Quaker Business Ethics as MacIntyrean Tradition

Journal of Business Ethics - This paper argues that Quaker business ethics can be understood as a MacIntyrean tradition. To do so, it draws on three key MacIntyrean concepts: community,...     

Election predictions as martingales: an arbitrage approach

The more volatile the prediction the closer to an even call     

Gender wage gaps and economic crisis in Greece

ABSTRACT

We examine gender wage gap (GWG) in Greece for 2013, by using a survey data set. Our findings show first, that the unadjusted GWG is 15.3%, while European Commission reports a value of 15%. Secondly, we derive the ‘adjusted’ GWG, using the Oaxaca and Ransom (OR) and the Juhn, Murphy and Pierce (JMP) methods to be ranging from 10% to 13.6%. Thirdly, looking into the behaviour of the full population, we find a decreasing trend for the discrimination effects, an increasing trend for the residuals effects and a ‘random’ endowments effects while moving to higher deciles. These three effects are associated to the economic crisis 2008–2015. Fourthly, our findings do not show evidence of either a ‘glass ceiling’ effect or a ‘sticky floor’ effect. Finally, that there is strong evidence that investing in higher education reduces the wage discrimination between sexes.     

Challenges of Doing Business in Africa: A Systematic Review

ABSTRACT

This paper provides a systematic review of challenges to doing business in Africa. It complements the extant literature by answering two critical questions: what are the linkages between the ease of doing business and economic development; and what are the challenges to doing business in Africa? In providing answers to these questions, the nexus between the ease of doing business and economic development is discussed in six main strands, namely: wealth creation and sharing; opportunities of employment; balanced regional and economic development; Gross Domestic Product (GDP) and GDP per capita; standards of living and exports. Moreover, challenges to doing business are articulated along the following lines: (i) issues related to the cost of starting a business and doing business; (ii) shortage of energy and electricity; (iii) lack of access to finance; and (v) high taxes and low cross-border trade.     

When does economic model type become a decisive factor in health technology appraisals? Learning from the expanding treatment options for relapsing–remitting multiple sclerosis

Objectives: Specific economic model types often become de facto standard for health technology appraisal over time. Markov and discrete event simulation (DES) models were compared to investigate the impact of innovative modeling on the cost-effectiveness of disease-modifying therapies (DMTs) in relapsing–remitting multiple sclerosis (RRMS). Fingolimod was compared to dimethyl fumarate (DMF; in highly active [HA] RRMS), alemtuzumab (in HA RRMS) and natalizumab (in rapidly evolving severe RRMS). Comparator DMTs were chosen to reflect different dosing regimens.

Materials and methods: Markov and DES models used have been published previously. Inputs were aligned in all relevant respects, with differences in the modeling of event-triggered attributes, such as relapse-related retreatment, which is inherently difficult with a memoryless Markov approach. Outcomes were compared, with and without different attributes.

Results: All results used list prices. For fingolimod and DMF, incremental cost-effectiveness ratios (ICERs) were comparable (Markov: £4206/quality-adjusted life year [QALY] gained versus DES: £3910/QALY gained). Deviations were observed when long-term adverse events (AEs) were incorporated in the DES (Markov: £25,412 saved/QALY lost, versus DES: £34,209 saved/QALY lost, fingolimod versus natalizumab; higher ICERs indicate greater cost-effectiveness). For fingolimod versus alemtuzumab, when relapse-triggered retreatment was included in the DES, large cost differences were observed (difference between incremental cost is £35,410 and QALY is 0.10).

Limitations: UK payer perspective, therefore societal approach was not considered. Resource utilization and utilities for both models were not derived from the subpopulations; as the focus is on model type, input limitations that apply to both models are less relevant.

Conclusions: Whilst no model can fully represent a disease, a DES allows an opportunity to include features excluded in a Markov structure. A DES may be more suitable for modeling in RRMS for health technology assessment purposes given the complexity of some DMTs. This analysis highlights the capabilities of different model structures to model event-triggered attributes.     

From Socialist Subject to Capitalist Object: Industry Enclave Life Past and Present in Wuhan

There is no better place to explore the relationship of industry enclaves to urban life than China, where traditional danweis (work units) have coexisted with new foreign direct investment enclaves. Here we draw on original interviews with workers at Wuhan Iron and Steel Company (WISCO) and Foxconn in the city of Wuhan to examine industry enclaves old and new in terms of their spatial arrangement, work, institutions, and social life and identity. The article is one of the first to integrate urban and economic geographical perspectives on the subject of enclaves. It provides evidence of similarities and contrasts in the spatial arrangement of work, institutions, life and identity centred on industry enclaves old and new. These contrasts reflect wider relations between the state and the market and between social subject and commodified labour in China. In conclusion, we identify several research directions concerning the scale, diversity and reach of urban enclavism in China and beyond.     

Modeling the time varying volatility of housing returns: Further evidence from the U.S. metropolitan condominium markets

This study extends the literature on modeling the volatility of housing returns to the case of condominium returns for five major U.S. metropolitan areas (Boston, Chicago, Los Angeles, New York, and San Francisco). Through the estimation of ARMA models for the respective condominium returns, we find volatility clustering of the residuals. The results from an ARMA‐TGARCH‐M model reveal the absence of asymmetry in the conditional variance. Dummy variables associated with the housing market collapse unique to each metropolitan area were statistically insignificant in the conditional variance equation, but negative and statistically significant in the mean equation. Condominium markets in Los Angeles and San Francisco exhibit the greatest persistence to volatility shocks.     

Why Do Property‐Liability Insurers Destroy Liquidity? Evidence from South Africa

This paper examines liquidity creation behaviour in the property‐liability insurance market in South Africa. Using annual data on 76 insurers from 2007 to 2014, the paper employs the three‐stage approach to estimate liquidity creation. The results suggest that property‐liability insurers are characterised by liquidity destruction by transforming liquid assets in cash and investable securities into illiquid reserves liabilities. The findings also indicate that the R1.32 billion in liquid assets were transformed into illiquid reserves liabilities in 2014, an increase from the R700 million liquidity de‐created in 2007. The increases were mainly driven by large insurers which accounted for about 70% liquidity de‐created. The results of panel regression analysis provide evidence in support of the “risk‐absorption” hypothesis which argues that high levels of capital increases liquidity creation. In addition, size, leverage and reinsurance were also identified as the firm‐level factors that explain liquidity creation. The policy implications of the findings are discussed.