Information-sharing in health and social care: Lessons from a socio-technical initiative

Advances in information technology have led to new and innovative approaches in data-sharing, analysis, interpretation, and the potential for real-time responses to changes in health and social care status. However, health and social care information is not only complex but often socially and personally sensitive in ways that do not apply in other domains. This requires adoption of a tailored interdisciplinary (social, ethical, legal, technical and data science) and intersectoral (health and social care, academic and commercial institutions and citizens) approach to technology development. The authors present some important lessons to date from ongoing development of an innovative infrastructure for sharing health and social care data.     

Estimating the Equity Risk Premium and Expected Equity Rates of Return: The Case of Canada

It is common to use the average excess return of equities over bonds estimated over long time periods as an expected equity risk premium on the grounds that going back far enough covers most possible economic scenarios. But although this data is useful in guiding the exercise of judgment, it cannot substitute for judgment. Adding more years of data to the near century of Canadian stock and bond returns that inform today's estimate of the equity risk premium will not produce a “random walk” for a simple reason: the historic bond series is the result of a specific historic monetary policy. This is particularly true of and important for the case of Canada, where today's very low current bond yields reflect the emergence of the Canadian dollar as a reserve currency as well as the impact of unconventional monetary policy elsewhere. After analyzing the historic record of the Canadian equity risk premium and noting the need for adjustments when this premium is applied to the current anomalously low Canadian long‐term bond yields, the author reaches the following conclusions:

• The historic Canadian equity risk premium is approximately 5.0% (based on arithmetic returns), which is slightly lower than the roughly 6.0% value for the U.S.
• The historic equity risk premium has not been constant because of obvious changes in the Canadian bond market. To some extent, the huge cycle in which bond yields began their increase from the 4.0% level starting in 1957, when markets were liberalized, and then fell back to the 4.0% level in 2007‐2008 completed an adjustment to changes in fiscal versus monetary policy. However, in 2016, average long Canada bond yields dropped to an anomalously low 1.8%, which is below the long‐term inflation target of the Bank of Canada, and have barely recovered since. It is difficult to view this as an equilibrium rate determined by private investors.
• Of the drop in bond yields, about 0.50% is unique to Government of Canada bonds as they became attractive to sovereign investors as a rare AAA‐rated issuer.
• Using an indicator variable for the post‐2010 years, a simple regression analysis indicates that current long Canada bond yields should be about 2.75% higher but for the recent changes. And for 2018, this means that the 2.35% average long Canada bond yield should have been about 5.0%. Apart from the impact of higher government deficits, this is consistent with average yields before the 2008 financial crisis.
• Adding an adjusted 5.0% long Canada bond yield to the historic equity risk premium in Canada of 4.50% gives 9.50% for the cost of the overall equity market or, given the Bank of Canada's target inflation rate of 2.0%, a real equity return of 7.5%, both slightly higher than the long‐run averages.

In sum, the conventional practice of adding a historic market risk premium to the current low Canada long bond yields would impart a sharp downward bias to current equity cost estimates; use of this method would not be appropriate until long Canada bond yields increase to at least the 4.0% level.     

Luxury hotels going green – the antecedents and consequences of consumer hesitation

Abstract

Luxury hotels might hesitate to operate in a more environmentally friendly way because they worry such practices will harm their performance. However, hotels can have a significant impact on the natural environment. Building on protection motivation theory, this study examines consumers’ evaluations of luxury hotels that are becoming more environmentally friendly by investigating the influences of perceived risks (i.e. functional, financial, hedonic, and self-image risks) on consumers’ hesitation and subsequent purchase intentions. Additionally, the moderating effect of consumers’ green hotel knowledge on the influences of perceived risks on hesitation is examined. Questionnaires were completed by 548 participants from Taiwan and revealed that perceived risks can significantly influence hesitation, which can in turn affect purchase intentions. Furthermore, green hotel knowledge moderates the influence of perceived functional and hedonic risks on hesitation. This study’s contributions to the luxury product consumption literature and sustainable tourism studies are discussed.     

Following Celebrities’ Tweets About Brands: The Impact of Twitter-Based Electronic Word-of-Mouth on Consumers’ Source Credibility Perception,Buying Intention,and Social Identification With Celebrities

Two experiments examined the impact of Twitter followers, electronic word-of-mouth (eWoM) valence, and celebrity type (prosocial versus antisocial) on consumer behavior in Twitter-based marketing communication, applying social capital theory, social identity theory, source credibility, and extant literature on eWoM. Experiment 1 demonstrated the main effect of number of followers on source credibility, and the interaction effect between eWoM valence and number of followers on product involvement, buying intention, and intention to pass along eWoM. Experiment 2 revealed the interaction effect of celebrity type and number of followers on social identification with the celebrity as well as the mediating effect of social identification.     

