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The article focuses on a report released by the American Society of HealthSystem Pharmacists on its financial performance for the fiscal year 2023, projections on its financial performance for fiscal year 2024, and on the fiscal year 2025 budget status. Topics discussed include the recovery of the organization's core operations in the post-COVID-19 pandemic, and forecasts on its core gross revenue for 2024.

Global financial cycles have become a growing concern for scholars and policymakers. Recent research has identified these cycles as originating in American markets, at least in part due to policy innovations in the United States. We articulate a previously unidentified, but powerful, mechanism that influence growth (and growth volatility) in the global economy: expansions in the American financial cycle disproportionately affect global credit conditions, leading to a higher incidence of gross capital inflow surges that subsequently create a boom‐bust growth dynamic in recipient economies. We evaluate this argument with an extensive empirical examination of 102 countries from 1975 to 2011 and find substantial support for the argument: US financial market developments produce capital flow cycles that challenge the ability of policymakers to stabilize their macroeconomies. We disaggregate capital flows and find that interbank lending plays a crucial role in driving these outcomes, with the results exhibiting a high degree of robustness to alternative specifications. Domestic policy tools alone may be insufficiently powerful to counteract volatility induced by these capital waves emanating from the core of the global financial system. [ABSTRACT FROM AUTHOR]

Confronted with a Hobson's choice of either implementing stringent enforcement of uncertain regulation or geo-fencing the United States, regulators and stakeholders must consider collaborative alternatives for shaping the future of decentralized finance ("DeFi"). Championing collaboration, this Article emphasizes the need for all DeFi stakeholders, from intermediaries to builders, to proactively enhance transparency and risk management, irrespective of regulatory dictates. Starting with the Security and Exchange Commission's (SEC) formation in the 1930s, this Article explores the evolution of the SEC's initial technology-forward approach to regulating intermediaries and disruptive technologies. The 2008 financial crisis marked a shift by both the SEC and Commodity Futures Trading Commission ("CFTC") towards regulating disruptive technologies, like automated trading and digital assets, as potential threats to financial stability, reflecting a reactive, topdown regulatory response. Collaborative efforts between stakeholders and regulators are essential for regulations that are well-informed by market and technological developments. DeFi offers an opportunity to reconsider that approach by pursuing achievable initiatives aimed at bolstering transparency and risk management. Public-private collaborations are explored as a reasoned alternative to a blunt application of the "same risk, same rules" paradigm to DeFi. In contrast, the proposed collaborative approach would foster actionable risk mitigation practices and resilience through an informed, pragmatic process. This Article explores the possibilities for innovative anti-money laundering verification and risk processes for DeFi as part of an open collaborative approach. It also evaluates potential adaptations of existing SEC and CFTC rules and guidance to diligence; risk management; and pre-transaction, smart contract-encoded controls for institutional DeFi users. Pursuing this path would substantially enhance outcomes for both regulators and stakeholders. It would aim to strike a balance between regulatory objectives, risk management, and innovation, while facilitating a more efficient enforcement paradigm. [ABSTRACT FROM AUTHOR]

The commercial real estate (CRE) sector concerns a diverse set of actors that specialize in real estate activities, such as brokerage, valuation, construction, and asset management. CRE activity is a key indicator for the level of corporate growth and the economic development of a country. However, investments in CRE face a volatile global environment, which is characterized by deep uncertainties and cyclical behavior. In this context, decision support tools that facilitate the monitoring and assessment of CRE investments are of major importance for various stakeholders, including investors and policy makers. The objective of this study is to present a comprehensive approach for assessing CRE investments based on a multicriteria evaluation framework. The analysis is based on a sample of commercial assets taken from the portfolio of a real estate investment company in the United States. The proposed multicriteria approach considers a rich set of evaluation criteria, including macroeconomic indicators, information about the local CRE markets, as well as the characteristics of the assets under consideration. Using analytical methodologies from the family of ELECTRE outranking methods, the assets are ranked and rated according to their overall performance. Different scenarios are explored for the weightings of the appraisal criteria, thus enabling the analysis of the robustness of the results. [ABSTRACT FROM AUTHOR]

