Showing papers by "Stockholm School of Economics published in 2013"
TL;DR: In spite of the high social and economic cost of osteoporosis, a substantial treatment gap and projected increase of the economic burden driven by the aging populations, the use of pharmacological interventions to prevent fractures has decreased in recent years, suggesting that a change in healthcare policy is warranted.
Abstract: Summary
This report describes the epidemiology, burden, and treatment of osteoporosis in the 27 countries of the European Union (EU27).
2,016 citations
TL;DR: In this article, a genome-wide association study of educational attainment was conducted in a discovery sample of 101,069 individuals and a replication sample of 25,490 individuals, and three independent SNPs are genome wide significant (rs9320913, rs11584700, rs4851266).
Abstract: A genome-wide association study of educational attainment was conducted in a discovery sample of 101,069 individuals and a replication sample of 25,490. Three independent SNPs are genome-wide significant (rs9320913, rs11584700, rs4851266), and all three replicate. Estimated effects sizes are small (R2 ≈ 0.02%), approximately 1 month of schooling per allele. A linear polygenic score from all measured SNPs accounts for ≈ 2% of the variance in both educational attainment and cognitive function. Genes in the region of the loci have previously been associated with health, cognitive, and central nervous system phenotypes, and bioinformatics analyses suggest the involvement of the anterior caudate nucleus. These findings provide promising candidate SNPs for follow-up work, and our effect size estimates can anchor power analyses in social-science genetics.
791 citations
TL;DR: In spite of the high cost of osteoporosis, a substantial treatment gap and projected increase of the economic burden driven by aging populations, the use of pharmacological prevention of osteeporosis has decreased in recent years, suggesting that a change in healthcare policy concerning the disease is warranted.
Abstract: This report describes epidemiology, burden, and treatment of osteoporosis in each of the 27 countries of the European Union (EU27). In 2010, 22 million women and 5.5 million men were estimated to have osteoporosis in the EU; and 3.5 million new fragility fractures were sustained, comprising 620,000 hip fractures, 520,000 vertebral fractures, 560,000 forearm fractures and 1,800,000 other fractures. The economic burden of incident and prior fragility fractures was estimated at € 37 billion. Previous and incident fractures also accounted for 1,180,000 quality-adjusted life years lost during 2010. The costs are expected to increase by 25 % in 2025. The majority of individuals who have sustained an osteoporosis-related fracture or who are at high risk of fracture are untreated and the number of patients on treatment is declining. The aim of this report was to characterize the burden of osteoporosis in each of the EU27 countries in 2010 and beyond. The data on fracture incidence and costs of fractures in the EU27 were taken from a concurrent publication in this journal (Osteoporosis in the European Union: Medical Management, Epidemiology and Economic Burden) and country specific information extracted. The clinical and economic burden of osteoporotic fractures in 2010 is given for each of the 27 countries of the EU. The costs are expected to increase on average by 25 % in 2025. The majority of individuals who have sustained an osteoporosis-related fracture or who are at high risk of fracture are untreated and the number of patients on treatment is declining. In spite of the high cost of osteoporosis, a substantial treatment gap and projected increase of the economic burden driven by aging populations, the use of pharmacological prevention of osteoporosis has decreased in recent years, suggesting that a change in healthcare policy concerning the disease is warranted.
629 citations
TL;DR: The findings indicate that human mobility is highly dependent on historical behaviors, and that the maximum predictability is not only a fundamental theoretical limit for potential predictive power, but also an approachable target for actual prediction accuracy.
Abstract: In this study we analyze the travel patterns of 500,000 individuals in Cote d'Ivoire using mobile phone call data records. By measuring the uncertainties of movements using entropy, considering both the frequencies and temporal correlations of individual trajectories, we find that the theoretical maximum predictability is as high as 88%. To verify whether such a theoretical limit can be approached, we implement a series of Markov chain (MC) based models to predict the actual locations visited by each user. Results show that MC models can produce a prediction accuracy of 87% for stationary trajectories and 95% for non-stationary trajectories. Our findings indicate that human mobility is highly dependent on historical behaviors, and that the maximum predictability is not only a fundamental theoretical limit for potential predictive power, but also an approachable target for actual prediction accuracy.
