Bank loans and the effects of monetary policy in China: VAR/VECM approach

In this paper, we test the differential effects of monetary policy shock on aspects of banks' balance sheets (deposits, loans, and securities) across bank categories (aggregate banks, state banks, and non-state banks) as well as on macroeconomic variables (output, consumer price index, exports, imports, and foreign exchange reserves). We do so by estimating VAR/VEC Models to uncover the transmission mechanisms of China's monetary policy. Also we identify the cointegrating vectors to establish the long-run relationship between these variables. By using monthly aggregate bank data and disaggregated data on bank and loan types from 1996 to 2006, our study suggests the existence of a bank lending channel, an interest rate channel and an asset price channel. Furthermore, we discuss and explore the distribution and growth effects of China's monetary policy on China's real economy. In addition, we investigate the effects of China's monetary policy on China's international trade. Finally, we identify the cointegrating vectors among these variables and set up VEC Models to uncover the long-run relationships that connect the indicators of monetary policy, bank balance sheet variables and the macroeconomic variables in China.     

Above board? Interlocking directorates and corporate contagion in 1980s Australia

The 1980s were an outrageous time in Australia's business history. This paper re-examines this era of misconduct, assessing the role of interlocking directorates for corporate governance of diversified business groups. Professional interlocked executives—those with professional training, executive status and mobility between member firms—enabled the takeover culture of the time, and allowed managers to ignore promised strategic benefits and redirect associated firms towards speculative share ownership. These results demonstrate the importance of board independence for corporate governance, and the way that expertise has been weaponised within managerial capitalism to encourage trust in risky and exploitative corporate structures.     

An Economic Analysis of Targeting Soil Conservation Measures with Respect to Off-site Water Quality

This paper analyses the advantages and disadvantages of targeting soil conservation measures on the basis of off-site water quality goals. The Stratford Avon watershed in Perth County and the Big Creek watershed in Middlesex County, both located in southwestern Ontario, are used as case studies. Targeting criteria, used as proxies for measuring the contribution to off-farm damage from particular parcels of crop land, are based on the physical characteristics of the parcels. Alternative conservation tillage practices include fall chisel ploughing, ridge planting, no tillage and buffer strips. At each level of the targeting criteria, the reduction in off-farm damage is estimated using the Guelph Model for Evaluating the Effects of Agricultural Management Systems on Erosion and Sedimentation (GAMES). Economic targeting criteria are based on the value of improved water quality under a conservation practice minus the on-farm costs of adoption of that practice. Targeting conservation policies on the basis of reduction of off-farm damages can result in greater efficiency in public policy. The authors conclude that further efforts in targeting conservation policies have the potential to improve the cost effectiveness of soil conservation programs if technical and administrative problems can be overcome. L'article analyse le pour et le contre du ciblage des mesures de conservation des sols sous l'angle de la qualité de l'eau à l'aval. Le bassin versant Stratford Avon dans le comité de Perth et celui de Big Creek dans le comté de Middlesex, tous deux situés dans le sud-ouest de l'Ontario, sont utilisés comme études de cas. Les critères de ciblage utilisés comme valeurs d'approximation dans la détermination de la part des dégâts causés à l'aval qui est attribuable à des parcelles agricoles données, sont basés sur les caractères physiques des parcelles. Les diverses pratiques de travail de conservation comparées sont la labour au chisel, la culture sur billons, la culture sans labour et l'établissement de bandes riveraines. A chaque niveau des critères de ciblage, la réduction des dégâts infligés à l'aval des exploitations est estimée selon le Modèle d'évaluation des effets des systèmes d'exploitation agricole sur l'érosion et la sédimentation de l'Université de Guelph (GAMES). Les critères de ciblage économiques reposent sur la valeur attribuée à l'amélioration de la qualité de l'eau par une pratique de conservation donnée, moins les coûts réels d'adoption de l'exploitant à cette pratique. Le ciblage des politiques de conservation en fonction de la réduction des dégâts causés à l'aval de l'exploitation peut rendre plus efficientes les politiques du secteur public. Il ressort de ces études que les politiques de ciblage des mesures de conservation offrent la possibilité d'améliorer la rentabilité des programmes de conservation du sol, pour autant parvienne à surmonter les problèmes techniques et administratifs.     

