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China's manufacturing sector has fallen into recession since 2010 and one key bottleneck is the increase in operating cost of enterprises. To step out of the predicament, it is critical to reduce cost. By collecting data of 29 manufacturing industries in China during 1980–2020, this paper jointly measures translog cost function and factor input share function and detects the effects of infrastructure investment on cost structure and performance of China's manufacturing industries. It finds infrastructure investment reduces enterprises' operating cost and their demand on labour force. The rate of return to infrastructure is greater than that to private capital, indicating that insufficient supply of infrastructure holds back the development of manufacturing industries. Therefore, it is highly advocated that Chinese government should increase investment in infrastructure construction. [ABSTRACT FROM AUTHOR]

Here, we look at the impact of the scientific production of Brazilian research institutions. Data were collected from SciVal and InCites for governmental research institutions (state and federal), and then we focussed on the two largest: Embrapa (Agriculture) and Fiocruz (Health). Institutions in the area of health, environment and physics tended to show higher impact than other areas, those in physics showed low first, last and corresponding authorships (<20%). Health institutions had a high profile in Policy and Patents, especially abroad, while agriculture had a more local impact. Citations in policy documents increased impact by 220%. Brazilian institutions in Defence, Agriculture, Energy & Nuclear, and Economic areas generally perform below world means. While some institutions may show a higher impact on specific indicators, the present study raises the need for an in-depth analysis of these institutions and their return on investments. Information contained here can help these institutions in strategic planning to improve impact results, including the uptake of science by the Brazilian government. While Fiocruz seems to meet this demand, Embrapa still needs to reaffirm its space within the system. Discussion on the return on investment (monetary and other resources) made in institutions these institutions require future studies. [ABSTRACT FROM AUTHOR]

OVERVIEW: Many companies struggle to measure their innovation return on investment (ROI). ROI is complex and innovation has many inputs, outputs, stakeholders, and milestones. While it is not feasible to have measurements down to the exact dollar, companies need to have a solid understanding of their innovation spending, investments, and ROI to be able to manage, predict, and finance their innovation efforts. We undertook a research project to uncover commonalities and best practices for managing innovation ROI. PRACTITIONER TAKEAWAYS: Companies need a clear definition of innovation before they can measure innovation ROI. An inclusive definition that includes all projects and measures the entire system is recommended. By gathering and analyzing their data or using estimation, companies can approximate whether they are investing enough to achieve their innovation goals. Companies that have an innovation culture and reliable systems should realize positive ROI and growth given their higher than average investment and more strategic focus on dramatic invention to lead their industries. [ABSTRACT FROM AUTHOR]

AbstractBackgroundObjectiveMethodsResultsConclusionsWork-related mental health problems impose significant economic and personal burdens. eHealth interventions may offer low-cost, practical solutions, but guidance on their cost-effectiveness in workplace mental health is limited.The objective of this study was to systematically review economic evaluations of workplace eHealth interventions for mental health, offering insights into methodologies and cost-effectiveness outcomes.Adhering to PRISMA guidelines, searches were conducted in Embase, MEDLINE, Web of Science, Google Scholar, Cochrane library, PsycInfo and EconLit databases in May 2022, selecting peer-reviewed papers that performed economic evaluations on workplace eHealth interventions for adult mental health. Quality was assessed using the Drummond checklist.From 3213 references, eight met the inclusion criteria. These studies varied in economic perspective, types of economic analysis type, primary outcome measures, intervention focus (e.g. stress, alcohol, insomnia & return-to-work) and direct non-medical costs. Five eHealth interventions were found to be cost-effective and/or have a positive return on investment, with seven studies rated as high quality according to the Drummond checklist.The study outcomes unveiled the potential cost-effectiveness of eHealth interventions targeting mental health issues, particularly these focusing on workplace stress. However, generalization is challenging due to variations in the methodologies across studies. [ABSTRACT FROM AUTHOR]

Higher education accreditation has spread internationally as a vehicle for quality assurance and improvement but is strongly influenced by accreditation practices in the United States. The organisational structure and processes of seven United States health professions accreditors were analysed to identify common characteristics that reflect general fitness for purpose and infrequent features that show potential to enhance the effectiveness of accreditation processes, increase engagement of and support by accredited institutions and programmes and provide greater transparency. [ABSTRACT FROM AUTHOR]

