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Theory predicts that horizontal acquisitions can effectively increase incumbent firms’ market power in concentrated industries with high product similarity. Using a novel measure for industry product similarity, we show that in such industries firms’ propensity to make horizontal acquisitions is greater and that the acquisitions result in more positive announcement returns for the acquirer and rival firms and in a larger premium paid for the target. Also, the deals harm dependent customer and supplier firms and they are more likely to be challenged by antitrust authorities. Overall, by emphasizing the importance of product similarity, our results help explain mixed empirical findings on whether horizontal acquisitions are used to reduce competition intensity.

Theory of Mind (ToM), the ability to represent the mental states of oneself and others, is an essential social skill disrupted across many psychiatric conditions. The transdiagnostic nature of ToM impairment means it is plausible that ToM impairment is related to alexithymia (difficulties identifying and describing one’s own emotions), as alexithymia is seen across psychiatric conditions. Whilst many studies have examined links between alexithymia and ToM, results are mixed. Therefore, the purpose of this systematic review is to provide a taxonomy of ToM tests and assess their relationship with alexithymia. Tests are grouped according to whether they assess propensity to engage spontaneously in ToM or accuracy of ToM inferences, with tests further subdivided into those that do, and do not, require emotion recognition. A review of 63 suitable studies suggests that alexithymia is often associated with reduced ToM, and inaccurate ToM when tasks require emotion recognition. This latter finding appears due to impaired emotion recognition, rather than ToM impairment per se. Further directions and considerations for future research are discussed.

Theory and evidence suggest beneficial effects of integrating first-person-view (FPV) videos as a feedback method in resuscitation simulation training. However, systematic research on this instructional approach is scarce. We aimed to determine the feasibility of supplementing feedback with FPV videos for simulation-based learning and its effect on cardiopulmonary resuscitation (CPR) performance. In our randomized controlled trial conducted in a simulation-based course on CPR, each participant’s FPV video was recorded using a head-mounted camera and videos were shown before post-simulation debriefing. Feasibility was tested in 27 simulated CPR scenarios randomized to FPV feedback combined with instructor-led debriefing (intervention; 14 scenarios) versus instructor-led debriefing only (control; 13 scenarios). In terms of CPR (effective compression ratio [ECR]) and team performance (Team Emergency Assessment Measure [TEAM]), improvements were observed for ECR (pre-test: 0.13 ± 0.11 vs post-test 0.19 ± 0.11) and TEAM score (pre-test: 16.6 ± 7.2 vs post-test: 25.4 ± 9.2). However, improvements did not differ significantly between intervention and control group. Course participants deemed the feedback method feasible and reported positive instructional effects. In order to make use of the potential of this promising feedback tool, we conclude that it is not sufficient to show the videos without didactical assistance.

Theory predicts that bank loan announcements could increase share prices of loan recipients through a certification effect. We provide complementary evidence using the novel market setting of project finance loans. Since the loans are off-balance-sheet, there should be no certification effect. Applying an event study methodology and the Carhart 4-factor model to a large international dataset, we find that project sponsors do not experience positive abnormal returns after announcements, but lenders do. We also find that sponsors and lenders tend to experience greater equity return volatility after announcements.