portfolios of equity options even after accounting for transaction costs. Although option-based characteristics are the most important standalone predictors, stock-based measures offer substantial incremental predictive power when considered alongside option-based characteristics. Finally, we provide compelling evidence that option return predictability is driven by informational frictions and option mispricing. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Return on investment for many college degrees has decreased over the years, and the decisions of high school students on which college/university to attend and what major to select carry increasingly burdensome financial consequences. Colleges and universities display a conflict of interest between a desire to increase enrollment and disclosing the waning return on investment to consumers. This conflict of interest creates an asymmetry of information for a high school student, leading to a decrease in effective financial decision making. Financial professionals are uniquely positioned to help students navigate this decision-making process using the transtheoretical model of change. [ABSTRACT FROM AUTHOR]

This paper is devoted to asymptotic analysis for a continuous-time risk model with the insurance surplus process and the log-price process of the investment driven by two dependent jump-diffusion processes. We take into account arbitrary dependence between the insurance claims and their corresponding investment return jumps caused by a sequence of systematic factors, whose arrival times constitute a renewal counting process. Under the framework of regular variation, we obtain a simple and unified asymptotic formula for the finite-time ruin probability as the initial wealth becomes large. It turns out that, in the weakly dependent case, the tails of the claims determine the exact decay rate of the finite-time ruin probability while the investment return jumps only contribute to the coefficient of the asymptotic formula; however, in the strongly dependent case, they both produce essential impacts on the finite-time ruin probability which is under-estimated in the weakly dependent case. [ABSTRACT FROM AUTHOR]

Antibiotics are considered one of the most important contributions to clinical medicine in the last century. Due to the use and overuse of these drugs, there have been increasing frequencies of infections with resistant pathogens. One form of resistance, heteroresistance, is particularly problematic; pathogens appear sensitive to a drug by common susceptibility tests. However, upon exposure to the antibiotic, resistance rapidly ascends, and treatment fails. To quantitatively explore the processes contributing to the emergence and ascent of resistance during treatment and the waning of resistance following cessation of treatment, we develop two distinct mathematical and computer-simulation models of heteroresistance. In our analysis of the properties of these models, we consider the factors that determine the response to antibiotic-mediated selection. In one model, heteroresistance is progressive, with each resistant state sequentially generating a higher resistance level. In the other model, heteroresistance is non-progressive, with a susceptible population directly generating populations with different resistance levels. The conditions where resistance will ascend in the progressive model are narrower than those of the non-progressive model. The rates of reversion from the resistant to the sensitive states are critically dependent on the transition rates and the fitness cost of resistance. Our results demonstrate that the standard test used to identify heteroresistance is insufficient. The predictions of our models are consistent with empirical results. Our results demand a reevaluation of the definition and criteria employed to identify heteroresistance. We recommend that the definition of heteroresistance should include a consideration of the rate of return to susceptibility. [ABSTRACT FROM AUTHOR]

A random-effects meta-analysis was conducted to investigate the effect of mycotoxins (MT) without or with the inclusion of yeast cell wall extract (YCWE, Mycosorb®, Alltech, Inc., Nicholasville, KY, USA) on laying hen performance. A total of 25 trials were collected from a literature search, and data were extracted from 8 of these that met inclusion criteria, for a total of 12 treatments and 1774 birds. Laying hens fed MT had lower (p < 0.05) body weight (BW) by −50 g, egg production by −6.3 percentage points, and egg weight by −1.95 g than control fed hens (CTRL). Inclusion of YCWE during the mycotoxin challenges (YCWE + MT) resulted in numerically greater (p = 0.441) BW by 12.5 g, while egg production and egg weight were significantly (p < 0.0001) higher by 4.2 percentage points and 1.37 g, respectively. Furthermore, economic assessment calculations indicated that YCWE may not only support hen performance but also resulted in a positive return on investment. In conclusion, mycotoxins can play a role in negatively impacting laying hen performance and profitability. Inclusion of YCWE in feed with mycotoxin challenges provided benefits to egg production and egg weight and may support profitability. As such, the inclusion of YCWE could play an important role in minimizing mycotoxin effects and in turn aid farm efficiency and profitability. [ABSTRACT FROM AUTHOR]

