Intraday effect of news on emerging European forex markets: An event study analysis

We analyze the impact of euro zone/German and U.S. macroeconomic news announcements and the communication of the monetary policy settings of the ECB and the Fed on the forex markets of new EU members. We employ an event study methodology to analyze intraday data from 2011–2015. Our comprehensive analysis of the wide variety of macroeconomic information during the post-GFC period shows that: (i) macroeconomic announcements affect the value of the new EU country exchange rates, (ii) the origin of the announcement matters, (iii) the type of announcement matters, (iv) different types of news (good, bad or neutral) result in different reactions, (v) markets react not only after the news release but also before, (vi) when the U.S. dollar is the base currency the impact of the news is larger than in the case of the euro, (vii) announcements on ECB monetary policy result in stronger effects than those of the Fed, (viii) temporary inefficiencies are present in new EU country forex markets, (ix) new EU country exchange rates react differently to positive US news during the EU debt crisis compared to the rest of the period.     

不患寡而患不均*——相对生活水平对居民心理健康的影响

幸福感是人们生活质量的重要方面，关乎个人和社会的稳定和发展。然而，最近几十年中国经济持续增长但居民主观幸福感却在下降，与此同时，精神疾病患病率和自杀率不断攀升。本文利用2013年CHARLS数据，以五种不同人群作为参照系，从抑郁症状(CES-D)角度实证考察相对生活水平对中国居民心理健康的影响。工具变量模型显示:第一，相对生活水平对中国居民的心理健康具有显著影响。不同参照系的影响存在明显差异，以同事和同学为参照的相对生活水平对心理健康的影响最大，以本县（市、区）人们为参照的影响最小。第二，生活水平的相对效应存在非对称性，相对生活水平较低引起的心理问题加重的程度明显大于相对生活水平较高带来的心理健康的改善幅度。第三，相比于高收入人群，低收入人群的心理健康更容易受到他人的影响。本文的研究结果较好地反映了当前社会“不患寡而患不均”的状况。因此，缩小收入差距的措施对改善居民的心理健康具有外溢效应。     

Models Predicting Financial Distress Applied to Specific Insolvency Cases

International Advances in Economic Research -     

Patients’ preferences for the treatment of anxiety and depressive disorders: a systematic review of discrete choice experiments

Abstract

Introduction: Matching available mental health services to patients’ preferences, as well as is possible, may increase patient satisfaction and help increase adherence to certain treatments. This study systematically reviewed discrete-choice experiments (DCEs) on patients’ preferences for treatment of depressive and anxiety disorders and assessed the relative importance of outcome, process and cost attributes to improve the current and future treatment situations.

Methods: A systematic literature review using PubMed, EMBASE and PsychInfo was conducted to retrieve all relevant DCEs published up to 15 April 2019, eliciting patient preferences for treatment of depressive and anxiety disorders. Data were extracted using an extraction sheet, and attributes were classified into outcome, process and cost attributes. The relative importance of each attribute category was then assessed, and studies were evaluated according to their reporting quality, using validated checklists.

Results: A total of 11 studies were identified for qualitative analysis. All studies received an aggregate score of 4 on the five-point PREFS checklist (Purpose, Respondents, Explanation, Findings and Significance). Most attributes were outcome related (52%), followed by process (42%) and cost (6%) attributes. Comparing the attribute categories and summing up the relative importance weights for each category within the studies, process attributes were ranked as most important, followed by cost and outcome attributes.

Conclusions: In this systematic review, heterogeneous results were observed regarding the inclusion and framing of different attributes across studies. Overall, patients considered process and cost attributes to be more important than outcome attributes. Outcomes and process are important for patients, and thus clinicians should be particularly aware of this and take patients’ preferences into account, although the attribute importance may depend on chosen attributes and related levels.     

The effect of ethical leadership on purchasers’ unethical behavior in China: The moderating role of ethical ideology

This paper examines the role of ethical leadership in managing purchasing agents’ unethical practices. By focusing on the manager-purchasing agent relationship within a firm's purchasing function, we investigate the effect of the manager's ethical leadership on purchasing agents’ unethical behaviors, and explore the moderating role of purchasing agents’ ethical ideology in this relationship. Our scenario-based experiment and survey-based empirical study show that a manager's ethical leadership in a purchasing team plays a critical role in reducing purchasing agents’ unethical behaviors. More importantly, the results reveal that the negative impact of ethical leadership on unethical behaviors is strengthened when the level of purchasing agents’ idealism or relativism is high. In addition, we found that ethical leadership has the strongest negative effect on the unethical behavior of purchasing agents when the agents have high levels of both idealism and relativism.     

On the Sources of the Feldstein–Horioka Puzzle across Time and Frequencies

This study quantitatively assesses existing explanations for the Feldstein–Horioka puzzle using time–frequency domain analyses for nine countries for the period 1885–2010. The main findings are summarized as follows. First, large economies (e.g. the United States, Italy) show higher correlations between saving and investment than middle‐sized and small countries do. Second, countries can be grouped into two time‐changing patterns of correlations: inverted U‐shaped and increasing patterns. Third, the fiscal balance seems most related to a positive saving‐investment correlation in many countries. Fourth, a global common factor plays an important role in explaining the Feldstein–Horioka puzzle.     

FDI spillovers and firm productivity during crisis: Empirical evidence from transition economies

Most studies on foreign direct investment (FDI) are nested within periods of economic prosperity. Our study investigates the impact of FDI spillovers on productivity during the global financial crisis (2006–2014) and the accompanying credit shortage. A dynamic panel analysis of firm-level data from two neighbouring but distinct transition economies, Croatia and Slovenia, reveals that the impact of the crisis may go as far as halting the process of learning through spillovers if firms have difficulties in accessing external funds. The implications of the study may prove particularly beneficial to policy makers grappling with the economic crisis following the COVID-19 pandemic.     

Satisfaction as a determinant of tourist expenditure

The main aim of this study is to analyse the influence of tourist satisfaction with the tourism offering on tourist expenditure in the destination. Quantitative analysis is based on 523 self-administered questionnaires collected from tourists visiting Rijeka and the Opatija Riviera (Croatia) during the summer of 2014. Principal component analysis was conducted on 22 elements of the offering in order to reduce the dimensionality of satisfaction with the tourism offering, resulting in four dimensions of satisfaction. Regression analysis was conducted with the log of daily expenditure as a dependent variable. The results revealed that only one satisfaction dimension (related to the diversity of facilities) out of the four proved to be a significant predictor of tourist expenditure in the destination. The study also confirms that family income, type of accommodation, past behaviour and length of stay significantly influence daily expenditure.