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Sample records for positive economic returns

  1. KINERJA KEUANGAN KONVENSIONAL, ECONOMIC VALUE ADDED, DAN RETURN SAHAM

    Directory of Open Access Journals (Sweden)

    Bambang Sudiyatno

    2011-09-01

    Full Text Available Penelitian ini bertujuan untuk menguji pengaruh kinerja keuangan konvensional; Return on Asset (ROA, Return on Equity (ROE, Residual Income (RI, dan kinerja keuangan yang lebih modern; Economic Value Added (EVA terhadap return saham pada perusahaan-perusahaan dalam industry makanan dan minuman yang terdaftar di Bursa Efek Indonesia. Pengambilan sampel dalam penelitian ini menggunakan metode sensus, karena semua perusahaan dalam industry makanan dan minuman digunakan sebagai sampel. Namun dalam proses samplingnya mengunakan metode purposive sampling, yaitu menggunakan sampel dengan criteria-kriteria tertentu. Hasil penelitian menunjukkan bahwa Return on Asset (ROA dan Residual Income (RI berpengaruh positif dan secara statistik signifikan terhadap return saham pada level signifikansi 1%. Sedangkan Return on Equity (ROE berpengaruh negative dan secara statistik signifikan terhadap return saham pada level signifikansi 10%, dan Economic Value Added (ERA berpengaruh positif tetapi tidak signifikan terhadap return saham.This study aims to test the effect of conventional financial performance i.e. Return on Asset (ROA, Return on Equity (ROE, Residual Income (RI, and the more modern financial performance which is Economic Value Added (EVA toward stock returns on companies in the food and beverage industry listed in Indonesia Stock Exchange. Sampling technique in this study uses the census method, all companies in the food and beverage industry are used as a sample. The process of sampling using purposive sampling method. The result shows that Return On Asset (ROA and Residual Income (RI are positive and statistic significant impact on the stock returns at significance level 1%. While the Return on Equity (ROE is negative and statistic significant impact on the stock returns at significance level 10%, Economic Value Added (EVA is positive and statistic not significant impact on the stock returns.

  2. The Individual Economic Returns to Volunteering in Work Life

    DEFF Research Database (Denmark)

    Qvist, Hans-Peter; Munk, Martin David

    2018-01-01

    This article examines the individual economic returns to volunteering during different stages of working life. The article uses a unique panel dataset created by combining rich survey data from Denmark with information on wages from administrative registers covering the period from 2004 to 2012....... Applying a two-way fixed effects regression model that controls for both period-specific and individual-specific effects, the article finds that for labour market entrants and for people in the early stages of their working life, an additional year of volunteer work experience yields a significant positive...... return. However, the economic returns to volunteer work experience decrease as a function of professional labour market experience. For people with more than six years of professional labour market experience, the economic returns to volunteer work experience are insignificant. On these grounds...

  3. Economic and accounting rates of return

    NARCIS (Netherlands)

    Feenstra, D.W.; Wang, H.

    2000-01-01

    The rate of return on invested capital is a central concept in financial analysis. The purpose of calculating the rate of return on investment in general is to measure the financial performance, to assess the desirability of a project and to make decisions on the valuation of firms. Financial

  4. The Economic Value of Predicting Stock Index Returns and Volatility

    NARCIS (Netherlands)

    Marquering, W.; Verbeek, M.J.C.M.

    2000-01-01

    In this paper, we analyze the economic value of predicting index returns as well as volatility. On the basis of fairly simple linear models, estimated recursively, we produce genuine out-of-sample forecasts for the return on the S&P 500 index and its volatility. Using monthly data from 1954-1998, we

  5. Socio-economic problems of returning migrants' reintegration in Georgia

    OpenAIRE

    TUKHASHVILI, Mirian

    2013-01-01

    CARIM-East: Creating an Observatory of Migration East of Europe Version in other language: Migration Policy Centre CARIM-East Research Report 2013/11 The present work of research reveals that despite an economic revival, the labour market infrastructure in Georgia and the cost of labour force do not contribute to any reduction in labour emigration. Therefore, great emphasis is placed on the facilitation of return migration back to the homeland and the socio-economic efficiency of ...

  6. Bovine subclinical mastitis reduces milk yield and economic return

    NARCIS (Netherlands)

    Gonçalves, J.L.; Kamphuis, C.; Martins, C.M.M.R.; Barreiro, J.R.; Tomazi, T.; Gameiro, A.H.; Hogeveen, H.; Santos, dos M.V.

    2018-01-01

    The effect of different pathogens was studied by evaluating the contralateral (healthy and infected) mammary quarters of 146 lactating cows. The impact of SM on economic return (quarter milk yield × milk price) was determined by applying milk payment estimates on milk collected from healthy vs.

  7. Spatially dynamic forest management to sustain biodiversity and economic returns.

    Science.gov (United States)

    Mönkkönen, Mikko; Juutinen, Artti; Mazziotta, Adriano; Miettinen, Kaisa; Podkopaev, Dmitry; Reunanen, Pasi; Salminen, Hannu; Tikkanen, Olli-Pekka

    2014-02-15

    Production of marketed commodities and protection of biodiversity in natural systems often conflict and thus the continuously expanding human needs for more goods and benefits from global ecosystems urgently calls for strategies to resolve this conflict. In this paper, we addressed what is the potential of a forest landscape to simultaneously produce habitats for species and economic returns, and how the conflict between habitat availability and timber production varies among taxa. Secondly, we aimed at revealing an optimal combination of management regimes that maximizes habitat availability for given levels of economic returns. We used multi-objective optimization tools to analyze data from a boreal forest landscape consisting of about 30,000 forest stands simulated 50 years into future. We included seven alternative management regimes, spanning from the recommended intensive forest management regime to complete set-aside of stands (protection), and ten different taxa representing a wide variety of habitat associations and social values. Our results demonstrate it is possible to achieve large improvements in habitat availability with little loss in economic returns. In general, providing dead-wood associated species with more habitats tended to be more expensive than providing requirements for other species. No management regime alone maximized habitat availability for the species, and systematic use of any single management regime resulted in considerable reductions in economic returns. Compared with an optimal combination of management regimes, a consistent application of the recommended management regime would result in 5% reduction in economic returns and up to 270% reduction in habitat availability. Thus, for all taxa a combination of management regimes was required to achieve the optimum. Refraining from silvicultural thinnings on a proportion of stands should be considered as a cost-effective management in commercial forests to reconcile the conflict

  8. Who Benefits Most from College? Evidence for Negative Selection in Heterogeneous Economic Returns to Higher Education

    Science.gov (United States)

    Brand, Jennie E.; Yu Xie,

    2010-01-01

    In this article, we consider how the economic return to a college education varies across members of the U.S. population. Based on principles of comparative advantage, scholars commonly presume that positive selection is at work, that is, individuals who are most likely to select into college also benefit most from college. Net of observed…

  9. Planning for positive clinical & financial returns with telemonitoring.

    Science.gov (United States)

    Wright, Kristy

    2003-10-01

    Telemonitoring is a burgeoning market in the home care industry. Making the decision to invest in telemonitoring technology can be difficult in the best situations. The financial investment is significant, the risks can be high, and the need to achieve a positive return is critical to future success. In spite of the risks, this relatively new technology in home care holds the promise for the redefinition of the industry.

  10. The influence of biofuels, economic and financial factors on daily returns of commodity futures prices

    International Nuclear Information System (INIS)

    Algieri, Bernardina

    2014-01-01

    Biofuels production has experienced rapid growth worldwide as one of the several strategies to promote green energy economies. Indeed, climate change mitigation and energy security have been frequent rationales behind biofuel policies, but biofuels production could generate negative impacts, such as additional demand for feedstocks, and therefore for land on which to grow them, with a consequent increase in food commodity prices. In this context, this paper examines the effect of biofuels and other economic and financial factors on daily returns of a group of commodity futures prices using Generalized Autoregressive Conditional Heteroskedasticity (GARCH) family models in univariate and multivariate settings. The results show that a complex of drivers are relevant in explaining commodity futures returns; more precisely, the Standard and Poor's (S and P) 500 positively affects commodity markets, while the US/Euro exchange rate brings about a decline in commodity returns. It turns out, in addition, that energy market returns are significant in explaining commodity returns on a daily basis, while monetary liquidity is not. This would imply that biofuel policy should be carefully monitored in order to avoid excessive first-generation subsidization, which would trigger a fuel vs. food conflict. - Highlights: • The effects of biofuels and other economic and financial factors on daily returns of commodity futures prices are examined. • A GARCH methodology in univariate and multivariate settings is adopted. • The results show that a complex of drivers is relevant in explaining commodity futures returns. • Energy market returns play a significant role in pushing commodity returns. • The increase in monetary liquidity does not contribute to changes in futures returns on a daily basis

  11. Return to work, economic hardship, and women's postpartum health.

    Science.gov (United States)

    Tucker, Jenna N; Grzywacz, Joseph G; Leng, Iris; Clinch, C Randall; Arcury, Thomas A

    2010-10-01

    This study followed a sample of 217 new mothers in a North Carolina county as they returned to work full-time, measuring their mental and physical health-related quality of life through 16 months postpartum. In general, working mothers of infants had mental health scores that were comparable to the general population of U.S. women, and physical health that was slightly better than women in general. Using ANCOVA and controlling for important demographic characteristics, health-related quality of life was compared between mothers experiencing low and high levels of economic hardship. Across the study period, women with high economic hardship, who constituted 30.7% of the sample, had levels of mental and physical health below those of women with low economic hardship. Mothers with high economic hardship also had less stable health trajectories than mothers with low economic hardship. The findings highlight the importance of reconsidering the traditionally accepted postpartum recovery period of six weeks and extending benefits, such as paid maternity and sick leave, as well as stable yet flexible work schedules.

  12. RUSSIA RETURNS TO AFGHANISTAN: PROSPECTS OF BILATERAL ECONOMIC COOPERATION

    Directory of Open Access Journals (Sweden)

    Н Асеф

    2017-12-01

    Full Text Available He article discusses the dynamics of the development of the economic situation in the Is-lamic Republic of Afghanistan after the fall of the Taliban regime in 2001, and the current state and prospects of development of Russian-Afghan trade and economic relations. Russia and Afghanistan have a long history of cooperation. In the XX century, the Soviet Union provided economic assistance to Afghanistan, including the financing and construction of objects of industry and infrastructure, which are now in need of rehabili-tation and modernization. The accumulated experience of cooperation makes Russia may be one of the major players in Afghani-stan and participate in reconstruction of the country. The relevance of this article stems from the fact that at the present time in conditions of economic sanctions and the deterioration of relations with countries of the West, Russia intends to renew and develop relationships with long-term partners. Today Afghanistan is trying to recover from the devastating effects of years of civil war, and invite Russia to join this process. This means that Russia had a unique chance to return and gain a foothold in the market of Afghanistan, which will be an advantage for the development of cooperation between the two countries. The task of the article is analysis of the economic situation in Afghanistan, in order to study the possibilities of deepening and development of Russian-Afghan trade and economic cooperation. The analysis of Russian-Afghan relations showed that to date, despite the existence of certain problems faced by our country, the development of trade and economic relations is a promising direction of bilateral cooperation.

  13. The Effects of Macro Economic Factors to Banking Sector Returns: Borsa Istanbul Cas e

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    Gökhan Özkul

    2015-12-01

    Full Text Available Today, technological and scientific developments impact the banking sector and enhance the commercial, as well as financial functionality of the banking sector. Improvement of this functionality caused a gradual increase in the banks’ profits; as a result of which, the bank profits now has become more crucial for the market. The cruciality is a result of the fact that banking sector’s revenues do not concern the bank owners and partners only; the revenues also concern the investors that trade stocks of the banks. This paper discusses the macro economical factors that have certain impact on the bank revenues, to which more importance has been attached for recent years. This paper takes basis BIST Top 10 Bank Return Index monthly data between January 2010 and July 2014. The macro economic factors that have impact on bank returns are handled through multiple linear regression model. The analysis finds that BIST Top 100 Return Index has positive impact on BIST Top 10 bank return index, whereas money supply (M1, industrial production index and export unit value index has negative impact on BIST Top 10 Bank Return Index

  14. Economics of United States tuberculosis airline contact investigation policies: a return on investment analysis.

    Science.gov (United States)

    Coleman, Margaret S; Marienau, Karen J; Marano, Nina; Marks, Suzanne M; Cetron, Martin S

    2014-01-01

    In 2011, the Centers for Disease Control and Prevention modified its 2008 protocol for flight-related tuberculosis contact investigation initiation. The 2011 Modified protocol was implemented and replaced the 2008 CDC protocol based on comparative epidemiologic and economic analyses; this publication reports the economic analysis results. A return on investment model compared relative changes in tuberculosis disease treatment costs resulting from expenditures on tuberculosis contact investigations and latent tuberculosis infection treatment for the 2008 CDC and Modified protocols. At moderate/high rates of latent tuberculosis infection and tuberculosis disease, positive returns on investment indicated each $1.00 spent on tuberculosis contact investigations and latent tuberculosis treatment resulted in more than $1.00 of savings from reduced tuberculosis disease treatment costs. Low rates of latent tuberculosis infection and tuberculosis disease resulted in negative returns on investment, indicating economic losses from tuberculosis disease treatment costs. There were smaller economic losses at low latent tuberculosis infection and tuberculosis disease rates with the Modified protocol in comparison to the 2008 CDC protocol, while both identified comparable numbers of persons at risk for tuberculosis. The Modified protocol for conducting flight-related tuberculosis contact investigations represents a better use of resources and protects public health. Published by Elsevier Ltd.

  15. End-of-the-Year Economic Growth and Time-varying Expected Returns

    DEFF Research Database (Denmark)

    Møller, Stig Vinther; Rangvid, Jesper

    . To explain these results, we show as the second main fi?nding of our paper that economic growth and growth in economic confidence (consumer con?dence and business con?dence) are strongly correlated during the fourth quarter, but not during the other quarters. In summary, we therefore show that when economic......We show that macroeconomic growth at the end of the year (fourth-quarter or December) strongly predicts the returns of the aggregate market, small- and large-cap stocks, portfolios sorted on book-to-market and dividend yields, bond returns, and international stock returns, whereas economic growth...... during the rest of the year does not predict returns. End-of-the-year economic growth rates contain considerably more information about expected returns than standard variables used to predict returns, are robust to the choice of macro variables, and work in-sample, out-of-sample, and in subsamples...

  16. End-of-the-year economic growth and time-varying expected returns

    DEFF Research Database (Denmark)

    Møller, Stig Vinther; Rangvid, Jesper

    . To explain these results, we show as the second main fi…nding of our paper that economic growth and growth in economic confidence (consumer con…dence and business con…dence) are strongly correlated during the fourth quarter, but not during the other quarters. In summary, we therefore show that when economic......We show that macroeconomic growth at the end of the year (fourth-quarter or December) strongly predicts the returns of the aggregate market, small- and large-cap stocks, portfolios sorted on book-to-market and dividend yields, bond returns, and international stock returns, whereas economic growth...... during the rest of the year does not predict returns. End-of-the-year economic growth rates contain considerably more information about expected returns than standard variables used to predict returns, are robust to the choice of macro variables, and work in-sample, out-of-sample, and in subsamples...

  17. Economic evaluation of reprocessing - Indicative German position

    International Nuclear Information System (INIS)

    1979-05-01

    This paper, which also appears as an Appendix to the final Working Group 4 report, forms part of the overall economic assessment of reprocessing. The indicative national position and illustrative ''phase diagram'' for the Federal Republic of Germany is presented. Advantages to be gained from the recycling of plutonium in thermal reactors are identified and it is concluded that many of these are not explicitly taken into account in the ''phase diagram''. Under the conditions pertaining in the Federal Republic of Germany thermal recycle will be economic under present day uranium prices. On the other hand the fast breeder reactor might become commercially economic around the year 2000

  18. Economic evaluation of reprocessing. Indicative UK position

    International Nuclear Information System (INIS)

    1979-05-01

    This paper, which also appears as an Appendix to the final Working Group 4 report, forms part of the overall economic assessment of reprocessing. The indicative national position and illustrative ''phase diagram'' for the United Kingdom is presented. Under conditions pertaining in the United Kingdom the diagram suggests that: if uranium prices rise rapidly the fast reactor would become economic in the decade 1990-2000, if uranium prices rise more slowly, the fast reactor would become economic in the decade 2000-2010

  19. Global economic growth and expected returns around the world: The end-of-the-year effect

    DEFF Research Database (Denmark)

    Møller, Stig Vinther; Rangvid, Jesper

    2017-01-01

    Global economic growth at the end of the year strongly predicts returns from a wide spectrum of international assets, such as global, regional, and individual-country stocks, FX, and commodities. Global economic growth at other times of the year does not predict international returns. Low growth...

  20. Economic Returns to Speaking "Standard Mandarin" among Migrants in China's Urban Labour Market

    Science.gov (United States)

    Gao, Wenshu; Smyth, Russell

    2011-01-01

    This article uses data from the China Urban Labour Survey administered across 12 cities in 2005 to estimate the economic returns to speaking standard Mandarin among internal migrants in China's urban labour market. The article builds on studies that estimate the economic returns to international immigrants of being fluent in the major language of…

  1. Economic evaluation of reprocessing. Indicative US position

    International Nuclear Information System (INIS)

    1979-05-01

    This paper, which also appears as an Appendix to the final Working Group 4 report, forms part of the overall economic assessment of reprocessing. The indicative national position and illustrative ''phase diagram'' for the United States is presented. The prospective costs of nuclear power are given for four equilibrium modes of LWR operation: once-through, 15% and 25% improved once-through and thermal recycle. For a particular representative choice of fuel cycle parameters the economic cross over at which thermal recycle becomes economic relative to a 15% improved once-through cycle is above 100/lb U 3 O 8 . Thus the US believes that for the next several decades there is no economic incentive for thermal recycle. As a planning guide the US considers that the fast reactor will not become commercialised in the US before the year 2020

  2. Economic evaluation of reprocessing - Indicative Belgian position

    International Nuclear Information System (INIS)

    1979-05-01

    This paper, which also appears as an Appendix to the final Working Group 4 report, forms part of the overall economic evaluation of reprocessing. The indicative national position and illustrative ''phase diagram'' for Belgium is presented. Other factors which influence the Belgian viewpoint and which are not included on the phase diagram are given

  3. ANALISIS PENGARUH ECONOMIC VALUE ADDED (EVA DAN RASIO KEUANGAN TERHADAP RETURN SAHAM SYARIAH

    Directory of Open Access Journals (Sweden)

    Lilik Sri Hariani

    2010-02-01

    Full Text Available This research investigated the simultaneous impact and partial impact of financial ratios (ROA, ROE, EPS and Economic Value-Added (EVA on stock return. One of the four independent variables, that is EVA, are new concepts for measuring financial performance. Explanatory method was used in this research, and the sample was collected using purposive sampling method from Jakarta Islamic Index listed in Bursa Efek Indonesia (BEI, Indonesia Stock Exchange for the period 2005 - 2007. Multiple linear regression was used for the analysis in this research.The result of the analysis shows that all independent variables, that is Return on Assets (ROA, Return on Equity (ROE, Earnings per Share (EPS and EVA have both simultaneous and partial impact on the dependent variable, that is stock return. An interesting finding is that the regression coefficients are different among the variables. ROE and EPS were found to have positive and significant impact on dependent variable while EVA and ROA were found to have negative and significant impact on dependent variable. A positive value for ROE means that the ROE variable can be taken as a measure for a company’s effectivity in utilizing equity in the effort to gain profit. While EPS was found to have the most dominant impact on stock price. The higher the EPS, the greater management’s success in gaining profit for the shareholder or investors. ROA was found to have negative and significant. A finding of this research which is contrary to previous research is that economic value added (EVA was found to have negative and significant impact on stock price. However this finding can be explained as follows: first, the average debt in the companies in the sample is greater than the value of their equity so that EVA will increase due to the reduction in WACC. The increase in EVA is accompanied by a reduction in stock return. Second, positive EVA is not accompanied by any increase of stock performance in the market; and

  4. Investment Returns and Economic Fundamentals in International Art Markets

    OpenAIRE

    Renneboog, L.D.R.; Spaenjers, C.

    2014-01-01

    Abstract: Works of art are neither easily tradable across borders, nor evaluated according to globally identical standards. We examine geographical segmentation and its effects on price formation and returns in the international art auction market. We find (i) a close connection between the country of sale and the type (e.g., nationality) of artworks sold; (ii) substantial international variation in average returns to art investments over the period 1971-2007; (iii) an impact of both global a...

  5. Economic Return of Clinical Trials Performed Under the Pediatric Exclusivity Program

    Science.gov (United States)

    Li, Jennifer S.; Eisenstein, Eric L.; Grabowski, Henry G.; Reid, Elizabeth D.; Mangum, Barry; Schulman, Kevin A.; Goldsmith, John V.; Murphy, M. Dianne; Califf, Robert M.; Benjamin, Daniel K.

    2009-01-01

    Context In 1997, Congress authorized the Food and Drug Administration (FDA) to grant 6 month extensions of marketing rights through the Pediatric Exclusivity program if industry sponsors complete FDA-requested pediatric trials. The program has been praised for creating incentives for studies in children; it has been criticized as a “windfall” to the innovator drug industry. This critique has been a substantial part of Congressional debate on the program, which is due to sunset in 2007. Objective To quantify the economic return to industry for completing Pediatric Exclusivity. Design Cohort study of programs conducted for Pediatric Exclusivity. We selected 9 drugs that were granted Pediatric Exclusivity. From the final study reports submitted to FDA, we obtained key elements of the clinical trial design and study operations. We estimated the cost of performing each study and converted these into estimates of after-tax cash outflows. We obtained 3-year market sales and converted these into estimates of after-tax cash inflows based upon 6 months of additional market protection. We then calculated the net economic return (cash inflows less outflows) and ratio net return to costs (net economic return divided by cash outflows) for each product. Main Outcome Measures Net economic return and ratio of net return to cost. Results The indications studied reflected a broad representation of the program: asthma, tumors, attention deficit disorder, hypertension, depression/generalized anxiety disorder, diabetes, gastroesophageal reflux, bacterial infection, and bone mineralization. The distribution of net economic return for 6 months of exclusivity varied substantially among products [net return ranged from (−)$8.9 million to (+)$507.9 million; ratio of return to cost ranged from −0.68 to 73.6] Conclusions The economic return for pediatric exclusivity is highly variable. Pediatric Exclusivity, as an incentive to complete much-needed clinical trials in children, can

  6. Economic evaluation of reprocessing. Indicative Netherlands position

    International Nuclear Information System (INIS)

    1979-05-01

    The paper, which also appears as an Appendix to the final Working Group 4 report, forms part of the overall economic evaluation of reprocessing. The indicative national position and illustrative ''phase diagram'' for the Netherlands is presented. Two alternative scenarios have been assumed for the variation of uranium price in the future; a 2% per annum price rise and a 5% per annum price rise

  7. Economic Reintegration of Ethiopian Women Returned from the Middle East

    NARCIS (Netherlands)

    Nisrane, Beza L.; Morissens, Ann; Need, Ariana; Torenvlied, René

    2017-01-01

    Current migration studies and policy reviews neglect the vital link between migration experiences of labour migrants and their return and reintegration process. The objective of this study is to highlight the phenomenon and bring the matter to policy makers' attention. This study uses in-depth

  8. Investment returns and economic fundamentals in international art markets

    NARCIS (Netherlands)

    Renneboog, L.D.R.; Spaenjers, C.; Velthuis, O.; Baia-Curioni, S.

    Works of art are neither easily tradable across borders, nor evaluated according to globally identical standards. This chapter examines geographical segmentation and its effects on price formation and returns in the international art auction market. The chapter finds (1) a close connection between

  9. Investment Returns and Economic Fundamentals in International Art Markets

    NARCIS (Netherlands)

    Renneboog, L.D.R.; Spaenjers, C.

    2014-01-01

    Abstract: Works of art are neither easily tradable across borders, nor evaluated according to globally identical standards. We examine geographical segmentation and its effects on price formation and returns in the international art auction market. We find (i) a close connection between the country

  10. Return to play in elite rugby union: application of global positioning system technology in return-to-running programs.

    Science.gov (United States)

    Reid, Laura C; Cowman, Jason R; Green, Brian S; Coughlan, Garrett F

    2013-05-01

    Global positioning systems (GPS) are widely used in sport settings to evaluate the physical demands on players in training and competition. The use of these systems in the design and implementation of rehabilitation and return-to-running programs has not yet been elucidated. To demonstrate the application of GPS technology in the management of return to play in elite-club Rugby Union. Case series. Professional Rugby Union club team. 8 elite Rugby Union players (age 27.86 ± 4.78 y, height 1.85 ± 0.08 m, weight 99.14 ± 9.96 kg). Players wore GPS devices for the entire duration of a club game. Variables of locomotion speed and distance were measured. Differences in physical demands between playing positions were observed for all variables. An analysis of the position-specific physical demands measured by GPS provides key information regarding the level and volume of loads sustained by a player in a game environment. Using this information, sports-medicine practitioners can develop rehabilitation and return-to-running protocols specific to the player position to optimize safe return to play.

  11. Fourth-quarter Economic Growth and Time-varying Expected Returns

    DEFF Research Database (Denmark)

    Møller, Stig V.; Rangvid, Jesper

    not predict returns. Fourth-quarter economic growth rates contain considerably more information about expected returns than standard variables used in the literature, are robust to the choice of macro variable, and work in-sample, out-of-sample, and in subsamples. To help explain these results, we show...... that economic growth and growth in consumer confidence are correlated during the fourth quarter, but not during the other quarters: When economic growth is low during the fourth quarter, confidence in the economy is also low such that investors require higher future returns. We discuss rational and behavioral...... reasons why fourth-quarter economic growth, growth in consumer confidence, and expected returns are related....

  12. Economic evaluation of reprocessing - Indicative Canadian position

    International Nuclear Information System (INIS)

    1979-05-01

    This paper, which also appears as an Appendix to the final Working Group 4 report, forms part of the overall economic evaluation of reprocessing. The indicative national position and illustrative ''phase diagram'' for Canada is presented. Three fuel cycles are considered. (1) CANDU operating on the natural uranium, once-through fuel cycle. (2) CANDU operating with low enrichment (1.2%) once-through fuel cycle. (3) CANDU operating with recycle of plutonium and depleted uranium which has been extracted from spent CANDU natural uranium fuel. The diagrams show that reprocessing and recycle of fuel can be used to reduce further the sensitivity of CANDU fuelling costs to increasing uranium ore price

  13. Landscape diversity and the resilience of agricultural returns: a portfolio analysis of land-use patterns and economic returns from lowland agriculture

    Directory of Open Access Journals (Sweden)

    Abson David J

    2013-01-01

    Full Text Available Abstract Background Conventional agriculture is increasingly based on highly specialized, highly productive farms. It has been suggested that 1 this specialization leads to farms that lack resilience to changing market and environmental conditions; and 2 that by decreasing agricultural diversity, the resilience of the farming system also decreases. Methods We used agricultural gross margin (GM forecasts from 1966 to 2010 and remote sensing data from agricultural landscapes in the lowland UK, in conjunction with modern portfolio theory, to test the hypothesis that decreasing land-use diversity results in landscapes that provide higher, but more volatile, economic returns. We considered the role of spatial scale on the expected levels of volatility and resilience of agricultural returns. Results We found that: 1 there was a strong linear trade-off between expected GMs and the expected volatility of those GMs in real lowland agricultural landscapes in the UK; 2 land-use diversification was negatively correlated with expected GMs from agriculture, and positively correlated with decreasing expected volatility in GMs; 3 the resilience of agricultural returns was positively correlated with the diversity of agricultural land use, and the resilience of agricultural returns rose quickly with increased land-holding size at small spatial extents, but this effect diminished after landholdings reached 12,000 hectares. Conclusions Land-use diversity may have an important role in ensuring resilient agricultural returns in the face of uncertain market and environmental conditions, and land-holding size plays a pivotal role in determining the relationships between resilience and returns at a landscape scale. Creating finer-grained land-use patterns based on pre-existing local land uses may increase the resilience of individual farms, while maintaining aggregate yield across landscapes.

  14. The Relationship Between Economic Growth and Stock Returns : Evidence From Turkey

    Directory of Open Access Journals (Sweden)

    Mehmet ŞENTÜRK

    2014-12-01

    Full Text Available Financial development is one of the most important determinants of the economic development. Financial developments in Turkey began in the early 1980s and still have continued. During this period, it has survived a severe interaction between financial development and economic growth. In this study, the causality relationship between stock returns and economic growth in Turkey it was analysed over the period 1998Q2-2014Q2. In this context; firstly, Bootstrapped Toda-Yamamoto and Frequency Domain causality tests were applied in order to understand the causality relationship between the two variables. As a result of the Bootstrapped Toda-Yamamoto causality test results, there is no relation of causality between the variables, but according to Frequency Domain causality test stock returns cause the economic growth in short term and economic growth cause stock returns in medium term.

  15. Economic crisis and women's labor force return after childbirth: Evidence from South Korea

    Directory of Open Access Journals (Sweden)

    Li Ma

    2014-08-01

    Full Text Available Background: Most research on women's labor force return after childbirth concentrates on industrialized countries in the West; the link between economic swings and mothers' work-return behavior is rarely addressed. This study closes these gaps by focusing on South Korea, a developed society in East Asia that has in recent decades witnessed increases in female labor force participation and dramatic economic ups and downs. This is the first relevant study on South Korea. Objective: This study examines how women's labor force return after childbirth (with and without career interruption and their career prospects upon work return varied before, during, and after the Asian financial crisis in South Korea. Methods: Logistic and hazard regression models were applied to the Korea Labor and Income Panel Study (KLIPS waves 1-10. Results: The study reveals an increase in women's immediate work return after childbirth without career interruption since the 1980s. The Asian financial crisis boosted this immediate return pattern. The implementation of job-protected maternity leave further contributed to this pattern. Women who underwent career interruption at first birth were also more likely to re-enter the labor market during and after the crisis than before. Downward occupational moves were especially common during the period of financial crisis. Conclusions: The results suggest that the Asian financial crisis triggered a noticeable change in women's post-birth work-return behavior. The economic volatility pushed mothers to hold onto their role in the labor force more strongly than before.

  16. Accounting- versus economic-based rates of return: implications for profitability measures in the pharmaceutical industry.

    Science.gov (United States)

    Skrepnek, Grant H

    2004-01-01

    Accounting-based profits have indicated that pharmaceutical firms have achieved greater returns relative to other sectors. However, partially due to the theoretically inappropriate reporting of research and development (R&D) expenditures according to generally accepted accounting principles, evidence suggests that a substantial and upward bias is present in accounting-based rates of return for corporations with high levels of intangible assets. Given the intensity of R&D in pharmaceutical firms, accounting-based profit metrics in the drug sector may be affected to a greater extent than other industries. The aim of this work was to address measurement issues associated with corporate performance and factors that contribute to the bias within accounting-based rates of return. Seminal and broadly cited works on the subject of accounting- versus economic-based rates of return were reviewed from the economic and finance literature, with an emphasis placed on issues and scientific evidence directly related to the drug development process and pharmaceutical industry. With international convergence and harmonization of accounting standards being imminent, stricter adherence to theoretically sound economic principles is advocated, particularly those based on discounted cash-flow methods. Researchers, financial analysts, and policy makers must be cognizant of the biases and limitations present within numerous corporate performance measures. Furthermore, the development of more robust and valid economic models of the pharmaceutical industry is required to capture the unique dimensions of risk and return of the drug development process. Empiric work has illustrated that estimates of economic-based rates of return range from approximately 2 to approximately 11 percentage points below various accounting-based rates of return for drug companies. Because differences in the nature of risk and uncertainty borne by drug manufacturers versus other sectors make comparative assessments

  17. Learning processes and economic returns in European Cohesion policy

    Directory of Open Access Journals (Sweden)

    Andrés Rodríguez-Pose

    2013-01-01

    Full Text Available Este artículo evalúa hasta qué punto los mecanismos de aprendizaje de la política de Cohesión europea han contribuido a mejorar el impacto económico de los Fondos Estructurales. El objetivo es ver si los cambios introducidos en la política en respuesta a la evaluación interna y a las críticas externas han dado lugar a una política mejor y más eficaz. Para ello se utiliza un método econométrico que evalúa el efecto de los Fondos Estructurales sobre el crecimiento regional del PIB per cápita -condicionado por la dotación de los factores, la calidad de las instituciones y las condiciones iniciales de cada región- durante los dos últimos periodos de programación para los que existen datos completos (1994-1999 y 2000-2006. Los resultados del análisis indican una mejora de la eficacia de la política en el segundo periodo de programación. Esta asociación positiva es robusta a la introducción de controles ligados al nivel de desarrollo del país y de la posición de cada una de las regiones en el interior del país. Los resultados muestran también que, cuando se tienen en cuenta factores estructurales, la inversión en Fondos Estructurales obtiene mejores rendimientos en países con niveles de riqueza más altos y en las regiones más ricas en el interior de cada país.

  18. Economic policy uncertainty and housing returns in Germany: Evidence from a bootstrap rolling window

    Directory of Open Access Journals (Sweden)

    David Su

    2016-06-01

    Full Text Available The purpose of this investigation is to research the causal link between economic policy uncertainty (EPU and the housing returns (HR in Germany. In the estimated vector autoregressive models, we test its stability and find the short-run relationship between HR and EPU is unstable. As a result, a time-varying approach (bootstrap rolling window causality test is utilized to revisit the dynamic causal link, and we find EPU has no impact on HR due to the stability of the real estate market in Germany. HR does not have significant effects on EPU in most time periods. However, significant feedback in several sub-periods (both positive and negative are found from HR to EPU, which indicates the causal link from HR to EPU varies over time. The empirical results do not support the general equilibrium model of government policy choices that indicate EPU does not play a role in the real estate market. The basic conclusion is that the real estate market shows its stability due to the social welfare nature and the rational institutional arrangement of the real estate in Germany, and the real estate market also shows its importance that it has significant effect on the economic policy choice in some periods when negative external shocks occur.

  19. Returns to Education During and After the Economic Crisis: Evidence from Latvia 2006–2012

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    Vilerts Karlis

    2017-03-01

    Full Text Available We employ EU-SILC micro data for Latvia to study how returns to education changed during the economic crisis of 2008–2009 and afterwards. We found that returns to education increased significantly during the crisis and decreased slightly during the subsequent economic recovery. The counter-cyclical effect was evident in nearly all population groups. After the crisis, education became more associated than before with a longer working week and a higher employment probability. Furthermore, we show that returns to education in Latvia are generally higher in the capital city and its suburbs than outside the capital city region, as well as for citizens of Latvia than for resident non-citizens and citizens of other countries, but lower for males and young people. Wage differential models reveal a relatively large wage premium for higher education and a rather small one for secondary education. Estimates obtained with instrumental variable (IV models significantly exceed the OLS estimates.

  20. Management of and economic returns from selected fisheries in the Nordic Countries

    DEFF Research Database (Denmark)

    Nielsen, Max; Flaaten, Ola; Waldö, Staffan

    2012-01-01

    There is potential to increase the economic returns in many fisheries by improving fisheries management. In this article, maximum and estimated current resource rents are analyzed using a standardized methodology for five case studies of fisheries with different management regimes: individual quo...

  1. Economic analysis of venture capital funds rate of return on venture activity

    Directory of Open Access Journals (Sweden)

    Usatenko O.V.

    2017-08-01

    Full Text Available The research deals with the topic of the analysis of venture capital funds’ rate of return on venture activity. The discovered venture capital funds have such a peculiarity as the involved investors of various types and concentrated financial resources, which lead to advantages in investing. Based on the analyzed scientific approaches to the evaluation of income rate met by various economic entities the paper determines the optimal indicators of such an analysis developed due to the article research. They are supposed to improve significantly the process of making decisions on venture capital investments. The author suggests to evaluate venture capital funds rate of return on venture activity by means of the basic four indicators usually employed for investment efficiency definition: net profit, internal rate of return, return period and return index. The research presents the examination of rates of return on venture activity of venture capital funds being controlled by a single asset management company. Thus, one can estimate not only the rate of return on venture activity, but also the efficiency of control taken by an asset management company.

  2. Interannual Variability of Fisheries Economic Returns and Energy Ratios Is Mostly Explained by Gear Type

    Science.gov (United States)

    Trenkel, Verena M.; Daurès, Fabienne; Rochet, Marie-Joëlle; Lorance, Pascal

    2013-01-01

    According to portfolio theory applied to fisheries management, economic returns are stabilised by harvesting in a portfolio stocks of species whose returns are negatively correlated and for which the portfolio economic return variance is smaller than the sum of stock specific return variances. Also, variability is expected to decrease with portfolio width. Using a range of indicators, these predictions were tested for the French fishing fleets in the Bay of Biscay (Northeast Atlantic) during the period 2001–2009. For this, vessels were grouped into eight fishing fleets based on the gears used and exploited species were grouped into five functional groups. The portfolio width of fleets ranged from 1–3 functional groups, or 4–19 species. Economic fleet returns (sale revenues minus fishing costs) varied strongly between years; the interannual variability was independent of portfolio width (species or functional groups). Energy ratio expressed by the ratio between fuel energy used for fishing and energy contained in landings varied from 0.3 for purse seines to 9.7 for trawlers using bottom trawls alone or in combination with pelagic trawls independent of portfolio width. Interannual variability in total sale revenues was larger than the sum of species specific sales revenue variability, except for fleets using hooks and pelagic trawlers; it increased with the number of species exploited. In conclusion, the interannual variability of economic returns or energy ratios of French fisheries in the Bay of Biscay did not decrease with the number of species or functional groups exploited, though it varied between fleets. PMID:23922951

  3. Economic return from the Women's Health Initiative estrogen plus progestin clinical trial: a modeling study.

    Science.gov (United States)

    Roth, Joshua A; Etzioni, Ruth; Waters, Teresa M; Pettinger, Mary; Rossouw, Jacques E; Anderson, Garnet L; Chlebowski, Rowan T; Manson, Joann E; Hlatky, Mark; Johnson, Karen C; Ramsey, Scott D

    2014-05-06

    The findings of the Women's Health Initiative (WHI) estrogen plus progestin (E+P) trial led to a substantial reduction in use of combined hormone therapy (cHT) among postmenopausal women in the United States. The economic effect of this shift has not been evaluated relative to the trial's $260 million cost (2012 U.S. dollars). To estimate the economic return from the WHI E+P trial. Decision model to simulate health outcomes for a "WHI scenario" with observed cHT use and a "no-WHI scenario" with cHT use extrapolated from the pretrial period. Primary analyses of WHI outcomes, peer-reviewed literature, and government sources. Postmenopausal women in the United States, aged 50 to 79 years, who did not have a hysterectomy. 2003 to 2012. Payer. Combined hormone therapy. Disease incidence, expenditure, quality-adjusted life-years, and net economic return. The WHI scenario resulted in 4.3 million fewer cHT users, 126,000 fewer breast cancer cases, 76,000 fewer cardiovascular disease cases, 263,000 more fractures, 145,000 more quality-adjusted life-years, and expenditure savings of $35.2 billion. The corresponding net economic return of the trial was $37.1 billion ($140 per dollar invested in the trial) at a willingness-to-pay level of $100,000 per quality-adjusted life-year. The 95% CI for the net economic return of the trial was $23.1 to $51.2 billion. No evaluation of indirect costs or outcomes beyond 2012. The WHI E+P trial made high-value use of public funds with a substantial return on investment. These results can contribute to discussions about the role of public funding for large, prospective trials with high potential for public health effects. National Heart, Lung, and Blood Institute.

  4. Economic evaluation of 'Return to Country': A remote Australian initiative to address indigenous homelessness.

    Science.gov (United States)

    Kinchin, Irina; Jacups, Susan; Hunter, Gary; Rogerson, Bernadette

    2016-06-01

    An increase in the number of Indigenous homeless persons in Cairns, Northern Australia, prompted the Queensland Police Service (QPS) to commence a pilot 'Return to Country' (R2C) program. The program was designed to assist homeless people who were voluntarily seeking to return to their home communities. This study assesses the costs of running the program and evaluates its net economic impact. Retrospective uncontrolled cost, cost-effectiveness and cost-offset analyses were undertaken from a societal perspective. All costs were expressed in 2014 AU$. The R2C program successfully assisted 140 participants to return home, reducing the prevalence of homelessness in the regional center by 9.6%. The total program cost was estimated as AU$ 135,831 or AU$ 970 per participant. The economic analysis indicated that R2C was value for money, potentially saving AU$ 2,714,460. Limitations of the study included retrospective data collection and no established alternative comparison group. R2C is a relatively simple, minimal cost program, which can be utilized by policy makers to offer one solution to homelessness. This economic evaluation informs the QPS of the effects of the R2C program in order to guide further program initiatives. The R2C model may be applied to assist temporarily stranded Indigenous people in other locations within Australia or internationally to return home. No funding was obtained for conducting this study. Copyright © 2016 Elsevier Ltd. All rights reserved.

  5. A Comparative Study on the Positive Lightning Return Stroke Electric Fields in Different Meteorological Conditions

    Directory of Open Access Journals (Sweden)

    Chin-Leong Wooi

    2015-01-01

    Full Text Available Positive cloud-ground lightning is considerably more complex and less studied compared to the negative lightning. This paper aims to measure and characterize the significant parameters of positive return strokes electric field, namely, the zero-to-peak rise time, 10–90% rise time, slow front duration, fast transition rise time (10–90%, zero-crossing time, and opposite polarity overshoot relative to peak. To the best of the authors’ knowledge, this is the first time such detailed characteristics of positive lightning in Malaysia are thoroughly analyzed. A total of 41 positive lightning flashes containing 48 return strokes were analyzed. The average multiplicity is 1.2 strokes per flash. The majority of positive lightning was initiated from the primary positive charge rather than as a byproduct of in-cloud discharges. The cumulative probability distribution of rise time parameters, opposite polarity overshoot relative to peak, and slow front amplitude relative to peak are presented. A comparison between studies in four countries representing tropic, subtropic, and temperate regions was also carried out. Measured parameters in Florida, Sweden, and Japan are generally lower than those in Malaysia. Positive lightning occurrences in tropical regions should be further studied and analyzed to improve our current understanding on positive return strokes.

  6. End-of-the-year economic growth and time-varying expected returns

    DEFF Research Database (Denmark)

    Møller, Stig V.; Rangvid, Jesper

    2015-01-01

    We show that macroeconomic growth at the end of the year (fourth quarter or December) strongly influences expected returns on risky financial assets, whereas economic growth during the rest of the year does not. We find this pattern for many different asset classes, across different time periods......, and for US and international data. We also show that movements in the surplus consumption ratio of Campbell and Cochrane (1999) , a theoretically well-founded measure of time-varying risk aversion linked to macroeconomic growth, influence expected returns stronger during the fourth quarter than the other...

  7. Socio-Economic Position and Suicidal Ideation in Men

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    Jane Pirkis

    2017-03-01

    Full Text Available People in low socio-economic positions are over-represented in suicide statistics and are at heightened risk for non-fatal suicidal thoughts and behaviours. Few studies have tried to tease out the relationship between individual-level and area-level socio-economic position, however. We used data from Ten to Men (the Australian Longitudinal Study on Male Health to investigate the relationship between individual-level and area-level socio-economic position and suicidal thinking in 12,090 men. We used a measure of unemployment/employment and occupational skill level as our individual-level indicator of socio-economic position. We used the Index of Relative Socio-Economic Disadvantage (a composite multidimensional construct created by the Australian Bureau of Statistics that combines information from a range of area-level variables, including the prevalence of unemployment and employment in low skilled occupations as our area-level indicator. We assessed suicidal thinking using the Patient Health Questionnaire (PHQ-9. We found that even after controlling for common predictors of suicidal thinking; low individual-level and area-level socio-economic position heightened risk. Individual-level socio-economic position appeared to exert the greater influence of the two; however. There is an onus on policy makers and planners from within and outside the mental health sector to take individual- and area-level socio-economic position into account when they are developing strategic initiatives.

  8. Cancer awareness and socio-economic position

    DEFF Research Database (Denmark)

    Hvidberg, Line; Pedersen, Anette Fischer; Wulff, Christian Nielsen

    2014-01-01

    Formålet med dette studie var at undersøge ”cancer awareness”, dvs. kendskabet til symptomer på kræft, risikofaktorer for kræft og 5-års overlevelsen for fire kræfttyper, i en dansk population. Derudover ses der nærmere på sammenhænge mellem socio-økonomisk position og ”cancer awareness......”. Resultaterne viser, at der er en stærk social gradient i ”cancer awareness”. Personer med et lavt uddannelsesniveau og en lav husstandsindkomst var mindre tilbøjelige til at genkende symptomer på kræft og risikofaktorer for kræft end personer med et højt uddannelsesniveau og en høj husstandsindkomst....... Resultaterne viser dog ingen klar sammenhæng mellem socio-økonomisk position og kendskabet til 5-års overlevelsen af kræft. Studiet bygger på data fra i alt 3.000 tilfældigt udvalgte danskere (på mindst 30 år), som besvarede den danske version af spørgeskemaet ”Awareness and Beliefs about Cancer”. Da ”cancer...

  9. The unidirectional relationship between consumer confidence and PSI-20 returns - The influence of the economic cycle

    Directory of Open Access Journals (Sweden)

    Maria Elisabete Duarte Neves

    Full Text Available ABSTRACT The aim of this paper is to determine the relationship between market sentiment and rates of return on the main Portuguese benchmark and verify whether this relationship is influenced by different economic cycles. Given the subjectivity inherent to the use of variables capturing investor sentiment, the Consumer Confidence Index (CCI was used as a benchmark. To achieve the proposed objective, an analysis of time series stationarity, Pearson correlation, and Granger causality using the autoregressive vectors model was carried out, followed by the Least Squares Method with macroeconomic variables. The results obtained suggest a one-way relationship between stock market returns and the sentiment variable. In fact, in times of recession, investor pessimism induces linear behavior and the sentiment-return relationship is more evident. This article will thus be of interest both to the academic community, in providing a basis for future investigations, and to managers and investors, with regards to the perception that the predictability of returns will be easier in periods of recession.

  10. Boron Application Improves Growth, Yield and Net Economic Return of Rice

    Directory of Open Access Journals (Sweden)

    Mubshar HUSSAIN

    2012-09-01

    Full Text Available A field trial was conducted to evaluate the role of boron (B application at different growth stages in improving the growth, yield and net economic return of rice at farmer's fields during summer season, 2009. Boron was soil applied (1.5 kg/hm2 at the transplanting, tillering, flowering and grain formation stages of rice; foliar applied (1.5% B solution at the tillering, flowering and grain formation stages of rice, and dipped seedling roots in 1.5% B solution before transplanting; while control plots did not apply any B. Boron application (except dipping of seedling roots in B solution, which caused toxicity and reduced the number of tillers and straw yield than control substantially improved the rice growth and yield. However, soil application was better in improving the number of grains per panicle, 1000-grain weight, grain yield, harvest index, net economic income and ratio of benefit to cost compared with the rest of treatments. Overall, for improving rice performance and maximizing the net economic returns, B might be applied as soil application at flowering.

  11. The Real Estate and Economic Crisis: An Opportunity for Urban Return and Rehabilitation Policies in Spain

    Directory of Open Access Journals (Sweden)

    Jesús M. González Pérez

    2010-06-01

    Full Text Available In the early 1980s, suburbanization and periurbanization processes became widespread in major cities within Spain. An interesting stage of returning to city centers commenced that materialized in the start of rehabilitation policies within historic centers. These processes coincided with weak population growth, an acute industrial economic crisis, and new democratic policies in municipal councils. Three decades later, we may be witnessing similar processes, although with different origins. The consequences of a construction-based economic model have been disastrous in Spain, from both an economic as well as an environmental point of view. The artificial land boom was significant throughout the country, but was especially prominent within the Mediterranean areas that specialize in tourism and real estate (second homes. The burst of the real estate bubble has shown the irrationality of the economic model and the serious social and environmental consequences that the model has entailed. Within this context, some of the territorial transformation processes that occurred in Spain during the real estate boom period are being studied for the first time. Additionally, changes in land policies (urban renewal of centers and urban renewal in general within the current economic and real estate crisis are analyzed. An urban rehabilitation that gradually includes new spaces for intervention and for introducing new sustainable methods for recovering degraded spaces, such as the Master Plan for Platja de Palma, a mature tourism destination that seeks a final ‘0 CO2 balance’ scenario, among other objectives.

  12. The 3-year disease management effect: understanding the positive return on investment.

    Science.gov (United States)

    Nyman, John A; Jeffery, Molly Moore; Abraham, Jean M; Jutkowitz, Eric; Dowd, Bryan E

    2013-11-01

    Conventional wisdom suggests that health promotion programs yield a positive return on investment (ROI) in year 3. In the case of the University of Minnesota's program, a positive ROI was achieved in the third year, but it was due entirely to the effectiveness of the disease management (DM) program. The objective of this study is to investigate why. Differences-in-differences regression equations were estimated to determine the effect of DM participation on spending (overall and service specific), hospitalizations, and avoidable hospitalizations. Disease management participation reduced expenditures overall, and especially in the third year for employees, and reduced hospitalizations and avoidable hospitalizations. The positive ROI at Minnesota was due to increased effectiveness of DM in the third year (mostly due to fewer hospitalizations) but also to the simple durability of the average DM effect.

  13. Economic analysis of solar industrial process heat systems: A methodology to determine annual required revenue and internal rate of return

    Science.gov (United States)

    Dickinson, W. C.; Brown, K. C.

    1981-08-01

    An economic evaluation of solar industrial process heat systems, is developed to determine the annual required revenue and the internal rate of return. First, a format is provided to estimate the solar system's installed cost, annual operating and maintenance expenses, and net annual solar energy delivered to the industrial process. The annual required revenue and the price of solar is calculated. The economic attractiveness of the potential solar investment can be determined by comparing the price of solar energy with the price of fossilfuel, both expressed in levelized terms. This requires calcuation of the internal rate of return on the solar investment or, in certain cases, the growth rate of return.

  14. A theorem on the methodology of positive economics

    Directory of Open Access Journals (Sweden)

    Eduardo Pol

    2015-12-01

    Full Text Available It has long been recognized that the Milton Friedman’s 1953 essay on economic methodology (or F53, for short displays open-ended unclarities. For example, the notion of “unrealistic assumption” plays a role of absolutely fundamental importance in his methodological framework, but the term itself was never unambiguously defined in any of the Friedman’s contributions to the economics discipline. As a result, F53 is appealing and liberating because the choice of premises in economic theorizing is not subject to any constraints concerning the degree of realisticness (or unrealisticness of the assumptions. The question: “Does the methodology of positive economics prevent the overlapping between economics and science fiction?” comes very naturally, indeed. In this paper, we show the following theorem: the Friedman’s methodology of positive economics does not exclude science fiction. This theorem is a positive statement, and consequently, it does not involve value judgements. However, it throws a wrench on the formulation of economic policy based on surreal models.

  15. The socio-economic impact of the involuntary mass return to Yemen in 1990.

    Science.gov (United States)

    Van Hear, N

    1994-01-01

    800,000 Yemen nationals were forced to leave Saudi Arabia, Kuwait, and other countries in the region during the Gulf War. Their mass return to Yemen followed immediately after reunification of North and South Yemen. Analysis reveals that the term "migrant worker" is a misnomer and obscures the variations in wealth, residence, and status. Returnees had variable lengths of stay abroad, number of dependents or family members abroad or at home, types of occupation, ownership of assets, frequency of visits to the community of origin, and remittances. The range of long-term migrants included wealthy merchants and bankers, middle level service and retail workers, and poor workers in the informal sector. The common thread is that all suffered some decline in standard of living. The return was less disruptive for short-term migrants. Some long-term residents no longer had social and economic ties to Yemen, and some had no experience living in Yemen. About 33% were estimated to be without ties to home communities. The decline in remittances from abroad affected foreign exchange receipts. The country shifted from labor scarcity to unemployment conditions. The infrastructure in housing, education, and social services was strained. The one-time influx of capital was short-lived. Returnees comprised about 7% of the total population. The feared upheaval politically and economically did not occur. Suggested improvements for future mass resettlement include offering shanty dwellers a supplemental feeding program, a means of obtaining secure housing, and increased infrastructure. The long-term benefits of encouraging a return to agriculture should have been more widely promoted.

  16. FUNGICIDES IN SECOND HARVEST CORN: CERCOSPORIOSE CONTROL AND BLOTCH, PRODUCTIVITY, ECONOMIC RETURN AND GRAIN QUALITY

    Directory of Open Access Journals (Sweden)

    P. Rezende

    2017-10-01

    Full Text Available Os objetivos desse trabalho foram avaliar a eficiência de The aim of this study was evaluate efficacy fungicides to control cercospora leaf spot (Cercospora zeae-maydis and helminthosporium leaf blight (Exserohilumturcicum, productivity, economic returns and quality of grain of corn culture of second crop in Farm Bandeirantes at Feliz Natal/MT. The treatments evaluated were: pyraclostrobina+epoxiconazol (0,7 L ha-1, trifloxistrobina+protioconazol (0,3L ha-1, azoxistrobina+cyproconazol(0,3 L ha-1, azoxystrobina (0,25 L ha-1, trifloxistrobina+ciproconazol (0,2 L ha-1 and control. Theapplicationof products occurred when corn was with 55 days, with a high propelled sprayer. The experimental design was a randomized block, with 6 treatments and 3 replications. The severity of each disease was visually determined through periodic analyses and ten plants were marked in each repetition, which were evaluated during the entire crop cycle. The data of severity obtained were used to calculate the area under disease progress curve (AUDPC. It was also obtained the production per ha, the economic return (R$ ha-1 and physiological quality of grain was evaluated by germination tests and accelerated aging of the grains. All treatments had significant difference compared to the control sample in controlling cercospora leaf spot about the control of helminthosporiumleat blight, the fungicides trifloxystrobin+prothioconazol and trifloxystrobin+cyproconazol were not efficient, and the fungicides pyraclostrobina+epoxiconazol, azoxystrobina, azoxistrobina+cyproconazol were efficient. The treatments that had major production are from the group of triazoles+strobilurine and the fungicide pyraclostrobin+epoxyconazol showed greater economic viability. Not were differences among fungicides, and neither of the treatments compared to control, in germination and accelerated aging tests, showing that the grains have good quality characteristics

  17. 'The methodology of positive economics' does not give us the methodology of positive economics

    NARCIS (Netherlands)

    U.I. Mäki (Uskali)

    2003-01-01

    textabstractIt is argued that rather than a well defined F-Twist, Milton Friedman's 'Methodology of positive economies' offers an F-Mix: a pool of ambiguous and inconsistent ingredients that can be used for putting together a number of different methodological positions. This concerns issues such as

  18. Economic opportunity in Mexico and return migration from the United States.

    Science.gov (United States)

    Lindstrom, D P

    1996-08-01

    I analyze the influence of the economic characteristics of origin area on trip duration for Mexican migrants in the United States. I argue that migrants from economically dynamic areas in Mexico with favorable opportunities for employment and small capital investment have a larger incentive to stay in the United States longer and to withstand the psychic costs of separation from family and friends than do migrants from economically stagnant areas in Mexico, where the productive uses of savings are severely limited. In line with this argument we should expect investment opportunities in migrants' origin areas to be associated positively with migrants' trip duration in the United States. To test this hypothesis I use individual- and household-level data on U.S. migration experience collected in 13 Mexican communities. Evidence from parametric hazards models supports the idea that economic characteristics of origin areas influence the motivations and strategies of Mexican migrants in the United States.

  19. Positive and Negative Factors of Economic Development in Economic History of South Korea

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    Park Jong Min

    2017-01-01

    Full Text Available Purpose: the aim of the article is to analyze the Korean economic strategy from the beginning of its development until modern stage. Examination of how this strategy has changed depending on changes within domestic and international economic environment, assumptions, set goals, their effectiveness and significance of all the taken measures. It will demonstrate waypoints for the future economic development and will become a trigger towards recognition of the successful development of the Korean economy by other countries. Methods: the methodological bases of this article are the economic and statistical methods of analysis of the Korean economys, graphical methods displaying economic indicators. Results: economic history of South Korea over the past century shows the positive and negative factors of the development from an economically weak country into a developing country. The history of the Japanese occupation of Korea, lasting from 1910 to 1945, showed that for a country which has lost its national sovereignty, expropriated the state's economy has no effect after the restoration of independence, and that the economy cannot develop in conditions of chaos within the political, economic and social spheres. Even after the establishment of a military dictatorship, it is possible to note that despite limitations of citizens’ rights, the economy can still grow if the people want it. In addition to the development of internal political system, unstable factors in the process of promotion of social reforms and hastily adopted policy of "open doors" in order to enhance the international status are unreasonable political, economic and social changes. In turn, the inability to control currency exchange in Asian countries, which is a policy of economic development, has shown the existence of a risk of national bankruptcy. Moreover, the adoption of policies of excessive decrease of interest rates in order to revive the recession may be counterproductive

  20. The Influence of Groundwater Depletion from Irrigated Agriculture on the Tradeoffs between Ecosystem Services and Economic Returns.

    Science.gov (United States)

    Kovacs, Kent; West, Grant

    2016-01-01

    An irrigated agricultural landscape experiencing groundwater overdraft generates economic returns and a suite of ecosystem services (in particular, groundwater supply, greenhouse gases reduction, and surface water quality). Alternative land cover choices indicate tradeoffs among the value of ecosystem services created and the economic returns. These tradeoffs are explored using efficiency frontiers that determine the least value in ecosystem services that must be given up to generate additional economic returns. Agricultural producers may switch to irrigation with surface water using on-farm reservoirs and tail water recovery systems in response to groundwater overdraft, and this has consequences for the bundle of ecosystem service values and economic returns achievable from the landscape. Planning that accounts for both ecosystem service value and economic returns can achieve more value for society, as does the adoption of reservoirs though lowering the costs of irrigation, increasing groundwater levels, and reducing fuel combustion and associated GHG emissions from groundwater pumping. Sensitivity analyses of per unit value of ecosystem services, crop prices, and the groundwater and water purification model parameters indicate tradeoff among ecosystems service values, such as the use of a high-end social cost of carbon ultimately lowers groundwater supply and water purification value by more than 15%.

  1. The Influence of Groundwater Depletion from Irrigated Agriculture on the Tradeoffs between Ecosystem Services and Economic Returns.

    Directory of Open Access Journals (Sweden)

    Kent Kovacs

    Full Text Available An irrigated agricultural landscape experiencing groundwater overdraft generates economic returns and a suite of ecosystem services (in particular, groundwater supply, greenhouse gases reduction, and surface water quality. Alternative land cover choices indicate tradeoffs among the value of ecosystem services created and the economic returns. These tradeoffs are explored using efficiency frontiers that determine the least value in ecosystem services that must be given up to generate additional economic returns. Agricultural producers may switch to irrigation with surface water using on-farm reservoirs and tail water recovery systems in response to groundwater overdraft, and this has consequences for the bundle of ecosystem service values and economic returns achievable from the landscape. Planning that accounts for both ecosystem service value and economic returns can achieve more value for society, as does the adoption of reservoirs though lowering the costs of irrigation, increasing groundwater levels, and reducing fuel combustion and associated GHG emissions from groundwater pumping. Sensitivity analyses of per unit value of ecosystem services, crop prices, and the groundwater and water purification model parameters indicate tradeoff among ecosystems service values, such as the use of a high-end social cost of carbon ultimately lowers groundwater supply and water purification value by more than 15%.

