Bond Market Development,Economic Growth and Other Macroeconomic Determinants: Panel VAR Evidence

This paper examines causal relationships between bond market development, economic growth and four other macroeconomic variables in 35 countries for the period 1993–2011. Bond market development is defined in terms of the significance and presence of public sector, private sector, and international bond issues. Additional covariates being considered are the inflation rate, the real effective exchange rate, the real interest rate, and a measure of openness to international trade. We use a panel vector auto-regression model to reveal the nature of Granger causality among these variables. Specifically, we find that bond market development and the four macroeconomic covariates may be long-run causative factors for economic growth. Thus, policy makers seeking to foster economic growth are warned to check multi-causal studies involving all these variables before setting their policies.     

Innovation,financial development and economic growth in Eurozone countries

Using a panel vector auto-regressive model, we study interactions between innovation, financial development and economic growth in 18 Eurozone countries between 1961 and 2013. We focus on whether causality runs between these variables both ways, one way, the other way or not at all. Our empirical results show that development of the financial sector and enhanced innovative capacity in the Eurozone contributes to long-term economic growth in the countries in the region.     

Cost-effectiveness of direct-acting antiviral regimen ombitasvir/paritaprevir/ritonavir in treatment-naïve and treatment-experienced patients infected with chronic hepatitis C virus genotype 1b in Japan

Objective: This study compared the cost-effectiveness of chronic hepatitis C virus (HCV) genotype 1b (GT1b) therapy ombitasvir/paritaprevir/ritonavir (OBV/PTV/r) vs daclatasvir?+?asunaprevir (DCV/ASV) and no treatment in patients without cirrhosis. Cost-effectiveness analyses (CEAs) that compared OBV/PTV/r against DCV/ASV and sofosbuvir/ledipasvir (SOF/LDV) in Y93H mutation-negative, GT1b patients with and without cirrhosis were also included.

Methods: A health state transition model was developed to capture the natural history of HCV. A CEA over a lifetime horizon was performed from the perspective of the public healthcare payer in Japan. Costs, health utilities, and rates of disease progression were derived from published studies. Sustained virologic response (SVR) rates of OBV/PTV/r and DCV/ASV were extracted from Japanese clinical trials. Analyses were performed for treatment-naïve and -experienced patients. Alternative scenarios and input parameter uncertainty on the results were tested.

Results: OBV/PTV/r exhibited superior clinical outcomes vs comparators. For OBV/PTV/r, DCV/ASV, and no treatment, the lifetime risk of decompensated cirrhosis in treatment-naïve patients without cirrhosis was 0.4%, 1.4%, and 9.2%, and hepatocellular carcinoma was 6.5%, 11.4%, and 49.9%, respectively. Quality-adjusted life years (QALYs) were higher in treatment-naïve and -experienced patients without cirrhosis treated with OBV/PTV/r (16.41 and 16.22) vs DCV/ASV (15.83 and 15.66) or no treatment (11.34 and 11.23). In treatment-naïve and -experienced patients without cirrhosis, the incremental cost-effectiveness ratios (ICERs) of OBV/PTV/r vs DCV/ASV were JPY 1,684,751/QALY and JPY 1,836,596/QALY, respectively; OBV/PTV/r was dominant compared with no treatment. In scenario analysis, including GT1b patients with and without cirrhosis who were Y93H mutation-negative, the ICER of OBV/PTV/r vs DCV/ASV was below the Japanese willingness-to-pay threshold of JPY 5 million/QALY, while the ICER of SOF/LDV vs OBV/PTV/r was above this threshold; thus, OBV/PTV/r was cost-effective.

Conclusion: OBV/PTV/r appears to be a cost-effective treatment for chronic HCV GT1b infection against DCV/ASV. OBV/PTV/r dominates no treatment in patients without cirrhosis.     

