Incremental Contribution Research Articles

Corporate governance and default prediction: a reality test

ABSTRACTDefault prediction has commanded the attention of researchers for at least 50 years. This paper addresses several testable hypotheses regarding the relations between corporate governance and default prediction. We employ the conventional logistic regression to provide empirical evidence from U.S. default data over the period of 2000 to 2015. Empirical results are consistent with the following notions: First, default firms are associated with high ownership concentration, low shareholder rights, low financial transparency and disclosures, and less board effectiveness. Second, in-sample and out-of-sample tests support the incremental contribution of corporate governance information on default prediction, when compared with the models involving just financial information.

US community college entrepreneurship educator practices

PurposeThe purpose of this paper is to descriptively characterize the demographic profiles of entrepreneurship educators (EE) in US community colleges, and include descriptive and inferential examination of their pedagogical modalities, attitudes toward online modality, and use of teaching materials, tools and techniques, with resulting impacts and outcomes on students.Design/methodology/approachThis paper analyzed data collected by the National Association for Community College Entrepreneurship on the national landscape of community college entrepreneurship education. The useable sample included 568 responding participants from 270 US community colleges, all of whom self-identified as faculty members who teach entrepreneurship. To enhance the understanding of the findings, a small panel of EE experts was solicited to offer perspective and future study suggestions.FindingsTen distinct findings are offered. These include EE teaching materials, teaching modalities, use of e-learning and alternative techniques, and their relation to modalities; and examination of five distinct entrepreneurial educational outcomes and their relationship to educator use of pedagogical materials, tools and techniques.Originality/valueUnderstanding effective entrepreneurship educational practices is important to globally advancing entrepreneurship education. This paper concentrates on the profiles and practices of educators in the significant but under-researched domain of US community colleges, and offers an incremental contribution and awareness of effective entrepreneurship education teaching methods.

Comorbid obstructive sleep apnoea and chronic obstructive pulmonary disease and the risk of cardiovascular disease.

Chronic obstructive pulmonary disease (COPD) and obstructive sleep apnoea (OSA) syndrome are both highly prevalent, affecting at least 10% of the general adult population, and each has been independently associated with an increased risk of cardiovascular disease. The presence of both disorders together, commonly referred to as the overlap syndrome, is also highly prevalent, although various clinical and pathophysiological factors associated with COPD may increase or decrease the likelihood of OSA. Lung hyperinflation reduces the likelihood of obstructive apnoea, whereas right heart failure increases the likelihood as a result of rostral fluid shift causing upper airway narrowing in the supine position while asleep. Furthermore, upper airway inflammation associated with OSA may aggravate lower airway inflammation in COPD. The proposed mechanisms of cardiovascular disease in each disorder are similar and include systemic inflammation, oxidative stress, and sympathetic excitation. Thus, one could expect that the prevalence of co-morbid cardiovascular disease would be higher in the overlap syndrome but, with the exception of pulmonary hypertension, there are few published reports that have explored this aspect in depth. Hypoxia is more pronounced in patients with the overlap syndrome, especially during sleep, which is likely to be the principal factor accounting for the recognised higher prevalence of pulmonary hypertension in these patients. Cardiac sympathetic activity is increased in patients with the overlap syndrome when compared to each disorder alone, but echocardiographic evidence of left ventricular strain is no greater in overlap patients when compared to COPD alone. While survival might be expected to be worse in overlap patients, recent evidence surprisingly indicates that the incremental contribution of lung function to mortality diminishes with increasing severity of OSA. Identification of co-morbid OSA in patients with COPD has practical clinical significance as appropriate positive airway pressure therapy in COPD patients with co-existing OSA is associated with improved morbidity and mortality.

Physical and psychosocial development of Mapuche and nonindigenous Chilean toddlers: A modest role of ethnicity.

Mapuche represents the largest indigenous group in Chile amounting to nearly 10% of the total population. In a longitudinal cohort of 12,398 children, we analyzed the role of ethnicity in physical and psychosocial development of Mapuche and nonindigenous Chilean toddlers (age 2.5 years), taking into account sociodemographic and caregiver characteristics. As indicated by our univariate analysis, the Mapuche developmental niche was characterized by lower income, lower maternal education, poorer quality of the home environment, longer breastfeeding, and higher parental stress. Physical development showed higher body mass index. Mapuche children showed less externalizing problems. We then analyzed the incremental contribution of ethnicity in a series of hierarchical regressions with the second wave of developmental measurements (age 4.5 years) as outcome variables, showing a significant but modest incremental contribution of ethnicity to the prediction of children's development between 2.5 and 4.5 years of age. Controlling for environmental variables, Mapuche showed less externalizing and internalizing, behavior problems. Socioeconomic status, quality of the home environment, and parenting stress were stronger predictors of socioemotional development than ethnicity per se.

