Autoimmune hepatitis

Autoimmune hepatitis is an uncommon disease causing chronic inflammation of the liver and associated with various circulating autoantibodies. It shares some characteristics with other autoimmune liver diseases, such as primary biliary cirrhosis and sclerosing cholangitis. There has been confusion in past years regarding this entity, but there are now recognized diagnostic criteria by which to make a proper diagnosis. The disease is usually treatable with steroids. Certain proportions of treated patients become cured, although relapse is a problem often requiring chronic administration of steroid therapy. The expected mortality is close to normal in individuals who are cured or have only mild disease.     

Pulmonary flow loop

Pulmonary flow loops display characteristic patterns and give clues to the underlying pathology of airway or parenchymal lung disease.     

Assessing impairment and disability for syndromes presenting with chronic fatigue

Many disability claims are based on the subjective symptom of fatigue, which can be caused by a wide spectrum of diagnoses including fibromyalgia, chronic fatigue syndrome and cardiopulmonary diseases. Chronic pain is very often a compounding problem. It is vital for every insurer to have fair and objective criteria to distinguish between invalid claims and those with merit. This review article proposes objective tools and parameters to achieve this goal.     

建立在校学生医疗保障体系的思考

根据不同教育阶段在校学生群体的医疗保障现状和疾病谱,应建立与社会经济发展水平相适应的“低水平、广覆盖”的医疗保障新模式,以国家和个人合理共担的筹资缴费模式,实现在校学生基本医疗保险制度的全面覆盖,提高基金共济能力和抗疾病风险能力,切实化解在校学生的疾病医疗风险,并通过医疗费用支出水平分析评估基金风险,确保基金稳健运行。在校学生医疗保障新模式可满足在校学生基本医疗需求,实现基金节余和持续发展,而且对和谐社会构建具有重要的现实意义。     

Particulate matter air pollution control programs in Japan — an analysis of health risks in the absence of future remediation

The objective of this case study was to assess potential health risks and productivity loss in the absence of future additional environmental control of particulate matter (PM) in Japan. Assuming a 10% decline in PM, the estimates of the numbers of possible cases of premature mortality and morbidity that could be prevented in the year 2010 were (1) 8700 long term deaths, (2) 12,000 cases of chronic bronchitis, (3) 24,000 cases of cardiovascular disease, (4) 10,000 cases of pneumonia, (5) 18,000 asthma attacks, and (6) 12,000 cases of acute bronchitis during a one year period. The best estimate of medical costs plus lost productivity in adults and children was $56 billion USD. When compared to a separately derived estimate of $31 billion USD in avoided pollution control costs, the health risk to no‐control benefit ratio of 1.8 suggests that additional future pollution control policies would successfully prevent a large expense to the society in medical care and lost productivity while imposing a lesser cost to the private sector in control equipment, to government in oversight expenses and to society in opportunity costs.     

网络沟通对股票市场的影响--基于投资者有限关注视角的研究

本文通过雪球网数据构建投资者网络沟通质量指标,并结合分析师预测特色数据,实证检验投资者网络沟通行为对股价同步性及特质性波动的影响。研究发现:网络沟通与股价同步性之间呈U形非线性关系,而与股价的特质性波动呈正相关;分析师预测特色数据通过投资者网络沟通行为进入股票市场,其中网络沟通质量与分析师乐观度的交互项同股价同步性呈负相关,而与股票特质性波动呈正相关。进一步细分市场发现,投资者网络沟通在牛市和熊市中对于股价同步性及特质性波动的影响是非对称的。     

共克时艰 守望相助 交通银行全力助阵金融防疫保卫战

侯维栋:没有一个冬天不会过去,没有一个春天不会来临。眼下,刺骨的寒风已逐渐偃旗息鼓,早春时节的新芽已日益蓬勃萌发,疫情防控向好的态势正渐渐清晰。在党中央国务院的带领下,在人民银行、银保监会等监管部门的指导下,我们有信心、有决心打赢疫情防控阻击战,打好金融防疫保卫战。交行将继续在金融支持疫情防控、复工复产方面加大支持力度,不获全胜,决不收兵。     

