Prostate cancer: a review of common underwriting problems, Part 1

Part 1 of a two-part discussion of Prostate Cancer from an underwriting perspective, covers the epidemiology and screening for prostate cancer. Included is a "Primer on Screening Tests" that discusses problems with digital rectal exam (DRE) and prostate specific antigen (PSA) as screening tests. Approaches to enhancing the use of PSA for screening including age and race specific ranging, PSA density, PSA velocity, free PSA, and complexed PSA are discussed. Arguments for and against the use of PSA for prostate cancer are presented. The widespread use of PSA testing in the insurance setting is contrasted with cautious statements concerning general use of PSA in the clinical preventive care setting. In a future issue, Part 2 will cover staging and follow-up of treated prostate cancer.     

工矿企业设备租赁与购买的经济分析与决策选择

现代化的生产活动中,技术更新占据着非常重要的地位,利用最新设备和技术去更新现有的陈旧设备和技术是工矿企业不断提高生产效率的必经途径;但是,对于只是短期使用或者本身将面临重大革新的设备和技术,在引进时就需要在租赁与购买之间做出决策.在这个过程中最难以解决的一个问题就是:如何准确地比较租赁成本与购买成本,以及选择其中成本较少、收益较大的方案.利用技术经济学中的设备经济理论,并将其与企业实际情况相结合,就可以提供一种很好的解决方法.     

Geographic dissemination of information

Urban companies are located near millions more potential investors and sophisticated money managers than non-urban companies. More investors are familiar with urban companies and have access to informal information about them. The stock of urban companies is also more liquid than the stock of non-urban companies. We hypothesize that these factors lead information to be spread from urban companies to other companies. Urban stock returns lead rural/small city stock returns even controlling for size, industry, and analyst coverage. Closer examination of the lead–lag relation reveals that urgent trades, which are likely to reflect short-lived information, are much more common for urban firms. Information appears to be uncovered through informal means more easily available to people physically near a company. We discuss the corporate finance implications of our findings.     

Block Share Purchases and Corporate Performance

This paper investigates the causes and consequences of activist block share purchases in the 1980s. We find that activist investors were most likely to purchase large blocks of shares in highly diversified firms with poor profitability. Activists were not less likely to purchase blocks in firms with shark repellents and employee stock ownership plans. Activist block purchases were followed by increases in asset divestitures, decreases in mergers and acquisitions, and abnormal share price appreciation. Industry-adjusted operating profitability also rose. This evidence supports the view that the market for partial corporate control plays an important role in limiting agency costs in U.S. corporations.     

Best–Worst Scaling Approach to Predict Customer Choice for 3PL Services

This study describes a simple, theoretically based methodology to analyze the nature of customer demand for third‐party logistics provider service components. The method overcomes limitations in prior studies and enables us to examine the relative importance of product and service attributes as they pertain to the choice of third‐party logistics providers. Two distinct types of customers populate our data: those professing operational attributes and those seeking relational attributes. The theoretical and practical implications are that improved supply chain models can be developed when separate demand structures are taken into account.     

Escalating penalties for repeat offenders: a note on the role of information

The severity of the sanction for a given offense is often determined by the offense history of the offender. We establish that this policy can be welfare-maximizing if individuals are imperfectly informed about the magnitude of the sanction. Imperfect information distorts individuals’ perception of the expected sanction of the first offense. Once detected, individuals learn about the sanction applicable to their act, making this argument less relevant for consecutive offenses.      

Nature conservation for future sustainable shorelines: Lessons from seeking to involve the public

The soft coastline of eastern England is dynamic, with much of it subject to the risk of erosion or flooding. A number of internationally important coastal nature conservation sites are under threat. This paper explores the character and reasoning behind changing coastal management policies and governance practices in England. It reveals how Natural England is tackling these changes, notably with regard to establishing reconstituted nature conservation sites and re-designed coastlines. Such an approach requires the close involvement of policy leaders, agency officers, local maritime authorities and local residents. This paper explains how participatory processes play a critical role in the design of new coastlines that are ecologically and geomorphologically sustainable yet enable local communities to survive and flourish. A case study involving a visioning exercise at Winterton-on-Sea in Norfolk, UK, highlights the many practical difficulties around planning for the uncertain future of internationally important nature conservation sites, and local economies and communities. Future moves toward sustainable coastal alignments will have to involve a wide mix of public and civic bodies, as well as local communities, and will be underpinned by risk-based planning and well-researched adaptation and relocation arrangements.     

A reduced form framework for modeling volatility of speculative prices based on realized variation measures

Building on realized variance and bipower variation measures constructed from high-frequency financial prices, we propose a simple reduced form framework for effectively incorporating intraday data into the modeling of daily return volatility. We decompose the total daily return variability into the continuous sample path variance, the variation arising from discontinuous jumps that occur during the trading day, as well as the overnight return variance. Our empirical results, based on long samples of high-frequency equity and bond futures returns, suggest that the dynamic dependencies in the daily continuous sample path variability are well described by an approximate long-memory HAR–GARCH model, while the overnight returns may be modeled by an augmented GARCH type structure. The dynamic dependencies in the non-parametrically identified significant jumps appear to be well described by the combination of an ACH model for the time-varying jump intensities coupled with a relatively simple log-linear structure for the jump sizes. Finally, we discuss how the resulting reduced form model structure for each of the three components may be used in the construction of out-of-sample forecasts for the total return volatility.