  2. Diminished Economic Return of Socioeconomic Status at Birth among Black than White Youth

    Directory of Open Access Journals (Sweden)

    Shervin Assari

    2018-05-01

    Full Text Available Background: According to the Minorities’ Diminished Return theory, socioeconomic status (SES systemically generates larger gains for Whites compared to Blacks. It is, however, unknown whether the effects of baseline SES on future family income also varies between Blacks and Whites. Aims: Using a national sample, this study investigated racial variation in the effects of family SES (i.e., family structure, maternal education, and income at birth on subsequent household income at age 15. Methods: This 15-year longitudinal study used data from the Fragile Families and Child Wellbeing Study (FFCWS, which followed 1471 non-Hispanic Black or White families from the time of birth of their child for 15 years. Two family SES indicators (maternal education and income at birth were the independent variables. Family income 15 years later was the outcome. Maternal age, child gender, and family structure at baseline were covariates. Race was the focal moderator. Linear regression models were used for data analysis. Results: In the pooled sample, maternal education (b = 11.62, p < 0.001 and household income (b = 0.73, p < 0.001 at baseline were predictive of family income 15 years later. Race, however, interacted with maternal education (b = −12,073.89, p < 0.001 and household income (b = −312.47, p < 0.001 at birth on household income 15 years later, indicating smaller effects for Black compared to White families. These differential gains were independent of family structure, mother age, and child gender. Conclusions: The economic return of family SES is smaller for Black compared to White families, regardless of the SES indicator. Policies should specifically address structural barriers in the lives of racial and ethnic minorities to minimize the diminished return of SES resources across racial minority groups. Policies should also reduce extra cost of upward social mobility for racial minorities. As the likely causes are multi-level, solutions should

  3. Economic value analysis of the return from the Korean astronaut program and the science culture diffusion activity in Korea

    Science.gov (United States)

    Yi, Soyeon; Jang, Hyun-Jin; Lee, Hyo Suk; Yu, Jong-Phil; Kim, Soyeon; Lee, Joohee; Hur, Hee-Young

    2013-06-01

    In this study, we analyze the economic effects from the Korean Astronaut Program (KAP) and the subsequent Science Culture Diffusion Activity (SCDA). Korea has had a huge practical effect on the development of science and technology and has increased international awareness of Korea by producing Korea's first astronaut. There has also been a large, ripple effect on space related industries. In addition, the KAP has exercised a far-reaching influence on Korean society and culture by boosting all science and engineering and inspiring national pride. After the KAP, astronauts' outreach activities, such as lectures for the general public; interviews on television, newspapers and magazines; participating in children's science camps; and distributing publications and DVDs about astronaut program for general public, were instituted for diffusing science culture. Thus, positive effects such as the promotion of Korea's level of technology, student interest in science and engineering fields, and the expansion of the industrial base were reinforced after the KAP. This study is aimed at evaluating the economic significance and the value of return through analyzing the effects of the KAP and the subsequent Science Culture Diffusion Activity.

  4. Economic returns to investment in AIDS treatment in low and middle income countries.

    Directory of Open Access Journals (Sweden)

    Stephen Resch

    Full Text Available Since the early 2000s, aid organizations and developing country governments have invested heavily in AIDS treatment. By 2010, more than five million people began receiving antiretroviral therapy (ART--yet each year, 2.7 million people are becoming newly infected and another two million are dying without ever having received treatment. As the need for treatment grows without commensurate increase in the amount of available resources, it is critical to assess the health and economic gains being realized from increasingly large investments in ART. This study estimates total program costs and compares them with selected economic benefits of ART, for the current cohort of patients whose treatment is cofinanced by the Global Fund to Fight AIDS, Tuberculosis and Malaria. At end 2011, 3.5 million patients in low and middle income countries will be receiving ART through treatment programs cofinanced by the Global Fund. Using 2009 ART prices and program costs, we estimate that the discounted resource needs required for maintaining this cohort are $14.2 billion for the period 2011-2020. This investment is expected to save 18.5 million life-years and return $12 to $34 billion through increased labor productivity, averted orphan care, and deferred medical treatment for opportunistic infections and end-of-life care. Under alternative assumptions regarding the labor productivity effects of HIV infection, AIDS disease, and ART, the monetary benefits range from 81 percent to 287 percent of program costs over the same period. These results suggest that, in addition to the large health gains generated, the economic benefits of treatment will substantially offset, and likely exceed, program costs within 10 years of investment.

  5. Comparing Sprinkler and Surface Irrigation for Wheat Using Multi-Criteria Analysis: Water Saving vs. Economic Returns

    Directory of Open Access Journals (Sweden)

    Hanaa Darouich

    2017-01-01

    Full Text Available Coping with water scarcity using supplemental irrigation of wheat (Triticum aestivum L. in the semi-arid northeast Syria is a great challenge for sustainable water use in agriculture. Graded borders and set sprinkler systems were compared using multi-criteria analysis. Alternative solutions for surface irrigation and for sprinkler systems were developed with the SADREG and the PROASPER design models, respectively. For each alternative, two deficit irrigation strategies were considered, which were characterized using indicators relative to irrigation water use, yields and water productivity, including farm economic returns. Alternatives were ranked considering two contrasting priorities: economic returns and water saving. A first step in ranking led to a selection of graded borders with and without precise land levelling and of solid set and semi-permanent sprinkler systems. Precise-levelled borders were better for water saving, while non-precise ones ranked higher for economic returns. Semi-permanent set systems have been shown to be better in economic terms and similar to solid set systems when water saving is prioritized. Semi-permanent sprinkler systems rank first when comparing all type of systems together regardless of the considered deficit irrigation strategy. Likely, border irrigation is appropriate when wheat is in rotation with cotton if the latter is surface irrigated. When peace becomes effective, appropriate economic incentives and training for farmers are required to implement innovative approaches.

  6. The use of efficiency frontiers to evaluate the optimal land cover and irrigation practices for economic returns and ecosystem services

    Science.gov (United States)

    Kovacs, Kent; West, Grant; Xu, Ying

    2017-04-01

    Efficiency frontiers are a useful tool for governmental agencies that balance the protection of ecosystem services with the economic returns from an agricultural landscape because the tool illustrates that a compromise of objectives generates greater value to society than optimizing a sole objective. Policy makers facing the problem of groundwater overdraft on an agricultural landscape want to know if regulations or irrigation technology adoption will enhance both economic and ecosystem service benefits. Conjunctive water management with on-farm reservoirs and tail water recovery system is frequently suggested to alleviate groundwater and surface water quality problems in the Lower Mississippi River Basin of the United States, and this study evaluates the consequence of the adoption of this technology for the balance of ecosystem service and economic objectives. A compromise of objectives that maximizes the value to society provides 76% more value to society without reservoirs and 66% more value to society with reservoirs than the sole objective of economic returns. The reservoirs help an agricultural landscape maximizing economic returns to align more closely with a landscape maximizing the value to society, although there are still significant gains possible from finding a landscape that directly compromises on the objectives.

  7. Long memory volatility of gold price returns: How strong is the evidence from distinct economic cycles?

    Science.gov (United States)

    Bentes, Sonia R.

    2016-02-01

    This paper examines the long memory behavior in the volatility of gold returns using daily data for the period 1985-2009. We divided the whole sample into eight sub-samples in order to analyze the robustness and consistency of our results during different crisis periods. This constitutes our main contribution. We cover four major world crises, namely, (i) the US stock market crash of 1987; (ii) the Asian financial crisis of 1997; (iii) the World Trade Center terrorist attack of 2001 and finally, (iv) the sub-prime crisis of 2007, in order to investigate how the fractional integrated parameter of the FIGARCH(1, d,1) model evolves over time. Our findings are twofold: (i) there is evidence of long memory in the conditional variance over the whole sample period; (ii) when we consider the sub-sample analysis, the results show mixed evidence. Thus, for the 1985-2003 period the long memory parameter is positive and statistically significant in the pre-crisis sub-samples, and there is no evidence of long memory in the crisis sub-sample periods; however the reverse pattern occurs for the 2005-2009 period. This highlights the unique characteristics of the 2007 sub-prime crisis.

  8. What Is the Aggregate Economic Rate of Return to Foreign Aid?

    DEFF Research Database (Denmark)

    Arndt, Channing; Jones, Edward Samuel; Tarp, Finn

    2015-01-01

    of return to aid. Our results highlight the long run nature of aid-financed investments and the importance of channels other than accumulation of physical capital. We find the return to aid lies in ranges commonly accepted for public investments and there is little to justify the view that aid has had...

  9. Agroforestry versus farm mosaic systems - Comparing land-use efficiency, economic returns and risks under climate change effects.

    Science.gov (United States)

    Paul, Carola; Weber, Michael; Knoke, Thomas

    2017-06-01

    Increasing land-use conflicts call for the development of land-use systems that reconcile agricultural production with the provisioning of multiple ecosystem services, including climate change mitigation. Agroforestry has been suggested as a global solution to increase land-use efficiency, while reducing environmental impacts and economic risks for farmers. Past research has often focused on comparing tree-crop combinations with agricultural monocultures, but agroforestry has seldom been systematically compared to other forms of land-use diversification, including a farm mosaic. This form of diversification mixes separate parcels of different land uses within the farm. The objective of this study was to develop a modelling approach to compare the performance of the agroforestry and farm mosaic diversification strategies, accounting for tree-crop interaction effects and economic and climate uncertainty. For this purpose, Modern Portfolio Theory and risk simulation were coupled with the process-based biophysical simulation model WaNuLCAS 4.0. For an example application, we used data from a field trial in Panama. The results show that the simulated agroforestry systems (Taungya, alley cropping and border planting) could outperform a farm mosaic approach in terms of cumulative production and return. Considering market and climate uncertainty, agroforestry showed an up to 21% higher economic return at the same risk level (i.e. standard deviation of economic returns). Farm compositions with large shares of land allocated to maize cultivation were also more severely affected by an increasing drought frequency in terms of both risks and returns. Our study demonstrates that agroforestry can be an economically efficient diversification strategy, but only if the design allows for economies of scope, beneficial interactions between trees and crops and higher income diversification compared to a farm mosaic. The modelling approach can make an important contribution to support

  10. Economic efficency and competitive position of nuclear energy today

    International Nuclear Information System (INIS)

    Schmitt, D.

    1988-01-01

    In spite of the relaxation making itself felt at the moment on the world energy markets, the competitive position of nuclear power from either existing or shortly to be connected power plants remains safe. Any attempt at doing without this extraordinarily convenient vehicle of power generation would mean to severely force up costs and expenses. The competitive position of existing nuclear power plants is assumed to remain untouched through the coming decade. In spite of the presently very low world market prices imported coal is especially affected by, even abstract economic analyses show nuclear energy to come out superior to all other alternatives providing for the electric power supply of the Federal Republic of Germany. Once the over-capacity is reduced and under control, a longer-term superior competitive position of nuclear power, however, presupposes a rise in prices full level with those of the neighbor countries. At any rate and for the time being, the divergence of electric power from imported coal prices which was even obvious in the mean load range has diminished. The superior position of nuclear power in the base load range can be maintained through avoiding further rises in operating costs by gradual rationalization and standardization. (orig./HP) [de

  11. The Economic Returns to Graduating with Honors - Evidence from Law Graduates

    OpenAIRE

    Schumann, Mathias; Freier, Ronny; Siedler, Thomas

    2014-01-01

    This paper studies the causal effects of graduating from university with an honors degree on subsequent labor market outcomes. While a rich body of literature has focused on estimating returns to human capital, few studies have analyzed returns at the very top of the education distribution. We highlight the importance of honors degrees for future labor market success in the context of German law graduates. Using a difference-in-differences research design combined with entropy balancing, we f...

  12. HE CONVERSION OF THE EFFICIENCY OF LABOR, RESPECTIVELY OF LABOR PRODUCTIVITY IN THE ECONOMIC AND COMMERCIAL RATE OF RETURN

    Directory of Open Access Journals (Sweden)

    Constantin CĂRUNTU

    2010-12-01

    Full Text Available Generally, an activity is considered to be efficient if the production implies low costs or if the revenues from selling the products on the market outweigh the expenditures that were made to achieve them. Labor productivity as an efficiency indicator of a production process represents an expression of the relationship between effect (products, services and effort (work means, labor force, work items. Through the labor productivity conversion in rates of return (economic and commercial is determined an evolution and an influence on these rates, driving the company’s own efforts to innovate, produce and harness goods, works and services with maximum utility, efficiency and competitiveness services. The aim of this paper is to highlight the work efficiency, respectively the labor productivity detached from the factorial context in the trade and economic rates of return. The introduction presents some general aspects referring to labor productivity, then it will be presented and discussed the analytical methods used in the process of reflecting the labor productivity in the rates of return, the results analysis, and at the end of this paper it will be presented some conclusions based on the study case. The expected results consist in identifying the mechanisms by which labor efficiency is converted into the company’s economic and financial performance.

  13. Avoiding negative vs. achieving positive outcomes in hard and prosperous economic times

    NARCIS (Netherlands)

    Millet, K.; Lamey, L.; Van den Bergh, B.

    2012-01-01

    Three studies suggest that business cycle fluctuations trigger distinct motivational orientations that selectively affect economic judgment and decision making. Economic contractions induce avoidance motivation and affect negative economic sentiment, but leave approach motivation and positive

  14. Performance analysis of supply and return fans for HVAC systems under different operating strategies of economizer dampers

    Energy Technology Data Exchange (ETDEWEB)

    Nassif, Nabil [Florida Solar Energy Center, A Research Institute of the University of Center Florida, 1679 Clearlake Road, Cocoa, FL 32922 (United States)

    2010-07-15

    HVAC systems and associated equipment consume a relatively large fraction of total building energy consumption, a significant portion of which is attributed to fan operation. The operation of economizer dampers when installed can cause high energy consumption in fans if they are not functioning in proper and optimal manner. This will mainly be due to the potential high pressure drops through those dampers and associated high total pressures that should be developed by supply and/or return fans. It is then necessary to ensure that a proper strategy to operate optimally the economizer dampers is implemented with minimum fan energy use. The paper examines several operation strategies of the economizer dampers and investigates their effects on the performance of both the supply and return fans in HVAC system. It also discusses a new operating strategy for economizer dampers that can lead to lower fan energy use. The strategies are evaluated by simulations for a typically existing HVAC system. Several factors such as the building locations, system characteristics, resistance in the duct where the dampers are installed, supply air temperature and economizer control, and minimum ventilation requirements are also considered during the evaluations. The results show that the way of the economizer dampers been controlled has a significant effect on fan performance and its energy use. The proposed strategy if properly implemented can provide fan energy saving in the range of 5-30%, depending mainly on the number of hours when the system operates in the free cooling mode, damper characteristics, and minimum outdoor air. (author)

  15. No MERS-CoV but positive influenza viruses in returning Hajj pilgrims, China, 2013–2015

    Directory of Open Access Journals (Sweden)

    Xuezheng Ma

    2017-11-01

    Full Text Available Abstract Background There is global health concern that the mass movement of pilgrims to and from Mecca annually could contribute to the international spread of Middle East Respiratory Syndrome Coronavirus (MERS-CoV. In China, about 11,000 Muslim pilgrims participate in the Hajj gathering in Mecca annually. This is the first report of MERS-CoV and respiratory virus molecular screening of returning pilgrims at points of entry in China from 2013 to 2015. Methods and results A total of 847 returning Hajj pilgrims participated in this study. The test results indicated that of the travelers, 34 tested positive for influenza A virus, 14 for influenza B virus, 4 for metapneumo virus, 2 for respiratory syncytial virus, and 3 for human coronavirus. There was a significant difference in the rates of positive and negative influenza virus tests between Hajj pilgrims with symptoms and those without. The detection rates of influenza virus were not significantly different among the three years studied, at 5.3, 6.0 and 6.3% for 2013, 2014 and 2015, respectively. Discussion and conclusion The MERS-CoV and respiratory viruses detection results at points of entry in China from 2013 to 2015 indicated that there were no MERS-CoV infection but a 5.7% positive influenza viruses in returning Chinese pilgrims.

  16. Measuring socio-economic position in dietary research: is choice of socio-economic indicator important?

    Science.gov (United States)

    Turrell, Gavin; Hewitt, Belinda; Patterson, Carla; Oldenburg, Brian

    2003-04-01

    To examine the association between socio-economic position (SEP) and diet, by assessing the unadjusted and simultaneously adjusted (independent) contributions of education, occupation and household income to food purchasing behaviour. The sample was randomly selected using a stratified two-stage cluster design, and the response rate was 66.4%. Data were collected by face-to-face interview. Food purchasing was examined on the basis of three composite indices that reflected a household's choice of grocery items (including meat and chicken), fruit and vegetables. Brisbane City, Australia, 2000. : Non-institutionalised residents of private dwellings located in 50 small areas (Census Collectors Districts). When shopping, respondents in lower socio-economic groups were less likely to purchase grocery foods that were high in fibre and low in fat, salt and sugar. Disadvantaged groups purchased fewer types of fresh fruits and vegetables, and less often, than their counterparts from more advantaged backgrounds. When the relationship between SEP and food purchasing was examined using each indicator separately, education and household income made an unadjusted contribution to purchasing behaviour for all three food indices; however, occupation was significantly related only with the purchase of grocery foods. When education and occupation were simultaneously adjusted for each other, the socio-economic patterning with food purchase remained largely unchanged, although the strength of the associations was attenuated. When household income was introduced into the analysis, the association between education, occupation and food purchasing behaviour was diminished or became non-significant; income, however, showed a strong, graded association with food choice. The food purchasing behaviours of socio-economically disadvantaged groups were least in accord with dietary guideline recommendations, and hence are more consistent with greater risk for the development of diet

  17. Ex-ante analysis of economic returns from biological control of coconut mite in Tanzania

    NARCIS (Netherlands)

    Oleke, J.M.; Manyong, V.; Mignouna, D.; Isinika, A.; Mutabazi, K.; Hanna, R.; Sabelis, M.

    2013-01-01

    The coconut mite, Aceria guerreronis Keifer, has been identified as one of the pests that pose a threat to the coconut industry in Benin. The study presents the simulation results of the economic benefits of the biological control of coconut mites in Benin using a standard economic surplus model. In

  18. Childhood and adulthood socio-economic position and midlife depressive and anxiety disorders.

    Science.gov (United States)

    Stansfeld, Stephen A; Clark, Charlotte; Rodgers, Bryan; Caldwell, Tanya; Power, Chris

    2008-02-01

    This paper investigates how childhood socio-economic position influences the risk for midlife depressive and anxiety disorders at 45 years of age, assessed by the Clinical Interview Schedule in 9377 participants of the 1958 British Birth Cohort. Socio-economic position was measured by Registrar General Social Class in childhood and adulthood. The association of paternal manual socio-economic position with any diagnosis at 45 years of age was accounted for after adjustment for adult socio-economic position. Manual socio-economic position in women at 42 years of age was associated with midlife depressive disorder and any diagnosis; these associations were diminished by adjustment for childhood psychological disorders. Effects of childhood socio-economic position on adult depressive disorders may be mediated through adult socio-economic position.

  19. Symmetric and asymmetric US sector return volatilities in presence of oil, financial and economic risks

    International Nuclear Information System (INIS)

    Hammoudeh, Shawkat; Yuan, Yuan; Chiang, Thomas; Nandha, Mohan

    2010-01-01

    This paper examines the impacts of world, country, and sector-specific variables on the stock return volatility of twenty-seven US sectors in the short- and long-run, accounting for the asymmetric shocks based on GARCH models. In the standard GARCH model the two world variables, oil and Morgan Stanley Capital Index (MSCI), have differing impacts on the US equity sector returns' volatility, with oil price dampening it while MSCI heightening it for most sectors. This result underlines the need for hedging more against world capital market risk relative to oil risk which is probably hedged by many sectors. The world and country factors' impacts are not as pervasive across the board, compared with the sector-specific impacts of the P/B ratio and trading volume which affect almost all sectors. Increases in the P/B ratio would reduce the aggregate volatility, while increases in the trading volume would heighten it for all sectors. Asymmetry of factor impacts on volatility is also found for most sectors. Most of the GARCH factor results are confirmed in the CGARCH model with the exception of the impact of interest rate on the short-lived transitory volatility. Finally, interesting econometric results on the inclusion or exclusion of trading volumes are discussed.

  20. Effects of Tillage on Yield and Economic Returns of Maize and Cowpea in Semi-Arid Eastern Kenya

    International Nuclear Information System (INIS)

    Miriti, M.J; Kironchi, G; Gachene, K.K.C; Esilaba, O.A.; Mwangi, M.D; Nyamwaro, S.O; Heng, K.L

    2014-01-01

    Crop yields and financial returns are important criteria for adoption of conservation tillage by farmers. A study was conducted between 2007-2010 to compare the financial returns of subsoiling-ripping and tied-ridge tillage with the conventional ox-plough tillage in the production of maize (Zea mays L.) and cowpea (Vigna unguiculata L.) under semi-arid subsistence farming conditions in lower eastern Kenya. Four cropping systems namely maize sole crop, cowpea sole crop, maize/cowpea intercrop and maize sole crop with manure were evaluated in a split-plot treatments arrangement with tillage practices as the main plots and cropping systems as the sub-plots. The grain yields of maize and cowpea, prevailing market prices for cowpea and maize grains, labour, inputs applied and other relevant socio-economic data were collected every season, to enable estimation of economic returns and acceptability of the technologies. The results showed that average grain yield for maize sole crop, cowpea sole crop, maize/cowpea intercrop and maize sole crop with manure cropping systems under tied-ridge were 5, 9, 97 and 27% greater than the yields under oxplough tillage, respectively. Crop yields produced under subsoiling-ripping and ox-plough tillage were generally similar. However, land preparation and weeding labour expenses (KES 4240 / ha) for ox-plough tillage were 34% greater than those for subsoiling-ripping tillage but 40% lower than those for tied-ridge tillage. When averaged across seasons and tillage systems, the highest gross margins (KES 8567 / ha) were obtained in sole cowpea cropping system, followed by sole maize with manure (KES 4070 / ha), intercrop (KES 864 / ha) and least (loss of KES 1330 / ha) in sole maize without manure cropping system. (author)

  1. An Economic Return to Education in Small-scale Fisheries in North ...

    African Journals Online (AJOL)

    investigated amongst small-scale fishing communities in north-east Madagascar. We found that educational level is low in Malagasy fishing ... contribution of education to the economy, society and well-being of humans over the .... of labor education in South Korea from a sociopolitical and economic perspective.

  2. The Requirement of a Positive Definite Covariance Matrix of Security Returns for Mean-Variance Portfolio Analysis: A Pedagogic Illustration

    Directory of Open Access Journals (Sweden)

    Clarence C. Y. Kwan

    2010-07-01

    Full Text Available This study considers, from a pedagogic perspective, a crucial requirement for the covariance matrix of security returns in mean-variance portfolio analysis. Although the requirement that the covariance matrix be positive definite is fundamental in modern finance, it has not received any attention in standard investment textbooks. Being unaware of the requirement could cause confusion for students over some strange portfolio results that are based on seemingly reasonable input parameters. This study considers the requirement both informally and analytically. Electronic spreadsheet tools for constrained optimization and basic matrix operations are utilized to illustrate the various concepts involved.

  3. MARKET COMPETITIVENESS, RISK, AND ECONOMIC RETURN: THE CASE OF THE LIMASSOL JUICE FACTORY

    OpenAIRE

    Andreas Andreou; Glenn Jenkins; Savvakis Savvides

    1991-01-01

    This paper evaluates the strategic options available to a juice drink manufacturing company in Cyprus who is facing serious problems of survival in an aggressive and rapidly changing market environment. Following an initial screening of possible investments based on qualitative evaluation of the market, the two most promising strategies are formulated and appraised for financial and economic viability. The financial appraisal analyzes the projected cash flows from the owner’s and total invest...

  4. Pharmaceutical R&D performance by firm size: approval success rates and economic returns.

    Science.gov (United States)

    DiMasi, Joseph A

    2014-01-01

    The R&D productivity of pharmaceutical firms has become an increasingly significant concern of industry, regulators, and policymakers. To address an important aspect of R&D performance, public and private data sources were used to estimate clinical phase transition and clinical approval probabilities for the pipelines of the 50 largest pharmaceutical firms (by sales) by 3 firms size groups (top 10 firms, top 11-20 firms, and top 21-50 firms). For self-originated compounds, the clinical approval success rates were 14.3%, 16.4%, and 18.4% for top 10 firms, top 11-20 firms, and top 21-50 firms, respectively. The results showing higher success rates for smaller firms were largely driven by outcomes for the small-molecule drugs. Adjustments for the relatively small differences in therapeutic class distributions across the firm size groups showed that the success rate for small-molecule self-originated drugs was 6% below average for top 10 firms and 17% above average for top 21-50 firms. Although success rates for small firms were higher, this advantage was offset to some degree by lower returns on approved drugs, suggesting different strategic objectives with regard to risk and reward by firm size.

  5. A New Definition of and Role for Preferences in Positive Economics

    NARCIS (Netherlands)

    Engelen, Bart

    2017-01-01

    Positive economic models aim to provide truthful explanations of significant (aspects of) economic phenomena. While the notion of ‘preferences’ figures prominently in micro-economic models, it suffers from a remarkable lack of conceptual clarity and rigor. After distinguishing narrow homo economicus

  6. Health economics of insomnia treatments: The return on investment for a good night's sleep.

    Science.gov (United States)

    Wickwire, Emerson M; Shaya, Fadia T; Scharf, Steven M

    2016-12-01

    Chronic insomnia is the most common sleep disorder among adults and is associated with a wide range of negative outcomes. This article reviews the economic consequences of the disorder and the cost effectiveness of insomnia treatments. First, the total costs of insomnia are reviewed; in aggregate these costs exceed $100 billion USD per year, with the majority being spent on indirect costs such as poorer workplace performance, increased health care utilization, and increased accident risk. Next, the deleterious impact of insomnia on quality of life and the impact of treatment on quality of life are briefly considered. Finally, ten published studies evaluating the cost effectiveness of both pharmacological and behavioral treatments for insomnia are reviewed in detail. A significant majority of studies reviewed found that the cost of treating primary and comorbid insomnia is less than the cost of not treating it. Treatments were generally found to be cost-effective using commonly employed standards, with treatment costs being recouped within 6-12 mo. Copyright © 2015 Elsevier Ltd. All rights reserved.

  7. Bigger is better: Improved nature conservation and economic returns from landscape-level mitigation.

    Science.gov (United States)

    Kennedy, Christina M; Miteva, Daniela A; Baumgarten, Leandro; Hawthorne, Peter L; Sochi, Kei; Polasky, Stephen; Oakleaf, James R; Uhlhorn, Elizabeth M; Kiesecker, Joseph

    2016-07-01

    Impact mitigation is a primary mechanism on which countries rely to reduce environmental externalities and balance development with conservation. Mitigation policies are transitioning from traditional project-by-project planning to landscape-level planning. Although this larger-scale approach is expected to provide greater conservation benefits at the lowest cost, empirical justification is still scarce. Using commercial sugarcane expansion in the Brazilian Cerrado as a case study, we apply economic and biophysical steady-state models to quantify the benefits of the Brazilian Forest Code (FC) under landscape- and property-level planning. We find that FC compliance imposes small costs to business but can generate significant long-term benefits to nature: supporting 32 (±37) additional species (largely habitat specialists), storing 593,000 to 2,280,000 additional tons of carbon worth $69 million to $265 million ($ pertains to U.S. dollars), and marginally improving surface water quality. Relative to property-level compliance, we find that landscape-level compliance reduces total business costs by $19 million to $35 million per 6-year sugarcane growing cycle while often supporting more species and storing more carbon. Our results demonstrate that landscape-level mitigation provides cost-effective conservation and can be used to promote sustainable development.

  8. Positioning Community Colleges via Economic Development. ERIC Digest.

    Science.gov (United States)

    Zeiss, Anthony

    Community colleges, because of their late arrival in the development of American education, have suffered from an image and identity problem since their inception. To deal with this problem, community colleges should position themselves as unique community-based service-oriented colleges and market a specific focus to the general public. The first…

  9. The Conceptual Model of Calculating the Return Period of the Costs for Creation of the Enterprise’s Economic Security Service in the Short-Term Period

    Directory of Open Access Journals (Sweden)

    Melikhova Tetiana O.

    2018-03-01

    Full Text Available Determination of the return period of the costs, advanced for the creation of economic security service of enterprise during a year, involves consideration of interaction of the conditional money flow, accumulated for a certain number of months, and the constant costs. The main component of the constant costs are the annual depreciation deductions. The return period is considered as gross, net, valid, and specified. The gross (net, valid, and specified return period is the time, wherein the gross conditional money flow, equal to the advanced costs, will be accumulated. The gross return period, taking account of the effect of time factor, is proposed to be defined as the ratio of annual depreciation deductions increased by the annual compounding coefficient to the conditional average monthly gross money flow, increased by the average monthly inflation index. As for the short-term period, a relationship between the gross, net, valid, and specified return periods of the costs, advanced to the creation of the economic security service, has been identified. The net (valid, specified return period is equal to the gross period adjusted to the coefficient of excess of the gross conditional money flow, accumulated in the gross period, over the net (valid, specified conditional cash flow.

  10. Return-to-work intervention versus usual care for sick-listed employees : Health-economic investment appraisal alongside a cluster randomised trial

    NARCIS (Netherlands)

    Lokman, S.; Volker, D.; Zijlstra-Vlasveld, M.C.; Brouwers, E.P.M.; Boon, B.; Beekman, A.T.; Smit, F.; van der Feltz-Cornelis, C.M.

    2017-01-01

    To evaluate the health-economic costs and benefits of a guided eHealth intervention (E-health module embedded in Collaborative Occupational healthcare (ECO)) encouraging sick-listed employees to a faster return to work. A two-armed cluster randomised trial with occupational physicians (OPs) (n=62),

  11. "Making Do", Understanding the Economic "Possible': Social Positioning, Money and Mother's Economic Habitus in the School Context

    Science.gov (United States)

    O' Donoghue, Mary

    2015-01-01

    This paper is a qualitative consideration of how working-class mothers manage money, daily life, their children's education and, in the process, internalise a particularistic economic position. It is uncommon that educational sociology incorporates a critical engagement of the daily drudge of extending money, and the implications of managing the…

  12. Positive attitudes and preserved high level of motor performance are important factors for return to work in younger persons after stroke: a national survey.

    Science.gov (United States)

    Lindström, Britta; Röding, Jenny; Sundelin, Gunnevi

    2009-09-01

    Significant numbers of younger persons with stroke should be given the opportunity to return to work. The aim of this study was to investigate factors of importance for return to work among persons after first ever stroke, in the age range 18-55 years. A questionnaire was sent to all persons who had experienced a first ever stroke, 18-55 years of age, registered in the Swedish national quality register for stroke care, Riks-Stroke. Of the 1068 who answered the questionnaire, 855 (539 men and 316 women) were in paid employment before their stroke, and were included in this study. Sixty-five percent returned to work and, of these, an equal proportion were men and women. Significant factors associated with return to work were the perceived importance of work (odds ratio (OR) 5.10), not perceiving themselves as a burden on others (OR 3.33), support from others for return to work (OR 3.66), retaining the ability to run a short distance (OR 2.77), and higher socioeconomic codes (OR 2.12). A negative association was found between those rehabilitated in wards intended for younger persons and return to work (OR 0.37). External support from others, and positive attitudes towards return to work, were factors associated with successful return to work after stroke. Contrary to what was expected, independence in personal activities of daily living and cognitive factors were not associated with return to work to the same extent as persistent higher level of physical functions, such as ability to run a short distance.

  13. Longitudinal Models of Socio-Economic Status: Impact on Positive Parenting Behaviors

    Science.gov (United States)

    Azad, Gazi; Blacher, Jan; Marcoulides, George

    2014-01-01

    Parenting research is frequently conducted without a thorough examination of socio-economic characteristics. In this study, longitudinal observations of positive parenting were conducted across six time points. Participants were 219 mothers of children with and without developmental delays. Mothers' positive parenting increased during early and…

  14. A positive return on investment: research funding by the Thoracic Surgery Foundation for Research and Education (TSFRE).

    Science.gov (United States)

    Jones, David R; Mack, Michael J; Patterson, G Alexander; Cohn, Lawrence H

    2011-05-01

    The Thoracic Surgery Foundation for Research and Education (TSFRE) was formed in 1991 with the primary goals of generating new knowledge and nurturing the development of surgeon-scientists. The purpose of this article is to determine how effective the TSFRE has been in achieving these goals. A survey instrument was sent electronically to all former and current TSFRE research award recipients. Major themes included the benefits on TSFRE award recipients with respect to career choices of thoracic surgery, progress toward research independence, and the ability to leverage TSFRE funds to more substantive National Institutes of Health (NIH) awards. Success rates for NIH funding were confirmed using NIH Research Portfolio Online Reporting Tools. The total completed survey response rate was 70% (75/107). The response rates for each group were as follows: resident 74% (28/38), faculty 85% (29/34), Braunwald 50% (9/18), and TSFRE/NIH K-award 65% (11/17). The funding rate for all grants was 14% (90/619). For resident research awardees, 81% (34/42) are cardiothoracic surgeons or are thoracic surgery residents. The conversion rate for existing TSFRE/NIH co-sponsored K-awards to R01 grants is 40% at 5 years compared with a 20% K to R conversion rate for all NIH K-award recipients. K to R conversion rates for junior faculty grant awardees without a prior K-award is 44%, which is much higher than NIH rates for all new investigator R01 awards. The return on investment for TSFRE funding for surgeon-scientists is resoundingly positive with respect to promoting careers in cardiothoracic surgery and to obtaining subsequent NIH funding for thoracic surgeon investigators. Copyright © 2011 The American Association for Thoracic Surgery. Published by Mosby, Inc. All rights reserved.

  15. A Conceptual Model for Calculating the Return of Costs Invested in the Creation of an Economic Security Service, During a Short-Term Period

    Directory of Open Access Journals (Sweden)

    Melikhova Tetiana O.

    2018-02-01

    Full Text Available The article is aimed at suggesting methods for calculating the short-term period of return of costs invested in creation of an economic security service. The article considers approaches to calculation of the period of return of costs, advanced at the level of enterprise, which build the methodical basis for definition of such period. At the level of structural subdivisions of enterprise, which do not produce products, it is suggested to use conditional money flow as a source of financing advanced costs. The calculation of the short-term return on investment at the enterprise level provides for: allocation of expenses for the permanent and the replacement parts during the year; determination of the production of money flow and the money flow accumulated during the year. Annual depreciation payments are the basis of fixed costs. Methods of determination of the gross, net, valid, and specified periods of return of costs, advanced during the year for introduction of an economic security service at enterprise, have been suggested.

  16. Conference at Caltech on Riesz Spaces, Positive Operators, and their Applications to Economics

    CERN Document Server

    Aliprantis, Charalambos D; Luxemburg, Wilhelmus A J

    1991-01-01

    Over the last fifty years advanced mathematical tools have become an integral part in the development of modern economic theory. Economists continue to invoke sophisticated mathematical techniques and ideas in order to understand complex economic and social problems. In the last ten years the theory of Riesz spaces (vector lattices) has been successfully applied to economic theory. By now it is understood relatively well that the lattice structure of Riesz spaces can be employed to capture and interpret several economic notions. On April 16-20, 1990, a small conference on Riesz Spaces, Positive Opera­ tors, and their Applications to Economics took place at the California Institute of Technology. The purpose of the conference was to bring mathematicians special­ ized in Riesz Spaces and economists specialized in General Equilibrium together to exchange ideas and advance the interdisciplinary cooperation between math­ ematicians and economists. This volume is a collection of papers that represent the talks a...

  17. Returns to damage under undesirable congestion and damages to return under desirable congestion measured by DEA environmental assessment with multiplier restriction: Economic and energy planning for social sustainability in China

    International Nuclear Information System (INIS)

    Sueyoshi, Toshiyuki; Yuan, Yan

    2016-01-01

    This study discusses the concept of natural and managerial disposability from their economic and methodological implications on social sustainability development. Then, it explores their analytical linkages to a concept on “congestion.” The concept is classified into Undesirable Congestion (UC) under natural disposability and Desirable Congestion (DC) under managerial disposability. Considering the two disposability concepts, this study compares between Returns to Damage (RTD) under UC and Damages to Return (DTR) under DC. Conceptually, UC and DC are conceptually different from RTD and DTR although they are closely related to each other group. An occurrence of the former measures is identified by a single negative multiplier (i.e. dual variable). In contrast, the latter measures are associated with multiple negative multipliers and an intercept of a supporting hyperplane on a production and pollution possibility set. Thus, an occurrence of UC and DC is a necessary condition, but not a sufficient condition on RTD and DTR, respectively, in terms of the number of negative multipliers on production factors. To document the practicality of the proposed approach, this study applies it to Chinese economic and environmental assessment for its economic and energy planning for social sustainability development. This study identifies four important findings: First, the Chinese government has historically paid attention to the economic prosperity, but not paying serious attention on the environmental pollution (e.g., air pollution). Second, there was an increasing trend in improving the two components (i.e., economic and environmental performance measures) regarding social sustainability. Third, China's economic and energy policy concerns have been focused upon well-developed municipalities (e.g., Beijing and Shanghai) and large provinces. Therefore, it is an important strategy for the government to allocate economic and energy resources to other provinces so that China

  18. Temporal trends in BMI in Argentina by socio-economic position and province-level economic development, 2005-2009.

    Science.gov (United States)

    Christine, Paul J; Diez Roux, Ana V; Wing, Jeffrey J; Alazraqui, Marcio; Spinelli, Hugo

    2015-04-01

    We investigated temporal trends in BMI, and assessed hypothesized predictors of trends including socio-economic position (SEP) and province-level economic development, in Argentina. Using multivariable linear regression, we evaluated cross-sectional patterning and temporal trends in BMI and examined heterogeneity in these associations by SEP and province-level economic development with nationally representative samples from Argentina in 2005 and 2009. We calculated mean annual changes in BMI for men and women to assess secular trends. Women, but not men, exhibited a strong cross-sectional inverse association between SEP and BMI, with the lowest-SEP women having an average BMI 2.55 kg/m(2) greater than the highest-SEP women. Analysis of trends revealed a mean annual increase in BMI of 0.19 kg/m(2) and 0.15 kg/m(2) for women and men, respectively, with slightly greater increases occurring in provinces with greater economic growth. No significant heterogeneity in trends existed by individual SEP. BMI is increasing rapidly over time in Argentina irrespective of various sociodemographic characteristics. Higher BMI remains more common in women of lower SEP compared with those of higher SEP.

  19. Positive thinking about the future in newspaper reports and presidential addresses predicts economic downturn.

    Science.gov (United States)

    Sevincer, A Timur; Wagner, Greta; Kalvelage, Johanna; Oettingen, Gabriele

    2014-04-01

    Previous research has shown that positive thinking, in the form of fantasies about an idealized future, predicts low effort and poor performance. In the studies reported here, we used computerized content analysis of historical documents to investigate the relation between positive thinking about the future and economic development. During the financial crisis from 2007 to 2009, the more weekly newspaper articles in the economy page of USA Today contained positive thinking about the future, the more the Dow Jones Industrial Average declined in the subsequent week and 1 month later. In addition, between the New Deal era and the present time, the more presidential inaugural addresses contained positive thinking about the future, the more the gross domestic product and the employment rate declined in the presidents' subsequent tenures. These counterintuitive findings may help reveal the psychological processes that contribute to an economic crisis.

  20. Current Economic and Financial Crisis – New Issues or Returning to the Old Problems? Paradigms, Causes, Effects and Solutions Adopted

    Directory of Open Access Journals (Sweden)

    Felix TOTIR

    2011-01-01

    Full Text Available At the ideological level, the current crisis, as the others in history, has triggered an intellectual debate among several applicable ideas: ultra-liberal theory of the "invisible hand" of Adam Smith, Keynes's theory of state interventionism and even neo-Marxist theories. Globalization, with all its core components, generates a chain reaction when the phenomenon occurs, either positive or negative. The origin of the current financial crisis should be sought in the effects of massive cross-border capital flows and the use of more complex derivatives. Reaching the saturation of the three engines of economic growth worldwide in the period after the collapse of the socialist bloc is another important cause of all the failures that currently exist worldwide. Acquisition of toxic assets from bank balance sheets, their recapitalization and takeover by the state, but also the reinforcement of the prudential supervision of capitalization, liquidity and risk management system, improved transparency and speed the process of evaluating or reinforcing authorities' response to risk, can be considered short or long term anti-crisis measures, as appropriate.

  1. Inequalities in child mortality in Mozambique: differentials by parental socio-economic position

    DEFF Research Database (Denmark)

    Macassa, Gloria; Ghilagaber, Gebrenegus; Bernhardt, Eva

    2003-01-01

    This study investigates the relation between socio-economic parental position (education and occupation) and child death in Mozambique using data from the Mozambican Demographic and Health Survey carried out between March and July 1997. The analysis included 9142 children born within 10 years...... before the survey. In spite of the Western system of classification used in the study, the results partly showed a parental socio-economic gradient of infant and child mortality in Mozambique. Father's education seemed to reflect the family's social standing in the Mozambique context, showing a strong...... statistical association with postneonatal and child mortality. However, maternal education as a measure of socio-economic position was not statistically significantly associated with child mortality. This finding may partly be explained by the extreme hardships experienced by the country (civil war...

  2. How important is homeland education for refugees' economic position in the Netherlands?

    NARCIS (Netherlands)

    Hartog, J.; Zorlu, A.

    2009-01-01

    We use data on refugees admitted to The Netherlands that include registration of education in their homeland by immigration officers. Such data are seldom available. We investigate the quality and reliability of the registrations and then use them to assess effects on refugees’ economic position

  3. Returning home

    DEFF Research Database (Denmark)

    Agergaard, Jytte; Brøgger, Ditte

    2016-01-01

    flows. By focusing on these educational migrants, this paper explores how they connect to their rural homes. Guided by a critical reading of the migration-development scholarship, the paper examines how migrants and their relatives make sense of educational migrants’ remitting and returning practices......, and by comparing three groups of educational migrants, the migrants’ reasons for staying connected and sending remittances are scrutinized. The paper finds that although educational migrants do not generate extensive economic remittances for local development in Nepal, they stay connected to their rural homes...

  4. Landscape urbanization and economic growth in China: positive feedbacks and sustainability dilemmas.

    Science.gov (United States)

    Bai, Xuemei; Chen, Jing; Shi, Peijun

    2012-01-03

    Accelerating urbanization has been viewed as an important instrument for economic development and reducing regional income disparity in some developing countries, including China. Recent studies (Bloom et al. 2008) indicate that demographic urbanization level has no causal effect on economic growth. However, due to the varying and changing definition of urban population, the use of demographic indicators as a sole representing indicator for urbanization might be misleading. Here, we re-examine the causal relationship between urbanization and economic growth in Chinese cities and provinces in recent decades, using built-up areas as a landscape urbanization indicator. Our analysis shows that (1) larger cities, both in terms of population size and built-up area, and richer cities tend to gain more income, have larger built-up area expansion, and attract more population, than poorer cities or smaller cities; and (2) that there is a long-term bidirectional causality between urban built-up area expansion and GDP per capita at both city and provincial level, and a short-term bidirectional causality at provincial level, revealing a positive feedback between landscape urbanization and urban and regional economic growth in China. Our results suggest that urbanization, if measured by a landscape indicator, does have causal effect on economic growth in China, both within the city and with spillover effect to the region, and that urban land expansion is not only the consequences of economic growth in cities, but also drivers of such growth. The results also suggest that under its current economic growth model, it might be difficult for China to control urban expansion without sacrificing economic growth, and China's policy to stop the loss of agricultural land, for food security, might be challenged by its policy to promote economic growth through urbanization.

  5. The role of hardship in the association between socio-economic position and depression.

    Science.gov (United States)

    Butterworth, Peter; Olesen, Sarah C; Leach, Liana S

    2012-04-01

    It is well established that socio-economic position is associated with depression. The experience of financial hardship, having to go without the essentials of daily living due to limited financial resources, may explain the effect. However, there are few studies examining the link between financial hardship and diagnosable depression at a population level. The current paper addresses this gap and also evaluates the moderating effect of age. Data were from 8841 participants aged 16-85 years in Australia's 2007 National Survey of Mental Health and Wellbeing. The 12-month prevalence of depressive episode was assessed using the Composite International Diagnostic Interview. Measures of socio-economic position included: financial hardship, education, labour-force status, occupational skill, household income, main source of income, and area-level disadvantage. Financial hardship was more strongly associated with depression than other socio-economic variables. Hardship was more strongly associated with current depression than with prior history of depression. The relative effect of hardship was strongest in late adulthood but the absolute effect of hardship was greatest in middle age. The results demonstrate the critical role of financial hardship in the association between socio-economic disadvantage and 12-month depressive episode, and suggest that social and economic policies that address inequalities in living standards may be an appropriate way to reduce the burden attributable to depression.

  6. Longitudinal changes in functional capacity: effects of socio-economic position among ageing adults

    Directory of Open Access Journals (Sweden)

    Sulander Tommi

    2012-12-01

    Full Text Available Abstract Introduction Health and functional capacity have improved especially in Western countries over the past few decades. Nevertheless, the positive secular trend has not been able to decrease an uneven distribution of health. The main aim of this study was to follow-up changes in functional capacity among the same people in six years time and to detect whether the possible changes vary according to socio-economic position (SEP. In addition, it is of interest whether health behaviours have an effect on these possible changes. Methods This longitudinal follow-up study consisted of 1,898 individuals from three birth cohorts (1926–1930, 1936–40, 1946–50 who took part in clinical check-ups and answered to a survey questionnaire in 2002 and 2008. A sub-scale of physical functioning from the RAND-36 was used to measure functional capacity. Education and adequacy of income were used as indicators of socio-economic position. Repeated-measures ANOVA was used as a main method of analysis. Results Physical functioning in 2002 and 2008 was poorest among those men and women belonging to the oldest cohort. Functional capacity deteriorated in six years among men in the oldest cohort and among women in all three cohorts. Socio-economic disparities in functional capacity among ageing people existed. Especially lower adequacy of income was most consistently associated with poorer functional capacity. However, changes in functional capacity by socio-economic position remained the same or even narrowed independent of health behaviours. Conclusion Socio-economic disparities in physical functioning are mainly incorporated in the level of functioning at the baseline. No widening socioeconomic disparities in functional capacity exist. Partly these disparities even seem to narrow with ageing.

  7. Current State of Economic Returns from Education in China's Ethnic Regions and Explorations into Ways of Improvement

    Science.gov (United States)

    Lijun, Zhang; Fei, Wang

    2010-01-01

    Economic development and social progress in China's ethnic minority regions depend on improvements in population attributes brought about by education. Developing education in China's ethnic regions is a project of fundamental significance for realizing sustainable economic and social development in the ethnic regions. Improving the economic…

  8. The effects of marriage partners' socio-economic positions on the risk of divorce in Finland

    Directory of Open Access Journals (Sweden)

    Marika Jalovaara

    2007-01-01

    Full Text Available The high and increasing incidence of divorce, with the various consequences for adults and children, has aroused interest among social scientists in understanding the contributory factors. Prominent economic and psychosocial theories suggest that the husband’s social and economic resources tend to stabilize a marriage, whereas the wife’s economic success tends to destabilize it (the gendered hypothesis. Register-based follow-up data from Statistics Finland on first marriages in Finland that were intact at the end of 1990 and divorces in 199193 (n=21,309, and Poisson regression were used to analyze the impact of the socio-economic positions of the spouses on the risk of divorce. This thesis consists of three articles published in international refereed journals, and a summary article. The aim of sub-study I was to disentangle the influences of various aspects of the spouses’ socio-economic positions on divorce risk and to reveal the causal pathways through which each socio-economic factor was related to it. Sub-study II investigated the joint effects of both spouses’ socio-economic positions. Finally, sub-study III explored the possibility that the effect of spouses’ socio-economic positions on divorce risk might vary according to the duration of the marriage.  When examined individually, divorce risk was inversely associated with socio-economic status for all its various indicators (i.e. each spouse’s education, occupational class, economic activity, and income, as well as housing tenure and housing density except the wife’s income. All of these factors had an independent effect. The independent effect was weak for both spouses’ occupational rankings and housing density, however, and it was positive for the wife’s income. The divorce risk for couples with both partners at the lowest educational level was lower than expected on the basis of its overall inverse association with each spouse’s education. Employed and

  9. Impact of employment instability on socio-economic position of employees

    Directory of Open Access Journals (Sweden)

    Vyacheslav Nikolaevich Bobkov

    2013-12-01

    Full Text Available The subject of the article is the relationships in labor utilization. The article analyzes the impact of employment instability on the socio-economic situation of employees in Russia. Questions revealing the concept content of employment instability, its real forms and socio-economic consequences for employees are considered. Methods of statistical and sociological data analysis are applied. Indicators to measure the scope and level of employment instability of employees are calculated. The dynamics in the time of the size of employment instability in Russia are analyzed. The obtained results can be applied within national economic and social policy. The findings indicate that employment instability is high, and it threatens socio-economic position of the great number of employees in Russia. It is argued that, in these conditions, the most appropriate in the fight against the spread of employment instability are the set of government initiatives, proactive position of the Russian society and the expansion of societal forms of control over the government.

  10. Socio-economic position, family demands and reported health in working men and women.

    Science.gov (United States)

    Regidor, Enrique; Pascual, Cruz; de la Fuente, Luis; Santos, Juana M; Astasio, Paloma; Ortega, Paloma

    2011-02-01

    This study evaluates the extent to which domestic workload explains socio-economic differences in poor self-reported health in women and men. In total, 6284 men and women who were employed and living with a partner were selected from the 2003 Spanish Health Interview Survey. The indicators of family demands investigated were person responsible for housework, number of persons in the household and the presence of at least one child under 15 years of age in the household. The measures of socio-economic position were educational level and household income, and the measures of health status were poor perceived health and limitation of activity due to disease. Household size and presence of a child under 15 in the home were not related with the measures of health status. The indicator about the person who does the housework was related with poor perceived health and with activity limitation. Specifically, the worst health status was seen in respondents who lived in homes where the partner or other family members did the housework. In general, the relation between indicators of socio-economic position and measures of health status was not modified after taking into account the person who does the housework. Among working people with a partner, persons who work and do their own housework do not have poorer perceived health than those living in homes where other people do the housework. This indicator of family demands does not explain the socio-economic differences in self-reported health.

  11. Understanding the stakeholders' intention to use economic decision-support tools: A cross-sectional study with the tobacco return on investment tool.

    Science.gov (United States)

    Cheung, Kei Long; Evers, Silvia M A A; Hiligsmann, Mickaël; Vokó, Zoltán; Pokhrel, Subhash; Jones, Teresa; Muñoz, Celia; Wolfenstetter, Silke B; Józwiak-Hagymásy, Judit; de Vries, Hein

    2016-01-01

    Despite an increased number of economic evaluations of tobacco control interventions, the uptake by stakeholders continues to be limited. Understanding the underlying mechanism in adopting such economic decision-support tools by stakeholders is therefore important. By applying the I-Change Model, this study aims to identify which factors determine potential uptake of an economic decision-support tool, i.e., the Return on Investment tool. Stakeholders (decision-makers, purchasers of services/pharma products, professionals/service providers, evidence generators and advocates of health promotion) were interviewed in five countries, using an I-Change based questionnaire. MANOVA's were conducted to assess differences between intenders and non-intenders regarding beliefs. A multiple regression analysis was conducted to identify the main explanatory variables of intention to use an economic decision-support tool. Ninety-three stakeholders participated. Significant differences in beliefs were found between non-intenders and intenders: risk perception, attitude, social support, and self-efficacy towards using the tool. Regression showed that demographics, pre-motivational, and motivational factors explained 69% of the variation in intention. This study is the first to provide a theoretical framework to understand differences in beliefs between stakeholders who do or do not intend to use economic decision-support tools, and empirically corroborating the framework. This contributes to our understanding of the facilitators and barriers to the uptake of these studies. Copyright © 2015 The Authors. Published by Elsevier Ireland Ltd.. All rights reserved.

  12. Development of an international scale of socio-economic position based on household assets.

    Science.gov (United States)

    Townend, John; Minelli, Cosetta; Harrabi, Imed; Obaseki, Daniel O; El-Rhazi, Karima; Patel, Jaymini; Burney, Peter

    2015-01-01

    The importance of studying associations between socio-economic position and health has often been highlighted. Previous studies have linked the prevalence and severity of lung disease with national wealth and with socio-economic position within some countries but there has been no systematic evaluation of the association between lung function and poverty at the individual level on a global scale. The BOLD study has collected data on lung function for individuals in a wide range of countries, however a barrier to relating this to personal socio-economic position is the need for a suitable measure to compare individuals within and between countries. In this paper we test a method for assessing socio-economic position based on the scalability of a set of durable assets (Mokken scaling), and compare its usefulness across countries of varying gross national income per capita. Ten out of 15 candidate asset questions included in the questionnaire were found to form a Mokken type scale closely associated with GNI per capita (Spearman's rank rs = 0.91, p = 0.002). The same set of assets conformed to a scale in 7 out of the 8 countries, the remaining country being Saudi Arabia where most respondents owned most of the assets. There was good consistency in the rank ordering of ownership of the assets in the different countries (Cronbach's alpha = 0.96). Scores on the Mokken scale were highly correlated with scores developed using principal component analysis (rs = 0.977). Mokken scaling is a potentially valuable tool for uncovering links between disease and socio-economic position within and between countries. It provides an alternative to currently used methods such as principal component analysis for combining personal asset data to give an indication of individuals' relative wealth. Relative strengths of the Mokken scale method were considered to be ease of interpretation, adaptability for comparison with other datasets, and reliability of imputation for even quite

  13. Return-to-work intervention versus usual care for sick-listed employees: health-economic investment appraisal alongside a cluster randomised trial

    Science.gov (United States)

    Lokman, Suzanne; Volker, Danielle; Zijlstra-Vlasveld, Moniek C; Brouwers, Evelien PM; Boon, Brigitte; Beekman, Aartjan TF; Smit, Filip; Van der Feltz-Cornelis, Christina M

    2017-01-01

    Objective To evaluate the health-economic costs and benefits of a guided eHealth intervention (E-health module embedded in Collaborative Occupational healthcare (ECO)) encouraging sick-listed employees to a faster return to work. Design A two-armed cluster randomised trial with occupational physicians (OPs) (n=62), clustered and randomised by region into an experimental and a control group, to conduct a health-economic investment appraisal. Online self-reported data were collected from employees at baseline, after 3, 6, 9 and 12 months. Setting Occupational health care in the Netherlands. Participants Employees from small-sized and medium-sized companies (≥18 years), sick-listed between 4 and 26 weeks with (symptoms of) common mental disorders visiting their OP. Interventions In the intervention group, employees (N=131) received an eHealth module aimed at changing cognitions regarding return to work, while OPs were supported by a decision aid for treatment and referral options. Employees in the control condition (N=89) received usual sickness guidance. Outcomes Measures Net benefits and return on investment based on absenteeism, presenteeism, health care use and quality-adjusted life years (QALYs) gained. Results From the employer’s perspective, the incremental net benefits were €3187 per employee over a single year, representing a return of investment of €11 per invested Euro, with a break-even point at 6 months. The economic case was also favourable from the employee’s perspective, partly because of QALY health gains. The intervention was costing €234 per employee from a health service financier’s perspective. The incremental net benefits from a social perspective were €4210. This amount dropped to €3559 in the sensitivity analysis trimming the 5% highest costs. Conclusions The data suggest that the ECO intervention offers good value for money for virtually all stakeholders involved, because initial investments were more than recouped within a

  14. NE Won't Return to Pre-Recession Employment until 2015, but Region's "Education" Advantage Could Offer "Economic" Advantage

    Science.gov (United States)

    Gittell, Ross

    2012-01-01

    The New England states continue to experience slow growth and slow recovery of the jobs lost in the 2008 to 2009 recession. The main reason for this is the continued weakness in global and U.S. economic conditions. The U.S. and New England economies continue to be affected by the weak European economy and sovereign debt crisis and by weakness in…

  15. Positioning matrix of economic efficiency and complexity: a case study in a university hospital.

    Science.gov (United States)

    Ippolito, Adelaide; Viggiani, Vincenzo

    2014-01-01

    At the end of 2010, the Federico II University Hospital in Naples, Italy, initiated a series of discussions aimed at designing and applying a positioning matrix to its departments. This analysis was developed to create a tool able to extract meaningful information both to increase knowledge about individual departments and to inform the choices of general management during strategic planning. The name given to this tool was the positioning matrix of economic efficiency and complexity. In the matrix, the x-axis measures the ratio between revenues and costs, whereas the y-axis measures the index of complexity, thus showing "profitability" while bearing in mind the complexity of activities. By using the positioning matrix, it was possible to conduct a critical analysis of the characteristics of the Federico II University Hospital and to extract useful information for general management to use during strategic planning at the end of 2010 when defining medium-term objectives. Copyright © 2013 John Wiley & Sons, Ltd.

  16. The creation of special economic zones in China: Positive and negative impacts in its implementation

    Directory of Open Access Journals (Sweden)

    José Manuel Orozco Plascencia

    2011-08-01

    Full Text Available At the end of seventies, Deng Xioaping, President applied a modernization policy in China, that during more than 30 years allow to reach high economic growth rates above 8% average per year. This reform included the instauration of four Special Economic Zones (SEZ in the southeast of the country, three in Guangdong (Shenzhen, Zhuhai and Shantao and one in Xiamen, Fujian.The purpose of this paper is to analyze the backgrounds of SEZ, the reasons of Chinese Government to implement its and the positive impacts and barriers to become operational.The conclusion in this article is that sez arise like an experiment of the Chinese central government economic policy to apply capitalist measures in design previous regions, the most important benefit has been the strong attraction of Foreing Direct Investment, explained in a surplus trade balance, sustanaible economic growht and technological transference. However, the most significative operational barrier has been the legal rigidity in the imported overseas products, a change of nacional politicideology system and problem asociated with burocracy and corruption.

  17. Precision Agriculture Technologies Positively Contributing to GHG Emissions Mitigation, Farm Productivity and Economics

    Directory of Open Access Journals (Sweden)

    Athanasios Balafoutis

    2017-07-01

    Full Text Available Agriculture is one of the economic sectors that affect climate change contributing to greenhouse gas emissions directly and indirectly. There is a trend of agricultural greenhouse gas emissions reduction, but any practice in this direction should not affect negatively farm productivity and economics because this would limit its implementation, due to the high global food and feed demand and the competitive environment in this sector. Precision agriculture practices using high-tech equipment has the ability to reduce agricultural inputs by site-specific applications, as it better target inputs to spatial and temporal needs of the fields, which can result in lower greenhouse gas emissions. Precision agriculture can also have a positive impact on farm productivity and economics, as it provides higher or equal yields with lower production cost than conventional practices. In this work, precision agriculture technologies that have the potential to mitigate greenhouse gas emissions are presented providing a short description of the technology and the impacts that have been reported in literature on greenhouse gases reduction and the associated impacts on farm productivity and economics. The technologies presented span all agricultural practices, including variable rate sowing/planting, fertilizing, spraying, weeding and irrigation.

  18. Bedside ROP screening and telemedicine interpretation integrated to a neonatal transport system: Economic aspects and return on investment analysis.

    Science.gov (United States)

    Kovács, Gábor; Somogyvári, Zsolt; Maka, Erika; Nagyjánosi, László

    Peter Cerny Ambulance Service - Premature Eye Rescue Program (PCA-PERP) uses digital retinal imaging (DRI) with remote interpretation in bedside ROP screening, which has advantages over binocular indirect ophthalmoscopy (BIO) in screening of premature newborns. We aimed to demonstrate that PCA-PERP provides good value for the money and to model the cost ramifications of a similar newly launched system. As DRI was demonstrated to have high diagnostic performance, only the costs of bedside DRI-based screening were compared to those of traditional transport and BIO-based screening (cost-minimization analysis). The total costs of investment and maintenance were analyzed with micro-costing method. A ten-year analysis time-horizon and service provider's perspective were applied. From the launch of PCA-PERP up to the end of 2014, 3722 bedside examinations were performed in the PCA covered central region of Hungary. From 2009 to 2014, PCA-PERP saved 92,248km and 3633 staff working hours, with an annual nominal cost-savings ranging from 17,435 to 35,140 Euro. The net present value was 127,847 Euro at the end of 2014, with a payback period of 4.1years and an internal rate of return of 20.8%. Our model presented the NPVs of different scenarios with different initial investments, annual number of transports and average transport distances. PCA-PERP as bedside screening with remote interpretation, when compared to a transport-based screening with BIO, produced better cost-savings from the perspective of the service provider and provided a return on initial investment within five years after the project initiation. Copyright © 2017 Elsevier B.V. All rights reserved.