Funding and financing challenges remain a persistent barrier to implementing nature‐based solutions that enhance ecosystem services, facilitate adaptation to climate change, and combat environmental stressors in cities. In the absence of adequate public financial resources, private funds are often expected to fill the gap. But market‐driven, nature‐based solutions can contribute to an inequitable distribution of urban ecosystem services by focusing on net benefits provided by nature. To help foster sustainable development and ensure that nature‐based solutions reach diverse and historically marginalized populations and communities, this scoping review explores the ecosystem services provided by nature‐based solutions and the payment mechanisms that produce and maintain them, focusing on literature on the United States. Findings suggest that the net benefits provided by nature‐based solutions and the available payment mechanisms vary based on the solution utilized (e.g., urban trees, parks, community gardens). Further, the distribution of benefits from nature‐based solutions is influenced by local historical, cultural, political, economic, and environmental contexts, the voices included in decision‐making, and the payment mechanisms used. Inspired by social equity principles, we present a framework for ecosystem service provision that is sensitive to market‐driven funding, financing, and partnerships. Practitioners can use this framework to assess whether payment schemes work in tandem with place (the local context) and process (governance and planning approaches) to ameliorate or exacerbate disparities in nature‐based solutions and the benefits they provide to people. [ABSTRACT FROM AUTHOR]

The article features the 2023 report of the American Society of Health-System Pharmacists (ASHP) treasurer. Topics discussed include the pandemic's impact on ASHP core operations, the increase in ASHP membership, and the projected financial strength of the ASHP in 2024. Also noted is the continuing development of products, programs, and services that support professional development and patient care.

The U.S. electricity sector has undergone a series of technological and political economic transformations between 1995 and 2020. Some, but not all, states have moved toward the provision of electricity through wholesale electricity markets, while others have remained traditionally regulated. In addition, electricity is increasingly generated from natural gas and renewable energy, and while total electricity consumption is stagnant in the United States, electric utility revenues have continued to grow. In combination with a growing emphasis on increasing shareholder value, the result of these changes has been the entry of a range of new electricity industry, finance, and regulatory actors, as well as a shift in the ways in which existing actors are seeking to realize surplus value. In light of these changes, in this paper, I outline the contemporary contours and contradictions of the U.S. electricity industry and detail five accumulation strategies being used in the industry. Building on scholarship in energy geography and geographies of finance, and based on the analysis of industry documents and financial analyst reports, I detail how the U.S. electricity has been reshaped by the introduction of new types of technologies, financial risk and investment opportunities, and changing modes of regulation. The resulting accumulation strategies are contested, partial, and incomplete, and are therefore a messy set of overlapping and at times contradictory strategies being deployed in an industry in flux. [ABSTRACT FROM AUTHOR]

In Corporate Reorganization Law and Forces of Change , Sarah Paterson investigates the development of modern corporate reorganisation law in the United States and England and shows how, and why, the use of these laws has changed over time. Paterson argues that any analysis of corporate restructuring law must focus on the participants in the process and the way they mobilise and adapt legal rules in new ways to meet the problem of the day. She concludes that best practice, not doctrinal concepts, should inform any law reform in this area. This review concludes nonetheless with an attempt to identify a doctrinal concept of a modern restructuring law based on the insights of Paterson's socio-legal analysis. [ABSTRACT FROM AUTHOR]

The challenge for financial professionals is to understand more about demographic dynamics in order to work with millennial clients and their baby boomer parents. For example, the information available about millennial clients can help create more emphasis on important life events deferred or delayed because of financial circumstances and how to improve the process of attaining them. This would include helping them with planning for debt reduction rather than asset accumulation alone. [ABSTRACT FROM AUTHOR]