Benefits analysis of particulate matter control programs – a case study of Tokyo

The objective of this case study was to assess economic benefits of past environmental policies of particulate matter (PM) in Tokyo by comparing observed pre‐control PM levels in 1975 and post‐control levels in 1998. The point estimates of the numbers of additional cases of avoided premature mortality and morbidity due to PM pollution control were (1) 3900 long‐term deaths in adults aged 30 years and older (population 5?098?000), (2) 4700 cases of chronic bronchitis in adults aged 30 years and older, (3) 7800 cases of in‐patient cardiovascular disease in adults aged 65 and older (population 1?281?942), (4) 3100 cases of in‐patient pneumonia in adults aged 65 and older, (5) 2500 cases of in‐patient chronic obstructive pulmonary disease in adults aged 65 and older, (6) 390?000 asthma attacks in asthmatics (population 450?000), and (7) 4500 cases of acute bronchitis in children aged 8–12 (population 300?300) during a one‐year period. The point estimate of medical costs in adults and children plus the cost of lost wages was a purchasing power parity‐adjusted $38 billion USD. Overall these results appear more likely to be underestimates than overestimates due to several unquantified benefits. The calculations of avoided health and productivity impacts suggest that pollution control policies successfully prevented a large expense to the society in extra medical care and lost work time.     

论高校特色专业对大学生就业的影响

建设高校特色专业是提高人才培养质量,面向社会需求优化专业结构重要举措。本文通过分析我国特色专业建设及大学生就业情况,发现近年来,高校特色专业毕业生在就业方面仍然存在较大差异。一些专用技术性较强的和特色非常鲜明的工科特色专业毕业生就业情况较好,而一些特色不够突出的或同类化的特色专业毕业生就业仍然不容乐观。     

How is illiquidity priced in the Chinese stock market?

This study investigates the liquidity premium in the Chinese stock market. We found that the expected stock returns increase monotonically with the quintile sort on characteristic liquidity with descending patterns. The characteristic liquidity premium ranges from 0.82% to 1.28% per month, which is much higher than that of their US counterparts. Moreover, our multivariate decomposition approach highlights that characteristic illiquidity premiums can be explained mainly by size, idiosyncratic volatility and momentum. The net systematic liquidity premium reaches 0.84% per month, driven mainly by commonality beta. The finding shows that a liquidity-based strategy forecasts cross-section and time-series expected returns.     

应对突发公共卫生事件的税收政策探讨

近年来国内外突发公共卫生事件发生频率增加,其对经济造成的负面影响不容小觑。税收政策是国家治理和宏观调控的重要工具,对中国这样一个拥有超大规模市场的巨型经济体,建立和完善应对突发公共卫生事件的税收政策体系,发挥其在疫情防控及经济恢复中的保障作用,不仅很有必要,而且对完善国家治理体系现代化具有深远意义。基于此,本文以新冠肺炎疫情为背景,运用相关理论阐述了税收政策应对突发公共卫生事件的必要性,对现有相关应对疫情的税收政策进行系统梳理,提出完善我国突发公共卫生事件的税收政策建议。     

货币市场结构合理性的判断标准

本以发达国家货币市场的发展历程为考察对象，分别从要素角度和功能角度探讨了一个合理的货币市场结构所具有的特征，提出种类丰富的市场交易工具、多元化的市场交易主体、平稳而联动的市场交易价格是一个合理的货币市场结构所具有的表象特征；而货币市场功能的充分发挥则是一个合理的货币市场结构所具有的本质特征。     

Marfan syndrome: literature review of mortality studies

Marfan syndrome is an autosomal dominant heritable disorder of fibrous connective tissue due to mutation in the fibrillin-1 gene, located on chromosome 15. Early mortality from Marfan syndrome results from aortic dilatation. The medical literature contains long-term follow-up series of patients with Marfan syndrome accrued at major medical centers that address overall survival following surgical intervention, and prognosis in relation to certain risk factors such as family history and aortic root diameter. Mortality analyses based on these data are presented in this paper. Advances in surgical and medical therapy have improved mortality of affected individuals over the past 2-3 decades. However, significant mortality occurs, peaking in the third and fourth decades of life. Although surgery is successful treatment of aortic dissection, one cannot conclude that surgical repair confers a mortality advantage. Emergency surgery and history of aortic complications in first-degree relatives are associated with a higher mortality. Chronic beta-blocker therapy may slow the rate of aortic dilatation and may be associated with more favorable prognosis. Clinical research evaluating beta-blockade, echo assessment of the aortic root diameter progression, and gene mutation analysis may provide tools useful for future morality assessments.     