344 citations
TL;DR: In this article, the authors explored the effects of national cultural practices on entrepreneurial behaviors by individuals and used appropriate multilevel research designs to consider the effects on different entrepreneurial behaviors, such as entry and post-entry growth aspirations.
Abstract: Although national culture is an important regulator of entrepreneurship, there is a dearth of studies that: (1) explore the effects of national cultural practices on entrepreneurial behaviors by individuals; (2) use appropriate multilevel research designs; (3) consider the effects of culture on different entrepreneurial behaviors, such as entry and post-entry growth aspirations. We combined Global Entrepreneurship Monitor (GEM) and Global Leadership and Organizational Behavior Effectiveness (GLOBE) data from 42 countries for 2005–2008 to address these gaps, using a multilevel design. We found societal institutional collectivism practices negatively associated with entrepreneurial entry, but positively associated with entrepreneurial growth aspirations. Uncertainty avoidance practices were negatively associated with entry but not with growth aspirations, and performance orientation practices were positively associated with entry. Our analysis highlights the differential effects of cultural practices on entrepreneurial entry and growth aspirations, and demonstrates the value of multilevel techniques in analyzing the effect of culture on entrepreneurship.
314 citations
TL;DR: The main projects within which the new collections of both biological samples as well as phenotypic measures have been collected are described and coverage by year of birth, zygosity determination, ethnic heterogeneity, and influences of in vitro fertilization are described.
Abstract: The Swedish Twin Registry (STR) today contains more than 194,000 twins and more than 75,000 pairs have zygosity determined by an intra-pair similarity algorithm, DNA, or by being of opposite sex. Of these, approximately 20,000, 25,000, and 30,000 pairs are monozygotic, same-sex dizygotic, and opposite-sex dizygotic pairs, respectively. Since its establishment in the late 1950s, the STR has been an important epidemiological resource for the study of genetic and environmental influences on a multitude of traits, behaviors, and diseases. Following large investments in the collection of biological specimens in the past 10 years we have now established a Swedish twin biobank with DNA from 45,000 twins and blood serum from 15,000 twins, which effectively has also transformed the registry into a powerful resource for molecular studies. We here describe the main projects within which the new collections of both biological samples as well as phenotypic measures have been collected. Coverage by year of birth, zygosity determination, ethnic heterogeneity, and influences of in vitro fertilization are also described.
310 citations
TL;DR: In this article, the impact of competition policy on total factor productivity growth for 22 industries in twelve OECD countries over 1995 to 2005 was investigated and the authors found a positive and significant effect of competition policies as measured by created indexes.
Abstract: This paper estimates the impact of competition policy on total factor productivity growth for 22 industries in twelve OECD countries over 1995 to 2005. We find a positive and significant effect of competition policy as measured by created indexes. We provide results based on instrumental variables estimators and heterogeneous effects to support the causal nature of the established link. The effect is particularly strong for specific aspects of competition policy related to its institutional setup and antitrust activities. It is also strengthened by good legal systems, suggesting complementarities between competition policy and the efficiency of law enforcement institutions.
281 citations
TL;DR: A review of the evolution and most recent developments of household finance can be found in this article, with a focus on the normative and positive study of how households use financial markets to achieve their objectives.
Abstract: Household finance—the normative and positive study of how households use financial markets to achieve their objectives—has gained a lot of attention over the past decade and has become a field with its own identity, style, and agenda. In this chapter we review its evolution and most recent developments.
280 citations
TL;DR: This article used data from the Global Entrepreneurship Monitor and the Global Leadership and Organizational Behavior Effectiveness study for 42 countries to investigate how the effects of individual's self-efficacy and of fear of failure on entrepreneurial entry are contingent on national cultural practices.
