Valuing high technology growth firms

For the valuation of fast growing innovative firms Schwartz and Moon (Financ Anal J 56:62–75, 2000), (Financ Rev 36:7–26, 2001) develop a fundamental valuation model where key parameters follow stochastic processes. While prior research shows promising potential for this model, it has never been tested on a large scale dataset. Thus, guided by economic theory, this paper is the first to design a large-scale applicable implementation on around 30,000 technology firm quarter observations from 1992 to 2009 for the US to assess this model. Evaluating the feasibility and performance of the Schwartz-Moon model reveals that it is comparably accurate to the traditional sales multiple with key advantages in valuing small and non-listed firms. Most importantly, however, the model is able to indicate severe market over- or undervaluation from a fundamental perspective. We demonstrate that a trading strategy based on our implementation has significant investment value. Consequently, the model seems suitable for detecting misvaluations as the dot-com bubble.     

Leadership,Through Loss and Change: Management of Change Viewed as Challenges within a Couple Relationship*

This paper emanated from a Doctoral Thesis, which was an in-depth single case study of a frontline social work team based in the third sector. The research took place over a period of five months and included weekly visits to observe the day-to-day operations of the team, attending special events such as the Teams Away Day, Team Meetings and undertaking management consultation sessions with the Project and Deputy Managers. The thesis concludes that just as frontline staff require effective support, frontline managers also need space to effectively reflect on their experiences in role. The focus of this paper is the relationship dynamic between the managers, the team, senior management and the wider organisation as they dealt with the sudden announcement of the project’s closure. The paper makes use of ethnographic and psychoanalytically informed observations of the team’s ordinary day to day work processes, in addition, use was made of consultative interviews (MCI’s) with the managers of this service who were afforded space to think about their management roles. Aspects of thematic analysis informed by psychoanalytic theory were used to analyse the material.     

Development of Tactile Responses in Human Preterm and Full‐Term Infants From 30 to 40 Weeks Postconceptional Age

Maturation of tactile sensitivity prior to term was examined in 36 preterm and 13 full‐term infants using a fixed‐trial, habituation procedure. Each infant was presented with a series of 8 habituation (arm stroke), 2 novel (arm lift), and 2 recovery (arm stroke) stimulus trials while heart rate and body movements were recorded. Maturation was observed with a gradual increase in the magnitude of the stimulus‐elicited cardiac acceleration and cardiac‐movement coupling from 30 to 40 weeks postconceptional age. The majority of infants displayed habituation—an excitatory response (heart rate acceleration and body movement)—to the initial presentation of a tactile stimulus, response decline with repeated stimulations, and renewed response to a novel stimulus. A substantial number of infants (40%) failed to respond initially to the tactile stimulus, increased responding over several stimulus presentations, and failed to discriminate the presentation of a novel stimulus. We speculate that these differences in response patterns observed over all ages represent individual difference in the perception of stimulus intensity.     

Mixture models in measurement error problems, with reference to epidemiological studies

Summary. The paper focuses on a Bayesian treatment of measurement error problems and on the question of the specification of the prior distribution of the unknown covariates. It presents a flexible semiparametric model for this distribution based on a mixture of normal distributions with an unknown number of components. Implementation of this prior model as part of a full Bayesian analysis of measurement error problems is described in classical set-ups that are encountered in epidemiological studies: logistic regression between unknown covariates and outcome, with a normal or log-normal error model and a validation group. The feasibility of this combined model is tested and its performance is demonstrated in a simulation study that includes an assessment of the influence of misspecification of the prior distribution of the unknown covariates and a comparison with the semiparametric maximum likelihood method of Roeder, Carroll and Lindsay. Finally, the methodology is illustrated on a data set on coronary heart disease and cholesterol levels in blood.     

Interfering with longevity

Several recent studies have highlighted how RNA interference has advanced aging-related research in Caenorhabditis elegans. Two new genome-wide RNAi-based screens together identified more than 100 new candidate longevity genes. RNAi has also greatly facilitated the functional validation of several large-scale gene expression profiling studies. Furthermore, RNAi is flexible and can be administered at different times throughout life; this feature has been exploited to analyze the temporal requirement of genes in life-span determination.     

Treatment issues of patients who engage in power struggles

Patients who use a predominance of anal defenses pose particular problems in the first stage of treatment. The frame and structure of psychoanalysis (i.e., reserved session time, policy of missed sessions, frequency of sessions, use of the couch) and psychoanalytic psychotherapy often create and provoke intense defensive behavior. The defensive behavior can be expressed in a power struggle with the therapist. Premature termination of treatment is a significant threat particularly since a working alliance has not yet developed. Parameters may need to be introduced initially, in order to engage and keep the patient in treatment. A clinical case is offered to demonstrate treatment considerations.For all of us engaged in clinical work, it may be especially relevant to be reminded that one of the greatest indignities is regularly endured by our patients, no matter how gently we cushion the blow, or how much we strain our empathic resources. I am referring here to the indignity of being an adult in therapy, while simultaneously allowing the emergence in the transference of infantile aspects of ourselves that the adult part of ourselves experiences as so humiliating and demeaning, and further, having to share it with another adult. Segel, N. (1981), p. 474     

Inflationary Expectations in Israel: A Multiple Indicators Approach

This article derives unobservable short-term inflationary expectations in Israel from their postulated effects on the velocity of demand deposits and the nominal interest rate. A multiple-indicators model is estimated to assess the impact of inflationary expectations on these variables. The expectations-formation mechanism is estimated using a multiple indicators–multiple causes (MIMIC) model. This methodology allows us to test for the structural stability of the model and estimate the relative variances of the postulated error components. Moreover, this procedure contains a built-in specification test of the chosen expectations-formation mechanism.     

Risk Perception in Context: The Savannah River Site Stakeholder Study

Environmental managers are increasingly charged with involving the public in the development and modification of policies regarding risks to human health and the environment. Involving the public in environmental decision making first requires a broad understanding of how and why the public perceives various risks. The Savannah River Stakeholder Study was conducted with the purpose of investigating individual, economic, and social characteristics of risk perceptions among those living near the Savannah River Nuclear Weapons Site. A number of factors were found to impact risk perceptions among those living near the site. One's estimated proximity to the site and relative river location surfaced as strong determinants of risk perceptions among SRS residents. Additionally, living in a quality neighborhood and demonstrating a willingness to accept health risks for economic gain strongly abated heightened risk perceptions.The Consortium for Risk Evaluation with Stakeholder Participation (CRESP)The Consortium for Risk Evaluation with Stakeholder Participation (CRESP)The Consortium for Risk Evaluation with Stakeholder Participation (CRESP)