This article examines how university students assess the coordination of the courses their programmes contain and how course coordination affects how content they are with their studies. The study is based on survey data from more than 5700 students, collected through Lund University's Student Barometer. The survey examines the students' views on course coordination based on content, workload, administrative procedures and whether or not teachers of different courses provide coherent information. The analysis shows that the coordination of courses has a significant impact on how students experience their studies. The better the course coordination, the more satisfaction students will get from their studies; and the correlation remains stable when several other factors of importance for student satisfaction are included in the analysis. The conclusion of the study is thus that course coordination clearly contributes to explaining variations in students' appreciation of their university studies. [ABSTRACT FROM AUTHOR]

Higher education is often framed as a means to social mobility and increased earnings. However, the value of university education in the United States is coming under scrutiny in regard to its costs. This article examines a university education's return on investment (ROI) from attending different types of universities in the United States. Unlike previous research, this study focuses on the variation of university institutional characteristics and their impact on ROI. This study analysed data from the US Department of Education College Scorecard, focusing on institutional factors, such as public/private, student body characteristics, research intensity, student diversity and selectivity. The results confirm that highly selective universities have a greater ROI, public universities overall have a better ROI, Research 1 universities have the higher ROI and private Research 1 institutions have the highest ROI. Implications for educational administration and university selection criteria are discussed. [ABSTRACT FROM AUTHOR]

Grounded on the shareholder theory, this study aims to relate the effects of management systems standards (MSSs) ISO 9001, ISO 14001 and/or ISO 45001 on firm financial performance (FFP) in terms of return on equity (ROE) and dividend per share yield (DY). With a balanced data sample between 2010 and 2019 composed of more than 10,000 observations, this paper performs a two-step system generalised-method-of-moments model to find a causal relationship between single, double and triple certifications, and ROE and DY. The results find no impact of single certifications on FFP. However, double certifications that include ISO 9001 promote ROE. Furthermore, all multiple certifications are found to promote DY. It is then argued that operating with multiple MSSs promotes shareholder wealth. Thus, this research adds to the continuing academic discourse on the connection between MSS certifications and FFP by presenting findings from a worldwide longitudinal dataset. Additionally, it adopts a shareholder-focused perspective and introduces DY as a relevant FFP metric in this line of research. [ABSTRACT FROM AUTHOR]

The dependence in the tails of the joint distribution of two random variables is generally assessed using χ-measure, the limiting conditional probability of one variable being extremely high given the other variable is also extremely high. This work is motivated by the structural changes in χ-measure between the daily rate of return (RoR) of the two Indian airlines, IndiGo and SpiceJet, during the COVID-19 pandemic. We model the daily maximum and minimum RoR vectors (potentially transformed) using the bivariate Hüsler-Reiss (BHR) distribution. To estimate the changepoint in the χ-measure of the BHR distribution, we explore two changepoint detection procedures based on the Likelihood Ratio Test (LRT) and Modified Information Criterion (MIC). We obtain critical values and power curves of the LRT and MIC test statistics for low through high values of χ-measure. We also explore the consistency of the estimators of the changepoint based on LRT and MIC numerically. In our data application, for RoR maxima and minima, the most prominent changepoints detected by LRT and MIC are close to the announcement of the first phases of lockdown and unlock, respectively, which are realistic; thus, our study would be beneficial for portfolio optimization in the case of future pandemic situations. [ABSTRACT FROM AUTHOR]

Individualized case management services that identify and provide support for treatment, housing, and employment may improve opportunities for success for those housed in community residential facilities (CRFs) upon release, particularly when evaluated against the goals of reducing the length of stay in the CRF and reducing the rate of return to prison among a targeted parole population with severe mental health needs and moderate-to-high criminogenic risk. Following an experimental design with random assignment design, this study evaluated 349 participants who were eligible for specialized case management services while housed and released from a CRF between January 2018 and June 2019. Findings reveal that participants who received specialized service referrals significantly decreased their length of stay in the CRF compared to the control group. Successful program completion was further related to a reduced length of stay and a significant reduction in the likelihood of returning to prison. [ABSTRACT FROM AUTHOR]

The article focuses on the evaluation of different methodologies for assessing the return on investment (ROI) of higher education using data from the College Scorecard (CSC). It analyzes five distinct CSC-based systems that measure educational ROI by balancing college costs with graduates' earnings in various ways. It highlights how these methodologies differ in their approach to calculating ROI, such as the Price-to-Earnings Premium (PEP), median earnings benchmarks, and net present value.