Financial planners have traditionally focused on rational drivers of retirement planning, and on expectations that people will save, invest prudently and put together a reasonable plan to use assets during retirement. But the Society of Actuarie's research with individuals at different stages of retirement indicates that retirees often do not fit into the expected pattern. It also demonstrates that some of the most important decisions that many middle-income American families will need to make are different from the traditional issues of saving and investing and this research helps us focus on potential gaps in the current state of retirement planning. [ABSTRACT FROM AUTHOR]

In this paper, we examine whether the value of quality signals (patent activity and founding team characteristics) transmitted by emerging biotechnology firms is influenced by the geographic distance between venture capitalists and biotechnology firms. In line with the notion that signals are more valuable to receivers in environments of elevated information asymmetries and under the premise that longdistance transactions present such an environment, we empirically reveal that patent activity and founding team entrepreneurial experience are more effective in increasing venture capital investments when the distance between investors and investees is elevated. Our results, therefore, corroborate the rationale that because tacit knowledge circulates mostly within local circles, it diminishes the value of signals for local transactions, as a priori knowledge about potential target firms is more easily assessed by investors. Our study contributes to the literature on the factors that drive the value of signals, on the literature that studies the function of patents and other forms of intellectual property as a means to boost firm performance, and on the literature on the geography of venture capital investments. [ABSTRACT FROM AUTHOR]

Background: The COVID-19 pandemic highlighted the need for pathogen surveillance systems to augment both early warning and outbreak monitoring/control efforts. Community wastewater samples provide a rapid and accurate source of environmental surveillance data to complement direct patient sampling. Due to its global presence and critical missions, the US military is a leader in global pandemic preparedness efforts. Clinical testing for COVID-19 on US Air Force (USAF) bases (AFBs) was effective but costly with respect to direct monetary costs and indirect costs due to lost time. To remain operating at peak capacity, such bases sought a more passive surveillance option and piloted wastewater surveillance (WWS) at 17 AFBs to demonstrate feasibility, safety, utility, and cost-effectiveness from May 2021 to January 2022., Objective: We model the costs of a wastewater program for pathogens of public health concern within the specific context of US military installations using assumptions based on the results of the USAF and Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense pilot program. The objective was to determine the cost of deploying WWS to all AFBs relative to clinical swab testing surveillance regimes., Methods: A WWS cost projection model was built based on subject matter expert input and actual costs incurred during the WWS pilot program at USAF AFBs. Several SARS-CoV-2 circulation scenarios were considered, and the costs of both WWS and clinical swab testing were projected. Analysis was conducted to determine the break-even point and how a reduction in swab testing could unlock funds to enable WWS to occur in parallel., Results: Our model confirmed that WWS is complementary and highly cost-effective when compared to existing alternative forms of biosurveillance. We found that the cost of WWS was between US $10.5-$18.5 million less expensive annually in direct costs as compared to clinical swab testing surveillance. When the indirect cost of lost work was incorporated, including lost work associated with required clinical swab testing, we estimated that over two-thirds of clinical swab testing could be maintained with no additional costs upon implementation of WWS., Conclusions: Our results support the adoption of WWS across US military installations as part of a more comprehensive and early warning system that will enable adaptive monitoring during disease outbreaks in a more cost-effective manner than swab testing alone., (© Jaleal S Sanjak, Erin M McAuley, Justin Raybern, Richard Pinkham, Jacob Tarnowski, Nicole Miko, Bridgette Rasmussen, Christian J Manalo, Michael Goodson, Blake Stamps, Bryan Necciai, Shanmuga Sozhamannan, Ezekiel J Maier. Originally published in JMIR Public Health and Surveillance (https://publichealth.jmir.org).)