Abstract: We use data from the Global Entrepreneurship Monitor and the Global Leadership and Organizational Behavior Effectiveness study for 42 countries to investigate how the effects of individual's self-efficacy and of fear of failure on entrepreneurial entry are contingent on national cultural practices. Using multi-level methodology, we observe that the positive effect of self-efficacy on entry is moderated by the cultural practices of institutional collectivism and performance orientation. Conversely, the negative effect of fear of failure on entry is moderated by the cultural practices of institutional collectivism and uncertainty avoidance. We discuss the implications for theory and methodological development in culture and entrepreneurship.
264 citations
TL;DR: None of the experiments confirms the finding that increased cooperation in social dilemmas after forcing individuals to decide quickly promotes cooperation, indicating that their result was an artefact of excluding the about 50% of subjects who failed to respond on time.
Abstract: Rand et al.1 reported increased cooperation in social dilemmas after forcing individuals to decide quickly1. Time pressure was used to induce intuitive decisions, and they concluded that intuition ...
255 citations
TL;DR: This paper found that resource munificence related to sponsorship can potentially decrease or increase survival rates among new organizations and that these effects are contingent on fit of resource type with its respective geographic-based founding density.
Abstract: Organizational sponsorship mediates the relationship between new organizations and their environments by creating a resource-munificent context intended to increase survival rates among those new organizations. Existing theories are prone to treat such resource munificence as the inverse of resource dependence, indicating that the application of new resources in an entrepreneurial context should always benefit new firms. These existing theories, however, often overlook heterogeneity in both types of applied resources as well as founding environmental conditions. By attending to these nuances, we reveal that resource munificence is not necessarily predictive of organizational survival. We find that resource munificence related to sponsorship can potentially decrease or increase survival rates among new organizations and that these effects are contingent on fit of resource type with its respective geographic-based founding density. These findings confirm the need for a more-nuanced theory of sponsorship that attends to the mechanisms and conditions by which resource munificence is likely to alter new organization survival rates. [ABSTRACT FROM AUTHOR]
TL;DR: This article found that more stringent dismissal laws foster innovation, particularly in innovation-intensive industries, but other forms of labor laws that do not affect dismissal of employees do not have this bright side and found support for these predictions in empirical tests that exploit country-level changes in dismissal laws in the United States, the United Kingdom, France, and Germany.
Abstract: When contracts are incomplete, dismissal laws prevent employers from arbitrarily discharging employees and thereby limit employers’ ability to hold up innovating employees after an innovation is successful. Therefore, dismissal laws can enhance employees’ innovative efforts and encourage firms to invest in risky but potentially groundbreaking projects. Other forms of labor laws that do not affect dismissal of employees do not have this bright side. We find support for these predictions in empirical tests that exploit country-level changes in dismissal laws in the United States, the United Kingdom, France, and Germany: more stringent dismissal laws foster innovation, particularly in innovation-intensive industries, but other labor laws do not.
TL;DR: This paper showed that when individuals' preferences are their private information, a convex combination of selfishness and morality stands out as evolutionarily stable, and called individuals with such preferences homo moralis, and showed that the stable degree of morality is determined by the degree of assortativity in the process whereby individuals are matched to interact.
Abstract: What preferences will prevail in a society of rational individuals when preference evolution is driven by the resulting payoffs? We show that when individuals’ preferences are their private information, a convex combination of selfishness and morality stands out as evolutionarily stable. We call individuals with such preferences homo moralis .A t one end of the spectrum is homo oeconomicus, who acts so as to maximize his or her own payoff. At the opposite end is homo kantiensis, who does what would be “the right thing to do,” in terms of payoffs, if all others would do likewise. We show that the stable degree of morality—the weight placed on the moral goal—is determined by the degree of assortativity in the process whereby individuals are matched to interact.
TL;DR: In this paper, the effect of short-term investors' trading horizons on market-wide negative market shocks was investigated and it was shown that stocks held by short-time investors experienced more severe price drops and larger price reversals than those held by long time investors.