Cloud providers offer various purchasing options to enable users to tailor their costs according to their specific requirements, including on-demand, reserved instances, and spot instances. On-demand and spot instances satisfy short-term workloads, whereas reserved instances fulfill long-term instances. However, there are workloads that fall outside of either long-term or short-term categories. Consequently, there is a notable absence of services specifically tailored for medium-term workloads. On-demand services, while offering flexibility, often come with high costs. Spot instances, though cost-effective, carry the risk of termination. Reserved instances, while stable and less expensive, may have a remaining period that extends beyond the duration of users' tasks. This gap underscores the need for solutions that address the unique requirements and challenges associated with medium-term workloads in the cloud computing landscape. This paper introduces a new cloud broker that introduces IaaS services for medium-term workloads. On one hand, this broker strategically reserves resources from providers, and on the other hand, it interacts with users. Its interaction with users is twofold. It collects users' preferences regarding commitment term for medium-term workloads and then transforms the leased resources based on commitment term, aligning with the requirements of most users. To ensure profitability, the broker sells these services utilizing an auction algorithm. Hence, in this paper, an auction algorithm is introduced and developed, which treats cloud services as virtual assets and integrates the depreciation over time. The findings affirm the lack of services that fulfill medium workloads while ensuring the financial viabilty and profitability of the broker, given that the estimated return on investment (ROI) is acceptable. [ABSTRACT FROM AUTHOR]

Product variety, in combination with today's unstable market environment, brings strong challenges to manufacturing firms. Single-product assembly systems become difficult to implement as the return on investment is difficult to obtain with decreasing lot sizes and unstable customer demands. Multi-product assembly systems are a possible solution to this problem, as they allow to compensate demand fluctuations throughout the product mix. However, variety is a strong barrier to this kind of production systems. A new method is presented in this paper to identify multi-product assembly system architectures adapted to a product family, based on the identification of components for common positioning. This method has been applied to a supplier in the automotive industry and a return of experience of this case study is provided, highlighting its potentials and barriers. [ABSTRACT FROM AUTHOR]

Background: Public–private partnerships (PPP) are often how health improvement programs are implemented in low-and-middle-income countries (LMICs). We therefore aimed to systematically review the literature about the aim and impacts of quality improvement (QI) approaches in PPP in LMICs. Methods: We searched SCOPUS and grey literature for studies published before March 2022. One reviewer screened abstracts and full-text studies for inclusion. The study characteristics, setting, design, outcomes, and lessons learned were abstracted using a standard tool and reviewed in detail by a second author. Results: We identified 9,457 citations, of which 144 met the inclusion criteria and underwent full-text abstraction. We identified five key themes for successful QI projects in LMICs: 1) leadership support and alignment with overarching priorities, 2) local ownership and engagement of frontline teams, 3) shared authentic learning across teams, 4) resilience in managing external challenges, and 5) robust data and data visualization to track progress. We found great heterogeneity in QI tools, study designs, participants, and outcome measures. Most studies had diffuse aims and poor descriptions of the intervention components and their follow-up. Few papers formally reported on actual deployment of private-sector capital, and either provided insufficient information or did not follow the formal PPP model, which involves capital investment for a explicit return on investment. Few studies discussed the response to their findings and the organizational willingness to change. Conclusions: Many of the same factors that impact the success of QI in healthcare in high-income countries are relevant for PPP in LMICs. Vague descriptions of the structure and financial arrangements of the PPPs, and the roles of public and private entities made it difficult to draw meaningful conclusions about the impacts of the organizational governance on the outcomes of QI programs in LMICs. While we found many articles in the published literature on PPP-funded QI partnerships in LMICs, there is a dire need for research that more clearly describes the intervention details, implementation challenges, contextual factors, leadership and organizational structures. These details are needed to better align incentives to support the kinds of collaboration needed for guiding accountability in advancing global health. More ownership and power needs to be shifted to local leaders and researchers to improve research equity and sustainability. [ABSTRACT FROM AUTHOR]

Conservation funding is currently limited; cost‐effective conservation solutions are essential. We suggest that the thousands of field stations worldwide can play key roles at the frontline of biodiversity conservation and have high intrinsic value. We assessed field stations' conservation return on investment and explored the impact of COVID‐19. We surveyed leaders of field stations across tropical regions that host primate research; 157 field stations in 56 countries responded. Respondents reported improved habitat quality and reduced hunting rates at over 80% of field stations and lower operational costs per km2 than protected areas, yet half of those surveyed have less funding now than in 2019. Spatial analyses support field station presence as reducing deforestation. These "earth observatories" provide a high return on investment; we advocate for increased support of field station programs and for governments to support their vital conservation efforts by investing accordingly. [ABSTRACT FROM AUTHOR]