Background: Increasing enrollment in Medicare has coincided with reductions in reimbursement for various procedures, including interventional pain procedures. No previous analysis of state-to-state differences in Medicare reimbursement rates for practicing pain management physicians has been performed., Objective: To quantify recent national and geographical trends for interventional pain procedures., Study Design: This study used datasets from the Centers for Medicare and Medicaid Services to identify the top 10 highest-grossing Current Procedure Terminology (CPT) codes for pain procedures and for evaluation and management (E/M) from 2014 to 2023. Data analysis took place during May 2023., Methods: Primary outcomes were calculated inflation-adjusted rates of yearly percent change (YPC) for each CPT code, state, territory, and U.S. Census region. An independent samples t-test compared the national YPC rates of procedure to those of E/M reimbursement. Medicare reimbursements throughout the United States for interventional pain procedures and clinic evaluations were measured from 2014-2023., Results: From 2014 to 2023, inflation-adjusted Medicare reimbursement for interventional pain procedures decreased yearly by an average of 3.63%. In comparison, clinic evaluation reimbursement decreased by only 0.87% yearly and was significantly different from procedure reimbursement (P < 0.001). Pain management procedure reimbursement decreased the most in Illinois (-4.26%), Wyoming (-3.88%), Wisconsin (-3.87%), Nevada (-3.83%) and Kansas (-3.82%). Meanwhile, rates for Puerto Rico (-1.94%), Massachusetts (-3.24%), Washington (-3.31%), New York (-3.39%), and West Virginia (-3.47%) decreased the least. When states were grouped into U.S. Census regions, no significant regional differences in pain management procedure reimbursement changes could be observed., Limitations: Only the facility prices of the top 10 highest-grossing procedure and E/M CPT codes that had available data for 2014 to 2023 could be included in our analysis; trends for private insurance reimbursement could not be analyzed., Conclusions: Medicare reimbursement rates for interventional pain procedures have decreased from 2014 to 2023, both nationally and in each region of the U.S. Our analysis suggests that certain states and territories have experienced less favorable reimbursement trends than others. This issue is worthy of attention as larger proportions of the U.S. population become eligible for Medicare coverage; should these trends continue, interventional pain physicians may consider moving their practices to areas that are less affected. Major efforts are required to preserve the quality of care that Medicare beneficiaries receive and to remedy the problem of depreciating reimbursement.

We exploit state-level changes in the amount of personal wealth individuals can protect under Chapter 7 to analyze the effect of debtor protection on the financing structure and performance of a representative panel of U.S. startups. The effect of increasing debtor protection depends on the entrepreneur's level of wealth. Firms owned by mid-wealth entrepreneurs whose assets become fully protected suffer a reduction in credit availability, employment, operating efficiency, and survival rates. We find no such negative effects for low-wealth and high-wealth owners. Our results are consistent with theories that predict that asset protection in bankruptcy leads to a redistribution of credit. [ABSTRACT FROM AUTHOR]

We investigate whether incentives to join the Fortune 500 affect corporate decisions. Firms closer to the cutoff appear to take actions to join the list by engaging in more mergers and acquisitions activity, bidding for larger targets, and paying higher takeover premia. Further, the relation is stronger for firms with more-entrenched chief executive officers, and the stock market reaction to bids is worse when bidders are close to the Fortune 500’s cutoff. A 1994 methodological change by Fortune acts as an exogenous shock for identification. Our results suggest that firms try to increase revenues to join the Fortune 500 but that such actions adversely affect shareholders. [ABSTRACT FROM PUBLISHER]

I model the decision of an informed early-stage venture capital (VC) investor that considers involving an uninformed VC or venture lending (VL) investor to finance the late stage. Early-stage VC investors that own high-quality value companies tend to signal their quality and they frequently turn to VL investors. Early-stage VC investors prefer VC if the proportion of high-quality companies in the population is high, if their companies have a high upside potential, if they can benefit from the value that late-stage VC investors add, or if uncertainty is high. I find empirical evidence consistent with these predictions. [ABSTRACT FROM PUBLISHER]

In most U.S. states, mortgage seniority follows time priority: older mortgages are paid first. This potentially impedes refinancing of senior mortgages because replacement mortgages are junior unless the existing junior lienholders consent to resubordination. We exploit legal variation across states to provide evidence that time priority reduces refinancing, especially of smaller mortgages (suggesting a significant fixed cost of obtaining resubordination) and of mortgages close to the conforming loan limit. On the contrary, we find evidence that time priority renders second mortgages more valuable to lenders, increasing the likelihood that a borrower obtains a second mortgage. [ABSTRACT FROM AUTHOR]