Abstract: After severe negative market shocks, institutional investors with short trading horizons are inclined or forced to sell their holdings to a larger extent than investors with longer trading horizons. This may amplify the effects of market-wide shocks on the prices of stocks held by short horizon investors. We test the relevance of this mechanism by exploiting the negative shock caused by Lehman Brothers’ bankruptcy in September 2008. Consistent with our conjecture, short-term investors sell significantly more than long-term investors around and after the Lehman Brothers’ bankruptcy. Most importantly, stocks held by short-term investors experience more severe price drops and larger price reversals than those held by long-term investors. Since they are obtained after controlling for the stocks’ exposure to innovations in implied volatility, aggregate liquidity, various firms’ and investors’ characteristics, including the momentum effect and the propensity of institutional investors to follow an index, our results cannot be explained by characteristics of the institutions’ investment styles other than their investment horizons. We also show that the effect of investor trading horizon emerges during other episodes of severe market turmoil, such as the October 1987 market crash. Overall, the empirical evidence strongly indicates that investors’ short horizons amplify the effects of market-wide negative shocks.
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TL;DR: The authors explored the combined effects of reductions in trade frictions, tariffs, and firing costs on firm dynamics, job turnover, and wage distributions in Colombia, and found little role for labor market reforms in driving these variables.
Abstract: This paper explores the combined effects of reductions in trade frictions, tariffs, and firing costs on firm dynamics, job turnover, and wage distributions. It uses establishment-level data from Colombia to estimate an open economy dynamic model that links trade to job flows in a new way. The fitted model captures key features of Colombian firm dynamics and labor market outcomes, as well changes in these features during the past 25 years. Counterfactual experiments imply that integration with global product markets has increased both average income and job turnover in Colombia. In contrast, the experiments find little role for this country's labor market reforms in driving these variables. The results speak more generally to the effects of globalization on labor markets in Latin America and elsewhere.
TL;DR: In this article, the authors decompose the resource measure, using alternative measures of both resources and institutions, and by studying different time periods, they find that only ores and metals interacted with the ICRG measure of institutional quality consistently have a negative growth effect but a positive interaction that turns the curse around when institutions are good enough.
Erasmus University Rotterdam1, National Institute for Health and Welfare2, University of Helsinki3, University of Michigan4, King's College London5, University of Greifswald6, Cornell University7, University of Hamburg8, VU University Amsterdam9, New York University10, National Research Council11, Harokopio University12, Wellcome Trust Sanger Institute13, University of Iceland14, Imperial College London15, University of Oulu16, Stockholm School of Economics17, National Institutes of Health18, Medical University of Graz19, Karolinska Institutet20, University of Tartu21, University of Turku22, University of Texas MD Anderson Cancer Center23, University of Lübeck24, Florida State University25, Ludwig Maximilian University of Munich26, University of Mainz27
TL;DR: For example, this paper found that common SNPs when considered jointly explain about half of the narrow-sense heritability of self-employment estimated in twin data (σ(g)(2)/σ(P)(2) = 25%, h(2) = 55%).
Abstract: Economic variables such as income, education, and occupation are known to affect mortality and morbidity, such as cardiovascular disease, and have also been shown to be partly heritable. However, very little is known about which genes influence economic variables, although these genes may have both a direct and an indirect effect on health. We report results from the first large-scale collaboration that studies the molecular genetic architecture of an economic variable-entrepreneurship-that was operationalized using self-employment, a widely-available proxy. Our results suggest that common SNPs when considered jointly explain about half of the narrow-sense heritability of self-employment estimated in twin data (σ(g)(2)/σ(P)(2) = 25%, h(2) = 55%). However, a meta-analysis of genome-wide association studies across sixteen studies comprising 50,627 participants did not identify genome-wide significant SNPs. 58 SNPs with p<10(-5) were tested in a replication sample (n = 3,271), but none replicated. Furthermore, a gene-based test shows that none of the genes that were previously suggested in the literature to influence entrepreneurship reveal significant associations. Finally, SNP-based genetic scores that use results from the meta-analysis capture less than 0.2% of the variance in self-employment in an independent sample (p≥0.039). Our results are consistent with a highly polygenic molecular genetic architecture of self-employment, with many genetic variants of small effect. Although self-employment is a multi-faceted, heavily environmentally influenced, and biologically distal trait, our results are similar to those for other genetically complex and biologically more proximate outcomes, such as height, intelligence, personality, and several diseases.