Managerial ability and managerial efforts play key role in the performance of business enterprises. However, this indicator is not directly observable. The current paper focuses on estimating managerial ability in the context of the Indian and Iranian general insurance sectors. The study is based on 140 firm-year observations in India and 140 firm-year observations in Iran spread over 7 years (2012–13 to 2018–19). For measuring managerial ability, we have used a three-stage procedure that involves the estimation of insurer-wise efficiency using Data Envelopment analysis (DEA) in the first stage and then regression of the logarithm of technical efficiency on a set of explanatory variables. In the final stage, we have estimated managerial ability from regression residuals (the difference between the observed and fitted values of insurer efficiency). In order to test the validity of the relationship between return on equity and managerial ability we use the general additive model (GAM). Our results confirmed that there is a positive relationship between return on equity and managerial ability. Our findings also revealed that the mean technical and output allocative efficiencies and managerial ability of Iranian markets highly fluctuated with a high variance. In contrast, these indicators did not fluctuate much in India. [ABSTRACT FROM AUTHOR]

Pancreatic cancer has the highest growth in incidence among patients aged ≥80 years. Discharge destination after hospitalization is increasingly recognized as a marker of return to baseline functional status. Our aim was to identify the preoperative and intraoperative predictors of non-home discharge in those aged 80 or older. The ACS-NSQIP pancreas-targeted database was queried to identify patients aged ≥80 years who underwent pancreatoduodenectomy (PD) from 2014 to 2020. Home discharge (HD) versus non-HD cohorts were compared using univariate logistic regression. Multivariable logistic regression was used to identify predictors of non-HD. Non-HD was over twice as likely to occur in patients aged ≥80 years than in those aged 65–79 years (p < 0.01). Comorbidity factors significantly associated with non-HD in patients aged ≥80 years included COPD, hypertension, HF, lower preoperative albumin, but not obesity. Non-comorbidity factors included older age, female gender, ASA III–IV, preoperative dependent functional status, and transfer origin before PD. Individuals ≥80 years have possibly delayed or lower rate of return to baseline functional status following PD compared to those aged 65–79 years. Predictors of non-HD can be identified to facilitate preoperative counseling and discharge planning, thus enhancing care workflow efficiency. [Display omitted] [ABSTRACT FROM AUTHOR]

In this article, we consider a renewal risk model with by-claims, where the price process of the investment portfolio follows an exponential Lévy process. We further assume that the main claim is a one-sided linear process and there exists a certain dependence structure between the innovations and by-claims. In the presence of heavy tails, we obtain a series of uniform formulas in finite and infinite intervals. In order to better describe the obtained results, we carry on the numerical simulations. [ABSTRACT FROM AUTHOR]

Factors display strong cross-sectional momentum that subsumes momentum in industries and other portfolio characteristics. The profits of all these momentum strategies—based on factors, industries, and other characteristics—significantly correlate with each other and therefore likely emanate from the same source. If factors display momentum, so will any set of portfolios with cross-sectional variation in factor loadings. Consistent with factors being at the root of momentum, we find that momentum in industry-neutral factors explains industry momentum, but industry momentum explains none of the factor momentum. Cross-sectional factor momentum concentrates in the first few highest-eigenvalue factors and is distinct from time-series factor momentum. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

We investigate whether international operations enhance information links between firms and foreign investors. Exploiting novel subsidiary-level data and within-location variations, we show that, after expanding into another country, a firm attracts greater investment allocation from funds from that country than from other foreign funds. This increase is economically significant, equivalent to one-fifth of the average firm weight in a country-specific portfolio. The observed effect cannot be attributed to funds' influence, persists even when funds are already familiar with the firm, and helps them generate superior risk-adjusted returns. Our results suggest that firms' cross-border economic activities contribute to global financial interconnectedness. [ABSTRACT FROM AUTHOR]

In this paper, we infer how the estimates of firm value by "optimists" and "pessimists" evolve in response to information shocks. Specifically, we examine returns and disagreement measures for portfolios of short-sale-constrained stocks that have experienced large gains or large losses. Our analysis suggests the presence of two groups, one of which overreacts to new information and remains biased over about 5 years, and a second group, which underreacts and whose expectations are unbiased after about 1 year. Our results have implications for the belief dynamics that underlie the momentum and long-term reversal effect. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

