Showing papers on "Proxy (statistics) published in 1992"
TL;DR: There is need for more methodologically sound studies that incorporate head-to-head comparisons of health care providers and significant others as proxy raters and employ well-validated quality-of-life measures and employ a longitudinal design in order to examine the effect of changes in patients' health status over time on the ability of proxies to provide valid quality- of-life assessments.
1,039 citations
TL;DR: Ethical and empirical doubts about whether proxies can select interventions that the patient would have selected confront us just as there is a growing need to develop policies on this issue.
Abstract: RECENTLY, proxy or surrogate decision making regarding the termination of life-sustaining interventions for incompetent patients has been widely endorsed and promoted. After theCruzandecision and the Patient Self-Determination Act of 1990, many states enacted proxy statutes specifically for health care. Indeed, even states such as New York and Massachusetts, which in the past had avoided enacting any legislation on living wills and securing the rights of patients, have quickly adopted See also pp 2082 and 2101. health care proxy laws. Simultaneously with this growing enthusiasm for proxy decision making have arisen ethical and empirical doubts about whether proxies can select interventions that the patient would have selected. These divergent trends confront us just as there is a growing need to develop policies on this issue. Consequently, it is important to examine several questions on proxy decision making: How widely endorsed is proxy decision making? What is the justification of
244 citations
TL;DR: In this paper, the authors examine problems in the use of divergence of analyst opinion as a proxy for estimation risk in empirical studies of security returns and asset pricing models and show that diversity of opinion can increase even though the amount of private information increases, and that diversity may overstate estimation risk if the capital market aggregates the information held by investors.
Abstract: This paper examines problems in the use of divergence of analyst opinion as a proxy for estimation risk in empirical studies of security returns and asset pricing models. We demonstrate that diversity of opinion can increase even though the amount of private information increases, and we show that diversity of opinion may overstate estimation risk if the capital market aggregates the information held by investors. We produce empirical results consistent with our conclusions. Specifically, we find that divergence of opinion can produce measures of estimation risk that are inconsistent with a received proxy for estimation risk and with observed common stock returns.
108 citations
TL;DR: The authors compared occupational and other exposure data obtained from 270 male cancer cases and their proxy respondents to assess the validity of using wives, other relatives, or other informants to obtain information about a subject.
Abstract: As part of a multicenter cancer case-control study conducted in 1984-1988 a proxy interview was attempted for all cases who were initially interviewed for the study but who died during the 4-year data collection period. to assess the validity of using wives. Other relatives, or other informants to obtain information about a subject, the authors compared occupational and other exposure data obtained from 270 male cancer cases and their proxy respondents. The primary focus of the case-control study was on Vietnam military service and exposure to phenoxy herbicides, but cases and their proxy respondents were also asked about occupational and other exposures relevant to the cancers. The accuracy of reporting for specific occupational exposures (e.g., asbestos and formaldehyde) and specific occupations (e.g.. dry cleaning and meat packing or processing) was poor, although the latter improved somewhat when only case-spouse pairs were examined. Similarly, there was poor sensitivity in the reporting of herbicide exposure information in farming and other related occupations. In contrast, the reporting of certain demographic characteristics, childhood history characteristics, and use of alcohol and cigarettes was relatively good. and was even better when only case-spouse pairs were examined, The poor quality of proxy information for detailed exposure information suggests the need for careful use and interpretation of proxy information in epidemiologic studies. Am J Epidemiol l992;l36:712-21,
71 citations
TL;DR: This paper examined the reliability of food quantity information collected from expenditure surveys, and found that measurement errors will very often be systematically correlated with income, such that the response of food intakes to increases in income is seriously overstated.
69 citations
TL;DR: This paper showed that graduate faculty ratings reflect total departmental publication performance rather than average research productivity, and that such ratings are a poor proxy for the dependent variable when modeling research output per faculty member.
49 citations
TL;DR: Nonspouse proxies misclassified exposures more than spouse proxies with the exception of cigarettes, and the slope of a dose-response curve was decreased from 6.6% to 100% depending on the exposure and the type of proxy respondent.
Abstract: This investigation addressed three questions about misclassification in a case-control study of risk factors for pancreatic cancer in which all exposure data were obtained from proxy respondents. These questions were: (1) To what degree was misclassification dependent on the type of exposure? (2) To what degree did misclassification vary by the type of proxy? (3) What was the magnitude of the effect of proxy misclassification on odds ratios measured across several levels of exposure? To answer these questions, we interviewed 163 control (index) subjects and next-of-kin (proxy) respondent pairs. Each of the controls and their respective proxies reported the control's use of coffee, cigarettes, and alcohol and weekly exposure to beef, milk, bacon, fruits, and vegetables. Nonspouse proxies misclassified exposures more than spouse proxies with the exception of cigarettes. Cigarette use was the most accurately reported exposure, followed by alcohol, coffee, and foods. For nondifferential misclassification between cases and controls, the slope of a dose-response curve was decreased from 6.6% to 100% depending on the exposure and the type of proxy respondent. Investigators conducting studies using proxy respondents need to recognize that misclassification is a function of multiple factors, including both the type of exposures under study and the type of proxies available.