TL;DR: In this article, the authors present evidence on the effects of access to domestic and international markets on per capita consumption of households using data from rural China using alternative identification schemes to address the potential endogeneity of the access to markets.
Abstract: This paper presents evidence on the effects of access to domestic and international markets on per capita consumption of households using data from rural China. The econometric analysis uses alternative identification schemes to address the potential endogeneity of access to markets. We use straight-line distances to coastline and navigable river, along with the topography of the intervening counties, as sources of exogeneous variations. We also use identification through heteroskedasticity, which does not rely on standard exclusion restrictions. The results from alternative identification schemes show that better access to both domestic and international markets has positive effects on per capita consumption, the domestic market effect is significantly larger in magnitude, and there is complementarity between the access to domestic and international markets.
TL;DR: In this article, the authors investigate whether social framing effects are also present in Dictator games and find that behavior is insensitive to social framing in all the experiments, and they discuss how to reconcile the absence of social frame effects in DICTATOR games with the presence of social framing effect in Ultimatum games and conclude that since only one person makes a decision, the frame can affect behavior merely through preferences.
Abstract: Many previous experiments document that behavior in multi-person settings responds to the name of the game and the labeling of strategies. With a few exceptions, these studies cannot tell whether frames affect preferences or beliefs. In three large experiments, we investigate whether social framing effects are also present in Dictator games. Since only one of the subjects makes a decision, the frame can affect behavior merely through preferences. In all the experiments, we find that behavior is insensitive to social framing. We discuss how to reconcile the absence of social framing effects in Dictator games with the presence of social framing effects in Ultimatum games.
TL;DR: The authors showed that industry-expert CEOs on average select lower surplus deals and negotiate better deals and pay a lower premium for the target, when information asymmetry is high and bilateral negotiations compared to auctions.
Abstract: This paper shows how chief executive officer (CEO) characteristics affect the performance
of acquirers in diversifying takeovers. When the acquirer’s CEO has previous experience in
the target industry, the acquirer’s abnormal announcement returns are between 1.2 and 2.0
percentage points larger than those generated by a CEO who is new to the target industry.
This outcome is driven by the industry-expert CEO’s ability to capture a larger fraction of
the merger surplus. Industry-expert CEOs typically negotiate better deals and pay a lower
premium for the target. This effect is stronger when information asymmetry is high and
in bilateral negotiations compared to auctions. We also find that industry-expert CEOs on
average select lower surplus deals. This evidence is consistent with industry-expert CEOs
having superior negotiation skills.
INSEAD1, Oxford Brookes University2, EDHEC Business School3, University of Sheffield4, Open University5, Tilburg University6, Brock University7, University of Ottawa8, Aarhus University9, University of Manchester10, University of Turku11, University of Gothenburg12, University of Tennessee at Chattanooga13, École Polytechnique14, University of Toulouse15, Monash University16, Saint Petersburg State University17, Mackenzie Presbyterian University18, Stockholm School of Economics19
TL;DR: In this article, the authors attempt to take stock of, and synthesize, the findings from research on sociocultural and human resources integration in M&A, to identify conflicting perspectives and unresolved questions as well as several underresearched areas, and then use their analyses to propose an agenda for the next stage of research in this field.
Abstract: Despite decades of research, the key factors for success in mergers and acquisitions (M&As) and the reasons why M&As often fail remain poorly understood. While attempts to explain M&A success and failure have traditionally focused on strategic and financial factors, an emergent field of inquiry has been directed at the sociocultural and human resources issues involved in the integration of acquired or merging firms. This research has sought to explain M&A performance and underperformance in terms of the impact that variables such as cultural fit, management style similarity, the pattern of dominance between merging firms, the acquirer's degree of cultural tolerance, and the social climate surrounding a takeover have on the postmerger integration process. In this article, we attempt to take stock of, and synthesize, the findings from research on sociocultural and human resources integration in M&A, to identify conflicting perspectives and unresolved questions as well as several underresearched areas, and then use our analyses to propose an agenda for the next stage of research in this field.