Corporate image,loyalty, and commitment in the consumer travel industry

Abstract

This article examines the impact and interrelationship of corporate image, satisfaction, and commitment on customer loyalty in the travel industry. A corporate image–commitment–loyalty model was developed and tested. Partial least squares (PLS) was used to test the direct and indirect linkages between the four variables, and an alternative model was proposed. The tourism and travel industry is highly price sensitive and competitive with low levels of customer loyalty. Customer loyalty is a valuable asset in highly competitive markets, and understanding factors affecting customer loyalty is important to travel agencies who are seeking ways to maintain a strong customer base. The results of a mail survey conducted in New Zealand indicate that corporate image has a positive significant influence on customer commitment and customer satisfaction. Affective commitment is the focal point in the relationship and contributed most in predicting customer loyalty. The influence of customer satisfaction, on the other hand, contributed a much smaller effect. The key implications for travel agencies are build strong emotional bonds with customers and improve corporate image through trust and service delivery.     

Ruth Daroesman

Ruth Daroesman was the first Assistant Editor of the Bulletin of Indonesian Economic Studies. She joined the ANU in 1968 and for the next 15 years worked alongside Professor Heinz Arndt, head of the then Department of Economics in the Research School of Pacific Studies, in building the journal's standard and reputation. As well as editing the content and overseeing production, Ruth pursued her scholarly interest in Indonesian education and its financing, and wrote economic surveys of several Indonesian provinces. This tribute contains contributions from colleagues who were graduate students, academic staff and visitors in the department during Ruth's term there.     

Economic benefits of adequate molecular monitoring in patients with chronic myelogenous leukemia

Objective:

Molecular monitoring of chronic myeloid leukemia (CML) has been associated with improved clinical outcomes during tyrosine kinase inhibitor therapy (TKI), yet recent studies have demonstrated its use is far below published guidelines. This study sought to determine frequencies of molecular monitoring and its impact on resource utilization and medical costs.

Methods:

A retrospective US claims administrative database (IMS LifeLink Health Plan Claims and Truven Health Analytics MarketScan databases, 11/2007–06/2012) was used to analyze the economic impact of qPCR testing in CML patients on first-line TKIs during the initial 12-months of treatment.

Results:

One thousand two hundred and five adult CML patients met the sample selection criteria. Among these, 41.0% had no qPCR tests, 31.9% had 1–2 tests, and 27.1% had 3–4 tests; 88.9% were initiated on imatinib; 47.7% were female. Patients in the 3–4 tests cohort incurred 44% (p?p?=?0.005) lower for the 3–4 tests cohort than the 0-tests cohort. Adjusted progression-related IP cost was $4132 (p?=?0.013) lower for the 3–4 tests cohort than the 0-tests cohort. Adjusted medical service cost was $5997 (p?=?0.049) lower for the 3–4 tests cohort than the 0-tests cohort.

Limitations:

Claims databases did not include information on the primary cause of hospitalizations.

Conclusions:

Among CML patients in two large claims databases, nearly three-quarters did not receive adequate molecular monitoring per published guidelines. Those who were more frequently monitored incurred lower medical service costs, with the majority of the difference in costs being related to disease progression. These findings underscore the clinical and economic values of molecular monitoring in CML.     

It ain't over 'til it's over: Evaluating reacquisition opportunities in business-to-business markets

Using a qualitative critical incident research technique, this paper examines how sales firms evaluate defected customers in order to determine their worthiness for reacquisition. Findings from interviews with fifty professional salespeople suggest that, when sales firms assess reacquisition opportunities, these opportunities are evaluated based on the likelihood of reacquisition and the value of the customer (i.e., ease of reacquisition and value of the customer). Salespeople report that the barriers to reacquisition, leveraging remaining customer relationship and investigating their own value-adding capabilities are critical in determining the ease of reacquisition. In addition, salespeople report that account size, profitability, market influence and cross-selling potential are fundamental in determining the value of a customer. Furthermore, the importance of ease and value in reacquisition assessments varies with (1) the reason for the customer defection, (2) the formalization of a firm's reacquisition process, and (3) market opportunities. Managerial implications and future research directions are discussed.