Volatility information implied in the term structure of VIX

AbstractThis study uses multiple maturity‐independent variables to examine whether the volatility information implied in the term structure of volatility index can improve the prediction of realized volatility. The empirical results for the S&P 500 index show that, in terms of both the in‐sample estimation and out‐of‐sample forecasting, the term structure variables provide substantial incremental contribution to the models with only level variables. Our empirical results are robust to various forms of volatility, alternative ways to develop the term structure variable, the impact of macroeconomic variables, and alternative underlying assets.

A Mechanism for Allocating Benefits and Costs from Transmission Interconnections under Cooperation: A Case Study of the North Sea Offshore Grid

We propose a generic mechanism for allocating the benefits and costs that result from the development of international transmission interconnections under a cooperative agreement. The mechanism is based on a planning model that considers generation investments as a response to transmission developments, and the Shapley Value from cooperative game theory. This method provides a unique allocation of benefits and costs considering each country’s average incremental contribution to the cooperative agreement. The allocation satisfies an axiomatic definition of fairness. We demonstrate our results for three planned transmission interconnections in the North Sea and show that the proposed mechanism can be used as a basis for defining a set of Power Purchase Agreements among countries.

The auditor’s opinion modifications around domestic and global financial crises

PurposeThe purpose of this study is to investigate the effect of company characteristics such as the level of financial distress, client size and type of auditor on the propensity to issue modified audit opinions and to assess comparative differences in audit opinions during two significant economic crises in Turkey.Design/methodology/approachLogistic regression model is used to test the incremental contribution of each company characteristic on issuing the type of audit opinion for crisis periods. Additionally, to understand the reasons for differences in audit opinions between two types of crisis periods, the authors adopt Francis and Krishnan’s (2002) approach in which an auditor’s propensity to issue modified opinion may be jointly based on changes in client characteristics and auditor reporting strategies in that period.FindingsThe results indicate that there is a positive relationship between financial distress and the likelihood of receiving modified opinions in both crisis periods. Additionally, client size affects audit opinions negatively in both periods significantly. Auditors show higher propensity to issue a modified opinion during the domestic than the global financial crisis period, which could be explained by the changes in client characteristics more than their reporting strategy.Practical implicationsThis study provides supportive evidence that the company characteristics including the financial distress can be very useful predictors for the auditors’ decisions while issuing their opinions.Originality/valueThe findings of different auditor behaviors during crises periods and possible reasons are the main contributions of this study for international and domestic regulators, investors, audit firms, academics and standard setters in emerging economies.

The Incremental Contribution of Complex Problem-Solving Skills to the Prediction of Job Level, Job Complexity, and Salary

As work life becomes increasingly complex, higher order thinking skills, such as complex problem-solving skills (CPS), are becoming critical for occupational success. It has been shown that individuals gravitate toward jobs and occupations that are commensurate with their level of general mental ability (GMA). On the basis of the theory of occupational gravitation, CPS theory, and previous empirical findings on the role of CPS in educational contexts, we examined whether CPS would make an incremental contribution to occupational success after controlling for GMA and education. Administering computerized tests and self-reports in a multinational sample of 671 employees and analyzing the data with structural equation modeling, we found that CPS incrementally explained 7% and 3% of the variance in job complexity and salary, respectively, beyond both GMA and education. We found that CPS offered no incremental increase in predicting job level. CPS appears to be linked to job complexity and salary in a range of occupations, and this link cannot be explained as an artifact of GMA and education. Thus, CPS incrementally predicts success, potentially contributes to the theory of job gravitation, and adds to the understanding of complex cognition in the workplace.