  19. Cotton harvest at 40% versus 75% boll-splitting on yield and economic return under standard and proactive boll weevil (Coleoptera: Curculionidae) spray regimes.

    Science.gov (United States)

    Showler, A T; Robinson, J R C

    2008-10-01

    The standard practice of two or three preemptive insecticide applications at the start of pinhead (1-2-mm-diameter) squaring followed by threshold-triggered (when 10% of randomly selected squares have oviposition punctures) insecticide applications for boll weevil, Anthonomus grandis grandis Boheman (Coleoptera: Curculionidae), control does not provide reliable protection of cotton, Gossypium hirsutum L., lint production. This study, conducted during 2004 and 2005, showed that three to six fewer spray applications in a "proactive" approach, in which spraying began at the start of large (5.5-8-mm-diameter) square formation and continued at approximately 7-d intervals while large squares were abundant, resulted in fewer infested squares and 1.4- to 1.7-fold more lint than the standard treatment. Fewer sprays and increased yield made proactive spraying significantly more profitable than the standard approach, which resulted in relatively low or negative economic returns. Harvest at 75% boll-split in the proactive spray regime of 2005 resulted in four-fold greater economic return than cotton harvested at 40% boll-split because of improved protection of large squares and the elimination of late-season sprays inherent to standard spray regime despite the cost of an extra irrigation in the 75% boll-split treatments. The earlier, 40% harvest trigger does not avoid high late-season boll weevil pressure, which exerts less impact on bolls, the predominant form of fruiting body at that time, than on squares. Proactive spraying and harvest timing are based on an important relationship between nutrition, boll weevil reproduction, and economic inputs; therefore, the tactic of combining proaction with harvest at 75% boll-split is applicable where boll weevils are problematic regardless of climate or region, or whether an eradication program is ongoing.

  20. Assessment of private economic benefits and positive environmental externalities of tea plantation in China.

    Science.gov (United States)

    Xue, Hui; Ren, Xiaoyi; Li, Shiyu; Wu, Xu; Cheng, Hao; Xu, Bin; Gu, Baojing; Yang, Guofu; Peng, Changhui; Ge, Ying; Chang, Jie

    2013-10-01

    Tea plantations are rapidly expanding in China and other countries in the tropical and subtropical zones, driven by relatively high private economic benefit. However, the impact of tea plantations on the regional environment, including ecosystem services and disservices are unclear. In this study, we developed an assessment framework for determining the private economic benefits and environmental externalities (the algebraic sum of the regulating services and disservices) of tea plantations in China. Our results showed that tea plantations provided private economic benefits of 5,652 yuan ha(-1) year(-1) (7.6 yuan = 1 USD in 2007) for tea farmers, plus positive environmental externalities of 6,054 yuan ha(-1) year(-1) for the society. The environmental externalities were calculated as the sum of the value of four regulating services, including carbon sequestration (392 yuan ha(-1) year(-1)); soil retention (72 yuan ha(-1) year(-1)); soil fertility protection (3,189 yuan ha(-1) year(-1)) and water conservation (2,685 yuan ha(-1) year(-1)), and three disservices, including CO2 emission (-39 yuan ha(-1) year(-1)), N2O emission (-137 yuan ha(-1) year(-1)) and nonpoint source pollution (-108 yuan ha(-1) year(-1)). Before the private optimal level, the positive environmental externalities can be maintained by private economic benefits; if a social optimal level is required, subsidies from government are necessary.

  1. Plastic-Film Mulching for Enhanced Water-Use Efficiency and Economic Returns from Maize Fields in Semiarid China

    OpenAIRE

    Zhang, Peng; Wei, Ting; Cai, Tie; Ali, Shahzad; Han, Qingfang; Ren, Xiaolong; Jia, Zhikuan

    2017-01-01

    Film mulch has gradually been popularized to increase water availability to crops for improving and stabilizing agricultural production in the semiarid areas of Northwest China. To find more sustainable and economic film mulch methods for alleviating drought stress in semiarid region, it is necessary to test optimum planting methods in same cultivation conditions. A field experiment was conducted during 2013 and 2014 to evaluate the effects of different plastic film mulch methods on soil wate...

  2. Association of an adult obesity, blood pressure adulthood socio-economic position.

    Science.gov (United States)

    Siadat, Zahra Dana; Abdoli, Aminreza; Shahsanaee, Armindokht

    2012-03-01

    The purpose of this study is to investigate an effect of childhood and adulthood socio-economic position on selected cardiovascular risk factors including obesity, blood pressure level and smoking behavior. This is a cross-sectional study performed on 479 individuals, randomly selected by random clustered sampling from men and women aged 30-50 years, living in Esfahan. Their demographic characteristics, education, occupation and smoking behavior were questioned. Their weight, height and blood pressure were also measured, and their BMI (Body Mass Index) was calculated. The data were analyzed by SPSS 19 software. In men, the odds ratio for ever smoking to never smoking at higher levels of education in comparison with the lower levels was 6.08 (2.65-14.11). For manual occupation to non-manual occupation, it was 3.55 (1.88-6.68). The odds ratio for obesity and overweight vs no overweight, for manual occupation to non-manual occupation was 3.12 (1.81-5.40) in men and for father's occupation it was 2.03 (1.10-3.74). In women, their education with the odds ratio of 2.11 (1.17-3.82) and father's occupation with the odds ratio of 6.63 (3.50-12.58) altered their chance of being obese or overweight. Also, in women, the mean systolic blood pressure was significantly lower at higher educational levels and in those whose fathers' occupation were manual but lower in manual workers. The current socio-economic position in individuals is associated with an obesity and smoking behavior, particularly in men. Childhood socio-economic position increases the chance of an obesity and higher blood pressure, particularly in women.

  3. Comparison of knee flexion isokinetic deficits between seated and prone positions after ACL reconstruction with hamstrings graft: Implications for rehabilitation and return to sports decisions.

    Science.gov (United States)

    Koutras, Georgios; Bernard, Manfred; Terzidis, Ioannis P; Papadopoulos, Pericles; Georgoulis, Anastasios; Pappas, Evangelos

    2016-07-01

    Hamstrings grafts are commonly used in ACL reconstruction, however, the effect of graft harvesting on knee flexion strength has not been longitudinally evaluated in functional positions. We hypothesized that greater deficits in knee flexion strength exist in the prone compared to the seated position and these deficits remain as rehabilitation progresses. Case series. Forty-two consecutive patients who underwent ACL reconstruction with a hamstrings graft were followed prospectively for 9 months. Isokinetic knee flexion strength at a slow and a fast speed were collected at 3, 4, 6, and 9 months in two different positions: conventional (seated) and functional (0° of hip flexion). Peak torque knee flexion deficits were higher in the prone position compared to the seated position by an average of 6.5% at 60°/s and 9.1% at 180°/s (p<0.001). Measuring knee flexion strength in prone demonstrates higher deficits than in the conventional seated position. Most athletes would not be cleared to return to sports even at 9 months after surgery with this method. Copyright © 2015 Sports Medicine Australia. Published by Elsevier Ltd. All rights reserved.

  4. Predictable return distributions

    DEFF Research Database (Denmark)

    Pedersen, Thomas Quistgaard

    trace out the entire distribution. A univariate quantile regression model is used to examine stock and bond return distributions individually, while a multivariate model is used to capture their joint distribution. An empirical analysis on US data shows that certain parts of the return distributions......-of-sample analyses show that the relative accuracy of the state variables in predicting future returns varies across the distribution. A portfolio study shows that an investor with power utility can obtain economic gains by applying the empirical return distribution in portfolio decisions instead of imposing...

  5. Position and role of a woman in national social and economic development of Serbia

    Directory of Open Access Journals (Sweden)

    Torlak Nada

    2016-01-01

    Full Text Available Since the beginning of the 20th century it is a demographic fact that women represent over half of the population, while in public sphere they are marginalized. Even Hannah Arendt concluded that 'in modern society women are the biggest minority' there is. In the domain of rights (in subjective and objective sense of the notion women of the 20th century have reached an equal status with men in principle, but in the 21st century between formal and actual right there is considerable discrepancy. Her right to work is obstructed, in political, economic or cultural level as well as in any given professional activity, regardles formally and legally ensured equality and basically accepted reality of the need for an enhanced participation of less represented gender on decision-making positions. Printed media in Serbia makes clear they are marginalized, since they appear as expert collocutors almost nine times fewer than men (89.2 : 10.8 percent in favor of men experts. The effect of 'glass ceiling' implies invisible yet efficacious obstacle in advancement to the highest organizational positions of women. Statistical data clearly shows that there are still no women in places of actual decision-making, and that they are less paid for the same work in comparison to men, her unequal position is evident from the insight to the company ownership structure, as well as remarkably lower representation on leading positions. Moreover, women have fewer possibilities of advancement in career, and get dismissed more often than men in the process of transition. A woman is sometimes in an inequitable position when it comes to earning income for the exact same work carried out by a man, and she is actually not granted access to all positions and functions in the organization of a society. Therefore it is often a case of using 'woman-alibi' in practice, that is directing certain women to high and influential public positions in order to prove there is no discrimination

  6. A participatory supportive return to work program for workers without an employment contract, sick-listed due to a common mental disorder: an economic evaluation alongside a randomized controlled trial

    Directory of Open Access Journals (Sweden)

    Lieke Lammerts

    2017-02-01

    Full Text Available Abstract Background Mental disorders are associated with high costs for productivity loss, sickness absence and unemployment. A participatory supportive return to work (RTW program was developed in order to improve RTW among workers without an employment contract, sick-listed due to a common mental disorder. The program contained a participatory approach, integrated care and direct placement in a competitive job. The aim of this study was to evaluate the cost-effectiveness and cost-utility of this new program, compared to usual care. In addition, its return on investment was evaluated. Methods An economic evaluation was conducted alongside a 12-month randomized controlled trial. A total of 186 participants was randomly allocated to the new program (n = 94 or to usual care (n = 92. Effect measures were the duration until sustainable RTW in competitive employment and quality-adjusted life years (QALYs gained. Costs included intervention costs, medical costs and absenteeism costs. Registered data of the Dutch Social Security Agency were used to assess the duration until sustainable RTW, intervention costs and absenteeism costs. QALYs and medical costs were assessed using three- or six-monthly questionnaires. Missing data were imputed using multiple imputations. Cost-effectiveness analysis and cost-utility analysis were conducted from the societal perspective. A return on investment analysis was conducted from the social insurer’s perspective. Various sensitivity analyses were performed to assess the robustness of the results. Results The new program had no significant effect on the duration until sustainable RTW and QALYs gained. Intervention costs and medical costs were significantly higher in the intervention group. From the societal perspective, the maximum probability of cost-effectiveness for duration until sustainable RTW was 0.64 at a willingness to pay of about €10 000/day, and 0.27 for QALYs gained, regardless of the

  7. A participatory supportive return to work program for workers without an employment contract, sick-listed due to a common mental disorder: an economic evaluation alongside a randomized controlled trial.

    Science.gov (United States)

    Lammerts, Lieke; van Dongen, Johanna M; Schaafsma, Frederieke G; van Mechelen, Willem; Anema, Johannes R

    2017-02-02

    Mental disorders are associated with high costs for productivity loss, sickness absence and unemployment. A participatory supportive return to work (RTW) program was developed in order to improve RTW among workers without an employment contract, sick-listed due to a common mental disorder. The program contained a participatory approach, integrated care and direct placement in a competitive job. The aim of this study was to evaluate the cost-effectiveness and cost-utility of this new program, compared to usual care. In addition, its return on investment was evaluated. An economic evaluation was conducted alongside a 12-month randomized controlled trial. A total of 186 participants was randomly allocated to the new program (n = 94) or to usual care (n = 92). Effect measures were the duration until sustainable RTW in competitive employment and quality-adjusted life years (QALYs) gained. Costs included intervention costs, medical costs and absenteeism costs. Registered data of the Dutch Social Security Agency were used to assess the duration until sustainable RTW, intervention costs and absenteeism costs. QALYs and medical costs were assessed using three- or six-monthly questionnaires. Missing data were imputed using multiple imputations. Cost-effectiveness analysis and cost-utility analysis were conducted from the societal perspective. A return on investment analysis was conducted from the social insurer's perspective. Various sensitivity analyses were performed to assess the robustness of the results. The new program had no significant effect on the duration until sustainable RTW and QALYs gained. Intervention costs and medical costs were significantly higher in the intervention group. From the societal perspective, the maximum probability of cost-effectiveness for duration until sustainable RTW was 0.64 at a willingness to pay of about €10 000/day, and 0.27 for QALYs gained, regardless of the willingness to pay. From the social insurer's perspective, the

  8. Early-life Socio-economic Status and Adult Health: The Role of Positive Affect.

    Science.gov (United States)

    Murdock, Kyle W; LeRoy, Angie S; Fagundes, Christopher P

    2017-08-01

    The aim of this paper is to develop a further understanding of the relationship between early-life socio-economic status (SES) and adult health disparities. This was accomplished through evaluation of state indicators of positive and negative affect as mechanisms through which early-life SES was associated with susceptibility to a rhinovirus (i.e. the common cold). Analyses were conducted among 286 adults in a viral challenge study in which participants were exposed to a rhinovirus via nasal drops and cold symptoms were evaluated over a period of 5 days. Participant age, body mass index, sex, education, ethnicity, pre-challenge virus-specific antibody titres and subjective adult SES, along with virus type and season of participation, were included as covariates. Early-life SES was associated with cold incidence through state positive affect, but not state negative affect. In addition, contrast analysis indicated that the indirect effect through state positive affect was stronger than the indirect effect through state negative affect. Findings provide further support for early-life SES being an important variable associated with adult health, and that state self-reported positive affect may be an underlying mechanism associated with susceptibility to rhinoviruses. Copyright © 2016 John Wiley & Sons, Ltd. Copyright © 2016 John Wiley & Sons, Ltd.

  9. Financial hardship, socio-economic position and depression: results from the PATH Through Life Survey.

    Science.gov (United States)

    Butterworth, Peter; Rodgers, Bryan; Windsor, Tim D

    2009-07-01

    There is a strong association between financial hardship and the experience of depression. Previous longitudinal research differs in whether this association is viewed as a contemporaneous relationship between depression and hardship or whether hardship has a role in the maintenance of existing depression. In this study we investigate the association between depression and hardship over time and seek to resolve these contradictory perspectives. We also investigate the consistency of the association across the lifecourse. This study reports analysis of two waves of data from a large community survey conducted in the city of Canberra and the surrounding region in south-east Australia. The PATH Through Life Study used a narrow-cohort design, with 6715 respondents representing three birth cohorts (1975-1979; 1956-1960; and 1937-1941) assessed on the two measurement occasions (4 years apart). Depression was measured using the Goldberg Depression Scale and hardship assessed by items measuring aspects of deprivation due to lack of resources. A range of measures of socio-economic circumstance and demographic characteristics were included in logistic regression models to predict wave 2 depression. The results showed that current financial hardship was strongly and independently associated with depression, above the effects of other measures of socio-economic position and demographic characteristics. In contrast, the effect of prior financial difficulty was explained by baseline depression symptoms. There were no reliable cohort differences in the association between hardship and depression having controlled for socio-demographic characteristics. There was some evidence that current hardship was more strongly associated with depression for those who were not classified as depressed at baseline than for those identified with depression at baseline. The evidence of the contemporaneous association between hardship and depression suggests that addressing deprivation may be an

  10. Plastic-Film Mulching for Enhanced Water-Use Efficiency and Economic Returns from Maize Fields in Semiarid China.

    Science.gov (United States)

    Zhang, Peng; Wei, Ting; Cai, Tie; Ali, Shahzad; Han, Qingfang; Ren, Xiaolong; Jia, Zhikuan

    2017-01-01

    Film mulch has gradually been popularized to increase water availability to crops for improving and stabilizing agricultural production in the semiarid areas of Northwest China. To find more sustainable and economic film mulch methods for alleviating drought stress in semiarid region, it is necessary to test optimum planting methods in same cultivation conditions. A field experiment was conducted during 2013 and 2014 to evaluate the effects of different plastic film mulch methods on soil water, soil temperature, water use efficiency (WUE), yield and revenue. The treatments included: (i) the control, conventional flat planting without plastic film mulch (CK); (ii) flat planting with maize rows (60 cm spacing) on plastic film mulch (70 cm wide); (iii) furrow planting of maize (60 cm spacing), separated by consecutive plastic film-mulched ridges (each 50 cm wide and 15 cm tall); (iv) furrow planting of maize (60 cm spacing), separated by alternating large and small plastic film-mulched ridges (large ridges: 70 cm wide and 15 cm tall, small ridges 50 cm wide and 10 cm tall); and (v) furrow-flat planting of maize (60 cm spacing) with a large plastic film-mulched ridge (60 cm wide and 15 cm tall) alternating with a flat without plastic film-mulched space (60 cm wide). Topsoil temperature (5-25 cm) was significantly ( p plastic film mulch than the control (CK), and resulted in greater soil water storage (0-200 cm) up to 40 days after planting. Maize grain yield and WUE were significantly ( p < 0.05) higher with the furrow planting methods (consecutive film-mulched ridges and alternating film-mulched ridges) than the check in both years. Maize yield was, on average, 29% ( p < 0.05) greater and 28% ( p < 0.05) greater with these furrow planting methods, while the average WUE increased by 22.8% ( p < 0.05) with consecutive film-mulched ridges and 21.1% ( p < 0.05) with alternating film-mulched ridges. The 2-year average net income increased by 1559, 528, and 350 Chinese Yuan

  11. Business Organizations’ Positive Socio-Economic Impact on Society - a Step Beyond CSR

    Directory of Open Access Journals (Sweden)

    Mirela POPA

    2015-12-01

    Full Text Available In this article the authors argue the necessity of taking a step beyond CSR and tackling the issue of measuring the impact businesses have on society, in general. Even if CSR points out the idea that organizations have responsibilities regarding the well-being of the entire society, it has certain limitations listed in this article. Furthermore, the authors briefly present the socio-economic impact of business organizations including (1 some basic concepts, (2 the most relevant areas/fields for measuring the impact, and (3 the main advantages regarding the development and implementation of effective impact measurement practices. The general purpose of the empirical study refers to the identification of perceptions related to the Romanian business organizations’ socio-economic impact. In this regard, we set the following main objectives: (1 identifying the extent to which Romanian organizations undertake a process of measuring, assessing and managing their impacts on society, (2 analyzing clients, managers and owners’ perceptions regarding the positive impact of seven Romanian organizations’ activities, and (3 identifying the perceptional differences between clients and managers plus owners. The empirical results show that in the managers’ plus owners’ opinions the areas in which the organization’s activities always or almost always have a positive impact are: collecting and paying taxes, keeping a strict control over the costs, and fulfilling government regulations plus obeying laws. The highest differences in clients’ and managers’ plus owners’ perceptions refer to creating jobs and improving people’s personal security and the general well-being of society.

  12. Linkage between company scores and stock returns

    Directory of Open Access Journals (Sweden)

    Saban Celik

    2017-12-01

    Full Text Available Previous studies on company scores conducted at firm-level, generally concluded that there exists a positive relation between company scores and stock returns. Motivated by these studies, this study examines the relationship between company scores (Corporate Governance Score, Economic Score, Environmental Score, and Social Score and stock returns, both at portfolio-level analysis and firm-level cross-sectional regressions. In portfolio-level analysis, stocks are sorted based on each company scores and quintile portfolio are formed with different levels of company scores. Then, existence and significance of raw returns and risk-adjusted returns difference between portfolios with the extreme company scores (portfolio 10 and portfolio 1 is tested. In addition, firm-level cross-sectional regression is performed to examine the significance of company scores effects with control variables. While portfolio-level analysis results indicate that there is no significant relation between company scores and stock returns; firm-level analysis indicates that economic, environmental, and social scores have effect on stock returns, however, significance and direction of these effects change, depending on the included control variables in the cross-sectional regression.

  13. Economic relations EU-China - the mechanism that the European Union outlines the position of the economic actor

    Directory of Open Access Journals (Sweden)

    Loredana JITARU

    2017-10-01

    Full Text Available Both the EU and China face a number of challenges. The EU has reached the pinnacle of international identity and is going through a rather difficult process of rethinking it. Regarding China, this actor goes through a phase of rethinking its economic growth model, namely the transition from an economy based, in greater extent on exports and investment to an economic growth based on stimulating domestic consumption. In this context, in order to meet the challenges of the third millennium and beyond, the two actors need to strengthen their cooperative relations as they are vital in solving the challenges of this millennium. This paper aims to provide an overview of EU-China economic relations and to analyse the impact of these relations on the EU economy.

  14. Economic growth, inequality, and the economic position of the poor in 1985-1995: an international perspective.

    Science.gov (United States)

    Kangas, Olli

    2002-01-01

    The "trickle-down" theory argues that wider income differences are good for economic growth, that growth is good for the poor, and therefore that widening income disparities benefit the poor. The theory thus fulfills Rawlsian principles of justice. The purpose of this article is to present a preliminary evaluation of the correctness of this theory. Income data for 21 countries were obtained from the Luxembourg Income Study, for the period 1985-95. The results of the analysis show no clear connections between inequality and economic prosperity. The wider the inequality, the worse is the absolute income of the poor. In this respect the theory is falsified. However, the trickle-down theory is partly correct in arguing for the beneficial effects of economic growth for the poor: the absolute income level of the poor is dependent on what is happening in the national economy, while the incidence and depth of poverty in advanced countries are not so much associated with economic factors as a result of national social policy programs.

  15. Intersystem return on investment in public mental health: Positive externality of public mental health expenditure for the jail system in the U.S.

    Science.gov (United States)

    Yoon, Jangho; Luck, Jeff

    2016-12-01

    This study examines the extent to which increased public mental health expenditures lead to a reduction in jail populations and computes the associated intersystem return on investment (ROI). We analyze unique panel data on 44 U.S. states and D.C. for years 2001-2009. To isolate the intersystem spillover effect, we exploit variations across states and over time within states in per capita public mental health expenditures and average daily jail inmates. Regression models control for a comprehensive set of determinants of jail incarcerations as well as unobserved determinants specific to state and year. Findings show a positive spillover benefit of increased public mental health spending on the jail system: a 10% increase in per capita public inpatient mental health expenditure on average leads to a 1.5% reduction in jail inmates. We also find that the positive intersystem externality of increased public inpatient mental health expenditure is greater when the level of community mental health spending is lower. Similarly, the intersystem spillover effect of community mental health expenditure is larger when inpatient mental health spending is lower. We compute that overall an extra dollar in public inpatient mental health expenditure by a state would yield an intersystem ROI of a quarter dollar for the jail system. There is significant cross-state variation in the intersystem ROI in both public inpatient and community mental health expenditures, and the ROI overall is greater for inpatient mental health spending than for community mental health spending. Copyright © 2016. Published by Elsevier Ltd.

  16. Position statement on 'Economic Impact of Oil and Gas Development within the Province of Newfoundland and Labrador

    International Nuclear Information System (INIS)

    1998-01-01

    This document contains the statement outlining the official position of the Newfoundland Ocean Industries Association (NOIA) concerning the report on the 'Economic Impact of Oil and Gas Development within the Province of Newfoundland and Labrador'. NOIA's position reflects the concern that Newfoundland businesses and individuals be involved in this emerging industry. Not unexpectedly, the statement is directed primarily towards improving economic opportunity for its members, but it also argues in favour of increasing economic activity within the province as whole. The Position Statement addresses six major issues of concern. These are: a full and fair opportunity for Newfoundland-resident supply and service companies to bid on an internationally competitive basis; a level playing field for all those who submit bids for contracts; enhancement of Newfoundland technology, expertise and facilities, as well as support of technology transfer to interested and capable Newfoundland businesses or companies; a life-of-field approach to planning, or linking capital expenditure and operational expenditure in order to achieve long-term positive economic impact within Newfoundland and Labrador; a supplier development program to encourage the development of an internationally competitive Newfoundland supply community; and the encouragement of operators and major contractors to fulfill specific requirements for positive economic impact within the province

  17. Economic Returns to Military Service

    Science.gov (United States)

    1991-07-01

    0V- 0 M. -qt r-V cto N r- 0M r- . WoN-- W o - %9D I II II II 0 0 N1 LA cc IV V- o InN0 C% ~ Hn Nn m LA 0 N H 0 01 tD No W F-4 cc N 0 C ) ko % A H...A r E o.1 10 C "! o . ;-H 0 M 0 H0(rOlr-4NNII IIZ if ;t, 4 HE-4A c ~ - O IHQ I A H ~ O itII II II --- II II II II e r o o o 1 ’ ’ II o4rII en IM CO O0...a; 1 , 4 c ; A c 8 % W II II - Nr-4 v C-4,r- II 0 11 IfM, 11 W r- tD 0 .11 II II (nI M m ":crN o II •H M N W..M-- O M - 4 r-I r4II o i ~N ~ HII II ,l

  18. Distributions of positive correlations in sectoral value added growth in the global economic network*

    Science.gov (United States)

    Maluck, Julian; Donner, Reik V.

    2017-02-01

    International trade has grown considerably during the process of globalization. Complex supply chains for the production of goods have resulted in an increasingly connected International Trade Network (ITN). Traditionally, direct trade relations between industries have been regarded as mediators of supply and demand spillovers. With increasing network connectivity the question arises if higher-order relations become more important in explaining a national sector's susceptibility to supply and demand changes of its trading partner. In this study we address this question by investigating empirically to what extent the topological properties of the ITN provide information about positive correlations in the production of two industry sectors. We observe that although direct trade relations between industries serve as important indicators for correlations in the industries' value added growth, opportunities of substitution for required production inputs as well as second-order trade relations cannot be neglected. Our results contribute to a better understanding of the relation between trade and economic productivity and can serve as a basis for the improvement of crisis spreading models that evaluate contagion threats in the case of a node's failure in the ITN.

  19. Socio-economic position and lower dietary moderation among Chinese immigrant women in the USA.

    Science.gov (United States)

    Tseng, Marilyn; Fang, Carolyn Y

    2012-03-01

    To examine associations of education and occupation, as indicators of socio-economic position (SEP), with dietary intake and diet quality in a sample of Chinese immigrant women. Cross-sectional. Data collection included four days of dietary recalls and information on education and current occupation for participants and their spouses. Philadelphia, PA, USA. Chinese immigrant women (n 423) recruited from October 2005 to April 2008. In multivariate models, both higher education level and occupation category were significantly associated with higher energy density and intake of energy and sugar. Education was additionally associated with intake of sugar-sweetened beverages (P = 0·01) and lower dietary moderation (P = 0·01). With joint categorization based on both education and occupation, we observed significant trends indicating higher energy density (P = 0·004) and higher intake of energy (P = 0·001) and sugar (P = 0·04), but less dietary moderation (P = 0·02) with higher SEP. In this sample of US Chinese immigrants, higher SEP as indicated by education level and occupation category was associated with differences in dietary intake and with less dietary moderation. While higher SEP is typically linked to healthier diet in higher-income nations, in these immigrants the association of SEP with diet follows the pattern of their country of origin - a lower-income country undergoing the nutrition transition.

  20. Investment in radiotherapy infrastructure positively affected the economic status of an oncology hospital.

    Science.gov (United States)

    Smigielska, Mirella; Milecki, Piotr

    2012-01-01

    Radiotherapy is among the most efficient treatment methods of cancer. However, a radiotherapy base needs a substantial financial investment, especially before the beginning of its operation, and in some cases, in developing countries such a huge investment may cause some financial disturbances for a hospital concerned. To assess the influence of investments modernizing the radiotherapy base in the period between 2000 and 2007 on the financial condition of the oncology hospital in the region with population of about 3 million. Financial reports and medical statistics for the period between 2000 and 2007 from the studied oncology hospital and a recognized staffing model, as well as data on epidemiological situation of the region have been used to calculate the economic effects of financial investment in the radiotherapy base. The growth of RT therapeutic potential has been driven by two cost-effective investment programmes. The total amount invested in both programmes was PLN 127,191,000. The number of radiotherapy patients treated in the hospital increased from 2301 in 2000 to 4799 in 2007 with a the same number of five therapeutic machines, although all five of them were replaced over that period. Investments modernizing the radiotherapy base lead to a significant increase in depreciation and operating costs, which adversely affects financial results of the hospital. Long term trends showed that investments had positive influence on hospital performance shown both in increased income and larger number of patients treated.

  1. The Return to Foreign Aid

    DEFF Research Database (Denmark)

    Dalgaard, Carl-Johan Lars; Hansen, Henrik

    2017-01-01

    We estimate the average rate of return on investments financed by aid and by domestic resource mobilisation, using aggregate data. Both returns are expected to vary across countries and time. Consequently we develop a correlated random coefficients model to estimate the average returns. Across...... different estimators and two different data sources for GDP and investment our findings are remarkably robust; the average gross return on ‘aid investments’ is about 20 per cent. This is in accord with micro estimates of the economic rate of return on aid projects and with aggregate estimates of the rate...

  2. Educational Policymaking and the Methodology of Positive Economics: A Theoretical Critique

    Science.gov (United States)

    Gilead, Tal

    2014-01-01

    By critically interrogating the methodological foundations of orthodox economic theory, Tal Gilead challenges the growing conviction in educational policymaking quarters that, being more scientific than other forms of educational investigation, inquiries grounded in orthodox economics should provide the basis for educational policymaking. He…

  3. Rentabilidade da produção de ovinos de corte em pastagem e em confinamento Economic return of sheep production on pasture and in feedlot

    Directory of Open Access Journals (Sweden)

    Carina Simionato de Barros

    2009-11-01

    identify the components with greatest influence on production cost. The study was carried out in two stages. Stage 1: comparison of finishing lamb production systems: (1 lambs weaned at 60 days and finished on pasture; (2 lambs with mother on pasture; (3 lambs with mother on pasture plus concentrate (1% BW/day in creep feeding; and (4 lambs weaned at 60 days and feedlot. Stage 2: a module of 150 ewes on 9 ha of pasture cropped in the pasture systems and 7 ha in feedlot was proposed after the economic assessment experiment, considering the sale of finished lamb or slaughter and sale of meat, and the sale of animals for reproduction. The fixed cost (depreciation, variable cost (materials, labour, transport, slaughter, interest, conservation, general expenses, total cost (fixed+variable, profitability, economic return, present net worth, intern return rate and benefit:cost ratio were calculated. The highest total cost was observed on feedlot and the lowest in lamb finished with dams on pasture. The net margin of lamb sale was negative in all systems. Meat sale showed negative net margin only for lambs on feedlot. Internal rate of return for meat sale was: 1.4% for lambs with mother on pasture; 4.3% for no weaning on pasture; 2.1% for lambs in creep feeding; and -2.3% for lambs in feedlot. Items of total operational cost with the greatest influence on systems in pasture, in decreasing order, were labour and feeding. Sale of meat was more profitable than sale of live lambs with greatest value in the system where lambs had been kept with mother on pasture.

  4. Value at Risk and Hedge Fund Return - Does High Risk Bring High Return?

    OpenAIRE

    Jing, Tao; Zhao, Hongxiang

    2010-01-01

    This paper mainly focuses on the correlation between live hedge fund return and their value at risk (VaR), and is based on the historical data from May 2000 to April 2010. The authors adopt portfolio level analyses and fund level cross-sectional regression, and find that there is significant positive correlation, both statistically and economically, between the hedge fund return and VaRs (parametric, non-parametric and GARCH). Further research is conducted by sub-dividing the overall period i...

  5. Risk-return relationship in a complex adaptive system.

    Directory of Open Access Journals (Sweden)

    Kunyu Song

    Full Text Available For survival and development, autonomous agents in complex adaptive systems involving the human society must compete against or collaborate with others for sharing limited resources or wealth, by using different methods. One method is to invest, in order to obtain payoffs with risk. It is a common belief that investments with a positive risk-return relationship (namely, high risk high return and vice versa are dominant over those with a negative risk-return relationship (i.e., high risk low return and vice versa in the human society; the belief has a notable impact on daily investing activities of investors. Here we investigate the risk-return relationship in a model complex adaptive system, in order to study the effect of both market efficiency and closeness that exist in the human society and play an important role in helping to establish traditional finance/economics theories. We conduct a series of computer-aided human experiments, and also perform agent-based simulations and theoretical analysis to confirm the experimental observations and reveal the underlying mechanism. We report that investments with a negative risk-return relationship have dominance over those with a positive risk-return relationship instead in such a complex adaptive systems. We formulate the dynamical process for the system's evolution, which helps to discover the different role of identical and heterogeneous preferences. This work might be valuable not only to complexity science, but also to finance and economics, to management and social science, and to physics.

  6. Risk-return relationship in a complex adaptive system.

    Science.gov (United States)

    Song, Kunyu; An, Kenan; Yang, Guang; Huang, Jiping

    2012-01-01

    For survival and development, autonomous agents in complex adaptive systems involving the human society must compete against or collaborate with others for sharing limited resources or wealth, by using different methods. One method is to invest, in order to obtain payoffs with risk. It is a common belief that investments with a positive risk-return relationship (namely, high risk high return and vice versa) are dominant over those with a negative risk-return relationship (i.e., high risk low return and vice versa) in the human society; the belief has a notable impact on daily investing activities of investors. Here we investigate the risk-return relationship in a model complex adaptive system, in order to study the effect of both market efficiency and closeness that exist in the human society and play an important role in helping to establish traditional finance/economics theories. We conduct a series of computer-aided human experiments, and also perform agent-based simulations and theoretical analysis to confirm the experimental observations and reveal the underlying mechanism. We report that investments with a negative risk-return relationship have dominance over those with a positive risk-return relationship instead in such a complex adaptive systems. We formulate the dynamical process for the system's evolution, which helps to discover the different role of identical and heterogeneous preferences. This work might be valuable not only to complexity science, but also to finance and economics, to management and social science, and to physics.

  7. Return Migration as Failure or Success?: The Determinants of Return Migration Intentions Among Moroccan Migrants in Europe.

    Science.gov (United States)

    de Haas, Hein; Fokkema, Tineke; Fihri, Mohamed Fassi

    Different migration theories generate competing hypotheses with regard to determinants of return migration. While neoclassical migration theory associates migration to the failure to integrate at the destination, the new economics of labour migration sees return migration as the logical stage after migrants have earned sufficient assets and knowledge and to invest in their origin countries. The projected return is then likely to be postponed for sustained or indefinite periods if integration is unsuccessful. So, from an indication or result of integration failure return is rather seen as a measure of success. Drawing on recent survey data ( N  = 2,832), this article tests these hypotheses by examining the main determinants of return intention among Moroccan migrants across Europe. The results indicate that structural integration through labour market participation, education and the maintenance of economic and social ties with receiving countries do not significantly affect return intentions. At the same time, investments and social ties to Morocco are positively related, and socio-cultural integration in receiving countries is negatively related to return migration intentions. The mixed results corroborate the idea that there is no uniform process of (return) migration and that competing theories might therefore be partly complementary.

  8. Maternal life course socio-economic position and offspring body composition at birth in a multi-ethnic population.

    Science.gov (United States)

    Sletner, Line; Jenum, Anne Karen; Mørkrid, Kjersti; Vangen, Siri; Holme, Ingar M; Birkeland, Kåre I; Nakstad, Britt

    2014-09-01

    Size and body composition at birth may affect long-term health. Mean birthweight and body composition differ between ethnic groups living in Europe. We wanted to explore if this relates to differences in socio-economic conditions in country of origin and over the maternal life course. This is a population-based cohort study of healthy pregnant women living in Oslo, Norway. Data on maternal early life and present socio-economic position (SEP) were collected in early gestation, and SEP scores were extracted through two separate principal components analyses. The associations between maternal present SEP and four different offspring anthropometric measures at birth were assessed separately, stratified by maternal early life SEP (dichotomised score) and Human Development Index (HDI, a country-level socio-economic indicator) in the country of origin [high HDI (Reference), n = 287 and low HDI, n = 250]. A strong positive association between maternal present SEP and offspring birthweight was observed if maternal early life SEP was high, but not if maternal early life SEP was low (P countries had smaller abdominal circumference, possibly indicating less fat-free mass, regardless of maternal life course SEP. Our results suggest that there are transgenerational effects of maternal past socio-economic conditions on offspring size and body composition at birth that modify the associations with present socio-economic factors. © 2014 John Wiley & Sons Ltd.

  9. The Effects of Voluntary Return Programmes on Migration Flows in the Context of the 1973/74 and 2008/09 Economic Crises

    Directory of Open Access Journals (Sweden)

    Piotr Plewa

    2012-10-01

    Full Text Available The article analyses Spain’s voluntary return policies, including the programme instituted specifically to assist migrants affected by the 2008/09 crisis. Voluntary return policies were implemented in Europe in the context of the 1973/4 crisis. Just like the Western European programmes of the 1970s and the 1980s, the current Spanish voluntary return policies also only elicited the cooperation of small numbers of migrants and countries of origin. The article recommends four broader policy measures to tackle the emerging trend whereby a considerable proportion of migrants will stay in Spain rather than repatriate.

  10. Economics.

    Science.gov (United States)

    Palley, Paul D; Parcero, Miriam E

    2016-10-01

    A review of literature in the calendar year 2015 dedicated to environmental policies and sustainable development, and economic policies. This review is divided into these sections: sustainable development, irrigation, ecosystems and water management, climate change and disaster risk management, economic growth, water supply policies, water consumption, water price regulation, and water price valuation.

  11. Socio-Economic Implications of Female Inclusion in Organizational Structures and in Leadership Positions

    Directory of Open Access Journals (Sweden)

    Krawiec Alexandra E.

    2016-03-01

    Full Text Available The perception of women’s statutory place within organizations has been influenced by gender bias, which has led to discrimination. Lowering barriers related to gender inequality and introducing constructive changes takes a surprisingly long time. This procrastination can, to some extent, be attributed to the fear of potential economic costs, which is a misconception. A deeper understanding of the interplay between socio-economic factors and gender inequality within organizations can result in designing better, less biased, more merit-based structures and provide women with better career opportunities. Countries and organizations promoting gender equality practices prove that women’s inclusion in the labor market can be ‘cost-effective’ and beneficial in socio-economic terms.

  12. The role of global economic policy uncertainty in long-run volatilities and correlations of U.S. industry-level stock returns and crude oil.

    Science.gov (United States)

    Yu, Honghai; Fang, Libing; Sun, Boyang

    2018-01-01

    We investigate how Global Economic Policy Uncertainty (GEPU) drives the long-run components of volatilities and correlations in crude oil and U.S. industry-level stock markets. Using the modified generalized autoregressive conditional heteroskedasticity mixed data sampling (GARCH-MIDAS) and dynamic conditional correlation mixed data sampling (DCC-MIDAS) specifications, we find that GEPU is positively related to the long-run volatility of Financials and Consumer Discretionary industries; however, it is negatively related to Information Technology, Materials, Telecommunication Services and Energy. Unlike the mixed role of GEPU in the long-run volatilities, the long-run correlations are all positively related to GEPU across the industries. Additionally, the rankings of the correlations of Energy and Materials are time-invariant and classified as high, with the little exception of the latter. The Consumer Staples industry is time-invariant in the low-ranking group. Our results are helpful to policy makers and investors with long-term concerns.

  13. Positive Impact of Art as a Communication Instrument on Economical Productivity

    Directory of Open Access Journals (Sweden)

    Sedat Cereci

    2013-08-01

    Full Text Available There are many factors that affect economical productivity like climate, or like raw materials or like international relationships or like physchology of employers. Professional organisations or companies use different instruments to increase producticity on economy. Spiritual conditions of employers and employees are especially regarded for economical productivity recently. Though economy is mostly a concrete area, main component of economy is human and human need spiritual support and impacts in his life. It is known that spiritual support always feed human and provide him much energy. Employers or companies who are interested in art and who participate in artistic activities become more productive than others and attract people to their productions.

  14. An Approach to Determining the Market for Academic Positions: Application to the Discipline of Agricultural Economics

    Science.gov (United States)

    Farrell, Terence; Casavant, Ken; Jessup, Eric

    2007-01-01

    The purpose of this paper is to present issues that are relevant to pursuing an academic career in the chosen discipline of each student. The application will be a general case study of agricultural economics. The analytical model will be used to evaluate options for Ph.D. graduates in a supply and demand context. The first issue presented is a…

  15. Breast milk and complementary food intake in Brazilian infants according to socio-economic position

    NARCIS (Netherlands)

    Romulus-Nieuwelink, Johanna J. C.; Doak, Colleen; Albernaz, Elaine; Victora, Cesar G.; Haisma, Hinke

    Objective. (a) To compare breast milk and complementary food intake between breast-fed infants from high and low socio-economic status (SES) aged 8 months of age; (b) To compare these intakes with PAHO/WHO recommendations. Methods. Cross-sectional, community-based study in Pelotas, Brazil. Breast

  16. Breast milk and complementary food intake in Brazilian infants according to socio-economic position

    NARCIS (Netherlands)

    Romulus-Nieuwelink, J.C.; Doak, C.M.; Albernaz, E.; Victora, C.G.; Haisma, H.

    2011-01-01

    Objective. (a) To compare breast milk and complementary food intake between breast-fed infants from high and low socio-economic status (SES) aged 8 months of age; (b) To compare these intakes with PAHO/WHO recommendations. Methods. Cross-sectional, community-based study in Pelotas, Brazil. Breast

  17. Variation in supermarket exposure to energy-dense snack foods by socio-economic position.

    Science.gov (United States)

    Cameron, Adrian J; Thornton, Lukar E; McNaughton, Sarah A; Crawford, David

    2013-07-01

    The present study aimed to examine the availability of energy-dense,nutrient-poor snack foods (and fruits and vegetables) in supermarkets located insocio-economically advantaged and disadvantaged neighbourhoods. Cross-sectional supermarket audit. Melbourne, Australia. Measures included product shelf space and number of varieties for soft drinks, crisps, chocolate, confectionery and fruits and vegetables, as well as store size. Thirty-five supermarkets (response 83 %) from neighbourhoods in the lowest and highest quintile of socio-economic disadvantage. Shelf space allocated to soft drinks (23?6m v. 17?7m, P50?006), crisps (16?5m v. 13?0m, P50?016), chocolate (12?2m v. 10?1m, P50?022) and confectionery (6?7m v. 5?1m, P50?003) was greater in stores from socioeconomically disadvantaged neighbourhoods. After adjustment for store size (stores in disadvantaged areas being larger), shelf space for confectionery (6?3m v. 5?6m, P50?024) and combined shelf space for all energy-dense foods and drinks (55?0m v. 48?9m, P50?017) remained greater in stores from socio-economically disadvantaged neighbourhoods. The ratio of shelf space allocated to fruits and vegetables to that for energy-dense snack foods also varied by socio-economic disadvantage after adjustment for store size (most disadvantaged v. least disadvantaged: 1?7 v. 2?1, P50?025). Varieties of fruits and vegetables and chocolate bars were more numerous in less disadvantaged areas (P,0?05). Exposure to energy-dense snack foods and soft drinks in supermarketswas greater in socio-economically disadvantaged neighbourhoods. Thismay impact purchasing, consumption and cultural norms related to eatingbehaviours and may therefore work against elimination of the known socioeconomicgradient in obesity levels. Reform of supermarket stocking practicesmay represent an effective means of obesity prevention.

  18. Economism

    Directory of Open Access Journals (Sweden)

    P. Simons

    2010-07-01

    Full Text Available Modern society is characterised not only by a fascination with scientific technology as a means of solving all problems, especially those that stand in the way of material progress (technicism, but also by an obsessive interest in everything that has to do with money (economism or mammonism. The article discusses the relationship between technicism and economism, on the basis of their relationship to utilitarian thinking: the quest for the greatest happiness for the greatest number of people. Recent major studies of neo-liberalism (seen as an intensification of utilitarianism by Laval and Dardot are used as reference to the development of utilitarianism. It is suggested that the western view of the world, as expressed in economism and technicism, with a utilitarian ethics, features three absolutisations: those of theoretical thinking, technology and economics. In a second part, the article draws on the framework of reformational philosophy to suggest an approach that, in principle, is not marred by such absolutisations.

  19. The Arousing Risk: Influences of positive and negative arousal on preferences for economic risk

    OpenAIRE

    Galentino, Andrea

    2015-01-01

    Standard economic models explain decision making under risk as a utility maximization process. Developments in cognitive psychology and neuroeconomics showed the volatility of such conceptualization highlighting human bounded rationality and discussing the role of decision maker’s affective state (basic reactions to any emotionally charged event) in cognitive evaluation of risk (risk as feeling). In particular, an affective-based evaluation of choice options may determine whether decision mak...

  20. Positioning anaerobic digestion systems in the swine sector in Quebec : a technical and economic study

    Energy Technology Data Exchange (ETDEWEB)

    Ricard, M.A.; Drolet, V.; Lachance, M.P.; Pouliot, F. [Centre de developpement du porc du Quebec Inc., Quebec City, PQ (Canada); Laflamme, C.B. [Hydro-Quebec, Shawinigan, PQ (Canada). Inst. de recherche LTE; Charest, C. [Fertior, Saint-Bernard, PQ (Canada); Forcier, F. [Solinov, Saint-Jean-sur-Richelieu, PQ (Canada); Pelletier, F.; Godbout, S.; Lemay, S.P. [Research and Development Inst. for the Agri-Environment, Quebec City, PQ (Canada); Levasseur, P. [IFIP, Inst. du porc, Paris (France)

    2010-07-01

    This paper reported on a study that investigated on-farm anaerobic digesters using technical and economic analyses based on scenarios adapted to the regulatory and economic context of the swine sector in the province of Quebec. Three scenarios were chosen to represent operating conditions in the swine sector. An economic analysis was conducted to determine the profitability of each scenario. Preliminary results showed that this type of project under current conditions in Quebec generates little profit. If thermal use of biogas is considered, the challenge lies in producing biogas at a lower cost than that of natural gas. The best-case scenario in the present study showed a production cost of $0.65 per m{sup 3} of methane giving a 5-year payback. If biogas is used to generate electricity, the challenge lies in producing electricity at a cost lower than $0.0746 per kWh when it is used directly at the farm, or to obtain a price of $0.112 per kWh so it can be resold on the power grid.

  1. [Additional qualification in health economics--a pre-condition for ENT leadership positions?].

    Science.gov (United States)

    Lehnerdt, G; Schöffski, O; Mattheis, S; Hoffmann, T K; Lang, S

    2013-11-01

    The increasing medical-technical progress as well as the dramatic demographic changes cause problems with regard to rapid enlargement of medical service offers, allocation of resources and a financing shortfall in the German public health system. The economization in the German Health System can also be perceived in ENT departments. After performing an internet search about the rapidly growing market for qualifications measures in health economics, we hence conducted an anonymous survey for ENT senior doctors and directors of the 34 German University Departments to evaluate their attitude towards, as well as their expectation of such an add-on qualification. Since the German government finalized the health care reform in the year 2000 such qualification measures rapidly developed: amongst others, 26 postgraduate, extra-occupational master programs have been inaugurated. The anonymous survey was answered by 105 ENT doctors (63 senior doctors, 27 vice professors and 15 directors). 63% out of these 105 colleagues considered such an add-on qualification to be mandatory. 41% of the colleagues were already "add-on qualified" in that field, only 10 of them by means of a study program. 71 of 105 colleagues (68%) considered the add-on qualification to be advantageous for their future personal career. With regard to the designated contents of the study program, "Staff Management" was even prioritized to "Hospital Financing" and "Cost Accounting". Aspects of management and a (health-) economical basic knowledge became an integral part of the daily routine for "first-line management doctors" also in (University) ENT-departments. © Georg Thieme Verlag KG Stuttgart · New York.

  2. Life course socio-economic position and quality of life in adulthood: a systematic review of life course models

    Science.gov (United States)

    2012-01-01

    Background A relationship between current socio-economic position and subjective quality of life has been demonstrated, using wellbeing, life and needs satisfaction approaches. Less is known regarding the influence of different life course socio-economic trajectories on later quality of life. Several conceptual models have been proposed to help explain potential life course effects on health, including accumulation, latent, pathway and social mobility models. This systematic review aimed to assess whether evidence supported an overall relationship between life course socio-economic position and quality of life during adulthood and if so, whether there was support for one or more life course models. Methods A review protocol was developed detailing explicit inclusion and exclusion criteria, search terms, data extraction items and quality appraisal procedures. Literature searches were performed in 12 electronic databases during January 2012 and the references and citations of included articles were checked for additional relevant articles. Narrative synthesis was used to analyze extracted data and studies were categorized based on the life course model analyzed. Results Twelve studies met the eligibility criteria and used data from 10 datasets and five countries. Study quality varied and heterogeneity between studies was high. Seven studies assessed social mobility models, five assessed the latent model, two assessed the pathway model and three tested the accumulation model. Evidence indicated an overall relationship, but mixed results were found for each life course model. Some evidence was found to support the latent model among women, but not men. Social mobility models were supported in some studies, but overall evidence suggested little to no effect. Few studies addressed accumulation and pathway effects and study heterogeneity limited synthesis. Conclusions To improve potential for synthesis in this area, future research should aim to increase study

  3. Economic evaluation of a multi-stage return to work program for workers on sick-leave due to low back pain

    NARCIS (Netherlands)

    Steenstra, I.A.; Anema, J.R.; Tulder, M.W. van; Bongers, P.M.; Vet, H.C.W. de; Mechelen, W. van

    2006-01-01

    Objective: To evaluate the cost-effectiveness and cost-utility of a return to work (RTW) program for workers on sick-leave due to low back pain (LBP), comparing a workplace intervention implemented between 2 to 8 weeks of sick-leave with usual care, and a clinical intervention after 8 weeks of

  4. Economic evaluation of a multi-stage return to work program for workers on sick leave due to low back pain

    NARCIS (Netherlands)

    Steenstra, I.A.; Anema, J.R.; van Tulder, M.; Bongers, P.M.; de Vet, H.C.W.; van Mechelen, W.

    2006-01-01

    Objective: To evaluate the cost-effectiveness and cost-utility of a return to work (RTW) program for workers on sick-leave due to low back pain (LBP), comparing a workplace intervention implemented between 2 to 8 weeks of sick-leave with usual care, and a clinical intervention after 8 weeks of

  5. Positive Behavioural Support in Schools for Children and Adolescents with Intellectual Disabilities Whose Behaviour Challenges: An Exploration of the Economic Case

    Science.gov (United States)

    Iemmi, Valentina; Knapp, Martin; Brown, Freddy Jackson

    2016-01-01

    Decision-makers with limited budgets want to know the economic consequences of their decisions. Is there an economic case for positive behavioural support (PBS)? A small before-after study assessing the impact of PBS on challenging behaviours and positive social and communication skills in children and adolescents with intellectual disabilities…

  6. An indigenous economic technique of positive pressure retrograde urethrography in female patients

    Directory of Open Access Journals (Sweden)

    H Singh

    2001-01-01

    Full Text Available Usually double balloon catheter is required forpositive pressure retrograde urethrography in females. We describe a technique of positive pressure retrograde urethrography using Foley catheter and rubber stopper, inexpensive and could be adopted in any hospital or radiological suite.

  7. Economic assessment of energy storage for load shifting in Positive Energy Building

    DEFF Research Database (Denmark)

    Dumont, Olivier; Carmo, Carolina; Georges, Emeline

    2016-01-01

    Net Zero Energy Buildings (NZEB) and Positive Energy Buildings (PEB) are gaining more and more interest. In this paper, the impact of the integration of a battery in a positive energy building is assessed in order to increase its self-consumption of electricity. Parametric studies are carried out......-in tariff and a 5 kWh battery. Finally, simple correlations (based on the feed-in tariff, the annual electrical consumption and production) to predict the optimal size of battery and the lowest payback period are proposed.......Net Zero Energy Buildings (NZEB) and Positive Energy Buildings (PEB) are gaining more and more interest. In this paper, the impact of the integration of a battery in a positive energy building is assessed in order to increase its self-consumption of electricity. Parametric studies are carried out...... by varying the building envelope characteristics, the power supply system, the climate, the lightning and appliances profiles, the roof tilt, the battery size and the electricity tariffs, leading to 3200 cases. The analysis is performed on an annual basis in terms of self-consumption rate, shifted energy...

  8. Economic assessment of electric energy storage for load shifting in positive energy building

    DEFF Research Database (Denmark)

    Dumont, Olivier; Do Carmo, Carolina Madeira Ramos; Georges, Emeline

    2017-01-01

    Net zero energy buildings and positive energy buildings are gaining more and more interest. This paper evaluates the impact of the integration of a battery in a positive energy building used to increase its self-consumption of electricity. Parametric studies are carried out by varying the buildin...... and a 3.7 kWh battery. Finally, simple correlations (based on the feed-in tariff, the annual electrical consumption and production) to predict the optimal size of battery and the lowest payback period are proposed.......Net zero energy buildings and positive energy buildings are gaining more and more interest. This paper evaluates the impact of the integration of a battery in a positive energy building used to increase its self-consumption of electricity. Parametric studies are carried out by varying the building...... envelope characteristics, the power supply system, the climate, the lighting and appliances profiles, the roof tilt angle, the battery size and the electricity tariffs, leading to 3200 cases. The analysis is performed on an annual basis in terms of self-consumption and self-production rate and payback...

  9. Positive Catch & Economic Benefits of Periodic Octopus Fishery Closures: Do Effective, Narrowly Targeted Actions ‘Catalyze’ Broader Management?

    Science.gov (United States)

    Oliver, Thomas A.; Oleson, Kirsten L. L.; Ratsimbazafy, Hajanaina; Raberinary, Daniel; Benbow, Sophie; Harris, Alasdair

    2015-01-01

    Overview Eight years of octopus fishery records from southwest Madagascar reveal significant positive impacts from 36 periodic closures on: (a) fishery catches and (b) village fishery income, such that (c) economic benefits from increased landings outweigh costs of foregone catch. Closures covered ~20% of a village’s fished area and lasted 2-7 months. Fishery Catches from Each Closed Site Octopus landings and catch per unit effort (CPUE) significantly increased in the 30 days following a closure’s reopening, relative to the 30 days before a closure (landings: +718%, poctopus fishery income doubled in the 30 days after a closure, relative to 30 days before (+132%, p<0.001, n = 28). Control villages not implementing a closure showed no increase in income after “no ban” closures and modest increases after “ban” closures. Villages did not show a significant decline in income during closure events. Net Economic Benefits from Each Closed Site Landings in closure sites generated more revenue than simulated landings assuming continued open-access fishing at that site (27/36 show positive net earnings; mean +$305/closure; mean +57.7% monthly). Benefits accrued faster than local fishers’ time preferences during 17-27 of the 36 closures. High reported rates of illegal fishing during closures correlated with poor economic performance. Broader Co-Management We discuss the implications of our findings for broader co-management arrangements, particularly for catalyzing more comprehensive management. PMID:26083862

  10. Positive evolution in economic forecasting. Case study: the evolution of a company’s capital

    Directory of Open Access Journals (Sweden)

    Ion POPESCU

    2010-09-01

    Full Text Available For the economic sciences, mainly for the planning and organization disciplines, the models display a range of varieties.  For the last decades, though, the mathematics-based models seem to be the trend, partly because of their ability to rigorously concentrate the essentials and also to be programmed via the computer-based techniques, thus creating together an unheard of instrument of scientific investigation, a resourceful ‚extension’ of human intelligence. The article herein presents certain medium-term prognosis, via the dynamic modelling, elements of bifurcation theory and the Xpp software.  The case study has been the object of a research contract with the business environment.

  11. Gold Returns

    OpenAIRE

    Robert J. Barro; Sanjay P. Misra

    2013-01-01

    From 1836 to 2011, the average real rate of price change for gold in the United States is 1.1% per year and the standard deviation is 13.1%, implying a one-standard-deviation confidence band for the mean of (0.1%, 2.1%). The covariances of gold's real rate of price change with consumption and GDP growth rates are small and statistically insignificantly different from zero. These negligible covariances suggest that gold's expected real rate of return--which includes an unobserved dividend yiel...

  12. The Returns to Entrepreneurship

    DEFF Research Database (Denmark)

    Van Praag, Mirjam; Raknerud, Arvid

    Empirical studies show low pecuniary returns of switching from wage employment to entrepreneurship. We reconsider the pecuniary gains of this switching by employing a two-stage procedure, where the randomness in the timing of inheritance transfers is used as an exclusion restriction to identify...... causal effects. The model is estimated on data covering the whole Norwegian population of individuals matched to the entire population of firms established in the period 2002-2011. The results indicate that the average returns to entrepreneurship are significantly negative for individuals entering...... entrepreneurship through self-employment and modest, but significantly positive, for incorporated startups....

  13. Modeling economic costs of disasters and recovery involving positive effects of reconstruction: analysis using a dynamic CGE model

    Science.gov (United States)

    Xie, W.; Li, N.; Wu, J.-D.; Hao, X.-L.

    2013-11-01

    Disaster damages have negative effects on economy, whereas reconstruction investments have positive effects. The aim of this study is to model economic causes of disasters and recovery involving positive effects of reconstruction activities. Computable general equilibrium (CGE) model is a promising approach because it can incorporate these two kinds of shocks into a unified framework and further avoid double-counting problem. In order to factor both shocks in CGE model, direct loss is set as the amount of capital stock reduced on supply side of economy; A portion of investments restore the capital stock in existing period; An investment-driven dynamic model is formulated due to available reconstruction data, and the rest of a given country's saving is set as an endogenous variable. The 2008 Wenchuan Earthquake is selected as a case study to illustrate the model, and three scenarios are constructed: S0 (no disaster occurs), S1 (disaster occurs with reconstruction investment) and S2 (disaster occurs without reconstruction investment). S0 is taken as business as usual, and the differences between S1 and S0 and that between S2 and S0 can be interpreted as economic losses including reconstruction and excluding reconstruction respectively. The study showed that output from S1 is found to be closer to real data than that from S2. S2 overestimates economic loss by roughly two times that under S1. The gap in economic aggregate between S1 and S0 is reduced to 3% in 2011, a level that should take another four years to achieve under S2.

  14. Socio-economic position and adolescents’ health in Italy: the role of selfesteem and self-efficacy

    Directory of Open Access Journals (Sweden)

    Alessio Zambon

    2007-09-01

    Full Text Available

    Background: To underline the importance of self-esteem and self-efficacy as aspects of health promotion, we investigated the hypothesis that self-esteem and self-efficacy mediate the effect of socio-economic position on adolescents’ health. This association has been confirmed by our data.

    Methods: Data derive from the international Health Behaviours in School-aged Children (HBSC study, 2001- 02 edition: a representative sample of Italian children (age groups of 11, 13 and 15years, N=4386 was administered a questionnaire at school. We tested with a multivariate model the effect of economic wellbeing on health and behavioural outcomes, first excluding, and then including, self-esteem and self-efficacy among the determinants.

    Results: Perceiving poorer health, not eating enough fruits and vegetables and doing too little physical activity are conditions affected by economic well-being (O.R. of best-off to worst-off are 0.65, 0.83 and 0.46, all statistically significant, while smoking habit is not affected. Including self-esteem and self-efficacy into the model significantly lowers, or annihilates, the effect of economic conditions on these outcomes.

