Collective mental accounting: an integrated behavioural portfolio selection model for multiple mental accounts

We propose a behavioural portfolio selection model called collective mental accounting (CMA), which integrates all mental sub-portfolios (mental accounts) in one mathematical model. Moreover, this study contributes to the literature of behavioural portfolio selection in three further ways: first, the CMA model can determine the proportions of wealth allocated to each mental sub-portfolio with and without input from the investor. Second, unlike other mental accounting models (MA), in CMA it is possible to define constraints on total asset holdings such as short-selling, and cardinality constraints. Third, in order to make CMA more tractable and mathematically elegant, we obtain a semi-definite programming representation of the model. We also present a numerical example to investigate the effects of short-selling constraints as well as to compare the portfolio recommendations, utility functions, feasibility, and optimality of the CMA and MA models. The results reveal that although both models’ solutions are mean-variance efficient, CMA outperforms MA in terms of behavioural efficient frontier and utility functions.     

Attitude toward business environment of auditing,corporate governance and balance between auditing and marketing

The aim of this study was to evaluate the attitude of Iranian auditors toward balance between auditing and marketing with respect to two important components of audit process such as business environment of auditing and corporate governance. The analysis is based on survey data from 257 respondents. To achieve the research aims, we specified four hypotheses based on social theories. The results of this study show that the auditors having positive attitude toward marketing and those who consider it as significant are able, to a large extent, balance spent time for inherent auditing tasks and marketing activities. In addition, the results show that an increase by a unit for the attitude toward business environment results in 0.489 unit increase in attitude toward balance of time spent on marketing and auditing activities, of which 0.396 is direct impact and 0.093 is indirect impact.     

Economic evaluation of nivolumab for the treatment of second-line advanced squamous NSCLC in Canada: a comparison of modeling approaches to estimate and extrapolate survival outcomes

Background Lung cancer is the most common type of cancer in the world and is associated with significant mortality. Nivolumab demonstrated statistically significant improvements in progression-free survival (PFS) and overall survival (OS) for patients with advanced squamous non-small cell lung cancer (NSCLC) who were previously treated. The cost-effectiveness of nivolumab has not been assessed in Canada. A contentious component of projecting long-term cost and outcomes in cancer relates to the modeling approach adopted, with the two most common approaches being partitioned survival (PS) and Markov models. The objectives of this analysis were to estimate the cost-utility of nivolumab and to compare the results using these alternative modeling approaches.

Methods Both PS and Markov models were developed using docetaxel and erlotinib as comparators. A three-health state model was used consisting of progression-free, progressed disease, and death. Disease progression and time to progression were estimated by identifying best-fitting survival curves from the clinical trial data for PFS and OS. Expected costs and health outcomes were calculated by combining health-state occupancy with medical resource use and quality-of-life assigned to each of the three health states. The health outcomes included in the model were survival and quality-adjusted-life-years (QALYs).

Results Nivolumab was found to have the highest expected per-patient cost, but also improved per-patient life years (LYs) and QALYs. Nivolumab cost an additional $151,560 and $140,601 per QALY gained compared to docetaxel and erlotinib, respectively, using a PS model approach. The cost-utility estimates using a Markov model were very similar ($152,229 and $141,838, respectively, per QALY gained).

Conclusions Nivolumab was found to involve a trade-off between improved patient survival and QALYs, and increased cost. It was found that the use of a PS or Markov model produced very similar estimates of expected cost, outcomes, and incremental cost-utility.     

Ranking and clustering of the faculties of commerce research performance in Australia

There is a growing policy focus in Australian higher education on quantitative research performance assessment. However, most of the analysis has addressed aggregate performance at the institutional level, an approach inconsistent with recent policy emphasis on diversity among universities and one that ignores performance variations across disciplines. Using averaged and all available data for 2000–2004, cluster analysis is used to classify Australian Commerce Faculties into groups that exhibit similar research performance, measured by publication, PhD completion and secured competitive research grant funding. We also use factor analysis to generate full-multidimensional rankings within the resulting two or three clusters. It is found that in terms of total research output, with the exception of Adelaide all the Group of 8 (Go8) members plus University of Technology, Sydney and Griffith always belong to ‘Clusters A’. However, when research performance is expressed in per academic staff terms, an additional 11 universities join this same cluster. Our results additionally show that eight Australian faculties of Commerce not only possess low total research output but their per capita performance is also poor.     

