Competition for versus on the Rails: A Laboratory Experiment*

European countries and Japan are contemplating more competition in passenger rail service. In the Netherlands, the Ministry of Transport was assigned responsibility for making a recommendation to Parliament for choosing between competition for the rails and competition on the rails. The Ministry commissioned the experiments reported here to acquire better understanding of the properties of the alternative policies. Competition on the rails involves allocation of rights to use station and time‐slot routes by price bids in a combinatorial auction. Competition for the rails involves allocation of rights to regional monopolies by fare‐structure bids for supplying a prespecified minimum schedule.     

THE PRICING OF EQUITY CARVE‐OUTS DURING THE 1990s

We examine the level of underpricing and characteristics of equity carveouts (ECOs) from 1990 to 1998 (the 1990s) and from 1999 to 2000 (the bubble period). For a sample of 458 ECOs, we find a mean initial return of 8.75% for the 1990s and 47.76% for the bubble period. The results suggest that, similar to other initial public offerings (IPOs), ECOs have been more willing to accept underpricing through time because of an increased importance in analyst coverage and the increased use of spinning, the practice where investment bankers allocate IPOs to high‐profile customers to garner potential future business.     

A Reexamination of Real Stock Returns,Real Interest Rates,Real Activity,and Inflation: Evidence from a Large Data Set

Using the informational sufficiency procedure from Forni and Gambetti (2014) along with data from McCracken and Ng (2014), we update the results of Lee (1992) and find that his vector autoregression (VAR) is informationally deficient. To correct this problem, we estimate a factor augmented VAR (FAVAR) and analyze the differences once informational deficiency is corrected with an emphasis on the relationship between real stock returns and inflation. In particular, we examine Modigliani and Cohn's (1979) inflation illusion hypothesis, Fama's (1983) proxy hypothesis, and the “anticipated policy hypothesis.”     

The Empirical Average Cost of Capital: A New Approach to Estimating the Cost of Corporate Funds

The authors develop a new way to measure the cost of capital, called the empirical average cost of capital (or “EACC”), which is consistent with existing methods of calculating the weighted average cost of capital, but uses information from the firm's financial statements and requires fewer and less subjective inputs. The authors’ model relies on the concept of economic profit while using data from the period 1990‐2012 on net operating profits and total capital to estimate the EACC at both the individual company and industry‐wide levels. Estimates of the EACC and rolling quarterly forecasts of future net operating profits for a single company, McDonald's, for its related industry, and for 57 other U.S. industries are compared to five conventional “textbook” estimates of the weighted average cost of capital published by Ibbotson Associates. The authors find that the EACC yields forecasts of future net operating profit after taxes that compare favorably to those of the five published measures of the weighted average cost of capital, as well as the average and median of these measures.     

Crowdsourcing and open source software participation

Crowdsourcing is a phenomenon involving the use of volunteers to accomplish a goal or objective (often work). Individuals, businesses, and government agencies find it possible to harness the participation of volunteers to design products and complete project work. Simply stated, Open Source Software (OSS) is crowdsourcing applied to software development. OSS-based systems have become an important source of computing products, through operating systems such as Linux, Web services through Apache, or desktop environments such as Gnome. This study affords a through literature review developed within a discussion of the common motivations and relationships between crowdsourcing and OSS. It contributes to the literature by providing useful insights which researchers and organizations can utilize to leverage crowdsourcing and OSS concepts in addressing their efforts.     

Targeted population health management can help a hospital grow market share

In 2005, St. Luke's Hospital in Chesterfield, Mo., launched the "Passport to Wellness" program to help employers reduce preventable illnesses by providing access to screenings, health education, health coaching, disease management, and healthy lifestyle programs. The program was designed to influence consumer choice of hospitals and physicians and influence health insurance purchasing decisions. St. Luke's program also met goals created by local businesses, including identifying health risks of each employer's workforce and reducing health-related costs.     

从零开始——新建一个质量体系的路线图和工具箱

虽然各种质量体系、方法和设计工具之间的不同并不十分清楚--这是所有质量文献面临的共同问题--旦识别出这些质量方法的关键联系,就可了解各体系之间相互关联的概况.     

Inflammatory bowel disease: healthcare costs for patients who are adherent or non-adherent with infliximab therapy

Objective:

Healthcare costs of inflammatory bowel disease are substantial. This study examined the effect of adherence versus non-adherence on healthcare costs in patients with inflammatory bowel disease.

Methods:

Adults who started infliximab treatment between 2006 and 2009 and had a diagnosis of inflammatory bowel disease were identified from MarketScan Databases. Medication adherence was defined as an infliximab medication possession ratio of 80% or greater in the first year. Mean treatment effects (adherence versus non-adherence) on costs in adherent patients were estimated with propensity-weighted generalized linear models.

Results:

A total of 1646 patients were identified. Significant variables in the model used to develop propensity weights were age, year of infliximab initiation, having Medicare coverage, presence of supplementary diagnoses, office as the place of service for infliximab initiation, prior aminosalicylate use, prior outpatient costs, number of prior outpatient visits, and number of prior colonoscopies. Mean total costs in adherent (n?=?674) and propensity-weighted non-adherent (n?=?972) patients were $41,713 versus $47,411 overall (p?p?p?p?p?p?=?0.460).

Limitations:

Costs associated with infliximab administration (infusions, adverse events) were captured in healthcare costs (inpatient, outpatient, and emergency room), not in infliximab costs. The influence of adherence on indirect costs (e.g., time lost from work) could not be determined. Reasons for non-adherence were not available in the database.

Conclusions:

In patients who were adherent to infliximab treatment (a medication possession ratio of 80% or greater in the first year), adherence versus non-adherence was associated with lower total healthcare costs, supporting the overall value of infliximab adherence in patients with inflammatory bowel disease.