A note on the implied volatility of floating strike Asian options

Decisions in Economics and Finance - In this paper, we study the short-time behavior of the implied volatility for short-time floating strike Asian options. Our method is based on Malliavin...     

Saving and inflation: Some international evidence

This note contains empirical results for the ‘disequilibrium’ saving function specification, in which uncertainty about relative prices in a cross-section sense plays a major role. Quarterly time series evidence from several OECD countries over the period 1967(II)–1980(III) lies in striking conformity with the view - suggested particularly by Deaton - that there is a positive relationship between unanticipated inflation and the saving ratio.     

Post-Crisis Gender Gaps: Women Workers and Employment Precariousness

The Gender Gap Index (GGI) is very useful when it comes to international comparisons, and it offers diverse and interesting approaches to equality, human wellbeing, and development. The central goal of this paper is to demonstrate the way in which this index is indirectly related to the distribution of public expenditure in different strategic sectors of economic development. When reducing healthcare and education expenditures in order to service the external debt due to institutional investors of the shadow financial system (SFS), the gender gap widens because of the austerity policies implemented by the state. This contributes to deepening of the unpaid work within the household, alongside widening the gender gap.     

Modeling of the clinical and economic impact of a risk-sharing agreement supporting a treat-to-target strategy in the management of patients with rheumatoid arthritis in France

Objectives: To evaluate the cost-effectiveness of a Treat-to-Target strategy with certolizumab pegol in patients with rheumatoid arthritis in the context of a pay-for-performance agreement in which medication costs are refunded in case of discontinuation during the first 3 months of treatment.

Methods: The Treat-to-Target strategy consisted of a systematic switch to second-line tumor necrosis factor (TNF)α inhibitor in case of an unmet ACR50 response at 3 months compared to current routine clinical practice. A reference cohort treated first-line with certolizumab pegol according to current practice without systematic switching was considered as the comparator. A decision-tree model was constructed to estimate clinical outcome (health assessment questionnaire-disability index or HAQ-DI score), time spent in ACR50 response (ACR 50), and direct costs of treatment over a 2-year period. HAQ scores were derived from American College of Rheumatology 50 (ACR50) responses. All TNFα inhibitors were assumed to have equivalent efficacy and tolerability. Costs were estimated at 2013 French retail prices (date of the pay-for-performance agreement).

Results: The mean duration of an ACR50 response was 1.23 years in the Treat-to-Target strategy certolizumab pegol cohort vs 0.98 years in the reference cohort, resulting in a mean gain in HAQ at 24 months of 0.117. The Treat-to-Target strategy with a mix of TNFα inhibitors as second-line therapy was more expensive than the reference strategy in absolute terms, but this difference was entirely offset by the pay-for-performance agreement. The Treat-to-Target strategy was, thus, cost-neutral over a 2-year period after the payback of CZP cost for patients not achieving the target at 3 months.

Conclusions: In the context of a pay-for-performance agreement, the management of patients with rheumatoid arthritis using a Treat-to-Target strategy with certolizumab pegol in first line is dominant compared to standard use of this drug in the French setting in 2013.     

FAVOURING FRIENDS

This paper focuses on the friendship effect on donations in a dictator game. Our results indicate that the taste for altruism is substantially increased when friends play the role of recipients. Controlling for reciprocity there is still a significant friendship effect on donations.     

Perceptions of High‐Involvement Work Practices,Person‐Organization Fit,and Burnout: A Time‐Lagged Study of Health Care Employees

Previous research demonstrates that high‐involvement work practices (HIWPs) may be associated with burnout (emotional exhaustion and depersonalization); however, to date, the process through which HIWPs influence burnout is not clear. This article examined the impact of HIWPs on long‐term burnout (emotional exhaustion and depersonalization) by considering the mediating role of person‐organization fit (P‐O fit) in this relationship. The study used a time‐lagged design and was conducted in a Canadian general hospital among health care personnel. Findings from structural equation modeling (N = 185) revealed that perceived HIWPs were positively associated with P‐O fit. There was no direct effect of HIWPs on burnout; rather, P‐O fit fully mediated the relationship between employee perceptions of HIWPs and burnout. This study fills a void in the HR and burnout literature by demonstrating the role that P‐O fit has in explaining how HIWPs alleviate emotional exhaustion and depersonalization. © 2016 Wiley Periodicals, Inc.     

A longitudinal analysis of the influence of career motivations on entrepreneurial intention and action

The impact of career motivations on entrepreneurial intention and action remains in need of being investigated conjointly. Using a large sample and follow‐up data collected five years later, we investigate their influence on the entrepreneurial involvement of young adults, from the expression of an intention to entrepreneurial action. We show that only the search for job security seems to have a persistent effect throughout the process. In addition, autonomy is associated with the formation of intention, while wanting to manage full processes is related to actual start‐up participation. We discuss the theoretical and practical implications. © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

Investigating the impact of the technological environment on survival chances of employer entrepreneurs

Given the big employment losses in the current economic and financial crisis, not only the creation of new jobs is important for economic and social welfare, but also the conservation of existing jobs. In this respect, it is crucial that firms that employ personnel survive. In this article, we investigate the role of the technological environment in determining the survival chances of employer entrepreneurs, defined as owner-managers of firms that employ personnel. We estimate survival models to analyze durations as an employer entrepreneur, using micro-panel data from EU-15 countries drawn from the European Community Household Panel. As indicators for the technological environment, we use a country’s R&D expenditures, a country’s employment share of high-tech and knowledge-intensive sectors, and a country’s number of patent applications to the European Patent Office. We find strong support for a positive relationship between these indicators of the technological environment in country j and year t and survival chances of employer entrepreneurs in that same country and year. Our analysis also suggests that a selection effect may be part of the explanation in the sense that in a more advanced technological environment, relatively more ‘high-quality’ individuals select into entrepreneurship.     

An analysis of social media marketing strategy and performance in the context of fashion brands: The case of Taiwan

This study examines the social media strategy and performance of fashion brands. Drawing upon the resource-based view, the study explores the influence of entrepreneurial orientation, innovation orientation, and market orientation on social media strategy and performance. Analysis was conducted using data on 207 Taiwanese fashion brands. These data were collected from a mail survey. Structural equation modeling and fuzzy-set qualitative comparative analysis were used to test the empirical relationships proposed in the research hypotheses. The results indicate that social media strategy affects performance; entrepreneurial orientation and innovation orientation affect social media strategy; entrepreneurial orientation positively affects performance; and innovation orientation and market orientation positively affect performance.     

Foreign direct investment,institutional quality,economic freedom and entrepreneurship in emerging markets

This study investigates the relationship between foreign direct investment, institutional quality, economic freedom, and entrepreneurship in emerging markets. The research compares the capacity and appetite for business creation among high-income, low-income and emerging countries. The results are based on a panel study of data, from 2004 to 2009 for 87 countries, using as its source “The World Bank Entrepreneurship Snapshots” to look at the connection between business creation, institutional quality, market freedom and foreign direct investment (FDI). The findings reveal a strong positive relationship between institutional quality and business generation in all three of the above categories. The freedom to create businesses and invest has an impact on business generation in emerging countries, while the influence of international trade appears more important as a spur to the genesis of business in low-income countries. Finally, there is a direct and significant relationship between FDI and business development in emerging countries. This result is consistent with “the spillover theory of entrepreneurship” (,  and ).