Many private colleges in the United States face financial difficulty. The role of athletics in the financial condition of U.S. colleges is subject to controversy. Supporters argue that collegiate sports draw students, improve student quality, and increase donor support. Detractors argue that athletics are costly and undermine the academic mission of the institution. Accordingly, this study examined metrics of athletic and academic quality to determine their effects on the financial health of a sample of 561 U.S. private colleges. The relationship between athletics and an institution's financial health was examined using a simultaneous equations model. Financial GPA was the dependent variable in the first equation and athletic spending per athlete was the dependent variable in the second equation. Measures of academic quality served as control variables. The results of this study indicate that higher spending on athletics reduces an institution's financial health and that academic quality increases an institution's financial health. [ABSTRACT FROM AUTHOR]

We examine the rise of crowdfunding platforms in the wake of the global financial crisis, particularly the claim that they offer an alternative to established methods of raising capital for real estate investment, enterprise development, and civic projects. We interrogate how these novel methods of aggregating users and their money in digital space produce different collective subjectivities. Drawing from an industry study of civic crowdfunding portals in the United States and legal research into the regulatory apparatus governing them, we put forth a two-part typology to help make sense of the varied business models of crowdfunding platforms and the ways in which those models invoke and harness crowds as concrete social formations. The first distinguishes crowdfunding platforms based on what is being circulated—the substance of the payment and the economic relations it embodies and creates. The second focuses on the legal dimension of these relations, both within the transaction and in the way sites constitute the crowd through the inherited financial-regulatory vocabularies governing the issuance of securities. [ABSTRACT FROM AUTHOR]

There were numerous bilateral financial and commercial measures in the 1940s within the North Atlantic Triangle of the United States, the United Kingdom and Canada, in wartime and thereafter. However, the focus of this article is on Canada's interest in the multilateral economic proposals for the post-war world. As the following account demonstrates, that option for Canadian policymakers was likewise defined and framed within the North Atlantic Triangle. As for the long-standing but elusive goal of diversification of markets for Canadian exports, the initial benefits to Canada of the multilateral alternative tended to reinforce rather than contradict the trend - evident in Canada's bilateral deals - for its fortunes to be identified with its commerce with its North Atlantic partners. In other words, Canada's economic world was fundamentally a North Atlantic world, and its multilateral plans and actions took that reality into account. [ABSTRACT FROM AUTHOR]

This study introduces the application of parallel coordinates to accounting information and business science, illustrating the utility of our tools to visualize and explore different types of multivariate data. Prior studies have not been able to confirm earlier findings showing the leadership research results with the distributed graph analysis for the accounting or business decision. We offer a novel demonstration of how parallel coordinates provide a practical alternative to current data-driven solutions in the business and accounting toolboxes for visualizing and exploring multivariate data, identifying causal relationships, and communicating modern business science via the advanced interactive, web-based application. Modern exploratory digital analysis of business leadership, job performance, job satisfaction requires specialize tools to identify associations among variables. The results of the modern distributed graph analysis show better understanding a transformational leadership style affects employee satisfaction and performance and how may relate to improving business management and outcomes within the company with Artificial Intelligence Business Solution. [ABSTRACT FROM AUTHOR]

The paper examines the empirical relationship between firm‐borrowing channels and aggregate fluctuations for the 100 largest US firms over 2000–2018. The motivation for this study originates from the general consensus in macroeconomics that microeconomic shocks to firms cannot generate significant aggregate fluctuations. The analysis extends Gabaix's 2011 baseline model by incorporating measures for "bank shocks" at the firm‐level. In addition to supporting the granular hypothesis, the econometric results indicate that bank shocks have a weak impact on GDP fluctuations, whereas non‐bank loans exert a strong impact on the same. The above findings survive certain robustness checks associated with the presence of oil and monetary shocks, as well as with the firms' location factor. [ABSTRACT FROM AUTHOR]