How do investors' risk preferences influence the relationships between investors' online channel use intensity and both their trading behaviors and performance? This study answers this important question even as investors are increasingly rely on the Internet for their trading activities. We leverage rare and unique micro-level historical dataset from more than 7,000 investor accounts over a 44-month period between 2010 and 2013 at a large brokerage firm in China. The dataset and analyses enable us to provide new insights into how investors' online channel use intensity and risk preferences jointly influence their trading behaviors and performance, even though some other aspects of financial markets have changed considerably over the years. The findings reveal that although online channel use intensity is associated with increased trading volume, trading frequency, and investment returns, these effects differ across investors with different risk preferences. We find that while online channel use intensity has strong positive effects on transaction frequency for both risk-seeking and risk-averse investors, it has a much lower effect on trading volume for risk-averse investors than for risk-seeking investors. We further find that risk-averse investors with higher online channel use intensity outperform investors with other risk preferences in terms of investment performance. This paper contributes to the emerging literature at the intersection of information systems and behavioral finance by revealing the moderating role of risk preferences in the relationships between investors' online trading channel use intensity and both their trading behaviors and outcomes. We discuss the implications for research and practice. [ABSTRACT FROM AUTHOR]

Vietnam's economy and education system have had remarkable success in recent decades, yet there are concerns about the declining returns to higher education since 2008. We document this decline in returns to higher education and propose four hypotheses to explain it. Analysis of the VLSS/VHLSS and LFS data provides little evidence for three of four hypotheses. The fourth hypothesis is that changes in the demand for highly educated labor in Vietnam, perhaps due to recent changes in foreign direct investment inflows, rather than the labor supply, are perhaps the most important determinant of the returns to education across different levels. [ABSTRACT FROM AUTHOR]

State and federal governments invest millions of dollars in providing accurate and relevant information on expected outcomes to students pursuing higher education, but whether such information targets what students value about college is unclear. We use new survey data to identify the extent to which conventional indicators for college quality and returns correlate with collegegoers' satisfaction with their education. We find that alumni are on average very satisfied with their education, even among those with poor labor market outcomes. Our results suggest the consumptive value of higher education is much higher than economic models of college choices typically assume. [ABSTRACT FROM AUTHOR]

This paper estimates returns to education during a period of sharp wage cuts in Greece, considering both the endogenous nature of education and women's self-selection. Findings suggest that dramatic wage declines were followed by sharp decreases in returns to education, while the documented convergence of returns between genders is an added benefit. Once endogeneity is examined, using parental education and number of siblings in the household as instruments, and self-selection is accounted for, returns to education almost double compared to OLS. These findings are verified using several robustness tests and alternative specifications. [ABSTRACT FROM AUTHOR]

We contribute to the higher education returns discourse by examining perceptions among college graduates. Using 2021 U.S. Survey of Household Economics of Decisionmaking data, we observe that over 80% of degree holders perceive that they received positive financial returns from college, while only 7% of college degree holders regret their decision to go to university. However, 39% regret their major choice, and 24% regret their institution choice. Logistic regression reveals perceptions and regrets vary with field of study, gender, type of institution attended, student debt load, and age. [ABSTRACT FROM AUTHOR]

This study examines the impact of educational attainment on employment and earnings in Nepal. Using the Nepal Labour Force Survey 2017–2018 cycle, we employ an extended earnings function derived from the foundational Mincer equation to estimate returns to education. The results underscore the overall positive impact of education (1.76, 3.73, 7.68 and 11.00% increase in earnings by primary, secondary, bachelor's and master's degrees, respectively), which is lower than the average observed in other low– and middle– income countries, except in higher education. The results also indicate persisting disparities for females and disadvantaged groups. The study emphasizes the need for strategic interventions, improved educational infrastructure and inclusive policies to foster equitable opportunities. [ABSTRACT FROM AUTHOR]

We present new estimates of the internal rate of return to early childhood education. Utilizing the nationwide expansion of preschool education in Japan between 1960 and 1980, we initially assess the impact of preschool attendance on high school graduation and college enrollment for men. Subsequently, we compute the social rate of return to preschool attendance for men by drawing upon national wage statistics to project expected wage trajectories and referencing government documents to account for the social cost of preschools. Our findings indicate a social rate of return ranging from 5.7% to 8.1%, consistent with previous estimates in the literature. [ABSTRACT FROM AUTHOR]

