我国高校西方经济学教学方法新论

在中国高等教育国际化与大众化趋势日益明显的新形势下,高等教育的参与主体即教师与学生也出现了新变化,这对西方经济学的教学方法提出了新的要求。换位思考教学法、批判与创新式教学法、研究式教学法、体系式教学法、启发式教学法、兴趣式教学法、实验教学法等对改进西方经济学课程教学方法和提升教学效果可能会有所裨益。     

Combining the Effects of OLS and Spread on Futures Hedging: Evidence from the Taiwan Stock Index

Abstract:

This study proposes a dynamic hedge ratio, the combined ordinary least squares spread (COLSS), which combines the hedge ratio of ordinary least squares and the value of spread. Using this dynamic ratio for hedging with futures contracts, one can replace spot risk with spread risk. The COLSS captures not only the long-run equilibrium between spot and futures returns, but also the short-run deviation from equilibrium. The spread is forecast by one-period lagged stock market factors and high-order moments that are estimated by an options model. In the in-sample and out-of-sample tests, the COLSS strategy achieves significant risk reduction and outperforms the alternative models by a large utility improvement.     

西方中央银行沟通视角下的预期管理研究：渠道、手段及效果

近年来,中央银行沟通成为一种新型的货币政策工具。基于中央银行沟通视角,分析西方国家在预期管理中的渠道、手段及效果,结论表明中央银行沟通有助于预期管理。借鉴西方国家沟通经验,提出中央银行的有效沟通,需要中央银行独立性及问责制作保障;重视沟通的规律性,强调沟通信息的清晰和准确;注重对宏观经济运行认识水平,提高公众的经济学素养。     

Reducing reporting risk: Designating foreign currency forward contracts as cash flow hedges

We present an example that compares the effects on earnings of designating a foreign currency forward contract as either a cash-flow or fair-value hedge of a foreign currency denominated receivable. Entities engaging in exchange transactions not denominated in their functional currency frequently enter into foreign currency forward contracts in order to mitigate their foreign exchange rate risk exposure. The aggregate effect on earnings of the transaction gain or loss on the foreign currency receivable and the gain or loss on the forward contract is known on the date the forward contract is initiated. The effect on each period’s earnings during the term of a forward contract designated as a cash-flow hedge is also known on the date the contract is initiated; whereas the effect on each periods’ earnings from a fair-value hedge cannot be determined until the respective balance sheet dates. Therefore, designating forward contracts as cash-flow hedges may suppress volatility in reported earnings compared to designating forward contracts as fair-value hedges. In addition, the reporting risk (the amount of uncertainty surrounding the pending measure of an item to be reported in the financial statements) is lower when a forward contract is designated as a cash-flow hedge relative to designating it as a fair-value hedge. This suggests foreign currency forward contracts designated as cash-flow hedges are more consistent with the purpose of hedge accounting: to mitigate the effects on earnings of applying different measurement criteria for the hedge and the hedged item.     

Cost effectiveness of tiotropium for chronic obstructive pulmonary disease: a systematic review of the evidence

Abstract

Background:

Tiotropium has been shown to reduce exacerbations and improve quality of life for patients with chronic obstructive pulmonary disease (COPD), a lung disease characterized by a persistent and progressive airflow limitation.

Objectives:

To present a systematic literature review of the cost effectiveness of treatment with tiotropium compared with other currently used treatments for COPD.

Methods:

A systematic search was performed via PubMed, the Cochrane database, and EMBASE from 2002 to 2009. Methods and results by study design and by country were compared.

Results:

Seventeen studies were included in the review. Study designs were characterized as follows: modeling based on clinical trial data, and empirical analysis based on either clinical trial or observational data. Comparing monotherapy regimens (12 studies), all study designs found that treatment with tiotropium was associated with lower costs for hospitalisation and other non-drug services. Total costs, including the costs of maintenance drugs, were lower with tiotropium in some, but not all, of the studies. Tiotropium was shown to be cost effective based on commonly accepted benchmark values. Limitations of the review included the wide variety of outcome measures used in different studies, the limited number of observational database studies for monotherapy, and limited data for combination therapy regimens.

