scholarly journals The problem of causality in corporate governance research: The case of governance indexes and firm valuation

2017 ◽  
Vol 13 (2) ◽  
pp. 55-60 ◽  
Author(s):  
Jimmy A. Saravia Matus ◽  
Silvia L. Saravia-Matus
Keyword(s):  
Corporate Governance ◽  
Causal Relationship ◽  
Real World ◽  
Traditional Approach ◽  
Contemporary Literature ◽  
Current Approach ◽  
Firm Valuation ◽  
Real World Data ◽  
Logical Fallacy

In recent years the problem of the determination of causality has become an increasingly important question in the field of corporate governance. This paper reviews contemporary literature on the topic of causality, specifically it examines the literature that investigates the causal relationship between corporate governance indexes and firm valuation and finds that the current approach is to attempt to determine causality empirically and that the problem remains unresolved. After explaining the reasons why it is not possible to attempt to determine causality using real world data without falling prey to a logical fallacy, this paper discusses a traditional approach used in science to deal with the problem. In particular, the paper argues that the appropriate approach for the problem is to build theories, with causality featuring as a part of those theories, and then to test those theories both for logical and empirical consistency.

Domanda di inflazione come «bene pubblico» e regimi di indicizzazione dei redditi*

1985 ◽  
Vol 3 (3) ◽  
pp. 159-171
Author(s):  
Mario Ferrero
Keyword(s):  
Public Good ◽  
Real World ◽  
Decision Process ◽  
Traditional Approach ◽  
Free Riding ◽  
Political Decision ◽  
The Real ◽  
Inflation Tax ◽  
Natural Way

Abstract The traditional approach to inflation as a tax does not take any account of the state of indexation of the economy, as if universal «implicit» indexation of individual incomes to inflation by adjustment of inflationary expectations prevailed. This article shows that if - as is the case in much of the real world today - explicit indexation through wage escalator clauses and the like is sufficiently widespread but does not cover all individuals in the economy, then it may become feasible and attractive for a coalition of voters to pass inflationary budgets. Since budget choices and the determination of the associated inflation tax are outcomes of a collective (political) decision process while indexation is privately negotiated in the market, indexed voters may try to make non-indexed voters pay the bill of budget benefits to themselves through the inflation tax. Inflation thus becomes a peculiar, negative public good with a private exit: the inflation tax can now be individually avoided through indexation, and a demand for inflation in the literal meaning can manifest itself through the electoral process. Various properties of this perverse budget-inflation game are discussed, showing that the only natural way out of it appears to be universal indexation, which would eliminate the incentive to free-riding behavior by the indexed voters, though at some transitional cost to society.

scholarly journals Characterizing the Human Heart Rate Circadian Pacemaker through Widely Available Wearable Devices

2020 ◽  
Author(s):  
Clark Bowman ◽  
Yitong Huang ◽  
Olivia J Walch ◽  
Yu Fang ◽  
Elena Frank ◽  
...  
Keyword(s):  
Heart Rate ◽  
Circadian Rhythm ◽  
Real World ◽  
Phase Response Curve ◽  
Practical Method ◽  
Sleep Time ◽  
Real World Data ◽  
Wake Time ◽  
Medical Interns

SummaryThe effects of real-world stimuli and how they vary across individuals remains largely unknown for lack of a continuous real-world circadian marker. Here, we show how an underlying circadian rhythm in heart rate (CRHR) can be extracted from several widely used wearables. Analysis of over 130,000 days of data from medical interns on rotating shifts shows how CRHR dynamics are distinct from those of sleep-wake timing and vary greatly among individuals. Analysis of circadian timekeeping in travelers in 5 continents shows how the circadian timekeeping more carefully controls wake time rather than sleep time. We determine a personalized phase response curve (PRC) of CRHR to activity for each individual, representing the first passive and personalized determination of how human circadian timekeeping continuously changes due to real-world stimuli. These results collectively establish CRHR as a practical method to study circadian rhythms in the real world.eTOC BlurbWe show how the circadian rhythm in heart rate can be extracted from real world data collected by wearables. Studying data from a large cohort of medical interns working on shifts, we find very interesting dynamics of this circadian rhythm that are independent of the acute effects of activity or sleep-wake timing. These techniques can also determine personalized parameters of circadian timekeeping.

Abstract #946: Assessment of Acromegaly Patients with and Without Diabetes Treated with Lanreotide Depot: 2-Year Real World Data

2016 ◽  
Vol 22 ◽  
pp. 219
Author(s):  
Roberto Salvatori ◽  
Olga Gambetti ◽  
Whitney Woodmansee ◽  
David Cox ◽  
Beloo Mirakhur ◽  
...  
Keyword(s):  
Real World ◽  
Real World Data ◽  
World Data

Safety and efficacy of direct acting oral anticoagulants and vitamin K antagonists in nonvalvular atrial fibrillation – a network meta-analysis of real-world data

VASA ◽  
2019 ◽  
Vol 48 (2) ◽  
pp. 134-147 ◽  
Author(s):  
Mirko Hirschl ◽  
Michael Kundi
Keyword(s):  
Real World ◽  
Meta Analysis ◽  
Vitamin K Antagonists ◽  
Oral Anticoagulants ◽  
Efficacy And Safety ◽  
Nonvalvular Atrial Fibrillation ◽  
Real World Data ◽  
Hazard Ratios ◽  
Direct Acting ◽  
Event Rates

Abstract. Background: In randomized controlled trials (RCTs) direct acting oral anticoagulants (DOACs) showed a superior risk-benefit profile in comparison to vitamin K antagonists (VKAs) for patients with nonvalvular atrial fibrillation. Patients enrolled in such studies do not necessarily reflect the whole target population treated in real-world practice. Materials and methods: By a systematic literature search, 88 studies including 3,351,628 patients providing over 2.9 million patient-years of follow-up were identified. Hazard ratios and event-rates for the main efficacy and safety outcomes were extracted and the results for DOACs and VKAs combined by network meta-analysis. In addition, meta-regression was performed to identify factors responsible for heterogeneity across studies. Results: For stroke and systemic embolism as well as for major bleeding and intracranial bleeding real-world studies gave virtually the same result as RCTs with higher efficacy and lower major bleeding risk (for dabigatran and apixaban) and lower risk of intracranial bleeding (all DOACs) compared to VKAs. Results for gastrointestinal bleeding were consistently better for DOACs and hazard ratios of myocardial infarction were significantly lower in real-world for dabigatran and apixaban compared to RCTs. By a ranking analysis we found that apixaban is the safest anticoagulant drug, while rivaroxaban closely followed by dabigatran are the most efficacious. Risk of bias and heterogeneity was assessed and had little impact on the overall results. Analysis of effect modification could guide the clinical decision as no single DOAC was superior/inferior to the others under all conditions. Conclusions: DOACs were at least as efficacious as VKAs. In terms of safety endpoints, DOACs performed better under real-world conditions than in RCTs. The current real-world data showed that differences in efficacy and safety, despite generally low event rates, exist between DOACs. Knowledge about these differences in performance can contribute to a more personalized medicine.

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