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Researchers have used the stock price reaction to firms' disclosures of investment in information technology to investigate the value of those investments. This paper extends that research to include knowledge management (KM). In particular, we test whether and how KM is valued by market participants by examining the stock market reaction and future performance of companies receiving the "Most Admired Knowledge Enterprise" (MAKE) award, which recognizes companies that excel at KM. MAKE awards are generated based on opinions gathered from experts using the Delphi method, a well-known group decision support tool. We find that MAKE winners: (1) experience positive abnormal returns around the award announcement, (2) report superior operating performance relative to their peers subsequent to the receipt of the award, (3) receive upward analyst forecast revisions following the award, (4) experience a positive upward stock price drift following the award, and (5) that the market has taken time to learn how to process and interpret information useful in valuing KM. Thus, our findings contribute to the literature by finding that market participants value KM and KM apparently positively influences accounting performance indicators. In addition, a unique feature of our study is that we investigate the market's response to information gathered using the Delphi method, an information source not previously investigated in stock price reaction literature. © 2013 Elsevier B.V.

Background: Hyperparathyroidism (HPT) and malignancy are the most common causes of hypercalcemia. Among kidney transplant (KT) recipients, hypercalcemia is mostly caused by tertiary HPT. Persistent tertiary HPT after KT is associated with allograft failure. Previous studies on managing tHPT were subjected to survivor treatment selection bias; as such, the impact of tertiary HPT treatment on allograft function remained unclear. We aim to assess the association between hypercalcemic tertiary HPT treatment and kidney allograft survival., Materials and Methods: We identified 280 KT recipients (2015-2019) with elevated post-KT adjusted serum calcium and parathyroid hormone (PTH). KT recipients were characterized by treatment: cinacalcet, parathyroidectomy, or no treatment. Time-varying Cox regression with delayed entry at the time of first elevated post-KT calcium was conducted, and death-censored and all-cause allograft failure were compared by treatment groups., Results: Of the 280 recipients with tHPT, 49 underwent PTx, and 98 received cinacalcet. The median time from KT to first elevated calcium was 1 month (IQR: 0-4). The median time from first elevated calcium to receiving cinacalcet and parathyroidectomy was 0(IQR: 0-3) and 13(IQR: 8-23) months, respectively. KT recipients with no treatment had shorter dialysis vintage (P = .017) and lower PTH at KT (P = .002), later onset of hypercalcemia post-KT (P < .001). Treatment with PTx (adjusted hazard ratio (aHR) = 0.18, 95%CI 0.04-0.76, P = .02) or cinacalcet (aHR = 0.14, 95%CI 0.004-0.47, P = .002) was associated with lower risk of death-censored allograft failure. Moreover, receipt of PTx (aHR = 0.28, 95%CI 0.12-0.66, P < .001) or cinacalcet (aHR = 0.38, 95%CI 0.22-0.66, P < .001) was associated with lower risk of all-cause allograft failure., Conclusions: This study demonstrates that treatment of hypercalcemic tertiary HPT post-KT is associated with improved allograft survival. Although these findings are not specific to hypercalcemia of malignancy, they do demonstrate the negative impact of hypercalcemic tertiary HPT on kidney function. Hypercalcemic HPT should be screened and aggressively treated post-KT., (© The Author(s) 2023. Published by Oxford University Press.)