Social Capital and Psychological Capital as Predictors of Performance and Wellbeing in the Indian Context

The incremental contribution of social capital over psychological capital in explaining employees’ performance and wellbeing in the Indian Banking sector is explored. Data was collected from 101 clerical employees, using standardised questionnaires and they have adequate reliability coefficients. Data was analysed by hierarchical regression method. None of the demographics variables predicted any of the outcome variables. Self efficacy was the only psychological capital which emerged as the significant predictor of both performance and wellbeing. Bonding capital emerged as a significant predictor of job performance. Bridging capital caused a negative variance in both job performance and well being. Results were discussed in the light of existing theories and frameworks

Delusion in Attribution: Caveats in Using Attribution for Multimedia Budget Allocation

Media attribution is the assignment of a percentage weight to each media touchpoint a consumer is exposed to prior to purchasing. Many firms consider using attribution to allocate media budgets, particularly for digital media, but an important question is whether this is appropriate. An initial hurdle when answering this question is that, despite the surge in interest for media attribution in marketing academia and practice, attribution does not have an agreed-on formal definition. Therefore, this article proposes an attribution formulation based on the relative incremental contribution that each medium makes to a purchase, taking into account advertising carryover and interaction effects. The formulation shows that attribution is proportional to the marginal effectiveness of a medium times its number of exposures. This means that often-used media will have high attribution weights. However, the profit-maximizing allocation for a fixed budget is a function of advertising effectiveness, but not a function of past exposure levels. By offering analytical derivations and studying simulated and empirical data, the paper shows how attribution can offer misleading insights on how to allocate resources across media. Moreover, the empirical example demonstrates that substantial gains in purchase probability can be made using profit-maximizing allocation compared with attribution-based allocation.

The Prediction of Professional Success in Apprenticeship: The Role of Cognitive and Non-Cognitive Abilities, of Interests and Personality

Context: We addressed the issue of person-job-fit by focussing on both professional success and work satisfaction. Publications studying the predictive validity of (cognitive) ability, personality, or vocational interest alone have shown relationships with professional success or work satisfaction for each predictor separately. Nevertheless, these predictors have rarely been studied simultaneously. Methods: To this end we tested the incremental validity of abilities, traits, and interests in a sample from diverse occupations: In 648 apprentices and students from five different branches (Food, Tech, People, Office, Craft) the (incremental) contributions of 3 intelligence factors (verbal, numerical, spatial), 3 alternative abilities (social-emotional, creative, practical), 4 conscientiousness facets, other big five factors (O, E, A, N), and of 14 professional interests were analysed regarding prediction of GPA in professional schools and school/job satisfaction. Results: Intelligence and conscientiousness were best predictors, followed by social-emotional competence and interests, whereas other traits provided marginal contributions. Predictors varied between branches, mostly following expectations. The test battery allowed a very good prediction of apprenticeship success (max. 37%), but for some branches prediction was considerably lower.Conclusion: Criteria for person-job-fit are not swappable, neither are the predictors. Professional success was mostly predicted by a different predictor set -namely ability and the personality dimension of conscientiousness- then satisfaction, which was mostly predicted by non-interest in a certain occupation. As a practical implication, we conclude that choosing the right candidate for a certain branch one needs to use a broad set of predictor variables. Besides cognitive ability also personality and vocational interests had predictive validity for an individuals person-job-fit.

Toward a Reassessment of the Role of Rank-and-File Stakeholders in Nonprofit Organizations

This study examines the relationships between the influence of different stakeholders and mission-based strategic planning, community development, and economic effectiveness. Our purpose is to highlight the unique and incremental contribution of rank-and-file stakeholders, that is, stakeholders without any specific grade or status, such as nonboard volunteers or beneficiaries. We analyze reported data from 227 nonprofit organizations (NPOs) using structural equation modeling and bootstrap mediation analysis. Our results show that when rank-and-file stakeholders manage to remain influential, strategic planning tends to be more directly rooted in the mission, which contributes to both perceived community and economic effectiveness. These results are discussed with regard to the utility, legitimacy, and urgency of more direct forms of democratic governance giving rank-and-file stakeholders the power to contribute to mission-based strategic planning.