We study how the market return depends on the time of the day using E-mini S&P 500 futures actively traded around the clock. Strikingly, 4 hours around European open account for the entire average market return. This period's returns have a 1.6 Sharpe ratio and remain high after transaction costs. Average returns are a noisy zero during the remaining 20 hours. High returns are consistent with European investors processing information accumulated overnight and thus resolving uncertainty. Indeed, uncertainty reflected by VIX futures prices rises overnight and falls around European open. The results are stronger during the 2020 COVID crisis. [ABSTRACT FROM AUTHOR]

How do investors' risk preferences influence the relationships between investors' online channel use intensity and both their trading behaviors and performance? This study answers this important question even as investors are increasingly rely on the Internet for their trading activities. We leverage rare and unique micro-level historical dataset from more than 7,000 investor accounts over a 44-month period between 2010 and 2013 at a large brokerage firm in China. The dataset and analyses enable us to provide new insights into how investors' online channel use intensity and risk preferences jointly influence their trading behaviors and performance, even though some other aspects of financial markets have changed considerably over the years. The findings reveal that although online channel use intensity is associated with increased trading volume, trading frequency, and investment returns, these effects differ across investors with different risk preferences. We find that while online channel use intensity has strong positive effects on transaction frequency for both risk-seeking and risk-averse investors, it has a much lower effect on trading volume for risk-averse investors than for risk-seeking investors. We further find that risk-averse investors with higher online channel use intensity outperform investors with other risk preferences in terms of investment performance. This paper contributes to the emerging literature at the intersection of information systems and behavioral finance by revealing the moderating role of risk preferences in the relationships between investors' online trading channel use intensity and both their trading behaviors and outcomes. We discuss the implications for research and practice. [ABSTRACT FROM AUTHOR]

We estimate unsmoothed private equity net asset values (NAVs) at weekly frequency for individual funds. Using simulations and large samples of buyout and venture funds, we show that our method yields superior estimates of NAVs relative to simple approaches based on extrapolation of reported NAVs. The market beta of an average buyout (venture) fund is around 1.0 (1.4), and the total risk is 33 |$\%$| (40 |$\%$|⁠) per year. The risk-return profile of the funds varies significantly over time and across funds. Risk-taking and reporting quality appear to persist by manager. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Hedge fund managers' risk-taking choices are influenced by their compensation structure. We differ from most studies that focus on incentive fees and the high-water mark by examining how management fees affect managers' risk-taking. Our simple model shows that managers' risk-taking is negatively related to their future management fees. Using fund-level data, we find that future management fees are the dominant component of managers' total compensation. When the contribution of future management fees increases, managers reduce risk-taking to increase survival probabilities. Moreover, funds with higher decreasing returns to scale are more sensitive to future management fees and reduce risk-taking even more. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

The Catholic Church embarked upon an ambitious project of property development in the nineteenth century that transformed the Irish built environment and landscape. People responded energetically to fundraising drives for churches, convents, monasteries and welfare-focused institutions. The acquisition of significant property and substantial capital by the Irish Catholic Church was a major source of its power, which continued into independent Ireland. Much of this wealth came to the Catholic Church through bequests, donations, and returns on investment, which were managed by the relevant dioceses and orders. This article focuses on the episcopacy of Archbishop William Walsh of Dublin during the 1880s and 1890s to understand the way in which the management of the archdiocese of Dublin's financial resources shaped the social, economic, and political development of Ireland's capital city. By focusing on the management of one of the most significant bequests under Walsh's supervision – the Egan Bequest – a complex story of religion, investment and infrastructure building is revealed. This activity helped produce a model of investor capitalism that shaped Dublin in ways that remain contested to this day. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to describe the postoperative psychological state of patients following osteochondral allograft (OCA) transplantation in the knee and to determine whether patient‐perceived kinesiophobia is associated with the rate of return to sport (RTS). Methods: A retrospective review of the electronic medical record at a single institution was conducted for all patients that underwent OCA transplantation from January 2010 to 2020. Patient‐reported outcomes including the visual analog scale (VAS), knee injury and osteoarthritis outcome score (KOOS) and the Tampa scale of kinesiophobia‐11 (TSK‐11) were collected. Patients were surveyed regarding their postoperative RTS status. Results: A total of 38 patients (52.6% female) were included in our analysis. Overall, 24 patients (63.2%) returned to sport with 12 (50%) of these patients returning at a lower level of play. When comparing patients that return to sport to those that did not, patients that return had significantly superior KOOS pain (p = 0.019) and KOOS QOL (p = 0.011). Measures of kinesiophobia (TSK‐11) were significantly higher among patients that did not return to sport (p = 0.014), while satisfaction (n.s.) and pain intensity (n.s.) were comparable between groups. Logistic regression models controlling for demographic factors, VAS pain scores and lesion size showed that for every one‐point increase in TSK‐11 kinesiophobia score, patients were 1.33 times more likely to return to sport at a lower level (p = 0.009). For every one‐point increase in TSK‐11 scores KOOS QOL decreased by 2.4 points (p < 0.001). Conclusion: Fear of reinjury decreases the likelihood that patients will return to their preoperative level of sport after OCA transplantation. Patients that do not return to sport report significantly greater fear of reinjury and inferior clinical outcomes, despite similar levels of satisfaction and pain compared to those that return. Level of Evidence: Level III. [ABSTRACT FROM AUTHOR]

