This study investigates the impact of labor unionization on stock price crash risk. We find that labor unionization is negatively associated with stock price crash risk. Such negative relation is more pronounced when firms can intimate more credible evidence on unfavorable prospects and when firms face more powerful labor unions. Our findings are consistent with the notion that firms take strategic actions to reduce the bargaining advantages enjoyed by labor unions and that labor unions force firms to take less risky (...) investments and discontinue underperformed projects more timely, which leads to lower stock price crash risk. (shrink)

Recent research in numerical cognition has begun to systematically detail the ability of humans and nonhuman animals to perceive the magnitudes of nonsymbolic ratios. These relationally defined analogs to rational numbers offer new potential insights into the nature of human numerical processing. However, research into their similarities with and connections to symbolic numbers remains in its infancy. The current research aims to further explore these similarities by investigating whether the magnitudes of nonsymbolic ratios are associated with space just as symbolic (...) numbers are. In two experiments, we found that responses were faster on the left for smaller nonsymbolic ratio magnitudes and faster on the right for larger nonsymbolic ratio magnitudes. These results further elucidate the nature of nonsymbolic ratio processing, extending the literature of spatial–numerical associations to nonsymbolic relative magnitudes. We discuss potential implications of these findings for theories of human magnitude processing in general and how this general processing relates to numerical processing. (shrink)

Objectives The objectives of the study are to understand the current practice of informed consent in medical research in public hospitals in Shanghai, and to share our views with other countries, especially developing countries. Methods In the study, 145 consent forms (CFs) of the selected research projects in eight public hospitals with ethics committees in Shanghai were audited, and the principle investigators (PIs) of these research projects and 40 student subjects who had participated in clinical drug tests were surveyed by (...) questionnaires. Results The CFs of medical researches in public hospitals with ethics committees in Shanghai were generally acceptable. However, there were some defects in the CFs. Although most of the surveyed PIs had correct recognition of informed consent, some processes of informed consent were not in accordance with generally accepted requirements. A large number of the PIs considered the greatest difficulty with informal consent was lack of correct recognition of subjects or legally authorised representatives on medical research. Discussion Informed consent in medical research should consider the research ethics, the background of potential subjects, the local resources and culture of medical research. In addition, special protection is needed for student subjects in informed consent as well as efforts for building and restoring the public's trust in biomedical research. Conclusion The informed consent in Shanghai's public hospitals with ethics committees was generally acceptable and the achievement of adequate informed consent is influenced by many factors. (shrink)

Using the corpus of JSTOR articles, we investigate the role of gender in collaboration patterns across the scholarly landscape by analyzing gender-based homophily--the tendency for researchers to co-author with individuals of the same gender. For a nuanced analysis of gender homophily, we develop methodology necessitated by the fact that the data comprises heterogeneous sub-disciplines and that not all authorships are exchangeable. In particular, we distinguish three components of gender homophily in collaborations: a structural component that is due to demographics and (...) non-gendered authorship norms of a scholarly community, a compositional component which is driven by varying gender representation across sub-disciplines, and a behavioral component which we define as the remainder of observed homophily after its structural and compositional components have been taken into account. Using minimal modeling assumptions, we measure and test for behavioral homophily. We find that significant behavioral homophily can be detected across the JSTOR corpus and show that this finding is robust to missing gender indicators in our data. In a secondary analysis, we show that the proportion of female representation in a field is positively associated with significant behavioral homophily. (shrink)

We extend research on the effects of local audit office characteristics on audit quality by investigating whether audit offices in highly religious U.S. Metropolitan Statistical Areas exhibit going concern decisions that reflect heightened professional skepticism relative to audit offices in less religious MSAs. Prior research links religiosity to risk aversion and ethical development and suggests audit practice offices in more religious MSAs are more likely to issue going concern opinions because they will assess the effects of mitigating factors in a (...) more skeptical manner. Our results indicate that audit practice offices located in highly religious MSAs are more likely to issue going concern audit opinions, consistent with a more skeptical assessment of mitigating factors. Additional tests provide direct evidence consistent with the argument that these audit offices are more risk averse in issuing going concern opinions. Our findings are relevant to auditors, audit clients, researchers, and regulators. (shrink)

The complex chaotic dynamics and multistability of financial system are some important problems in micro- and macroeconomic fields. In this paper, we study the influence of two-delay feedback on the nonlinear dynamics behavior of financial system, considering the linear stability of equilibrium point under the condition of single delay and two delays. The system undergoes Hopf bifurcation near the equilibrium point. The stability and bifurcation directions of Hopf bifurcation are studied by using the normal form method and central manifold theory. (...) The theoretical results are verified by numerical simulation. Furthermore, one feature of the proposed financial chaotic system is that its multistability depends extremely on the memristor initial condition and the system parameters. It is shown that the nonlinear dynamics of financial chaotic system can be significantly changed by changing the values of time delays. (shrink)

© Springer-Verlag Berlin Heidelberg 2015. When reasoning about knowledge of procedures under imperfect information, the explicit representation of epistemic possibilities blows up the S5like models of standard epistemic logic. To overcome this drawback, in this paper, we propose a new logical framework based on compact models without epistemic accessibility relations for reasoning about knowledge of procedures. Inspired by the 3-valued abstraction method in model checking, we introduce hyper models which encode the imperfect procedural information. We give a highly non-trivial 2-valued (...) semantics of epistemic dynamic logic on such models while validating all the usual S5 axioms. Our approach is suitable for applications where procedural information is ‘learned’ incrementally, as demonstrated by various examples. (shrink)

Cyclin-dependent kinase 5 has been implicated in Alzheimer's disease pathogenesis. Here, we demonstrate that overexpression of p25, an activator of cdk5, led to increased levels of BACE1 mRNA and protein in vitro and in vivo. A p25/cdk5 responsive region containing multiple sites for signal transducer and activator of transcription was identified in the BACE1 promoter. STAT3 interacts with the BACE1 promoter, and p25-overexpressing mice had elevated levels of pSTAT3 and BACE1, whereas cdk5-deficient mice had reduced levels. Furthermore, mice with a (...) targeted mutation in the STAT3 cdk5 responsive site had lower levels of BACE1. Increased BACE levels in p25 overexpressing mice correlated with enhanced amyloidogenic processing that could be reversed by a cdk5 inhibitor. These data demonstrate a pathway by which p25/cdk5 increases the amyloidogenic processing of APP through STAT3-mediated transcriptional control of BACE1 that could have implications for AD pathogenesis. (shrink)