A cost-effectiveness analysis comparing the originator follitropin alfa to its biosimilars in patients undergoing a medically assisted reproduction program from a French perspective

Objective: To assess the cost-effectiveness (CE) of the originator follitropin-α (Gonal-F) in patients undergoing a medically assisted reproduction (MAR) program in comparison to its biosimilars Bemfola and Ovaleap in a French context.

Methods: A CE model was developed for France with a National Health Service (NHS) perspective. Clinical, safety, and dosage data were derived from pivotal clinical trials that compared Gonal-F to Ovaleap and Bemfola. Costs pertaining to drugs, hospitalizations, specialist visits, and examinations were retrieved from the French Programme de Médicalisation des Systèmes d'Information (PMSI) hospital database, literature review, and French clinical experts using 2017?Euro tariffs. In order to test the robustness of results, deterministic one-way sensitivity analyses were carried out on the main variables to assess the impact of treatment cost, probability of birth, ovarian hyperstimulation syndrome (OHSS) rates, and dosage.

Results: The average incremental cost per live birth with OHSS and without OHSS was €259.56 and €278.39, respectively, for Gonal-F compared to the pooled biosimilars (i.e. Ovaleap and Bemfola). GONAL-F had an incremental efficacy of 0.06 over the pooled biosimilars. The incremental cost-effectiveness ratio for Gonal-F with OHSS ranged from €3,274.80 to €4,877.76 compared to the pooled biosimilars, owing to the additional live births reported with Gonal-F. Sensitivity analyses also supported results from the base case analyses, with Gonal-F being cost-effective or the dominant strategy in most cases.

Conclusion: Gonal-F seems to be a cost-effective strategy compared to its biosimilars Ovaleap and Bemfola, irrespective of the incidence of OHSS events, but further data are needed to confirm these results.     

Gender-related wayfinding time of mall shoppers

The relative superiority of males over females with respect to wayfinding performance in real life is not clearly established in the literature. The present study aims at clarifying the issue in the specific case of wayfinding in shopping malls environment. An experimental study using actual shoppers in a mall showed that the relationship between gender and time necessary to find a store within a mall is mediated by both shopping values and the use of information sources. Compared to male shoppers, female shoppers were found to be more hedonist and use people as a source of information, which in turn was instrumental in reducing wayfinding time.     

The non‐professionally affiliated (NPA) worker as co‐producer of public services: how is the role experienced in UK mental health services?

Recent workforce reforms have led to the widespread expansion of non‐professionally affiliated (NPA) support and assistant roles within UK public services. Research into these roles has been confined to a limited range of settings, with a focus on the consequence of change for professional workers. This article explores the emergence of ‘co‐production’, whereby NPA workers contribute alongside the professional in a distinct, complementary way. Findings are drawn from semi‐structured interviews with frontline workers and managers within the context of mental health workforce reform. The results build a picture of NPA working life characterised in part by autonomy and responsibility. At the same time, NPA workers rely on colleagues for support and are subject to being used indirectly by professionals. Contextual influences are considered. The conceptual implications of the analysis are brought out, both for the NPA role itself and for the broader issues involved in front line service work.     

Using web and mobile technology to motivate pro-environmental action after a nature-based tourism experience

Nature-based tourism provides an ideal context for motivating pro-environmental action, as it draws travellers interested in the natural world and showcases unique, and often threatened, environments. This study examines efforts to motivate environmentally related behaviour in tourists' everyday lives using a technology-based intervention following an elephant seal viewing tour at California's Año Nuevo State Park. A total of 362 visitors completed pre-tour and post-tour surveys, with 94 visitors completing a final survey three months after the tour. We found that, although the intervention had little influence on conservation action overall, it was effective for a social media-related action. Post-tour conservation actions were significantly affected by emotional connection to wildlife during the tour and repeat visitation to either the same or another state park. We found that visitors' connectedness to nature increased during the three-hour tour, but returned to pre-visit levels three months later. Practical implications include that parks should encourage repeat visits, suggest an assortment of other experiences that support connecting to nature, and link their conservation messaging to visitors' close, personal, and emotional experiences with fauna. We suggest that one simple, yet effective, way to do this is through maintaining the visitor–park experience through a social media community.     

Priority patterns of acquisition of financial assets

Identification of the order in which households acquire financial assets has important market segmentation and sales forecasting strategy implications. Utilizing Guttman scalogram analysis, this study finds that for ten financial assets a systematic priority pattern is operative for a large sample of Canadian households. Results are compared with those of a similar study carried out in the United States.