Purpose: To investigate the rate of return to sports and sport psychological readiness between patients who underwent isolated MPFLR (iMPFLR) compared to a matched cohort of patients who underwent MPFLR with anteromedializing tibial tubercle osteotomy (MPFLR/TTO). Methods: Patients who underwent primary MPFLR with or without TTO for recurrent patellar instability were retrospectively reviewed from 2012 to 2020 at a single institution. Preinjury sport and work information, Kujala, Tegner, Visual Analogue Score for pain, satisfaction and MPFL‐Return to Sport after Injury (MPFL‐RSI) score were collected. Two readers independently measured the tibial tuberosity‐trochlear groove distance, Caton–Deschamps index and Dejour classification for trochlear dysplasia. Patients in iMPFLR and MPFLR/TTO groups were matched 1:1 on age, sex, body mass index and follow‐up length. Multivariate regression analysis was performed to determine whether the MPFL‐RSI was associated with a return to sport. Results: This study included 74 patients at mean follow‐up of 52.5 months (range: 24–117). These groups returned to sport at similar rates (iMPFLR: 67.6%, MPFLR/TTO: 73.0%, not significant [ns]), though iMPFLR patients returned more quickly (8.4 vs. 12.8 months, p = 0.019). Rates of return to preinjury sport level were also similar (45.9% vs. 40.5%, ns). Patients with Dejour B/C took more time to return to sport compared to patients with mild/no trochlear pathology (13.8 vs. 7.9 months, p = 0.003). Increasing MPFL‐RSI score was significantly predictive of the overall return to sport (odds ratio [OR]: 1.08, 95% confidence interval [CI] [1.03, 1.13], p < 0.001) and return to preinjury level (OR: 1.07, 95% CI [1.04, 1.13], p < 0.001). Most patients in iMPFLR and MPFLR/TTO groups resumed work (95.7% vs. 88.5%, ns), though iMPFLR patients who returned to preinjury work levels did so more quickly (1.7 vs. 4.6 months, p = 0.005). Conclusion: Patients who underwent MPFLR with anteromedializing TTO demonstrated similar rates of return to sport and psychological readiness compared to an isolated MPFLR matched comparison group, though iMPFLRs returned more quickly. Patients with more severe trochlear pathology required more time to return to sports. Level of Evidence: Level III. [ABSTRACT FROM AUTHOR]

Background: The purpose of this study was to systematically review the rate and timing of return to play in overhead athletes following operative management of anterior shoulder instability. Methods: A systematic literature search based on PRISMA guidelines, utilizing the EMBASE, MEDLINE, and The Cochrane Library Databases. Eligible for inclusion were clinical studies reporting on return to play among overhead athletes following arthroscopic Bankart repair, open Latarjet procedure or Remplissage procedure. Results: There are 23 studies included with 961 patients. Among those undergoing arthroscopic Bankart repair, the rate of return to play was 86.2%, with 70.6% returning to the same level of play and the mean time to return to play was 7.1 months. Among those undergoing an open Latarjet procedure, the rate of return to play was 80.9%, with 77.7% returning to the same level of play and the mean time to return to play was 5.1 months. Among those undergoing a Remplissage procedure, the rate of return to play was 70.6%, with 70.0% returning to the same level of play or mean time to return to play. Discussion: Overall, there were high rates of return to play following operative management of anterior shoulder instability in overhead athletes. [ABSTRACT FROM AUTHOR]