29 citations
TL;DR: In this article, the authors present an empirical analysis of the subsequent disposition and share price performance of 142 firms involved in proxy contests for board seats in the period 1962-1986, finding evidence that proxy contests increase corporate efficiency through improved monitoring of firms, even in the absence of takeover-related control activity.
Abstract: We present an empirical analysis of the subsequent disposition and share price performance of 142 firms involved in proxy contests for board seats in the period 1962-1986. We find evidence that proxy contests increase corporate efficiency through improved monitoring of firms, even in the absence of takeover-related control activity. Our results support the view that proxy contests are an effective managerial disciplinary mechanism in the absence of a takeover.
20 citations
TL;DR: An array of concerns about the justifications for, and the effectiveness of, proxy decision making for incompetent adults are presented, but these concerns should not dictate any diminution of the current enthusiasm for proxy (or "surrogate") decision making.
Abstract: In this issue ofTHE JOURNAL, Emanuel and Emanuel 1 present an array of concerns about the justifications for, and the effectiveness of, proxy decision making for incompetent adults. Although well founded, these concerns should not dictate any diminution of the current enthusiasm for proxy (or "surrogate") decision making. A morally justifiable and pragmatic policy for decision making for incompetent adults, at this point, will have to rely heavily on appointed and family proxies. See also p 2067. Each of us faces a high likelihood of being incapable of managing our own affairs sometime before we die. Decisions that arise at such a time still must be made, and the alternative strategies are few: (1) by proxies (including family and courts, with or without guidance from the patient in advance), (2) in advance by the patient, or (3) by community and professional guidelines. Each of these offers some likely advantages
17 citations
TL;DR: In this article, the relationship between research and development expenditures and total factor productivity using establishment level (or micro) data was examined using the U.S. Bureau of the Census Annual Survey of Manufacturers and other Census surveys.
Abstract: This paper examines the relationship between research and development expenditures and total factor productivity using establishment level (or micro) data. The confidential data are taken from the U.S. Bureau of the Census Annual Survey of Manufacturers and other Census surveys. Several measures of total factor productivity are considered as are several variables that proxy for technical knowledge. The latter include research and development expenditures by the firm, the accumulated research expenditures of the industry, and new equipment purchases. We find that there is a statistically significant relationship among above measures of technical expertise and a broad measure of total factor productivity.
8 citations
Patent•
09 Jul 1992TL;DR: In this paper, a personal communication system consisting of a proxy answering section disposed on the called side terminal equipment, for transmitting proxy answer information indicating that a proxy person other than the called person intends to answer the personal call, to the calling side equipment when the number information allocated to the proxy person is inputted during a processing of a personal call was discussed.
Abstract: In a personal communication system in which a call is originated from a calling side terminal equipment using number information allocated to a called person and the call is processed on the called side terminal equipment as a personal call, the system comprises: a proxy answering section disposed on the called side terminal equipment, for transmitting proxy answer information indicating that a proxy person other than the called person intends to answer the personal call, to the calling side terminal equipment when the number information allocated to the proxy person is inputted during a processing of the personal call; and a notifying section disposed on the calling side terminal equipment, for notifying a calling person that the proxy person intends to answer. Therefore, when a personal call is incoming, if the designated specific called person is absent, the calling person can recognize that the called person is absent and that the proxy person can answer, and then can select cancellation of the personal call, answer by the proxy person, or transfer of the personal call, according to the calling person's will.
Patent•
09 Jul 1992
TL;DR: In this article, a personal communication system in which a call is originated from a calling side terminal equipment using number information allocated to a called person and the call is processed on the called side-station equipment as a personal call is described.
Abstract: In a personal communication system in which a call is originated from a calling side terminal equipment using number information allocated to a called person and the call is processed on the called side terminal equipment as a personal call, the system comprises: a proxy answering section disposed on the called side terminal equipment, for transmitting proxy answer information indicating that a proxy person other than the called person intends to answer the personal call, to the calling side terminal equipment when the number information allocated to the proxy person is inputted during a processing of the personal call; and a notifying section disposed on the calling side terminal equipment, for notifying a calling person that the proxy person intends to answer Therefore, when a personal call is incoming, if the designated specific called person is absent, the calling person can recognize that the called person is absent and that the proxy person can answer, and then can select cancellation of the personal call, answer by the proxy person, or transfer of the personal call, according to the calling person's will
TL;DR: In this article, the authors review the theoretical and empirical contributions to the proxy contest literature and suggest that the use of proxy contest as a method of taking over a corporation depends on its cost relative to the tender offer and the security voting structure and the debt/equity ratio.