Economic growth and the development of telecommunications infrastructure in the G-20 countries: A panel-VAR approach

This paper examines the linkages between the development of telecommunications infrastructure (DTI), economic growth, and four key indicators of operation of a modern economy: gross capital formation, foreign direct investment inflows, urbanization rates, and trade openness. By studying the G-20 countries over the period 1991–2012 and employing a panel vector auto-regressive model for detecting Granger causality, we find a network of long-run causal connections between these variables, including bidirectional causality between DTI and economic growth.     

An empirical investigation of pension funding levels in Canada

In the literature, three non-mutually exclusive approaches explain pension plan funding decisions: the traditional view (Friedman, 1983), the corporate view (Bodie et al., 1985) and the bonding view (Ippolito, 1985). An investigation of pension funding levels is presented here relying on an empirical model integrating these three different views. The results, based on data covering 115 relatively large Canadian firms in 1990, offer strong support for the bonding view.     

An Econometric Study on Japanese Tourist Arrivals in British Columbia and its Implications

This paper focuses on the marketing of professional services, and on the very specific context of barristers in the British legal professions. We examine the background provided by this sector of professional services, and then present the results of a set of qualitative investigations into the role of marketing as it is perceived by members of this profession, and identify a series of perceived by members of this profession, and identify a series of considering the implications of our findings for how marketing concepts can be productively employed in this area of activity and the needs for conceptual as well as practical extension, but remain largely pessimistic about the current prospects for extending marketing activities into the area of barristers’ marketing.     

Community (Dis)connection Through Leisure for Women in Prison

This article examines incarcerated women's leisure and re-entry into community. Framed in creative analytic practice, two poems reflect two major themes: (1) women's experiences of disconnection from community prior to and deepened by experiences in prison and (2) leisure and community re-entry, which describes complex meanings of leisure for women in prison and implications for return to community. These poems elucidate six often incongruous facets of leisure experience. Structures embedded in leisure service provision stigmatize and limit rather than encourage opportunities for incarcerated women to make personal choices regarding leisure. Leisure also provides contexts of relationship and humanity for women as they re-enter community.     

Visualization of tsunami waves with Amira package

In recent years numerical investigations of tsunami wave propagation have been spurred by the magnitude 9.3 earthquake along the Andaman–Sumatra fault in December, 2004. Visualization of tsunami waves being modeled can yield a much better physical understanding about the manner of wave propagation over realistic seafloor bathymetries. In this paper we will review the basic physics of tsunami wave propagation and illustrate how these waves can be visualized with the Amira visualization package. We have employed both the linear and nonlinear versions of the shallow-water wave equation. We will give various examples illustrating how the files can be loaded by Amira, how the wave-heights of the tsunami waves can be portrayed and viewed with illumination from light sources and how movies can be used to facilitate physical understanding and give important information in the initial stages of wave generation from interaction with the ambient geological surroundings. We will show examples of tsunami waves being modeled in the South China Sea, Yellow Sea and southwest Pacific Ocean near the Solomon Islands. Visualization should be a part of any training program for teaching the public about the potential danger arising from tsunami waves. We propose that interactive visualization with a web-portal would be useful for understanding more complex tsunami wave behavior from solving the 3-D Navier–Stokes equation in the near field.     

Students,Patients, Citizens,and Believers as “Customers”: A Cross-National Exploratory Study

ABSTRACT

Executives in 94 large UK companies engaging in cause related marketing (CRM) completed a questionnaire concerning (i) their firms' approaches to the management and evaluation of CRM, (ii) the benefits perceived to accrue to the practice, and (iii) whether these businesses applied commercial rather than philanthropic principles when selecting CRM partners. It emerged that, in general, the sample firms employed mainly commercial criteria when choosing CRM projects, that selections were frequently influenced by employee opinion, and that most of the evaluation techniques conventionally used to appraise commercial sponsorship and advertising were also utilised to assess CRM programmes. Companies were reported to demand close and obvious links between their products and the activities of partner charities. Typically, they preferred to affiliate with well-known charities and tended to dislike “controversial” causes. In the main the respondents held low opinions of their charity partners' marketing abilities. The article concludes with a number of recommendations regarding the ways in which charities should formulate proposals when inviting businesses to participate in CRM programmes.