Sensitivity of willingness to pay to the magnitude of risk reduction: a Taiwan­United States comparison

Estimates of willingness to pay (WTP) for health, environmental, and other goods obtained using contingent valuation (CV) have been criticized as inadequately sensitive to the scope or magnitude of the good. We investigate the sensitivity of WTP to variation in the magnitude of reductions in health risk using survey data collected in two countries, Taiwan and the United States, that differ dramatically with respect to economic development and cultural background. WTP is elicited for reductions in acute risks associated with food poisoning and blood transfusion, and for reductions in the chronic risk of pneumonia at advanced ages. Results are similar in the two countries and provide little evidence that CV-based estimates are sufficiently sensitive to the magnitude of the risk reduction. Inadequate sensitivity of estimated WTP to the magnitude of risk reduction suggests that improved methods are required for estimating consumers' rates of substitution between health risk and other goods.     

房价波动中商业银行住房抵押贷款风险控制研究

随着我国房地产市场环境的变化,银行房地产贷款的风险也在不断变化。本文具体分析了房地产的特性及其价格影响因素、现阶段我国房地产业的困境、房价调整与银行贷款风险关系的特点,并对银行的风险管理提出相应建议。     

On the valuation of fader and discrete barrier options in Heston's stochastic volatility model

We focus on closed-form option pricing in Heston's stochastic volatility model, where closed-form formulas exist only for a few option types. Most of these closed-form solutions are constructed from characteristic functions. We follow this closed-form approach and derive multivariate characteristic functions depending on at least two spot values for different points in time. The derived characteristic functions are used as building blocks to set up (semi-) analytical pricing formulas for exotic options with payoffs depending on finitely many spot values such as fader options and discretely monitored barrier options. We compare our result with different numerical methods and examine the computational accuracy.     

能力本位教学模式的显性价值——民族高等院校预科教育教学探索

提升优化民族地区高等教育形式与质量的内在活动中,民族预科教育得到新的发展。预科教育是民族高等教育的特殊层次。按照特色教育办出特色的原则,本文试图就民族预科教育中能力本位教学、人文环境隐性教学、目标与学生特点教学做一实践性的论述。是为民族预科教育教学研究、培养模式及民族高等人才的教育管理方面,提供具体方案。     

拓展“非接触式”办税缴费服务的思考--以泉州市税务局为例

"非接触式"办税缴费服务,是当前新冠肺炎疫情防控关键期税务部门落实全力做好疫情防控和优化纳税服务的必要手段,也是落实好党中央、国务院深化"放管服"改革,优化税收营商环境的现实要求,更是税收治理现代化的重要内容。本文在总结分析国家税务总局泉州市税务局针对"非接触式"办税缴费服务开展的问卷调查结果的基础上,深入探讨"非接触式"办税缴费服务的现状和业务需求点,并从自然人端、企业法人端和税务端三个方面对拓展"非接触式"办税缴费服务提出了设想。     

Market heterogeneities and the causal structure of volatility

Abstract

The correlation between historical and realized volatilities is studied empirically for a large range of time intervals. Similarly, the correlation between the volatility changes and the realized volatilities is studied. Both quantities measure the response functions of the market participants. These correlations show explicitly the heterogeneous structure of the market according to the characteristic time horizons of the different agents. It reveals a volatility cascade from long to short time horizons, with a structure different from the one observed in turbulence. A comparison is made with several theoretical processes used in finance, allowing a better understanding of the role and interactions of the market participants (intra-day trader, portfolio manager, central banks, pension funds, …). Moreover, we have developed a new ARCH-type process that incorporates the different groups of agents, with their characteristic memories. This process reproduces well the empirical response function, and allows us to quantify the importance of each group.     

Testing for monotonicity in expected asset returns

Many postulated relations in finance imply that expected asset returns strictly increase in an underlying characteristic. To examine the validity of such a claim, one needs to take the entire range of the characteristic into account, as is done in the recent proposal of Patton and Timmermann (2010). But their test is only a test for the direction of monotonicity, since it requires the relation to be monotonic from the outset: either weakly decreasing under the null or strictly increasing under the alternative. When the relation is non-monotonic or weakly increasing, the test can break down and falsely ‘establish’ a strictly increasing relation with high probability. We offer some alternative tests that do not share this problem. The behavior of the various tests is illustrated via Monte Carlo studies. We also present empirical applications to real data.