This paper uses the Mincerian approach in an experimental way to examine the impact of education on household incomes (not labor earnings) of all workers (not just employees) across 162 countries. Our results are broadly similar to the conventionally estimated rates of return to education after allowing for the fact that earnings are only a part of total household incomes. We then apply the results to the case of Arab countries and find that our experimental approach can promisingly be used for the study of the impact of education not just on individual earnings of employees but also on total household incomes of all workers and more broadly on the economy and the labor market. [ABSTRACT FROM AUTHOR]

Hotel managers in New Zealand do not calculate Human Capital Return on Investment (HCROI) and are unaware if they are over or underinvesting in their HC. While literature reports the complexity of such measurement, given the challenges of attracting, retaining and ongoing training of HC, it is surprising little has been done to examine how HCROI can add value to hotels and how it can be calculated. Hotel practitioners and hospitality researchers must collaborate to examine and define better HCROI and measurement tools to enable hotel managers to make more strategic HC decisions. [ABSTRACT FROM AUTHOR]

This paper is devoted to asymptotic analysis for a continuous-time risk model with the insurance surplus process and the log-price process of the investment driven by two dependent jump-diffusion processes. We take into account arbitrary dependence between the insurance claims and their corresponding investment return jumps caused by a sequence of systematic factors, whose arrival times constitute a renewal counting process. Under the framework of regular variation, we obtain a simple and unified asymptotic formula for the finite-time ruin probability as the initial wealth becomes large. It turns out that, in the weakly dependent case, the tails of the claims determine the exact decay rate of the finite-time ruin probability while the investment return jumps only contribute to the coefficient of the asymptotic formula; however, in the strongly dependent case, they both produce essential impacts on the finite-time ruin probability which is under-estimated in the weakly dependent case. [ABSTRACT FROM AUTHOR]

As college degrees become more common and the cost of these degrees increases, so does the debate about the worthwhileness and value of a college education generally and of specific degrees in particular. Degrees in the humanities and liberal arts are particularly questioned, as data on starting salaries and unemployment rates are sometimes used to claim that such degrees do not provide a good return on investment. Responses to these critiques often claim that college preparation in such fields fosters the development of broad so-called "soft skills" that employers value. However, both sides of this debate have historically focused on job data and employer perceptions while neglecting the perspectives and self-reports of graduates themselves, particularly as graduating students transition from the university to the workforce. In this exploratory mixed-methods study we sought to understand the experiences of English graduates from a large U.S. university over the course of a decade, using semi-structured interviews (n = 8) and a follow-up quantitative survey to discover their experiences finding employment and transitioning to the workforce (n = 338). Results coalesced around four themes and showed that most graduates reported their degrees to have provided great benefit for employability and ongoing professional growth. [ABSTRACT FROM AUTHOR]

Product variety, in combination with today's unstable market environment, brings strong challenges to manufacturing firms. Single-product assembly systems become difficult to implement as the return on investment is difficult to obtain with decreasing lot sizes and unstable customer demands. Multi-product assembly systems are a possible solution to this problem, as they allow to compensate demand fluctuations throughout the product mix. However, variety is a strong barrier to this kind of production systems. A new method is presented in this paper to identify multi-product assembly system architectures adapted to a product family, based on the identification of components for common positioning. This method has been applied to a supplier in the automotive industry and a return of experience of this case study is provided, highlighting its potentials and barriers. [ABSTRACT FROM AUTHOR]

School and district leaders make annual decisions about investing their budgets in a multitude of educational programs. Policy directives set expectations for investing in programs that show evidence of improving student outcomes. However, evaluating many simultaneously-implemented programs under typical school operating conditions is challenging. We investigated three methods – cost-effectiveness analysis, program value-added analysis, and academic return on investment – to assess how each one fares against three criteria: rigor of methodology, difficulty of execution, and usability of results for decision-making. We apply each method to three programs implemented in a large, U.S. school district: Reading Recovery, Restorative Practices, and school nurses. [ABSTRACT FROM AUTHOR]

