A two-stage test for one-way analysis of variance

A two-stage analogue of the Ftest for one-way analysis of variance is proposed. Critical values are given for selected cases and the method of obtaining critical values is described. Comparisons of the one-stage and two-stage tests are made in terms of the expected sample size required to achieve a given power.     

ECONOMIC EFFECTS OF POLITICAL MOVEMENTS IN CHINA: LOWER BOUND ESTIMATES

We construct a structural econometric model to measure partially the economic effects of political movements in China. Consumption, or equivalently investment, is determined by a central planner trying to maximize a multiperiod objective function. Political events are modeled by exogenous changes in the shocks to productivity and to investment which affect the time paths of major economic variables. Effects of the events are measured by comparing the time paths generated by the model with and without the changes in the shocks. The dynamic optimization model is estimated using data from 1952 to 1993. In contrast with our earlier work, we assume a trend-stationary process for log total productivity rather than a random walk process and estimate that without the Great Leap Forward Movement output per capita in China up to 1993 would have been on average 1.18 to 1.71 times as great. Without the Cultural Revolution the corresponding figure would have been 1.08 to 1.12 times as great.     

The Timing of Asset Sales: Evidence of Earnings Management?

This paper presents empirical evidence from a sample of publicly traded Singaporean firms on the question: to what extent do firms manage earnings through the timing of asset sales? Previous studies have focused on accounting motives behind asset sales, ignoring the need to also consider economic motives. Some empirical evidence is provided to support the hypothesis that managers of firms with decreasing net earnings–per–share smooth earnings upwards using asset sales.     

Realism and constructivism in strategy research: a critical realist response to Mir and Watson

Mir and Watson (2000) advocate that constructivism has the potential to inform strategy research. In their discussions, they compare constructivism with realism, and highlight certain alleged strengths of the former over the latter. Although their paper provides some insights, their version of constructivism is problematic and their understanding of realism is inaccurate. In this note we clarify some key issues concerning constructivism and realism. Moreover, we argue that Mir and Watson's insights can be accommodated within a critical realist framework. Copyright © 2001 John Wiley & Sons, Ltd.     

The Use of Forward Contracts for Hedging Currency Risk

This paper derives an optimal rule for hedging currency risk in a general utility framework. Ex ante hedging performance of the forward markets is examined using the optimal hedge ratio derived from the utility model and an optimal rule derived from another model (excess return per unit risk) suggested in the hedging literature. Results of this study indicate a naive (one-to-one) hedge performs similarly to the optimal hedge ratios under either model. An implication of this study is that financial managers of multinational firms should simply follow a one-to-one rule when hedging foreign exchange risk in the forward markets.     

Internationalization of the use of Chinese currency: perspectives from the New and the Ancient Silk Roads

In this paper, we provide an up-to-date analysis of issues and perspectives related to the potential international and regional use of the Chinese currency, with a special focus on the New Silk Road (or One Belt, One Road OBOR) initiative as well as an examination of the use of various forms of Chinese money along the Ancient Silk Road. From the perspectives of China, the OBOR project fulfills several national objectives, with the internationalization of the RMB being one potential aim. We adopt and extend an agglomeration-geography model and apply the model to the OBOR initiative and the resulting increased use of the Chinese currency. Our paper also provides a discussion of the experiences of using various forms of Chinese money along the Ancient Silk Road.     

Long-term health-related burden of adult congenital heart diseases in Hong Kong

Aims: This study aimed to examine the long-term clinical and economic burden of adults with congenital heart disease (ACHD) in Hong Kong.

Methods: It retrospectively analyzed 336 consecutive ACHD patients who attended the Adult Congenital Heart Clinic between January 1, 2009 and December 31, 2014. Direct medical costs and clinical outcomes over the 5 years were calculated and documented. The economic evaluation was from the hospital’s perspective.

Results: The median age of ACHD patients was 47 (31–62) years old, with female predominance (61.5%). Ventricular and atrial septal defects accounted for 70% and severe ACHD for 10% of the study cohort. The prevalence of arrhythmia and heart failure increased with the complexity of CHD. The total mean annual cost for managing each ACHD patient was USD 2,913. The annual cost of management of simple ACHD was USD 2,638 vs complex ACHD (USD 6,425) (p?=?0.013).

Conclusions: This study demonstrated severe ACHD patients accounted for higher cardiovascular morbidities in arrhythmias and heart failure with a higher cost of management.     

African Entrepreneurs and International Coordination in Petty Businesses: The Case of Low-End Mobile Phones Sourcing in Hong Kong

Abstract

This paper examines the contribution of African entrepreneurs to world trade through global coordination. Unlike the multinational giants which earn impressive profit through global sourcing, small African entrepreneurs survive by identifying opportunities in petty businesses and exploiting narrow profit margin. Through careful economic calculation, they buy low-end goods from one part of the globe and sell them in the other part. Their self-interest activities enhance global well-being. This paper begins with an Austrian perspective of international entrepreneurship and global coordination. The theory is illustrated by African entrepreneurs who source Shenzhen-made mobile phones in Hong Kong and sell them in Africa. By arbitraging price differentials, they earn pure entrepreneurial profit. A detailed case study of the global coordination of a Tanzanian entrepreneur will be presented. This paper concludes that, as a result of the effort of African entrepreneurs, low-end mobile phones manufactured in Shenzhen are shipped to Hong Kong and consumed by people in Tanzania, bringing benefits to all parties concerned. The case study fully illustrates the principle of the ‘invisible hand’ in the global market.     

On the appropriate objective function for post-disaster humanitarian logistics models

The paper argues that welfare economic principles must be incorporated in post-disaster humanitarian logistic models to ensure delivery strategies that lead to the greatest good for the greatest number of people. The paper's analyses suggest the use of social costs—the summation of logistic and deprivation costs—as the preferred objective function for post-disaster humanitarian logistic models. The paper defines deprivation cost as the economic valuation of the human suffering associated with a lack of access to a good or service. The use of deprivation costs is evaluated with a review of the philosophy and the economic literature to identify proper foundations for their estimation; a comparison of different proxy approaches to consider human suffering (e.g., minimization of penalties or weight factors, penalties for late deliveries, equity constraints, unmet demands) and their implications; and an analysis of the impacts of errors in estimation. In its final sections, the paper conducts numerical experiments to illustrate the comparative impacts of using the proxy approaches suggested in the literature, and concludes with a discussion of key findings.