This study aims to investigate the impact of product complexity on product lifetime. As product lifetime increases, firms have a longer time to develop new products and gain a higher return on investment. This study posits that product complexity has an effect on product lifetime and then investigates a product portfolio strategy for product complexity by using Korean mobile phone data released from 2004 to 2013. The impact of product complexity on product lifetime is investigated by pooled ordinary least squares regression. Then, we derive a product portfolio strategy that increases product complexity using panel data analysis. The results show that an increase in product complexity lengthens product lifetime and that a firm needs to design its product portfolio by concentrating its resources and capabilities on releasing products of the latest product type. The findings of this study can help a firm establish an optimal product portfolio that increases the return on investment. [ABSTRACT FROM AUTHOR]

Consider a nonstandard compound renewal risk model with stochastic return on investments, where the price process of investment portfolio is modeled as an exponential Lévy process. In the presence of heavy tails and dependence structures among modeling components, we study the uniform asymptotics of the tail probability of stochastic discounted aggregate claims and the finite-time ruin probability for all time varying in a relevant finite or infinite interval. [ABSTRACT FROM AUTHOR]

Market discipline, which concerns aspects of monitoring and the ability of market participants to play a role in influencing management behavior, is an aspect of the financial industry that has not yet clearly existed in the life insurance industry in Indonesia. This condition is the background of a study that aims to determine the possibility of market discipline in the life insurance industry in Indonesia through observation of the relationship between the acquisition of investment returns of life insurance companies with the acquisition of new business and termination of contracts or lapse policies. Testing based on sample data from 27 life insurance companies (Financial Statements published by OJK) resulted that: can accept the hypothesis of a positive correlation (unidirectional) trend between investment returns and new businesses, but cannot accept the hypothesis that there is a negative tendency (not in the same direction) between investment returns and policy lapse. The market (life insurance consumers) has not been able to express disapproval of the company's performance that is not in accordance with the wishes. [ABSTRACT FROM AUTHOR]

The purpose of this study is to examine the carbon emission data of the firms listed in the Borsa Istanbul Sustainability Index in Turkey and analyze the relationship between carbon emissions and the financial performance of these firms. In this research, annual data for 31 firms listed in the Borsa Istanbul Sustainability Index for the period 2017–2020 were used. The relationship between the financial performance indicators of the firms and their carbon emissions was analyzed using a random effects panel data model. The dependent variables identified were return on assets and return on equity as measures of financial performance, while carbon emissions were considered as the independent variable, along with control variables such as firm size, leverage ratio, firm growth, and firm value. The research findings indicate that carbon emissions have a negative impact on both return on assets and return on equity [ABSTRACT FROM AUTHOR]

Purpose: The concept of digitization covers a wide range of initiatives to achieve sustainable development. This paper aims to determine the impact of bank digitization strategies on financial performance in an African country. Design/methodology/approach: This study used the generalized least squares estimation method to analyze data from a sample of 12 Tunisian banks from 2010 to 2020. The reason for selecting this method was its ability to address issues of heteroscedasticity and autocorrelation. Findings: This study indicates that digital transformation has a positive effect on Tunisian banks financial performance, as measured by return on assets and return on equity. Specifically, investing in payment tools, digital channels and internet security leads to improved performance for banks. These findings suggest that banks that offer digital services perform better, as they are able to increase profitability, maintain financial stability and improve transparency. Research limitations/implications: This study is important for central bank, regulators, policymakers and investors. Overall, this study emphasizes the need for banks in Tunisia to embrace digital transformation to improve their performance and remain viable in the modern business landscape. Originality/value: This study ponders the effect of Tunisian banks' digital transformation on financial performance. Tunisia context serves as model for other African countries. Tunisian banks should prioritize investments in digital technologies to stay competitive in the market. [ABSTRACT FROM AUTHOR]

