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How much capital should financial intermediaries hold? We propose a general equilibrium model with a financial sector that makes risky long-term loans to firms, funded by deposits from savers. Government guarantees create a role for bank capital regulation. The model captures the sharp and persistent drop in macro-economic aggregates and credit provision as well as the sharp change in credit spreads observed during financial crises. Policies requiring intermediaries to hold more capital reduce financial fragility, reduce the size of the financial and non-financial sectors, and lower intermediary profits. They redistribute wealth from savers to the owners of banks and non-financial firms. Pre-crisis capital requirements are close to optimal. Counter-cyclical capital requirements increase welfare.

PurposeThe literature on export channels suggests that intermediary resources, namely intermediary competence and availability, are critical for export success. However, little is known about how the beneficial effects of intermediary resources differ amongst integrated, independent and dual channel structures. One difference between these channel structures is the degree of reliance on independent intermediaries. This study aims to investigate (1) the impact of intermediary resources on export venture success, that is, export sales performance and channel maintenance costs and (2) the moderating role of the degree of reliance on independent intermediaries.Design/methodology/approachEmpirical testing was conducted using survey data collected from 204 Japanese industrial exporting ventures. To test the proposed hypotheses, this study estimated a structural equation model with the maximum likelihood estimation procedure.FindingsEvidence shows that two aspects of intermediary resources have different beneficial effects on export venture success. Specifically, intermediary availability leads to export venture success by decreasing channel maintenance costs, whereas intermediary competence is not always beneficial for it. Furthermore, this study finds that reliance on independent intermediaries positively moderates the impacts of intermediary competence and availability.Originality/valuePrevious studies emphasise the importance of intermediary resources and export channel structures. However, the question of whether export channel structures determine the performance benefits of intermediary resources is unanswered. By addressing this question, this study provides helpful insight into how exporting managers can implement channel strategy and access intermediary resources to achieve export success.

Background: Thailand’s population is currently the third most rapidly aging in the world, with an estimated 20 million ageing population by 2050. Sustainability of the family based long-term care model is challenged by the chronic burden on family caregivers and by smaller family sizes. We aimed to introduce a new service model, Community Integrated Intermediary Care (CIIC), TCTR20190412004, including free of charge intermediary care services at CIIC centers in the local community, to help older adults whose caregivers are temporarily unable to sustain care at home. Since Thai society upholds values of gratefulness, it is better to estimate willingness to use such an intermediary care service first, before introducing the service. Methods: A total of 867 pairs of senior citizens and their family caregivers were interviewed with structured-questionnaires in 2019. Descriptive analysis and binary logistic regression were applied to determine the predictors of family caregivers’ willingness to use the CIIC service, guided by Anderson’s model of health services use. Results: About 26.8% of elderly participants and 24.0% of family caregivers were willing to use an intermediary care service. The family caregiver determinants of predisposing factors (kinship: spouse caregivers, other relatives, maid or friends; job types: own business and private company staff), enabling factors (original community residents and monthly income ≤9000 baht), and need factors (caregiver burden total scores ≥24, taking leave for caregiving, and having diabetes), were found to be significantly associated with willingness to use the CIIC service. Conclusions: The baseline survey data noted that caregivers’ sociodemographic factors and burden determined their willingness to use the intermediary care service, although the dependency of care recipients was low in this study. This, nonetheless, indicated that there is need for a backup respite care to strengthen current family based long-term aging care in Thailand.

We model the dynamics of risk premia during crises in asset markets where the marginal investor is a financial intermediary. Intermediaries face an equity capital constraint. Risk premia rise when the constraint binds, reflecting the capital scarcity. The calibrated model matches the nonlinearity of risk premia during crises and the speed of reversion in risk premia from a crisis back to precrisis levels. We evaluate the effect of three government policies: reducing intermediaries borrowing costs, injecting equity capital, and purchasing distressed assets. Injecting equity capital is particularly effective because it alleviates the equity capital constraint that drives the model's crisis.

Nutrients can impact and regulate cellular metabolism and cell function which is particularly important for the activation and function of diverse immune subsets. Among the critical nutrients for immune cell function and fate, glutamine is possibly the most widely recognised immunonutrient, playing key roles in TCA cycle, heat shock protein responses and antioxidant systems. In addition, glutamine is also involved with inter-organ ammonia transport, and this is particularly important for not only immune cells, but also to the brain, especially in catabolic situations such as critical care and extenuating exercise. The well characterised fall in blood glutamine availability has been the main reason for studies to investigate the possible effects of glutamine replacement via supplementation but many of the results are in poor agreement. At the same time, a range of complex pathways involved in glutamine metabolism have been revealed via supplementation studies. This article will briefly review the function of glutamine in the immune system, with emphasis on metabolic mechanisms, and the emerging role of glutamine in the brain glutamate/gamma-amino butyric acid cycle. In addition, relevant aspects of glutamine supplementation are discussed.