    Conclusions: Economic well-being affects adolescents’ health (perceived health and health behaviours in Italy, but it is reasonable to hypothesize that self-esteem and self-efficacy are among the mediators of this effect. Targeted interventions aimed at enhancing self-esteem and self-efficacy could therefore help in mitigating the effect of health inequalities.

  15. The British Position towards European Integration: A Different Economic and Political Approach

    Directory of Open Access Journals (Sweden)

    Troitiño David Ramiro

    2014-06-01

    Full Text Available The United Kingdom has had an important position in Europe for centuries. Often it is seen as an anti-European country, or as being anti-integration in Europe but it is just defending its own interests, which in many cases hare differed from other members of the European Communities. The UK policy towards European cooperation has been influenced by the particular interest of the country, but there has always been a strong relation between the British and Europe. Great Britain had the biggest empire in human history spread all over the globe, and hence its interest was global rather than limited to local European states. The UK was a victorious country in the Second World War, the only Western European state that participated actively in Nazi defeat. As an important consequence, British nationalism was seen as a positive force to unite all the British against an external threat. During centuries, the British economy has been based on trade, and internationally the government supported and expanded the free trade idea in the world economy to European trade relations. This paper analyzes the main issues that explain the special relations between the EU and the UK. The paper is developed from a historical point of view with a methodology’ based on the critical review of historical facts from a global perspective of the whole traditional approach of the UK towards European integration.

  16. Corporate Governance and Equity Returns

    OpenAIRE

    Uchida, Shigeru

    2012-01-01

    This paper analyses the relationship between corporate governance and equity returns from the small investors view point. A primary survey has been conducted to gather the data required to examine the link. Preliminary result of the study shows that the four elements of governance: board structure, transparency, fairness and responsibility are positively related with equity returns.

  17. Validating the Need to Include the Economic Returns of Graduates as a Metric of a Higher Education Institutions Level of Sustainability

    NARCIS (Netherlands)

    Maragakis, A.; van den Dobbelsteen, A.A.J.F.; Maragakis, Alexandros

    2016-01-01

    Higher education institutions play an important role in sustainability, in their own management and operation, in research and education, and in the undergraduate and graduate degrees they deliver. Often ignored, economic sustainability and future perspectives of students are important indicators

  18. Margin Requirements and Equity Option Returns

    DEFF Research Database (Denmark)

    Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

    In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant margin premium in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

  19. Margin Requirements and Equity Option Returns

    DEFF Research Database (Denmark)

    Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

    In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant "margin premium" in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

  20. Balancing the positives and negatives: the challenge of socio-economic effects assessment of the Port Hope area initiative

    International Nuclear Information System (INIS)

    Wlodarczyk, T.L.; Flynn, B.

    2006-01-01

    The Port Hope Area Initiative (PHAI) is a community-based program directed at the development and implementation of a safe, long-term management solution for low-level radioactive waste (LLRW) that has existed in two communities in the Port Hope area for some seven decades. As part of the environmental assessment of the two projects (i.e., the Port Hope Project and the Port Granby Project) being undertaken as part of the PHAI, two separate socio-economic effects assessments were completed. The assessments were designed to be broad ranging assessments of the effects of the Projects on people and their communities. This paper discusses how the assessments identified and assessed the positive and negative effects of the two Projects, what those effects were, and draws conclusions on whether the positives outweigh the negatives. (author)

  1. Duplicating the success. From positive examples to socio-economic marketing strategies for greater energy efficieny in industry

    Energy Technology Data Exchange (ETDEWEB)

    Ramesohl, S. [Wuppertal Inst. for Climate Environment Energy (Germany); Clases, C.; Prose, F. [Christian-Albrechts-Univ. Kiel, Inst.for Psychology (Germany)

    1997-11-01

    The paper presents the Project `Inter-disciplinary Analysis of Successful Implementation of Energy Efficiency in Industry, Commerce and Service`. Based on empirical case studies in Germany, Denmark, Austria and Switzerland, the interdisciplinary approach combines techno-economical variables from traditional barrier analyses with new socio-economic and socio-psychological aspects. It is the objective to gain a broader understanding of successful implementation processes in industrial enterprises. The positive examples include energy conservation measures within the context of individual success stories as well as efficiency programmes. The project examines the interdependencies between boundary conditions and the features and dynamics of the internal change processes analysed. It identifies main actors inside and outside of the company, the crucial determinants of their energy related behaviour, and influence factors suitable for energy policy use. The project derives first typical patterns of social innovation and organisational development. Generalizing the findings in order to contribute to holistic policy recommendations, the project puts emphasis on instruments of economic and social marketing strategies to promote cooperative energy efficiency initiatives. (au) 18 refs.

  2. Positive Catch & Economic Benefits of Periodic Octopus Fishery Closures: Do Effective, Narrowly Targeted Actions 'Catalyze' Broader Management?

    Science.gov (United States)

    Oliver, Thomas A; Oleson, Kirsten L L; Ratsimbazafy, Hajanaina; Raberinary, Daniel; Benbow, Sophie; Harris, Alasdair

    2015-01-01

    Eight years of octopus fishery records from southwest Madagascar reveal significant positive impacts from 36 periodic closures on: (a) fishery catches and (b) village fishery income, such that (c) economic benefits from increased landings outweigh costs of foregone catch. Closures covered ~20% of a village's fished area and lasted 2-7 months. Octopus landings and catch per unit effort (CPUE) significantly increased in the 30 days following a closure's reopening, relative to the 30 days before a closure (landings: +718%, poctopus fishery income doubled in the 30 days after a closure, relative to 30 days before (+132%, p<0.001, n = 28). Control villages not implementing a closure showed no increase in income after "no ban" closures and modest increases after "ban" closures. Villages did not show a significant decline in income during closure events. Landings in closure sites generated more revenue than simulated landings assuming continued open-access fishing at that site (27/36 show positive net earnings; mean +$305/closure; mean +57.7% monthly). Benefits accrued faster than local fishers' time preferences during 17-27 of the 36 closures. High reported rates of illegal fishing during closures correlated with poor economic performance. We discuss the implications of our findings for broader co-management arrangements, particularly for catalyzing more comprehensive management.

  3. FINANCIAL RETURN ON ASSETS. THE IMPACT OF THE FINANCIAL RETURN ON ASSETS OVER THE COMPANY’S DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Constantin Căruntu

    2009-11-01

    Full Text Available The financial rate of return is a significant indicator for assessing the economic and financial performance of an enterprise for the internal diagnosis, as well as for the analysis required by the external partners. The financial return is a basic indicator which characterizes the business performances that is found directly under the trade policy (trade cost, efficiency of capital employed (economic profitability but also under the financial policy of the company. If the economic rate of return expresses a remuneration of the employed capital only in relation to operating activities, the financial rate of return quantifies a remuneration of the private capital trough all three types of activity: operational, financial and extraordinary. Starting from the consideration that the financial rate of return expresses the efficiency of equity or permanent capital use of the company we can state that it is of particular importance to the shareholders of the company, which considers according to it’s level whether their investments are justified and they will continue to support the business development through raising of fresh capital or abandonment for a limited period to one part of the dividends due. Managers, in turn, will be keen on maintaining an appropriate level of this rate, in order to retain their positions and to achieve the performance criteria of the company.

  4. Predicting positive mental health in internally displaced persons in Indonesia: the roles of economic improvement and exposure to violent conflict.

    Science.gov (United States)

    Saragih Turnip, Sherly; Sörbom, Dag; Hauff, Edvard

    2016-01-01

    Positive mental health, rather than just the absence of mental illness, is rarely investigated among the internally displaced persons (IDPs) affected by violent conflict in low-income countries. The purpose of this study was to investigate a model that could explain the interrelationship between factors contributing to positive mental health in displaced populations. In a longitudinal study we examine poverty, exposure to traumatic events and the change of material well-being after one year. We collected data in two consecutive years (2005 and 2006) from a community-based sample of IDPs in Ambon, Indonesia, through face-to-face structured interviews with consenting adults. Participants of this study were IDPs lived in Ambon during the violent conflict period. We interviewed 471 IDPs in the first year and reinterviewed 399 (85%) of the same subjects in the second year. The IDPs possessed good sense of coherence and subjective well-being. Our final model, which was generated by the use of structural equation modeling, fits the data well (χ(2) = 52.51, df = 45, p = .21, CFI = .99, RMSEA = .019). Exposure to violent conflict had a negative impact on IDPs' mental health initially and better economic conditions improved it (r = -.30 and .29 respectively). Mental health status one year previously was a strong predictor of future mental health, followed by individual economic growth in the past year (r = .43 and .29 respectively). On a group level the IDPs were resilient and adaptive to survive in adverse living conditions after devastating violent conflict, and the economic improvement contributed to it.

  5. Optimal pricing and lot-sizing policies for an economic production quantity model with non-instantaneous deteriorating items, permissible delay in payments, customer returns, and inflation

    DEFF Research Database (Denmark)

    Ghoreishi, Maryam; Mirzazadeh, Abolfazl; Nakhai Kamalabadi, Isa

    2014-01-01

    . The effects of time value of money are studied using the Discounted Cash Flow approach. The main objective is to determine the optimal selling price, the optimal length of the production period, and the optimal length of inventory cycle simultaneously such that the present value of total profit is maximized....... An efficient algorithm is presented to find the optimal solution of the developed model. Finally, a numerical example is extracted to solve the presented inventory model using our proposed algorithm, and the effects of the customer returns, inflation, and delay in payments are also discussed....

  6. The effects of integration and transnational ties on international return migration intentions

    Directory of Open Access Journals (Sweden)

    Hein de Haas

    2011-12-01

    Full Text Available While return migration is receiving increasing attention, there is still insufficient insight into the factors which determine migrants' intentions and decisions to return. It is often assumed that integration in receiving countries and the concomitant weakening of transnational ties decreases the likelihood of returning. However, according to alternative theoretical interpretations, return migration can also be the outflow of successful integration in receiving countries. Drawing on a data set of four African immigrant groups in Spain and Italy, this articlereviews these conflicting hypotheses by assessing the effects of integration and transnational ties on return migration intentions. The results of the analysis suggest that socio-cultural integration has a negative effect on return migration intentions, while economic integration and transnational ties have more ambiguous and sometimes positive effects. The results provide mixed support for the different hypotheses but question theoretical perspectives that unequivocally conceptualizereturn migration and transnationalism as causes and/or consequences of "integration failure".

  7. Economic Model For a Return on Investment Analysis of United States Government High Performance Computing (HPC) Research and Development (R & D) Investment

    Energy Technology Data Exchange (ETDEWEB)

    Joseph, Earl C. [IDC Research Inc., Framingham, MA (United States); Conway, Steve [IDC Research Inc., Framingham, MA (United States); Dekate, Chirag [IDC Research Inc., Framingham, MA (United States)

    2013-09-30

    This study investigated how high-performance computing (HPC) investments can improve economic success and increase scientific innovation. This research focused on the common good and provided uses for DOE, other government agencies, industry, and academia. The study created two unique economic models and an innovation index: 1 A macroeconomic model that depicts the way HPC investments result in economic advancements in the form of ROI in revenue (GDP), profits (and cost savings), and jobs. 2 A macroeconomic model that depicts the way HPC investments result in basic and applied innovations, looking at variations by sector, industry, country, and organization size. A new innovation index that provides a means of measuring and comparing innovation levels. Key findings of the pilot study include: IDC collected the required data across a broad set of organizations, with enough detail to create these models and the innovation index. The research also developed an expansive list of HPC success stories.

  8. THE IMPACT OF FINANCIAL LEVERAGE ON RETURN AND RISK

    Directory of Open Access Journals (Sweden)

    HAKAN SARITAŞ

    2013-05-01

    Full Text Available Financing with debt and preferred stock to increase the potential return to the residual common shareholders’ equity is referred to as financial leverage. A firm’s return on equity (ROE is a key determinant of the growth rate of its earnings. Return on equity is affected profoundly by the firm’s degree of financial leverage. Increased debt will make a positive contribution to a firm’s ROE only if the firm’s return on assets (ROA exceeds the interest rate on the debt. In spite of the fact that financial leverage increases the rate of return on common stock equity, the grater the proportion of debt in the capital structure, however, the greater the risk the common shareholders bear. Introduction of financial leverage increases the average profitability of the firm as well as its risk. In good economic years, the impact of financial leverage will most likely be positive; however, the leverage effect may be negative in relatively bad years. Traditionally, studies treated short-term debt and long-term debt as perfect substitutes for each other. There is, however, risk-sharing by long-term debtholders which makes short-term debt financing riskier to shareholders than long-term debt financing. The significant affect associated with the total debt usage is largely attributable to short-term debt financing, since the impact of short-term debt financing on the expected returns is shown to be greater than that of long-term debt financing.

  9. Women’s Choice of Positions during Labour: Return to the Past or a Modern Way to Give Birth? A Cohort Study in Italy

    Directory of Open Access Journals (Sweden)

    Salvatore Gizzo

    2014-01-01

    Full Text Available Background. Childbirth medicalization has reduced the parturient’s opportunity to labour and deliver in a spontaneous position, constricting her to assume the recumbent one. The aim of the study was to compare recumbent and alternative positions in terms of labour process, type of delivery, neonatal wellbeing, and intrapartum fetal head rotation. Methods. We conducted an observational cohort study on women at pregnancy term. Primiparous women with physiological pregnancies and single cephalic fetuses were eligible for the study. We considered data about maternal-general characteristics, labour process, type of delivery, and neonatal wellbeing at birth. Patients were divided into two groups: Group-A if they spent more than 50% of labour in a recumbent position and Group-B when in alternative ones. Results. 225 women were recruited (69 in Group-A and 156 in Group-B. We found significant differences between the groups in terms of labour length, Numeric Rating Scale score and analgesia request rate, type of delivery, need of episiotomy, and fetal occiput rotation. No differences were found in terms of neonatal outcomes. Conclusion. Alternative maternal positioning may positively influence labour process reducing maternal pain, operative vaginal delivery, caesarean section, and episiotomy rate. Women should be encouraged to move and deliver in the most comfortable position.

  10. Validating the Need to Include the Economic Returns of Graduates as a Metric of a Higher Education Institutions Level of Sustainability

    Science.gov (United States)

    Maragakis, Antonios; van den Dobbelsteen, Andy; Maragakis, Alexandros

    2016-01-01

    Higher education institutions play an important role in sustainability, in their own management and operation, in research and education, and in the undergraduate and graduate degrees they deliver. Often ignored, economic sustainability and future perspectives of students are important indicators too. The research presented in this paper validates…

  11. Correlation of cancer incidence with diet, smoking and socio- economic position across 22 districts of Tehran in 2008.

    Science.gov (United States)

    Rohani-Rasaf, Marzieh; Abdollahi, Morteza; Jazayeri, Shima; Kalantari, Naser; Asadi-Lari, Mohsen

    2013-01-01

    Variation in cancer incidence in geographical locations is due to different lifestyles and risk factors. Diet and socio-economic position (SEP) have been identified as important for the etiology of cancer but patterns are changing and inconsistent. The aim of this study was to investigate correlations of the incidence of common cancers with food groups, total energy, smoking, and SEP. In an ecological study, disaggregated cancer data through the National Cancer Registry in Iran (2008) and dietary intake, smoking habits and SEP obtained through a population based survey within the Urban Health Equity Assessment (Urban-HEART) project were correlated across 22 districts of Tehran. Consumption of fruit, meat and dairy products adjusted for energy were positively correlated with bladder, colorectal, prostate and breast and total cancers in men and women, while these cancers were adversely correlated with bread and fat intake. Also prostate, breast, colorectal, bladder and ovarian cancers had a positive correlation with SEP; there was no correlation between SEP and skin cancer in both genders and stomach cancer in men. The incidence of cancer was higher in some regions of Tehran which appeared to be mainly determined by SEP rather than dietary intake. Further individual data are required to investigate reasons of cancer clustering.

  12. Overweight and weight dissatisfaction related to socio-economic position, integration and dietary indicators among south Asian immigrants in Oslo.

    Science.gov (United States)

    Råberg, Marte; Kumar, Bernadette; Holmboe-Ottesen, Gerd; Wandel, Margareta

    2010-05-01

    To investigate how socio-economic position, demographic factors, degree of integration and dietary indicators are related to BMI/waist:hip ratio (WHR) and to weight dissatisfaction and slimming among South Asians in Oslo, Norway. Cross-sectional study consisting of a health check including anthropometric measures and two self-administered questionnaires. Oslo, Norway. Pakistanis and Sri Lankans (n 629), aged 30-60 years, residing in Oslo. BMI was positively associated with female gender (P = 0.004) and Pakistani origin (P integration (measured by a composite index, independent of duration of residence; P = 0.017). One-third of those with normal weight and most of those obese were dissatisfied with their weight. Among these, about 40 % had attempted to slim during the past year. Dissatisfaction with weight was positively associated with education in women (P = 0.006) and with integration in men (P = 0.026), and inversely associated with physical activity (P = 0.044) in men. Women who had made slimming attempts had breakfast and other meals less frequently than others (P < 0.05). Weight dissatisfaction exists among South Asian immigrants. More research is needed regarding bodily dissatisfaction and the relationship between perception of weight and weight-change attempts among immigrants in Norway, in order to prevent and treat both obesity and eating disorders.

  13. Stock Returns and Risk: Evidence from Quantile

    Directory of Open Access Journals (Sweden)

    Thomas C. Chiang

    2012-12-01

    Full Text Available This paper employs weighted least squares to examine the risk-return relation by applying high-frequency data from four major stock indexes in the US market and finds some evidence in favor of a positive relation between the mean of the excess returns and expected risk. However, by using quantile regressions, we find that the risk-return relation moves from negative to positive as the returns’ quantile increases. A positive risk-return relation is valid only in the upper quantiles. The evidence also suggests that intraday skewness plays a dominant role in explaining the variations of excess returns.

  14. Socio-economic position as an intervention against overweight and obesity in children: a systematic review and meta-analysis

    Science.gov (United States)

    Wu, Shunquan; Ding, Yingying; Wu, Fuquan; Li, Ruisheng; Hu, Yan; Hou, Jun; Mao, Panyong

    2015-06-01

    Studies that investigated the association between socio-economic position (SEP) and obesity in children suggest inconsistent results. The aim of this study is to summarize and quantify the current evidence on SEP and risks of overweight and obesity in children aged 0-15 years. Relevant studies published between 1990 to Sep 4, 2014 were searched in Medline, Web of Science, Embase, and the Cochrane Database of Systematic Reviews. Risk estimates from individual studies were pooled using random-effects models, according to lowest vs the highest SEP category. A total of 62 articles were included in the meta-analysis. The odds of both overweight risk and obesity risk were higher in the children with lowest SEP than in those with highest SEP (OR, 1.10, 95% CI: 1.03-1.17, and OR, 1.41, 95% CI: 1.29-1.55, respectively). Sub-group analyses showed that the inverse relationships between SEP and childhood overweight and obesity were only found in high-income countries and in more economic developed areas. In conclusion, our study suggests that children with lower SEP had higher risks of overweight and obesity, and the increased risks were independent of the income levels of countries.

  15. Human Nature, Flourishing, and Happiness: Toward a Synthesis of Aristotelianism, Austrian Economics, Positive Psychology, and Ayn Rand’s Objectivism

    Directory of Open Access Journals (Sweden)

    Edward W. Younkins

    2010-11-01

    Full Text Available This article presents a skeleton of a potential paradigm of human flourishing and happiness in a free society. It is an exploratory attempt to construct an understanding from various disciplines and to integrate them into a clear, consistent, coherent, and systematic whole. Holding that there are essential interconnections among objective ideas, the article specifically emphasizes the compatibility of Aristotelianism, Austrian Economics, Positive Psychology, and Ayn Rand’s Objectivism arguing that particular ideas from these areas can be integrated into a paradigm of human flourishing and happiness based on the nature of man and the world. Such a paradigm will help people to understand the world and to survive and flourish in it. It is hoped that the paradigm will grow and evolve as scholars engage, question, critique, interpret, and extend its ideas. Our goal is to have a paradigm that accords with reality and there is always more to learn from reality.

  16. Socio-economic position and cardiovascular risk in rural Indian adolescents: evidence from the Andhra Pradesh children and parents study (APCAPS).

    Science.gov (United States)

    Kinra, S; Johnson, M; Kulkarni, B; Rameshwar Sarma, K V; Ben-Shlomo, Y; Smith, G D

    2014-09-01

    This study examined association between socio-economic position and cardiovascular risk factors in adolescents to investigate whether childhood socio-economic position is a risk factor for future cardiovascular disease, independently of adult behaviours. Participants (n = 1128, 46% girls, aged 13-18 years) were members of a birth cohort (Andhra Pradesh Children and Parents Study or APCAPS) established to investigate long-term effects of a pregnancy and childhood nutritional supplementation trial conducted in 29 villages near Hyderabad in South India. Cross-sectional associations between socio-economic position and cardiovascular risk factors were examined using linear regression models. The mean BMI was 16.7 kg/m(2) for boys and 17.8 kg/m(2) for girls. Socio-economic position was positively associated with fat mass index (0.15 kg/m(2); 95% CI: 0.05-0.25) and inversely associated with central-peripheral skinfold ratio (-0.04; 95% CI: -0.06 to -0.01) and, in boys, fasting triglycerides (-0.05; 95% CI: -0.09 to -0.01). Association of socio-economic position with other risk factors (blood pressure, arterial stiffness, fasting glucose, insulin and cholesterol) was weak and inconsistent, and did not persist after adjustment for potential confounders, including age, sex, pubertal stage, height, adiposity and nutrition supplementation. The study thus showed that lower socio-economic position may be associated with greater central adiposity and higher triglyceride levels in these settings. Socio-economic gradient in cardiovascular risk may strengthen in future with later economic and lifestyle changes. Cardiovascular disease prevention strategies should therefore focus on the youth from the low income group. Copyright © 2014 The Authors. Published by Elsevier Ltd.. All rights reserved.

  17. Basin Irrigation Design with Multi-Criteria Analysis Focusing on Water Saving and Economic Returns: Application to Wheat in Hetao, Yellow River Basin

    Directory of Open Access Journals (Sweden)

    Qingfeng Miao

    2018-01-01

    Full Text Available The sustainability of the Hetao Irrigation System, located in the water scarce upper Yellow River basin, is a priority considering the need for water saving, increased water productivity, and higher farmers’ incomes. The upgrading of basin irrigation, the main irrigation method, is essential and includes the adoption of precise land levelling, cut-off management, improved water distribution uniformity, and adequate irrigation scheduling. With this objective, the current study focuses on upgrading wheat basin irrigation through improved design using a decision support system (DSS model, which considers land parcels characteristics, crop irrigation scheduling, soil infiltration, hydraulic simulation, and environmental and economic impacts. Its use includes outlining water saving scenarios and ranking alternative designs through multi-criteria analysis considering the priorities of stakeholders. The best alternatives concern flat level basins with a 100 and 200 m length and inflow rates between 2 and 4 L s−1 m−1. The total irrigation cost of designed projects, including the cost of the autumn irrigation, varies between 2400 and 3300 Yuan ha−1; the major cost component is land levelling, corresponding to 33–46% of total irrigation costs. The economic land productivity is about 18,000 Yuan ha−1. The DSS modelling defined guidelines to be applied by an extension service aimed at implementing better performing irrigation practices, and encouraged a good interaction between farmers and the Water Users Association, thus making easier the implementation of appropriate irrigation management programs.

  18. Evaluation of starter dietary digestible lysine level on broilers raised under a sex-separated or straight-run housing regime, part 2: Economics of sex separation and digestible lysine level for maximum returns.

    Science.gov (United States)

    Da Costa, M J; Colson, G; Frost, T J; Halley, J; Pesti, G M

    2017-09-01

    The objective of this experiment was to determine the maximum net returns digestible lysine (dLys) levels (MNRL) when maintaining the ideal amino acid ratio for starter diets of broilers raised sex separate or comingled (straight-run). A total of 3,240 Ross 708 chicks was separated by sex and placed in 90 pens by 2 rearing types: sex separate (36 males or 36 females) or straight-run (18 males + 18 females). Each rearing type was fed 6 starter diets (25 d) formulated to have dLys levels between 1.05 and 1.80%. A common grower diet with 1.02% of dLys was fed from 25 to 32 days. Body weight gain (BWG) and feed intake were assessed at 25 and 32 d for performance evaluation. Additionally, at 26 and 33 d, 4 birds per pen were sampled for carcass yield evaluation. Data were modeled using response surface methodology in order to estimate feed intake and whole carcass weight at 1,600 g live BW. Returns over feed cost were estimated for a 1.8-million-broiler complex of each rearing system under 9 feed/meat price scenarios. Results indicated that females needed more feed to reach market weight, followed by straight-run birds, and then males. At medium meat and feed prices, female birds had MNRL at 1.07% dLys, whereas straight-run and males had MNRL at 1.05%. As feed and meat prices increased, females had MNRL increased up to 1.15% dLys. Sex separation resulted in increased revenue under certain feed and meat prices, and before sex separation cost was deducted. When the sexing cost was subtracted from the returns, sex separation was not shown to be economically viable when targeting birds for light market BW. © 2017 Poultry Science Association Inc.

  19. An economic evaluation of conception strategies for heterosexual serodiscordant couples where the male partner is HIV-positive.

    Science.gov (United States)

    Letchumanan, Michelle; Coyte, Peter C; Loutfy, Mona

    2015-01-01

    To conduct an economic evaluation of the three commonly used interventions that reduce sexual HIV transmission when an HIV-negative female aims to conceive with an HIV-positive male on combination antiretroviral therapy (condomless sex restricted to timed ovulation [CS], sperm washing with intrauterine insemination [SW] and condomless sex restricted to timed ovulation with pre-exposure prophylaxis [CS-PrEP]). As SW and CS-PrEP are only privately available for pregnancy planning for this population in Canada, this study was conducted to inform policy decisions concerning potential public health insurance coverage, as well as to inform fertility counselling in settings with adequate combination antiretroviral therapy access globally. We developed a cohort Markov model with a lifetime horizon and used the perspective of Ontario's Ministry of Health (MOH). Input parameters were drawn from literature, the MOH's Schedule of Benefits and a time trade-off questionnaire designed for this study. Outcome measures included quality-adjusted life-years and incremental cost-effectiveness. Costs and benefits were discounted at annual rates of 3%. Costs were reported in Canadian 2013 dollars and an exchange rate of 1 USD to 1.066 CND was applied where necessary. Sensitivity analysis assessed the uncertainty of model parameters. The base case analysis found that CS-PrEP and SW were each more costly and less effective at conception than CS. The results were robust in the sensitivity analysis and suggest that CS is the dominant conception strategy in this population. Neither CS-PrEP nor SW represent better value for money relative to CS as a conception option for HIV-discordant couples with positive male partners. Based on these findings, CS-PrEP and SW cannot be recommended for public-funding in developed countries.

  20. Economic and ordinal benefits of Hydrogen Energy Technology

    International Nuclear Information System (INIS)

    Giannantoni, C.; Zoli, M.

    2009-01-01

    A method for assessing economic, environmental and energy investments is particularly suited for hydrogen technologies, because it makes it possible to calculate business returns, negative externalities and, above all, the economic benefits to the citizens: the monetizable positive externalities and the ordinal benefits, i.e. those which cannot be reduced to a simple monetary value. [it

  1. Use of artificial substrate in pond culture of freshwater prawn (Macrobrachium rosenbergii: a new approach regarding growth performance and economic return

    Directory of Open Access Journals (Sweden)

    Dilshad Milky Tuly

    2014-04-01

    Full Text Available An experiment was conducted for six months to evaluate the effects of artificial substrates on the survival, growth and production of Macrobrachium rosenbergii juveniles. The treatment T1 contained locally available bamboo-made substrate both vertical and horizontal and treatment T2 received no substrate. Juvenile prawns (0.40±0.13 g were stocked at the rate of 19,760 prawns ha-1. The water quality parameters range such as temperature, pH and DO were 22.06-33.45°C, 7.70-8.40 and 4.75-6.15 mgl-1 respectively which was no significant difference (P0.05 than T2 (56.87%. The specific growth rate, food conversion ratio and protein efficiency ratio were 1.19 % and 1.14 %, 3.15 and 4.39, 0.98 and 0.71 in T1 and T2 respectively which were not significantly different (P0.05 than T2. Thus growth and survival of prawn juveniles improved in presence of artificial substrate which could be economically viable technique for the freshwater prawn culture.

  2. Return on Investment from Biochar Application

    Science.gov (United States)

    Current literature has yet to fully address the cost of biochar application or the return on investment to the grower. The objectives were to identify possible on-farm spreader equipment, spreader capacity, application expenses, and rate of return needed for growers to apply biochar economically. Bi...

  3. Age-period-cohort projections of ischaemic heart disease mortality by socio-economic position in a rapidly transitioning Chinese population

    OpenAIRE

    Wong, IOL; Schooling, CM; Cowling, BJ; Leung, GM

    2013-01-01

    Background:With economic development and population aging, ischaemic heart disease (IHD) is becoming a leading cause of mortality with widening inequalities in China. To forewarn the trends in China we projected IHD trends in the most economically developed part of China, i.e., Hong Kong.Methods:Based on sex-specific IHD mortality rates from 1976 to 2005, we projected mortality rates by neighborhood-level socio-economic position (i.e., low- or high-income groups) to 2020 in Hong Kong using Po...

  4. Reintegration of Pakistani return migrants from the Middle East in the domestic labour market.

    Science.gov (United States)

    Arif, G M

    1998-01-01

    This study compared the unemployment rates among return migrants and nonmigrants and examined the reintegration pattern of returnees in the domestic labor market. The study utilized three data sets: the 1980 World Bank Survey of Return Migrant Households; the 1986 ILO/ARTEP Survey of Return Migrant Households; the 1991 Pakistan Integrated Household Survey. Findings showed that unemployment rates were much higher among return migrants than nonmigrants. Although this difference narrowed with the passage of time, even among those who returned to Pakistan at least 18 months prior to the surveys, more than 10% of workers were unemployed. The multivariate analysis further showed that returnees, irrespective of the period elapsed since their return, were more likely to be unemployed than nonmigrants. With respect to the reintegration pattern of return migrants, the study revealed that variables indicating their human capital, such as occupation and pre-migration and during-migration work experience, appear to have a greater influence on their post-return adjustment than the variables related to economic positions such as savings. The results also showed that the types of jobs unemployed returnees were looking for differed substantially from those held by employed return migrants. A possibility was that unemployed returnees could not save enough from their overseas earnings to become self-employed. Thus, provision of credit for self-employment seems to be the right way to accommodate these workers.

  5. Socio-economic position and subjective health and well-being among older people in Europe: a systematic narrative review.

    Science.gov (United States)

    Read, Sanna; Grundy, Emily; Foverskov, Else

    2016-01-01

    Previous studies of older European populations have established that disability and morbidity vary with indicators of socio-economic position (SEP). We undertook a systematic narrative review of the literature to ascertain to what extent there is evidence of similar inequalities in the subjective health and well-being of older people in Europe. Relevant original research articles were searched for using Medline, Global Health, Embase, Social Policy and Practice, Cinahl, Web of Science and International Bibliography of the Social Sciences (IBSS). We included studies of SEP and indicators of subjective health and well-being (self-rated health; life satisfaction; quality of life) conducted since 1991 using population-based samples of older people in Europe and published 1995-2013. A total of 71 studies were identified. Poorer SEP was associated with poorer subjective health and well-being. Associations varied somewhat depending on the SEP measure and subjective health and well-being outcome used. Associations were weaker when social support and health-related behaviours were adjusted for suggesting that these factors mediate the relationship between SEP and subjective health and well-being. Associations tended to be weaker in the oldest age groups. The patterns of associations by gender were not consistent and tended to diminish after adjusting for indicators of health and life circumstances. The results of this systematic narrative review of the literature demonstrate the importance of social influences on later life subjective health and well-being and indicate areas which need further investigation, such as more studies from Eastern Europe, more longitudinal studies and more research on the role of mediating factors.

  6. Retorno econômico da citricultura versus cultivo de grãos na região de Paranapanema - SP =Economic return of citrus cultivation versus grain cultivation in the Paranapanema-SP region

    Directory of Open Access Journals (Sweden)

    Thiago da Rocha Ribeiro

    2017-10-01

    , either for traditional farmers or beginner investors. In such context, the region of Paranapanema in the State of São Paulo is a highlight in the irrigated grain production, and its citrus fruits production has been constantly growing. Thus, this paper aims at assessing and comparing the economic return of the citrus business to the cycle of irrigated grain crops. Net Present Value [NPV], Internal Rate of Return [IRR], Net Uniform Series, Profitability Index [PI] and Discounted Payback were used as parameters. For risk assessment, the statistical evaluation of numbers randomly generated by Monte Carlo method was used. The resulting data shows that orange crops have achieved R$ 2.625.495,12 of forecasted NPV, with 2,87% probability of being negative, while grain crops presented R$ 902.977,92 of NPV, with 7,05% chances of resulting in negative net present value. Despite low probabilities of achieving NPV<0, there is still the risk that businesses might present negative intermediate consumption flow and the farmer is required to turn to funds reservation or rural credit. Both alternatives could affect the results. Based on the above considerations, despite both projects being feasible, citrus fruits production has proven to be capable of providing better economic return for farmers.

  7. Socio Economic Position in TB Prevalence and Access to Services: Results from a Population Prevalence Survey and a Facility-Based Survey in Bangladesh

    NARCIS (Netherlands)

    Hossain, Shahed; Quaiyum, Mohammad Abdul; Zaman, Khalequ; Banu, Sayera; Husain, Mohammad Ashaque; Islam, Mohammad Akramul; Cooreman, Erwin; Borgdorff, Martien; Lönnroth, Knut; Salim, Abdul Hamid; van Leth, Frank

    2012-01-01

    Background: In Bangladesh DOTS has been provided free of charge since 1993, yet information on access to TB services by different population group is not well documented. The objective of this study was to assess and compare the socio economic position (SEP) of actively detected cases from the

  8. The current status of the debate on socio-economic regulatory assessments: positions and policies in Canada, the USA, the EU and developing countries

    NARCIS (Netherlands)

    Falck-Zepeda, J.; Wesseler, J.H.H.; Smyth, S.

    2013-01-01

    Article 26.1 of the Cartagena Protocol on Biosafety has the option of considering socio-economic issues in biosafety regulatory approval processes related to genetically engineered organisms. National laws and regulations in some countries have already defined positions and may have enacted policies

  9. Implications of the Present Economic Position of Middle-Aged Divorced and Widowed Women: Another Generation of the Elderly in Poverty.

    Science.gov (United States)

    Borker, Susan R.; Loughlin, Julia

    The paper explores the present economic and social position of over 5,000 middle-aged women (39-53) and examines the relationship of their present status to their future financial security. The women were interviewed six times from 1967 to 1976; black respondents outnumbered whites approximately three to one. Results indicate that while the…

  10. How does the social "get under the gums"? The role of socio-economic position in the oral-systemic health link.

    Science.gov (United States)

    Gomaa, Noha; Nicolau, Belinda; Siddiqi, Arjumand; Tenenbaum, Howard; Glogauer, Michael; Quiñonez, Carlos

    2017-09-14

    To evaluate the extent of association between systemic inflammation and periodontal disease in American adults, and to assess whether socio-economic position mediated this relationship. We used data from the National Health and Nutrition Examination Survey (NHANES IV) (2001-2010). Systemic inflammation was defined by individual and aggregate (cumulative inflammatory load) biomarkers (C-reactive protein, white blood cell counts, neutrophil counts, and neutrophil:lymphocyte ratio). Loss of attachment and bleeding on probing were used to define periodontal disease. Poverty:income ratio and education were indicators of socio-economic position. Covariates included age, sex, ethnicity, smoking, alcohol, and attendance for dental treatment. Univariate and multivariable logistic regressions were constructed to assess the relationships of interest. In a total of 2296 respondents, biomarkers of systemic inflammation and cumulative inflammatory load were significantly associated with periodontal disease after adjusting for age, sex, and behavioural factors. Socio-economic position attenuated the association between markers of systemic inflammation and periodontal disease in the fully adjusted model. Socio-economic position partly explains how systemic inflammation and periodontal disease are coupled, and may thus have a significant role in the mechanisms linking oral and non-oral health conditions. It is of critical importance that the social and living conditions are taken into account when considering prevention and treatment strategies for inflammatory diseases, given what appears to be their impactful effect on disease processes.

  11. Exiting and Returning to the Parental Home for Boomerang Kids.

    Science.gov (United States)

    Sandberg-Thoma, Sara E; Snyder, Anastasia R; Jang, Bohyun Joy

    2015-06-01

    Young adults commonly exit from and return to the parental home, yet few studies have examined the motivation behind these exits and returns using a life course framework. Using data from the National Longitudinal Survey of Youth 1997, the authors examined associations between mental health problems and economic characteristics and exits from (n = 8,162), and returns to (n = 6,530), the parental home during the transition to adulthood. The average age of the respondents was 24 years. The authors found evidence that mental health and economic characteristics were related to home leaving and returning. Emotional distress was associated with earlier exits from, and returns to, the parental home; alcohol problems were associated with earlier returns to the parental home. The findings regarding economic resources were unexpectedly mixed. Greater economic resources were linked to delayed exits from, and earlier returns to, the parental home. The implications of these findings for young adults are discussed.

  12. Economic Science and Postmodernism: Ethics Return

    Directory of Open Access Journals (Sweden)

    Cosmin MARINESCU

    2011-05-01

    Full Text Available The ideas have a fundamental importance for world’s destiny. Within the human civilization world of thinking, the scientific ideas represent the essence of logical structure of human mind and the truths about the human action and society that can be discovered by man. In this approach, I will argue why the scholar honest-mindedness must be his principle in life. In world’s vision about post-modernity, the only faith today is that everything is relative or otherwise stated that there is no ultimate criterion for making absolute hierarchies in order to distinguish truth from false. Thus has gradually appeared the less desired idea that ethical standards represent simple social conventions, fact that would impede the possibility of ethically validating a multitude of “alternative institutional arrangements”, including the ones contradictory with human nature and individual freedom. This study represents a plea for the virtues of logic and faith in truth and justice. Moreover, the original signification of the word “science” – scientia – is correct knowledge. Bearing this clarification in mind, the researchers would maybe become more responsible in calling any approach as being a “scientific” one and implicitly they would become more exigent with their own creations.

  13. Robotic milking: Feeding strategies and economic returns.

    Science.gov (United States)

    Bach, Alex; Cabrera, Victor

    2017-09-01

    Cows in herds equipped with conventional milking parlors follow a structured, consistent, and social milking and feeding routine. Furthermore, in most cases cows in conventional herds receive all their nutrients from a total mixed ration, whereas in herds equipped with robotic or automatic milking systems (AMS) a fraction of their nutrients is provided during milking, mainly as a means to attract cows to the milking system. In this regards, AMS present both a challenge and an opportunity for feeding cows. The main challenge resides in maintaining a minimum and relatively constant milking frequency in AMS. However, milking frequency is dependent on many factors, including the social structure of the herd, the farm layout design, the type of traffic imposed to cows, the type of flooring, the health status of the cow (especially lameness, but also mastitis, metritis, among others), the stage of lactation, the parity, and the type of ration fed at the feed bunk and the concentrate offered in the AMS. Uneven milk frequency has been associated with milk losses and increased risk of mastitis, but most importantly it is a lost opportunity for milking the cow and generating profit. On the other hand, the opportunity from AMS resides in the possibility of milking more frequently and feeding cows more precisely or more closely to their nutrient needs on an individual basis, potentially resulting in a more profitable production system. But, feeding cows in the parlor or AMS has many challenges. On one side, feeding starchy, highly palatable ingredients in large amounts may upset rumen fermentation or alter feeding behavior after milking, whereas feeding high-fiber concentrates may compromise total energy intake and limit milking performance. Nevertheless, AMS (and some milking parlors, especially rotary ones) offer the possibility of feeding the cows to their estimated individual nutrient needs by combining different feeds on real time with the aim of maximizing profits rather than milk yield. This approach requires that not only the amount of feed offered to each cow but also the composition of the feed vary according to the different nutrient needs of the cows. This review discusses the opportunities and pitfalls of milking and feeding cows in an AMS and summarizes different feeding strategies to maximize profits by managing the nutrition of the cows individually. Copyright © 2017 American Dairy Science Association. Published by Elsevier Inc. All rights reserved.

  14. Comparing the availability, price, variety and quality of fruits and vegetables across retail outlets and by area-level socio-economic position.

    Science.gov (United States)

    Millichamp, Anna; Gallegos, Danielle

    2013-01-01

    To explore whether area-level socio-economic position or the form of retail stream (conventional v. farmers' market) is associated with differences in the price, availability, variety and quality of a range of fresh fruit and vegetables. A multi-site cross-sectional pilot study of farmers' markets, supermarkets and independent fruit and vegetable retailers. Each was surveyed to assess the price, availability, variety and quality of fifteen fruit and eighteen vegetable items. Retail outlets were located in south-east Queensland. Fifteen retail outlets were surveyed (five of each retail stream). Average basket prices were not significantly different across the socio-economic spectrum, but prices in low socio-economic areas were cheapest. Availability, variety and quality did not differ significantly across levels of socio-economic position; however, the areas with the most socio-economic disadvantage scored poorest for quality and variety. Supermarkets had significantly better fruit and vegetable availability than farmers' markets, although price, variety and quality scores were not different across retail streams. Results demonstrate a trend to fruit and vegetable prices being more expensive at farmers' markets, with the price of the fruit basket being significantly greater at the organic farmers' market compared with the non-organic farmers' markets. Neither area-level socio-economic position nor the form of retail stream was significantly associated with differences in the availability, price, variety and quality of fruit and vegetables, except for availability which was higher in supermarkets than farmers' markets. Further research is needed to determine what role farmers' markets can play in affecting fruit and vegetable intake.

  15. The intersection of antiretroviral therapy, peer support programmes, and economic empowerment with HIV stigma among HIV-positive women in West Nile Uganda.

    Science.gov (United States)

    Kellett, Nicole Coffey; Gnauck, Katherine

    2016-12-01

    HIV stigma remains a major problem of the AIDS epidemic in sub-Saharan Africa. Women fear impending social stigma including blame, isolation and abuse. HIV infection and HIV stigma interact cyclically, creating and reinforcing economic and social exclusion for individuals living with HIV. Evidence suggests that interventions for people living with HIV infection that include, in combination, antiretroviral therapy (ART), peer support and economic empowerment are likely to be more effective than if used alone. We report a qualitative study in West Nile Uganda that explored perceptions of HIV stigma among fifty-four HIV-positive women who had similar access to ART and HIV peer support programmes, but varying levels of participation (full-time, intermittent, none) in economic empowerment programmes. Our study found that access to ART, peer support groups, and economic empowerment programmes helped to curb perceptions of deep-seated HIV stigma for participants. More expressions of usefulness, hope and psychological well-being prevailed with participants who had increased participation in economic empowerment programmes. Our findings underscore the value of HIV outreach programmes which combine ART, peer support and economic empowerment to alleviate HIV stigma. Further research to quantify the interaction of these factors is warranted.

  16. Stock returns and foreign investment in Brazil

    OpenAIRE

    Reis, Luciana; Meurer, Roberto; Da Silva, Sergio

    2008-01-01

    We examine the relationship between stock returns and foreign investment in Brazil, and find that the inflows of foreign investment boosted the returns from 1995 to 2005. There was a strong contemporaneous correlation, although not Granger-causality. Foreign investment along with the exchange rate, the influence of the world stock markets, and country risk can explain 73 percent of the changes that occurred in the stock returns over the period. We also find that positive feedback trading play...

  17. An Empirical Research on Returns to Education of Disabled People during the Process of Modernization

    Directory of Open Access Journals (Sweden)

    Juan Liao

    2014-04-01

    Full Text Available Education is one of the most important ways to form human capital. Individual can get profit from investment in human capital. Although education situation of the disabled is getting better slowly during the process of modernization, the study of return to education of disabled has been largely ignored for many years. Furthermore, there are still a number of challenges need to pay more attention. This paper based on CHNS data in the economic transition period using Mincer Equation to study the returns to education in the disabled people in China. The results show that the education level has significant positive relationship with the rate of return to education; Return to education of the disabled is lower than non-disabled and male higher than female. The paper suggested more special education supply are required, female disabled people should be pay more attention especially on their education.

  18. Predictability of Stock Returns

    Directory of Open Access Journals (Sweden)

    Ahmet Sekreter

    2017-06-01

    Full Text Available Predictability of stock returns has been shown by empirical studies over time. This article collects the most important theories on forecasting stock returns and investigates the factors that affecting behavior of the stocks’ prices and the market as a whole. Estimation of the factors and the way of estimation are the key issues of predictability of stock returns.

  19. Perbedaan Perusahan Pencipta Economic Value Added Positif Dengan Economic Value Added Negatif

    OpenAIRE

    Suripto, Suripto

    2008-01-01

    This research was to explain and analyze the different variable of Inflation Rate,Exchange Rate, Interest Rate, Ratio Plant Asset, Size Measure Company, Profitability, Growth ,LD / E, TD / TA, Stock of Return, Book To Market between company having Economic ValueAdded ( Positive ) and company having Economic Value Added ( Negative ). Analysis which wasused in this research was multivariate analysis of variant (MANOVA). There was different variableof Inflation Rate, Exchange Rate, Interest Rate...

  20. Abnormal Returns and Contrarian Strategies

    Directory of Open Access Journals (Sweden)

    Ivana Dall'Agnol

    2003-12-01

    Full Text Available We test the hypothesis that strategies which are long on portfolios of looser stocks and short on portfolios of winner stocks generate abnormal returns in Brazil. This type of evidence for the US stock market was interpreted by The Bondt and Thaler (1985 as reflecting systematic evaluation mistakes caused by investors overreaction to news related to the firm performance. We found evidence of contrarian strategies profitability for horizons from 3 months to 3 years in a sample of stock returns from BOVESPA and SOMA from 1986 to 2000. The strategies are more profitable for shorter horizons. Therefore, there was no trace of the momentum effect found by Jagadeesh and Titman (1993 for the same horizons with US data. There are remaing unexplained positive returns for contrarian strategies after accounting for risk, size, and liquidity. We also found that the strategy profitability is reduced after the Real Plan, which suggests that the Brazilian stock market became more efficient after inflation stabilization.

  1. Economic Burden of Rheumatoid Arthritis in Italy: Possible Consequences on Anti-Citrullinated Protein Antibody-Positive Patients.

    Science.gov (United States)

    Mennini, Francesco Saverio; Marcellusi, Andrea; Gitto, Lara; Iannone, Florenzo

    2017-04-01

    Rheumatoid arthritis (RA) is an autoimmune disease with a substantial medical and economic burden. In Italy, it affects approximately 280,000 people, therefore representing the musculoskeletal disease with the highest economic impact in terms of costs for the National Health Service and the social security system. The aim of this study was to estimate the annual economic burden of RA in Italy and determine the potential cost reduction considering the most effective biologic treatment for early rapidly progressing RA (ERPRA) patients. The model developed considers both direct costs that are mainly due to the pharmacological treatments, and indirect costs, which also include the productivity lost because of the disease. A systematic literature review provided the epidemiological and economic data used to inform the model. A one-way probabilistic sensitivity analysis based on 5000 Monte Carlo simulations was performed. Furthermore, specific scenario analyses were developed for those patients presenting an ERPRA, with the aim of evaluating the effectiveness of different biologic treatments for this subgroup of patients and estimating potential cost reduction. The total economic burden associated with RA was estimated to be €2.0 billion per year (95% confidence interval [CI] €1.8-2.3 billion). Forty-five percent of the expenditure was due to indirect costs (95% CI €0.8-1.0 billion); 45% depended on direct medical costs (95% CI €0.7-1.1 billion), and the residual 10% was determined by direct non-medical costs (95% CI €0.16-0.25 billion). In particular, the costs estimated for ERPRA patients totalled €76,171,181, of which approximately €18 million was associated with patients with a high level of anti-citrullinated protein antibodies (ACPA). The results of the analysis outline how it is possible to obtain a cost reduction for ERPRA patients of between €1 and €3 million by varying the number of patients with a high level of immunoglobulin

  2. Gambling: the Iniquity of a Voluntary Tax. The relationship between socio-economic position and propensity of gambling

    OpenAIRE

    Sarti Simone; Triventi Moris

    2012-01-01

    Italian sociology has largely overlooked gambling, even if it is a widespreadphenomenon with important socio-economic redistributive consequences. Inthis paper, we aim to fill this gap exploring the relationship between socio-economicposition and propensity to gamble among Italian households in the last decade. Inthe first part, we describe the main features of legal gambling in Italy and its importancefor the State's revenues. In the second part, we review the main researchfindings from othe...

  3. The Effects of Twitter Sentiment on Stock Price Returns.

    Science.gov (United States)

    Ranco, Gabriele; Aleksovski, Darko; Caldarelli, Guido; Grčar, Miha; Mozetič, Igor

    2015-01-01

    Social media are increasingly reflecting and influencing behavior of other complex systems. In this paper we investigate the relations between a well-known micro-blogging platform Twitter and financial markets. In particular, we consider, in a period of 15 months, the Twitter volume and sentiment about the 30 stock companies that form the Dow Jones Industrial Average (DJIA) index. We find a relatively low Pearson correlation and Granger causality between the corresponding time series over the entire time period. However, we find a significant dependence between the Twitter sentiment and abnormal returns during the peaks of Twitter volume. This is valid not only for the expected Twitter volume peaks (e.g., quarterly announcements), but also for peaks corresponding to less obvious events. We formalize the procedure by adapting the well-known "event study" from economics and finance to the analysis of Twitter data. The procedure allows to automatically identify events as Twitter volume peaks, to compute the prevailing sentiment (positive or negative) expressed in tweets at these peaks, and finally to apply the "event study" methodology to relate them to stock returns. We show that sentiment polarity of Twitter peaks implies the direction of cumulative abnormal returns. The amount of cumulative abnormal returns is relatively low (about 1-2%), but the dependence is statistically significant for several days after the events.

  4. The large uranium deposits, their position in the geological cycle, their distribution in the world and their economic importance

    International Nuclear Information System (INIS)

    Cuney, M.; Cathelineau, M.; Nguyen Trung, C.; Pagel, M.; Poty, B.; Aumaitre, R.; Leroy, J.; Ruhlman, F.

    1994-01-01

    The nine types of geological formations with uranium deposits (superficial, precambrian conglomerates, sandstones...) are reviewed. U ore deposits are generally the product of successive enrichments during the geological cycle. Two main mechanisms control U fractionation during the cycle: partial melting followed or not by fractional crystallization and redox reactions. Most of the U ore deposits were formed in relation with major geodynamic events. The most interesting deposits from an economical point of view are the Proterozoic unconformity related deposits which contain very large reserves at a much higher grade than in other deposits

  5. SWEET CORN FARMING: THE EFFECT OF PRODUCTION FACTOR, EFFICIENCY AND RETURN TO SCALE

    Directory of Open Access Journals (Sweden)

    Dwijatenaya I.B.M.A.

    2017-10-01

    Full Text Available This research aims to determine the effect of production factors on the sweet corn production, the efficiency of sweet corn farming, and the return to scale of sweet corn production. The sampling technique was taken by proportionate stratified random sampling method with the sample number of 57 people while the analyzer used was the program of Frointer 4.1c. The results show that the production factors of the land farm, seed, and fertilizer have a positive and significant effect on sweet corn production. On the other hand, labor production factors have a positive but not significant effect on sweet corn production. It also found that technical efficiency, price efficiency, and economic efficiency of sweet corn farming in Muara Wis Sub-district of Kutai Kartanegara Regency are not efficient yet. The return to scale of sweet corn yield has an increasing return to scale condition.

  6. An assessment of the EU-Chinese bilateral relationship under the current economic and geostrategic context. Romania's position

    Directory of Open Access Journals (Sweden)

    Iulia Monica Oehler-Şincai

    2016-10-01

    Full Text Available China stands out as a rising economic power. Its leap in international hierarchies is remarkable both in terms of GDP, international trade and investment flows and qualitative indicators. Based on these developments, China is increasingly assertive, both regionally and internationally. At the global level, China's assertiveness is revealed by the largest project ever launched by a single country: One Belt, One Road (OBOR. It represents "a strategic priority" of the Chinese leaders, motivated by economic and geopolitical factors, internal and external determinants. This initiative includes cooperation with over 70 countries and international organizations from Asia to Europe and Africa. At the same time, it involves growing coordination among the countries in terms of policies, increasing financial integration, promoting trade and investment, fostering connectivity through infrastructure projects, and encouraging the movement of people and cultural exchanges. This initiative, as well as the platform for cooperation with 16 countries in Central and Eastern Europe (16+1 have opened on the one hand new ways of enhancing the bilateral EU-China, but on the other hand an unjustified competition between EU countries for financial resources Chinese, although the EU-China strategic partnership, OBOR and 16+1 can benefit all countries involved, given their competitive advantages. Romania, as a member country of the EU and participant at the platform 16+1 should take into account both such new opportunities and the need for an active cooperation with all countries.

  7. The association of socio-economic position across the life course and age at menopause: the British Women's Heart and Health Study.

    Science.gov (United States)

    Lawlor, Debbie A; Ebrahim, Shah; Smith, George Davey

    2003-12-01

    To assess the association of indicators of adverse socio-economic position from across the life course with age at menopause. Cross sectional study as part of the British Women's Heart and Health Study. 23 British towns. Three thousand and five hundred and thirteen women aged 60-79 years from a total cohort of 4286. Women who underwent a hysterectomy or oophorectomy prior to their 'natural' menopause or who were taking hormone replacement therapy around the perimenopausal period and for whom a biological age at menopause could not be calculated were excluded from this study. Age at menopause. Most of the 10 indicators of adverse socio-economic position from childhood through to adulthood were linearly associated with a younger age at menopause. In age adjusted analyses, women from manual social classes in childhood began their menopause on average 0.68 years (95% confidence interval [CI] 0.11, 1.3) earlier than those from non-manual social classes. Those who lived in a house as a child without a bathroom began their menopause 0.47 years (95% CI 0.12, 0.82) earlier than those with a bathroom. Those who shared a bedroom began 0.36 years (95% CI 0.03, 0.70) earlier than those who had their own bedroom and finally those who lived in a household with no access to a car as a child began their menopause 0.47 years (95% CI 0.02, 0.95) earlier than those with access to a car. Adult indicators of adverse socio-economic position were similarly associated with earlier age at menopause. Age at completing full time education was not substantively associated with age at menopause. The inverse associations between each of the indicators of both childhood and adult socio-economic position and age at menopause were not importantly affected by adjustment for other reproductive factors but they attenuated by between 6% and 21% with adjustment for adult smoking and body mass index. The inverse associations between each of the childhood indicators of socio-economic position only and age

  8. Social pathways to health: On the mediating role of the social network in the relation between socio-economic position and health.

    Science.gov (United States)

    Aartsen, Marja; Veenstra, Marijke; Hansen, Thomas

    2017-12-01

    Good health is one of the key qualities of life, but opportunities to be and remain healthy are unequally distributed across socio-economic groups. The beneficial health effects of the social network are well known. However, research on the social network as potential mediator in the pathway from socio-economic position (SEP) to health is scarce, while there are good reasons to expect a socio-economical patterning of networks. We aim to contribute to our understanding of socio-economic inequalities in health by examining the mediating role of structural and functional characteristics of the social network in the SEP-health relationship. Data were from the second wave of the Norwegian study on the life course, aging and generation study (NorLAG) and comprised 4534 men and 4690 women aged between 40 and 81. We applied multiple mediation models to evaluate the relative importance of each network characteristic, and multiple group analysis to examine differences between middle-aged and older men and women. Our results indicated a clear socio-economical patterning of the social network for men and women. People with higher SEP had social networks that better protect against loneliness, which in turn lead to better health outcomes. The explained variance in health in older people by the social network and SEP was only half of the explained variance observed in middle-aged people, suggesting that other factors than SEP were more important for health when people age. We conclude that it is the function of the network, rather than the structure, that counts for health.

  9. The normative method of positive economic theory El método normativo de la teoria económica positiva

    Directory of Open Access Journals (Sweden)

    Benetti Carlo

    1997-06-01

    Full Text Available Economists tend to designate as normative economics that part of the theory which, according to the theorems of welfare or efficiency, create the foundation of political economy. This article defends two theses: first, that the normative is not only a part of economic theory, but also the method of building the positive economic ideas in the currently dominant neoclassical theory. This method allows that theory to claim to unify economic thought, eliminating the possibility and the necessity for alternative approaches. Nevertheless, and this is the second thesis, there are no legitimate theoretical reasons to accept this methnodology; thus it is impera tive to build a new basic theory.Los economistas suelen designar como economía normativa aquella parte de la teoría que, de acuerdo con los teoremas de bienestar o de la eficiencia, crea el fundamento de la política económica. Este artículo defiende dos tesis: primera, que lo normativo no sólo es una parte de la teoría económica sino, también, el método de construcción de las ideas economicas positivas de la teoría neoclásica hoy dominante. Este método permite que esta teoría pretenda unificar el pensamiento económico eliminando la posiilidad y la necesidad de enfoques alternativos. Sin embargo, y ésta la segunda tesis, no hay razones teóricas legítimas para aceptar esa metodología; de modo que es imperioso construir una nueva teoría básica.

  10. Social pathways to health: On the mediating role of the social network in the relation between socio-economic position and health

    Directory of Open Access Journals (Sweden)

    Marja Aartsen

    2017-12-01

    Full Text Available Good health is one of the key qualities of life, but opportunities to be and remain healthy are unequally distributed across socio-economic groups. The beneficial health effects of the social network are well known. However, research on the social network as potential mediator in the pathway from socio-economic position (SEP to health is scarce, while there are good reasons to expect a socio-economical patterning of networks. We aim to contribute to our understanding of socio-economic inequalities in health by examining the mediating role of structural and functional characteristics of the social network in the SEP-health relationship. Data were from the second wave of the Norwegian study on the life course, aging and generation study (NorLAG and comprised 4534 men and 4690 women aged between 40 and 81. We applied multiple mediation models to evaluate the relative importance of each network characteristic, and multiple group analysis to examine differences between middle-aged and older men and women. Our results indicated a clear socio-economical patterning of the social network for men and women. People with higher SEP had social networks that better protect against loneliness, which in turn lead to better health outcomes. The explained variance in health in older people by the social network and SEP was only half of the explained variance observed in middle-aged people, suggesting that other factors than SEP were more important for health when people age. We conclude that it is the function of the network, rather than the structure, that counts for health.

  11. Classifying Returns as Extreme

    DEFF Research Database (Denmark)

    Christiansen, Charlotte

    2014-01-01

    I consider extreme returns for the stock and bond markets of 14 EU countries using two classification schemes: One, the univariate classification scheme from the previous literature that classifies extreme returns for each market separately, and two, a novel multivariate classification scheme tha...

  12. An Assessment of the Available Evidence on the Returns to Military Training

    Science.gov (United States)

    1977-07-01

    Hanushek Kassing McCall and Wallace Mason (1970) Nathan Associates Weinstein et al. Richardson (1967) Thorndike and Hagen (1957) u.s...Biderman Cutright Freeman Hanushek Kassing McCall and Wallace Mason (1970) Primary Purpose of the Study Analyze the vocational readjustment...that veterans do not receive a positive economic return from military voca- tional training. Mason (1970), Hanushek , Cutright, and Kassing reach

  13. Life-course socio-economic position, area deprivation and Type 2 diabetes: findings from the British Women's Heart and Health Study

    DEFF Research Database (Denmark)

    Andersen, A F; Carson, C; Watt, H C

    2008-01-01

    Objectives We examined whether area deprivation influenced risk of Type 2 diabetes, fasting blood glucose and insulin resistance over and above the effect of individual socio-economic position (SEP) measured across the life course. Methods A cross-sectional analysis of 4286 women aged 60 to 79...... blood glucose increased by 0.69% (95% CI 0.16, 1.22, n = 2875) after adjustment for individual SEP. Conclusions Area level deprivation independently influences diagnosed Type 2 diabetes, insulin resistance and fasting blood glucose. Examination of more specific characteristics of places is needed...

