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Company law in the US and UK fails to acknowledge that authorities’ propensity to rescue giant banks from the consequences of insolvency creates an implicit contract that assigns taxpayers a coerced and badly structured equity stake in too-big-to-fail institutions. The entrenched managerial norm of maximizing stockholder value abuses this stake. It does so by lending an undeserved moral legitimacy to efforts by TBTF managers to take on dangerous levels of tail risk because their bank’s deep downside is effectively eliminated by the prospect of unlimited taxpayer support. Conventional tools of prudential regulation constrain but do not de-legitimate this behavior. To accomplish that end, this paper calls for: (1) a formal recognition of the fiduciary duties and dividends that TBTF firms owe to taxpayers and (2) criminalizing aggressive pursuit of safety-net subsidies as a form of public endangerment.

Purpose The purpose of this paper is to systematically review and critically examine marketing research on mergers and acquisitions (M&As), and articulates its importance and relevance in consideration of the growing influence of the M&A phenomenon in the global economy. Design/methodology/approach A two-stage systematic review of the extant literature was conducted focusing on peer-reviewed journal articles published during a 28 year period – from 1987 to 2014. Findings A systematic analysis of 32 journal articles reveals that M&A research is a vibrant and rapidly growing stream of the broader marketing domain, and that it is contextually, methodologically and thematically diverse. The findings also highlight several literature trends and shortcomings, as well as the complex nature of the relationship between marketing and M&As. Originality/value On the basis of the critique, we develop an ambitious research agenda that raises exciting new research questions for the scholar community and helps promote future theory development in marketing, strategy, and other related disciplines.

In a multinational, randomized study, pembrolizumab produced significantly improved progression-free and overall survival and less high-grade toxicity than did ipilimumab in patients with metastatic melanoma. Two therapeutic strategies have improved survival for patients with advanced melanoma in recent years: immunotherapy with checkpoint inhibitors and targeted therapies blocking BRAF and MEK. 1 BRAF and MEK inhibitors are indicated for the approximately 40 to 50% of patients with BRAF V600 mutations, 1 whereas immunotherapies are effective independently of BRAF mutational status. 2 Ipilimumab, which blocks cytotoxic T-lymphocyte–associated protein 4 (CTLA-4), a coinhibitory molecule of the immune system, 3 , 4 is approved for treating advanced melanoma on the basis of its survival benefit. 5 , 6 However, grade 3 or 4 adverse events, mostly immune-related, 7 are observed in 23% of patients. 5 , 6 When activated . . .

Private equity critics claim that leveraged buyouts bring huge job losses and few gains in operating performance. To evaluate these claims, we construct and analyze a new dataset that covers US buyouts from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments before and after acquisition, comparing to controls defined by industry, size, age, and prior growth. Buyouts lead to modest net job losses but large increases in gross job creation and destruction. Buyouts also bring TFP gains at target firms, mainly through accelerated exit of less productive establishments and greater entry of highly productive ones.

We replicate and extend Mohr et al.’s work (Journal of International Business Studies 47: 408–426, 2016), which hypothesized that increased state participation in the equity of international joint ventures (IJVs) decreased dissolution likelihoods, as tested with a sample of 623 Sino–foreign IJVs in the 1985–2009 period. Given the rapid developments in China’s economy and its institutional environment, we ask the question of whether the effects in Mohr et al. (2016) can be observed over a long period of time. We examine the generalizability of their findings (1) by replicating their study with a larger sample from the same data source, and over a longer period (1985–2017), and (2) by studying a sample of 803 IJVs from the same population but from another data source (the Annual Census of Chinese Industrial Enterprises) in the 2000–2017 period. We find that state equity can benefit IJV survival from favorable regulatory support, but it can also lead to lower survival rates due to unfavorable governmental intervention. Overall, we advocate a two-sided effect of state equity that leads to a curvilinear relationship between state equity and IJV dissolution, where time is an important boundary condition.

Research Summary One of the motivations for multinational firms' investment in foreign affiliates in uncertain environments is the future growth opportunities the investment may bring. We argue that whether firms derive growth option value from their multinational investment is determined by the interaction between market uncertainty and firms' incremental investment strategy. We show evidence that multinational investment creates growth option value for firms operating affiliates in host countries with high market uncertainty. In such uncertain environments, however, incremental investment strategies—limiting the equity stake or the size of investment in affiliates, across all countries or within each country—prove critical to the value of growth options. Creating growth option value therefore requires an alignment of firms' incremental investment strategy to the uncertain country environments they confront. Managerial Summary Managers have long recognized the importance of taking an incremental approach to strategy making, but evidence on whether and when strategic incrementalism is valuable to firms remains scarce. This study focuses on two ways Japanese multinational firms invest incrementally in the context of foreign expansion—by limiting the equity stake or the size of investment in their foreign affiliates—and analyzes when such incremental strategies create valuable growth options that translate into market value. We find that these strategies, whether implemented across all host countries or within each country, do create significant growth option value, provided that market uncertainty is high. The findings highlight the importance of aligning firms' incremental strategy to the environmental uncertainties they confront, in line with the core notion of “fit” in strategic management.

In this trial, 14,264 patients with atrial fibrillation were randomly assigned to receive either rivaroxaban or warfarin. In a per-protocol, as-treated analysis, rivaroxaban was noninferior to warfarin with respect to the primary end point of stroke or systemic embolism. Atrial fibrillation is associated with an increase in the risk of ischemic stroke by a factor of four to five 1 and accounts for up to 15% of strokes in persons of all ages and 30% in persons over the age of 80 years. 2 The use of vitamin K antagonists is highly effective for stroke prevention in patients with nonvalvular atrial fibrillation and is recommended for persons at increased risk. 3 – 5 However, food and drug interactions necessitate frequent coagulation monitoring and dose adjustments, requirements that make it difficult for many patients to use such drugs in clinical practice. 6 – 8 Rivaroxaban is . . .