Who Gets Their First Job at a Large Firm? The Distinct Roles of Education and Skills

Young workers' early years in the labor market are a key and formative time. Using data from 31 countries, this article documents the selection of labor market entrants into large firms, which existing literature associates with propitious environments for young workers. The young and inexperienced are underrepresented at large firms compared to experienced and older workers. Entrants who do get their first job at large firms are positively selected in terms of education and cognitive skills. The patterns of large-firm selection (i.e., importance of education vs. skills) somewhat differ between Europe, East and Southeast Asia, and North America.

Mammary carcinoma arising in an adenoma in a ewe

A large, firm, multi-cystic mammary gland mass grew slowly over 4 y in a 12-y-old, female Finn–Shetland cross sheep. A diagnosis of epithelial malignancy was suspected following fine-needle aspiration cytology at 30 mo after initial observation. The sheep was euthanized when the flock was downsized 18 mo later. A field postmortem examination revealed a large mammary mass, but an absence of metastases to internal organs. Imprint cytology of the mammary tissue supported a benign proliferative process. Histologically, mammary tissue was obliterated by cystic, tubular, and papillary adenomatous arrangements of mammary epithelium, with an anaplastic component, consistent with mammary carcinoma arising in an adenoma. IHC showed strong nuclear positivity to the antibody against progesterone receptor and minimal positivity to the antibody against estrogen receptor alpha expression. Intrinsic subtyping for basal or luminal epithelial origin was attempted through adaptation of companion animal IHC classification panels; high- and low-molecular-weight cytokeratins (CK5, CK8, CK18) failed to stain, but p63 expression for basal epithelium was positive.

Ossifying Fibroma in the Nasal Cavity of a 2-Year-Old Horse

A 2-year-old mare of an unknown breed was referred to the clinic due to undetermined breathing difficulties. Physical examination revealed painless swelling rostral to the nasoincisive notch and a large, firm mass protruding from the left nostril. Radiographic examination of the head revealed a mass occupying the left nasal cavity and a displaced and hypoplastic last premolar of the left maxilla. The CT scan showed a well-demarcated heterogeneous mass measuring 22 × 9 × 5 cm (length × height × width) in the left nasal cavity attached to the roots of the displaced tooth and conchae. The surgery was performed on the standing horse. Firstly, due to the oblique position of the displaced tooth, the extraction was performed extra-orally through the trephination and repulsion of the maxillary bone. In the next step, a direct surgical approach was chosen for the caudal part of the mass via the osteotomy of the left nasal bone. The mass was bluntly separated from the conchae and removed through the nostril using Fergusson forceps. The histopathological characteristics of the mass led to the diagnosis of ossifying fibroma. The horse recovered completely in seven months, without recurrence after two years.

Myopericytoma in the Antitragus of the Auricle: A Rare Tumor

A myopericytoma in the auricle is rare. If an auricle contains a large, firm, red-brown mass, excision should be considered because the mass may be a myopericytoma. After excision, histopathological and immunohistochemical diagnoses are essential to rule out malignancy. Long-term follow-up is required because the tumor is slow-growing.

Cross-border buyout pricing

Using a dataset of 1149 global private equity transactions, we find that cross-border buyouts are associated with significantly higher valuation multiples than domestic ones. We attribute this finding to informational disadvantages of foreign acquirers. Consistent with this idea, we find that the spread in valuation multiples narrows when the target operates in a country with high accounting standards, when it was publicly listed prior to the buyout, and when information production is facilitated due to large firm size. Further results suggest that local partnering in a syndicate serves as an effective remedy to avoid adverse pricing effects. The spread in valuation multiples is also less pronounced for large buyout funds, presumably because they draw on sufficient organizational resources to cope with cross-border-related transaction costs.

Rare presentation of a squamous cell carcinoma originating from gastric compartment 1 in an alpaca

A twenty-year-old, male, intact alpaca with a history of anorexia, progressive weakness and recumbency was euthanized because of a poor prognosis and clinical deterioration. The animal was submitted for necropsy at the pathology department of Dierengezondheidszorg Vlaanderen (DGZ) diagnostic lab. A full necropsy was performed and showed a large firm white mass measuring 18x8x10 cm attached to the dorsal wall of gastric compartment 1 (C1) and expanding to the abdominal aorta. Miliary small white metastatic nodules were present on the pleura and peritoneum (carcinomatosis). Multiple small white metastatic nodules were also present in the parenchyma of the liver. On histological investigation, this neoplasia was characterized as squamous cell carcinoma (SCC).

Using numbers in CSR communication and their effects on motive attributions

Purpose This study aims to investigate how judgments of firms’ underlying motives are affected by corporate social responsibility (CSR) communication which features percentages of profit allocations to CSR causes. It also examines how firm size interacts with CSR spending allocations affecting motive attributions for firms of different sizes. Design/methodology/approach Two experiments were carried out manipulating CSR spending allocations (smaller vs larger percentage of profit) and firm size (small vs large firm). Findings A larger percentage of profits allocated to CSR enhanced value-driven motives and inhibited inferences of manipulative intent, which produced lower egoistic-driven motives. Large firms allocating smaller percentages to CSR were judged as less value-driven and were more prone to elicit manipulative intent. Originality/value Two routes of motive attributions were identified – a direct route, contingent on CSR spending allocations and firm size; and an indirect route via inferences of manipulative intent, which inhibited favorable motives and prompted unfavorable ones. Both routes resulted from numerical cognition associated with the processing of numbers. Managerial implications include suggestions for firms wishing to overcome negative consumer bias arising from communication featuring CSR spending allocations and firm size.

Planning for End-User Substitution in Agribusiness

Saurabh Bansal and James S. Dyer study a common problem in the commercial agribusiness market, where farmers have a preference for a farm input such as a seed based on a fit with their geographical location but are also willing to accept a closely related substitute. Such consumer-driven choices may not be adequately represented by traditional models that maximize the profit of a firm that seeks to make substitutions while maximizing its profit. They use a set of recent results for evaluations of moments over polyhedra to determine the exact inventory levels a firm should keep of substitutable products. Using proprietary data from a large firm in this domain, they highlight the role of geographical and climate-related factors that affect product substitution in the agribusiness industry and identify specific regions in the United States where product substitution is a source of substantial revenue for firms.

Do narcissistic CEOs rock the boat?

PurposeThe purpose of this paper is to investigate the role of narcissistic supply for the association between CEO narcissism and corporate risk taking.Design/methodology/approachThe authors investigate a sample of 281 non-financial S&P 1500 firms and a corresponding 457 CEOs in the 10-yr period 2006–2015.FindingsThe association between CEO narcissism and corporate risk taking depends on the admiration, attention, and affirmation of own superiority (“narcissistic supply”) that the CEO receives given her/his current position. Thus, a narcissistic CEO with an insufficient narcissistic supply (small firm/small compensation) will crave for more and take more risks (“rock the boat”) while a narcissistic CEO with a sufficient narcissistic supply (large firm/large compensation) will protect the status quo and be reluctant to take new risks. Specifically, the authors find that a change from a slightly narcissistic CEO to a strongly narcissistic CEO, for positions entailing limited (abundant) narcissistic supply, is associated with an increase (a decrease) in corporate risk of 6%–8% (11%–27%).Originality/valuePrevious research indicates a positive association between CEO narcissism and corporate risk taking in specific domains such as M&A and R&D activities. This paper provides a novel contribution to the existing literature by identifying and assessing the important role of narcissistic supply for the association between CEO narcissism and corporate risk taking in general.