Reducing temptation to switch mobile data service providers over time

PurposeThe purpose of this paper is to propose a dedication-constraint-temptation (DCT) model to study the factors influencing customers’ loyalty to mobile data service (MDS) providers. The DCT model explicitly explores the important yet overlooked role of alternative attractiveness (the temptation-based mechanism) as a mediator and the boundary condition of their interrelationships (e.g. relationship length). The model also integrates new and established antecedents of customer-based brand equity (C-BBE) (the dedication-based mechanism) and switching barriers (the constraint-based mechanism).Design/methodology/approachThe proposed model is tested using partial least squares–structural equation modeling with a sample of 331 MDS users.FindingsThe results indicate that C-BBE has an indirect effect on customer loyalty (via alternative attractiveness) in both relationship groups (shorter- vs longer-term). However, the indirect effect of switching barriers on customer loyalty only exists in longer established relationships. The results from multi-group analysis reveal that the effect of switching barriers on alternative attractiveness significantly differs across groups. In addition, customer value anticipation and procedural switching costs appear to be the most salient antecedents of C-BBE and switching barriers for both groups.Originality/valueThis study makes an incremental contribution by incorporating the temptation-based mechanism as a mediator and relationship length as a moderator into the dedication-constraint model. This study also extends the information systems and brand management literatures by demonstrating the strategic importance of customer value anticipation in the information and communication technology brand equity-building.

Internet trolling and everyday sadism: Parallel effects on pain perception and moral judgment.

This research seeks to clarify the association between online trolling and sadistic personality, and to provide evidence that the reward and rationalization processes at work in sadism are likewise manifest in online trolling. Online respondents (community adults and university students; total N = 1,715) completed self-report measures of personality and trolling behavior. They subsequently engaged in one of two judgment tasks. In Study 1, respondents viewed stimuli depicting scenes of emotional/physical suffering and provided ratings of (a) perceived pain intensity and (b) pleasure experienced while viewing the photos. In Study 2, the iTroll questionnaire was developed and validated. It was then administered alongside a moral judgment task. Across both studies, online trolling was strongly associated with a sadistic personality profile. Moreover, sadism and trolling predicted identical patterns of pleasure and harm minimization. The incremental contribution of sadism was sustained even when controlling for broader antisocial tendencies (i.e., the Dark Triad, callous-unemotionality, and trait aggression). Results confirm that online trolling is motivated (at least in part) by sadistic tendencies. Coupled with effective rationalization mechanisms, sadistic pleasure can be consummated in such everyday behaviors as online trolling.

How Institutions Matter for Emerging Market MNEs Expanding in Latin America and the Caribbean

Research on the effect of institutions on entry mode choice has often obtained mixed empirical results, which can be attributed to the use of a single reference point when conceptualizing and operationalizing institutional factors. Moreover, current research on entry mode makes only incremental methodological contributions by using finer-grained measures or different samples. We address these research issues by conducting a distinctive approach on entry mode research. Adopting the configurational approach, we bundle different country-, industry-, and firm-level factors to identify how their combinations influence the choice between an acquisition and a greenfield investment. We test our framework in a sample of 316 Brazilian foreign subsidiaries operating in 16 Latin American and Caribbean countries from 2000 to 2015. Results show that emerging market multinationals have different firm-specific advantages to mitigate external uncertainty stemming from technological intensity and institutional distance when operating in Latin American and the Caribbean countries. These findings contribute to our understanding of how host country institutions matter for emerging market multinationals entering in markets located in a specific geographic region.

“A Sure Thing” - Connecting Heart Failure Patients through the inpatient Heart Failure Navigator to the Outpatient Care Coordination Team: A Highly Successful Strategy to Reduce Readmissions

Introduction Heart Failure (HF) readmissions remain a critical issue for health care systems. HF Navigators (HFN) can streamline care transitions. Thus, we used an inpatient HFN to establish early follow up and “hand off” HF pts to an OP Care Coordinator (CC). Methods At our hospital, HF pts can be admitted to multiple IP units. A HF Unit (HFU) primarily admits higher risk pts. A single HFN was recruited to staff the HFU M-F. The HFN linked HF pts to a CC to at discharge. Most HF pts were referred to the OP CC although some pts received only HFN services and no CC due to difficulty identifying HF pts prior to discharge. Over the 14-month period, the HFN established early follow-up and the CC made regular telephone contact post discharge. The incremental contributions of the HFN and CC were evaluated to test the independent impact of each of these roles based on the serial implementation of these roles in distinct hospital units and based on whether or not a particular HF pt was cared for by the HFN and/or the CC. Results Thirty (30) day readmission rates were measured for pts admitted between October 17, 2016 and December 31, 2017. Patients with a primary, discharge diagnosis of HF were analyzed. HFN services were provided on the dedicated HF unit (HFU) as part of a pilot program and were not available on other IP units during this period. Concurrent 30-day all-cause readmission data were stratified and reported based on admitting unit, involvement of the HFN with or without CC. Of the 757 pts (non LVAD or Transplant) who were admitted to units other than the HFU, there were 160 pts readmitted (21.1%). There were 254 high risk (Includes LVAD and transplant pts) HF pts admitted to the HFU, and there were 75 pts readmitted (29.5%) in this cohort. There were 33 (non LVAD or transplant) pts admitted to the HFU with care provided by HFN but who did not receive a referral to CC, and 6 pts were readmitted (18.9%). Finally, of the 169 HF pts were admitted to the HFU and had access to a HFN and CC, with only 9 pts readmitted (5.33%). Conclusions In this analysis, there was a synergistic effect noted to drastically reduce HF readmission rates when an IP HFN and OP CC were involved in the care of hospitalized HF pts. The 5.33% 30 day all cause readmission rates noted is significantly better than rates reported in the literature and reflects the critical role of combining HFN care with care coordination in the OP setting. These data have solidified an interest to expand access to HFN and CC to all IP units and can serve as a model for care delivery to improve readmission rates for this high-risk population.

