Introduction to Special Issue on Sustainable Corporate Governance

Papers in this special issue focus on sustainable corporate governance measures in the aftermath of the financial crisis, and a background environment of increased scepticism over executive pay and corporate behaviour more generally. The authors provide an overview of recent corporate governance reforms, including ‘say‐on‐pay’ and gender‐pay‐gap transparency, and explain how the research papers in the special issue contribute to understanding of corporate governance research and practice in the areas of boards of directors, corporate governance reform and corporate culture and risk‐taking.     

Bayesian blinded sample size re-estimation

Information before unblinding regarding the success of confirmatory clinical trials is highly uncertain. Current techniques using point estimates of auxiliary parameters for estimating expected blinded sample size: (i) fail to describe the range of likely sample sizes obtained after the anticipated data are observed, and (ii) fail to adjust to the changing patient population. Sequential MCMC-based algorithms are implemented for purposes of sample size adjustments. The uncertainty arising from clinical trials is characterized by filtering later auxiliary parameters through their earlier counterparts and employing posterior distributions to estimate sample size and power. The use of approximate expected power estimates to determine the required additional sample size are closely related to techniques employing Simple Adjustments or the EM algorithm. By contrast with these, our proposed methodology provides intervals for the expected sample size using the posterior distribution of auxiliary parameters. Future decisions about additional subjects are better informed due to our ability to account for subject response heterogeneity over time. We apply the proposed methodologies to a depression trial. Our proposed blinded procedures should be considered for most studies due to ease of implementation.     

Reconfiguring Sovereignty in Foucauldian Genealogies of Power: The Case of English Master and Servant Law and the Dispersion and the Exercise of Sovereignty in the Modern Age

This paper is a critique and partial reconfiguration of the Foucauldian genealogy of sovereignty. Sovereignty is largely conceptualized as the antithesis of governmentality and disciplinary power in the modern age; presented as a negative case as a juridical and centralized power of interdiction and containment in the classical age. I argue that we can genealogically examine how sovereignty in the modern age underwent transformation and dispersion. My empirical focus is on how master and servant law in the eighteenth and nineteenth centuries, along with the development and transformations of local courts, led to the increasingly dispersal of sovereign power as it as practiced in specific industrial sites and regions.     

5‐Month‐Olds’ Categorization of Novel Objects: Task and Measure Dependence

To examine key parameters of the initial conditions in early category learning, two studies compared 5‐month‐olds’ object categorization between tasks involving previously unseen novel objects, and between measures within tasks. Infants in Experiment 1 participated in a visual familiarization–novelty preference (VFNP) task with two‐dimensional (2D) stimulus images. Infants provided no evidence of categorization by either their looking or their examining even though infants in previous research systematically categorized the same objects by examining when they could handle them directly. Infants in Experiment 2 participated in a VFNP task with 3D stimulus objects that allowed visual examination of objects’ 3D instantiation while denying manual contact with the objects. Under these conditions, infants demonstrated categorization by examining but not by looking. Focused examination appears to be a key component of young infants’ ability to form category representations of novel objects, and 3D instantiation appears to better engage such examining.     

Audiovisual Correlates of Interrogativity: A Comparative Analysis of Catalan and Dutch

Languages employ different strategies to mark an utterance as a polar (yes–no) question, including syntax, intonation and gestures. This study analyzes the production and perception of information-seeking questions and broad focus statements in Dutch and Catalan. These languages use intonation for marking questionhood, but Dutch also exploits syntactic variation for this purpose. A production task revealed the expected language-specific auditory differences, but also showed that gaze and eyebrow-raising are used in this distinction. A follow-up perception experiment revealed that perceivers relied greatly on auditory information in determining whether an utterance is a question or a statement, but accuracy was further enhanced when visual information was added. Finally, the study demonstrates that the concentration of several response-mobilizing cues in a sentence is positively correlated with the perceivers’ ratings of these utterances as interrogatives.     

Self-perception of Gambling Problems among Adolescents Identified as At-risk or Problem Gamblers

The relative influence of perceived familial addictive behaviors and personal gambling behaviors on adolescents' self-perceptions of gambling problems was examined. Students from five high schools in Connecticut (N = 3,886) were surveyed. Of those between the ages of 14 and 17 who scored two or more on the South Oaks Gambling Screen--Revised for Adolescents (n = 532; 72% male; 43% Caucasian), 14.3% reported having a current or past problem with gambling. Wagering larger amounts in a single day, gambling on a daily basis, and perceived presence of a family member with a gambling problem were associated with increased odds of self-perception of a gambling problem. Thus, adolescents who may be less likely to be identified for prevention efforts (due to lack of engagement in high stakes gambling or the real/perceived absence of a problematic gambler in the home) appear less likely to perceive a gambling problem. To advance prevention and treatment strategies, the apparent discrepancy between adolescents' self-perceptions and objective reports of problem gambling behaviors warrants further investigation.     

COST INCREASES DUE TO DEMAND UNCERTAINTY IN MRP LOT SIZING

This paper analyzes the cost increases due to demand uncertainty in single-level MRP lot sizing on a rolling horizon. It is shown that forecast errors have a tremendous effect on the cost effectiveness of lot-sizing techniques even when these forecast errors are small. Moreover, the cost differences between different techniques become rather insignificant in the presence of forecast errors. Since most industrial firms face demand uncertainty to some extent, our findings may have important managerial implications. Various simulation experiments give insight into both the nature and the magnitude of the cost increases for different heuristics. Analytical results are developed for the constant-demand case with random noise and forecasting by exponential smoothing. It is also shown how optimal buffers can be obtained by use of a simple model. Although the analysis in this paper is restricted to simplified cases, the results merit further consideration and study. This paper is one of the first to inject forecast errors into MRP lot-sizing research. As such it attempts to deal with one of the major objections against the practical relevance of previous research in this area.     

Time‐change models for asymmetric processes

Many records in environmental sciences exhibit asymmetric trajectories. The physical mechanisms behind these records may lead for example to sample paths with different characteristics at high and low levels (up–down asymmetries) or in the ascending and descending phases leading to time irreversibility (front–back asymmetries). Such features are important for many applications, and there is a need for simple and tractable models that can reproduce them. In this paper, we explore original time‐change models where the clock is a stochastic process that depends on the observed trajectory. The ergodicity of the proposed model is established under general conditions, and this result is used to develop nonparametric estimation procedures based on the joint distribution of the process and its derivative. The methodology is illustrated on meteorological and oceanographic data sets. We show that, combined with a marginal transformation, the proposed methodology is able to reproduce important characteristics of the data set such as marginal distributions, up‐crossing intensity, and up–down and front–back asymmetries.