基于EWA博弈学习模型的股权分置改革对价均衡研究

本文以股权分置改革中以纯送股方式支付对价的936家A股上市公司为样本,从行为博弈的角度,用EWA学习模型研究了其对价均衡的形成机理,并对均衡的形成过程进行了模拟。模拟结果表明EWA学习模型成功捕捉了对价均衡的形成过程,说明股权分置改革对价博弈是一个基于策略学习的博弈过程。对模型参数的分析表明:博弈双方即非流通股股东和流通股股东具有极强的学习能力,但这种学习仅为对过去经验的纯策略学习;同时非流通股股东制定方案时对策略收益赋予较小的权重,说明决策双方博弈地位的不对等在很大程度上决定了不公平对价均衡的形成。     

Contracting Under Vendor Managed Inventory Systems Using Holding Cost Subsidies

Vendor managed inventory systems are becoming increasingly popular. An important issue in implementing a vendor managed inventory scheme is the contracting terms that dictate the ownership of the inventory and the responsibility of inventory replenishment decisions. Thus the performance of a vendor managed system crucially depends on these terms and on how inventory‐related costs are shared in a supply chain. We consider a system where a manufacturer supplies a single product to a retailer who faces random demand in a competitive market. The retailer incurs a fixed cost per order, inventory holding cost, and a penalty cost for a stockout (unsatisfied demand is back‐ordered). Further, the manufacturer incurs a penalty cost when there is a stockout at the retailer and a fixed replenishment cost. We assume that the players are rational and act noncooperatively. We compare the performance of retailer managed inventory systems, where the retailer places orders and makes replenishment decisions, with vendor managed inventory systems, wherein the vendor or manufacturer makes inventory and replenishment decisions. Specifically, in the vendor managed inventory system, we propose and evaluate holding cost subsidy‐type contracts on inventories offered by the retailer to improve system performance. We evaluate this contract in the context of three widely used inventory systems—deterministic economic order quantity, continuous review (Q, r) policies, and periodic review policies—and show when such contracts may improve channel performance.     

Why Ugandan rural households are opting to pay community health insurance rather than use the free healthcare services

Twikirize JM, O'Brien C. Why Ugandan rural households are opting to pay community health insurance rather than use the free healthcare services Uganda reintroduced free healthcare in 2001, but today, nine years later, less than 30 per cent of the population are using these services. This study investigated why rural households were under‐utilising the government's free health services and turning to community health insurance instead. A survey carried out on 260 randomly selected households was triangulated with qualitative data gained from 3 focus groups and 12 in‐depth interviews. The findings showed that 21 per cent of the households always accessed the government's free health services, while 79 per cent used private health services. The reasons given were poor quality services, including frequent drug stock‐outs, unmotivated and insufficiently trained health personnel, and overcrowding. Factors influencing enrolment in community health insurance included easier access to healthcare, financial protection against the cost of care, better quality care and benefits related to mutual assistance. This has both practical and policy implications, which are discussed in this article.     

突发信息影响下的投资、消费及风险溢价

本文在CCAPM模型及行为经济学理论基础上建立突发信息影响下的资产定价模型,借此探讨突发信息对投资者主观决策以及风险溢价的影响,并利用数值迭代法给出了风险溢价的数值解。研究结果表明:突发信息所产生的正面影响会提高风险溢价,反之则降低溢价值,为解释"追涨杀跌"现象提供新视角;同时发现,投资者先期投资决策的结果好坏与风险溢价呈正向关系。最后利用中美两国证券市场数据进行数据模拟,结果表明本模型较好的避免了"股权溢价之谜"和"无风险利率之谜"。     

The impact of health insurance cost-sharing method on healthcare utilisation in China

In current Chinese health insurance programmes, there are two types of cost-sharing methods: the time-of-service copayment policy and the reimbursement policy. In contrast to the copayment participants, reimbursement participants need to pay for all medical expenses in advance. We study the effect of the reimbursement policy on the utilisation of healthcare services in China. The theoretical analysis indicates that the medical consumption of low income households will be less than the optimal consumption level when enrolled in a reimbursement programme instead of a copayment programme. Empirically, using data from the China Health and Retirement Longitudinal Study (CHARLS), we find that the total inpatient expenditure of the reimbursement participants is 12.7% lower than that of copayment enrolees, and the reimbursement arrangement negatively impacts low-income and rural populations. Therefore, reimbursement participants, those who are financially constrained, are more likely to suffer the up-front payment burden and finally reduce their healthcare needs.     