  14. Economic Darwinism

    DEFF Research Database (Denmark)

    Sloth, Birgitte; Whitta-Jacobsen, Hans Jørgen

    2011-01-01

    We define an evolutionary process of "economic Darwinism" for playing the field, symmetric games. The process captures two forces. One is "economic selection": if current behavior leads to payoff differences, behavior yielding lowest payoff has strictly positive probability of being replaced...... in the literature. Using this result, we demonstrate that generally under positive (negative) externalities, economic Darwinism implies even more under- (over-)activity than does Nash equilibrium....

  15. Economic Darwinism

    DEFF Research Database (Denmark)

    Sloth, Birgitte; Whitta-Jacobsen, Hans Jørgen

    We define an evolutionary process of “economic Darwinism” for playing-the-field, symmetric games. The process captures two forces. One is “economic selection”: if current behavior leads to payoff differences, behavior yielding lowest payoff has strictly positive probability of being replaced...... in the literature. Using this result, we demonstrate that generally under positive (negative) externalities, economic Darwinism implies even more under- (over-) activity than does Nash equilibrium...

  16. The conditional returns to origin-country human capital among Turkish and Moroccan immigrants in Belgium.

    Science.gov (United States)

    Kanas, Agnieszka; van Tubergen, Frank

    2014-07-01

    This study extends the analysis of the economic returns to pre-migration human capital by examining the role of the receiving context, co-ethnic residential concentration, and post-migration investments in human capital. It uses large-scale survey data on Turkish and Moroccan immigrants in Belgium. The analysis demonstrates that regarding employment, Moroccan immigrants, that is, those originating from former French colonies receive larger returns to their origin-country education and work experience in French- vs. Dutch-speaking regions. Other than the positive interaction effect between co-ethnic residential concentration and work experience on employment, there is little evidence that co-ethnic concentration increases the returns to origin-country human capital. Speaking the host-country language facilitates economic returns to origin-country work experience. Conversely, immigrants who acquire host-country credentials and work experience receive lower returns to origin-country education and experience, suggesting that, at least among low-skilled immigrants, pre- and post-migration human capital substitute rather than complement each other. Copyright © 2014 Elsevier Inc. All rights reserved.

  17. Greenlining. Economic and Environmental Effects of Government Facilitated Lending to Sustainable Economic Activities in the Netherlands

    International Nuclear Information System (INIS)

    Scholtens, B.

    2001-03-01

    This paper analyzes the economic and environmental impact of a policy instrument that is related to the tax deductibility of interest returns and dividend yields from specified 'green' projects. We investigate this so-called 'Green Project Facility' in the Netherlands during 1995-1999. We analyze the effect on taxes, economic growth, employment, as well as on the emission of a number of gases and on solid waste production. We find that the economic effects in general are positive. However, the environmental effects are quite mixed. It is concluded that the policy instrument could be used much more effective

  18. Inequalities in Global Trade: A Cross-Country Comparison of Trade Network Position, Economic Wealth, Pollution and Mortality.

    Science.gov (United States)

    Prell, Christina; Sun, Laixiang; Feng, Kuishuang; Myroniuk, Tyler W

    2015-01-01

    In this paper we investigate how structural patterns of international trade give rise to emissions inequalities across countries, and how such inequality in turn impact countries' mortality rates. We employ Multi-regional Input-Output analysis to distinguish between sulfur-dioxide (SO2) emissions produced within a country's boarders (production-based emissions) and emissions triggered by consumption in other countries (consumption-based emissions). We use social network analysis to capture countries' level of integration within the global trade network. We then apply the Prais-Winsten panel estimation technique to a panel data set across 172 countries over 20 years (1990-2010) to estimate the relationships between countries' level of integration and SO2 emissions, and the impact of trade integration and SO2 emission on mortality rates. Our findings suggest a positive, (log-) linear relationship between a country's level of integration and both kinds of emissions. In addition, although more integrated countries are mainly responsible for both forms of emissions, our findings indicate that they also tend to experience lower mortality rates. Our approach offers a unique combination of social network analysis with multiregional input-output analysis, which better operationalizes intuitive concepts about global trade and trade structure.

  19. Inequalities in Global Trade: A Cross-Country Comparison of Trade Network Position, Economic Wealth, Pollution and Mortality

    Science.gov (United States)

    Prell, Christina; Sun, Laixiang; Feng, Kuishuang; Myroniuk, Tyler W.

    2015-01-01

    In this paper we investigate how structural patterns of international trade give rise to emissions inequalities across countries, and how such inequality in turn impact countries’ mortality rates. We employ Multi-regional Input-Output analysis to distinguish between sulfur-dioxide (SO2) emissions produced within a country’s boarders (production-based emissions) and emissions triggered by consumption in other countries (consumption-based emissions). We use social network analysis to capture countries’ level of integration within the global trade network. We then apply the Prais-Winsten panel estimation technique to a panel data set across 172 countries over 20 years (1990–2010) to estimate the relationships between countries’ level of integration and SO2 emissions, and the impact of trade integration and SO2 emission on mortality rates. Our findings suggest a positive, (log-) linear relationship between a country’s level of integration and both kinds of emissions. In addition, although more integrated countries are mainly responsible for both forms of emissions, our findings indicate that they also tend to experience lower mortality rates. Our approach offers a unique combination of social network analysis with multiregional input-output analysis, which better operationalizes intuitive concepts about global trade and trade structure. PMID:26642202

  20. Habit formation, surplus consumption and return predictability

    DEFF Research Database (Denmark)

    Engsted, Tom; Hyde, Stuart; Vinther Møller, Stig

    2010-01-01

    On an international post World War II dataset, we use an iterated GMM procedure to estimate and test the Campbell and Cochrane (1999, By force of habit: a consumption-based explanation of aggregate stock market behavior. Journal of Political Economy 107, 205–251.) habit formation model with a time......-varying risk-free rate. In addition, we analyze the predictive power of the surplus consumption ratio for future stock and bond returns. We find that, although there are important cross-country differences and economically significant pricing errors, for the majority of countries in our sample the model gets...... significant information about future stock returns, also during the 1990s. In addition, in most countries the surplus consumption ratio is also a powerful predictor of future bond returns. Thus, the surplus consumption ratio captures time-varying expected returns in both stock and bond markets....

  1. DESIGNING THE RETURN MIGRATION OF ROMANIAN STUDENTS

    Directory of Open Access Journals (Sweden)

    Magdalena VELCIU

    2017-05-01

    Full Text Available Romanian youth migration is an increasing phenomenon, due to subjective and objective factors as economical reasons, professional carrer and increasingly more international competition for talent. In these circumstances, the present article aims to evaluate determinant factors that contribute to the decision of Romanian graduates to return national labour market. We sustain that young Romanians consider carefully and hardly decide their professional future. A particular attention is given to their personal reasons and motivations as well as family and friends network. For designing returning factors we present the results of a questionnaire survey, asking young pupils and students about their future educational way and personal reasons underlying the decision to study in a foreign country and taking into consideration the returning decision. As far international student migration is seen as a first step to migration for work, our work desires to fight for returning home of Romanian well-educated graduates.

  2. ANALISIS PENGARUH EVA DAN MVA TERHADAP RETURN SAHAM PADA INDUSTRI PROPERTI DI BURSA EFEK INDONESIA PERIODE 2007-2012

    Directory of Open Access Journals (Sweden)

    Ryan Pahlawan

    2015-04-01

    mendapatkan investor dari Bursa Efek Indonesia Abstract: The aim of this research is to know and analyze : (1st the influence of Economic Value Added (EVA to Stock Return (2nd the influence of Market Value Added (MVA  to Stock Return (3rd the influence of Economic Value Added (EVA and Market Value Added (MVA to Stock Return between the financial performance variables of property industries on Indonesian Stock Exchange on period 2007-2012.The theoretical usefulness is to give contribution about financial management knowledge, which can use as reference for next research of financial performance especially about property industries on Indonesian Stock Exchange. The practical usefulness is to know the rate influence of Economic Value Added (EVA and Market Value Added (MVA to financial performance for give contribution to general property management in manage performance variables of property industries Indonesian Stock Exchange. This research using the secondary data which collected from Indonesian Stock Exchange data, and Research Department according to properties financial report on period 2007-2012. The samples are 54 variables and analyzed by multiple regression linear statistic method. Total of determination value is 0.368, this meaning is 36,8% the information in the data can be explained by model and 63,2% under other variables and error.  Conclusion of this research is : (1st Variables of Economic Value Added (EVA have positive influence to Stock Return; (2nd Variables of Market Value Added (MVA have negative influence to Stock Return; Refer to research conclusion above suggested is : (1st Optimized the Economic Value Added (EVA to achieve income and profits of stock return (2nd Manage the Variables of Market Value Added (MVA on well condition to keep finance stability  and get trusted from investors Indonesian Stock Exchange  (3rd Focus to Risk Management, Services, Corporate Vision & Mission, and Active to higher employee’s skill and knowledge company to get

  3. Lidar 2009 - All Returns

    Data.gov (United States)

    Kansas Data Access and Support Center — LIDAR-derived binary (.las) files containing classified points of all returns. We have 3 classifications Unclassified, Ground, Low points. The average Ground Sample...

  4. Social capital in Asia: Investigating returns to brokerage in collectivistic national cultures.

    Science.gov (United States)

    Merluzzi, Jennifer

    2013-05-01

    Evidence on the returns to brokerage networks predominately comes from studies of firms located in the United States. Analyses conducted in other countries have noted differences in how social capital may be valued questioning whether brokerage networks yield economic advantage in less individualistic contexts such as Asia. Using network data on employees involved in a product launch in the Asian region of a large American software firm, evidence of returns to brokerage is found among the top executives located and working in the collectivistic national country offices. This finding provides new insights on how returns to brokerage in a non-US culture may arise by considering the differing influences of firm and national culture as well as an employee's formal position at a firm. Copyright © 2012 Elsevier Inc. All rights reserved.

  5. Active versus passive transportation to school-differences in screen time, socio-economic position and perceived environmental characteristics in adolescent girls.

    Science.gov (United States)

    Mota, Jorge; Gomes, Helena; Almeida, Mariana; Ribeiro, José Carlos; Carvalho, Joana; Santos, Maria Paula

    2007-01-01

    The aims of this study were (1) to assess the relationships between transport to and from school (active vs. passive), sedentary behaviours, measures of socio-economic position and perceived environmental variables, and (2) to determine which, if any, variables were predictors of active transportation. The sample comprised 705 girls with mean age of 14.7 (SD = 1.6) years old. Questionnaires were used to describe travel mode to school and to estimate weekly television and computer use (screen time). Girls were assigned to active transportation (AT) or passive transportation (PT) groups depending on whether they walked or bicycled (AT) to and from school or travelled by car or bus (PT). Screen time was determined by the number of hours they reported watching television and using computers in the week preceding the examination, including weekends. Socio-economic position was established by parental occupation and educational level. A questionnaire assessed Perceived Neighbourhood Environments. No statistically significant differences were seen for screen time between travel groups. Occupational status of both mother (r = -0.17) and father (r = -0.15) and father's educational level (r = -0.10) were significantly and negatively associated with AT, while street connectivity (r = 0.10) was positively and significantly associated with AT. Logistic regression analysis showed that the likelihood of active commuting decreased by around 50% with increasing father's occupation (odds ratio (OR) = 0.51; p active (OR = 1.63; p active commuting to school and that street connectivity is a predictor of active transportation in adolescent girls.

  6. Are fund of hedge fund returns asymmetric?

    OpenAIRE

    Lynch, Margaret; Hutson, Elaine; Stevenson, Max

    2004-01-01

    We examine the return distributions of 332 funds of hedge funds and associated indices. Over half of the sample is significantly skewed according to the skewness statistic, and these are split 50/50 positive and negative. However, we argue that the skewness statistic can lead to erroneous inferences regarding the nature of the return distribution, because the test statistic is based on the normal distribution. Using a series of tests that make minimal assumptions about the shape of the ...

  7. Returns to beauty over the life course

    DEFF Research Database (Denmark)

    Jæger, Mads Meier

    ’ facial attractiveness as well as data on SES, marital, and health outcomes from their mid-20s to their mid-60s. I find that beauty has lasting positive returns for women since more beautiful women have higher SES throughout their working life, have a higher probability of being married at age 25......, and marry high-SES husbands. I find no effects of beauty on health and, in general, no returns to beauty for men....

  8. Industry Returns and the Fisher Effect.

    OpenAIRE

    Boudoukh, Jacob; Richardson, Matthew; Whitelaw, Robert F

    1994-01-01

    The authors investigate the cross-sectional relation between industry-sorted stock returns and expected inflation, and they find that this relation is linked to cyclical movements in industry output. Stock returns of noncyclical industries tend to covary positively with expected inflation, while the reverse holds for cyclical industries. From a theoretical perspective, the authors describe a model that captures both (1) the cross-sectional variation in these relations across industries and (2...

  9. A participatory supportive return to work program for workers without an employment contract, sick-listed due to a common mental disorder: an economic evaluation alongside a randomized controlled trial.

    NARCIS (Netherlands)

    Lammerts, L.; van Dongen, J.M.; Schaafsma, F.G.; van Mechelen, W.; Anema, J.R.

    2017-01-01

    BACKGROUND: Mental disorders are associated with high costs for productivity loss, sickness absence and unemployment. A participatory supportive return to work (RTW) program was developed in order to improve RTW among workers without an employment contract, sick-listed due to a common mental

  10. Socio-economic position has no effect on improvement in health-related quality of life and patient satisfaction in total hip and knee replacement: a cohort study.

    Directory of Open Access Journals (Sweden)

    J Christiaan Keurentjes

    Full Text Available INTRODUCTION: Considerable evidence suggests that patients with more advantaged Socio-Economic Positions undergo Total Hip and Knee Replacement (THR/TKR more often, despite having a lower need. We questioned whether more disadvantaged Socio-Economic Position is associated with an lower improvement in Health-Related Quality of Life (HRQoL and a lower patient satisfaction after THR/TKR. METHODS: Patients who underwent primary THR/TKR in one academic and three community hospitals between 2005 and 2009, were eligible for inclusion. The highest completed levels of schooling were aggregated to index social class. We compared the improvement in HRQoL and postoperative satisfaction with surgery (measured using the Short-Form 36 (SF36 and an 11-point numeric rating scale of satisfaction between the aggregated groups of highest completed levels of schooling, using linear mixed model analysis, with center as a random effect and potential confounders (i.e. age, gender, Body Mass Index and Charnley's comorbidity classification as fixed effects. RESULTS: 586 THR patients and 400 TKR patients (40% of all eligible patients agreed to participate and completed all questionnaires sufficiently. We found no differences in HRQoL improvement in any dimension of the SF36 in THR patients. Patients with a higher completed level of schooling had a larger improvement in role-physical (9.38 points, 95%-CI:0.34-18.4, a larger improvement in general health (3.67 points, 95%-CI:0.56-6.79 and a smaller improvement in mental health (3.60 points, 95%-CI:0.82-6.38 after TKR. Postoperative patient satisfaction did not differ between different highest completed level of schooling groups. DISCUSSION: Completed level of schooling has no effect on the improvement in HRQoL and patient satisfaction in a Dutch THR population and a small effect in a similar TKR population. Undertreatment of patients with more disadvantaged Socio-Economic Position cannot be justified, given the similar

  11. Impact of socio-economic position on health and quality of care in adults with Type 2 diabetes in France: the Entred 2007 study.

    Science.gov (United States)

    Fosse-Edorh, S; Fagot-Campagna, A; Detournay, B; Bihan, H; Eschwege, E; Gautier, A; Druet, C

    2015-11-01

    To describe the association between socio-economic position, health status and quality of diabetes care in people with Type 2 diabetes in France, where people may receive full healthcare coverage for chronic disease. Data from a national cross-sectional survey performed in people pharmacologically treated for diabetes were used. They combined data from medical claims, hospital discharge, questionnaires for patients (n = 3894 with Type 2 diabetes) and their physicians (n = 2485). Socio-economic position was assessed using educational level (low, intermediate, high) and ability to make ends meet (financial difficulties vs. financially comfortable). People with diabetes reporting financial difficulties were more likely to be smokers (adjusted odds ratio 1.4; 95% CI 1.1-1.6) and obese (adjusted odds ratio 1.3; 95% CI 1.2-1.6) and to have poorer glycaemic control (HbA1c > 64 mmol/mol (8%); adjusted odds ratio 1.4; 95% CI 1.1-1.8), than those who were financially comfortable. They were more likely to have their diabetes diagnosed because of complications (adjusted odds ratio 1.6; 95% CI 1.3-2.0). They were also more likely to have coronary and podiatric complications (adjusted odds ratios 1.3; 95% CI 1.1-1.6 and 1.7; 95% CI 1.4-2.2, respectively). They benefited more often from full coverage (adjusted odds ratio 1.3; 95% CI 1.1-1.6), visited general practitioners more often (ratio of estimated marginal means 1.2; 95% CI 1.1-1.2) but specialists less often (adjusted odds ratio 0.7; 95% CI 0.6-0.8 for a visit to private ophthalmologist). They also felt less well informed about their condition. Despite frequent access to full healthcare coverage, socio-economic position has an impact on the diagnosis of diabetes, health status and quality of diabetes care in France. © 2015 The Authors. Diabetic Medicine © 2015 Diabetes UK.

  12. Airports as Cityports in the City-region : Spatial-economic and institutional positions and institutional learning in Randstad-Schiphol (AMS), Frankfurt Rhein-Main (FRA), Tokyo Haneda (HND) and Narita (NRT)

    NARCIS (Netherlands)

    Wijk, M. van

    2007-01-01

    The thesis discusses the spatial-economic and institutional positions as well as institutional learning in the development process of airports as cityports in city-regions. Cityports are therein defined as urban centres where economic activities and infrastructure are at crossroads and are the

  13. Analysis of value creation by eva® and stock return of real estate companies in brazil

    Directory of Open Access Journals (Sweden)

    Marcelo Rangner Vasconcelos

    2017-01-01

    Full Text Available In the last years, the real estate industry in Brazil grew and consolidated, causing the opening of capital of several companies in this segment. This scenario raises the need to evaluate the financial and the value creation of this sector. Faced with this situation, the present study aims to verify what is the relationship between Economic Value Added (EVA® and stock return of the construction industry that make up the Indix BM&FBOVESPA Real Estate (IMOB. As for methodological procedures, it is a bibliographical research, descriptive and as well as a multicaso study, contemplating nine companies that compose said index in 2015. The ability to generate value of this sector was analyzed through the Economic Value Added (EVA®, in which information was collected from the companies analyzed for the financial years 2010 to 2014, with the purpose of obtaining Return on Investment (ROI, Economic Value Added (EVA® and Stock Return. In general, the results of the survey that the average performance of companies, in those years, represents the destruction of value, provided by the impact of the cost of capital, which was higher than the net results of the Companies. Lastly, nominal EVA® and stock return are negatively correlated. On the other hand, residual ROI and stock return are Positively correlated significantly.

  14. Medico-economic impact of MSKCC non-sentinel node prediction nomogram for ER-positive HER2-negative breast cancers.

    Directory of Open Access Journals (Sweden)

    Hélène Bonsang-Kitzis

    Full Text Available Avoiding axillary lymph node dissection (ALND for invasive breast cancers with isolated tumor cells or micrometastatic sentinel node biopsy (SNB could decrease morbidity with minimal clinical significance.The aim of this study is to simulate the medico-economic impact of the routine use of the MSKCC non-sentinel node (NSN prediction nomogram for ER+ HER2- breast cancer patients.We studied 1036 ER+ HER2- breast cancer patients with a metastatic SNB. All had a complementary ALND. For each patient, we calculated the probability of the NSN positivity using the MSKCC nomogram. After validation of this nomogram in the population, we described how the patients' characteristics spread as the threshold value changed. Then, we performed an economic simulation study to estimate the total cost of caring for patients treated according to the MSKCC predictive nomogram results.A 0.3 threshold discriminate the type of sentinel node (SN metastases: 98.8% of patients with pN0(i+ and 91.6% of patients with pN1(mic had a MSKCC score under 0.3 (false negative rate = 6.4%. If we use the 0.3 threshold for economic simulation, 43% of ALND could be avoided, reducing the costs of caring by 1 051 980 EUROS among the 1036 patients.We demonstrated the cost-effectiveness of using the MSKCC NSN prediction nomogram by avoiding ALND for the pN0(i+ or pN1(mic ER+ HER2- breast cancer patients with a MSKCC score of less than or equal to 0.3.

  15. Returns to Tenure or Seniority?

    DEFF Research Database (Denmark)

    Buhai, Ioan Sebastian; Portela, Miguel; Teulings, Coen

      This study documents two empirical regularities, using data for Denmark and Portugal. First, workers who are hired last, are the first to leave the firm (Last In, First Out; LIFO). Second, workers' wages rise with seniority (= a Worker's tenure relative to the tenure of her colleagues). We seek...... at the moment of separation). The LIFO rule provides a stronger bargaining position for senior workers, leading to a return to seniority in wages. Efficiency in hiring requires the workers' .bargaining power to be in line with their share in the cost of specific investment. Then, the LIFO rule is a way...

  16. Social disparities in BMI trajectories across adulthood by gender, race/ethnicity and lifetime socio-economic position: 1986-2004.

    Science.gov (United States)

    Clarke, Philippa; O'Malley, Patrick M; Johnston, Lloyd D; Schulenberg, John E

    2009-04-01

    The prevalence of obesity and overweight is rapidly increasing in industrialized countries, with long-term health and social consequences. There is also a strong social patterning of obesity and overweight, with a higher prevalence among women, racial/ethnic minorities and those from a lower socio-economic position (SEP). Most of the existing work in this area, however, is based on cross-sectional data or single cohort studies. No national studies to date have examined how social disparities in obesity and overweight differ by age and historical period using longitudinal data with repeated measures. We used panel data from the nationally representative Monitoring the Future Study (1986-2004) to examine social disparities in trajectories of body mass index (BMI) over adulthood (age 18-45). Self-reported height and weight were collected in this annual US survey of high-school seniors, followed biennially since 1976. Using growth curve models, we analysed BMI trajectories over adulthood by gender, race/ethnicity and lifetime SEP (measured by parents' education and respondent's education). BMI trajectories exhibit a curvilinear rate of change from age 18 to 45, but there was a strong period effect, such that weight gain was more rapid for more recent cohorts. As a result, successive cohorts become overweight (BMI>25) at increasingly earlier points in the life course. BMI scores were also consistently higher for women, racial/ethnic minority groups and those from a lower SEP. However, BMI scores for socially advantaged groups in recent cohorts were actually higher than those for their socially disadvantaged counterparts who were born 10 years earlier. Results highlight the importance of social status and socio-economic resources for maintaining optimal weight. Yet, even those in advantaged social positions have experienced an increase in BMI in recent years.

  17. ANALYSIS MODEL FOR RETURN ON CAPITAL EMPLOYED

    Directory of Open Access Journals (Sweden)

    BURJA CAMELIA

    2013-02-01

    Full Text Available At the microeconomic level, the appreciation of the capitals’ profitability is a very complex action which is ofinterest for stakeholders. This study has as main purpose to extend the traditional analysis model for the capitals’profitability, based on the ratio “Return on capital employed”. In line with it the objectives of this work aim theidentification of factors that exert an influence on the capital’s profitability utilized by a company and the measurementof their contribution in the manifestation of the phenomenon. The proposed analysis model is validated on the use caseof a representative company from the agricultural sector. The results obtained reveal that in a company there are somefactors which can act positively on the capitals’ profitability: capital turnover, sales efficiency, increase the share ofsales in the total revenues, improvement of the expenses’ efficiency. The findings are useful both for the decisionmakingfactors in substantiating the economic strategies and for the capital owners who are interested in efficiency oftheir investments.

  18. Tail Risk Premia and Return Predictability

    DEFF Research Database (Denmark)

    Bollerslev, Tim; Todorov, Viktor; Xu, Lai

    The variance risk premium, defined as the difference between actual and risk-neutralized expectations of the forward aggregate market variation, helps predict future market returns. Relying on new essentially model-free estimation procedure, we show that much of this predictability may be attribu......The variance risk premium, defined as the difference between actual and risk-neutralized expectations of the forward aggregate market variation, helps predict future market returns. Relying on new essentially model-free estimation procedure, we show that much of this predictability may......-varying economic uncertainty and changes in risk aversion, or market fears, respectively....

  19. Age-period-cohort projections of ischaemic heart disease mortality by socio-economic position in a rapidly transitioning Chinese population.

    Directory of Open Access Journals (Sweden)

    Irene O L Wong

    Full Text Available BACKGROUND: With economic development and population aging, ischaemic heart disease (IHD is becoming a leading cause of mortality with widening inequalities in China. To forewarn the trends in China we projected IHD trends in the most economically developed part of China, i.e., Hong Kong. METHODS: Based on sex-specific IHD mortality rates from 1976 to 2005, we projected mortality rates by neighborhood-level socio-economic position (i.e., low- or high-income groups to 2020 in Hong Kong using Poisson age-period-cohort models with autoregressive priors. RESULTS: In the low-income group, age-standardized IHD mortality rates among women declined from 33.3 deaths in 1976-1980 to 19.7 per 100,000 in 2016-2020 (from 55.5 deaths to 34.2 per 100,000 among men. The rates in the high-income group were initially higher in both sexes, particularly among men, but this had reversed by the end of the study periods. The rates declined faster for the high-income group than for the low-income group in both sexes. The rates were projected to decline faster in the high-income group, such that by the end of the projection period the high-income group would have lower IHD mortality rates, particularly for women. Birth cohort effects varied with sex, with a marked upturn in IHD mortality around 1945, i.e., for the first generation of men to grow up in a more economically developed environment. There was no such upturn in women. Birth cohort effects were the main drivers of change in IHD mortality rates. CONCLUSION: IHD mortality rates are declining in Hong Kong and are projected to continue to do so, even taking into account greater vulnerability for the first generation of men born into a more developed environment. At the same time social disparities in IHD have reversed and are widening, partly as a result of a cohort effect, with corresponding implications for prevention.

  20. The Reference Return Ratio

    DEFF Research Database (Denmark)

    Nicolaisen, Jeppe; Faber Frandsen, Tove

    2008-01-01

    The paper introduces a new journal impact measure called The Reference Return Ratio (3R). Unlike the traditional Journal Impact Factor (JIF), which is based on calculations of publications and citations, the new measure is based on calculations of bibliographic investments (references) and returns...... (citations). A comparative study of the two measures shows a strong relationship between the 3R and the JIF. Yet, the 3R appears to correct for citation habits, citation dynamics, and composition of document types - problems that typically are raised against the JIF. In addition, contrary to traditional...

  1. Return to nucleate boiling

    International Nuclear Information System (INIS)

    Shumway, R.W.

    1985-01-01

    This paper presents a collection of TMIN (temperature of return to nucleate boiling) correlations, evaluates them under several conditions, and compares them with a wide range of data. Purpose is to obtain the best one for use in a water reactor safety computer simulator known as TRAC-B. Return to nucleate boiling can occur in a reactor accident at either high or low pressure and flow rates. Most of the correlations yield unrealistic results under some conditions. A new correlation is proposed which overcomes many of the deficiencies

  2. Return migration as failure or success? : The determinants of return migration intentions among Moroccan migrants in Europe

    NARCIS (Netherlands)

    de Haas, H.; Fokkema, T.; Fihri, M.F.

    2015-01-01

    Different migration theories generate competing hypotheses with regard to determinants of return migration. While neoclassical migration theory associates migration to the failure to integrate at the destination, the new economics of labour migration sees return migration as the logical stage after

  3. Understanding the Puzzling Risk-Return Relationship for Housing

    OpenAIRE

    Lu Han

    2013-01-01

    Standard theory predicts a positive relationship between risk and return, yet recent data show that housing returns vary positively with risk in some markets but negatively in others. This paper rationalizes these cross-market differences in the risk-return relationship for housing, and in so doing, explains the puzzling negative relationship. The paper shows that when the current house provides a hedge against the risk associated with the future housing consumption, households are willing to...

  4. The Economic Value of Predicting Bond Risk Premia

    DEFF Research Database (Denmark)

    Sarno, Lucio; Schneider, Paul; Wagner, Christian

    2016-01-01

    evaluation. More specifically, the model mostly generates positive (negative) economic value during times of high (low) macroeconomic uncertainty. Overall, the expectations hypothesis remains a useful benchmark for investment decisions in bond markets, especially in low uncertainty states.......This paper studies whether the evident statistical predictability of bond risk premia translates into economic gains for investors. We propose a novel estimation strategy for affine term structure models that jointly fits yields and bond excess returns, thereby capturing predictive information...... otherwise hidden to standard estimations. The model predicts excess returns with high regression R2s and high forecast accuracy but cannot outperform the expectations hypothesis out-of-sample in terms of economic value, showing a general contrast between statistical and economic metrics of forecast...

  5. Sustainable Mars Sample Return

    Science.gov (United States)

    Alston, Christie; Hancock, Sean; Laub, Joshua; Perry, Christopher; Ash, Robert

    2011-01-01

    The proposed Mars sample return mission will be completed using natural Martian resources for the majority of its operations. The system uses the following technologies: In-Situ Propellant Production (ISPP), a methane-oxygen propelled Mars Ascent Vehicle (MAV), a carbon dioxide powered hopper, and a hydrogen fueled balloon system (large balloons and small weather balloons). The ISPP system will produce the hydrogen, methane, and oxygen using a Sabatier reactor. a water electrolysis cell, water extracted from the Martian surface, and carbon dioxide extracted from the Martian atmosphere. Indigenous hydrogen will fuel the balloon systems and locally-derived methane and oxygen will fuel the MAV for the return of a 50 kg sample to Earth. The ISPP system will have a production cycle of 800 days and the estimated overall mission length is 1355 days from Earth departure to return to low Earth orbit. Combining these advanced technologies will enable the proposed sample return mission to be executed with reduced initial launch mass and thus be more cost efficient. The successful completion of this mission will serve as the next step in the advancement of Mars exploration technology.

  6. Return of qualified Sudanese

    OpenAIRE

    Lindsay T McMahon

    2007-01-01

    With the signing of the Comprehensive Peace Agreement in January 2005, the new Government of South Sudan began to call for the return of the millions of South Sudanese IDP s and refugees. The International Organization for Migration (IOM) has developed a programme to help them do so.

  7. Return of qualified Sudanese

    Directory of Open Access Journals (Sweden)

    Lindsay T McMahon

    2007-07-01

    Full Text Available With the signing of the Comprehensive Peace Agreement in January 2005, the new Government of South Sudan began to call for the return of the millions of South Sudanese IDP s and refugees. The International Organization for Migration (IOM has developed a programme to help them do so.

  8. Higher Education Endowments Return

    Science.gov (United States)

    Bahlmann, David; Walda, John D.; Sedlacek, Verne O.

    2012-01-01

    A new study of endowments by the National Association of College and University Business Officers (NACUBO) and the Commonfund Institute has brought good news to college and universities: While endowment returns dropped precipitously in fiscal year 2009 as a result of the financial crisis and accompanying slide in equity markets, they climbed to an…

  9. Return to Play

    Science.gov (United States)

    Mangan, Marianne

    2013-01-01

    Call it physical activity, call it games, or call it play. Whatever its name, it's a place we all need to return to. In the physical education, recreation, and dance professions, we need to redesign programs to address the need for and want of play that is inherent in all of us.

  10. Economic Value Of Garcinia kola Marketing In Enugu State, Nigeria ...

    African Journals Online (AJOL)

    Economic Value Of Garcinia kola Marketing In Enugu State, Nigeria. ... returns and identifying and determining the Socio-economic variables that affect the marketers net returns. Three markets, one ... EMAIL FULL TEXT EMAIL FULL TEXT

  11. Regime switches in the risk-return trade-off

    OpenAIRE

    Marcellino, Massimiliano; Ghysels, Eric; Guerin, Pierre

    2014-01-01

    This paper deals with the estimation of the risk-return trade-off. We use a MIDAS model for the conditional variance and allow for possible switches in the risk-return relation through a Markov-switching specification. We find strong evidence for regime changes in the risk-return relation. This finding is robust to a large range of specifications. In the first regime characterized by low ex-post returns and high volatility, the risk-return relation is reversed, whereas the intuitive positive ...

  12. Macro factors in oil futures returns

    International Nuclear Information System (INIS)

    Le Pen, Yannick; Sevi, Benoit

    2012-01-01

    We investigate the macro factors that can explain the monthly oil futures return for the NYMEX WTI futures contract for the time period 1993:11 to 2010:03. We build a new database of 187 real and nominal macro-economic variables from developed and emerging countries and resort to the large factor approximate model to extract 9 factors from this dataset. We then regress crude oil return on several combinations of these factors. Our best model explains around 38% of the variability of oil futures return. More interestingly, the factor which has the largest influence on crude oil price is related to real variables from emerging countries. This result confirms the latest finding in the literature that the recent evolution in oil price is attributable to change in supply and demand conditions and not to the large increase in trading activity from speculators. (authors)

  13. Market skewness risk and the cross section of stock returns

    DEFF Research Database (Denmark)

    Chang, B.Y.; Christoffersen, Peter; Jacobs, K.

    2013-01-01

    The cross section of stock returns has substantial exposure to risk captured by higher moments of market returns. We estimate these moments from daily Standard & Poor's 500 index option data. The resulting time series of factors are genuinely conditional and forward-looking. Stocks with high...... exposure to innovations in implied market skewness exhibit low returns on average. The results are robust to various permutations of the empirical setup. The market skewness risk premium is statistically and economically significant and cannot be explained by other common risk factors such as the market...... excess return or the size, book-to-market, momentum, and market volatility factors, or by firm characteristics....

  14. Evidence of Macroeconomic Policy Effects over Company-Sector Stock Returns

    Directory of Open Access Journals (Sweden)

    Mara Madaleno

    2014-11-01

    Full Text Available Given that stock markets may act as an economy mirror, it is explored the sensitivity of company-sector-specific stock returns to macroeconomic news reflecting different economic environments for the UK, US, Germany, Japan and Australian markets between March 1993 and February 2013 using monthly data. Results seem to indicate that portfolio investors need to be aware that movements in the market index is the best predictor to forecast stock returns of individual companies and sectors in developed economies. Sentiment influences individual company’s returns of the utilities sector, even if these are considered of limited growth and stable earnings, for UK, USA and Australia, turning investor confidence a relevant variable to be included. Information increases about industrial production have no influence on company and sector stocks, thus not affecting investor’s decision in developed countries. As for Japan, results seem to indicate that the higher the need of oil imports of a country, the higher will be the positive impact of oil price changes over company returns. Finally, the riskless interest rate has no effect on sector stock returns independently of the country under analysis. For developed economies, we confirm the finding that stocks cannot be used as a hedge against inflation.

  15. Range-based volatility, expected stock returns, and the low volatility anomaly

    Science.gov (United States)

    2017-01-01

    One of the foundations of financial economics is the idea that rational investors will discount stocks with more risk (volatility), which will result in a positive relation between risk and future returns. However, the empirical evidence is mixed when determining how volatility is related to future returns. In this paper, we examine this relation using a range-based measure of volatility, which is shown to be theoretically, numerically, and empirically superior to other measures of volatility. In a variety of tests, we find that range-based volatility is negatively associated with expected stock returns. These results are robust to time-series multifactor models as well as cross-sectional tests. Our findings contribute to the debate about the direction of the relationship between risk and return and confirm the presence of the low volatility anomaly, or the anomalous finding that low volatility stocks outperform high volatility stocks. In other tests, we find that the lower returns associated with range-based volatility are driven by stocks with lottery-like characteristics. PMID:29190652

  16. Foreign portfolio capital flows and stock returns: a study of Brazilian listed firms

    Directory of Open Access Journals (Sweden)

    Tiago Rodrigues Loncan

    2015-12-01

    Full Text Available Abstract This study analyzed the effect of foreign portfolio capital flows on stock returns of Brazilian listed firms through a 6-factors APT model, in which an additional risk factor for foreign portfolio capital flows was included. First, an aggregate analysis was conducted. The partial effect of foreign portfolio capital flows on the IBOVESPA index’s returns was statistically significant and positive. Next, a disaggregate analysis was also implemented, in which portfolios of stocks were sorted by sector of economic activity, level of risk and level of corporate governance. Foreign portfolio capitals caused increases in returns especially for sectors related to commodities, industry and cyclical consumption. For the portfolios sorted by risk (in which the stocks’ betas were used as a risk parameter for sorting, foreign capitals increased the returns of mid-high and high beta portfolios, but decreased the returns of low and low-mid beta portfolios. For corporate governance portfolios, the firms listed on the Novo Mercado segment (according to BMF&Bovespa criteria experienced a statistically significant revaluation effect. Overall, the results of the study provide support to the revaluation effect hypothesis.

  17. Range-based volatility, expected stock returns, and the low volatility anomaly.

    Science.gov (United States)

    Blau, Benjamin M; Whitby, Ryan J

    2017-01-01

    One of the foundations of financial economics is the idea that rational investors will discount stocks with more risk (volatility), which will result in a positive relation between risk and future returns. However, the empirical evidence is mixed when determining how volatility is related to future returns. In this paper, we examine this relation using a range-based measure of volatility, which is shown to be theoretically, numerically, and empirically superior to other measures of volatility. In a variety of tests, we find that range-based volatility is negatively associated with expected stock returns. These results are robust to time-series multifactor models as well as cross-sectional tests. Our findings contribute to the debate about the direction of the relationship between risk and return and confirm the presence of the low volatility anomaly, or the anomalous finding that low volatility stocks outperform high volatility stocks. In other tests, we find that the lower returns associated with range-based volatility are driven by stocks with lottery-like characteristics.

  18. Range-based volatility, expected stock returns, and the low volatility anomaly.

    Directory of Open Access Journals (Sweden)

    Benjamin M Blau

    Full Text Available One of the foundations of financial economics is the idea that rational investors will discount stocks with more risk (volatility, which will result in a positive relation between risk and future returns. However, the empirical evidence is mixed when determining how volatility is related to future returns. In this paper, we examine this relation using a range-based measure of volatility, which is shown to be theoretically, numerically, and empirically superior to other measures of volatility. In a variety of tests, we find that range-based volatility is negatively associated with expected stock returns. These results are robust to time-series multifactor models as well as cross-sectional tests. Our findings contribute to the debate about the direction of the relationship between risk and return and confirm the presence of the low volatility anomaly, or the anomalous finding that low volatility stocks outperform high volatility stocks. In other tests, we find that the lower returns associated with range-based volatility are driven by stocks with lottery-like characteristics.

  19. Exploring Longitudinal Risk-return Relationships

    DEFF Research Database (Denmark)

    Andersen, Torben J.; Bettis, Richard A.

    2015-01-01

    We study a longitudinal fit model of adaptation and its association with the longitudinal risk-return relationship. The model allows the firm to adjust its position in response to partial learning about a changing environment characterized by two path-dependent processes—a random walk and a stoch......We study a longitudinal fit model of adaptation and its association with the longitudinal risk-return relationship. The model allows the firm to adjust its position in response to partial learning about a changing environment characterized by two path-dependent processes—a random walk...... can lead to the inverse longitudinal risk-return relationships observed empirically. We discuss this apparent paradox and the possible resolution between mindless and conscious behavior as plausible causes of the longitudinal Bowman Paradox....

  20. Product return management

    DEFF Research Database (Denmark)

    Shaharudin, Mohd Rizaimy; Govindan, Kannan; Zailani, Suhaiza

    2017-01-01

    The aim of this study is to examine the extent to which product returns motivate manufacturing firms to adopt closed-loop supply chain activities that influence the effectiveness of reverse supply chains. The hypotheses have been tested using data from a sample of 150 environmental management...... system ISO 14001 certified manufacturing firms in Malaysia through the census sampling approach. The results of the empirical test using LISREL Version 8.70 for the structural equation modeling support the fundamental explanation of the influence of the institutional forces towards the adoption of closed...... eventually impacts the firm's effectiveness in the reverse supply chain. The findings also help managers to understand the factors that can improve the outcome of the adoption of closed-loop supply chain activities by intensifying the extent of involvement in product returns, which provides a valuable...

  1. Macroeconomic Forces and Stock Returns in Vietnam

    OpenAIRE

    Phan, Van Hang

    2008-01-01

    Capital market development, especially the appearance of Vietnamese equity market recently has a strategic importance in the economic growth and structural reform process of Vietnam (Chun et al, 2003). This dissertation focuses on the impacts of macroeconomic forces on stock market returns in Vietnamese stock market which has not been investigated in detail before, and thereby to contribute further literature on this new emerging stock market. Specifically, the research will intensively inves...

  2. HUBUNGAN RETURN SAHAM DAN INFLASI DI INDONESIA

    Directory of Open Access Journals (Sweden)

    Nyoman Triaryati

    2017-03-01

    Full Text Available The effect of inflation to the stock return research had been held since three decades ago based on GeneralizeFisher’s Hypotheses, but ‘how inflation influenced stock return’ had become a debate until today. In Indonesiamost of the related research used inflation as one of the variables that influenced stock return despite of others inshort period of time. This research investigated the effect of inflation to the stock return in Indonesia within fifteenyears, which was divided into 3 (three periods of time reflecting different economic growth for each of it. Thepurpose of this allotment was to see the consistency how inflation influenced the stock market. Using a secondarydata from monthly inflation and IHSG period 1998 until 2012, included three hundred and sixty observation,simple regression model analyses was applied. This research acknowledged that inflation negatively influencedstock return in a long time period, but it did not exist in the short time period, except when the level of inflationreached 10%. In conclusion, inflation influence on the stock return was not ascertained by how long the investigationwas held but if there was any inflation rate reaching 10% within the period of investigation.

  3. Comparison and modeling of households food expenditures in Slovakia with regard to the economic status and job position of the head of household

    Directory of Open Access Journals (Sweden)

    Ľubica Kubicová

    2013-01-01

    Full Text Available Paper focuses on analysis and development of nominal and real cash income as well as modeling of real cash household food expenditures in Slovakia. From the view of the head of household and his job position, paper compares the level and development of real money incomes and food expenditures, in terms of real money incomes quantifies the income elasticity and available demand saturation level for food in families of employees, self-employed persons and pensioners. Generally expected outcome of economic growth is raising standard of living of the population. Its measurement is based on the basic macroeconomic aggregates such as GDP growth and GDP per capita. Such indicators, despite their clearly accepted significance, have a number of limitations that undermine their informational value. These indicators are the product of highly aggregated data. Therefore submitted paper focuses on the analysis of the income situation of the population. This approach allows to obtain objective indicators of the true state income differentiation, respectively income inequality in particular social groups. Society with substantial income differentiation is less resistant against various extreme impact of globalization. The analysis results show that in the years 2004–2011 the real income increased least in the group of self-employed persons by an average of 4.89% (k’ = 1.0489, while in the group of pensioners, the real income increased by an average of 7.08 % (k’ = 1.0708.

  4. Returning to work one year after childbirth: data from the mother-child cohort EDEN.

    Science.gov (United States)

    Wallace, Maeve; Saurel-Cubizolles, Marie-Josèphe

    2013-10-01

    The amount of time women spend out of work postpartum has implications for both health and economic trajectories which may result in long-term social inequities or exacerbate those already existing. The purpose of this investigation was to describe the characteristics of women who return to work within the first year postpartum and to identify specific occupational and health factors associated with returning to work among women who worked during pregnancy. The EDEN cohort is comprised of pregnant women recruited in two French university hospitals before 24 weeks gestation with a singleton pregnancy. Questionnaires were administered at 4, 8, and 12 months after birth. Multivariate logistic regression was used to model the odds of returning to work within 1 year of childbirth with inclusion of sociodemographic, health, and occupational variables that were significantly related to returning to work at the level of p worked during pregnancy in our sample had resumed work before their infant's first birthday. After adjustment, occupational level, full-time work, standing position, job reward, desire to change job, education, and father's occupational level remained significantly associated with returning to work. Women's perception of their work as rewarding was the strongest predictor of resuming employment (OR comparing high reward to low reward: 2.48, 95 % CI: 1.60-3.83 for women with parity 0 or 1). Experiencing an adverse birth outcome had no relation to returning to work within 1 year postpartum. Across all indicator variables, women of higher socioeconomic status or with greater resources had greater odds of returning to work compared to those of lower status. This suggests that the crucial period of employment transition around the time of childbirth may intensify preexisting social inequalities.

  5. Male and Female Marriage Returns to Schooling

    DEFF Research Database (Denmark)

    Bruze, Gustaf

    , and the extent to which men and women sort positively on several traits in marriage. Counterfactual analysis conducted with the model, suggests that US middle aged men and women are earning in the order of 30 percent of their return to schooling through improved marital outcomes....

  6. The returns to foreign R&D

    NARCIS (Netherlands)

    Belderbos, R.A.; Lokshin, B.; Sadowski, B.

    2015-01-01

    Extant research on R&D internationalization has not examined how effective foreign R&D investments are in generating positive returns for the investing firms, in particular in comparison and conjunction with the effects of domestic R&D investments. We examine the effectiveness of international

  7. Idleness, returns to education and child labor

    Directory of Open Access Journals (Sweden)

    José Raimundo Carvalho

    2012-12-01

    Full Text Available Although recent trends about child labor are positive, see ILO (2006, there still are important shortcomings which require further investigation. Among them, the exclusion of the category "idle children" (those who neither work nor study from past studies, as well as the lack of reliable information on returns to education are two significant omissions. By using a data base that contains details on idle children and a proxy for the returns to education, we find evidence that confirms traditional findings both with regard to the strong positive effect of parental background and to the positive relationship between the number of children in the household and child labor. On the other hand, our estimates point out new insights, such as the great regional variation of estimates and the fact that the Body Mass Index effect is positive. Finally, we suggest a new perspective on the issue of "street children" through the analysis of the category of "idle children".

  8. Male and female physical intimate partner violence and socio-economic position: a cross-sectional international multicentre study in Europe.

    Science.gov (United States)

    Costa, D; Hatzidimitriadou, E; Ioannidi-Kapolou, E; Lindert, J; Soares, J J F; Sundin, Ö; Toth, O; Barros, H

    2016-10-01

    This work explores the association between socio-economic position (SEP) and intimate partner violence (IPV) considering the perspectives of men and women as victims, perpetrators and as both (bidirectional). Cross-sectional international multicentre study. A sample of 3496 men and women, (aged 18-64 years), randomly selected from the general population of residents from six European cities was assessed: Athens; Budapest; London; Östersund; Porto; and Stuttgart. Their education (primary, secondary and university), occupation (upper white collar, lower white collar and blue collar) and unemployment duration (never, ≤12 months and >12 months) were considered as SEP indicators and physical IPV was measured with the Revised Conflict Tactics Scales. Past year physical IPV was declared by 17.7% of women (3.5% victims, 4.2% perpetrators and 10.0% bidirectional) and 19.8% of men (4.1% victims, 3.8% perpetrators and 11.9% bidirectional). Low educational level (primary vs university) was associated with female victimisation (adjusted odds ratio, 95% confidence interval: 3.2; 1.3-8.0) and with female bidirectional IPV (4.1, 2.4-7.1). Blue collar occupation (vs upper white) was associated with female victimisation (2.1, 1.1-4.0), female perpetration (3.0, 1.3-6.8) and female bidirectional IPV (4.0, 2.3-7.0). Unemployment duration was associated with male perpetration (>12 months of unemployment vs never unemployed: 3.8; 1.7-8.7) and with bidirectional IPV in both sex (women: 1.8, 1.2-2.7; men: 1.7, 1.0-2.8). In these European centres, physical IPV was associated with a disadvantaged SEP. A consistent socio-economic gradient was observed in female bidirectional involvement, but victims or perpetrators-only presented gender specificities according to levels of education, occupation differentiation and unemployment duration potentially useful for designing interventions. Copyright © 2016 The Royal Society for Public Health. Published by Elsevier Ltd. All rights reserved.

  9. INSTITUTIONAL OWNERSHIP LEVEL AND RISK-ADJUSTED RETURN

    OpenAIRE

    Isaiah, Chioma; Li, Meng (Emma)

    2017-01-01

    This paper examines the relationship between the level of institutional ownership andrisk-adjusted return on stocks. We find a significant positive relationship between the level ofinstitutional ownership on a stock and its risk-adjusted return. This result holds both in the longrun and in shorter time periods. Our findings suggest that all things being equal, it is possible toobtain risk-adjusted return by going short on the stocks with low institutional ownership andgoing long on those with...

  10. Toward a theory of responsible investing : On the economic foundations of corporate social responsibility

    NARCIS (Netherlands)

    Dam, Lammertjan; Scholtens, Lambertus

    Studies that link corporate social and financial performance usually find a positive association between the two. However, the literature does not establish a significant impact of socially responsible investing on stock market returns. We develop a coherent economic framework of responsible

  11. The Determinants of Return Migration: Evidence for Kosovo

    Directory of Open Access Journals (Sweden)

    Ardiana Gashi

    2015-12-01

    Full Text Available Return migration represents a potentially important contributor to economic development for countries that are large exporters of labor. This paper provides an analysis of the determinants of return migration to Kosovo, a country with an especially high level of recent emigration. The findings of this investigation suggest that there is a non-linear relationship between the age of the migrant and their probability of returning. In addition, the more educated migrants and those that have acquired additional education whilst abroad are more likely to return, whereas recent migrants, those that possess permanent resident status and have their family abroad are less likely to return. As expected, the stronger the family ties of a migrant with their home country, the more likely they are to return. Finally, migrants that are expected to invest in businesses in Kosovo are more inclined to return. Together these findings suggest that return migration may be an important contributor to economic development in Kosovo and policies are outlined that could strengthen this contribution.

  12. Mars Sample Return Architecture Overview

    Science.gov (United States)

    Edwards, C. D.; Vijendran, S.

    2018-04-01

    NASA and ESA are exploring potential concepts for a Sample Retrieval Lander and Earth Return Orbiter that could return samples planned to be collected and cached by the Mars 2020 rover mission. We provide an overview of the Mars Sample Return architecture.

  13. Socio economic position in TB prevalence and access to services: results from a population prevalence survey and a facility-based survey in Bangladesh.

    Science.gov (United States)

    Hossain, Shahed; Quaiyum, Mohammad Abdul; Zaman, Khalequ; Banu, Sayera; Husain, Mohammad Ashaque; Islam, Mohammad Akramul; Cooreman, Erwin; Borgdorff, Martien; Lönnroth, Knut; Salim, Abdul Hamid; van Leth, Frank

    2012-01-01

    In Bangladesh DOTS has been provided free of charge since 1993, yet information on access to TB services by different population group is not well documented. The objective of this study was to assess and compare the socio economic position (SEP) of actively detected cases from the community and the cases being routinely detected under National Tuberculosis Control Programme (NTP) in Bangladesh. SEP was assessed by validated asset item for each of the 21,427 households included in the national tuberculosis prevalence survey 2007-2009. A principal component analysis generated household scores and categorized in quartiles. The distribution of 33 actively identified cases was compared with the 240 NTP cases over the identical SEP quartiles to evaluate access to TB services by different groups of the population. The population prevalence of tuberculosis was 5 times higher in the lowest quartiles of population (95.4, 95% CI: 48.0-189.7) to highest quartile population (19.5, 95% CI: 6.9-55.0). Among the 33 cases detected during survey, 25 (75.8%) were from lower two quartiles, and the rest 8 (24.3%) were from upper two quartiles. Among TB cases detected passively under NTP, more than half of them 137 (57.1%) were from uppermost two quartiles, 98 (41%) from the second quartile, and 5 (2%) in the lowest quartile of the population. This distribution is not affected when adjusted for other factors or interactions among them. The findings indicate that despite availability free of charge, DOTS is not equally accessed by the poorer sections of the population. However, these figures should be interpreted with caution since there is a need for additional studies that assess in-depth poverty indicators and its determinants in relation to access of the TB services provided in Bangladesh.

  14. The contribution of socio-economic position to the excesses of violence and intimate partner violence among aboriginal versus non-Aboriginal Women in Canada.

    Science.gov (United States)

    Daoud, Nihaya; Smylie, Janet; Urquia, Marcelo; Allan, Billie; O'Campo, Patricia

    2013-07-25

    To examine the contribution of socio-economic position (SEP) in explaining the excess of any abuse and intimate partner violence (IPV) among Aboriginal versus non-Aboriginal women in Canada. This comparison has not been studied before. We conducted logistic regression analysis, using nationwide data from a weighted sample of 57,318 Canadian-born mothers of singletons who participated in the Canadian Maternity Experiences Survey 2006-7. The unadjusted odds of any abuse and IPV were almost four times higher among Aboriginal compared to non-Aboriginal mothers; OR 3.91 (95% CI 3.12-4.89) and OR 3.78 (2.87-4.97), respectively. Adjustment for SEP reduced the unadjusted OR of any abuse and IPV by almost 40%. However, even with this adjustment, the odds of any abuse and IPV for Aboriginal mothers remained twice that of non-Aboriginal mothers; OR 2.34 (1.82-2.99) and OR 2.19 (1.60-3.00), respectively. SEP is a predominant contributor to the excess of abuse against Aboriginal vs. non-Aboriginal women in Canada. Reducing violence against Aboriginal women can be achieved mostly by improving their SEP, and simultaneously be informed by social processes and services that can mitigate abuse. The fact that SEP did not fully explain the excess of abuse among the Aboriginal women might lend support to "colonization or postcolonial theories," and related contextual factors such as differences in community social resources (e.g., social capital) and services. The effect of these factors on the excess of abuse warrants future research.

  15. Gene-guided Gefitinib switch maintenance therapy for patients with advanced EGFR mutation-positive Non-small cell lung cancer: an economic analysis

    International Nuclear Information System (INIS)

    Zhu, Jun; Li, Te; Wang, Xiaohui; Ye, Ming; Cai, Jian; Xu, Yuejuan; Wu, Bin

    2013-01-01

    Maintenance therapy with gefitinib notably improves survival in patients with advanced non-small cell lung cancer (NSCLC) and EGFR mutation-positive tumors, but the economic impact of this practice is unclear. A decision-analytic model was developed to simulate 21-day patient transitions in a 10-year time horizon. The clinical data were primarily obtained from the results of a pivotal phase III trial that assessed gefitinib maintenance treatment in patients with advanced NSCLC. The cost data were derived from the perspective of the Chinese health care system. The primary outcome was the incremental cost-effectiveness ratio (ICER) at a willingness-to-pay (WTP) threshold of 3 times the per capita GDP of China. Sensitivity analyses were used to explore the impact of uncertainty regarding the results. The impact of the gefitinib patient assistance program (GPAP) was evaluated. After EGFR genotyping, gefitinib maintenance treatment for advanced NSCLC with EGFR mutations increased the life expectancy by 0.74 years and 0.46 QALYs compared with routine follow-up at an additional cost of $26,149.90 USD ($7,178.20 with the GPAP). The ICER for gefitinib maintenance was $57,066.40 and $15,664.80 per QALY gained (at a 3% discount rate) without and with the GPAP, respectively. The utility of progression free survival, the hazard ratio of progression-free survival for gefitinib treatment and the cost of gefitinib per dose were the three factors that had the greatest influence on the results. These results indicate that gene-guided maintenance therapy with gefitinib with the GPAP might be a cost-effective treatment option

  16. Gene-guided Gefitinib switch maintenance therapy for patients with advanced EGFR mutation-positive Non-small cell lung cancer: an economic analysis

    Directory of Open Access Journals (Sweden)

    Zhu Jun

    2013-01-01

    Full Text Available Abstract Background Maintenance therapy with gefitinib notably improves survival in patients with advanced non-small cell lung cancer (NSCLC and EGFR mutation-positive tumors, but the economic impact of this practice is unclear. Methods A decision-analytic model was developed to simulate 21-day patient transitions in a 10-year time horizon. The clinical data were primarily obtained from the results of a pivotal phase III trial that assessed gefitinib maintenance treatment in patients with advanced NSCLC. The cost data were derived from the perspective of the Chinese health care system. The primary outcome was the incremental cost-effectiveness ratio (ICER at a willingness-to-pay (WTP threshold of 3 times the per capita GDP of China. Sensitivity analyses were used to explore the impact of uncertainty regarding the results. The impact of the gefitinib patient assistance program (GPAP was evaluated. Results After EGFR genotyping, gefitinib maintenance treatment for advanced NSCLC with EGFR mutations increased the life expectancy by 0.74 years and 0.46 QALYs compared with routine follow-up at an additional cost of $26,149.90 USD ($7,178.20 with the GPAP. The ICER for gefitinib maintenance was $57,066.40 and $15,664.80 per QALY gained (at a 3% discount rate without and with the GPAP, respectively. The utility of progression free survival, the hazard ratio of progression-free survival for gefitinib treatment and the cost of gefitinib per dose were the three factors that had the greatest influence on the results. Conclusions These results indicate that gene-guided maintenance therapy with gefitinib with the GPAP might be a cost-effective treatment option.

  17. The VIX, the Variance Premium, and Expected Returns

    DEFF Research Database (Denmark)

    Osterrieder, Daniela Maria; Ventosa-Santaulària, Daniel; Vera-Valdés, Eduardo

    2018-01-01

    . These problems are eliminated if risk is captured by the variance premium (VP) instead; it is unobservable, however. We propose a 2SLS estimator that produces consistent estimates without observing the VP. Using this method, we find a positive risk–return trade-off and long-run return predictability. Our...

  18. Return Migration to Mexico: Does Health Matter?

    Science.gov (United States)

    Arenas, Erika; Goldman, Noreen; Pebley, Anne R; Teruel, Graciela

    2015-12-01

    We use data from three rounds of the Mexican Family Life Survey to examine whether migrants in the United States returning to Mexico in the period 2005-2012 have worse health than those remaining in the United States. Despite extensive interest by demographers in health-related selection, this has been a neglected area of study in the literature on U.S.-Mexico migration, and the few results to date have been contradictory and inconclusive. Using five self-reported health variables collected while migrants resided in the United States and subsequent migration history, we find direct evidence of higher probabilities of return migration for Mexican migrants in poor health as well as lower probabilities of return for migrants with improving health. These findings are robust to the inclusion of potential confounders reflecting the migrants' demographic characteristics, economic situation, family ties, and origin and destination characteristics. We anticipate that in the coming decade, health may become an even more salient issue in migrants' decisions about returning to Mexico, given the recent expansion in access to health insurance in Mexico.

  19. Returns on Investment in California County Departments of Public Health.

    Science.gov (United States)

    Brown, Timothy T

    2016-08-01

    To estimate the average return on investment for the overall activities of county departments of public health in California. I gathered the elements necessary to estimate the average return on investment for county departments of public health in California during the period 2001 to 2008-2009. These came from peer-reviewed journal articles published as part of a larger project to develop a method for determining return on investment for public health by using a health economics framework. I combined these elements by using the standard formula for computing return on investment, and performed a sensitivity analysis. Then I compared the return on investment for county departments of public health with the returns on investment generated for various aspects of medical care. The estimated return on investment from $1 invested in county departments of public health in California ranges from $67.07 to $88.21. The very large estimated return on investment for California county departments of public health relative to the return on investment for selected aspects of medical care suggests that public health is a wise investment.