Conclusions:

The main conclusions of the economic evaluations derived from clinical trial data at the time of product approval and from later observational data reflecting clinical use are similar: use of tiotropium monotherapy is associated with lower hospital and other non-drug costs and better health outcomes and is either cost saving or cost effective compared with other maintenance monotherapies.     

Hedge Fund Regulation and Misreported Returns

This paper introduces a cross‐country law and finance analysis of the misreporting behaviour in the hedge fund industry in terms of smoothing returns so that a fund consistently generates positive returns. We find strong evidence that international differences in hedge fund regulation are significantly associated with the propensity of fund managers to misreport monthly returns. We find a positive association between wrappers and misreporting, particularly for funds that do not have a lockup provision. Also, we find some evidence that misreporting is less common among funds in jurisdictions with minimum capitalisation requirements and restrictions on the location of key service providers. We assess the robustness of our finds to a number of specifications, including, different specifications of misreporting bin widths, subsets of the data by fund type, as well as specifications controlling for collinearity and selection effects and other robustness checks. We show misreporting significantly affects capital allocation, and calculate the wealth transfer effects of misreporting and relate this wealth transfer to differences in hedge fund regulation.     

神经传导通路教学中运用案例教学的探析

神经传导通路是人体解剖学中神经系统最好的总结、串联部分,传统的教学法无法适应时代对学生的培养要求,借用这个机会,合理地使用案例式教学,可以大大提高教学质量。同时举一反三,也是一个年轻教师尝试案例教学法教学,提高自身素质的一个很好的切入点。     

增长极战略的实现机制与中国实践模式的重构

增长极理论是20世纪50年代新古典区域均衡发展理论遭遇危机之后的新选择,但自其诞生以来由于缺乏成功案例的支持而备受争议。我国区域非均质、不平衡使得增长极模式备受推崇,但在发展中同样遭遇困境。鉴于理论与现实鲜明的反差,以增长极的实现机制为切入点剖析了该理论的不足,指出我国三大增长极在实践中存在政府依赖刚性、自我发展能力弱、关联效应差等问题,认为完整的增长极实现机制应包括形成机制、运行机制和扩散机制,并从这三大机制入手重构了中国增长极的实践模式,提出相关政策建议。     

疫苗药物经济学评价中有关成本和效果的测算方法探讨

与一般药物相比,疫苗具有外部性、保护率和作用时间不确定等特性,因此疫苗的经济学评价应当有其特殊性.本文回顾了近十几年世界有关疫苗经济学评价的研究报道,综合概括了疫苗经济学评价方法的最新进展.本文讨论的主要内容包括间接成本法、边际成本法、选择合适流行病学模型测量健康结果、成本和效果的贴现等.     

Pharmacoeconomic analysis of paricalcitol and calcitriol in the treatment of secondary hyperparathyroidism in haemodialysis: impact of hospitalisations and survival

Summary

The objective of this study was to evaluate the cost effectiveness of paricalcitol injection compared with calcitriol injection when used to reduce parathyroid hormone levels in patients undergoing haemodialysis. A decision tree was developed to model the 1-year costs and outcomes of therapy for secondary hyperparathyroidism from a US government payer's perspective (2005 US$). Probabilities of hospitalisations and survival with paricalcitol and calcitriol were obtained from published observational studies.

When only drug costs and survival were considered, the incremental cost effectiveness of paricalcitol over calcitriol was $9,900 per life saved. When utilities were included, the incremental cost-effectiveness ratio for paricalcitol compared with calcitriol was $13,200 per quality-adjusted life year. When both drug and hospitalisation costs were included in a cost analysis, paricalcitol treatment was cost saving compared with calcitriol, and when hospitalisation costs were included in both the cost-effectiveness analysis and cost-utility analysis paricalcitol demonstrated first-order dominance, cost savings and cost effectiveness.

This decision analysis demonstrated that paricalcitol injection is both cost effective and cost saving compared with calcitriol injection.