Do Japanese candlesticks help solve the trader’s dilemma?

In this paper, we investigate whether Japanese candlesticks can help traders to find the best trade-off between market timing and market impact costs. Based on fixed-effect panel regressions on a sample of 81 European stocks, we show that implicit transaction costs are better characterized by using specific Japanese candlesticks patterns. Although market timing costs are not lower when Hammer-like and Doji configurations occur, market impact costs are significantly lower when and after a Doji structure occurs. We further check the potential gains through order submission simulations and find that submission strategies based on the occurrence of Doji result in significantly lower market impact cost than random submission strategies. These findings are of great interest for investors who look for occasional liquidity pools to execute their orders inexpensively such as institutional traders or hedgers.     

Fama's Ratio and the Effect of Operating Leverage on the Cost of Capital Under CAPM

The firm's operating leverage is its ratio of fixed to variable costs. It is widely understood that production settings with higher fixed costs and lower variable costs are high risk. Well-rehearsed CAPM arguments show how the firm's beta and cost of capital is higher when its proportion of fixed costs is higher. Importantly, that generalization holds under CAPM if expected total costs are constant and merely re-apportioned between fixed and variable, but does not hold if expected total costs change. In actual business contexts, higher fixed costs are intended to bring lower unit variable costs and often lower expected total costs. Allowing for such efficiency gains, the firm's risk-adjusted cost of capital might typically fall despite the higher operating leverage. Formal proof follows directly from the payoffs or ‘certainty equivalent’ expression of CAPM. The CAPM insights and new CAPM equations brought to light in this proof are surprising and useful.     

The determinants of banking efficiency in Hong Kong 2004-2014

The cost efficiency of the Hong Kong Banking sector over the period 2004–2014 is estimated by data envelopment window analysis. A second stage regression analysis finds that bank size and GDP growth are positively associated with efficiency, whereas revenue diversification and inflation are associated with lower efficiency. Stock exchange listing status is associated with lower efficiency but no clear relationship between measures of market structure and efficiency is found.     

Point of adoption and beyond. Initial trust and mobile-payment continuation intention

Initial trust represents the trust that develops upon first use of a product. It is built on the basis of the net effect of factors that stimulate as well as inhibit it. Future transactions require less consumer effort after initial-trust formation. Despite being recognized as an important factor affecting the adoption of innovations, initial trust has been not been greatly explored by prior scholars. The present study remedies this gap by invoking the information systems success (ISS) model, transaction cost economics (TCE) theory, and the IT continuance model to propose a two-step framework that includes the antecedents of a pre-adoption factor, such as initial trust, and post-adoption factors, such as confirmation, perceived usefulness, satisfaction, and continuation intention toward mobile-based payments. Cross-sectional data of 954 first-time mobile-wallet users are analyzed to test the framework. The study findings suggest that information and service quality positively influence initial trust, which, in turn, has a positive association with confirmation and perceived usefulness. Results also reveal a positive relationship between perceived usefulness and continuation intention. These results pave the way for making useful recommendations for future researchers. The study also discusses various inferences that can improve managerial efficacy in promoting the use of mobile-based payment methods.     

Cost-effectiveness analysis of tissue plasminogen activator in acute ischemic stroke in Iran

Aims: Tissue plasminogen activator (tPA) is used to treat acute ischemic stroke up to 4.5?h after symptom onset. Its cost-effectiveness in developing countries is not specified yet. This study aimed to study cost-effectiveness of tPA in Iran.

Methods: This is a cost-effectiveness analysis from the perspective of the third party payer to compare IV tPA with no tPA of ischemic stroke. A Markov model with a lifetime horizon was used to analyze the costs and outcomes. Cost data were extracted from the 94 patients admitted in two hospitals in Iran. All costs were calculated based on US dollars in 2016. Quality-adjusted life years (QALY) were extracted from previously published literature. Cost-effectiveness was determined by calculating ICER by TreeAge Pro 2011 software.

Results: Lifetime costs of no tPA strategy were higher than tPA ($10,718 in the no tPA group compared with $8,796 in the tPA group). The tPA arm gained 0.20 QALY compared with no tPA. ICER was $8,471 per QALY. ICER value suggests that tPA is cost-effective compared with no tPA.

Limitations: The limitations of the present study are the reliance on calculated QALY value of other countries and difficulty in accessing patients treated with tPA.

Conclusions: The balance of hospitalization and rehabilitation costs and QALYs support the conclusion that treatment with intravenous tPA in the 4.5-h time window is cost-effective from the perspectives of the third party payer and inclusion of tPA in the insurance benefit package being reasonable.     

公众参与公共投资建设项目决策的决策成本分析

公众参与公共投资建设项目决策将在一定程度上改变公共投资建设项目传统的决策模式和相关程序,导致公共投资建设项目决策成本增加,这也成为国内公众参与公共投资建设项目决策受到诸多限制的重要原因之一。基于公共投资建设项目决策成本的角度,分析了在公众参与的前提下公共投资建设项目决策成本的主要构成要素及相互关系,阐述了影响公众参与公共投资建设项目决策的决策成本因素,并提出了相应的决策成本控制措施。     

欧盟重大科技项目的经费管理模式及其启示

较为系统地介绍了欧盟在实施科技框架计划过程中重大科技项目的经费管理模式;具体介绍了欧盟对重大科技项目经费资助的原则和形式,可补偿成本及其确定,项目经费的拨付与担保金制度,对项目的财务审计与控制机制。在此基础上得出了对我国重大科技项目管理的几点启示。     

货币流通速度的再认识——对我国1992-2008年交易流通速度的分析

本文考察了我国1992—2008年期间交易流通速度的变动特征。研究发现,我国交易流通速度的波动具有较明显的顺周期特征,且2000年以后,交易流通速度与收入流通速度的同步波动性消失,二者出现发散趋势。对于交易流通速度的分析可以更好地指示货币需求的变化,为我国货币供给规划以及货币政策的实施提供参照。     

分立的治理结构选择——2009年诺贝尔经济学奖获得者奥利弗·E·威廉姆森思想述评

威廉姆森因为对企业边界确定及治理结构方面的杰出贡献而获得2009年诺贝尔经济学奖。本文按照理论的发展脉络与逻辑关系,从交易费用或企业边界决定因素、比较组织的治理结构分析方法以及治理经济学框架三个方面,对威廉姆森在交易、契约与治理结构等方面的理论贡献进行了总结和概括。