  20. Returns on Investment in California County Departments of Public Health

    Science.gov (United States)

    2016-01-01

    Objectives. To estimate the average return on investment for the overall activities of county departments of public health in California. Methods. I gathered the elements necessary to estimate the average return on investment for county departments of public health in California during the period 2001 to 2008–2009. These came from peer-reviewed journal articles published as part of a larger project to develop a method for determining return on investment for public health by using a health economics framework. I combined these elements by using the standard formula for computing return on investment, and performed a sensitivity analysis. Then I compared the return on investment for county departments of public health with the returns on investment generated for various aspects of medical care. Results. The estimated return on investment from $1 invested in county departments of public health in California ranges from $67.07 to $88.21. Conclusions. The very large estimated return on investment for California county departments of public health relative to the return on investment for selected aspects of medical care suggests that public health is a wise investment. PMID:27310339

  1. The 'successful' return

    DEFF Research Database (Denmark)

    Olwig, Karen Fog

    2012-01-01

    Research on female migrant caregivers has tended to focus upon the emotional and social problems they encounter working abroad, given women’s traditional role as caregivers for their own families. This article analyses how Caribbean women who have returned after a period abroad as domestic workers...... inscribe their migration experiences within the gendered narrative of the good relative who migrates to help the family left behind and therefore deserves social recognition in the community of origin. It argues that this narrative allows the women to both affirm and reinterpret local family and gender...... roles within the context of migration. This analysis points to the close connection between narrative structures, accounts of migration experiences, and self-presentations and suggests that narratives about family and gender roles not only reflect people’s lives, but are also a malleable resource...

  2. A multicentre randomised controlled trial and economic evaluation of continuous positive airway pressure for the treatment of obstructive sleep apnoea syndrome in older people: PREDICT.

    Science.gov (United States)

    McMillan, Alison; Bratton, Daniel J; Faria, Rita; Laskawiec-Szkonter, Magda; Griffin, Susan; Davies, Robert J; Nunn, Andrew J; Stradling, John R; Riha, Renata L; Morrell, Mary J

    2015-06-01

    The therapeutic and economic benefits of continuous positive airway pressure (CPAP) for the treatment of obstructive sleep apnoea syndrome (OSAS) have been established in middle-aged people. In older people there is a lack of evidence. To determine the clinical efficacy of CPAP in older people with OSAS and to establish its cost-effectiveness. A randomised, parallel, investigator-blinded multicentre trial with within-trial and model-based cost-effectiveness analysis. Two hundred and seventy-eight patients, aged ≥ 65 years with newly diagnosed OSAS [defined as oxygen desaturation index at ≥ 4% desaturation threshold level for > 7.5 events/hour and Epworth Sleepiness Scale (ESS) score of ≥ 9] recruited from 14 hospital-based sleep services across the UK. CPAP with best supportive care (BSC) or BSC alone. Autotitrating CPAP was initiated using standard clinical practice. BSC was structured advice on minimising sleepiness. Subjective sleepiness at 3 months, as measured by the ESS (ESS mean score: months 3 and 4) and cost-effectiveness over 12 months, as measured in quality-adjusted life-years (QALYs) calculated using the European Quality of Life-5 Dimensions (EQ-5D) and health-care resource use, information on which was collected monthly from patient diaries. Subjective sleepiness at 12 months (ESS mean score: months 10, 11 and 12) and objective sleepiness, disease-specific and generic quality of life, mood, functionality, nocturia, mobility, accidents, cognitive function, cardiovascular risk factors and events at 3 and 12 months. Two hundred and seventy-eight patients were randomised to CPAP (n = 140) or BSC (n = 138) over 27 months and 231 (83%) patients completed the trial. Baseline ESS score was similar in both groups [mean (standard deviation; SD) CPAP 11.5 (3.3), BSC 11.4 (4.2)]; groups were well balanced for other characteristics. The mean (SD) in ESS score at 3 months was -3.8 (0.4) in the CPAP group and -1.6 (0.3) in the BSC group. The

  3. MEASURING SOFT ECONOMIC POWER OF COUNTRIES

    Directory of Open Access Journals (Sweden)

    O. Chugaiev

    2015-10-01

    Full Text Available Existing methods of measuring economic component of national soft power are mainly based on surveys of public opinion. Their results are summarized. We elaborate and test an index of soft economic power based on webometric approach. The index measures the amount of economic information about a country in the internet and the ratio of positive and negative information. The information usually reflects economic situation in a country, news, conditions for business, efficiency of governance, returns or economic relations with other countries. The leaders by the soft economic power index are the EU, the U,S, and China, The correlation between the index and the share in world GDP is high, but several outliers were detected. English-speaking countries tend to be overrepresented in the internet. Despite several advantages of the suggested approach, use of the index as the sole method of measurement is problematic, because other language bias, occasional double counting, imperfect classification of information as positive or negative, and imprecise results for small countries.

  4. The Use of Risk and Return for Testing the Stability of Stock Markets

    Directory of Open Access Journals (Sweden)

    Viorica Chirilă

    2014-04-01

    Full Text Available The European Central Bank stipulates that a financial system is stable if the financial risks are evaluated and rewarded correctly and if the economic and financial shocks are absorbed. When analyzing the return and volatility of the stock exchanges we may ascertain that a stock exchange is stable if there is a connection between return and volatility and if the shocks determined by the new positive and negative information do not cause significant changes of the volatility. We took into consideration the values of the indices of stock markets from Holland (AEX, Belgium (BEL, Romania (BET, Hungary (BUX, Germany (DAX, France (CAC, Czech Republic (PX, Slovakia (SAX, Austria (ATX, Estonia (OMXT, Latvia (OMXR and Lithuania (OMXV. In order to test the relationship between return-volatility and volatility asymmetry we estimated a GJR-GARCH-M model. The results confirm the lack of existence of a correlation between return and volatility for the entire period under analysis and the existence of the volatility asymmetry.

  5. DETERMINAN RETURN SAHAM SYARIAH DENGAN RISIKO SISTEMATIS SEBAGAI VARIABEL MEDIASI

    Directory of Open Access Journals (Sweden)

    irman firmansyah

    2016-10-01

    Full Text Available Islamic capital market is the investment alternatives in accordance with Islamic law. However, the purpose of investing is to obtain a high return stock. This study aimed to analyze the fundamental factors in predicting stock return of sharia with systematic risk as a mediating variable. Fundamental factors measured by DER, EPS, ROA, PER and NPM and systematic risk measured by beta. Data taken from the Islamic capital market through the Jakarta Islamic Index (JII in a span of research in 2013 and 2014. The analysis used is multiple regression analysis and Sobel test. The results showed that DER and PER positive effect on sharia stock return, beta negative effect on sharia stock return and EPS, ROA and NPM no effect on sharia stock return. Whereas in mediating variable testing, the beta did not mediate the relationship between DER, EPS, ROA, NPM and PER to sharia stock return.

  6. Computing return times or return periods with rare event algorithms

    Science.gov (United States)

    Lestang, Thibault; Ragone, Francesco; Bréhier, Charles-Edouard; Herbert, Corentin; Bouchet, Freddy

    2018-04-01

    The average time between two occurrences of the same event, referred to as its return time (or return period), is a useful statistical concept for practical applications. For instance insurances or public agencies may be interested by the return time of a 10 m flood of the Seine river in Paris. However, due to their scarcity, reliably estimating return times for rare events is very difficult using either observational data or direct numerical simulations. For rare events, an estimator for return times can be built from the extrema of the observable on trajectory blocks. Here, we show that this estimator can be improved to remain accurate for return times of the order of the block size. More importantly, we show that this approach can be generalised to estimate return times from numerical algorithms specifically designed to sample rare events. So far those algorithms often compute probabilities, rather than return times. The approach we propose provides a computationally extremely efficient way to estimate numerically the return times of rare events for a dynamical system, gaining several orders of magnitude of computational costs. We illustrate the method on two kinds of observables, instantaneous and time-averaged, using two different rare event algorithms, for a simple stochastic process, the Ornstein–Uhlenbeck process. As an example of realistic applications to complex systems, we finally discuss extreme values of the drag on an object in a turbulent flow.

  7. Return to the... past

    International Nuclear Information System (INIS)

    Ammerich, M.

    2009-01-01

    This article goes back over the incidents occurring during the summer 2008, that is to say the uranium release from the Socatri facility in the South of France. From this point, the purpose studies the radiological situation of the Camargue seashore; the levels of radioactivity are from 3 to thirty times higher than these ones expected in this area, but the natural radioactivity with thorium and uranium coming from the granitic massifs erosion brings an important part. It is difficult to make the part between human and natural contribution to ambient radioactivity. However, it appears that to limit the water consumption until the time of dilution played its part was absolutely necessary. Then, because it is question of water, the drinking water is tackled. Some mineral waters go over the recommended limits of doses. A last return to the past with the radioactive watches, but this time with actual watches that activate detection. Two watches contained promethium 147, 147 Pm is a beta emitter but also gamma emitter. To end, in Ireland and Great Britain, some fire detectors contain americium 241. In fact, this article constitutes a summary of different abnormalities around radioactivity. (N.C.)

  8. The return of religion

    Directory of Open Access Journals (Sweden)

    S. Griffioen

    2011-06-01

    Full Text Available Religion is back in Philosophy as a respectable subject. Part 1 first charts what MacIntyre, Taylor and Derrida have meant in this regard. Subsequently, it turns to the Enlightenment to determine what constituted the breakthrough. It is found that even where the Enlightenment gave maximum room to religion i.e. as a civic religion and as “religion of the heart” it still excluded a constitutive relation to a transcendent revelation. Part 2 centres on the religion-faith distinction in reformational philosophy. Similar to the Enlightenment, religion is understood as part of human nature. However, human nature itself is conceived as intrinsically religious and depending for its light on revelation. Secondly, “religion” in this context also encompasses idols and religious substitutes. Thus, it directs attention to shopping malls, football stadiums, health policy, et cetera, as possible contexts of a return of religion. Examples show that this has become a popular approach. However, most of the publications surveyed fail to distinguish between an “analogical” and a “pistically qualified” use of religion, and are open to exaggerations (the shopping mall and football stadiums as temples, etc.. At this junction, the relevance is shown of the religion-faith distinction as well as of Elaine Botha’s theory of metaphors. The epilogue offers an integration of parts one and two.

  9. A CONCEPTUAL APPROACH TO ECONOMIC AGGLOMERATIONS

    Directory of Open Access Journals (Sweden)

    Mădălina-Ștefania Dîrzu

    2012-09-01

    Full Text Available Technological progress and rapid structural adjustments have characterized a lot of economies in the last century and they still feature pronounced structures. An important observation is that economic activities tend to agglomerate in space as a result of some kind increasing returns, forming eventually economic agglomerations. When various companies gather together, they establish specific forms of interaction. Increasing returns produce when this mutual interplay creates positive externalities for those firms which operate into an agglomeration. In this context, it is crucial to raise a question: what is an economic agglomeration and what do different scientists imply when using the concept? The phenomenon of agglomeration has attracted researchers from various disciplines employing a hybrid set of analytical perspectives. This whole framework is still puzzled with contradictory conceptualizations which are often used in an ambiguous way. Scientists tend to utilize notions such as agglomeration, cluster, territorial network, specialization, concentration somewhat interchangeably and with little concern about how to operationalize them. To shed a light on this issue, the aim of this paper is to provide a comprehensive analyze of different theoretical framework in which economic agglomerations have been debated and researched.

  10. PUC fast track nips returns

    International Nuclear Information System (INIS)

    Anon.

    1990-01-01

    In the first of what it says will be annual cost-of-capital proceedings to set returns on equity and rates of return on rate base for electric utilities, the California Public Utilities Commission (PUC) lowered from 1989 levels the 1990 returns on common equity (ROE) and rates of return (ROR) for the state's four major investor-owned electric utilities. Under this fast-track procedure, by May 8 of every year, utilities will have to file an application for rate adjustments that reflect their projected costs of capital for the following year

  11. The return to foreign aid

    DEFF Research Database (Denmark)

    Dalgaard, Carl-Johan Lars; Hansen, Henrik

    We investigate the marginal productivity of investment across countries. The aim is to estimate the return on investments financed by foreign aid and by domestic resource mobilization, using aggregate data. Both returns are expected to vary across countries and time. Consequently we develop...... a correlated random coefficients model, to estimate the average aggregate return on ‘aid investments’ and ‘domestic investments’. Across different estimators and two different sources for GDP and investment data our findings are remarkably robust; the average gross return on ‘aid investments’ is about 20 per...

  12. What's Left of the Left-Right Dimension? Why the Economic Policy Positions of Europeans Do Not Fit the Left-Right Dimension.

    Science.gov (United States)

    Otjes, Simon

    2018-01-01

    In political science the economic left-right dimension plays a central role. A growing body of evidence shows that the economic policy preferences of a large segment of citizens do not scale sufficiently. Using Mokken scale analysis, this study determines the causes of this phenomenon. Differences in the extent to which the economic policy preferences of citizens fit the left-right dimension can be explained in terms of the interaction between individual level and political system-level variables: citizens who spend more attention to politicians with views that conform to the left-right dimension, have views that conform to the left-right dimension. There is also a role for the legacy of communist dictatorship: citizens who were socialised in democratic countries have views that fit the left-right dimension better than those socialised during communism.

  13. Returns to Tenure: Time or Rank?

    DEFF Research Database (Denmark)

    Buhai, Ioan Sebastian

    -specific investment, efficiency-wages or adverse-selection models. However, rent extracting arguments as suggested by the theory of internal labor markets, indicate that the relative position of the worker in the seniority hierarchy of the firm, her 'seniority rank', may also explain part of the observed returns...... relative to their peer workers), as predicted by theories on unionized and insider-outsider markets....

  14. The risks and returns of stock investment in a financial market

    Science.gov (United States)

    Li, Jiang-Cheng; Mei, Dong-Cheng

    2013-03-01

    The risks and returns of stock investment are discussed via numerically simulating the mean escape time and the probability density function of stock price returns in the modified Heston model with time delay. Through analyzing the effects of delay time and initial position on the risks and returns of stock investment, the results indicate that: (i) There is an optimal delay time matching minimal risks of stock investment, maximal average stock price returns and strongest stability of stock price returns for strong elasticity of demand of stocks (EDS), but the opposite results for weak EDS; (ii) The increment of initial position recedes the risks of stock investment, strengthens the average stock price returns and enhances stability of stock price returns. Finally, the probability density function of stock price returns and the probability density function of volatility and the correlation function of stock price returns are compared with other literatures. In addition, good agreements are found between them.

  15. Economic evaluation of CISM : a pilot study

    DEFF Research Database (Denmark)

    Vogt, Joachim

    2004-01-01

    air traffic controllers, critical incident stress management, CISM, critical incidents, critical incident stress, cost-benefit-analysis, economic evaluation, efficiency, return on investment......air traffic controllers, critical incident stress management, CISM, critical incidents, critical incident stress, cost-benefit-analysis, economic evaluation, efficiency, return on investment...

  16. The relationship between return on investment and quality of study methodology in workplace health promotion programs.

    Science.gov (United States)

    Baxter, Siyan; Sanderson, Kristy; Venn, Alison J; Blizzard, C Leigh; Palmer, Andrew J

    2014-01-01

    To determine the relationship between return on investment (ROI) and quality of study methodology in workplace health promotion programs. Data were obtained through a systematic literature search of National Health Service Economic Evaluation Database (NHS EED), Database of Abstracts of Reviews of Effects (DARE), Health Technology Database (HTA), Cost Effectiveness Analysis (CEA) Registry, EconLit, PubMed, Embase, Wiley, and Scopus. Included were articles written in English or German reporting cost(s) and benefit(s) and single or multicomponent health promotion programs on working adults. Return-to-work and workplace injury prevention studies were excluded. Methodological quality was graded using British Medical Journal Economic Evaluation Working Party checklist. Economic outcomes were presented as ROI. ROI was calculated as ROI = (benefits - costs of program)/costs of program. Results were weighted by study size and combined using meta-analysis techniques. Sensitivity analysis was performed using two additional methodological quality checklists. The influences of quality score and important study characteristics on ROI were explored. Fifty-one studies (61 intervention arms) published between 1984 and 2012 included 261,901 participants and 122,242 controls from nine industry types across 12 countries. Methodological quality scores were highly correlated between checklists (r = .84-.93). Methodological quality improved over time. Overall weighted ROI [mean ± standard deviation (confidence interval)] was 1.38 ± 1.97 (1.38-1.39), which indicated a 138% return on investment. When accounting for methodological quality, an inverse relationship to ROI was found. High-quality studies (n = 18) had a smaller mean ROI, 0.26 ± 1.74 (.23-.30), compared to moderate (n = 16) 0.90 ± 1.25 (.90-.91) and low-quality (n = 27) 2.32 ± 2.14 (2.30-2.33) studies. Randomized control trials (RCTs) (n = 12) exhibited negative ROI, -0.22 ± 2.41(-.27 to -.16). Financial returns become

  17. Economic Growth, Economic Freedom, and Governance

    OpenAIRE

    Cebula, Richard; Ekstrom, Marcus

    2008-01-01

    This exploratory study examines the impact of various forms of economic freedom and various dimensions of governance, as well as a number of economic factors, on economic growth among OECD nations. Empirical estimation finds that the natural log of per capita purchasing-power-parity adjusted real GDP in OECD nations is positively impacted by business freedom, monetary freedom, trade freedom, and property rights security. Economic growth is found to be negatively affected by perceived governme...

  18. Randomised controlled trial and economic analysis of an internet-based weight management programme: POWeR+ (Positive Online Weight Reduction).

    Science.gov (United States)

    Little, Paul; Stuart, Beth; Hobbs, Fd Richard; Kelly, Jo; Smith, Emily R; Bradbury, Katherine J; Hughes, Stephanie; Smith, Peter Wf; Moore, Michael V; Lean, Mike Ej; Margetts, Barrie M; Byrne, Christopher D; Griffin, Simon; Davoudianfar, Mina; Hooper, Julie; Yao, Guiqing; Zhu, Shihua; Raftery, James; Yardley, Lucy

    2017-01-01

    Behavioural counselling with intensive follow-up for obesity is effective, but in resource-constrained primary care settings briefer approaches are needed. To estimate the clinical effectiveness and cost-effectiveness of an internet-based behavioural intervention with regular face-to-face or remote support in primary care, compared with brief advice. Individually randomised three-arm parallel trial with health economic evaluation and nested qualitative interviews. Primary care general practices in the UK. Patients with a body mass index of ≥ 30 kg/m 2 (or ≥ 28 kg/m 2 with risk factors) identified from general practice records, recruited by postal invitation. Positive Online Weight Reduction (POWeR+) is a 24-session, web-based weight management intervention completed over 6 months. Following online registration, the website randomly allocated participants using computer-generated random numbers to (1) the control intervention ( n  = 279), which had previously been demonstrated to be clinically effective (brief web-based information that minimised pressure to cut down foods, instead encouraging swaps to healthier choices and increasing fruit and vegetables, plus 6-monthly nurse weighing); (2) POWeR+F ( n  = 269), POWeR+ supplemented by face-to-face nurse support (up to seven contacts); or (3) POWeR+R ( n  = 270), POWeR+ supplemented by remote nurse support (up to five e-mails or brief telephone calls). The primary outcome was a modelled estimate of average weight reduction over 12 months, assessed blind to group where possible, using multiple imputation for missing data. The secondary outcome was the number of participants maintaining a 5% weight reduction at 12 months. A total of 818 eligible individuals were randomised using computer-generated random numbers. Weight change, averaged over 12 months, was documented in 666 out of 818 participants (81%; control, n  = 227; POWeR+F, n  = 221; POWeR+R, n  = 218). The control group

  19. The effect of health, socio-economic position, and mode of data collection on non-response in health interview surveys

    DEFF Research Database (Denmark)

    Ekholm, Ola; Gundgaard, Jens; Rasmussen, Niels K R

    2010-01-01

    AIMS: To investigate the relationship between potential explanatory factors (socio-economic factors and health) and non-response in two general population health interview surveys (face-to-face and telephone), and to compare the effects of the two interview modes on non-response patterns. METHODS...... in health interview surveys, but the non-response rate is higher in lower socio-economic groups. Analyses of non-response should be performed to understand the implications of survey findings.......: Data derives from The Danish Health Interview Survey 2000 (face-to-face interview) and The Funen County Health Survey 2000/2001 (telephone interview). Data on all invited individuals were obtained from administrative registers and linked to survey data at individual level. Multiple logistic regression...

  20. Sex differences in mental rotation and line angle judgments are positively associated with gender equality and economic development across 53 nations.

    Science.gov (United States)

    Lippa, Richard A; Collaer, Marcia L; Peters, Michael

    2010-08-01

    Mental rotation and line angle judgment performance were assessed in more than 90,000 women and 111,000 men from 53 nations. In all nations, men's mean performance exceeded women's on these two visuospatial tasks. Gender equality (as assessed by United Nations indices) and economic development (as assessed by per capita income and life expectancy) were significantly associated, across nations, with larger sex differences, contrary to the predictions of social role theory. For both men and women, across nations, gender equality and economic development were significantly associated with better performance on the two visuospatial tasks. However, these associations were stronger for the mental rotation task than for the line angle judgment task, and they were stronger for men than for women. Results were discussed in terms of evolutionary, social role, and stereotype threat theories of sex differences.

  1. Consumption patterns and levels among households with HIV positive members and economic impoverishment due to medical spending in Pune city, India.

    Science.gov (United States)

    Sharma, Varun; Krishnaswamy, Divya; Mulay, Sanjeevanee

    2015-01-01

    HIV infection poses a serious threat to the economy of a household. Out of pocket (OOP) health spending can be prohibitive and can drag households below poverty level. Based on the data collected from a cross-sectional survey of 401 households with HIV+ members in Pune city, India, this paper examines the consumption levels and patterns among households, and comments on the economic impoverishment resulting from OOP medical spending. Analysis reveals that households with HIV members spend a major portion of their monthly consumption expenditure on food items. Medical expenditure constitutes a large portion of their total consumption spending. Expenditure on children's education constitutes a minor proportion of total monthly spending. A high proportion of medical expenditure has a bearing on the economic condition of households with HIV members. Poverty increases by 20% among the studied HIV households when OOP health spending is adjusted. It increases 18% among male-headed households and 26% among female-headed households. The results reiterate the need of greater support from the government in terms of accessibility and affordability of health care to save households with HIV members from economic catastrophe.

  2. Stock market returns and clinical trial results of investigational compounds: an event study analysis of large biopharmaceutical companies.

    Science.gov (United States)

    Hwang, Thomas J

    2013-01-01

    For biopharmaceutical companies, investments in research and development are risky, and the results from clinical trials are key inflection points in the process. Few studies have explored how and to what extent the public equity market values clinical trial results. Our study dataset matched announcements of clinical trial results for investigational compounds from January 2011 to May 2013 with daily stock market returns of large United States-listed pharmaceutical and biotechnology companies. Event study methodology was used to examine the relationship between clinical research events and changes in stock returns. We identified public announcements for clinical trials of 24 investigational compounds, including 16 (67%) positive and 8 (33%) negative events. The majority of announcements were for Phase 3 clinical trials (N = 13, 54%), and for oncologic (N = 7, 29%) and neurologic (N = 6, 24%) indications. The median cumulative abnormal returns on the day of the announcement were 0.8% (95% confidence interval [CI]: -2.3, 13.4%; P = 0.02) for positive events and -2.0% (95% CI: -9.1, 0.7%; P = 0.04) for negative events, with statistically significant differences from zero. In the day immediately following the announcement, firms with positive events were associated with stock price corrections, with median cumulative abnormal returns falling to 0.4% (95% CI: -3.8, 12.3%; P = 0.33). For firms with negative announcements, the median cumulative abnormal returns were -1.7% (95% CI: -9.5, 1.0%; P = 0.03), and remained significantly negative over the two day event window. The magnitude of abnormal returns did not differ statistically by indication, by trial phase, or between biotechnology and pharmaceutical firms. The release of clinical trial results is an economically significant event and has meaningful effects on market value for large biopharmaceutical companies. Stock return underperformance due to negative events is greater in magnitude and persists longer than

  3. An Empirical Investigation of Risk-Return Relations in Chinese Equity Markets: Evidence from Aggregate and Sectoral Data

    Directory of Open Access Journals (Sweden)

    Thomas C. Chiang

    2018-03-01

    Full Text Available This paper investigates the risk-return relations in Chinese equity markets. Based on a TARCH-M model, evidence shows that stock returns are positively correlated with predictable volatility, supporting the risk-return relation in both aggregate and sectoral markets. Evidence finds a positive relation between stock return and intertemporal downside risk, while controlling for sentiment and liquidity. This study suggests that the U.S. stress risk or the world downside risk should be priced into the Chinese stocks. The paper concludes that the risk-return tradeoff is present in the GARCH-in-mean, local downside risk-return, and global risk-return relations.

  4. Return to Chernobyl

    Energy Technology Data Exchange (ETDEWEB)

    Nosovsky, Anatolij

    1995-09-01

    Despite the catastrophic accident at the Chernobylsk 4 reactor in 1986, the Ukraine is currently expanding its nuclear industry. The government is committed to increasing the share of nuclear output to 40% of the country`s electric power and the Chernobyl plant is included in this plan. All the Chernobyl reactors were closed down at the time of the accident, but units 1, 2 and 3 had all been restarted after safety modifications by December 1987. A fire in the turbine hall of unit 2 in 1991 resulted in the closure of that reactor and precipitated a political decision to close the entire plant by 1993. The economic consequences of such action and the safe operation of the remaining two reactors led, however, to the reversal of that decision. Work is now far advanced on unit 2 for a restart in 1996 and the management wants to upgrade all three reactors according to IAEA guidelines. Nevertheless, the question of closure of the Chernobyl plant remains in the air. A conditional acceptance of closure by 2000 has been made by the Ukraine provided the shortfall in power is taken up by a new gas-fired station. International finance is being sought for decommissioning, for urgent action on the decaying sarcophagus of unit 4, and for the gas-fired plant. Closure of the plant, given the social upheaval of the accident and recent political events, could contribute to the health of the Ukrainian national psyche. (UK).

  5. Return to Chernobyl

    International Nuclear Information System (INIS)

    Nosovsky, Anatolij.

    1995-01-01

    Despite the catastrophic accident at the Chernobylsk 4 reactor in 1986, the Ukraine is currently expanding its nuclear industry. The government is committed to increasing the share of nuclear output to 40% of the country's electric power and the Chernobyl plant is included in this plan. All the Chernobyl reactors were closed down at the time of the accident, but units 1, 2 and 3 had all been restarted after safety modifications by December 1987. A fire in the turbine hall of unit 2 in 1991 resulted in the closure of that reactor and precipitated a political decision to close the entire plant by 1993. The economic consequences of such action and the safe operation of the remaining two reactors led, however, to the reversal of that decision. Work is now far advanced on unit 2 for a restart in 1996 and the management wants to upgrade all three reactors according to IAEA guidelines. Nevertheless, the question of closure of the Chernobyl plant remains in the air. A conditional acceptance of closure by 2000 has been made by the Ukraine provided the shortfall in power is taken up by a new gas-fired station. International finance is being sought for decommissioning, for urgent action on the decaying sarcophagus of unit 4, and for the gas-fired plant. Closure of the plant, given the social upheaval of the accident and recent political events, could contribute to the health of the Ukrainian national psyche. (UK)

  6. Economic Analysis of Production of Essential Oil using Steam ...

    African Journals Online (AJOL)

    acer

    Economic Analysis of Production of Essential Oil using. Steam Distillation ... The return on investment (ROI) was 125%, internal rate of return ... oils, over dependency on petrodollar and ... The steam may be obtained from external boiler or.

  7. Pricing Volatility of Stock Returns with Volatile and Persistent Components

    DEFF Research Database (Denmark)

    Zhu, Jie

    2009-01-01

    This paper introduces a two-component volatility model based on first moments of both components to describe the dynamics of speculative return volatility. The two components capture the volatile and the persistent part of volatility, respectively. The model is applied to 10 Asia-Pacific stock ma...... markets. A positive or risk-premium effect exists between the return and the volatile component, yet the persistent component is not significantly priced for the return dynamic process....... markets. Their in-mean effects on returns are tested. The empirical results show that the persistent component is much more important for the volatility dynamic process than is the volatile component. However, the volatile component is found to be a significant pricing factor of asset returns for most...

  8. Pricing Volatility of Stock Returns with Volatile and Persistent Components

    DEFF Research Database (Denmark)

    Zhu, Jie

    In this paper a two-component volatility model based on the component's first moment is introduced to describe the dynamic of speculative return volatility. The two components capture the volatile and persistent part of volatility respectively. Then the model is applied to 10 Asia-Pacific stock m......, a positive or risk-premium effect exists between return and the volatile component, yet the persistent component is not significantly priced for return dynamic process....... markets. Their in-mean effects on return are also tested. The empirical results show that the persistent component accounts much more for volatility dynamic process than the volatile component. However the volatile component is found to be a significant pricing factor of asset returns for most markets...

  9. 'EMU equity markets' return variance and spill over effects from short-term interest rates

    DEFF Research Database (Denmark)

    Hou, Ai Jun

    2013-01-01

    ), stock returns have a negative relationship with the volatility, and the volatility process responds asymmetrically to shocks to equity returns, especially to bad news. The other regime (a bull market regime) appears to be a high mean, low variance state, within which the returns have a positive...

  10. Oil palm growth, yield and financial returns from interplanted food ...

    African Journals Online (AJOL)

    Maize, soyabean and pigeon pea were inter-planted with a juvenile oil palm plantation in 1999-2002 at the Teaching and Research Farm of the University of Agriculture, Abeokuta (7°15'N, 3°25', altitude 144m above sea level) to evaluate the growth of the interplanted oil palm as well as yield and overall economic returns ...

  11. Estimating Marginal Returns to Education. NBER Working Paper No. 16474

    Science.gov (United States)

    Carneiro, Pedro; Heckman, James J.; Vytlacil, Edward J.

    2010-01-01

    This paper estimates the marginal returns to college for individuals induced to enroll in college by different marginal policy changes. The recent instrumental variables literature seeks to estimate this parameter, but in general it does so only under strong assumptions that are tested and found wanting. We show how to utilize economic theory and…

  12. Increasing Returns to Education and the Impact on Social Capital

    Science.gov (United States)

    Leeves, Gareth D.

    2014-01-01

    The returns to education have been increasing. It is suggested that high-skilled workers' social capital investment has been adversely affected by the increasing incentives to devote human capital to career development. Lower social capital is linked to reduced economic growth and innovation and higher transaction costs and is detrimental to…

  13. Risk-return incentives in liberalised electricity markets

    NARCIS (Netherlands)

    Lynch, Muireann Á; Shortt, Aonghus; Tol, Richard S.J.; O'Malley, Mark J.

    2013-01-01

    We employ Monte Carlo analysis to determine the distribution of returns for various electricity generation technologies. Costs and revenues for each technology are calculated by means of a unit commitment and economic dispatch algorithm at hourly resolution. This represents a considerable

  14. Returns to Schooling in Less Developed Countries: New Evidence from Zambia

    DEFF Research Database (Denmark)

    Nielsen, Helena Skyt; Westergård-Nielsen, Niels Chr.

    2001-01-01

    In our analysis of returns to schooling in Zambia, we look at the rural and urban population separately, and estimate the returns to schooling in each region based on a selection model in two stages. For urban areas we find that the returns to primary schooling are nil whereas the returns to scho...... to schooling beyond primary school are higher. For rural areas we find that the returns to primary schooling are positive and no different from the returns to education beyond primary school. Udgivelsesdato: JAN...

  15. Weibo sentiments and stock return: A time-frequency view.

    Science.gov (United States)

    Xu, Yingying; Liu, Zhixin; Zhao, Jichang; Su, Chiwei

    2017-01-01

    This study provides new insights into the relationships between social media sentiments and the stock market in China. Based on machine learning, we classify microblogs posted on Sina Weibo, a Twitter's variant in China into five detailed sentiments of anger, disgust, fear, joy, and sadness. Using wavelet analysis, we find close positive linkages between sentiments and the stock return, which have both frequency and time-varying features. Five detailed sentiments are positively related to the stock return for certain periods, particularly since October 2014 at medium to high frequencies of less than ten trading days, when the stock return is undergoing significant fluctuations. Sadness appears to have a closer relationship with the stock return than the other four sentiments. As to the lead-lag relationships, the stock return causes Weibo sentiments rather than reverse for most of the periods with significant linkages. Compared with polarity sentiments (negative vs. positive), detailed sentiments provide more information regarding relationships between Weibo sentiments and the stock market. The stock market exerts positive effects on bullishness and agreement of microblogs. Meanwhile, agreement leads the stock return in-phase at the frequency of approximately 40 trading days, indicating that less disagreement improves certainty about the stock market.

  16. Weibo sentiments and stock return: A time-frequency view.

    Directory of Open Access Journals (Sweden)

    Yingying Xu

    Full Text Available This study provides new insights into the relationships between social media sentiments and the stock market in China. Based on machine learning, we classify microblogs posted on Sina Weibo, a Twitter's variant in China into five detailed sentiments of anger, disgust, fear, joy, and sadness. Using wavelet analysis, we find close positive linkages between sentiments and the stock return, which have both frequency and time-varying features. Five detailed sentiments are positively related to the stock return for certain periods, particularly since October 2014 at medium to high frequencies of less than ten trading days, when the stock return is undergoing significant fluctuations. Sadness appears to have a closer relationship with the stock return than the other four sentiments. As to the lead-lag relationships, the stock return causes Weibo sentiments rather than reverse for most of the periods with significant linkages. Compared with polarity sentiments (negative vs. positive, detailed sentiments provide more information regarding relationships between Weibo sentiments and the stock market. The stock market exerts positive effects on bullishness and agreement of microblogs. Meanwhile, agreement leads the stock return in-phase at the frequency of approximately 40 trading days, indicating that less disagreement improves certainty about the stock market.

  17. Weibo sentiments and stock return: A time-frequency view

    Science.gov (United States)

    Liu, Zhixin; Zhao, Jichang; Su, Chiwei

    2017-01-01

    This study provides new insights into the relationships between social media sentiments and the stock market in China. Based on machine learning, we classify microblogs posted on Sina Weibo, a Twitter’s variant in China into five detailed sentiments of anger, disgust, fear, joy, and sadness. Using wavelet analysis, we find close positive linkages between sentiments and the stock return, which have both frequency and time-varying features. Five detailed sentiments are positively related to the stock return for certain periods, particularly since October 2014 at medium to high frequencies of less than ten trading days, when the stock return is undergoing significant fluctuations. Sadness appears to have a closer relationship with the stock return than the other four sentiments. As to the lead-lag relationships, the stock return causes Weibo sentiments rather than reverse for most of the periods with significant linkages. Compared with polarity sentiments (negative vs. positive), detailed sentiments provide more information regarding relationships between Weibo sentiments and the stock market. The stock market exerts positive effects on bullishness and agreement of microblogs. Meanwhile, agreement leads the stock return in-phase at the frequency of approximately 40 trading days, indicating that less disagreement improves certainty about the stock market. PMID:28672026

  18. Family Structure and Subsequent Anxiety Symptoms; Minorities’ Diminished Return

    Directory of Open Access Journals (Sweden)

    Shervin Assari

    2018-05-01

    Full Text Available Background: Minorities’ Diminished Return (MDR theory suggests that socioeconomic position (SEP may have a smaller effect on health and well-being of members of the minority than the majority groups. Aim: Built on the MDR theory, this study compared Whites and African Americans for the effects of three family SEP indicators (family type, parental education, and parental employment during adolescence on subsequent symptoms of anxiety 18 years later during young adulthood. Methods: Flint Adolescents Study (FAS, 1994–2012, followed 359 youth (ages 13 to 17, 295 African American and 64 Whites for 18 years. The independent variables were family type, parental education, and parental employment during adolescence. The dependent variable was subsequent symptoms of anxiety, measured using the Brief Symptom Inventory (BSI, 18 years later. Age and gender were the covariates and race/ethnicity was the focal effect modifier (moderator. Four linear regression models were estimated to investigate the effects of the three family SEP indicators at age 15 on subsequent symptoms of anxiety at age 33 in the pooled sample and also by race/ethnicity. Results: In the pooled sample, having married parents at age 15 was inversely associated with symptoms of anxiety at age 33. We found an interaction between race/ethnicity and family type, indicating a smaller protective effect of having married parents against symptoms of anxiety for African American compared to White participants. The other two SEP indicators did not show any effect and did not interact with race/ethnicity on the outcome. Conclusion: In support of the MDR theory, marital status of parents during adolescence protects White but not African American young adults against anxiety symptoms. Diminished return of SEP is one of many underlying mechanisms involved in shaping racial and ethnic disparities in anxiety, however, that is often overlooked. Future research that examines economic and social

  19. Bereaved Employee: Returning to Work

    Science.gov (United States)

    ... Work Working Through Grief About Us The Bereaved Employee: Returning to Work By Helen Fitzgerald, CT After ... One employer called a grief therapist to help employees after a co-worker reported the death of ...

  20. Total anomalous pulmonary venous return

    Science.gov (United States)

    ... pulmonary venous return, x-ray References Fraser CD, Kane LC. Congenital heart disease. In: Townsend CM Jr, ... 62. Review Date 10/17/2017 Updated by: Michael A. Chen, MD, PhD, Associate Professor of Medicine, ...

  1. Return Migration and Working Choices

    OpenAIRE

    TANI, Massimiliano; MAHUTEAU, Stéphane

    2008-01-01

    Collective Action to Support the Reintegration of Return Migrants in their Country of Origin (MIREM) This paper uses the recent survey carried out in the framework of the MIREM project on returnees to Algeria, Morocco and Tunisia and studies the duration of emigration and the labour force status upon returning. The results suggest that age and the year of emigration play a central role in the migration decision, but they do not support the hypothesis that the duration of migration is deter...

  2. Capital Structure and Stock Returns

    OpenAIRE

    Ivo Welch

    2002-01-01

    U.S. corporations do not issue and repurchase debt and equity to counteract the mechanistic effects of stock returns on their debt-equity ratios. Thus over one- to five-year horizons, stock returns can explain about 40 percent of debt ratio dynamics. Although corporate net issuing activity is lively and although it can explain 60 percent of debt ratio dynamics (long-term debt issuing activity being most capital structurerelevant), corporate issuing motives remain largely a mystery. When stock...

  3. [Organising a successful return home].

    Science.gov (United States)

    Mézière, Anthony

    Discharge from hospital is a major component of the quality and efficiency of the healthcare system. The failures of the return home of elderly people testify to the difficulties of applying guidelines in the area of hospital discharge. The action plan decided in the hospital for a successful return home can be jeopardised for personal, relational, functional and structural reasons originating from the different players involved in the hospital discharge. Copyright © 2018 Elsevier Masson SAS. All rights reserved.

  4. Return of the cadaver

    Science.gov (United States)

    Krähenbühl, Swenn Maxence; Čvančara, Paul; Stieglitz, Thomas; Bonvin, Raphaël; Michetti, Murielle; Flahaut, Marjorie; Durand, Sébastien; Deghayli, Lina; Applegate, Lee Ann; Raffoul, Wassim

    2017-01-01

    Abstract Successful Plastic Surgery Residency training is subjected to evolving society pressure of lower hourly work weeks imposed by external committees, labor laws, and increased public awareness of patient care quality. Although innovative measures for simulation training of surgery are appearing, there is also the realization that basic anatomy training should be re-enforced and cadaver dissection is of utmost importance for surgical techniques. In the development of new technology for implantable neurostimulatory electrodes for the management of phantom limb pain in amputee patients, a design of a cadaveric model has been developed with detailed steps for innovative transfascicular insertion of electrodes. Overall design for electrode and cable implantation transcutaneous was established and an operating protocol devised. Microsurgery of the nerves of the upper extremities for interfascicular electrode implantation is described for the first time. Design of electrode implantation in cadaver specimens was adapted with a trocar delivery of cables and electrodes transcutaneous and stabilization of the electrode by suturing along the nerve. In addition, the overall operating arena environment with specific positions of the multidisciplinary team necessary for implantable electrodes was elaborated to assure optimal operating conditions and procedures during the organization of a first-in-man implantation study. Overall importance of plastic surgery training for new and highly technical procedures is of importance and particularly there is a real need to continue actual cadaveric training due to patient variability for nerve anatomic structures. PMID:28723767

  5. The Impact of Capital Structure on Stock Returns: International Evidence

    Directory of Open Access Journals (Sweden)

    Reza TAHMOORESPOUR

    2015-03-01

    Full Text Available This study examines the relationship between capital structure and stock returns of firms in the following eight countries in the Asia Pacific regionfor a period of 22 years from 1990 to 2012. The methodology is Panel Regression. The results indicate that the effect of capital structure depends on the nature of industry as well as market. In Australia, China, and Korea, return of companies in the Basic Material industry have negative relationship with debt to common equity. Long term debt to common equity positively affects the return of firms in Australia and Korea in the Basic Material industry.

  6. Barriers to healthcare seeking, beliefs about cancer and the role of socio-economic position. A Danish population-based study

    DEFF Research Database (Denmark)

    Hvidberg, Line; Wulff, Christian Nielsen; Pedersen, Anette Fischer

    2014-01-01

    besvaret den danske version af måleredskabet ”Awareness and Beliefs about Cancer”. Måleredskabet inkluderer bl.a. fire udsagn om forventede barrierer for lægesøgning samt tre positive og tre negative forestillinger om kræft. Resultaterne viser, at personer med lavt uddannelsesniveau og med lav...

  7. Heterogeneity and increasing returns may drive socio-economic transitions

    NARCIS (Netherlands)

    Weisbuch, Gérard; Buskens, Vincent; Vuong, Luat

    2008-01-01

    There are clear benefits associated with a particular consumer choice for many current markets. For example, as we consider here, some products might carry environmental or ‘green’ benefits. Some consumers might value these benefits while others do not. However, as evidenced by myriad failed

  8. Return on investment: an essential economics measure in higher education.

    Science.gov (United States)

    Pressler, Jana L; Kenner, Carole A

    2014-01-01

    Many new nursing leaders assuming deanships, assistant deanships, or interim deanships have limited education, experience, or background to prepare them for the job. To assist new deans and those aspiring to be deans, the authors of this department offer survival tips based on their personal experiences and insights. They address common issues, challenges, and opportunities that face academic executive teams, such as negotiating an executive contract, obtaining faculty lines, building effective work teams, managing difficult employees, and creating nimble organizational structure to respond to changing consumer, healthcare delivery, and community needs. The authors welcome counterpoint discussions with readers.

  9. ECONOMIC RETURNS FROM REDUCING POULTRY LITTER PHOSPHORUS WITH MICROBIAL PHYTASE

    OpenAIRE

    Bosch, Darrell J.; Zhu, Minkang; Kornegay, Ervin T.

    1997-01-01

    Requiring that crop applications of manure be based on phosphorus content (P-standard) could increase poultry litter disposal costs. Microbial phytase reduces litter P content and could reduce litter disposal costs under a P-standard. For a representative Virginia turkey farm, phytase costs $2,500 and could increase value of litter used for fertilizer on the turkey farm by $390 and reduce supplemental P feed costs by $1,431. Based on assumed litter demand and supply, estimated litter export p...

  10. Colombian equity return and narrow money supply: an asymmetric cointegration analysis

    Directory of Open Access Journals (Sweden)

    Chu V. Nguyen

    2012-12-01

    Full Text Available The asymmetric, cointegrating relationship between the return on equity market and the narrowly defined money supply is documented. In fact, equity return and the monthly percentage change in the Colombian money supply M1 spread adjusts to the threshold value slower when a contractionary countercyclical policy action or an economic shock causes the money supply M1 to fall relative to the share price index, widening their spread, than when an expansionary countercyclical monetary policy action or a shock causes money supply M1 to move in the opposite direction, narrowing their spread. The empirical findings further indicate the impact lag on the Colombian monetary policy in the equity market is two years. These empirical findings should be of interest to both domestic and international investors who are interested in the Colombian equity market. The results also reveal the presence of both the neoclassical and the post-Keynesian positions on the relationship between equity return and money supply M1 in the Colombian financial market. In the age of globalization, these findings may provide a better understanding of the impact of the countercyclical monetary policy on the equity market in Latin American economies.

  11. Project of Economically Profitable Technological Process of Production of Rotor and Stator Plates of Inductive Position Sensor by Blanking and Roll Bending

    Directory of Open Access Journals (Sweden)

    Radek ČADA

    2013-12-01

    Full Text Available Paper concerns innovation of production of rotor and stator plates of inductive position sensors which are used at automatization of production processes. Authors analyse possibility of efficiency improvement of production of these devices in joint-stock company TES VSETÍN and suggest concrete solving of new production technology. Composition of production line for blanking and roll bending of rotor and stator plates of inductive position sensor from individual technological devices was suggested: decoiler, straightening device, actuating belt feeder, pneumatic shears with inclined tools, belt conveyer and four cylinders bending rolls. Construction of production line was projected in order to its operation can be secured by one production workman, which controls and chooses operation of CNC programme, takes separate roll bended rotor and stator plates of inductive position sensor from bending rolls and according to required technological procedure he composes them to rotor and stator complexes. Construction of production line was projected so that it is possible to move it by crane without necessity to dismantle and subsequently to put together and adjust the line.

  12. Temporal Variation and Association of Aflatoxin B₁ Albumin-Adduct Levels with Socio-Economic and Food Consumption Factors in HIV Positive Adults.

    Science.gov (United States)

    Jolly, Pauline E; Akinyemiju, Tomi F; Jha, Megha; Aban, Inmaculada; Gonzalez-Falero, Andrea; Joseph, Dnika

    2015-11-30

    The association between aflatoxin exposure and alteration in immune responses observed in humans suggest that aflatoxin could suppress the immune system and work synergistically with HIV to increase disease severity and progression to AIDS. No longitudinal study has been conducted to assess exposure to aflatoxin (AF) among HIV positive individuals. We examined temporal variation in AFB₁ albumin adducts (AF-ALB) in HIV positive Ghanaians, and assessed the association with socioeconomic and food consumption factors. We collected socioeconomic and food consumption data for 307 HIV positive antiretroviral naive adults and examined AF-ALB levels at recruitment (baseline) and at six (follow-up 1) and 12 (follow-up 2) months post-recruitment, by age, gender, socioeconomic status (SES) and food consumption patterns. Generalized linear models were used to examine the influence of socioeconomic and food consumption factors on changes in AF-ALB levels over the study period, adjusting for other covariates. AF-ALB levels (pg/mg albumin) were lower at baseline (mean AF-ALB: 14.9, SD: 15.9), higher at six months (mean AF-ALB: 23.3, SD: 26.6), and lower at 12 months (mean AF-ALB: 15.3, SD: 15.4). Participants with the lowest SES had the highest AF-ALB levels at baseline and follow up-2 compared with those with higher SES. Participants who bought less than 20% of their food and who stored maize for less than two months had lower AF-ALB levels. In the adjusted models, there was a statistically significant association between follow up time and season (dry or rainy season) on AF-ALB levels over time (p = 0.04). Asymptomatic HIV-positive Ghanaians had high plasma AF-ALB levels that varied according to season, socioeconomic status, and food consumption patterns. Steps need to be taken to ensure the safety and security of the food supply for the population, but in particular for the most vulnerable groups such as HIV positive people.

  13. Temporal Variation and Association of Aflatoxin B1 Albumin-Adduct Levels with Socio-Economic and Food Consumption Factors in HIV Positive Adults

    Directory of Open Access Journals (Sweden)

    Pauline E. Jolly

    2015-11-01

    Full Text Available The association between aflatoxin exposure and alteration in immune responses observed in humans suggest that aflatoxin could suppress the immune system and work synergistically with HIV to increase disease severity and progression to AIDS. No longitudinal study has been conducted to assess exposure to aflatoxin (AF among HIV positive individuals. We examined temporal variation in AFB1 albumin adducts (AF-ALB in HIV positive Ghanaians, and assessed the association with socioeconomic and food consumption factors. We collected socioeconomic and food consumption data for 307 HIV positive antiretroviral naive adults and examined AF-ALB levels at recruitment (baseline and at six (follow-up 1 and 12 (follow-up 2 months post-recruitment, by age, gender, socioeconomic status (SES and food consumption patterns. Generalized linear models were used to examine the influence of socioeconomic and food consumption factors on changes in AF-ALB levels over the study period, adjusting for other covariates. AF-ALB levels (pg/mg albumin were lower at baseline (mean AF-ALB: 14.9, SD: 15.9, higher at six months (mean AF-ALB: 23.3, SD: 26.6, and lower at 12 months (mean AF-ALB: 15.3, SD: 15.4. Participants with the lowest SES had the highest AF-ALB levels at baseline and follow up-2 compared with those with higher SES. Participants who bought less than 20% of their food and who stored maize for less than two months had lower AF-ALB levels. In the adjusted models, there was a statistically significant association between follow up time and season (dry or rainy season on AF-ALB levels over time (p = 0.04. Asymptomatic HIV-positive Ghanaians had high plasma AF-ALB levels that varied according to season, socioeconomic status, and food consumption patterns. Steps need to be taken to ensure the safety and security of the food supply for the population, but in particular for the most vulnerable groups such as HIV positive people.

  14. Optimal diversity: Increasing returns versus recombinant innovation

    NARCIS (Netherlands)

    van den Bergh, J.C.J.M.; Zeppini Rossi, P.

    2008-01-01

    Choices regarding diversity play an important role in economics and innovation management, but often remain implicit. Once made explicit, the objectives of efficiency and diversity are usually posed as in conflict, as efficiency relates positively and diversity negatively to various increasing

  15. Why is electricity consumption inconsistent with economic growth in China?

    International Nuclear Information System (INIS)

    Lin, Boqiang; Liu, Chang

    2016-01-01

    Studies have indicated that there exists a relatively stable and positive correlation between electricity consumption and economic growth and there should not be a large deviation between them. However, the deviation between electricity consumption and economic growth in China during the Asian Financial Crisis and Global Economic Crisis sparks intense debates. We attempt to explain the deviation from the perspective of inventory investment adjustment in the business cycle using the SVAR model in this paper. The results show that the effects of inventory investment adjustment shock and electricity consumption structure shock on the deviation are positive but tend to be negative for electricity efficiency shock. The results of historical decomposition of these shocks also show that the inventory investment adjustment shock is the main factor that influences the deviation during the Global Economic Crisis. Economic fluctuation in the short term can not change the economic development pattern and the characteristics of electricity demand. Once the economy returns to stable growth, the deviation between electricity consumption and economic growth will shrink and disappear soon. - Highlights: • We analyze the deviation between GDP and electricity consumption in business cycle. • The inventory investment adjustment mainly impacts the deviation in China. • Concentrated electricity consumption of heavy industry magnifies the deviation.

  16. The Risk Management of Minimum Return Guarantees

    Directory of Open Access Journals (Sweden)

    Antje Mahayni

    2008-05-01

    Full Text Available Contracts paying a guaranteed minimum rate of return and a fraction of a positive excess rate, which is specified relative to a benchmark portfolio, are closely related to unit-linked life-insurance products and can be considered as alternatives to direct investment in the underlying benchmark. They contain an embedded power option, and the key issue is the tractable and realistic hedging of this option, in order to rigorously justify valuation by arbitrage arguments and prevent the guarantees from becoming uncontrollable liabilities to the issuer. We show how to determine the contract parameters conservatively and implement robust risk-management strategies.

  17. Sealed Planetary Return Canister (SPRC), Phase II

    Data.gov (United States)

    National Aeronautics and Space Administration — Sample return missions have primary importance in future planetary missions. A basic requirement is that samples be returned in pristine, uncontaminated condition,...

  18. The Returns to Educational Training in Math and Science for American Women.

    Science.gov (United States)

    Hills, Stephen M.; De Souza, Gita

    The economic returns of taking math and science courses in high school are estimated for women who do not go on to college and for women entrepreneurs. A human capital model is used to estimate returns for respondents drawn from the National Longitudinal Survey's New Youth Cohort. Wage rates in 1990 of women who were ages 14-21 in 1979 were…

  19. The Rate of Return to the High/Scope Perry Preschool Program.

    Science.gov (United States)

    Heckman, James J; Moon, Seong Hyeok; Pinto, Rodrigo; Savelyev, Peter A; Yavitz, Adam

    2010-02-01

    This paper estimates the rate of return to the High/Scope Perry Preschool Program, an early intervention program targeted toward disadvantaged African-American youth. Estimates of the rate of return to the Perry program are widely cited to support the claim of substantial economic benefits from preschool education programs. Previous studies of the rate of return to this program ignore the compromises that occurred in the randomization protocol. They do not report standard errors. The rates of return estimated in this paper account for these factors. We conduct an extensive analysis of sensitivity to alternative plausible assumptions. Estimated annual social rates of return generally fall between 7-10 percent, with most estimates substantially lower than those previously reported in the literature. However, returns are generally statistically significantly different from zero for both males and females and are above the historical return on equity. Estimated benefit-to-cost ratios support this conclusion.

  20. Conditional Relationship Between Beta and Return in the US Stock Market

    Directory of Open Access Journals (Sweden)

    Bing XIAO

    2016-04-01

    Full Text Available According to the CAPM, risk is measured by the beta, and the relation between required expected return and beta is linear. This paper examines the conditional relationship between beta and return in the US stock market. The conditional covariances and variances used to estimate beta are modeled as an ARCH process. The beta return relationship is tested upon the sign of the excess market return. The implication of the sign of the excess market return follows Morelli (2011. This study shows the importance of recognizing the sign of the excess market return when testing the beta-return relationship. The approach also allows us to distinguish the size effect and the effect of economic cycles.

  1. Return to work with chronic pain: employers' and employees' views.

    Science.gov (United States)

    Wainwright, E; Wainwright, D; Keogh, E; Eccleston, C

    2013-10-01

    The sickness certification and return to work (RTW) of people with chronic pain are important health and economic issues for employees, employers, taxpayers and the UK government. The 'fit note' and a national educational programme promoting RTW were introduced in 2010 to curb rising rates of sickness absence. To investigate employers' and employees' experiences of managing RTW when someone has taken sick leave for chronic pain and to explore the perceived efficacy of the fit note. A qualitative study, comprising semi-structured interviews with employers who had managed sick leave cases and employees who had experienced sick leave for chronic pain. Interviews were recorded, transcribed and the data analysed using constructivist grounded theory principles. Five themes were elicited. Firstly, frequent enquiry after health status was seen as intrusive by some employees but part of good practice by employers and acknowledging this difference was useful. Secondly, being able to trust employees due to their performance track record was helpful for employers when dealing with complex chronic pain conditions. Thirdly, feeling valued increased employees' motivation to RTW. Fourthly, guidelines about maintaining contact with absent employees were useful if used flexibly. Finally, both parties valued the fit note for its positive language, interrogative format and biomedical authority. The fit note was perceived to be helpful if used in combination with other strategies for managing sick leave and RTW for people with chronic pain. These strategies may be applicable to other fluctuating, long-term conditions with medically unexplained elements.

  2. THE INFLUENCE OF CORPORATE FINANCIAL PERFORMANCE ON SHARE RETURN

    Directory of Open Access Journals (Sweden)

    Ghulam Nurul Huda

    2015-09-01

    Full Text Available This study was conducted to examine the effect of financial performances of Economic Value Added (EVA, Market Value Added (MVA as well as financial ratios (Fixed Asset Turnover, Return on Investment, Debt to Equity Ratio, Price to Book Value, Total Asset Turnover on Stock Return. This study used the data of six representative palm oil companies which were listed in Indonesia Stock Exchange. The analysis models that were used included three multiple regression equations for EVA, MVA and Stock Return. The results indicate that DER significantly influences EVA and PBV, and TATO significantly influences MVA. Return Shares are significantly only affected by EVA. The company's fundamentals, especially EVA, PBV, TATO and DER were used by investors to predict the Stock Return in Indonesia Stock Exchange in 2009–2014 period. This study confirmed the previous studies that these variables are involved on regression model to predict the Stock Return. The results of the analysis of the company's financial performance with EVA and MVA and financial fundamental variables provide a better alternative picture on the achievement of the company so that the benefits in investing in the palm oil business in Indonesia can be maximally managed.Keywords: Indonesia Stock Exchange, investor, market, multiple regression, stock

  3. Retorno econômico do aproveitamento de resíduos gerados na produção de frutas no semiárido cearense = Economic return of the residues generated in fruit production in the semi-arid region of Ceará

    Directory of Open Access Journals (Sweden)

    Ariana Carvalho Pinto

    2017-10-01

    . The data were collected from an agricultural company of fruit production and recycling at Icapuí, in the State of Ceará. Economic indicators of viability were calculated as Net Present Value [NPV], Internal Rate of Return [IRR], Simple Payback [PB], Discounted Payback [DPB]. The results showed that the use of recycling techniques and equipment in companies is a path that generates many opportunities for reuse of materials previously discarded, as well as economically viable, confirmed by the values obtained from NPV (R$ 529.777,58 and IRR of 31%. According to the discounted Payback calculation, it will take two years and four months to recover the investment from discounted cash flows. The conclusion is that the activity is sustainable and economically profitable, bringing benefits and profit to the producers, besides providing direct and indirect jobs.

  4. Different forms, reasons and motivations for return migration of persons who voluntarily decide to return to their countries of origin.

    Science.gov (United States)

    Callea, S

    1986-03-01

    Although the 1973 oil crisis did not have the drastic effects on immigration which were originally feared, it did end a period of quasi-liberal immigration policy, establish intense and effective international cooperation on immigration, and arouse great interest in immigration studies and research. This paper analyzes the situations arising as a result of the petroleum shortage and focuses on the conditions relating to the return of emigrants to Southern European countries. This new research draws attention to the following fundamental aspects of the immigration problem: 1) the emigrant's return to his homeland cannot be considered a factor in development; it is a positive element in development only if the right socioeconomic conditions exist in the country of origin. 2) Concern for children's education is one of the most common reasons for return. 3) A large percentage of emigrants are satisfied with their work abroad. 4) An emigrant's return potential is wasted due to the slight use that is made of the resources he offers. 5) Returning workers most often want to set up an independent enterprise. 6) Savings are generally used to buy a house or farm. 7) Vocational level does not increase significantly between emigration and returning, though this increase becomes greater the longer the emigrant stays abroad. 8) The number of returning emigrants is too slight to bring about any change in the country of origin. 9) Incentives and subsidies to encourage return have not had a considerable impact on the decision to return. Callea recommends that officials of the country of origin posted abroad be assigned to counsel returning emigrants on finding employment, attending vocational development courses, obtaining housing, accruing interests and savings, and on the problems and perspectives of sociocultural reintegration.

  5. Dynamic returns of beta arbitrage

    OpenAIRE

    Nascimento, Mafalda

    2017-01-01

    This thesis studies the patterns of the abnormal returns of the beta strategy. The topic can be helpful for professional investors, who intend to achieve a better performance in their portfolios. Following the methodology of Lou, Polk, & Huang (2016), the COBAR measure is computed in order to determine the levels of beta arbitrage in the market in each point in time. It is argued that beta arbitrage activity can have impact on the returns of the beta strategy. In fact, it is demonstrated that...

  6. Sovereign Risk and Currently Returns

    DEFF Research Database (Denmark)

    Della Corte, Pasquale; Sarno, Lucio; Schmeling, Maik

    We empirically investigate the relation between sovereign risk and exchange rates for a broad set of currencies. An increase in the credit default swap (CDS) spread of a country is accompanied by a significant depreciation of the exchange rate. More generally, CDS spread changes have substantial...... explanatory power for currency returns which is largely driven by shocks to global credit risk. Consistent with the notion that sovereign risk is priced, we find that a country's exposure to global credit risk forecasts excess returns to trading exchange rates as well as to trading on the volatility, skewness...

  7. Sovereign Risk and Currency Returns

    DEFF Research Database (Denmark)

    Della Corte, Pasquale; Sarno, Lucio; Schmeling, Maik

    We empirically investigate the relation between sovereign risk and exchange rates for a broad set of currencies. An increase in the credit default swap (CDS) spread of a country is accompanied by a significant depreciation of the exchange rate. More generally, CDS spread changes have substantial...... explanatory power for currency returns which is largely driven by shocks to global credit risk. Consistent with the notion that sovereign risk is priced, we find that a country's exposure to global credit risk forecasts excess returns to trading exchange rates as well as to trading on the volatility, skewness...