TL;DR: In this article, a three-step cluster analysis of 117 published articles on succession in family firms published between 1974 and 2010 is presented, where the authors identify gaps within each cluster and develop a set of research questions that may guide future research on succession as an entrepreneurial process.
Abstract: We review and analyze previous literature on succession in family firms from an entrepreneurial process perspective. Through a three-step cluster analysis of 117 published articles on succession in family firms published between 1974 and 2010, we find several themes within which succession can be understood from an entrepreneurial process perspective where both the entry of new owners and exit of old owners are associated with the pursuit of new business opportunities. We identify gaps within each cluster and develop a set of research questions that may guide future research on succession as an entrepreneurial process. Since succession involves implications for individuals, families and firms, we suggest researchers should adopt a multilevel perspective as they seek answers to these research questions. Our review and analysis also underlines the need to focus on ownership transition rather than only management succession, and the importance of carefully defining both succession and family firm.
TL;DR: This paper used exogenous variation in rainfall across districts in Uganda to estimate the causal effects of household income shocks on children's enrollment and cognitive skills conditional on geni-c skills and cognitive ability.
TL;DR: In this paper, the authors developed a model about how new firms resolve uncertainty about their ability to prosper in a market by monitoring changes in profitability, and found strong support for the notion that profitability enhances both survival and growth, and growth helps profitability but has a negative effect on survival.
Karolinska Institutet1, Vilnius University2, National Autonomous University of Mexico3, Medical University of Graz4, University of Tartu5, University of Sheffield6, University of Melbourne7, Cedars-Sinai Medical Center8, French Institute of Health and Medical Research9, Dartmouth College10, Stockholm School of Economics11
TL;DR: The findings in this study indicate that there appear to be important variations in the QoL decrements related to fracture between countries.
Abstract: The quality of life during the first 4 months after fracture was estimated in 2,808 fractured patients from 11 countries. Analysis showed that there were significant differences in the quality of life (QoL) loss between countries. Other factors such as QoL prior fracture and hospitalisation also had a significant impact on the QoL loss. The International Costs and Utilities Related to Osteoporotic Fractures Study (ICUROS) was initiated in 2007 with the objective of estimating costs and quality of life related to fractures in several countries worldwide. The ICUROS is ongoing and enrols patients in 11 countries (Australia, Austria, Estonia, France, Italy, Lithuania, Mexico, Russia, Spain, UK and the USA). The objective of this paper is to outline the study design of ICUROS and present results regarding the QoL (measured using the EQ-5D) during the first 4 months after fracture based on the patients that have been thus far enrolled ICUROS. ICUROS uses a prospective study design where data (costs and quality of life) are collected in four phases over 18 months after fracture. All countries use the same core case report forms. Quality of life was collected using the EQ-5D instrument and a time trade-off questionnaire. The total sample for the analysis was 2,808 patients (1,273 hip, 987 distal forearm and 548 vertebral fracture). For all fracture types and countries, the QoL was reduced significantly after fracture compared to pre-fracture QoL. A regression analysis showed that there were significant differences in the QoL loss between countries. Also, a higher level of QoL prior to the fracture significantly increased the QoL loss and patients who were hospitalised for their fracture also had a significantly higher loss compared to those who were not. The findings in this study indicate that there appear to be important variations in the QoL decrements related to fracture between countries.
TL;DR: In this paper, the authors investigate the effects of bank bailouts on the supply of credit and the performance of banks' clients and find that the size of capital injections relative to the initial financial condition of banks is crucial for the success of bank bailout.
