We infer market expectations regarding the relationship between firm internationalization and the long‐term impact of the Covid‐19 pandemic by using a novel approach to decompose global stock prices into their short‐ and long‐term value components. In general, firms with a greater proportion of foreign assets show greater losses in the long‐term value component, suggesting investor expectations of higher supply‐chain restructuring costs for such firms. Also, investors appear to have priced in the likely permanent benefits of such restructuring for firms from emerging Asian economies, as these economies may be well‐placed as alternative sourcing bases to China.

Tuberculosis of the clavicular bone is a very rare clinical entity, with limited cases reported in the United States. Furthermore, sparing of the sternoclavicular joint is exceedingly unusual. A literature review of the prevalence of clavicular tuberculosis identified fewer than 80 cases reported since the discovery of the tubercular bacillus, over a century ago. To our knowledge, there have been no cases reported over the last decade in the United States. A rare case of tuberculous osteomyelitis of the clavicle in an immunocompetent patient who presented with swelling of the upper chest is reported.

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Admissions to academic programs often involve filling a number of seats by making offers to a ranked list of qualified candidates over a finite number of rounds. Two sources of uncertainty need consideration when making admission offers: first, a random fraction of offers is accepted by applicants; and second, a random fraction of applicants who initially indicate acceptance subsequently withdraw. We develop a binomial decision-tree model to determine the number of admission offers to be made while considering (a) the expected costs of exceeding or falling short of target enrollment, and (b) the fact that the more competitive students are also less likely to enroll. Insights from the model are validated using a multi-year empirical dataset of admission offers, acceptances and post-acceptance withdrawals for an MBA program. We find that having multiple rounds to make offers helps admissions offices achieve enrollment targets with greater precision. Additional rounds are particularly valuable when the uncertainty of yield rate is high. In a counterintuitive result, we identify conditions under which the recommended number of offers increases with the uncertainty in yield. We also show that it might be possible to improve the quality of an admitted class by sending out more offers sooner.

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