  8. Mars Sample Return: Do Australians trust NASA?

    Science.gov (United States)

    Joyce, S.; Tomkins, C. S.; Weinstein, P.

    2008-09-01

    Mars Sample Return (MSR) represents an important scientific goal in space exploration. Any sample return mission will be extremely challenging from a scientific, economic and technical standpoint. But equally testing, will be communicating with a public that may have a very different perception of the mission. A MSR mission will generate international publicity and it is vital that NASA acknowledge the nature and extent of public concern about the mission risks and, perhaps equally importantly, the public’s confidence in NASA’s ability to prepare for and manage these risks. This study investigated the level of trust in NASA in an Australian population sample, and whether this trust was dependent on demographic variables. Participants completed an online survey that explored their attitudes towards NASA and a MSR mission. The results suggested that people believe NASA will complete the mission successfully but have doubts as to whether NASA will be honest when communicating with the public. The most significant finding to emerge from this study was that confidence in NASA was significantly (p communication.

  9. CONCEPT OF REENGINEERING AGAIN RETURNS IN ACTUALITY

    Directory of Open Access Journals (Sweden)

    Vasile Ionel POPESCU

    2014-06-01

    Full Text Available Although it was released in the summer of 1990, the concept of reengineering returns in actuality, because in the social and economic conditions that we are experiencing at the moment, to face the increasingly fierce competition more and more companies have to resort to redesign the processes. Throughout this article, after a brief introduction, we will present the factors that contributed to the occurrence of reengineering; trying to highlight what involves this concept, the characteristics of the processes resulted from the reengineering, the importance and methods to prepare a process map, and the method to launch the process redesign. Finally we have issued several opinions and have made a number of recommendations that will lead to achieving a qualitative leap targeted by the companies which resort to reengineering.

  10. Community colleges and economic mobility

    OpenAIRE

    Natalia A. Kolesnikova

    2010-01-01

    This paper examines the role of community colleges in the U.S. higher education system and their advantages and shortcomings. In particular, it discusses the population of community college students and economic returns to community college education for various demographic groups. It offers new evidence on the returns to an associate's degree. Furthermore, the paper uses data from the National Survey of College Graduates to compare educational objectives, progress, and labor market outcomes ...

  11. The Prevalence of Norovirus in returning international travelers with diarrhea

    Directory of Open Access Journals (Sweden)

    Löscher Thomas

    2010-05-01

    Full Text Available Abstract Background There is a high incidence of diarrhea in traveling populations. Norovirus (NV infection is a common cause of diarrhea and is associated with 7% of all diarrhea related deaths in the US. However, data on the overall prevalence of NV infection in traveling populations is limited. Furthermore, the prevalence of NV amongst travelers returning to Europe has not been reported. This study determined the prevalence of NV among international travelers returning to Germany from over 50 destinations in and outside Europe. Methods Stool samples of a total of 104 patients with a recent ( Results In our cohort, NV infection was detected in 15.7% of returning travelers with diarrhea. The closer to the date of return symptoms appeared, the higher the incidence of NV, ranging as high as 21.2% within the first four days after return. Conclusions In our cohort, NV infection was shown to be frequent among returning travelers especially in those with diarrhea, with over 1/5 of diarrhea patients tested positive for NV within the first four days after their return to Germany. Due to this prevalence, routine testing for NV infection and hygienic precautions may be warranted in this group. This is especially applicable to patients at an increased risk of spreading the disease, such as healthcare workers, teachers or food-handlers.

  12. Leaving from and returning to nursing practice: contributing factors.

    Science.gov (United States)

    Jamieson, Isabel; Taua, Chris

    2009-07-01

    Many nurses leave nursing and never return. Others return after a period of time. Given the global shortage of nurses a better understanding of these movements is needed. The present study focused on nurses who had been out of nursing for more than five years, and explored factors that influenced their leaving and return to practice. All the nurses who had undertaken a Competency Assessment Programme at a given New Zealand tertiary institution during 2005 were invited to participate. Of the 70 questionnaires mailed out 32 (44.5%) were completed and returned. Quantitative data were analysed using Microsoft Excel, and the qualitative data were coded and analysed by means of content analysis. For each, leaving and returning, three key issues emerged. Nurses left for personal reasons, to seek a career change, or because of poor working conditions. They returned when they had the personal freedom to do so, for fiscal reasons, or because they were motivated by some sense of unfinished business. These findings indicate that it is important for educators involved with Competency Assessment Programmes to collaborate with employers in ensuring that there are opportunities for re-entry to positive work environments, with a degree of flexibility that suits the demographic characteristics of those nurses returning to practice.

  13. Multiple Criteria Group Decision-Making Considering Symmetry with Regards to the Positive and Negative Ideal Solutions via the Pythagorean Normal Cloud Model for Application to Economic Decisions

    Directory of Open Access Journals (Sweden)

    Jinming Zhou

    2018-05-01

    Full Text Available Pythagorean fuzzy sets are highly appealing in dealing with uncertainty as they allow for greater flexibility in regards to the membership and non-membership degrees by extending the set of possible values. In this paper, we propose a multi-criteria group decision-making approach based on the Pythagorean normal cloud. Some cloud aggregation operators are presented in this paper to facilitate the appraisal of the underlying utilities of the alternatives under consideration. The concept and properties of the Pythagorean normal cloud and its backward generation algorithm, aggregation operators and distance measurement are outlined. The proposed approach resembles the TOPSIS technique, which, indeed, considers the symmetry of the distances to the positive and negative ideal solutions. Furthermore, an example from e-commerce is presented to demonstrate and validate the proposed decision-making approach. Finally, the comparative analysis is implemented to check the robustness of the results when the aggregation rules are changed.

  14. The economics of petroleum exploration and development west of Scotland

    International Nuclear Information System (INIS)

    Kemp, A.G.; Stephen, L.

    2001-01-01

    This paper examines the economics of oil and gas exploration and development in the West of Scotland region. A considerable exploration effort has resulted in some discoveries but the overall success rate has been quite low. The region is comprised of several distinct geological basins. To date the Judd Basin has experienced the best discovery rate. Expected returns as measured by expected monetary values are generally low, confirming the high-risk nature of the region. The most economical field development concept depends to a large extent on a combination of field size and water depth which vary markedly from basin to basin. In typical cost conditions at an $18 price returns to investors in medium and large-sized fields at the development phase are positive, but at $14 only when costs are relatively low are positive returns in prospect. Stand-alone gas developments are very unlikely to be viable in current market conditions. The fuller exploitation of the whole region requires higher oil and gas prices and /or significant innovation and technological progress. (Author)

  15. Maternal perspectives on postpartum return to the workplace.

    Science.gov (United States)

    Nichols, Mary R; Roux, Gayle M

    2004-01-01

    To describe maternal perceptions about postpartum return to the workplace. The research framework was McCubbin and McCubbin's Resiliency Model of Family Stress, Adjustment, and Adaptation. Employed, postpartum women, who resided in six different states, were recruited from day care and primary care settings to participate in this descriptive study. Seventy-four employed, married women, who returned to the workplace within one year after childbirth. As part of a larger study, perceptions about combining multiple roles after return to the workplace are the focus for this report. Participants responded to open-ended questions about their return to the workplace during the first months after giving birth. Content analysis of those responses resulted in two major categories, Resiliency Challenges: Negative Aspects (role conflict/overload, family stress, family/child issues, finances, psychosocial issues) and Resiliency Building: Positive Aspects (social support, maternal role satisfaction, positive adaptation, career role satisfaction). The data support the premise that employed women view returning to the workforce as having more challenges than they expected because the experience was viewed as being mostly negative. Preparing for return to the workplace is an important, but neglected, topic that needs to be addressed and defined more clearly in the literature. Therefore, future research is needed to identify resources and interventions that will help women experience fewer challenges associated with postpartum employment.

  16. Estimation of return levels against different return periods of extreme annual rainfall over Baluchistan

    International Nuclear Information System (INIS)

    Ali, M.; Jan, B.; Iqbal, J.

    2012-01-01

    Unprecedented heavy monsoon rainfall began in the last week of July 2010 in the Northern part of our country, causes floods in Baluchistan and Sindh. As the high frequency rainfall events are a significant cause of current severe flooding in Pakistan and any fluctuation in the level of such events may cause huge economic losses as well as social problem, urban structures (i.e. dams, urban drainage systems and flood). Statistical distributions are used to identify extremes of annual rainfall of different cities of Baluchistan (Quetta, Sibbi, Khuzdar, Lasbella, Dalbandin and Pasni) with their return periods. Analysis predicts that Gumbel Max. (GM) Distribution is the best fitted distribution for Sibbi and Lasbella while the GEV distribution is the best fitted for Quetta, Khuzdar, Dalbandin and Pasni. The analysis also suggests that different cities of Baluchistan have 30-years return period for getting more than 90 mm average daily rainfall while they have 100-years return period for receiving more than 118 mm daily rainfall. This suggests for suitable flood forecasting and improving the river structure in Baluchistan, Pakistan. (author)

  17. An Empirical Investigation of Risk-Return Relations in Chinese Equity Markets: Evidence from Aggregate and Sectoral Data

    OpenAIRE

    Thomas C. Chiang; Yuanqing Zhang

    2018-01-01

    This paper investigates the risk-return relations in Chinese equity markets. Based on a TARCH-M model, evidence shows that stock returns are positively correlated with predictable volatility, supporting the risk-return relation in both aggregate and sectoral markets. Evidence finds a positive relation between stock return and intertemporal downside risk, while controlling for sentiment and liquidity. This study suggests that the U.S. stress risk or the world downside risk should be priced int...

  18. Stock Return and Cash Flow Predictability: The Role of Volatility Risk

    DEFF Research Database (Denmark)

    Bollerslev, Tim; Xu, Lai; Zhou, Hao

    risk premium positively forecast both short-horizon returns and dividend growth rates. We also confirm that dividend yield positively forecasts long-horizon returns, but that it cannot forecast dividend growth rates. Our equilibrium-based “structural” factor GARCH model permits much more accurate...

  19. Comet coma sample return instrument

    Science.gov (United States)

    Albee, A. L.; Brownlee, Don E.; Burnett, Donald S.; Tsou, Peter; Uesugi, K. T.

    1994-01-01

    The sample collection technology and instrument concept for the Sample of Comet Coma Earth Return Mission (SOCCER) are described. The scientific goals of this Flyby Sample Return are to return to coma dust and volatile samples from a known comet source, which will permit accurate elemental and isotopic measurements for thousands of individual solid particles and volatiles, detailed analysis of the dust structure, morphology, and mineralogy of the intact samples, and identification of the biogenic elements or compounds in the solid and volatile samples. Having these intact samples, morphologic, petrographic, and phase structural features can be determined. Information on dust particle size, shape, and density can be ascertained by analyzing penetration holes and tracks in the capture medium. Time and spatial data of dust capture will provide understanding of the flux dynamics of the coma and the jets. Additional information will include the identification of cosmic ray tracks in the cometary grains, which can provide a particle's process history and perhaps even the age of the comet. The measurements will be made with the same equipment used for studying micrometeorites for decades past; hence, the results can be directly compared without extrapolation or modification. The data will provide a powerful and direct technique for comparing the cometary samples with all known types of meteorites and interplanetary dust. This sample collection system will provide the first sample return from a specifically identified primitive body and will allow, for the first time, a direct method of matching meteoritic materials captured on Earth with known parent bodies.

  20. Phobos Sample Return: Next Approach

    Science.gov (United States)

    Zelenyi, Lev; Martynov, Maxim; Zakharov, Alexander; Korablev, Oleg; Ivanov, Alexey; Karabadzak, George

    The Martian moons still remain a mystery after numerous studies by Mars orbiting spacecraft. Their study cover three major topics related to (1) Solar system in general (formation and evolution, origin of planetary satellites, origin and evolution of life); (2) small bodies (captured asteroid, or remnants of Mars formation, or reaccreted Mars ejecta); (3) Mars (formation and evolution of Mars; Mars ejecta at the satellites). As reviewed by Galimov [2010] most of the above questions require the sample return from the Martian moon, while some (e.g. the characterization of the organic matter) could be also answered by in situ experiments. There is the possibility to obtain the sample of Mars material by sampling Phobos: following to Chappaz et al. [2012] a 200-g sample could contain 10-7 g of Mars surface material launched during the past 1 mln years, or 5*10-5 g of Mars material launched during the past 10 mln years, or 5*1010 individual particles from Mars, quantities suitable for accurate laboratory analyses. The studies of Phobos have been of high priority in the Russian program on planetary research for many years. Phobos-88 mission consisted of two spacecraft (Phobos-1, Phobos-2) and aimed the approach to Phobos at 50 m and remote studies, and also the release of small landers (long-living stations DAS). This mission implemented the program incompletely. It was returned information about the Martian environment and atmosphere. The next profect Phobos Sample Return (Phobos-Grunt) initially planned in early 2000 has been delayed several times owing to budget difficulties; the spacecraft failed to leave NEO in 2011. The recovery of the science goals of this mission and the delivery of the samples of Phobos to Earth remain of highest priority for Russian scientific community. The next Phobos SR mission named Boomerang was postponed following the ExoMars cooperation, but is considered the next in the line of planetary exploration, suitable for launch around 2022. A

  1. Desempenho animal e viabilidade econômica do uso da silagem de capim-Elefante em substituição a silagem de milho para vacas em lactação = Animal performance and economic return from replacing corn silage by elephant grass silage in Holstein cow diets

    Directory of Open Access Journals (Sweden)

    Clóves Cabreira Jobim

    2006-04-01

    Full Text Available O trabalho teve como objetivo avaliar o desempenho produtivo de vacas da raça Holandesa quanto à produção e composição do leite, assim como a eficiência econômica do uso de silagem de milho ou silagens de capim-elefante confeccionadas com inoculantes bacteriano e enzimo-bacteriano. Foram utilizadas nove vacas multíparas no períodointermediário de lactação, e o delineamento experimental foi o quadrado latino (3 x 3; três silagens. Foram realizadas análises químico-bromatológicas, e a digestibilidade da MS e FDN das silagens. As análises químico-bromatológicas mostraram valores superiores para asilagem de milho. Entretanto, os resultados não mostraram diferenças (p>0,05 na ingestão de matéria seca, produção e composição do leite entre as silagens. O resultado da análise econômica mostrou-se superior para as silagens de capim-elefante, fato decorrente de seumenor custo de produção aliado ao bom resultado de desempenho. Tal fato pode ter sido favorecido pelo uso dos inoculantes e sua ação sobre a parede celular das silagens de capimelefante, pois a digestibilidade das rações totais foram semelhantes para as três silagens.The objectives of this study were to evaluate Holstein cow performance, considering milk yield and composition, and economic efficiency from replacing corn silage by elephant-grass silages treated with bacterial and enzymebacterial inoculants. Nine multiparous cows, in the middle of lactation were used. Theexperimental design was a Latin square (3 x 3; three silages. Chemical and bromatologic analysis and DM and NDF digestibility were conducted for all the silages. Chemical and bromatologic analysis showed higher values for corn silage. However, there was no difference(P > 0.05 for dry matter intake, milk yield and composition among the silages. Economic analysis showed higher return using elephant-grass silages, fact resulting from lower production costs and milk yield. This could be the result

  2. Determinants of Return on Assets in Romania: A Principal Component Analysis

    Directory of Open Access Journals (Sweden)

    Sorana Vatavu

    2015-03-01

    Full Text Available This paper examines the impact of capital structure, as well as its determinants on the financial performance of Romanian companies listed on the Bucharest Stock Exchange. The analysis is based on cross sectional regressions and factor analysis, and it refers to a ten-year period (2003-2012. Return on assets (ROA is the performance proxy, while the capital structure indicator is debt ratio. Regression results indicate that Romanian companies register higher returns when they operate with limited borrowings. Among the capital structure determinants, tangibility and business risk have a negative impact on ROA, but the level of taxation has a positive effect, showing that companies manage their assets more efficiently during times of higher fiscal pressure. Performance is sustained by sales turnover, but not significantly influenced by high levels of liquidity. Periods of unstable economic conditions, reflected by high inflation rates and the current financial crisis, have a strong negative impact on corporate performance. Based on regression results, three factors were considered through the method of iterated principal component factors: the first one incorporates debt and size, as an indicator of consumption, the second one integrates the influence of tangibility and liquidity, marking the investment potential, and the third one is an indicator of assessed risk, integrating the volatility of earnings with the level of taxation. ROA is significantly influenced by these three factors, regardless the regression method used. The consumption factor has a negative impact on performance, while the investment and risk variables positively influence ROA.

  3. Uncertain programming models for portfolio selection with uncertain returns

    Science.gov (United States)

    Zhang, Bo; Peng, Jin; Li, Shengguo

    2015-10-01

    In an indeterminacy economic environment, experts' knowledge about the returns of securities consists of much uncertainty instead of randomness. This paper discusses portfolio selection problem in uncertain environment in which security returns cannot be well reflected by historical data, but can be evaluated by the experts. In the paper, returns of securities are assumed to be given by uncertain variables. According to various decision criteria, the portfolio selection problem in uncertain environment is formulated as expected-variance-chance model and chance-expected-variance model by using the uncertainty programming. Within the framework of uncertainty theory, for the convenience of solving the models, some crisp equivalents are discussed under different conditions. In addition, a hybrid intelligent algorithm is designed in the paper to provide a general method for solving the new models in general cases. At last, two numerical examples are provided to show the performance and applications of the models and algorithm.

  4. Impact of the spatial structure on the returns of the stock indexes

    Directory of Open Access Journals (Sweden)

    Carlos A. Díaz Contreras

    2007-09-01

    Full Text Available Nowadays, economies are integrated in commercial, financial, social, and cultural terms. Integration facilitates the transmission of impacts associated with economic events originated in one region to other regions, generating unexpected fluctuations at domestic level. Hence, investors may face higher uncertainty and unexpected effects on economic development may be observed. This research shows a significant spatial dependence in stock returns for the America’s countries. Therefore, we demonstrate that there exist spatial externalities, which facilitate that changes affecting to stock returns of each country are spread through the continent, impacting also to the rest of American countries’ returns.

  5. THE CONNECTION BETWEEN ECONOMIC GROWTH AND STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    Andreea Maria PECE

    2015-04-01

    Full Text Available This paper examines the connection between economic growth and stock market performance in the case of an emerging economy, namely Romania, by using quarterly financial data, during the period 2000-2013. This topic is widely studied in the financial literature and seeks to provide an answer for the following questions: does economic growth influences the capital market, does capital market influences economic growth, or there is no connection between these variables. I have analyzed the long term relationship between economic growth and stock market for Romania, by applying Johansen cointegration test, Granger causality and Gregory Hansen cointegration test, which allows the presence of the structural breaks in the time series. The empirical results obtained highlighted that portfolio investments have a positive impact on economic growth and the GDP growth engages in turn, a long term positive capital markets return. The main conclusion of this study is that in the case of Romanian economy, is a bi-directional link between the economic growth and the capital market performance.

  6. National Identity and Economic Nationalism: Can an Economic ...

    African Journals Online (AJOL)

    Since the demise of economic Marxism, the global environment has sought to uphold economic liberalism as the only successful theoretical position. The theoretical position of economic nationalism was relegated to obscurity on the basis that it was considered protectionist, stifled international trade and led to the creation ...

  7. Globalization and Economic Freedom

    DEFF Research Database (Denmark)

    Bjørnskov, Christian

    2006-01-01

    This paper employs a panel data set to estimate the effect of globalization on four measures of economic freedom. Contrary to previous studies, the paper distinguishes between three separate types of globalization: economic, social and political. It also separates effects for poor and rich...... countries, and autocracies and democracies. The results show that economic globalization is negatively associated with government size and positively with regulatory freedom in rich countries; social globalization is positively associated with legal quality in autocracies and with the access to sound money...... in democracies. Political globalization is not associated with economic freedom...

  8. Returning to the homeland: The migratory patterns between Brazil and Japan for Japanese-Brazilians

    Directory of Open Access Journals (Sweden)

    Yoko Baba

    2012-04-01

    Full Text Available Migration to well-off countries has been well documented. However, the reasons why migrants return to their home countries, which often face severe economic disadvantages, are examined less frequently. The return migration ofJapanese-Brazilians (Brazilian citizens of ethnic Japanese descent who migrate to Japan and return again to Brazil has not been studied to any great extent. To understand the factors associated with Japanese-Brazilians’ return migration, using Gmelch's (1983 model of push and pull factors, we examined what motivated Japanese-Brazilian migrant laborers to return to Brazil from Japan.With a mixed method including in-person interviews, a total of n=47 Brazilian migrants to Japan were sampled in São Paulo, Brazil. The present examination resulted in a pattern similar to the one Gmelch (1983 observed in his study on Irish and Newfoundlander return migrants. In the current study, pull factors were more important than push factors in terms of repatriation. Personal and social pull factors were stronger reasons compelling migrants return to Brazil than were economic or familial factors. Nevertheless, familial and economic reasons were also reported as important motivators for returning to Brazil in our interviews. Limitations are also discussed.

  9. The return to keynesianism in overcoming cyclical fluctuations?

    Directory of Open Access Journals (Sweden)

    Praščević Aleksandra

    2008-01-01

    Full Text Available The problems faced by the American economy in the second half of 2007, which intensified in 2008, have once again asked economic science, and even more so economic policy, questions relating to business cycles - the reasons for cyclical fluctuations, the character of business cycles and, naturally, economic policy measures that can be implemented to alleviate and overcome an economic recession. Since the 1970s, business cycle theories have been intensively developed - ranging from monetary theories, developed within monetarism and the first phase of New Classical Macroeconomics, to the real business cycle theory of New Classical Macroeconomics. Consequently, the triggers for the beginning of a cycle can be monetary (monetary theories or real in the form of technological shocks (real business cycles. In essence economic policy conducted since the 1970s, has rejected the Keynesian explanations of the functioning of the economic system, and thus the policy of aggregate demand management. However, the measures that are now being implemented in the USA point to a return to Keynesianism. This refers, above all, to attempts to compensate for the inefficiency of monetary policy with fiscal expansion. All three psychological propensities (propensity to consume, propensity to invest and liquidity preference in Keynes's theory and applied in Keynesian economic policy, are still the significant determinants of monetary and fiscal policies. The return to Keynesianism points to the depth of the crisis faced by the USA, but also confirms the vitality of Keynesian economics and affirms the view that - although Keynes wished to present his theory as being "general" - it is actually the theory of economic depression.

  10. The economic value of realized volatility

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Feunou, Bruno; Jacobs, Kris

    2014-01-01

    Many studies have documented that daily realized volatility estimates based on intraday returns provide volatility forecasts that are superior to forecasts constructed from daily returns only. We investigate whether these forecasting improvements translate into economic value added. To do so, we ...

  11. Asset securitization and rate of return: A study on letters of guarantee

    Science.gov (United States)

    Wu, Binghui

    2018-01-01

    Using the theory of asset securitization, we analyze the feasibility of the securitization of letters of guarantee in theory. In the process of constructing the model of rate of return of securities backed by letters of guarantee, we propose two indices: the risk probability of asset-backed securities and the loss rate of asset-backed securities to analyze the cash flow of securities. On the basis of no arbitrage principle, the expression of rate of return of securities backed by letters of guarantee is put forward. In order to study the relationship between the rate of return of securities and other influential factor in the model, a simulation experiment is designed. The experiment results show that (i) an increasing risk probability of cash flow or a short maturity date also make the return rate of securities increase and (ii) the return rate of securities is higher in economic boom than that in economic recession when other parameters remain unchanged.

  12. Estimating Return on Investment in Translational Research: Methods and Protocols

    Science.gov (United States)

    Trochim, William; Dilts, David M.; Kirk, Rosalind

    2014-01-01

    Assessing the value of clinical and translational research funding on accelerating the translation of scientific knowledge is a fundamental issue faced by the National Institutes of Health and its Clinical and Translational Awards (CTSA). To address this issue, the authors propose a model for measuring the return on investment (ROI) of one key CTSA program, the clinical research unit (CRU). By estimating the economic and social inputs and outputs of this program, this model produces multiple levels of ROI: investigator, program and institutional estimates. A methodology, or evaluation protocol, is proposed to assess the value of this CTSA function, with specific objectives, methods, descriptions of the data to be collected, and how data are to be filtered, analyzed, and evaluated. This paper provides an approach CTSAs could use to assess the economic and social returns on NIH and institutional investments in these critical activities. PMID:23925706

  13. Estimating return on investment in translational research: methods and protocols.

    Science.gov (United States)

    Grazier, Kyle L; Trochim, William M; Dilts, David M; Kirk, Rosalind

    2013-12-01

    Assessing the value of clinical and translational research funding on accelerating the translation of scientific knowledge is a fundamental issue faced by the National Institutes of Health (NIH) and its Clinical and Translational Awards (CTSAs). To address this issue, the authors propose a model for measuring the return on investment (ROI) of one key CTSA program, the clinical research unit (CRU). By estimating the economic and social inputs and outputs of this program, this model produces multiple levels of ROI: investigator, program, and institutional estimates. A methodology, or evaluation protocol, is proposed to assess the value of this CTSA function, with specific objectives, methods, descriptions of the data to be collected, and how data are to be filtered, analyzed, and evaluated. This article provides an approach CTSAs could use to assess the economic and social returns on NIH and institutional investments in these critical activities.

  14. Returns to nursing education: rural and nonrural practice.

    Science.gov (United States)

    Pan, S; Straub, L

    1997-01-01

    This study uses data from a national sample of registered nurses to compare earnings of nurses in rural and nonrural practice. The comparisons, conditioned by the nurses' education level, are analogous to the concept of "returns to human capital investment" used in labor economics. A general linear model is applied within a framework of labor economics analysis. Results show that nurses with more education receive less for their investment if they practice in rural areas. Work experience and employment setting are also related to lower annualized earnings for rural practice. One exception to the otherwise consistent findings is that returns to advanced practice nursing are higher in rural areas. Results and policy implications are discussed.

  15. Analisis Karakteristik Perusahaan Dan Ekonomi Makro Pada Return Saham Syariah Dan Non Syariah

    Directory of Open Access Journals (Sweden)

    Ardi Hamzah

    2011-10-01

    Full Text Available The objectives of this paper are to determine, to examine, and to test whether firm characteristic and macro economics are the important discriminators for return of syariah and non syariah stock; to determine whether there are any differences in return of some syariah and non syariah stock; to determine and to test whether there is a relationship between return and firm characteristic and macro economis in some syariah and non syariah stock. The total sample is 300 stock that were taken each from 150 for syariah stock and 150 for non syariah stock for period 2005 – 2009. The study also showed that there is a difference in return between syariah and non syariah stock. Finally,with regression analysis indicated that partially price book value, price earnings ratio, and kurs rupiah on dollar significantly effect on return of syariah stock, while for return of non syariah stock only kurs rupiah on dollar that significantly effect on return of non syariah stock. For testing with simultant regression indicate firm characteristic and macro economics significantly effect on return of syariah stock, while at return of non syariah stock not significantly effect.

  16. Economic Beliefs and Party Preference

    OpenAIRE

    Michael W.M. Roos; Andreas Orland

    2014-01-01

    This paper reports the results of a questionnaire study used to explore the economic understanding, normative positions along the egalitarian-libertarian spectrum, and the party preferences of a large student sample. The aim of the study is both to find socio-economic determinants of normative and positive beliefs and to explore how beliefs about the economy influence party support. We find that positive beliefs of lay people differ systematically from those of economic experts. Positive beli...

  17. Financial Integration and Asset Returns

    OpenAIRE

    P Martin; H Rey

    2000-01-01

    The paper investigates the impact of financial integration on asset return, risk diversification and breadth of financial markets. We analyse a three-country macroeconomic model in which (i) the number of financial assets is endogenous; (ii) assets are imperfect substitutes; (iii) cross-border asset trade entails some transaction costs; (iv) the investment technology is indivisible. In such an environment, lower transaction costs between two financial markets translate to higher demand for as...

  18. Returning to work after disability.

    Science.gov (United States)

    Quinn, P Roger

    2002-06-01

    After a workplace injury or disability, there is a period of hardship and adjustment for the injured party as well as all stakeholders in the workers' compensation process. Ultimately, however, return to work is considered. The author reviews this often challenging exercise from the Canadian perspective and stresses the need for timely intervention, honest communication, the coordination of information and resources--and the need for flexibility. A case study on low back pain is included.

  19. Community Economics

    OpenAIRE

    武藤, 宣道; Nobumichi, MUTOH

    2000-01-01

    This paper examines the new field of community economics with respect to Japan. A number of studies in community economics have already been produced in OECD countries including the United States. Although these are of great interest, each country has its own historical, socioeconomic context and must therefore develop its own approach to community economics. Community-oriented economics is neither macro-nor micro-economics in the standard economics textbook sense. Most community economics st...

  20. The risk-return profile of Lithuanian private pension funds

    Czech Academy of Sciences Publication Activity Database

    Kabašinskas, A.; Šutienė, K.; Kopa, Miloš; Valakevičius, E.

    2017-01-01

    Roč. 30, č. 1 (2017), s. 1611-1630 ISSN 1331-677X R&D Projects: GA ČR GA13-25911S Institutional support: RVO:67985556 Keywords : Pension system reform * private pension funds * performance ratios * risk– return measuring * clustering Subject RIV: AH - Economics OBOR OECD: Finance Impact factor: 0.742, year: 2016 http://library.utia.cas.cz/separaty/2017/E/kopa-0483752.pdf

  1. Value and growth stocks in Brazil: risks and returns for one - and two-dimensional portfolios under different economic conditions Ações de valor e de crescimento no Brasil: riscos e retornos de carteiras uni e bidimensionais em diferentes estados da economia

    Directory of Open Access Journals (Sweden)

    Leandro da Rocha Santos

    2011-08-01

    Full Text Available For empirical purposes, value stocks are usually defined as those traded at low price-to-earnings ratios (stock prices divided by earnings per share, low price-to-book ratios (stock prices divided by book value per share or high dividend yields (dividends per share divided by stock prices. Growth stocks, on the other hand, are traded at high price-to-earnings ratios, high price-to-book ratios or low dividend yields. Academic research so far produced, international and Brazilian alike, shows that value stocks outperform growth stocks, challenging the Efficient Market Hypothesis, which states that the market prices of traded stocks are the best estimate of their intrinsic values. Most studies use a single ratio to sort stocks on percentiles; risks (generally defined as beta or standard deviations and returns are then calculated for the resulting value and growth portfolios. In the present paper, we aim to further contribute to the growing literature on the field by applying a method not previously tested on the Brazilian market. We build portfolios sorted by the price-to-earnings and price-to-book ratios alone and by a combination of both in order to assess value and growth stocks' risks and returns on the Brazilian stock market between 1989 and 2009. Furthermore, our risk analysis may be regarded as the paper's main contribution, since its approach departs from conventional risk concepts, as we not only test for beta: portfolios' returns are measured under different economic conditions. Results support a pervasive value premium in the Brazilian stock market. Risk analysis shows that this premium holds under every economic condition analyzed, suggesting that value stocks are indeed less risky. Beta proved not to be a satisfactory risk measure. Portfolios sorted by the price-to-earnings ratio yielded the best results.Para fins de pesquisas empíricas, ações de valor são geralmente definidas como aquelas negociadas a baixos índices pre

  2. EMPIRICAL DISTRIBUTION OF STOCK RETURNS OF SOUTHEAST EUROPEAN EMERGING MARKETS

    Directory of Open Access Journals (Sweden)

    Aleksandar Naumoski

    2017-06-01

    Full Text Available The assumption that equity returns follow the normal distribution, most commonly made in financial economics theory and applications, is strongly rejected by empirical evidence presented in this paper. As it was found in many other studies, we confirm that stock returns follow a leptokurtic distribution and skewness, which in most of the Southeast European (SEE markets is negative. This paper investigates further whether there is any distribution that may be considered an optimal fit for stock returns in the SEE region. Using daily, weekly and monthly data samples for a period of five years from ten Southeast European emerging countries, we applied the Anderson-Darling test of Goodness-of-fit. We strongly rejected the aforementioned assumption of normality for all considered data samples and found that the daily stock returns are best fitted by the Johnson SU distribution whereas for the weekly and monthly stock returns there was not one predominant, but many distributions that can be considered a best fit.

  3. Tick size and stock returns

    Science.gov (United States)

    Onnela, Jukka-Pekka; Töyli, Juuso; Kaski, Kimmo

    2009-02-01

    Tick size is an important aspect of the micro-structural level organization of financial markets. It is the smallest institutionally allowed price increment, has a direct bearing on the bid-ask spread, influences the strategy of trading order placement in electronic markets, affects the price formation mechanism, and appears to be related to the long-term memory of volatility clustering. In this paper we investigate the impact of tick size on stock returns. We start with a simple simulation to demonstrate how continuous returns become distorted after confining the price to a discrete grid governed by the tick size. We then move on to a novel experimental set-up that combines decimalization pilot programs and cross-listed stocks in New York and Toronto. This allows us to observe a set of stocks traded simultaneously under two different ticks while holding all security-specific characteristics fixed. We then study the normality of the return distributions and carry out fits to the chosen distribution models. Our empirical findings are somewhat mixed and in some cases appear to challenge the simulation results.

  4. Building uncertainty into cost-effectiveness rankings: portfolio risk-return tradeoffs and implications for decision rules.

    Science.gov (United States)

    O'Brien, B J; Sculpher, M J

    2000-05-01

    Current principles of cost-effectiveness analysis emphasize the rank ordering of programs by expected economic return (eg, quality-adjusted life-years gained per dollar expended). This criterion ignores the variance associated with the cost-effectiveness of a program, yet variance is a common measure of risk when financial investment options are appraised. Variation in health care program return is likely to be a criterion of program selection for health care managers with fixed budgets and outcome performance targets. Characterizing health care resource allocation as a risky investment problem, we show how concepts of portfolio analysis from financial economics can be adopted as a conceptual framework for presenting cost-effectiveness data from multiple programs as mean-variance data. Two specific propositions emerge: (1) the current convention of ranking programs by expected return is a special case of the portfolio selection problem in which the decision maker is assumed to be indifferent to risk, and (2) for risk-averse decision makers, the degree of joint risk or covariation in cost-effectiveness between programs will create incentives to diversify an investment portfolio. The conventional normative assumption of risk neutrality for social-level public investment decisions does not apply to a large number of health care resource allocation decisions in which health care managers seek to maximize returns subject to budget constraints and performance targets. Portfolio theory offers a useful framework for studying mean-variance tradeoffs in cost-effectiveness and offers some positive predictions (and explanations) of actual decision making in the health care sector.

  5. Investigating different factors influencing on return of private banks

    Directory of Open Access Journals (Sweden)

    Pegah Motamedi

    2013-09-01

    Full Text Available Return of Investment has always been an interesting area of research among academics as well as investors. Although capital asset pricing model (CAPM is capable of estimating risk of investment, many people argue that CAPM is not able to predict long-term return, properly. This paper presents an empirical investigation to find the effects of different financial figures including systematic risk (Beta, size of firm, ratio of book value to market share, volume of trade and the ratio of price/earnings (P/E on return of private banks in Iran. The study gathers the necessary information over the period 2005-2011 from private banks in Iran. The study uses multiple regression technique to find the effects of mentioned variables on return of private banks. The results indicate that there are some meaningful and positive relationship between return of banks and systematic risk (Beta, size, volume of trade and P/E. The study also finds some meaningful and reverse relationship between bank return and book value on market value.

  6. Asymmetry of Returns in the Australian STOCK Market

    Science.gov (United States)

    Gunner, Susan M.; Brooks, Louise; Storer, Robin G.

    We use econophysics techniques to investigate the characteristics of the distribution of returns from the All Ordinaries Index and from optimal portfolios constructed from individual stocks on the Australian Stock Exchange. We find in general that the tails of the distributions are asymmetric and that the negative tail favours a power-law behaviour while the positive tail is more Gaussian.

  7. The value of winning : endorsement returns in individual sports

    NARCIS (Netherlands)

    Gerritsen, Dirk F.; van Rheenen, Saskia

    Using the results of 1068 different golf, tennis, and track and field (in particular: running) events, this paper examines the relation between athlete performance and stock returns of firms endorsed by athletes. We find that a tournament victory is associated with significant and positive

  8. Motivational goals, group identifications, and psychosocial adjustment of returning migrants: The case of Jews returning to Russia.

    Science.gov (United States)

    Tartakovsky, Eugene; Patrakov, Eduard; Nikulina, Marina

    2017-12-01

    The present study investigated the motivational goals, group identifications, and psychosocial adjustment of Jews who returned to Russia after emigrating from the republics of the Former Soviet Union to different countries (n = 151). To gain a deeper understanding of these returning migrants, their traits were compared with those of Jews living in Russia who did not emigrate (n = 935). Compared to locals, returnees reported a higher preference for the openness to change and self-enhancement values and a lower preference for the conservation values; there was no difference in the self-transcendence values. Returning migrants had a relatively weak affiliation with the home country: they had a weaker identification with the home country than with the country of emigration, their identification with Russians was weaker than that among Jews who did not emigrate from Russia, and their intention to emigrate (again) from Russia was greater than that among locals. However, the Jewish identification of returning migrants was similar to that of locals. The adjustment of returning migrants varied across different dimensions: their economic adjustment was better than that of locals; however, the interpersonal adjustment of returnees was less successful than among locals. © 2016 International Union of Psychological Science.

  9. The Lifetime Economic Burden of Inaccurate HER2 Testing: Estimating the Costs of False-Positive and False-Negative HER2 Test Results in US Patients with Early-Stage Breast Cancer.

    Science.gov (United States)

    Garrison, Louis P; Babigumira, Joseph B; Masaquel, Anthony; Wang, Bruce C M; Lalla, Deepa; Brammer, Melissa

    2015-06-01

    Patients with breast cancer whose tumors test positive for human epidermal growth factor receptor 2 (HER2) are treated with HER2-targeted therapies such as trastuzumab, but limitations with HER2 testing may lead to false-positive (FP) or false-negative (FN) results. To develop a US-level model to estimate the effect of tumor misclassification on health care costs and patient quality-adjusted life-years (QALYs). Decision analysis was used to estimate the number of patients with early-stage breast cancer (EBC) whose HER2 status was misclassified in 2012. FP results were assumed to generate unnecessary trastuzumab costs and unnecessary cases of trastuzumab-related cardiotoxicity. FN results were assumed to save money on trastuzumab, but with a loss of QALYs and greater risk of disease recurrence and its associated costs. QALYs were valued at $100,000 under a net monetary benefit approach. Among 226,870 women diagnosed with EBC in 2012, 3.12% (n = 7,070) and 2.18% (n = 4,955) were estimated to have had FP and FN test results, respectively. Approximately 8400 QALYs (discounted, lifetime) were lost among women not receiving trastuzumab because of FN results. The estimated incremental per-patient lifetime burden of FP or FN results was $58,900 and $116,000, respectively. The implied incremental losses to society were $417 million and $575 million, respectively. HER2 tests result in misclassification and nonoptimal treatment of approximately 12,025 US patients with EBC annually. The total economic societal loss of nearly $1 billion suggests that improvements in HER2 testing accuracy are needed and that further clinical and economic studies are warranted. Copyright © 2015 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.

  10. An evaluation of a coal mining company's return to work program

    International Nuclear Information System (INIS)

    Allen, R.G.

    1990-01-01

    This study consolidates and evaluates information and data obtained from a coal mining company's return to work program called the Work Therapy Program. Organizational information and economic and statistical data were available for the study based on the company's records. Analysis of the data included descriptive statistics such as total injuries, the frequency rate of injuries, total days away from work due to injury, average days away per employee, and severity rates. A cost-benefit analysis was conducted to determine if the Program was economically beneficial to the company. Data from an opinion survey of the management at the mine where the Program was first instituted was used to determine the perceptions of mine management with respect to the Work Therapy Program. Conclusions were that the Work Therapy Program was economically beneficial to the Company and that the Program resulted in a significant reduction in compensable injuries. The Program did not significantly reduce days away from work due to mine injury. Perceptions of mine management were mostly positive

  11. Position Of Hydrogen Energy In Latvian Economics

    International Nuclear Information System (INIS)

    Vanags, M.; Kleperis, J.

    2007-01-01

    Full text: World energy resources are based on fossil fuels mostly (coal, oil, gas) which don't regenerate and will be run low after 30-80 years. Therefore it is necessary to elaborate alternative energy sources today. Also Latvia's energy balance is based mostly on the burning of fossil fuels and importing it from neighbor countries. One from much outstanding alternative energy sources is hydrogen. Hydrogen itself is a very important and most common element in the universe. Only hydrogen obtained from water and burnt in fuel cell back to water will be the renewed and sustainable fuel. There are hundred years old history of hydrogen related researches in Latvia, and there are researchers nowadays here trying to incorporate Latvia in the Hydrogen Society. The power supply in Latvia is based on local resources - water, wind, biogas (partly from waste), wood, peat, and on imported resources (natural gas, natural liquid gas, oil products (including heavy black oil) and coal. Total demand for electricity in Latvia only partly (63% in 2002) is covered with that produced on the site. If energy for heating in Latvia is produced from fossil fuels mostly (natural gas and heavy oil), than more than half of electricity produced in Latvia are based on local renewable resources. The water resources for the production of electricity in Latvia are almost exhausted - there are 3 large HEPS on Daugava River and more than 100 small HEPS on different rivers all over the Latvia. The building of small power stations in Latvia was accelerated very much after introduction of 'double tariff' for electricity from renewable, but from 2003 this time is over. Unfortunately directly power stations on small rivers made very big ecological distress on country side and no more expansion is welcome. The landfill gas in Latvia is a new resource and would result in additional capacity of 50 MW energy. Nowadays two projects started to realize for gas extraction from Getlini (Riga) and Grobina (Liepaja) landfills. There are some capacity also for wind energy in Latvia, and co-generation stations based on wood/peat/straw pyrolysis will share larger sector in near future. Nevertheless it is not possible to coverall growing demand for electricity from renewable resources only. Possible solution could be combination of biogas produced from local resources (waste/wood/peat/straw) with fuel cells (PC). The hydrogen from biogas and oxygen from air are burnt in fuel cell to produce electricity. There are different technologies to make hydrogen from biogas by using catalysts. Direct hydrogen generation from water (following the storage and distribution for local PC network) using waste electricity from HEPS (nighttime, flooding seasons) also will give remarkable contribution to the electricity produced from renewable sources. (Authors)

  12. Lifetime socio-economic position and depression

    DEFF Research Database (Denmark)

    Osler, Merete; Bruunsgaard, Helle; Mortensen, Erik Lykke

    2015-01-01

    biomarkers explained any associations. Methods: A cohort of 2482 Danish men born in 1953 with information from birth, and conscript board examinations was followed-up with assessment of depressive mood and blood sampling in 2010. Simple and multiple linear regression were used to investigate associations....... These covariables were also associated with depressive mood and when they were included into the regression model together with life time SEP, the β-estimates for the latter attenuated, when smoking, alcohol and BMI were entered, while the inclusion of cognitive function and the inflammatory biomarkers had limited...

  13. Economic Benefits of Aerobic Rice Grown Using Integrated Nitrogen Management

    Directory of Open Access Journals (Sweden)

    Nyle A. Pardillo

    2017-11-01

    Full Text Available This study focuses in the effect of integrated nitrogen management to the yield and economic benefits of aerobic rice. This will help farmers to identify which of the two management technique to use to save costs while profit is high. A split plot experiment in Randomized Complete Block design is used with two main treatments and four sub treatments. Main treatments are the use of integrated nitrogen management and an application of synthetic nitrogen fertilizer. Sub treatments are the different rates of nitrogen fertilizer from 0 as control, 90, 120 and 150 kg N ha-1 . Data are consolidated and analyzed using the ANOVA of SAS 9.3 statistical tool and comparison means at 5% significance level in Duncan Multiple Range Test. Grain yield, income, costs, profit and return on expenses are the data gathered. There is an increasing yield from control to 120 kg N ha-1 and started to decline at 150 kg N ha-1 because optimum level reached at 120 kg N ha-1 . Significant increased in yield was observed in plants applied with integrated nitrogen management at 120 kg N ha-1 compared to plants applied with synthetic nitrogen due to release of nitrogen that contributed to the yield of aerobic rice. However, plants applied of 90 kg N ha-1 synthetic nitrogen gives significant yield increased compared to plants with integrated nitrogen management. Yield was subjected to economic analysis using gross income, costs and profit and return on expenses. Plants applied with synthetic nitrogen at 90 kg N ha-1 resulted to high income due to lower costs of fertilizer inputs and only treatment that has a positive return on expenses at 3.2% while other treatments have a negative remarks. This will lead to a conclusion that 90 kg N ha-1 is the optimum level of nitrogen that can give high yield and positive return on expenses that farmers will benefited.

  14. Development and analysis of an economizer control strategy algorithm to promote an opportunity for energy savings in air conditioning installations

    Energy Technology Data Exchange (ETDEWEB)

    Neto, Jose H.M.; Azevedo, Walter L. [Centro Federal de Educacao Tecnologica de Minas Gerais (CEFET), Belo Horizonte, MG (Brazil). Dept. de Engenharia Mecanica]. E-mail: henrique@daem.des.cefetmg.br

    2000-07-01

    This work presents an algorithm control strategy denominated enthalpy economizer. The objective of this algorithm strategy is to determine the adequate fractions of outside and return air flowrates entering a cooling coil based on the analysis of the outside, return and supply air enthalpies, rather than on the analysis of the dry bulb temperatures. The proposed algorithm predicts the actual opening position of the outside and return air dampers in order to provide the lower mixing air enthalpy. First, the psychometrics properties of the outside and return air are calculated from actual measurements of the dry and wet bulb temperatures. Then, three distinct cases are analyzed: the enthalpy of the outside air is lower than the enthalpy of the supply air (free cooling); the enthalpy of the outside air is higher than the enthalpy of the return air; the enthalpy of the outside air is lower than the enthalpy of the return air and higher than the temperature of the supply air. Different outside air conditions were selected in order to represent typical weather data of Brazilians cities, as well as typical return air conditions. It was found that the enthalpy control strategy could promote an opportunity for energy savings mainly during mild nights and wintertime periods as well as during warm afternoons and summertime periods, depending on the outside air relative humidity. The proposed algorithm works well and can be integrated in some commercial automation software to reduce energy consumption and electricity demand. (author)

  15. Returning to sports after a back injury

    Science.gov (United States)

    ... medlineplus.gov/ency/patientinstructions/000518.htm Returning to sports after a back injury To use the sharing ... Back pain - returning to sports Which Type of Sport is Best? In deciding when and if to ...

  16. Does Sustainability Affect Corporate Performance and Economic Development? Evidence from the Asia-Pacific region and North America

    Directory of Open Access Journals (Sweden)

    Kyungbok Kim

    2018-03-01

    Full Text Available This paper explores how sustainability influences financial returns and economic development in the Asia-Pacific region and North America, utilizing real data empirically. It is controversial that sustainable activities are related to financial performance. For clarification, we tested hypotheses analyzing sustainability index, seven stock markets, financial data such as ROI, ROIC, and ROA from eleven companies, and GDP/GNI per capita, based on the Asia-Pacific region and North America. The results indicate that both financial return for companies and economic development in the two regions are positively germane to sustainable investment. Besides, we found evidence that sustainable investment impacts economic development based on variance decomposition analysis, depending on GDP per capita between the two regions. This implication will be interesting for both practitioners and researchers regarding the measurement of sustainable performance.

  17. Positional Concerns and Institutions

    DEFF Research Database (Denmark)

    Landes, Xavier

    2013-01-01

    that invoking envy or subjective well-being is not fully satisfying for regulating positional concerns. More compelling reasons seem, in complement with efficiency, to be related to considerations for equality. In other words, if institutions could have strong reasons to pay attention to and regulate positional...... their implications for economics, positional concerns imply important normative dimensions. There have been presumed to be a symptom of envy, reduce people’s happiness, and create problems of social interaction or economic inefficiencies. Individuals are, for instance, prone to pick states of the world that improve...... concerns, it would be in virtue of their impact on the social product and individuals’ conditions of living....

  18. Economic Valuation of Liquidity Timing

    NARCIS (Netherlands)

    D. Karstanje (Dennis); E. Sojli (Elvira); W.W. Tham (Wing Wah); M. van der Wel (Michel)

    2013-01-01

    markdownabstract__Abstract__ This paper conducts a horse-race of different liquidity proxies using dynamic asset allocation strategies to evaluate the short-horizon predictive ability of liquidity on monthly stock returns. We assess the economic value of the out-of-sample power of empirical

  19. Estimating the risk-return tradeoff in MENA Stock Markets

    Directory of Open Access Journals (Sweden)

    Salim Lahmiri

    2013-04-01

    Full Text Available This study employs the generalized autoregressive conditionally heteroskedastic in the mean (GARCH-M methodology to investigate the return generating process of Jordan, Kingdom of Saudi Arabia (KSA, Kuwait, and Morocco stock market indices. The tradeoff between returns and the conditional variance is found to be positive in all markets. In other words, the empirical findings show that investors are rewarded for their exposure to more risk in these financial markets. This result is consistent with both financial theory and empirical finance.

  20. Abnormal stock market returns to announcements of M&A banking deals in Greece 1996-2013

    Directory of Open Access Journals (Sweden)

    Anastasios KARAMANOS

    2015-06-01

    Full Text Available This study has undertaken a comprehensive empirical analysis of the wealth effects of bank M&As in Greece over the period 1996-2013. The purpose is to measure the performance of merger participants over the acquisition period as a deviation of how shareholders’ actual returns differ from expected returns conditional on the particular process of M&A. The authors develop a conceptual framework that integrates theoretical perspectives from economics, finance, organization theory, strategic management and human resource management to offer a broader process-oriented integrative model of the empirical evidence and theories suggested to explain acquisitions. The empirical analysis reports insignificant abnormal gains for acquiring banks, significant positive abnormal returns at 7,44% for acquired banks, and 2,91% positive abnormal returns for the combined entity, in the event window [-10;+1]. The findings indicate that, on average, the Greek bank mergers neither create nor destroy shareholder wealth. This result is consistent with the findings of other Greek event studies and the bulk of US and European event studies on M&A wealth effects. On average, acquired firm shareholders gain at the expense of the acquiring firm and market value of the combined entity appears to have little improvement around the announcement of the transaction. The conceptual framework explicitly describes that wealth effects of bank M&As in Greece over the period 1996-2013 may be a result of macroeconomic theory and perfectly competitive market, lack of strategic relatedness and synergy realization, managerial hubris, or unethical behavior of managers derived from expense preference approach of agency theory.

  1. Common Factors in International Bond Returns

    NARCIS (Netherlands)

    Driessen, J.J.A.G.; Melenberg, B.; Nijman, T.E.

    2000-01-01

    In this paper we estimate and interpret the factors that jointly determine bond returns of different maturities in the US, Germany and Japan.We analyze both currency-hedged and unhedged bond returns.For currency-hedged bond returns, we find that five factors explain 96.5% of the variation of bond

  2. Foreign currency returns and systematic risks

    NARCIS (Netherlands)

    Galsband, V.; Nitschka, T.

    2015-01-01

    We apply an empirical approximation of the intertemporal capital asset pricing model (ICAPM) to show that cross-sectional dispersion in currency returns can be rationalized by differences in currency excess returns' sensitivities to the market return's cash-flow news component. This finding echoes

  3. Quantum economics

    Directory of Open Access Journals (Sweden)

    Vukotić Veselin

    2011-01-01

    Full Text Available The globalization is breaking-down the idea of national state, which was the base for the development of economic theory which is dominant today. Global economic crisis puts emphasis on limited possibilities of national governments in solving economic problems and general problems of society. Does it also mean that globalization and global economic crisis points out the need to think about new economic theory and new understanding of economics? In this paper I will argue that globalization reveals the need to change dominant economic paradigm - from traditional economic theory (mainstream with macroeconomic stability as the goal of economic policy, to the “quantum economics“, which is based on “economic quantum” and immanent to the increase of wealth (material and non-material of every individual in society and promoting set of values immanent to the wealth increase as the goal of economic policy. Practically the question is how we can use global market for our development!

  4. Income and Self-Rated Mental Health: Diminished Returns for High Income Black Americans

    Directory of Open Access Journals (Sweden)

    Shervin Assari

    2018-05-01

    Full Text Available Background: The minorities’ diminished return theory suggests that socioeconomic position (SEP generates smaller health gains for racial/ethnic minorities compared to Whites. The current study was a Black–White comparison of the association between household income and self-rated mental health (SRMH. Methods: This cross-sectional study used data from the 2017 State of the State Survey (SOSS. With representative sampling, the SOSS generates results that are generalizable to the state of Michigan. This study included 881 adults, (n = 92 Black and (n = 782 White. The independent variable was household income. The dependent variable was SRMH, measured using a single item. Age, gender, and participation in the labor force were covariates. Race/ethnicity was the focal moderator. Logistic regression models were used for data analysis. Results: Overall, higher household income was associated with better SRMH, net of covariates. An interaction was found between race/ethnicity and household income on SRMH, suggesting a smaller, or nonexistent, protective effect for Blacks compared to Whites. In race/ethnicity-stratified models, higher household income was associated with better SRMH for Whites but not Blacks. Conclusion: Supporting the minorities’ diminished return theory, our study documents differential effects for income on SRHM for Blacks and Whites, where Whites but not Blacks appear to benefit from their income. Given this, researchers and policy makers are cautioned against making assumptions that racial groups benefit equally from similar economic resources.

  5. Idleness, returns to education and child labor

    Directory of Open Access Journals (Sweden)

    José Raimundo Carvalho

    2012-12-01

    Full Text Available Although recent trends about child labor are positive, see ILO (2006, there still are important shortcomings which require further investigation. Among them, the exclusion of the category "idle children" (those who neither work nor study from past studies, as well as the lack of reliable information on returns to education are two significant omissions. By using a data base that contains details on idle children and a proxy for the returns to education, we find evidence that confirms traditional findings both with regard to the strong positive effect of parental background and to the positive relationship between the number of children in the household and child labor. On the other hand, our estimates point out new insights, such as the great regional variation of estimates and the fact that the Body Mass Index effect is positive. Finally, we suggest a new perspective on the issue of "street children" through the analysis of the category of "idle children".Apesar das recentes tendências sobre trabalho infantil serem positivas, ver ILO (2006, há importantes deficiências no entendimento do fenômeno. A exclusão da categoria "crianças desocupadas" (não trabalham e nem estudam em estudos passados, como também a ausência de informações fidedignas sobre retornos da educação são importantes omissões. Utilizando uma base de dados mais detalhada, bem como uma proxy para retornos da educação encontramos evidências que confirmam resultados tradicionais como o efeito positivo das características dos pais e a relação positiva entre o número de crianças, no trabalho infantil. Por outro lado, apontamos para novos entendimentos, como o fato da variável Índice de Massa Corporal possuir efeito positivo e a grande variação regional dos efeitos das estimativas. Por fim, sugerimos uma nova perspectiva sobre a questão das "crianças de rua" através da análise da categoria de "crianças desocupadas".

  6. Estimating the Economic Impacts of a Small-Scale Sport Tourism Event: The Case of the Italo-Swiss Mountain Trail CollonTrek

    Directory of Open Access Journals (Sweden)

    Stefano Duglio

    2017-02-01

    Full Text Available Evidence from several studies shows that small-scale sport events may have more positive repercussions for the host community than major ones in terms of both economic and social impacts. This study estimates the economic impacts on a small community derived from athletes’ expenditure at a specific small-scale sport tourism event, the Italo-Swiss mountain endurance trail CollonTrek. Even if this kind of event is considered a minor sport event, generating very limited economic activity, this study supports the hypothesis that the funds invested by the public administration are compensated for by revenue generated during the trail. In fact, according to the three analyzed scenarios (Conservative, Average and Liberal, for each euro invested by the public administration, an economic return between €17.62 and €18.92 has been estimated, and between €5.64 and €6.9 (32%–36.47% represent the direct economic return for the local community. Furthermore, in addition to the direct economic benefits, in accordance with the feedback from a sample of participants at the event (n = 180, this kind of event has positive implications in terms of future tourism for the host valley, pointing out how this kind of tourist activities has positive repercussions in terms of economic and social sustainability.

  7. What stock market returns to expect for the future?

    Science.gov (United States)

    Diamond, P A

    2000-01-01

    In evaluating proposals for reforming Social Security that involve stock investments, the Office of the Chief Actuary (OCACT) has generally used a 7.0 percent real return for stocks. The 1994-96 Advisory Council specified that OCACT should use that return in making its 75-year projections of investment-based reform proposals. The assumed ultimate real return on Treasury bonds of 3.0 percent implies a long-run equity premium of 4.0 percent. There are two equity-premium concepts: the realized equity premium, which is measured by the actual rates of return; and the required equity premium, which investors expect to receive for being willing to hold available stocks and bonds. Over the past two centuries, the realized premium was 3.5 percent on average, but 5.2 percent for 1926 to 1998. Some critics argue that the 7.0 percent projected stock returns are too high. They base their arguments on recent developments in the capital market, the current high value of the stock market, and the expectation of slower economic growth. Increased use of mutual funds and the decline in their costs suggest a lower required premium, as does the rising fraction of the American public investing in stocks. The size of the decrease is limited, however, because the largest cost savings do not apply to the very wealthy and to large institutional investors, who hold a much larger share of the stock market's total value than do new investors. These trends suggest a lower equity premium for projections than the 5.2 percent of the past 75 years. Also, a declining required premium is likely to imply a temporary increase in the realized premium because a rising willingness to hold stocks tends to increase their price. Therefore, it would be a mistake during a transition period to extrapolate what may be a temporarily high realized return. In the standard (Solow) economic growth model, an assumption of slower long-run growth lowers the marginal product of capital if the savings rate is constant

  8. Some Further Evidence on the Rate of Return to Schooling and the Business Cycle.

    Science.gov (United States)

    King, Randall H.

    1980-01-01

    The business cycle has a strong impact on calculated rates of return to schooling. Cross-sectional rates of return are positively related to the unemployment rate in the year the cross-section is taken. The sensitivity of the relationship was not found to be substantially different among the races. (CT)

  9. 76 FR 22611 - Specified Tax Return Preparers Required To File Individual Income Tax Returns Using Magnetic...

    Science.gov (United States)

    2011-04-22

    ... Specified Tax Return Preparers Required To File Individual Income Tax Returns Using Magnetic Media... Register on Wednesday, March 30, 2011 (76 FR 17521) providing guidance to specified tax return preparers who prepare and file individual income tax returns using magnetic media pursuant to section 6011(e)(3...

  10. Relating Financial and Energy Return on Investment

    Directory of Open Access Journals (Sweden)

    Carey W. King

    2011-10-01

    Full Text Available For many reasons, including environmental impacts and the peaking and depletion of the highest grades of fossil energy, it is very important to have sound methods for the evaluation of energy technologies and the profitability of the businesses that utilize them. In this paper we derive relations among the biophysical characteristic of an energy resource in relation to the businesses and technologies that exploit them. These relations include the energy return on energy investment (EROI, the price of energy, and the profit of an energy business. Our analyses show that EROI and the price of energy are inherently inversely related such that as EROI decreases for depleting fossil fuel production, the corresponding energy prices increase dramatically. Using energy and financial data for the oil and gas production sector, we demonstrate that the equations sufficiently describe the fundamental trends between profit, price, and EROI. For example, in 2002 an EROI of 11:1 for US oil and gas translates to an oil price of 24 $2005/barrel at a typical profit of 10%. This work sets the stage for proper EROI and price comparisons of individual fossil and renewable energy businesses as well as the electricity sector as a whole. Additionally, it presents a framework for incorporating EROI into larger economic systems models.

