Project description:We empirically examine the effect of local religious beliefs on the risk-taking behaviour of U.S. life insurers headquartered in that region. We distinguish between insurers that predominantly write annuities and insurers that predominantly write life insurance policies; the annuity business is relatively riskier than writing life insurance. Insurers headquartered in high-Catholic or low-Protestant areas are more likely to be annuity writers. Annuity writers located in high-Catholic or low-Protestant areas invest more in risky assets and exhibit higher investment return volatilities, as well as a higher volatility of their return on assets. Overall, our results suggest that local culture has significant influences on life insurers' behaviour.Supplementary informationThe online version contains supplementary material available at 10.1057/s41288-021-00211-z.
Project description:New drugs serving unmet medical needs are one of the key value drivers of research-based pharmaceutical companies. The efficiency of research and development (R&D), defined as the successful approval and launch of new medicines (output) in the rate of the monetary investments required for R&D (input), has declined since decades. We aimed to identify, analyze and describe the factors that impact the R&D efficiency. Based on publicly available information, we reviewed the R&D models of major research-based pharmaceutical companies and analyzed the key challenges and success factors of a sustainable R&D output. We calculated that the R&D efficiencies of major research-based pharmaceutical companies were in the range of USD 3.2-32.3 billion (2006-2014). As these numbers challenge the model of an innovation-driven pharmaceutical industry, we analyzed the concepts that companies are following to increase their R&D efficiencies: (A) Activities to reduce portfolio and project risk, (B) activities to reduce R&D costs, and (C) activities to increase the innovation potential. While category A comprises measures such as portfolio management and licensing, measures grouped in category B are outsourcing and risk-sharing in late-stage development. Companies made diverse steps to increase their innovation potential and open innovation, exemplified by open source, innovation centers, or crowdsourcing, plays a key role in doing so. In conclusion, research-based pharmaceutical companies need to be aware of the key factors, which impact the rate of innovation, R&D cost and probability of success. Depending on their company strategy and their R&D set-up they can opt for one of the following open innovators: knowledge creator, knowledge integrator or knowledge leverager.
Project description:IntroductionThe international tobacco market is dominated by five transnational tobacco companies (TTCs) which continue to interfere with measures to reduce tobacco consumption. The aim of this study is to better understand the current international tobacco industry market structure by providing an overview of the market share of these five companies globally.MethodsA longitudinal multi-country study design was used to understand market share trends across 90 different countries from 2011 to 2020. Descriptive analyses were conducted based on market share and market size data obtained from Euromonitor Passport. Market share (%), maximal market share (%) and cumulative market share (%) were calculated. Maps and boxplots are used to present the descriptive analyses. Median cumulative TTC market share and interquartile ranges for each year were calculated and stratified by country income level.ResultsThe average maximal market share of one company in a country was 50% (IQR: 40.0-63.5) in 2020 compared to 51.5% in 2011 (IQR: 41.3-69.0). One of the five TTCs had the highest market share in 77 out of the 90 countries. Philip Morris International was the main market player in 38 countries, followed by British American Tobacco (24), Japan Tobacco International (8), Imperial Brands (6), and lastly China National Tobacco Corporation was only dominant in China. The percentage of cigarettes manufactured by one of the five TTCs remained relatively stable between 2011 (86.4%) and 2020 (85.2%). Average cumulative TTC market shares increased between 2011 and 2020 in both low- and middle-, and high-income countries.ConclusionsThe international tobacco market is concentrated with a small number of large players, and this has not changed substantially between 2011 and 2020. The impact of this on the ability of the tobacco industry to resist policy changes is unknown but presents a cause for concern.
Project description:With 30% of the world’s smokers, two million deaths annually from tobacco use, and rising levels of tobacco consumption, the Asian region is recognised as central to the future of global tobacco control. There is less understanding, however, of how Asian tobacco companies with regional and global aspirations are contributing to the global burden of tobacco-related disease and death. This introductory article sets out the background and rationale for this special issue on ‘The Emergence of Asian Tobacco Companies: Implications for Global Health Governance’. The article discusses the core questions to be addressed and presents an analytical framework for assessing the globalisation strategies of Asian tobacco firms. The article also discusses the selection of the five case studies, namely as independent companies in Asia which have demonstrated concerted ambitions to be a major player in the world market.