Computer-based training to detect antecedents and consequences of problem behavior.

Training teachers and paraprofessionals to detect and record putative antecedents and consequences of problem behavior in the classroom has a number of potential benefits. In this study, we evaluated the outcomes of a computer-based training program consisting of lectures, models, and practice. A total of 39 teachers and paraprofessionals participated. Participants scored videos of teacher-student interactions after completing components of the instruction. The study was designed to evaluate the incremental contribution of instruction focused on (a) single exemplars of antecedents and consequences, (b) multiple exemplars of antecedents and consequences, and (c) simultaneously occurring antecedents and consequences. Training to detect simultaneously occurring events was necessary for the majority of participants to reach high levels of performance. The findings support the efficacy of computer-based training and indicate the necessary and sufficient components of this training.

Emotion regulation and aggression: The incremental contribution of alexithymia, impulsivity, and emotion dysregulation facets.

Objective: Prior research has long emphasized the role of alexithymia and impulsivity to explain aggressive tendencies. Recently, a growing body of research seems to support the relevance of the broader construct of emotion dysregulation to understand aggression. The present study was the first to comprehensively examine the relative contribution of, and the mechanisms linking alexithymia, impulsivity, and emotion dysregulation in predicting aggression dimensions. Method: Male violent offenders (N = 221) and community participants (N = 245) completed multifaceted self-report measures of alexithymia, impulsivity, emotion dysregulation, and aggression. Regression analyses tested the independent contribution of each facet on aggression dimensions. Bootstrap analyses examined the indirect effect of alexithymia on aggression through emotion dysregulation and impulsivity. Results: Offenders reported higher levels of difficulties identifying feelings, emotional nonacceptance, physical aggression, and hostility. Difficulties in identifying and describing feelings, and motor and attentional impulsivity, explained unique variance in physical aggression, anger, and hostility in both samples, and also in verbal aggression among community participants. In both samples, negative urgency and emotional nonacceptance explained additional variance in aggression dimensions above and beyond the influence of alexithymia and impulsivity. Emotion dysregulation and impulsivity mediated the relation between alexithymia and aggression in both samples, with emotion dysregulation demonstrating a relatively stronger effect. Conclusions: Findings emphasize the unique relevance of alexithymia, impulsivity, and emotion dysregulation facets in explaining aggressive tendencies. Clinical implications include the importance of focusing on emotion regulation skills-such as accepting emotions and do not act on them-to reduce aggression tendencies.

Ethnoracial differences in brain structure change and cognitive change.

The purpose of this study was to examine longitudinal associations between structural MRI and cognition in a diverse sample. Older adults (n = 444; Mage = 74.5)-121 African Americans, 212 Whites, and 111 Hispanics-underwent an average of 5.3 annual study visits. Approximately half were cognitively normal at baseline (global Clinical Dementia Rating M = 0.5). Of the patients with dementia, most (79%) were diagnosed with Alzheimer's disease (AD). MRI measures of gray matter volume (baseline and change), and hippocampal and white matter hyperintensity (WMH) volumes (baseline), were used to predict change in global cognition. Multilevel latent variable modeling was used to test the hypothesis that brain effects on cognitive change differed across ethnoracial groups. In a multivariable model, global gray matter change was the strongest predictor of cognitive decline in Whites and African Americans and specific temporal lobe change added incremental explanatory power in Whites. Baseline WMH volume was the strongest predictor of cognitive decline in Hispanics and made an incremental contribution in Whites. We found ethnoracial group differences in associations of brain variables with cognitive decline. The unique patterns in Whites appeared to suggest a greater influence of AD in this group. In contrast, cognitive decline in African Americans and Hispanics was most uniquely attributable to global gray matter change and baseline WMH, respectively. Brain changes underlying cognitive decline in older adults are heterogeneous and depend on fixed and modifiable risk factors that differ based on ethnicity and race. (PsycINFO Database Record

