Dynamic redistribution of mitigation resources during influenza pandemics

The Institute of Medicine (IOM) has pointed out that the existing pandemic mitigation models lack the dynamic decision support capability. In this paper, we present a simulation optimization model to generate dynamic strategies for distribution of limited mitigation resources, such as vaccines and antivirals, over a network of regional outbreaks. The model has the capability to redistribute the resources remaining from previous allocations in response to changes in the pandemic progress. The model strives to minimize the impact of ongoing outbreaks and the expected impact of potential outbreaks, considering measures of morbidity, mortality, and social distancing, translated into the societal and economic costs of lost productivity and medical services. The model is implemented on a simulated H5N1 outbreak involving four counties in the state of Florida, U.S. with over four million inhabitants. The performance of our strategy is compared to that of a myopic distribution strategy. Sensitivity analysis is performed to assess the impact of variability of some critical factors on policy performance. The methodology is intended to support public health policy on effective distribution of limited mitigation resources.     

What factors influence buying center brand sensitivity?

Building on information processing theory (IPT), this empirical study investigates the factors that drive a buying center's level of sensitivity to brand information. The authors propose that buying center brand sensitivity is related in a curvilinear fashion with purchase importance and purchase complexity, and that these relationships are moderated by several environmental, firm, and product factors. Data provided by 273 organizational buying center members confirm the presence of an inverse U-shaped relationship between purchase importance and brand sensitivity, strengthened in conditions of high brand presence and high end-customer demand. Purchase complexity and brand sensitivity appear to relate in a U-shaped fashion but only in light of the moderating effects of product tangibility. The relationship between purchase complexity and brand sensitivity appears stronger when buying firms are small and have prior contractual ties with their selling partners. These results offer guidance to managers concerning when business-to-business (B2B) brand investments are likely to offer their greatest return.     

Prospects for food security in the 21st Century: with special emphasis on Africa

Food security for the world in 2025 is possible and probable if the right set of things are done, starting now. But the task will not be easy. It is both a technology and a political/economic challenge. The challenge for sub-Saharan Africa is even greater. While other regions improved per capita food availability over the last 30 years, Africa's availability declined. But food security is about more than supply. It is also about access which means income generating employment is critical. Meeting future requirements in Africa and the world will require sustainable intensification of complex production systems, appropriate national and international policies and continued investments in agricultural research. Without these conditions and increased employment intensive growth, prospects for the future are less bright.     

Would a stock by any other ticker smell as sweet?

Some stocks have meaningful ticker symbols; for example, LUV (Southwest Airlines), MOO (United Stockyards), and GEEK (Internet America). Such tickers might be a useful signal of the company's creativity, a memorable marker that appeals to investors, or a warning that the company feels it must resort to gimmicks to attract investors. This paper investigates the performance of stocks with memorable ticker symbols during the years 1984–2005 and finds that, on average, their daily returns are higher than for the overall market.     

Intraday behavior of market depth in a competitive dealer market: A note

This study is the first to examine the intraday behavior of quoted depth in a competitive dealer market. In sharp contrast to previous research that focuses on specialist markets, quoted depth is lowest at the open of trading, plateaus around the middle of the day, and then dramatically increases in the final hours of trading, peaking at the close. This peak in quoted depth coincides with a narrowing in bid‐ask spreads, and is contrary to intraday patterns documented for specialist markets. The authors conclude that the increase in depth and narrowing of bid‐ask spreads at the close is driven by dealers rebalancing inventories to achieve target inventory levels in a competitive market. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:294–307, 2008     

Determinants of state equity ownership,and its effect on value/performance: China's privatized firms

Evidence on the relationship between state ownership and performance in China's privatized firms is convex, concave and linear. Hence, the nature of this relationship is not resolved. This study examines this relationship for a larger, more recent sample of 4315 firm year observations of privatized Chinese firms during 1996–2003. Results support the hypothesis of a convex relationship between state ownership and performance showing benefits from strong privatization and state control. Not only is ownership structure found to affect performance, but also ownership concentration and balance of power jointly affect performance. Chinese firms with mixed control show significantly poorer performance than state or private controlled firms affirming the problem of ambiguity of ownership control, property rights, agency issues, profits and welfare objectives. New determinants of state ownership in China's firms are strategic importance, legal ownership, profitability, and market performance. Privatization benefits because there is a causal relation between ownership and performance.     

The Relationship between Fair Value,Market Value,and Efficient Markets*

This paper proposes that an assumption of reasonable market efficiency is at the essence of the relevance of fair value for financial reporting purposes. The paper's examination of this proposal begins with a review of recent academic literature on market efficiency, and on evidence of inefficiencies and their implications for the ability of the efficient market hypothesis to explain what market prices represent. It concludes that there is wide acceptance in this literature that a reasonable level of efficiency can generally be presumed to exist in active, well‐regulated capital markets. The paper examines the essential attributes of a reasonably efficient market for fair value measurement purposes, and some basic implications for its reliable estimation. This is done in comparison with the provisions of the fair value measurement standard of the Financial Accounting Standards Board (FASB) (Statement of Financial Accounting Standards [SFAS] No. 157). It is concluded that the concept of reasonable market efficiency could provide a sound conceptual framework for defining fair value that is founded in real, observable market prices. It is demonstrated that, in contrast, SFAS No. 157 does not provide a clear, unequivocal concept of fair value, and that it permits estimates of fair value that have no demonstrable basis in real, observable market prices. Nevertheless, it appears that arguments typically put forward by the International Accounting Standards Board and the FASB for the relevance of fair value for financial reporting purposes do imply a presumption of reasonably efficient markets.     

LEARNING TO WALK BEFORE WE CAN PRICE: THE COSTS AND BENEFITS OF ROAD PRICING POLICIES

The introduction of widespread road pricing is being considered in the UK and abroad as a means to allocate scarce road space. By looking at the economic costs and benefits of both national and local road pricing schemes, this paper seeks to examine how widely charging should be implemented.