Project description:BackgroundTobacco companies use colour on cigarette packaging and labelling to communicate brand imagery, diminish health concerns, and as a replacement for prohibited descriptive words ('light' and 'mild') to make misleading claims about reduced risks.MethodsWe analysed previously secret tobacco industry documents to identify additional ways in which cigarette companies tested and manipulated pack colours to affect consumers' perceptions of the cigarettes' flavour and strength.ResultsCigarette companies' approach to package design is based on 'sensation transference' in which consumers transfer sensations they derive from the packaging to the product itself. Companies manipulate consumers' perceptions of the taste and strength of cigarettes by changing the colour of the packaging. For example, even without changes to the tobacco blends, flavourings or additives, consumers perceive the taste of cigarettes in packages with red and darker colours to be fuller flavoured and stronger, and cigarettes in packs with more white and lighter colours are perceived to taste lighter and be less harmful.ConclusionsCompanies use pack colours to manipulate consumers' perceptions of the taste, strength and health impacts of the cigarettes inside the packs, thereby altering their characteristics and effectively creating new products. In countries that do not require standardised packaging, regulators should consider colour equivalently to other changes in cigarette characteristics (eg, physical characteristics, ingredients, additives and flavourings) when making determinations about whether or not to permit new products on the market.
Project description:Even though sacred scriptures emphasize the key role that Creation and respect for living creatures play in all religions, the so-called religious schools seem to show little interest in putting this sacred mandate into effect. To shed light on this subject, this work investigates the role of teachers in the process, focusing on their environmental competencies. Our hypotheses are tested through a structural equation model on a sample of 214 biology and religion teachers from 118 Catholic schools in Spain who voluntary participated in a survey. The research findings confirm that it is crucial that environmental competencies are developed in teachers to enable the greening of schools. Theoretical and practical implications for defining the job training of teachers in religious schools are drawn from the study.
Project description:Until the late 1990s, the Taiwan Tobacco and Liquor Corporation (TTL) focused almost exclusively on serving the domestic market as a highly protected monopoly. This paper describes how the company has adopted a more outward looking strategy since 2000, with ambitions to become a regional, and eventually global, business by 2021. Drawing on company documents and industry sources, the paper argues that this shift in strategy was a direct reaction to the decline in domestic market share following liberalisation of the Taiwanese tobacco market and adoption of tougher domestic tobacco control measures. Market opening occurred as a result of pressure from the U.S. Trade Representative in the 1980s, as well as World Trade Organization membership in 2002. It is argued that TTL's efforts to globalise operations have been limited by bureaucratic company management and structures, and ongoing political tension between Taiwan and China. However, the relative success of TTL's alcohol branch, and potential détente as the Taiwanese government reaches out to improve relations with China, may provide TTL with new opportunities to achieve its goal of becoming a regional player with global ambitions. This article is part of the special issue 'The Emergence of Asian Tobacco Companies: Implications for Global Health Governance.'
Project description:Network interventions can help achieve behavioural change by inducing peer-pressure in the network. However, inducing peer-pressure without considering the structure of the existing social network may render the intervention ineffective or weaker. In a 7-week school-based field experiment using preadolescents' physical activity (PA) as a proxy for estimating behavioural change, we test the hypothesis that boys' and girls' distinct networks are susceptible to different social incentives. We run three different social-rewards schemes, in which classmates' rewards depend on the PA of two friends either reciprocally (directly or indirectly) or collectively. Compared to a random-rewards control, social-rewards schemes had an overall significantly positive effect on PA (51.8% increase), with females being more receptive to the direct reciprocity scheme (76.4%) and males to team (collective) rewards (131.5%). Differences in the sex-specific sub-networks can explain these findings. Network interventions adapted to the network-specific characteristics may constitute a powerful tool for behavioural change.
Project description:The aesthetic experience of the perceiver of art has been suggested to relate to the art-making process of the artist. The artist's gestures during the creation process have been stated to influence the perceiver's art-viewing experience. However, limited studies explore the art-viewing experience in relation to the creative process of the artist. We introduced eye-tracking measures to further establish how congruent actions with the artist influence perceiver's gaze behaviour. Experiments 1 and 2 showed that simultaneous congruent and incongruent actions do not influence gaze behaviour. However, brushstroke paintings were found to be more pleasing than pointillism paintings. In Experiment 3, participants were trained to associate painting actions with hand primes to enhance visuomotor and visuovisual associations with the artist's actions. A greater amount of time was spent fixating brushstroke paintings when presented with a congruent prime compared with an incongruent prime, and fewer fixations were made to these styles of paintings when presented with an incongruent prime. The results suggest that explicit links that allow perceivers to resonate with the artist's actions lead to greater exploration of preferred artwork styles.