Dmitry Shapiro

The Prognostic Value of Circulating Stem Cells Expressing PD-L1 in Patients with Hepatocellular Carcinoma

Dhruvajyoti Roy, Elsie Oppermann, Thomas Vogl, Ibrahim Büdeyri et autres

Background: Hepatocellular carcinoma (HCC) is associated with high recurrence rates despite curative-intent liver resection. This necessitates improved prognostic tools and novel therapeutic strategies, including immune checkpoint inhibitors (ICIs). Circulating stem cells (CSCs) have emerged as potential prognostic biomarkers. Aim: To assess the …

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Microfinance and Business-Development Programs: Why Results Fall Short and What Works

Dmitry Shapiro

Despite the widespread adoption of business development programs (BDPs) in developing countries, their impact on micro- and small enterprise growth remains limited. While traditional classroom-based training improves business knowledge, it often fails to generate meaningful gains in profits or firm survival. This …

Cheap-Talk Disclosure of Negative Information and Risk-Averse Buyers

Dmitry Shapiro, Seung Huh

In this paper, we study the incentives of low-quality sellers to separate them from high-quality sellers. We consider a framework with asymmetric quality information where the only way to communicate quality is via cheap-talk messages. In this framework, any separating strategy pursued …

Limited Impact of Business Development Programs on Entrepreneurs' Profitability in the Presence of Ambiguity Aversion

Dmitry Shapiro

This paper develops a theoretical framework to explain the limited effect of business development programs (BDPs) on entrepreneurs' profits. We argue that a mismatch between a BDP's narrow focus on business-promoting strategies and the wider context in which microentrepreneurs operate can limit …