REIT Returns and Inflation: Perverse or Reverse Causality Effects?

Contrary to the Fisherian theory of interest, previous studies document a negative relationship between REIT (Real Estate Investment Trust) returns and inflation. In this research, we re-examine this perverse inflation behavior by testing for the causal relationships among REIT returns, real activity, monetary policy, and inflation through a vector error correction model. Our results indicate that the observations of REIT returns as perverse inflation hedges are spurious. The observed negative relationship between REIT returns and inflation is in fact a manifestation of the effects of changes in monetary policies. These findings are consistent with Darrat and Glascocks (1989) evidence of monetary effects on REIT returns.     

对企业提高质量体系实施有效性的探讨

通过总结多年从事企业质量管理工作经验，认为只有通过扎实的贯标、严格质量程序管理行为、全面实施过程控制、坚持质量体系的持续改进，才能不断建设和完善质量管理体系，充分发挥质量管理体系的增值作用。从而逐步提高企业质量管理总体水平，建立企业质量管理长效机制。     

排污税在循环经济发展初期推进效用的经济分析

循环经济发展的实质是在将环境治理成本计入生产成本的情况下,理顺产品的价格和供给数量。在循环经济发展的初期,单独使用征收排污税的方法对循环经济没有推进效用。在政府面临既要提高企业循环生产的积极性,又要避免产品出现剧烈的价格波动引起信用危机的两难境地的情况下,政府应探索多种方法推进循环经济发展。     

The Influence of Product/Nudity Congruence on Advertising Effectiveness

Abstract

While a body of research has examined the effects of nudity appeals in advertising, previous studies examining the question of product/nudity congruency have failed to consider product categories of equivalent levels of involvement and towards which respondents had similar purchase intention. In this experimental study, we examine the role which product/nudity congruency and levels of nudity have on several measures of advertising effectiveness. We also examine the effect of the usa between these two variables. Our findings suggest that product type and the interaction between degree of nudity and product both influence significantly certain measures of advertising effectiveness. Implications for marketing professionals and researchers are outlined, along with directions for future research.     

Improving Distribution Service Performance Through Effective Production and Logistics Integration

Current empirical research on logistics' relationships with other departments has mostly neglected the interface with production. On the basis of data from 387 manufacturing companies, we answer a recent call for research and extend the literature by examining effective working relationships and achieved integration between the production and logistics functions regarding their performance impacts and their antecedents. With respect to the former, we take a resource‐based perspective, showing that integration achieved between the production and logistics functions drives distribution service performance by serving as a pivotal capability element in the resource–capability–value chain. Within this chain, effective working relationships constitute the underlying resources and prove to be a strong driver of achieved integration. With respect to antecedents, we employ the theory of cooperation and competition and identify positive goal interdependence to substantially improve working relationships between production and logistics. Furthermore, we find this effect to be amplified via formalized performance measurement systems.     

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.     

质量体系运行机制研究

简要分析了质量体系运行机制的涵义及形成机理，讨论了质量体系运行中存在的问题，并提出了对策建议。     

Cost effectiveness of oral fludarabine in chronic lymphocytic leukaemia: the French case

Summary

The objective was to assess the medicoeconomic impact of initial and subsequent treatments based on oral fludarabine, intravenous chemotherapy (mini-CHOP) and chlorambucil in chronic lymphocytic leukaemia.

A Markov model has been defined to encompass the 18 strategies over a 3-year period after starting the first treatment. Costs of treatments, side effects and follow-up have been calculated by crossing data from published prospective trials, specific hospital databases and French resource-based relative value scales. When treatments were based on mini-CHOP, different possibilities offered for hospital care were taken into account.

Probalistic sensitivity analysis was performed.

Whatever the modality of hospital care for mini-CHOP, the strategies based on oral fludarabine as first-line treatment are not only more effective but are also cost effective and dominate other types of scenarios.

Fludarabine given orally should be preferred to mini-CHOP or chlorambucil as a first-line treatment for patients with chronic lymphocytic leukaemia.     

Aid Effectiveness,Debt Relief and Public Finance Response: Evidence from a Panel of HIPC Countries

Substantial amounts of debt relief have been granted to a set of low-income countries, as an alternative aid modality. Although the theoretical case for debt relief is firmly established, only empirical analysis can show whether debt relief is indeed a (more) effective mode of aid delivery. We investigate the linkages between debt relief and other fiscal variables such as current expenditure, government investment, taxation and domestic borrowing, in comparison to the effects of grants and concessional loans. We find that the fiscal impact of HIPC debt relief follows fairly complex dynamics. For example, debt relief initially reduces government investment, but the effect becomes positive after two years, well outperforming other modes of aid delivery. JEL no. F34, F35, O11, O19     

从金融危机看宏观型对冲基金的本质

国际资本自由流动是宏观型对冲基金的温床。尽管国际上受美金融危机发生的具体原因千差万别,但共同的特点是有意、无意地扩大宏观经济基本面的失衡,然后借助金融市场的瞬间强制调整,获取巨额利润。宏观型对冲基金作为盈利组织无可厚非,关键是要避免宏观经济的严重失衡。