Using the integrative model of behavioral prediction to understand college students’ STI testing beliefs,intentions, and behaviors

ABSTRACT

Objectives: To identify salient behavioral determinants related to STI testing among college students by testing a model based on the integrative model of behavioral (IMBP) prediction. Participants: 265 undergraduate students from a large university in the Southeastern US. Methods:Formative and survey research to test an IMBP-based model that explores the relationships between determinants and STI testing intention and behavior. Results: of path analyses supported a model in which attitudinal beliefs predicted intention and intention predicted behavior. Normative beliefs and behavioral control beliefs were not significant in the model; however, select individual normative and control beliefs were significantly correlated with intention and behavior. Conclusions: Attitudinal beliefs are the strongest predictor of STI testing intention and behavior. Future efforts to increase STI testing rates should identify and target salient attitudinal beliefs.     

Enhancing Appearance and Sports Performance: Are Female Collegiate Athletes Behaving More Like Males?

Objective: The authors investigated behavioral indicators of pathological gambling in a college student sample. Participants and Methods: The authors administered a diagnostic interview for pathological gambling to 159 college students, who also completed a demographic questionnaire, and a self-report measure of psychological distress. Results: Consistent patterns of gambling behavior associated with pathological gambling included gambling more than 1.2 times per month, gambling more than 2.1 hours per month, intending to wager more than 6.1% of monthly income, and wagering more than 10.5% of monthly income. In addition, the combination of psychological distress, gambling frequency, and a history of parental gambling problems was significantly associated with pathological gambling in college students. Conclusions: These findings suggest initial markers of problematic gambling behavior in a college sample that may be used in assessment, prevention, and intervention.     

Implementing web-assisted learning and engaging academic staff in the change process

Abstract

In achieving the transition from a traditional taught mode of delivery to web-assisted learning, the management of universities now realise that change needs to be led and managed from the top down. They are also reliant on academic staff to engage in the change process. These two aspects are investigated in the context of a post-1992 university, which recently introduced a virtual learning environment (VLE) as part of a managed learning environment (MLE). Academic staff perceptions are explored within the framework of the 4-E model of staff engagement with technological change, but findings indicate a lack of evidence to support the 4-E balanced equation or likelihood-of-use factor.     

Technology and Obsessive Compulsive Disorder: An Interactive Self-Help Website for OCD

Obsessive Compulsive Disorder (OCD) is a neurobiological illness characterized by unwanted thoughts and/or images followed by repetitive rituals. About 5 million Americans live with Obsessive Compulsive Disorder. OCD is a manageable illness when proper interventions are utilized. Treatment for OCD is limited due to the lack of adequately trained professionals and the high costs of treatment. Cognitive behavioral therapy (CBT) in conjunction with exposure with response prevention (ERP) is the most effective intervention modality available for OCD. To address the treatment gap, an online, interactive self-help website was developed for those living with OCD without access to an effective intervention. This report will explore development of the OCD Challenge website and future implications of its use.     

Pilot Evaluation of a Sexual Abuse Prevention Program for Taiwanese Children

The purpose of the current study was to develop and evaluate the efficacy of a school-based child sexual abuse prevention program for Taiwanese children. Forty-six Taiwanese children age 6 to 13 were divided into one of two groups based on their school grade and then randomly assigned to a skills-based child sexual abuse prevention program who received training immediately or a waiting-list control condition who received the training after a delay. Children's self-protection skills improved regardless of age after participation in the program. The program, however, did not successfully improve children's knowledge of sexuality and safety. Although future studies should modify the program content to better target knowledge of sexuality and safety, these results are promising for a pilot of this skills-based CSA prevention program in Taiwan.