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Background: Since 2003, the government of Ethiopia has trained and deployed more than 42,000 Health Extension Workers across the country to provide primary healthcare services. However, no research has assessed the return on investments into human resources for health in this setting. This study aims to fill this gap by analyzing the return on investment within the context of the Ethiopian Health Extension Program. Methods: We collected data on associated costs and benefits attributed to the Health Extension Program from primary and secondary sources. Primary sources included patient exit interviews, surveys with Health Extension Workers and other health professionals, key informant interviews, and focus groups conducted in the following regions: Amhara, Oromia, Tigray, and the Southern Nations Nationalities and Peoples' Region. Secondary sources consisted of financial and administrative reports gathered from the Ministry of Health and its subsidiaries, as well as data accessed through the Lives Saved Tool. A long-run return on investment analysis was conducted considering program costs (personnel, recurrent, and capital investments) in comparison to benefits gained through improved productivity, equity, empowerment, and employment. Findings: Between 2008–2017, Health Extension Workers saved 50,700 maternal and child lives. Much of the benefits were accrued by low income, less educated, and rural women who had limited access to services at higher level health centers and hospitals. Regional return ranged from $1.27 to $6.64, with an overall return on investment in the range of $1.59 to $3.71. Conclusion: While evidence of return on investments are limited, results from the Health Extension Program in Ethiopia show promise for similar large, sustainable system redesigns. However, this evidence needs to be contextualized and adapted in different settings to inform policy and practice. The Ethiopian Health Extension Program can serve as a model for other nations of a large-scale human resources for health program containing strong economic benefits and long-term sustainability through successful government integration. [ABSTRACT FROM AUTHOR]

Using 5-minute high frequency data from the Chinese stock market, we employ a non-parametric method to estimate Fama-French portfolio realized jumps and investigate whether the estimated positive, negative and sign realized jumps could forecast or explain the cross-sectional stock returns. The Fama-MacBeth regression results show that not only have the realized jump components and the continuous volatility been compensated with risk premium, but also that the negative jump risk, the positive jump risk and the sign jump risk, to some extent, could explain the return of the stock portfolios. Therefore, we should pay high attention to the downside tail risk and the upside tail risk. [ABSTRACT FROM AUTHOR]

The strategic position of the core area of the Huaihai Economic Zone is very important. The evaluation and analysis of the listed companies' innovation ability in this core area effectively reflect the level of innovation ability of regional enterprises and uncover the differences and influencing factors of the enterprise innovation ability level across different cities and industries; this would provide a reference for further improving the enterprise innovation ability level in the Huaihai Economic Zone. Given this context, data are collected from the CSMAR database on 37 listed companies in eight cities in the Huaihai Economic Zone core area from 2017 to 2021, and an innovation ability evaluation index is constructed from the innovation input and innovation output dimensions of listed companies. The results show that the innovation ability of listed companies in the region is weak; the main reason for the lack of innovation ability of listed companies is the lack of capital investment and talent investment; the innovation primacy of Xuzhou listed enterprises is not high. Finally, in view of the improvement of the innovation ability of listed enterprises in the core field, corresponding suggestions are put forward from the aspects of increasing innovation investment, optimizing the innovation environment and improving the innovation leading force in Xuzhou. [ABSTRACT FROM AUTHOR]

The valuation adjustment mechanism ('VAM') agreement has recently been widely adopted in venture capital investment in emerging markets. The VAM agreement endows venture capital institutions a contractual right to reevaluate invested startup contingent on preset performance targets, which is crucial for the effectiveness of the VAM agreement by deeply affecting the strategy and fate of the startup. Motivated by exploring a rational performance target setting, this paper: 1)Firstly, extracts a general structure of the VAM agreement by cases analysis;2) Secondly, adopts a real options methodology to derive the option value held by venture capital institutions and how the pre-determined performance target affect the payoff of venture capital institutions;3)Thirdly, derives the expected time to achieve the given performance target and the behavior choice of entrepreneurs of startups; 4)Finally, by maximizing the contractual value of venture capital institutions with the participation constraints of the entrepreneur, derives the optimal performance target setting. The result finds that the option value of the VAM agreement is positively related to the performance target. It may partially explain why venture capital institutions tend to dominate overly high targets from a real options perspective. We also confirm the incentive effect of the VAM agreement that entrepreneurs tend to exert their best effort. Furthermore, the derivation of the optimal performance target shows that it is an increased function of the agreement period and a subtractive function of project risk. This paper contributes to the literature on contingent payment mechanisms and provides practical implications for the VAM agreement design. [ABSTRACT FROM AUTHOR]

Multicollinearity widely exists in empirical studies, which leads to imprecise estimation and even endogeneity when omitted variables are correlated with any regressors. We apply an innovative strategy, different from the usual tools (instrumental variable, ridge regression, and least absolute shrinkage and selection operator), to estimate the robust determinants of income distribution. We transform panel data into (quasi-) cross-sectional data by removing country and time effects from the data so that all variables become zero mean and orthogonal to the country dummies and time variable, and multicollinearity becomes very low or even disappears with the quasi-cross sectional data in any specifications regardless of country dummies and time variable being included or not. Our contribution is threefold. First, we build a general method to address the multicollinearity issue in panel data, which is to isolate the common contents of correlated variables and ensures robust estimates in different specifications (dynamic or static specifications) and estimators (within- or between-effects estimators). Second, we find no evidence for the Kuznets hypothesis within and across countries; investment is economically and statistically the most robust determinant of income inequality; meanwhile, labor income share shows robustly and consistently positive effects on income inequality, which challenges the related literature. Last, simulations with our estimates show that the total marginal effects of development (regarding GDP, capital stock and investment) on income inequality are very likely to be positive within and between countries except that the impacts on middle-60% and top-quintile income shares are not so likely to increase income inequality across countries. [ABSTRACT FROM AUTHOR]

Threatened species are increasingly dependent on conservation investments for persistence and recovery. Information that resource managers could use to evaluate investments–such as the public benefits arising from alternative conservation designs–is typically scarce because conservation benefits arise outside of conventional markets. Moreover, existing studies that measure the public benefits of conserving threatened species often do not measure the benefits from partial gains in species abundance that fall short of official recovery, or the benefits from achieving gains in species abundance that happen earlier in time. We report on a stated preference choice experiment designed to quantify the non-market benefits for conservation investments aimed at threatened Pacific Coho salmon (Oncorhynchus kisutch) along the Oregon Coast (OC). Our results show that a program aimed at increasing numbers of returning salmon can generate sizable benefits of up to $518 million/y for an extra 100,000 returning fish, even if the species is not officially declared recovered. Moreover, while conservation investment strategies expected to achieve relatively rapid results are likely to have higher up-front costs, our results show that the public attaches substantial additional value of up to $277 million/y for achieving conservation goals quickly. Our results and approach can be used to price natural capital investments that lead to gains in returning salmon, and as inputs to evaluations of the benefits and costs from alternative conservation strategies. [ABSTRACT FROM AUTHOR]