In recent years, the interest in the relationship between urban green space and residents’ mental health has gradually risen. A number of researchers have investigated the causal relationship and possible mediators between the two, although few have summarized these mediators. For this reason, we searched for relevant studies and filtered them by criteria and quality score, and analyzed the mediators and paths of the impact of urban green space on residents’ mental health. The mediators can be divided into environmental factors, outdoor activity, and social cohesion. From the perspective of heterogeneity, both individual characteristics (e.g., age and gender) and group characteristics (e.g., level of urban development and urban density) of residents are considered to be the cause of various mediating effects. Types of urban green space tend to affect residents’ mental health through different paths. Furthermore, this review discusses the details of each part under the influence paths. Finally, the policy implications for urban green space planning from three mediator levels are put forward based on an analysis of the situation in different countries.

[Display omitted] •Alignment of products, intermediaries, and markets is critical for manufacturers.•Alignment increases manufacturers’ profit and intermediary satisfaction (Study 1).•Study 2 confirms the differential impact of alignment on manufacturer performance.•Study 3 shows that the manufacturer’s profit increases by 13% due to alignment.•Alignment increases intermediary satisfaction increases by 7.71% (Study 3). Channel intermediaries (hereafter, intermediaries) are among the most critical elements of any supply chain as the bulk of manufacturing output is transported through them. However, we have a limited understanding of the approach a manufacturer should take to achieve the dual goal of increasing profitability and intermediary satisfaction. To provide manufacturers with practical strategies to boost their performance and their intermediaries’ satisfaction, we rely on three related studies. In Study 1, through interviews with managers and intermediaries, we find that distribution alignment across intermediary, market, and product types may be a practical strategy for both manufacturers and intermediaries. In Study 2, by using a robust empirical methodology with data from a construction product manufacturer operating in an emerging market, we find that various combinations of intermediary, market, and product types affect the manufacturer’s performance differently. Accordingly, through a supply-side examination, we quantify the revenue impact of reallocating the studied manufacturer’s retail distribution resources among different intermediary-, market-, and product-type combinations. In Study 3, through a field implementation, we find that our recommended intermediary alignment strategy from Study 2 substantially boosts both the manufacturer’s performance (by fourteen percent in revenue and thirteen percent in profit) and intermediaries’ satisfaction (by 7.71%). Thus, with our qualitative, empirical, and field studies, we contribute to the existing research in channel management, emerging market retailing, retail distribution, and marketing strategy.

Although existing research has demonstrated the importance of attaining legitimacy for new market categories, few scholars have considered the trade-offs associated with such actions. Using the U.S. organic food product category as a context, we explore how one standards-based certification organization—the California Certified Organic Farmers (CCOF)—sought to balance efforts to legitimate a nascent market category with retaining a shared, distinctive identity among its members. Our findings suggest that legitimacy-seeking behaviors undertaken by the standards organization diluted the initial collective identity and founding ethos of its membership. However, by shifting the meaning of “organic” from the producer to the product, CCOF was able to strengthen the categorical boundary, thereby enhancing its legitimacy. By showing how the organization managed the associated trade-offs, this study highlights the double-edged nature of legitimacy and offers important implications for the literatures on legitimacy and new market category formation. The online appendix is available at https://doi.org/10.1287/orsc.2017.1126 .

We analyze the information content of a digital footprint—that is, information that users leave online simply by accessing or registering on a Web site—for predicting consumer default. We show that even simple, easily accessible variables from a digital footprint match the information content of credit bureau scores. A digital footprint complements rather than substitutes for credit bureau information and affects access to credit and reduces default rates. We discuss the implications for financial intermediaries’ business models, access to credit for the unbanked, and the behavior of consumers, firms, and regulators in the digital sphere.

Background: Families are the backbone of caregiving for older adults living in communities. This is a tradition common to Thailand and many low- and middle-income countries where formal long-term care services are not so available or accessible. Therefore, population aging demands more and more young people engaging as family caregivers. Informal caregiving can become an unexpected duty for anyone anytime. However, studies measuring the burden of informal caregivers are limited. We aimed to determine the caregiver burden, both from the perspective of the caregivers as well as that of their care recipients. Method: We used the baseline survey data from a cluster randomized controlled trial providing a community integrated intermediary care (CIIC) service for seniors in Chiang Mai, Thailand, TCTR20190412004. Study participants were 867 pairs of older adults and their primary family caregivers. Descriptive analysis explored the characteristics of the caregivers and binary logistic regression identified factors influencing the caregivers’ burden. Results: The mean age of family caregivers was 55.27 ± 13.7 years and 5.5% indicated the need for respite care with Caregiver Burden Inventory (CBI) scores ≥24. The highest burden was noted in the time-dependence burden domain (25.7%). The significant associated factors affecting CBI ≥24 were as follows: caregivers older than 60 years, being female, current smokers, having diabetes, and caring for seniors with probable depression and moderate to severe dependency. Conclusions: A quarter of caregivers can have their careers disturbed because of the time consumed with caregiving. Policies to assist families and interventions, such as respite service, care capacity building, official leave for caregiving, etc., may reduce the burden of families struggling with informal care chores. Furthermore, caregiver burden measurements can be applied as a screening tool to assess long-term care needs, complementing the dependency assessment. Finally, implementation research is required to determine the effectiveness of respite care services for older people in Thailand.