Abstract: This paper reviews the theoretical and empirical contributions to the proxy contest literature. The theoretical work, to date, suggests that (1) the use of the proxy contest as a method of taking over a corporation depends on its cost relative to the tender offer; (2) the security voting structure and the debt/equity ratio influence the outcome of the proxy contest; and, (3) the value of a proxy contest can be estimated using the principles of option pricing theory. A review of empirical research indicates that (1) firms which are inefficiently managed are more likely to become the target of a proxy fight; (2) wealth gains accrue to shareholders of contested firms during the contest period; and, (3) incumbent management is more likely to succeed in a proxy fight but not necessarily ‘win’.
Journal Article•
TL;DR: In this article, the authors present new evidence on the market value of voting rights during a proxy contest and test the hypothesis that the positive announcement period abnormal returns associated with proxy contests may in part be attributed to the incremental value of the voting right.
Abstract: This paper presents new evidence on the market value of voting rights during a proxy contest. It tests the hypothesis that the positive announcement period abnormal returns associated with proxy contests may in part be attributed to the incremental value of the voting right. Investigation of board‐seat and issue contests reveals that the announcement period positive returns and the ex‐record day negative returns are higher for board‐seat than for issue contests. For board‐seat contests, the announcement period price increase and the ex‐record day price decrease are larger under cumulative voting than under non‐ cumulative voting. The evidence is consistent with the notion that the increased demand for voting shares during a proxy contest enhances the voting premium and that the effect is proportional to the incremental voting power. The ex‐record day evidence reinforces this argument.
TL;DR: This article analyzed the long run determinants of the ratio of currency to M1 and M2 over the period 1920-80 for both ratios, its results confirm Cagan's well-known findings on the importance of deposit yields and tax rates.
Abstract: This study has analyzed the long run determinants of the ratio of currency to M1 and M2 over the period 1920–80 For both ratios, its results confirm Cagan's well-known findings on the importance of deposit yields and tax rates Unlike Cagan, who did not attempt to construct a proxy variable for the ratio of currency-intensive to total transactions, the ratio of spending on nondurables and services to total bank clearings was used in this study as such a proxy and found to be a better explanatory variable than expected real per capita income At times, movements in this variable were an important contributor to changes in both money ratios In addition, movements in the ratio of teenagers to total population, a variable not considered by Cagan, had a role in explaining the 1961–73 rise in C/M1
TL;DR: The new SEC proxy disclosure rules have important implications for executive compensation practices as discussed by the authors, and how companies can prepare for the new rules, including solid advice, and a handy proxy compliance checklist.
Abstract: The new SEC proxy disclosure rules have important implications for executive compensation practices. How can companies prepare for the new rules? The author includes solid advice, and a handy proxy compliance checklist.
01 Jan 1992
Posted Content•
TL;DR: In this article, an adapted Dixit-Stiglitz model of product differentiation was used to predict the degree of pass-through in U.S. manufacturing industries and its cross-sectional variation.
Abstract: This paper studies exchange rate pass-through in U.S. manufacturing industries and its cross-sectional variation. Through an adapted Dixit-Stiglitz model of product differentiation, the paper predicts that pass-through is positively related to the degree of product differentiation and inversely related to the elasticity of marginal cost with respect to output. Empirical estimates of the pass-through elasticities show that pass-through is incomplete and varies across industries. The degree of pass-through is found to be positively correlated to different proxies for product differentiation, and negatively to a proxy for the elasticity of marginal cost. © 1997 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology(This abstract was borrowed from another version of this item.)
TL;DR: In this article, the authors consider some negative effects of proxy contests and emphasize that the proxy contest should be the choice of last resort when costs are weighed against benefits, and suggest that there are better and cheaper ways for owners and managers to communicate and settle their differences.
Abstract: This essay considers some of the negative effects of proxy contests and emphasizes that the proxy contest should be the choice of last resort. When costs are weighed against benefits, it would seem that there are better and cheaper ways for owners and managers to communicate and settle their differences. Recent research on this topic is considered and suggestions for research to judge the long‐term effects of proxy contests are offered. The essay concludes with some thoughts on how newly emerging corporate governance schemes may eventually obviate the need for proxy contests.