Surgery performed at night and on weekends is thought to be associated with increased complications. However, the impact of time of day on outcomes has not been studied within cranial neurosurgery. We aim to determine if there are differences in outcomes for cranial neurosurgery performed after hours (AH) compared with during hours (DH). We performed a single-center retrospective study of cranial neurosurgery patients who underwent emergent surgery from January 2015 through December 2019. Surgery was considered DH if the incision occurred between 8 am and 5 pm Monday through Friday. We assessed outcome measures for differences between operations performed DH or AH. Three-hundred and ninety-three patients (114 DH, 279 AH) underwent surgery. There was a lower rate of return to the operating room within 30 days for AH (8.6%) compared with DH (14.0%), P = 0.03, on multivariate analysis. There were no significant differences in length of operation, estimated blood loss, improvement in Glasgow Coma Scale, intensive care unit and total hospital length of stay, 30-day readmission, 30-day mortality, and in-hospital mortality for cases performed DH compared with AH. Further subgroup analyses were performed for patients who underwent immediate surgery for subdural hematomas, with no differences noted in outcomes on multivariate analysis. This study suggests that operating AH does not appear to negatively impact outcomes when compared with operating DH, in cases of cranial neurosurgical emergencies. Further study assessing the impact on elective neurosurgical cases is required. [ABSTRACT FROM AUTHOR]

In the context of national efforts to promote country-wide distributed photovoltaics (DPVs), the installation of distributed energy storage systems (DESSs) can solve the current problems of DPV consumption, peak shaving, and valley filling, as well as operation optimization faced by medium-voltage distribution networks (DN). In this paper, firstly, a price elasticity matrix based on the peak and valley tariff mechanism is introduced to establish a master–slave game framework for DN-DESSs under the DPV multi-point access environment. Secondly, the main model optimizes the pricing strategy of peak and valley tariffs with the objective of the lowest annual operating cost of the DN, and the slave model establishes a two-layer optimization model of DESSs with the objective of the maximum investment return of the DESSs and the lowest daily operating costs and call the CPLEX solver and particle swarm optimization algorithm for solving. Finally, the IEEE33 node system is used as a prototype for simulation verification. The results show that the proposed model can not only effectively reduce the operating cost of the distribution network but also play a role in improving the energy storage revenue and DPV consumption capacity, which has a certain degree of rationality and practicality. [ABSTRACT FROM AUTHOR]

Prior to the 1990s, all U.S. states used a "cost of service (COS)" regulation regime in which investor-owned utilities were allowed to recover prudently incurred costs plus a rate of return on capital expenditures, and retail customers were unable to choose their electricity supplier. From 1996--2000, multiple states passed retail electricity market "restructuring." This empirical research examines the effect of retail restructuring on electricity prices to final consumers. We find that rates increased in restructured states relative to plausible counterfactuals in the years post-restructuring. But by twelve years after retail restructuring, we no longer observe any difference. We investigate plausible mechanisms, finding evidence that retail prices became more responsive to natural gas prices due to retail restructuring, the timing of which coincided with increases in natural gas prices nationally. We also test for whether restructuring had distributional effects across customer classes and find that in the short run residential customers benefited relative to industrial customers during transition periods, but that this difference does not persist into full implementation. [ABSTRACT FROM AUTHOR]

This study evaluated the impact of using different contents and sources of Reclaimed Asphalt Pavement (RAP) on the bottom-up fatigue cracking of asphalt mixtures and the return on investment (ROI). Two RAP sources were used that primarily provided a significant difference in RAP binder Performance Grade (PG): Source A was a PG 76-22 while Source B was a PG 94-10. Bottom-up fatigue cracking was predicted using Level 1 of the AASHTOWare Pavement Mechanistic-Empirical Design (PMED) software. The ROI was then evaluated using FHWA RealCost. To increase the accuracies of the predictions, volumetric properties and blended binder properties were calculated based on the amount of RAP binder that actively blended with the virgin binder. The accuracies were also increased by determining the AASHTOWare PMED fatigue strength coefficients, $k_{\,f1}$ k f 1 , $k_{\,f2}$ k f 2 , and $k_{\,f3}$ k f 3 , using flexural bending beam fatigue tests rather than using the global defaults provided by this software. In conclusion, the ROI of the six RAP mixtures based on bottom-up fatigue cracking was found to be affected by both RAP content and RAP source, and because of the effect of RAP source, it could not be generalised that using either a higher or lower RAP content will always provide a higher ROI. [ABSTRACT FROM AUTHOR]