Cardiovascular Outcomes and Mortality in Type 2 Diabetes with Associated Cardio-Renal-Metabolic Comorbidities

Cardio-renal-metabolic comorbidities (CRMCs) associated with type 2 diabetes (T2DM) increase patient morbidity and mortality. We evaluated the incremental contribution of various CRMCs to the risk of myocardial infarction, stroke, or cardiovascular death (MACE), heart failure (HF), and all-cause mortality (ACM) in patients with newly diagnosed T2DM. Using ICD-9 codes, T2DM patients were identified in a U.S. EMR (Humedica/Optum) database along with other CRMCs (hypertension {HTN}, hyperlipidemia {HPLD}, chronic kidney disease {CKD}) at the time of T2DM diagnosis. Patients’ records were assessed for the occurrence of MACE, HF, and ACM. Between 1 Jan 2011 and 31 Mar 2015, 180722 incident T2DM patients were identified (age {mean [SD]}: 62.4 [13.5], 52.0% male) with/without CRMCs: T2DM only (n=25114; 13.9%), T2DM+HTN (n=20863; 11.5%), T2DM+HPLD (n=13274; 7.3%) T2DM+HTN+HPLD (n=52415; 29.0%), and T2DM+HTN+HPLD+CKD (9.9%). The risk of MACE, HF and ACM increased with a greater number of CRMCs (Table), CKD being associated with the highest incremental risk for ACM. In patients with new diagnosis of T2DM, the risk of MACE, HF, and death increased incrementally with a greater number of CRMCs; with CKD being the main driver of mortality. These results may have implications for risk factor management, and potentially selection of treatment strategies among T2DM patients with various CRMCs. TableMACE, HF, and ACM rates in patients with incident T2DM and cardio-renal-metabolic diseasesOutcomesCRMCs at time of T2DM DiagnosisEvent rate (95% CI) events/100 PYIncremental % increase in relative riskMACET2DM only5.16 (5.00, 5.32)ReferenceT2DM + HTN + HPLD7.04 (6.91, 7.18)36T2DM + HTN + HPLD + CKD9.15 (8.87, 9.43)30HFT2DM only4.84 (4.69, 5.00)ReferenceT2DM + HTN + HPLD6.24 (6.12, 6.37)29T2DM + HTN + HPLD + CKD8.40 (8.14, 8.66)35ACMT2DM only2.26 (2.16, 2.37)ReferenceT2DM + HTN + HPLD2.57 (2.50, 2.64)14T2DM + HTN + HPLD + CKD5.19 (5.01, 5.38)102ACM, all-cause mortality; CI, confidence interval; CRMCs, cardio-renal-metabolic comorbidities; CKD, chronic kidney disease; HF, heart failure; HTN, hypertension; HPLD, hyperlipidemia; MACE, myocardial infarction, stroke, or cardiovascular death; PY, patient-years; T2DM, type 2 diabetes mellitus. Disclosure S.V. Arnold: None. P.R. Hunt: Consultant; Self; AstraZeneca, Sanofi US. H. Chen: Employee; Self; AstraZeneca. S. MacLachlan: Consultant; Self; AstraZeneca. E. Repetto: Employee; Self; AstraZeneca. J. Vora: Other Relationship; Self; AstraZeneca. M. Kosiborod: Advisory Panel; Self; AstraZeneca. Consultant; Self; AstraZeneca, Amgen Inc., Sanofi, Boehringer Ingelheim GmbH, GlaxoSmithKline plc., Glytec Systems, Merck & Co., Inc., Novo Nordisk A/S, Janssen Pharmaceuticals, Inc., ZS Pharma, Inc., Intarcia Therapeutics, Inc., Novartis AG. Research Support; Self; AstraZeneca, Boehringer Ingelheim GmbH.