Abstract: Exploiting the Japanese banking crisis of the 1990s as a laboratory, we investigate the effects of bank bailouts on the supply of credit and the performance of banks’ clients. Our findings indicate that the size of capital injections relative to the initial financial condition of banks is crucial for the success of bank bailouts. Capital injections that are large enough to reestablish bank capital requirements increase the supply of credit and spur investment. In contrast, not only do capital injections that are too small fail to increase the supply of credit, but they also encourage the evergreening of nonperforming loans. (JEL E44, G21, G28, G32, G34)
TL;DR: The instrument was developed and validated in an iterative process between theoretical and empirical insights and suggested the instrument was able to discriminate between high and low adoption of lean and portray changes during lean service adoption.
Abstract: Purpose – The purpose of this paper is to develop and empirically validate an instrument containing operational measures of lean service The instrument is intended for use by both researchers and practitionersDesign/methodology/approach – The instrument was developed and validated in an iterative process between theoretical and empirical insights Drawing on a wide selection of frequently cited papers on lean service, a preliminary list of items was generated These items were then vetted through four steps in order to achieve high validity Empirical refinement and validation included workshops and semi‐structured interviews with expert practitioners, as well as testing the instrument's ability to discriminate between high and low adoption of lean and portray changes during lean service adoptionFindings – The instrument contains 34 items that assess enablers of lean adoption, lean practices, and operational performance Empirical validation suggested the instrument was able to discriminate between hig
TL;DR: Using high quality survey data from 138 Swedish IT-entrepreneurs, it is found that access to public open data is considered very important for many IT-startups; 43% find open data essential for the realization of their business plan and 82% claim that access would support and strengthen the business plan.
Abstract: Public open data access has a direct impact on future IT entrepreneurs' perception of ability to execute their business plans. Using high quality (50%-98% response rate) survey data from 138 Swedish IT-entrepreneurs, we find that access to public open data is considered very important for many IT-startups; 43% find open data essential for the realization of their business plan and 82% claim that access would support and strengthen the business plan. The survey also indicates a significant interest in, and willingness to pay for, public sector information data from companies that do not intend to commercialize data themselves but intend to use it to support or test other business models. From the survey, it is possible to infer that the previous discourse on open data, viewing it as a means for government accountability or e-government, or as the foundation for the commercialization of public sector information data is too limited. Open data should instead be seen as an enabler of innovation outside these traditional sectors. This also indicates that the previously calculated societal values of open data might be underestimated.
TL;DR: In this article, the authors investigate factors that influence family business owners' choice between passing ownership within the family or to new external owners, and hypothesize that ownership dispersion, number of potential heirs, multigenerational involvement, and whether the chief executive officer is a family member influence the choice of an internal or external transition of ownership.
Abstract: We investigate factors that influence family business owners' choice between passing ownership within the family or to new external owners. Taking an embeddedness perspective focusing on owner-family structure and involvement, we hypothesize that ownership dispersion, number of potential heirs, multigenerational involvement, and whether the chief executive officer is a family member influence the choice of an internal or external transition of ownership. We build a longitudinal data set from a sample of 3,829 family firms and their ownership transitions. Our theorizing and findings regarding ownership transitions complements the abundant research on management succession and therefore constitutes an important contribution to the literature.
TL;DR: The results suggest guarded optimism about the prospects of using genetic data in SWB research because, although the common narrow heritability is not large, the polymorphisms that contribute to it could feasibly be discovered with a sufficiently large sample of individuals.
Abstract: Subjective well-being (SWB) is a major topic of research across the social sciences. Twin and family studies have found that genetic factors may account for as much as 30-40% of the variance in SWB. Here, we study genetic contributions to SWB in a pooled sample of ≈11,500 unrelated, comprehensively-genotyped Swedish and Dutch individuals. We apply a recently developed method to estimate "common narrow heritability": the fraction of variance in SWB that can be explained by the cumulative additive effects of genetic polymorphisms that are common in the population. Our estimates are 5-10% for single-question survey measures of SWB, and 12-18% after correction for measurement error in the SWB measures. Our results suggest guarded optimism about the prospects of using genetic data in SWB research because, although the common narrow heritability is not large, the polymorphisms that contribute to it could feasibly be discovered with a sufficiently large sample of individuals.