  11. Return to work and cancer: the Australian experience.

    Science.gov (United States)

    McKay, Georgina; Knott, Vikki; Delfabbro, Paul

    2013-03-01

    Research suggests that for many cancer survivors, returning to work has a range of benefits. However, considerable barriers have been identified as influencing the quality of return to work outcomes. This study explored the perspectives of Australian cancer survivors, managers and employee assistance program (EAP) professionals to gain an understanding of the return to work process and factors that affect the experience. Focus groups and interviews were conducted with cancer survivors (n = 15), managers (n = 12), and EAP professionals / psychologists (n = 4) from public and private sectors. Thematic analysis was used to analyse the data to identify common and unique themes from the three participant groups. A range of drivers were identified including maintaining normality and regaining identity, which could act positively or negatively depending on survivors' coping ability and self awareness. Analysis revealed communication difficulties in the workplace that impact on emotional and practical support. Negotiating an employee's return is complex, influenced by the level of consultation with the employee and use of an ad hoc or structured process. Direct and indirect ways of supporting employees with cancer were identified, as was the need for colleague and manager support. This study supports previous research findings of the impact of cancer on work, and reveals managers' lack of knowledge on how to respond appropriately. The process of returning to work is complex, influenced by employees' and managers' attitudes, communication skills and coping abilities. Areas for workplace interventions to optimise support for the cancer survivor are described.

  12. Empirical studies in labor and education economics

    NARCIS (Netherlands)

    Ketel, N.

    2016-01-01

    The chapters of this thesis focus on policy-relevant research questions in economics of education and labor economics. All chapters make use of randomized experiments in order to answer these questions. The second chapter studies the returns to medical school in a regulated labor market, by

  13. Returning to the Fermi level

    CERN Document Server

    2001-01-01

    Italy needs to ensure that its system for making appointments to permanent univeristy positions, is cleaned up. Currently accusations of unnecessary bureaucracy and cronyism abound (1 page editorial).

  14. Optimal decision making and matching are tied through diminishing returns.

    Science.gov (United States)

    Kubanek, Jan

    2017-08-08

    How individuals make decisions has been a matter of long-standing debate among economists and researchers in the life sciences. In economics, subjects are viewed as optimal decision makers who maximize their overall reward income. This framework has been widely influential, but requires a complete knowledge of the reward contingencies associated with a given choice situation. Psychologists and ecologists have observed that individuals tend to use a simpler "matching" strategy, distributing their behavior in proportion to relative rewards associated with their options. This article demonstrates that the two dominant frameworks of choice behavior are linked through the law of diminishing returns. The relatively simple matching can in fact provide maximal reward when the rewards associated with decision makers' options saturate with the invested effort. Such saturating relationships between reward and effort are hallmarks of the law of diminishing returns. Given the prevalence of diminishing returns in nature and social settings, this finding can explain why humans and animals so commonly behave according to the matching law. The article underscores the importance of the law of diminishing returns in choice behavior.

  15. A study on relationship between the return of value/growth portfolio and market return: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Monireh Mashhadi Ramezanali

    2014-07-01

    Full Text Available This study examines the relationship between the returns of two value and growth portfolios and the return of market on 15 selected firms on Tehran Stock Exchange over the period 2008-2011. The study divides the firms into two groups in terms of the ratios of price on earning as well as price on book value into two groups of value and growth portfolios. Using some regression analysis, the study has determined a positive and meaningful relationship between value portfolio and market return when the market is on the upside but this relationship is not meaningful during the bear session. The results indicate that during the bull sessions, value portfolios provide better investment opportunities than growth ones do.

  16. RETURNS OF PRIVATE EQUITY COMPARATIVE ANALYSES OF THE RETURNS OF VENTURE CAPITAL AND BUYOUT FUNDS IN EUROPE AND IN THE US

    Directory of Open Access Journals (Sweden)

    Becsky-Nagy Patrícia

    2014-07-01

    Full Text Available This paper focuses on the returns of two segments of Private Equity (PE market in Europe and in the US; Venture Capital (VC and Buyout (BO. Contrary to the publicly traded stocks where information about the trade of securities is public, the measuring of the returns of these asset classes is not unambiguous. The returns of PE investments are considered as confidential information therefore we only have estimations about the real characteristics of the financial performance of the PE industry. Although it is impossible to observe the whole industry it is important to chart its performance because PE plays an essential role in the financing of firms, especially firms at special stages of their lives and the more information the investors and companies have, the more effective PE market can be therefore it can contribute to economic growth, employment, innovation etc. In the literature PE, VC and BO are not distinguished properly and they are often used as synonyms. Despite their similarities, there are significant differences in the features of these types of investments. In this paper the authors present the return characteristics of the PE industry of Europe and the US with regard to the stage-focus of PE funds. The key findings of this paper are that in average the returns of BO funds exceeded the returns of VC funds in the US as well as in Europe. Not just according to the absolute value of the returns, but also according to its risk-return tradeoff BO seems to be a preferable investment. The same statements can be made in case of the European market. The US returns are higher than European VC returns, because compared to the US VC industry the European is undeveloped. On the other hand the gap between the performances of BO funds is not as significant as the difference of VC funds. While in the 90’s US BO funds outperformed the European ones, after the millennia European BO returns were higher. The analysis of returns reveals the

  17. THE EFFECT OF MACROECONOMIC VARIABLES ON STOCK RETURNS ON DHAKA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Muhammed Monjurul Quadir

    2012-01-01

    Full Text Available This article investigates the effects of macroeconomic variables of treasury bill interest rate and industrial production on stock returns on Dhaka Stock Exchange for the period between January 2000 and February 2007 on the basis of monthly time series data using Autoregressive Integrated Moving Average (ARIMA model. The paper has taken the overall market stock returns as an independent variable. It does not consider the stock returns of different companies separately. Though the ARIMA model finds a positive relationship between Treasury bill interest rate and industrial production with market stock returns but the coefficients have turned out to be statistically insignificant.

  18. Weathering the Great Recession with Human Capital? Evidence on Labor Market Returns to Education from Arkansas. A CAPSEE Working Paper

    Science.gov (United States)

    Belfield, Clive

    2015-01-01

    The Great Recession was one of the sharpest economic downturns of the past century, with significant impacts across the U.S. labor market. Over past decades, one key feature of the U.S. labor market has been the high and stable returns to education. In this paper I estimate the returns to education for large samples of young workers in Arkansas…

  19. Variables Influencing the Return on Investment in Management Training Programs: A Utility Analysis of 10 Swiss Cases

    Science.gov (United States)

    Chochard, Yves; Davoine, Eric

    2011-01-01

    In this article, we present the utility analysis approach as an alternative and promising approach to measure the return on investment in managerial training programs. This approach, linking economic value with competencies developed by trainees, enables researchers and decision-makers to compare the return on investment from different programs in…

  20. A multidisciplinary intervention to facilitate return to work in cancer patients: intervention protocol and design of a feasibility study

    NARCIS (Netherlands)

    Groeneveld, Iris F.; de Boer, Angela G. E. M.; Frings-Dresen, Monique H. W.

    2012-01-01

    Introduction: Returning to work can be problematic for cancer survivors due to suboptimal workplace support, a heavy workload, decreased physical functioning and fatigue. The timely and permanent return to work (RtW) of cancer patients favourably influences quality of life and economic independence.

  1. How Do Neural Networks Enhance the Predictability of Central European Stock Returns?

    OpenAIRE

    Jozef Baruník

    2008-01-01

    In this paper, the author applies neural networks as nonparametric and nonlinear methods to Central European (Czech, Polish, Hungarian, and German) stock market returns modeling. In the first part, he presents the intuition of neural networks and also discusses statistical methods for comparing predictive accuracy, as well as economic significance measures. In the empirical tests, he uses data on the daily and weekly returns of the PX-50, BUX, WIG, and DAX stock exchange indices for the 2000–...

  2. Colombian equity return and narrow money supply: an asymmetric cointegration analysis

    OpenAIRE

    Chu V. Nguyen

    2012-01-01

    The asymmetric, cointegrating relationship between the return on equity market and the narrowly defined money supply is documented. In fact, equity return and the monthly percentage change in the Colombian money supply M1 spread adjusts to the threshold value slower when a contractionary countercyclical policy action or an economic shock causes the money supply M1 to fall relative to the share price index, widening their spread, than when an expansionary countercyclical monetary policy action...

  3. Muslimah Entrepreneurship and Economic Empowerment in Pengajian

    Directory of Open Access Journals (Sweden)

    Ana Fadhilah

    2017-04-01

    Full Text Available It is a requirement in the practice of economic enterprising to gain productive skill training and capitalization or provision of capital using the moving loan for the member. However, there is still constraint for this method, which is some members are being late to return the loan, because of some reasons. This paper aims to analyze the effect of the moving loan for the pengajian (religious gathering of An Naml, especially who used it for the food processing business; and to analyze their income’s allocation, whether the income is allocated for the consumption, education, and health or set the income aside for the religious fund, such as infaq, alms, kurban and hajj’s fund. This paper employs qualitative and quantitative approaches, gathering data using in-depth interview, observation and distributing questioners to the 15 select members (purposive sampling. The analysis techniques used are descriptive analysis, paired t-test and correlation analysis. This paper found that the economic enterprise of the member of the An Naml religious gathering, according to the correlation test, proof that between the total income and the savings, before and after the loan given is positively related. In doing so, the connection between the total income and the religious fund before the loan given is related positively, but after the loan given the relation is undetected.

  4. Modelling the socio-economic impacts of modern bioenergy in rural communities in Ghana

    DEFF Research Database (Denmark)

    Kemausuor, Francis; Bolwig, Simon; Miller, Shelie

    2016-01-01

    economic and social indicators. With a 10% discount rate, a 30 year bio-digester lifetime and methane tariff starting at US$ 0.7/m3, the project will have a Net Present Value of approximately US$ 22,000, 16 year payback and an Internal Rate of Return of 11%. The project will create 4 full time unskilled...... labour positions during the investment year and 3 positions during operation years. Using methane from the bio-digester for cooking will displace approximately 170 tonnes of firewood per year and save the women in the community a total of 3400 hours per year not fetching firewood. However, only 5...

  5. ANALISA PENGARUH BETA, SIZE PERUSAHAAN, DER DAN PBV RATIO TERHADAP RETURN SAHAM

    Directory of Open Access Journals (Sweden)

    Agung Sugiarto

    2012-03-01

    Full Text Available Penelitian ini bertujuan untuk memperlihatkan beberapa variabel yang menjadi pemrediksi stock return. Variabel tersebut adalah Beta, Company Size, DER ratio and PBV ratio. Berdasarkan analisis regresi, beta mempunyai dampak yang positif terhadap stock return tetapi tidak signifikan, besar kecilnya perusahaan dan rasio PBV mempunyai dampak positif dan signifikan, sedangkan rasio DER mempunyai dampak negative dan signifikan terhadap stock return. Dampak variabel-variabel pada stock return pada perusahaan-perusahaan yang terdaftar di Main Board Index (MBX lebih tinggi daripada perusahaan-perusahaan yang terdaftar pada Development Board Index (DBX. The research has a purpose for showing some factors that become the predictor for the stock return. They are Beta, Company Size, DER ratio and PBV ratio. From the reggresion analysis, the results say that beta have a positive effect to the stock return, but it is not significant; the company size and PBV ratio have a positive and significant effect to the stock return; while the DER ratio have a negative and significant effect to the stock return. The variables effect on stock return in companies that listed in Main Board Index (MBX is higher than in companies listed in Development Board Index (DBX.

  6. Return and profitability of space programs. Information - the main product of flights in space

    Science.gov (United States)

    Nikolova, Irena

    The basic branch providing global information, as a product on the market, is astronautics and in particular aero and space flights. Nowadays economic categories like profitability, return, and self-financing are added to space information. The activity in the space information service market niche is an opportunity for realization of high economic efficiency and profitability. The present report aims at examining the possibilities for return and profitability of space programs. Specialists in economics from different countries strive for defining the economic effect of implementing space technologies in the technical branches on earth. Still the priorities here belong to government and insufficient market organization and orientation is apparent. Attracting private investors and searching for new mechanisms of financing are the factors for increasing economic efficiency and return of capital invested in the mentioned sphere. Return of utilized means is an economically justified goal, a motive for a bigger enlargement of efforts and directions for implementing the achievements of astronautics in the branches of economy on earth.

  7. Modeling stock return distributions with a quantum harmonic oscillator

    Science.gov (United States)

    Ahn, K.; Choi, M. Y.; Dai, B.; Sohn, S.; Yang, B.

    2017-11-01

    We propose a quantum harmonic oscillator as a model for the market force which draws a stock return from short-run fluctuations to the long-run equilibrium. The stochastic equation governing our model is transformed into a Schrödinger equation, the solution of which features “quantized” eigenfunctions. Consequently, stock returns follow a mixed χ distribution, which describes Gaussian and non-Gaussian features. Analyzing the Financial Times Stock Exchange (FTSE) All Share Index, we demonstrate that our model outperforms traditional stochastic process models, e.g., the geometric Brownian motion and the Heston model, with smaller fitting errors and better goodness-of-fit statistics. In addition, making use of analogy, we provide an economic rationale of the physics concepts such as the eigenstate, eigenenergy, and angular frequency, which sheds light on the relationship between finance and econophysics literature.

  8. Variations in return value estimate of ocean surface waves - a study based on measured buoy data and ERA-Interim reanalysis data

    Science.gov (United States)

    Muhammed Naseef, T.; Sanil Kumar, V.

    2017-10-01

    An assessment of extreme wave characteristics during the design of marine facilities not only helps to ensure their safety but also assess the economic aspects. In this study, return levels of significant wave height (Hs) for different periods are estimated using the generalized extreme value distribution (GEV) and generalized Pareto distribution (GPD) based on the Waverider buoy data spanning 8 years and the ERA-Interim reanalysis data spanning 38 years. The analysis is carried out for wind-sea, swell and total Hs separately for buoy data. Seasonality of the prevailing wave climate is also considered in the analysis to provide return levels for short-term activities in the location. The study shows that the initial distribution method (IDM) underestimates return levels compared to GPD. The maximum return levels estimated by the GPD corresponding to 100 years are 5.10 m for the monsoon season (JJAS), 2.66 m for the pre-monsoon season (FMAM) and 4.28 m for the post-monsoon season (ONDJ). The intercomparison of return levels by block maxima (annual, seasonal and monthly maxima) and the r-largest method for GEV theory shows that the maximum return level for 100 years is 7.20 m in the r-largest series followed by monthly maxima (6.02 m) and annual maxima (AM) (5.66 m) series. The analysis is also carried out to understand the sensitivity of the number of observations for the GEV annual maxima estimates. It indicates that the variations in the standard deviation of the series caused by changes in the number of observations are positively correlated with the return level estimates. The 100-year return level results of Hs using the GEV method are comparable for short-term (2008 to 2016) buoy data (4.18 m) and long-term (1979 to 2016) ERA-Interim shallow data (4.39 m). The 6 h interval data tend to miss high values of Hs, and hence there is a significant difference in the 100-year return level Hs obtained using 6 h interval data compared to data at 0.5 h interval. The

  9. Economic Efficiency and Investment Implementation in Energy Saving Projects

    Directory of Open Access Journals (Sweden)

    Venelin Terziev

    2017-09-01

    Full Text Available Investment in building thermoinsulation is a subject to appraisal for efficiency from the position of discounted cash flows taken specifically by energy saving. The appraisal of investment as optimal is attended by achieving the shortest term for investment implementation, the lowest investment outlays, the maximum total net value of energy savings, the shortest investment payback period. The complex application of the dynamic methods for appraising economic efficiency of an investment – net present value, internal rate of return, profitability index and discounted payback period, involves drawing of particular values which comparison definitely will show if this kind of investment is practically “attractive”. However, the question for significance weight of each of these indicators above in decision making for implementation a particular real investment still remains unsolved. This requires working out a system of criteria, priorities that can determine which of the indicators for economic efficiency of specific investment project will have the highest significance.

  10. Factors Affecting Stock Returns of Firms Quoted in ISE Market: A Dynamic Panel Data Approach

    Directory of Open Access Journals (Sweden)

    Şebnem Er

    2013-07-01

    Full Text Available Several studies, explaining the factors affecting stock returns, have been published both in developed and developing countries. In many of these papers, either cross-sectional or time series methods have been applied. In this study, Dynamic Panel Data Analysis Methods have been conducted to explain the factors affecting stock returns of 64 manufacturing firms that are continuously quoted in ISE during the period of 2003-2007. The results indicate that stock performance, financial structure, activity and profitability ratios can be used to explain the stock returns as well as the oil prices, economic growth, exchange rate, interest rate, and money supply.

  11. The Determinants of Stock Market Returns: An ARDL Investigation on Borsa Istanbul

    Directory of Open Access Journals (Sweden)

    Sevinç Güler

    2014-03-01

    Full Text Available In this paper we examine the long run and the short run dynamics of stock return and macroeconomic and financial variables like gold prices, oil prices, export volume, import volume and exchange rate. The empirical investigation employed on monthly data between January 1988 to November 2013. The Autoregressive Distrubuted Lag (ARDL called analytical-cointegration technique is applied to capture the dynamics of short-run and long-run relationship between veriables. According to results we found a long run relationship between stock return and economic factors and existence of significant relationship between import and stock return in long run and short run models

  12. Modeling the greenhouse gas budget of straw returning in China: feasibility of mitigation and countermeasures.

    Science.gov (United States)

    Lu, Fei; Wang, Xiao-Ke; Han, Bing; Ouyang, Zhi-Yun; Zheng, Hua

    2010-05-01

    Straw returning is considered to be one of the most promising carbon sequestration measures in China's cropland. A compound model, namely "Straw Returning and Burning Model-Expansion" (SRBME), was built to estimate the net mitigation potential, economic benefits, and air pollutant reduction of straw returning. Three scenarios, that is, baseline, "full popularization of straw returning (FP)," and "full popularization of straw returning and precision fertilization (FP + P)," were set to reflect popularization of straw returning. The results of the SRBME indicated that (1) compared with the soil carbon sequestration of 13.37 Tg/yr, the net mitigation potentials, which were 6.328 Tg/yr for the FP scenario and 9.179 Tg/yr for the FP + P scenario, had different trends when the full budget of the greenhouse gases was considered; (2) when the feasibility in connection with greenhouse gas (GHG) mitigation, economic benefits, and environmental benefits was taken into consideration, straw returning was feasible in 15 provinces in the FP scenario, with a total net mitigation potential of 7.192 TgCe/yr and the total benefits of CNY 1.473 billion (USD 216.6 million); (3) in the FP + P scenario, with the implementation of precision fertilization, straw returning was feasible in 26 provinces with a total net mitigation potential of 10.39 TgCe/yr and the total benefits of CNY 5.466 billion (USD 803.8 million); (4) any extent of change in the treatment of straw from being burnt to being returned would contribute to air pollution reduction; (5) some countermeasures, such as CH(4) reduction in rice paddies, precision fertilization, financial support, education and propaganda, would promote the feasibility of straw returning as a mitigation measure.

  13. Impacts of Returning Unsold Products in Retail Outsourcing Fashion Supply Chain: A Sustainability Analysis

    Directory of Open Access Journals (Sweden)

    Bin Shen

    2015-01-01

    Full Text Available l outsourcing with a return policy is quite commonly adopted in the fashion supply chain. Under the return policy, the supplier as a brand owner may focus on production, and then outsource retailing to the retailer. In the meanwhile, the retailer may receive some support money from the supplier for subsidizing the loss of unsold products at the end of the selling season and be asked for shipping back. Motivated by this real practice in the fashion industry, we examine a two-echelon supply chain with one supplier and one retailer under the return policy. Several interesting findings are obtained from our analysis. First, we find that when the supply chain achieves channel coordination, the cost of physical return is at least partially borne by the supplier, no matter who is responsible for it in reality. Second, we find that the cost of physical return is significantly affecting the sustainability factors such as the expected amount leftover (which represents environmental friendliness, the expected sales to expected goods leftover ratio (which implies both environmental friendliness and economic sustainability, and the rate of return on investment (which indicates economic sustainability. Third, from a sustainability perspective, we find that the pure wholesale price contract is more sustainable than the coordinating return policy. A numerical study by the real company data is conducted and managerial insights from analysis are discussed.

  14. Miners' return to work following injuries in coal mines.

    Science.gov (United States)

    Bhattacherjee, Ashis; Kunar, Bijay Mihir

    2016-12-22

    The occupational injuries in mines are common and result in severe socio-economical consequences. Earlier studies have revealed the role of multiple factors such as demographic factors, behavioral factors, health-related factors, working environment, and working conditions for mine injuries. However, there is a dearth of information about the role of some of these factors in delayed return to work (RTW) following a miner's injury. These factors may likely include personal characteristics of injured persons and his or her family, the injured person's social and economic status, and job characteristics. This study was conducted to assess the role of some of these factors for the return to work following coal miners' injuries. A study was conducted for 109 injured workers from an underground coal mine in the years 2000-2009. A questionnaire, which was completed by the personnel interviews, included among others age, height, weight, seniority, alcohol consumption, sleeping duration, presence of diseases, job stress, job satisfaction, and injury type. The data was analyzed using the Kaplan-Meier estimates and the Cox proportional hazard model. According to Kaplan-Meier estimate it was revealed that a lower number of dependents, longer sleep duration, no job stress, no disease, no alcohol addiction, and higher monthly income have a great impact on early return to work after injury. The Cox regression analysis revealed that the significant risk factors which influenced miners' return to work included presence of disease, job satisfaction and injury type. The mine management should pay attention to significant risk factors for injuries in order to develop effective preventive measures. Med Pr 2016;67(6):729-742. This work is available in Open Access model and licensed under a CC BY-NC 3.0 PL license.

  15. Miners’ return to work following injuries in coal mines

    Directory of Open Access Journals (Sweden)

    Ashis Bhattacherjee

    2016-12-01

    Full Text Available Background: The occupational injuries in mines are common and result in severe socio-economical consequences. Earlier studies have revealed the role of multiple factors such as demographic factors, behavioral factors, health-related factors, working environment, and working conditions for mine injuries. However, there is a dearth of information about the role of some of these factors in delayed return to work (RTW following a miner’s injury. These factors may likely include personal characteristics of injured persons and his or her family, the injured person’s social and economic status, and job characteristics. This study was conducted to assess the role of some of these factors for the return to work following coal miners’ injuries. Material and Methods: A study was conducted for 109 injured workers from an underground coal mine in the years 2000–2009. A questionnaire, which was completed by the personnel interviews, included among others age, height, weight, seniority, alcohol consumption, sleeping duration, presence of diseases, job stress, job satisfaction, and injury type. The data was analyzed using the Kaplan-Meier estimates and the Cox proportional hazard model. Results: According to Kaplan-Meier estimate it was revealed that a lower number of dependents, longer sleep duration, no job stress, no disease, no alcohol addiction, and higher monthly income have a great impact on early return to work after injury. The Cox regression analysis revealed that the significant risk factors which influenced miners’ return to work included presence of disease, job satisfaction and injury type. Conclusions: The mine management should pay attention to significant risk factors for injuries in order to develop effective preventive measures. Med Pr 2016;67(6:729–742

  16. Narrative and Institutional Economics

    Directory of Open Access Journals (Sweden)

    Vyacheslav V. Volchik

    2017-12-01

    Full Text Available This article addresses a range of questions associated with the occurrence of a new field of study – narrative economics, which is considered in the context of modern institutionalism. Pioneering works of R. Shiller, G. Akerlof and D. Snower spotlighted the importance of analyzing narratives and narrative influence when studying economic processes. In this paper, a qualitative study of narratives is seen through the prism of an answer to the question: «How do prescribed narratives influence institutions and change them? ». Narratives have much in common with institutions since very often, explicitly or implicitly, they contain value judgements about social interactions or normative aspects shaping behavioral patterns. The identification of dominating narratives enables us to understand better how institutions influence economic (social action. Repeated interactions among social actors are structured through understanding and learning the rules. Understanding of social rules comes from the language – we articulate and perceive the rules drawing on common narratives. Narratives and institutions are helpful when actors gain knowledge about various forms of social communication. Digital technologies, mass media and social networking sites facilitate the spread of narratives, values and beliefs; this process is characterized by increasing returns. Studying narratives and institutions is crucial for modern economic theory because it helps to improve qualitative and quantitative methods of analyzing empirical evidence and enables researchers to understand complex economic processes.

  17. An Analysis of Return on Investment Options for the USMC Distance Learning Program

    National Research Council Canada - National Science Library

    Clark, Jamie

    2000-01-01

    A study was conducted to examine various aspects of Distance Learning (DL) applications currently under review by the Marine Corps, and determine whether these programs, if initiated, provide a positive Return on Investment (ROI...

  18. Economic Theory, Economic Reality And Economic Policy

    Directory of Open Access Journals (Sweden)

    Dmitry Evgenievich Sorokin

    2015-03-01

    Full Text Available This paper analyzes the opposition between the «liberals» and «statists» in the Russian political and economic thought. It demonstrates that the economic liberalization is an absolute prerequisite for the transition to sustainable socio-economic development. Such development must rely on investment activities of the state, which in the current circumstances is a necessary but not sufficient measure for reversing the negative trends. The negative developments can be prevented only through implementation, along with the institutional changes in the economic area that form a strata of economically independent entrepreneurs-innovators, of no less profound transformation in political institutions aimed at democratization of public life

  19. An Empirical Study of the Effect of Investor Sentiment on Returns of Different Industries

    Directory of Open Access Journals (Sweden)

    Chuangxia Huang

    2014-01-01

    Full Text Available Studies on investor sentiment are mostly focused on the stock market, but little attention has been paid to the effect of investor sentiment on the return of a specific industry. This paper constructs a proxy variable to examine the relationship between investor sentiment and the return of a specific industry, using the Principle Component Analysis, and finds that investor sentiment is positively correlated with the industry return of the current period and negatively correlated with that of one lag period; we classify investor sentiment as optimistic state and pessimistic state and find that optimistic investor sentiment has a positive effect on stock returns of most industries, while pessimistic investor sentiment has no effect on them; this paper further builds a two-state Markov regime switching model and finds that sentiment has different effect on different industries returns on different states of market.

  20. Bank Stock Returns in Responding the Contribution of Fundamental and Macroeconomic Effects

    Directory of Open Access Journals (Sweden)

    Ridwan Nurazi

    2016-06-01

    Full Text Available This study attempts to examine the effect of financial fundamentals information using CAMELS ratios and macroeconomics variables surrogated by interest rate, exchange rate, and inflation rate toward stock return. By employing panel data analysis (Pooled Least Squared Model, the results reveal that several financial ratios perform a bit contrary to the theory, in which the ratio of CAR shows positive sign but insignificantly contributes to stock returns. Also, the ratio of NPL does not affect the return. In fact, ROE and LDR positively and significantly contribute toward banks’ stock return. Meanwhile, NIM and BOPO show negative signs. The other macroeconomic variables, interest rate (IR, exchange rate (ER and inflation rate (INF are consistent with the a priori expectation, in which those variables negatively and significantly contribute to stock return of 16 banks, for the observation period from 2002 to 2011 in the Indonesian banking sector.

  1. EFFECT OF INVESTOR SENTIMENT ON FUTURE RETURNS IN THE NIGERIAN STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Udoka Bernard Alajekwu

    2017-06-01

    Full Text Available The study examined the effect of investor sentiment on future returns in the Nigerian stock market. The OLS regression and granger causality techniques were employed for data analyses. The results showed that (1 investor sentiment has a significant positive effect on stock market returns even after control for fundamentals such as Industrial production index, consumer price index and Treasury bill rate; (2 there is a uni-directional causality that runs from change in investor sentiment (ΔCCI to stock market returns (Rm. Derived finding showed that the inclusion of fundamentals increased the explanatory power of investor sentiment from 3.96% to 33.05%, though at both level, investor sentiment (ΔCCI has low explanatory power on stock market returns. The study posits existence of a dynamic relationship between investor sentiment and the behaviour of stock future returns in Nigeria such that higher sentiment concurrently leads to higher stock prices.

  2. Internet economics

    DEFF Research Database (Denmark)

    Henten, Anders; Skouby, Knud Erik; Øst, Alexander Gorm

    1997-01-01

    A paper on the economics of the Internet with respect to end user pricing and pricing og interconnect.......A paper on the economics of the Internet with respect to end user pricing and pricing og interconnect....

  3. Returns to food and agricultural R&D investments in Sub-Saharan Africa, 1975-2014.

    Science.gov (United States)

    Pardey, Philip G; Andrade, Robert S; Hurley, Terrance M; Rao, Xudong; Liebenberg, Frikkie G

    2016-12-01

    Research-enabled growth in agricultural productivity is pivotal to sub-Saharan Africa's overall economic growth prospects. Yet, investments in research and development (R&D) targeted to many national food and agricultural economies throughout Africa are fragile and faltering. To gain insight into what could be driving this trend, this article updates, summarizes and reassesses the published evidence on the returns to African agricultural R&D. Based on a compilation of 113 studies published between 1975 and 2014 spanning 25 countries, the reported internal rates of return ( IRRs ) to food and agricultural research conducted in or of direct consequence for sub-Saharan Africa averaged 42.3%py. In addition to the 376 IRR estimates, the corresponding 129 benefit-cost ratios ( BCRs ) averaged 30.1. Most (96.5%) of the returns-to-research evaluations are of publicly performed R&D, and the majority (87.6%) of the studies were published in the period 1990-2009. The large dispersion in the reported IRRs and BCRs makes it difficult to discern meaningful patterns in the evidence. Moreover, the distribution of IRRs is heavily (positively) skewed, such that the median value (35.0%py) is well below the mean, like it is for research done elsewhere in the world (mean 62.4%py; median 38.0%py). Around 78.5% of the evaluations relate to the commodity-specific consequences of agricultural research, while 5.5% report on the returns to an "all agriculture" aggregate. The weight of commodity-specific evaluation evidence is not especially congruent with the composition of agricultural production throughout Africa, nor, to the best that can be determined, the commodity orientation of public African agricultural R&D.

  4. Maximizing ROI (return on information)

    Energy Technology Data Exchange (ETDEWEB)

    McDonald, B.

    2000-05-01

    The role and importance of managing information are discussed, underscoring the importance by quoting from the report of the International Data Corporation, according to which Fortune 500 companies lost $ 12 billion in 1999 due to inefficiencies resulting from intellectual re-work, substandard performance , and inability to find knowledge resources. The report predicts that this figure will rise to $ 31.5 billion by 2003. Key impediments to implementing knowledge management systems are identified as : the cost and human resources requirement of deployment; inflexibility of historical systems to adapt to change; and the difficulty of achieving corporate acceptance of inflexible software products that require changes in 'normal' ways of doing business. The author recommends the use of model, document and rule-independent systems with a document centered interface (DCI), employing rapid application development (RAD) and object technologies and visual model development, which eliminate these problems, making it possible for companies to maximize their return on information (ROI), and achieve substantial savings in implementation costs.

  5. Economic Development

    Science.gov (United States)

    Recruitment Events Community Commitment Giving Campaigns, Drives Economic Development Employee Funded : Environmental Documents, Reports LANL Home Calendar Search Contacts Community » Economic Development LANL 75th logo Economic Development Los Alamos National Laboratory is committed to investing and partnering in

  6. Risk-return of Belgian SRI funds

    OpenAIRE

    Van Liedekerke, Luc; De Moor, Lieven; Vanwalleghem, Dieter

    2007-01-01

    We analyse the risk-return profile of Belgian SRI funds versus conventional investment funds. We apply a four-factor conditional Carhart model to establish whether there are significant differences in risk-return profile between an SRI portfolio and a conventional portfolio and test for learning effects in SRI funds. We show that there is no difference in risk-return profile between SRI and conventional funds. If return is not the problem, then what is it that limits the development of an SRI...

  7. Money growth and aggregate stock returns

    OpenAIRE

    Böing, Tobias; Stadtmann, Georg

    2016-01-01

    We empirically evaluate the predictive power of money growth measured by M2 for stock returns of the S&P 500 index. We use monthly US data and predict multiperiod returns over 1, 3, and 5 years with long-horizon regressions. In-sample regressions show that money growth is useful for predicting returns. Higher recent money growth has a significantly negative effect on subsequent returns of the S&P 500. An out-of-sample analysis shows that a simple model with money growth as a single predictor ...

  8. Comparative economic value added on Southeast Asian banking industry

    Directory of Open Access Journals (Sweden)

    Lintang Dewanti

    2017-03-01

    Full Text Available This study analyses the bank's performance comparison across countries in some ASEAN members which are listed in the stock exchange, as well as to analyse the influence of Economic Value Added (EVA and some financial ratios on the company stock return. Analysis suggests some results. In Indonesia, Thailand and the Philippines, the movement of EVA follows the movement of Gross Domestic Product (GDP. This study also finds that Earning per Share (EPS, only in Singapore, and Return on Equity (ROE and Return on Assets (ROA, only in the Philippines, have an influence on stock return. Only in the Philippines where EVA together with ROA has an effect on stock return.

  9. Performance Measurement without Benchmarks: An Examination of Mutual Fund Returns.

    OpenAIRE

    Grinblatt, Mark; Titman, Sheridan

    1993-01-01

    This article introduces a new measure of portfolio performance and applies it to study the performance of a large sample of mutual funds. In contrast to previous studies of mutual fund performance, the measure used in this study employs portfolio holdings and does not require the use of a benchmark portfolio. It finds that the portfolio choices of mutual fund managers, particularly those that managed aggressive growth funds, earned significantly positive risk-adjusted returns in the 1976-85 p...

  10. DAMPAK PENYAJIAN KEMBALI EPS DAN CFPS TERHADAP RETURN SAHAM

    Directory of Open Access Journals (Sweden)

    Imelda Sinaga

    2014-04-01

    Full Text Available The problem in this study is whether there is a positive influence of CFPS and EPS before and after restatement in giving positive impact on stock returns. The sample used in EPS before and after the restatement, while as many as 102 samples meanwhile CFPS before and after restatement using 82 sample companies listed on the Stock Exchange. Independent variables used in this study are the earnings per share and cash flow per share and the dependent variables used in this study is the stock return. Test equipment used in this study using multiple regression statistical model           The results of this study demonstrate that EPS before restatement did not impact significantly on the stock returns which indicates that investors have been aware that there is signal to improve the EPS before the restatement. EPS after restatement had no significant effect on return, this indicates that the new information is in accordance with the Market Efficiency hypothesis is that will make the market participants to react and take action to respond that new information. CFPS before and after restatement also had no significant effect on stock returns because investors do not use operating cash flow information as a basic for investment decisions. This can have implications on investors who use financial statements to make right decisions on the location of their assets in the companies that perform restatement as well for the company itself that financial report restatement can be made if it is seen as a form of commitment and sense of responsibility to the market to provide trustable information

  11. Robust portfolio choice with ambiguity and learning about return predictability

    DEFF Research Database (Denmark)

    Larsen, Linda Sandris; Branger, Nicole; Munk, Claus

    2013-01-01

    We analyze the optimal stock-bond portfolio under both learning and ambiguity aversion. Stock returns are predictable by an observable and an unobservable predictor, and the investor has to learn about the latter. Furthermore, the investor is ambiguity-averse and has a preference for investment...... strategies that are robust to model misspecifications. We derive a closed-form solution for the optimal robust investment strategy. We find that both learning and ambiguity aversion impact the level and structure of the optimal stock investment. Suboptimal strategies resulting either from not learning...... or from not considering ambiguity can lead to economically significant losses....

  12. Identifying Key Drivers of Return Reversal with Dynamical Bayesian Factor Graph.

    Directory of Open Access Journals (Sweden)

    Shuai Zhao

    Full Text Available In the stock market, return reversal occurs when investors sell overbought stocks and buy oversold stocks, reversing the stocks' price trends. In this paper, we develop a new method to identify key drivers of return reversal by incorporating a comprehensive set of factors derived from different economic theories into one unified dynamical Bayesian factor graph. We then use the model to depict factor relationships and their dynamics, from which we make some interesting discoveries about the mechanism behind return reversals. Through extensive experiments on the US stock market, we conclude that among the various factors, the liquidity factors consistently emerge as key drivers of return reversal, which is in support of the theory of liquidity effect. Specifically, we find that stocks with high turnover rates or high Amihud illiquidity measures have a greater probability of experiencing return reversals. Apart from the consistent drivers, we find other drivers of return reversal that generally change from year to year, and they serve as important characteristics for evaluating the trends of stock returns. Besides, we also identify some seldom discussed yet enlightening inter-factor relationships, one of which shows that stocks in Finance and Insurance industry are more likely to have high Amihud illiquidity measures in comparison with those in other industries. These conclusions are robust for return reversals under different thresholds.

  13. Income, self-selection, and return and onward interprovincial migration in Canada.

    Science.gov (United States)

    Newbold, K B

    1996-06-01

    "Estimated returns to migration based on comparison of individual migrants may be biased owing to self-selection in the migration process. Using data derived from the 1986 Canadian census, I will study the effects of expected wage differentials in determining the return or onward migration decision of nonnative adults aged 20 to 64 years. Evidence was found that return migrations were in the 'right' direction, as they are observed to respond to provincial economic variables (that is, average employment growth and income levels) in a rational manner. After accounting for self-selectivity, I found that...return migrants...are negatively selected, and experience lower income levels, following the return migration, than onward migrants would have, had they chosen the return migration option. This drop in expected wages decreases the propensity associated with making a return migration. Despite this drop in income, the large proportion selecting the return migration option suggests the importance of the province of birth in the mental map of nonnative migrants." excerpt

  14. Evaluation of the return to work and its duration after myocardial infarction

    Directory of Open Access Journals (Sweden)

    Seyyed Jalil Mirmohammadi

    2014-05-01

    Full Text Available BACKGROUND: The evaluation of the ability for return to work among patients after myocardial infarction (MI is subject to controversy. Understanding various factors, which may affect return to work process, will help in promoting effective communication between physicians and patients. Return to work is dependent on such factors as patients’ functional capacity, MI expansion, cardiac muscle function, some psychiatric variables, job satisfaction, economic status, and age. In this study, we aimed to assess the frequency of return to work after first MI attack, and factors affecting it. METHODS: This was a follow-up study performed in Yazd, Iran from September 2007 until September 2010 on 200 patients suffering from their first MI attack. Patients were assessed 6 months and 1-year after MI regarding their cardiac function. Job satisfaction was evaluated by Direct Support Professional job satisfaction questionnaire. RESULTS: Seventy-seven percent of MI patients returned to work after 1-year. Mean time for return to work was 46.00 ± 4.12 days. Sixty percent of patients returned to work during the first 50 days after MI and 50% of them during 40 days after MI. The most common reason for not returning to work was patient’s decision. CONCLUSION: This study showed that a considerable numbers of patients returned to work after 1-year. The only factors which affected the rate of return to work were left ventricular function after MI and job satisfaction.   Keywords: Myocardial Infarction, Return to Work, Left Ventricular Function, Job Satisfaction 

  15. The association among the seven elements of the black economic empowerment score and market performance

    Directory of Open Access Journals (Sweden)

    Cara Maria van der Merwe

    2014-11-01

    Full Text Available The black economic empowerment (BEE score consists of seven elements, namely ownership,management control, employment equity, skills development, preferential procurement, enterprisedevelopment and socio-economic development. The purpose of this study is to establish whether anassociation exists between an entity’s BEE elements and its share returns in the short term.Based on prior literature, it appears that the market reacts positively to an announcement of a BEE deal,although the literature also indicates that an entity’s BEE score, which includes all seven elements of theBEE score, bears a negative relationship to its share returns. Therefore the association between the variousBEE elements and share returns needs to be investigated. The study uses a multivariate regressionanalysis that controls for factors influencing share returns. The study includes the BEE element data asobtained from the survey of the top empowerment companies carried out by Empowerdex/Financial Mail forthe period 2005 to 2011.The results of this study indicate that a significant positive association exists between the managementcontrol element of the BEE score and the entity’s share returns. Furthermore, a significant negativeassociation exists between the ownership and preferential procurement elements of an entity and its sharereturns. This study contributes to the literature on BEE in the accounting and finance field in South Africa aswell as enhances the understanding and effect of BEE compliance through implementation of the genericscorecard as required by the 2007 codes of good practice. The results of this study would be of interest togovernment policy analysts, investors and managers.

  16. Goals, ways and the roots of our economic crisis

    Directory of Open Access Journals (Sweden)

    Bob Goudzwaard

    2014-08-01

    Full Text Available This article deals with the question if and how far religious points of view and messages of churches involved matter in the analysis of the roots of the present global economic crisis, and even more in the discussion about how to overcome the crisis itself. Economic experts such as Stiglitz point to the presence of factors such as greed, fear and utmost selfish behaviour. It inevitably leads to the ethical, but in fact also the religious question of how far people, especially economic agents, can go in the pursuit of their own economic interests without doing harm to others. Jesus asked his disciples to follow him: with Bonhoeffer, we could call that a Way-orientation. Where and how far can a conflict therefore arise between human goal-orientations, on the one hand, and a biblical Way-orientation, on the other hand? And is it indeed relevant when considering our present economic crisis? This article defends the last position, describing some categories (such as the choice of ultimate meaning, the sacro-sanctity of chosen instruments, and the demonisation of opponents which indicate that the borderline has been passed between responsible and irresponsible goal-orientations. The glorification of greed and the delegation of ultimate power to financial markets indicate that at this moment elements of idolatry (or the obedience to Mammon are at hand. They are also aggravating the present economic crisis. This implies that returning to the choice for decisive normative Way-orientations in economic life is possibly the only true way out of the present economic crisis.

  17. Maximizing your return on people.

    Science.gov (United States)

    Bassi, Laurie; McMurrer, Daniel

    2007-03-01

    Though most traditional HR performance metrics don't predict organizational performance, alternatives simply have not existed--until now. During the past ten years, researchers Laurie Bassi and Daniel McMurrer have worked to develop a system that allows executives to assess human capital management (HCM) and to use those metrics both to predict organizational performance and to guide organizations' investments in people. The new framework is based on a core set of HCM drivers that fall into five major categories: leadership practices, employee engagement, knowledge accessibility, workforce optimization, and organizational learning capacity. By employing rigorously designed surveys to score a company on the range of HCM practices across the five categories, it's possible to benchmark organizational HCM capabilities, identify HCM strengths and weaknesses, and link improvements or back-sliding in specific HCM practices with improvements or shortcomings in organizational performance. The process requires determining a "maturity" score for each practice, based on a scale of 1 (low) to 5 (high). Over time, evolving maturity scores from multiple surveys can reveal progress in each of the HCM practices and help a company decide where to focus improvement efforts that will have a direct impact on performance. The authors draw from their work with American Standard, South Carolina's Beaufort County School District, and a bevy of financial firms to show how improving HCM scores led to increased sales, safety, academic test scores, and stock returns. Bassi and McMurrer urge HR departments to move beyond the usual metrics and begin using HCM measurement tools to gauge how well people are managed and developed throughout the organization. In this new role, according to the authors, HR can take on strategic responsibility and ensure that superior human capital management becomes central to the organization's culture.

  18. The Economics of Starvation

    DEFF Research Database (Denmark)

    Stahl, Rune Møller

    2016-01-01

    Stahl investigates the role of liberal economics in the formulation of the disastrous famine policy of the British colonial administration in nineteenth-century India, where millions of Indians starved to death in a series of famines. The chapter examines the influential debates around the Great....... The hegemonic position of free trade ideas and economic liberalism allowed for proponents of a hard laissez-faire line to mobilize considerable intellectual resources, from Adam Smith to Ricardo, to overcome humanitarian critiques....

  19. DETERMINANTS OF ECONOMIC GROWTH

    OpenAIRE

    Bartosz Totleben

    2013-01-01

    The article is examines the impact of macroeconomic indicators, in particular: human capital, government spending, innovation, political and social stability, on economic growth. In total 12 different indicators describing the economical, political and social conditions are taken into account. The study considers 102 countries between years 1960 and 2012 and two methods of estimation are performed: generalized method of moments (GMM) and fixed effects (FE). The results show the positive impac...

  20. The Socio-Economic Determinants of Crime in Pakistan: New Evidence on an Old Debate

    Directory of Open Access Journals (Sweden)

    Nabeela Khan

    2015-10-01

    Full Text Available Crime appears to be strictly related to the level of education attained and to individuals’ economic and social background. The objective of the study examines multiple factors i.e., education, unemployment, poverty and economic growth which contributed to the rate of crimes in Pakistan during the period of 1972-2011. The study finds a positive relationship between crime rates and unemployment rate in Pakistan. Higher unemployment diminishes the rate of return of legal activities, and is more likely to increase the return of illegal activities. There is a significant negative relationship between the crime rates and the higher education. More education directly induces high earnings of individuals and may increase both the opportunity cost of crimes and the cost of time spent in criminal activity. The study further assesses that GDP per capita leads to higher crime rates in the long-run but to lower rates in the short-run. Higher income shows that there are greater benefits for criminals as for thefts and robberies. Affluent areas attract more criminals due to the opportunities available to them. Finally, there is a positive relationship between the crime rates and poverty in the long-run but there is a negative relationship in the short-run. Poverty may lead to a high level of stress and mental illness which in turn causes individuals to adopt the criminal behavior. The study posits a caution that policy formulation in ameliorating crimes in Pakistan should anchor both social and economic factors.

  1. SECTORAL RISK AND RETURN FOR COMPANIES IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Anis Cecilia

    2012-12-01

    Full Text Available probability that cash flows or return will vary from expectations. Standard corporate finance theory supposes that a company chooses a capital structure that maximizes company value. A fundamental idea in finance is the relationship between risk and return. The greater the amount of risk that an investor is willing to take on, the greater the potential return. The reason for this is that investors need to be compensated for taking on additional risk. Why put capital at significant risk for a return that is no higher than the return on government bonds? Or expect higher than averages returns from low-risk activities? It is impossible to separate measuring the performance of a company from the risks that the management takes to achieve it.In most aspects of company operations, risk assessment plays a different but equally important, role. It is an integral part of informed decision taking in achieving performance. Risk assessment is involved from the highest level in strategic choices about what activities to undertake, what assets to buy or what markets to serve all the way to detailed operational decisions about whether to accept payment in foreign currencies and the adequacy of safety measures in the workplace. It plays a part whether or not an organization is aware of managing risk and many managers feel that their instinct and judgment are enough – a behavior risk. The danger is that this leaves company risk unplanned and unmanaged. This paper proposes a framework where we realized a study cases: we test if return on assets and return on equity has influence on the risk, both on long and short term. For this purposes, we conduct an empirical research that covers 59 selected companies traded at the Bucharest Stock Exchange within the time period 1999-2010. For this study our results reveal that dynamic global risk can be associated to a low intensity with total assets performance of the company’s. Investments efficiency and the

  2. Physical activity, aerobic fitness and parental socio-economic position among adolescents: the German Health Interview and Examination Survey for Children and Adolescents 2003–2006 (KiGGS)

    Science.gov (United States)

    2014-01-01

    Background The positive association between parental socio-economic position (PSEP) and health among adolescents may be partly explained by physical activity behaviour. We investigated the associations between physical activity, aerobic fitness and PSEP in a population based sample of German adolescents. Methods 5,251 participants, aged 11–17 years, in the German Health Interview and Examination Survey for Children and Adolescents 2003–2006 (KiGGS) underwent a sub-maximal cycle ergometer test and completed a questionnaire obtaining information on physical activity and media use. The associations between physical activity, media use, aerobic fitness and PSEP were analysed with multivariate logistic regression models for boys and girls separately. Odds ratios (ORs) of PSEP (education, occupation and income) on the outcomes were calculated adjusted for age, region, and other influencing factors. Results Parental education was more strongly associated with the outcome variables than parental occupation and income. After adjusting for age and region, a higher parental education level was associated with better aerobic fitness – with an OR of 1.5 (95% CI 1.2-1.9) for girls whose parents had secondary education and 1.9 (1.4-2.5) for girls whose parents had tertiary education compared to girls whose parents had primary education. The corresponding ORs for boys were 1.3 (1.0-1.6) and 1.6 (1.2-2.1), respectively. Higher parental education level was associated with lower media use: an OR of 2.1 (1.5-3.0) for girls whose parents had secondary education and 2.7 (1.8-4.1) for girls whose parents had primary education compared to girls whose parents had tertiary education. The corresponding ORs for boys were 1.5 (1.2-1.9) and 1.9 (1.5-2.5), respectively. Higher parental education level was associated with a higher physical activity level only among girls: an OR of 1.3 (1.0-1.6) for girls whose parents had secondary education and 1.2 (0.9-1.5) for girls whose parents had

  3. Physical activity, aerobic fitness and parental socio-economic position among adolescents: the German Health Interview and Examination Survey for Children and Adolescents 2003-2006 (KiGGS).

    Science.gov (United States)

    Finger, Jonas D; Mensink, Gert B M; Banzer, Winfried; Lampert, Thomas; Tylleskär, Thorkild

    2014-03-22

    The positive association between parental socio-economic position (PSEP) and health among adolescents may be partly explained by physical activity behaviour. We investigated the associations between physical activity, aerobic fitness and PSEP in a population based sample of German adolescents. 5,251 participants, aged 11-17 years, in the German Health Interview and Examination Survey for Children and Adolescents 2003-2006 (KiGGS) underwent a sub-maximal cycle ergometer test and completed a questionnaire obtaining information on physical activity and media use. The associations between physical activity, media use, aerobic fitness and PSEP were analysed with multivariate logistic regression models for boys and girls separately. Odds ratios (ORs) of PSEP (education, occupation and income) on the outcomes were calculated adjusted for age, region, and other influencing factors. Parental education was more strongly associated with the outcome variables than parental occupation and income. After adjusting for age and region, a higher parental education level was associated with better aerobic fitness - with an OR of 1.5 (95% CI 1.2-1.9) for girls whose parents had secondary education and 1.9 (1.4-2.5) for girls whose parents had tertiary education compared to girls whose parents had primary education. The corresponding ORs for boys were 1.3 (1.0-1.6) and 1.6 (1.2-2.1), respectively. Higher parental education level was associated with lower media use: an OR of 2.1 (1.5-3.0) for girls whose parents had secondary education and 2.7 (1.8-4.1) for girls whose parents had primary education compared to girls whose parents had tertiary education. The corresponding ORs for boys were 1.5 (1.2-1.9) and 1.9 (1.5-2.5), respectively. Higher parental education level was associated with a higher physical activity level only among girls: an OR of 1.3 (1.0-1.6) for girls whose parents had secondary education and 1.2 (0.9-1.5) for girls whose parents had tertiary education compared to girls

  4. Return-to-Work Program for Injured Workers: Factors of Successful Return to Employment.

    Science.gov (United States)

    Awang, Halimah; Shahabudin, Sharifah Muhairah; Mansor, Norma

    2016-11-01

    This study examined the factors of successful return to employment among participants in the return to work program (RTW) following work-related injury. Data were obtained from the Social Security Organization database containing 9850 injured workers who underwent RTW in 2010 to 2013. About 65% had successfully returned to employment. Significant factors of successful return include gender, employer interest, motivation, age, intervention duration, and type of injury. Male and motivated employees were more likely to return to employment compared with female and unmotivated employees, respectively. Participants from interested employers were 23.22 times more likely to return to work than those from uninterested employers, whereas participants whose intervention period exceeded 5 months were 41% less likely to return to work compared with those whose intervention period was within 3 months. Appropriate strategy and enhanced collaboration between the stakeholders would improve the proportion of successful return to employment. © 2016 APJPH.

  5. FDI- Economic Growth Nexus

    DEFF Research Database (Denmark)

    Bujac, Andreea Ioana; Corado Cretu, Emanuel

    2017-01-01

    Conducting a systematic literature review on the topic of FDI and Economic Growth and investigating this relationship, along with the determinants of an economy that attract FDI and the externalities resulting from Foreign activities, it is found that FDI does have a positive effect on a host...... country’s economic growth but only with the preexistence of certain determinants which facilitate the absorption capacity of the host country on reaping the spillover effects (externalities) of FDI. Lastly, a framework was built to illustrate the interaction between FDI, Determinants and condition...... of the host economy, barriers to growth, economic growth and externalities....

  6. Buzz Factor or Innovation Potential: What Explains Cryptocurrencies' Returns?

    Science.gov (United States)

    Wang, Sha; Vergne, Jean-Philippe

    2017-01-01

    Cryptocurrencies have become increasingly popular since the introduction of bitcoin in 2009. In this paper, we identify factors associated with variations in cryptocurrencies' market values. In the past, researchers argued that the "buzz" surrounding cryptocurrencies in online media explained their price variations. But this observation obfuscates the notion that cryptocurrencies, unlike fiat currencies, are technologies entailing a true innovation potential. By using, for the first time, a unique measure of innovation potential, we find that the latter is in fact the most important factor associated with increases in cryptocurrency returns. By contrast, we find that the buzz surrounding cryptocurrencies is negatively associated with returns after controlling for a variety of factors, such as supply growth and liquidity. Also interesting is our finding that a cryptocurrency's association with fraudulent activity is not negatively associated with weekly returns-a result that further qualifies the media's influence on cryptocurrencies. Finally, we find that an increase in supply is positively associated with weekly returns. Taken together, our findings show that cryptocurrencies do not behave like traditional currencies or commodities-unlike what most prior research has assumed-and depict an industry that is much more mature, and much less speculative, than has been implied by previous accounts.

  7. Buzz Factor or Innovation Potential: What Explains Cryptocurrencies' Returns?

    Directory of Open Access Journals (Sweden)

    Sha Wang

    Full Text Available Cryptocurrencies have become increasingly popular since the introduction of bitcoin in 2009. In this paper, we identify factors associated with variations in cryptocurrencies' market values. In the past, researchers argued that the "buzz" surrounding cryptocurrencies in online media explained their price variations. But this observation obfuscates the notion that cryptocurrencies, unlike fiat currencies, are technologies entailing a true innovation potential. By using, for the first time, a unique measure of innovation potential, we find that the latter is in fact the most important factor associated with increases in cryptocurrency returns. By contrast, we find that the buzz surrounding cryptocurrencies is negatively associated with returns after controlling for a variety of factors, such as supply growth and liquidity. Also interesting is our finding that a cryptocurrency's association with fraudulent activity is not negatively associated with weekly returns-a result that further qualifies the media's influence on cryptocurrencies. Finally, we find that an increase in supply is positively associated with weekly returns. Taken together, our findings show that cryptocurrencies do not behave like traditional currencies or commodities-unlike what most prior research has assumed-and depict an industry that is much more mature, and much less speculative, than has been implied by previous accounts.

  8. Aggregate Unemployment Decreases Individual Returns to Education

    Science.gov (United States)

    Ammermueller, Andreas; Kuckulenz, Anja; Zwick, Thomas

    2009-01-01

    Aggregate unemployment may affect individual returns to education through qualification-specific responses in participation and wage bargaining. This paper shows that an increase in regional unemployment by 1% decreases returns to education by 0.005 percentage points. This implies that higher skilled employees are better sheltered from labour…

  9. A Perishable Inventory Model with Return

    Science.gov (United States)

    Setiawan, S. W.; Lesmono, D.; Limansyah, T.

    2018-04-01

    In this paper, we develop a mathematical model for a perishable inventory with return by assuming deterministic demand and inventory dependent demand. By inventory dependent demand, it means that demand at certain time depends on the available inventory at that time with certain rate. In dealing with perishable items, we should consider deteriorating rate factor that corresponds to the decreasing quality of goods. There are also costs involved in this model such as purchasing, ordering, holding, shortage (backordering) and returning costs. These costs compose the total costs in the model that we want to minimize. In the model we seek for the optimal return time and order quantity. We assume that after some period of time, called return time, perishable items can be returned to the supplier at some returning costs. The supplier will then replace them in the next delivery. Some numerical experiments are given to illustrate our model and sensitivity analysis is performed as well. We found that as the deteriorating rate increases, returning time becomes shorter, the optimal order quantity and total cost increases. When considering the inventory-dependent demand factor, we found that as this factor increases, assuming a certain deteriorating rate, returning time becomes shorter, optimal order quantity becomes larger and the total cost increases.

  10. Slow return of displaced Southern Sudanese

    Directory of Open Access Journals (Sweden)

    Tim Morris

    2007-07-01

    Full Text Available The pace of repatriation of Sudanese refugees and return of IDP s to South Sudan has picked up but expectations at the time of the signing of the Comprehensive Peace Agreement (CPA CPA in January 2005 have yet to be realised. With all eyes on Darfur, assistance to sustain returns to South Sudan remains inadequate.

  11. Managing Returns in a Catalog Distribution Center

    Science.gov (United States)

    Gates, Joyce; Stuart, Julie Ann; Bonawi-tan, Winston; Loehr, Sarah

    2004-01-01

    The research team of the Purdue University in the United States developed an algorithm that considers several different factors, in addition to cost, to help catalog distribution centers process their returns more efficiently. A case study to teach the students important concepts involved in developing a solution to the returns disposition problem…

  12. 27 CFR 41.112 - Tax return.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false Tax return. 41.112 Section 41.112 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF... States Deferred Payment of Tax in Puerto Rico on Tobacco Products § 41.112 Tax return. The internal...

  13. The Returns to Quality in Graduate Education

    Science.gov (United States)

    Stevenson, Adam

    2016-01-01

    This paper estimates the monetary return to quality in US graduate education, controlling for cognitive ability and self-selection across award level, program quality, and field-of-study. In most program types, I cannot reject the hypothesis of no returns to either degree completion or program quality. Important exceptions include master's…

  14. Predictability of Returns and Cash Flows

    OpenAIRE

    Ralph S.J. Koijen; Stijn Van Nieuwerburgh

    2010-01-01

    We review the literature on return and cash-flow growth predictability from the perspective of the present-value identity. We focus predominantly on recent work. Our emphasis is on U.S. aggregate stock return predictability, but we also discuss evidence from other asset classes and countries.

  15. Legal institutions, strategic default, and stock returns

    NARCIS (Netherlands)

    Favara, G.; Schroth, E.; Valta, P.

    2008-01-01

    This paper studies the impact of legal institutions on stock returns. More specifically, we examine how differences in debt enforcement and creditor protection around the world affect stock returns of individual firms. We hypothesize that if legal institutions prevent shareholders from engaging in

  16. Return to Experience and Initial Wage Level

    DEFF Research Database (Denmark)

    Sørensen, Kenneth Lykke; Vejlin, Rune Majlund

    This paper estimates the relationship between initial wage and return to experience. We use a Mincer-like wage model to nonparametrically estimate this relationship allowing for an unobservable individual permanent effect in wages and unobservable individual return to experience. The relationship...

  17. Return to experience and initial wage level

    DEFF Research Database (Denmark)

    Sørensen, K.L.; Vejlin, R.

    2014-01-01

    This paper estimates the relationship between initial wage and return to experience. We use a Mincer-like wage model to non-parametrically estimate this relationship allowing for an unobservable individual permanent effect in wages and unobservable individual return to experience. The relationshi...

  18. Returnable containers: an example of reverse logistics

    NARCIS (Netherlands)

    L.G. Kroon (Leo); G.M.C. Vrijens

    1996-01-01

    textabstractConsiders the application of returnable containers as an example of reverse logistics. A returnable container is a type of secondary packaging that can be used several times in the same form, in contrast with traditional cardboard boxes. For this equipment to be used, a system for the

  19. Return to the workforce following infective endocarditis

    DEFF Research Database (Denmark)

    Butt, Jawad H.; Kragholm, Kristian; Dalager-Pedersen, Michael

    2018-01-01

    Background The ability to return to work after infective endocarditis (IE) holds important socioeconomic consequences for both patients and society, yet data on this issue are sparse. We examined return to the workforce and associated factors in IE patients of working age. Methods Using Danish...

  20. Husbands' return migration and wives' occupational choices

    NARCIS (Netherlands)

    Mahe, Clotilde

    2017-01-01

    Exploiting the documented effect of migration on occupational choice upon return to their origin country with data from Egypt, we establish a link between return migration of men and their wives' time use through within-couple occupational interdependence. Seemingly Unrelated Regression model