The effectiveness of the ECB’s unconventional monetary policy: Comparative evidence from crisis and non-crisis Euro-area countries

During the European financial crisis, the European Central Bank implemented a series of unconventional monetary policy measures. We argue that these programs lowered the bond yield spreads of Euro-area countries. This hypothesis is tested using pooled OLS estimations and two different datasets: monetary policy event dummies and the purchase volumes of the Securities Markets Programme (SMP). Overall, we find significantly negative effects on bond yield spreads for both datasets, leading us to accept the hypothesis. While the OMT reduces the spreads of both crisis and non-crisis countries, LTROs and the lowering of the deposit rate to 0 percent are mainly effective in non-crisis countries. The SMP lowers the spreads of crisis countries, but it has the opposite effect on non-crisis countries. This converse effect is explained by the risk that increasingly accumulates on the ECB’s balance sheet through the SMP and that way constitutes a fiscal risk for non-crisis countries. The results are confirmed by pooled OLS estimations that measure the effect of unconventional monetary policy on central government debt.     

关于基层人民银行进一步加强金融突发事件应急管理机制建设的思考

金融突发事件应急机制是针对金融突发事件而建立的一套防范处置体系。当前全球金融危机的爆发使国际金融环境危机四伏,而我国金融业还处于体制改革和机制更新阶段,因此金融突发事件出现的几率也呈现逐渐上升的趋势。为避免和减少金融突发事件所造成的损失,基层人民银行应进一步加强应急机制建设,增强应对突发金融事件的能力,保障人民银行的资金财产安全。     

How Have Restaurant Firms Responded to Food Safety Crises? Evidence From Media Coverage

Media communication has become a crucial part of crisis communications due to the rapid dissemination of information along with its immense impact on consumers and other stakeholders. Based on a structured content analysis of electronic media reports on restaurant-associated food safety crises from 1993 to 2015, this study examined media reporting patterns focusing on three elements: instructing information, crisis response strategies, and stakeholders. This study also identified the effect of situational factors (severity of risk and crisis type) on the media reporting patterns using Chi-square tests. The results indicated that restaurant firms were more likely to use proactive than passive response strategies, and identified primary stakeholders during a food safety crisis such as regulatory agencies, victims, and customers. Finally, two situational factors were found to influence the pattern of media reporting. The media reporting patterns were found to vary by risk severity and crisis type.     

The economic burden of common adverse events associated with metastatic colorectal cancer treatment in the United States

Aims: Adverse events (AEs) associated with treatments for metastatic colorectal cancer (mCRC) may compromise the course of treatment, impact quality-of-life, and increase healthcare resource utilization. This study assessed the direct healthcare costs of common AEs among mCRC patients in the US.

Methods: Adult mCRC patients treated with chemotherapy or targeted therapies were identified from administrative claims databases (2009–2014). Up to the first three mCRC treatment episodes per patient were considered and categorized as with or without the AE system/organ category during the episode. Total healthcare costs (2014 USD) were measured by treatment episode and reported on a monthly basis. Treatment episodes with the AE category were matched by treatment type and line of treatment to those without the AE category. Adjusted total cost differences were estimated by comparing costs during treatment episodes with vs without the AE category using multivariate regression models; p-values were estimated with bootstrap.

Results: A total of 4158 patients with ≥1 mCRC treatment episode were included (mean age?=?59 years; 58% male; 60% with liver and 14% with lung metastases; 2,261 [54%] with a second and 1,115 [27%] with a third episode). On average, two treatment episodes were observed per patient with an average length of 166 days per episode. Adjusted monthly total cost difference by AE category included hematologic ($1,480), respiratory ($1,253), endocrine/metabolic ($1,213), central nervous system (CNS; $1,136), and cardiovascular ($1,036; all p?Limitations: Claims do not include information on the cause of AEs, and potentially less severe AEs may not have been reported by the physician when billing the medical service. This study aimed to assess the association between costs and AEs and not the causation of AEs by treatment.

Conclusions: The most costly AEs among mCRC patients were hematologic, followed by respiratory, endocrine/metabolic, CNS, and cardiovascular.     

To go or stay home and watch: exploring the balance between motives and perceived constraints for major events: a case study of the 2008 Beijing Olympic Games

The current study offers insight into the role of motivation and constraints on behavioural intentions prior to a mega event. The Psychological Continuum Model framework was used to integrate motivation and leisure constraints theory to examine attraction towards the 2008 Olympic Games. Semi‐structured interviews (N = 47) and a questionnaire (N = 235) distributed in Australia and the USA were used to identify and measure three motivational themes: cultural learning, cultural experience and olympic event interest, and three perceived constraints: structural, interpersonal and intrapersonal. Structural Equation Modelling revealed that motives were positively related to behavioural intentions while constraints were negatively related. Analysis further revealed the interaction between motives and perceived constraints led to two different forms of behavioural intentions; intentions to travel and attend the event vs. stay home to watch the event on TV. Policy and marketing implications are discussed that illustrate the benefits of understanding both motives and perceived constraints for tourism travel. Copyright © 2008 John Wiley and Sons, Ltd.     

Relationship between incidence of fracture and health-related quality-of-life in metastatic breast cancer patients with bone metastases

Abstract

Objective

This retrospective observational study describes treatment patterns and longitudinal health-related quality-of-life (HRQoL) among metastatic breast cancer patients with bone metastasis from nine community oncology clinics.     

The Role of Life Experiences on Perceptions of Leisure During Adulthood: A Longitudinal Analysis

This study examined the life experiences of adults and their effect on perceptions of leisure. Data for this study came from A Study of Leisure during Adulthood (ASOLDA), a 10-year study of the values, attitudes, and perceived freedom in leisure of 84 adults. Individual growth curve modeling was used to explore patterns and change within leisure domains for the sample. Life structure predicted adults’ perceived freedom in leisure while life events were predictive of adults’ leisure attitudes. Data from interviews were used to supplement the survey data to provide a better understanding of the predictors of leisure perceptions in this study.     

Residents' Participation in Events,Events Image,and Destination Image: A Correspondence Analysis

The Algarve, the most renowned Portuguese destination, is usually associated with its main tourist product, sun and beach. In 2007, the Portuguese government launched a program of events called Allgarve, intending to reposition the destination image. Conceived from the tourists' perspective, the Allgarve program was not initially welcomed by residents. Based on data from 384 questionnaires applied to residents in the region, this study examines the dimensions of the Algarve image and the Allgarve image, and shows how participation in Allgarve events is affecting both. The conclusions from this study reinforce the relevance of residents' participation in events in supporting repositioning strategies of a destination image.     

A flexible model for actuarial risks under dependence

Methods for computing risk measures, such as stop-loss premiums, tacitly assume independence of the underlying individual risks. This can lead to huge errors even when only small dependencies occur. In the present paper, a general model is developed which covers what happens in practice in a realistic way. Moreover, it is also flexible, in the sense that it allows application in practice. Accurate and transparent approximations are presented, and the results obtained are illustrated through explicit examples.     

Operational risk,the legal system and governance indicators: a country-level analysis

A total of 4388 operational loss events recorded over three decades in 53 countries are analysed on a country level in terms of the size of the economy, the standard of living, the legal system, the regional factor and six governance indicators. The results show that the average severity of the operational losses incurred by firms located in a particular country is positively related to the size of the economy and the standard of living. The results also show that loss of severity is negatively related to governance indicators, particularly regulatory quality. The frequency of operational loss events is also positively related to the size of the economy.