Measuring the impact of natural disasters on capital markets: an empirical application using intervention analysis

The impact of natural disasters on the Australian equity market is examined. The data set employed consists of daily price and accumulation returns over the period 31 December 1982–1 January 2002 for the All Ordinaries Index (AOI) and a record of 42 severe storms, floods, cyclones, earthquakes and bushfires (wildfires) during this period with an insured loss in excess of A$5 mil. and/or total loss in excess of A$100 mil. Autoregressive moving average (ARMA) models are used to model the returns and the inclusion of news arrival, in the form of the natural disasters, is specified using intervention analysis. The results indicate that bushfires, cyclones and earthquakes have a major effect on market returns, unlike severe storms and floods. The net effects can be positive and/or negative with most effects being felt on the day of the event and with some adjustment in the days that follow.     

Oil shocks and the dynamics of substitution adjustments of industrial fuels in the US

This paper investigates substitution among such alternate fuels as coal, natural gas, and electricity during the actual oil price increases of 1970s. These substitution adjustments are assumed to be dynamic and modelled by a partial adjustment structure. This dynamic structure is incorporated into a translog cost technology. Short- and long-run price elasticities are estimated by identifying inter- and intra-industry variations. The models are estimated with a sample of 88 pooled observations, including distillate and residual oils purchased by eleven 2-digit manufacturing groups (1974-81). Models are estimates are strictly negative. These own price elasticities range from (long-to short-run) –2.93 to –2.55 for distillate oil, –0.698 to – 1.53 for residual oil, –0.533 to 0.011 for coal, –0.235 to –0.213 for natural gas, to –0.888 to –0.845 for electricity. Estimastes of both short-run and long-run cross-price elasticities suggest that coal and electric energy are the prominent substitutes for fuel oils. While the relationship between the latter and natural gas remains largely complementary.     

A partial race to the bottom: corporate tax developments in emerging and developing economies

This paper assembles a new dataset on corporate income tax regimes in 50 emerging and developing economies over 1996–2007 and analyzes their impact on corporate tax revenues and domestic and foreign investment. It computes effective tax rates to take account of special regimes, such as tax holidays, temporarily reduced rates and increased investment allowances. There is evidence of a partial race to the bottom: countries have been under pressure to lower tax rates in order to lure and boost investment. In the case of standard tax systems (i.e. tax rules applying under normal circumstances), the effective tax rate reductions have not been larger than those witnessed in advanced economies, and revenues have held up well over the sample period. However, a race to the bottom is evident among special regimes, most notably in the case of Africa, creating effectively a parallel tax system where rates have fallen to almost zero. Regression analysis reveals higher tax rates adversely affect domestic investment and FDI, but do raise revenues in the short run.     

苹果中多菌灵的快速测定及方法评估

为评估苹果中多菌灵残留快检试剂盒的适应性,本文以《水果、蔬菜中多菌灵残留的测定高效液相色谱法》（GB/T 23380—2009）为参比方法,选择3家公司生产的快检试剂盒,以《食品快速检测方法评价技术规范》为依据,对快检方法在苹果中的适用性进行评估。结果表明,试剂盒1的灵敏度为66.67%,特异性为100%,假阴性率为33.33%,假阳性率为0,显著性差异为8.1,相对准确率为80%。试剂盒2的灵敏度为100%,特异性为66.67%,假阴性率为0,假阳性率为33.33%,显著性差异为8.1,相对准确率为80%。试剂盒3的灵敏度为100%,特异性为50%,假阴性率0,假阳性率为50%,显著性差异为8.1,相对准确率80%。     

Competition and Corporate Social Responsibility under Creative Capitalism

This article focuses on the changing nature of market competition and on responsible business conduct on the global stage. The article explores the concept of creative capitalism and seeks to address whether or not corporate social responsibility (CSR) is better realized under creative capitalism. This study is conceptual in nature. While it identifies the forces that facilitate and sustain creative capitalism and strengthen executives' commitment to CSR, it proposes a model that can enhance the possibility of a thriving CSR under creative capitalism. The article advocates that under creative capitalism it is more likely to easily channel executives' passion into broad and purposefully driven endeavors; thereby strengthening executives' capacity for understanding how CSR creates value both for their organizations and for society.     

Additional evidence on inflation variability: The experience of asian countries

The relationship between inflation and its variability has been examined by using time series data for eight Asian Countries. It is found that this relationship also holds for countries which have enjoyed a period of long price stability. Furthermore, this relationship also holds for highly industrialized countries.