The resilience of a production system is determined by its capability to respond to internal breakdowns and/or external disruptions and recover. In conventional production systems, internal disruptions such as machine breakdown are handled by parallel stations and storage buffers, which come at a cost. In this paper, we propose to use reconfigurable machines (RMs) and movable buffers (MBs) to increase the resilience of a production system. The production system is modelled using a modified Markov chain model. To reduce the computational effort, an iterative method is adopted for the production lines that have many RMs and MBs. The resilience of the production system is evaluated by a combination of production loss, steady production rate with threshold, work-in-process in Idle-area of MBs, process time of work-in-process in Idle-area of MB with threshold, and investment return. Two production systems are analysed, one with 3 operations and the other with 10 operations. The computer simulation results indicate that the resilience of a production system can be improved by more than 9% by RMs and MBs. Finally, a set of guidelines for design production systems with RMs and MBs are also given. [ABSTRACT FROM AUTHOR]

Project escalation involves the continued, persistent commitment to a failing project. Through a qualitative meta-analysis of 15 published cases of large information systems (IS) projects in escalation situations, we develop an institutional perspective on IS projects in escalation situations. This perspective describes how project persistence emerges from a plurality of legitimizing institutional logics that decision-makers draw upon at different project stages to maintain and reduce their commitment to the project. Logics related to the project's approval are not the same logics that guide decisions throughout the project. For example, while we find that innovation and economic logics of return on investment are salient before approval, economic costs tend to be more salient after approval, along with technical impositions and managerial concerns. We further find that managerial logics are particularly salient in reducing commitment to projects, and we detail the differences and point out contextual triggers of external scrutiny and leadership changes that can contribute to reduced commitment to a project and eventual de-escalation. [ABSTRACT FROM AUTHOR]

In this article, we consider a renewal risk model with by-claims, where the price process of the investment portfolio follows an exponential Lévy process. We further assume that the main claim is a one-sided linear process and there exists a certain dependence structure between the innovations and by-claims. In the presence of heavy tails, we obtain a series of uniform formulas in finite and infinite intervals. In order to better describe the obtained results, we carry on the numerical simulations. [ABSTRACT FROM AUTHOR]

The Catholic Church embarked upon an ambitious project of property development in the nineteenth century that transformed the Irish built environment and landscape. People responded energetically to fundraising drives for churches, convents, monasteries and welfare-focused institutions. The acquisition of significant property and substantial capital by the Irish Catholic Church was a major source of its power, which continued into independent Ireland. Much of this wealth came to the Catholic Church through bequests, donations, and returns on investment, which were managed by the relevant dioceses and orders. This article focuses on the episcopacy of Archbishop William Walsh of Dublin during the 1880s and 1890s to understand the way in which the management of the archdiocese of Dublin's financial resources shaped the social, economic, and political development of Ireland's capital city. By focusing on the management of one of the most significant bequests under Walsh's supervision – the Egan Bequest – a complex story of religion, investment and infrastructure building is revealed. This activity helped produce a model of investor capitalism that shaped Dublin in ways that remain contested to this day. [ABSTRACT FROM AUTHOR]

This study aims to investigate the impact of product complexity on product lifetime. As product lifetime increases, firms have a longer time to develop new products and gain a higher return on investment. This study posits that product complexity has an effect on product lifetime and then investigates a product portfolio strategy for product complexity by using Korean mobile phone data released from 2004 to 2013. The impact of product complexity on product lifetime is investigated by pooled ordinary least squares regression. Then, we derive a product portfolio strategy that increases product complexity using panel data analysis. The results show that an increase in product complexity lengthens product lifetime and that a firm needs to design its product portfolio by concentrating its resources and capabilities on releasing products of the latest product type. The findings of this study can help a firm establish an optimal product portfolio that increases the return on investment. [ABSTRACT FROM AUTHOR]

This study examines how regional artificial intelligence (AI) influences firms' business performance from the viewpoint of economic geography. We employ the instrumental variable method to analyze 3633 American listed companies. We find the "regional AI and business performance" relationship appears in an inverted U-shape. By applying the plausible instrumental variable method, our robustness check suggests that our findings are reliable. Theoretically, our paper enriches current regional AI studies with firm-level evidence; practically, our paper sheds light on how to make firm location decisions in the AI era. [ABSTRACT FROM AUTHOR]

Consider a nonstandard compound renewal risk model with stochastic return on investments, where the price process of investment portfolio is modeled as an exponential Lévy process. In the presence of heavy tails and dependence structures among modeling components, we study the uniform asymptotics of the tail probability of stochastic discounted aggregate claims and the finite-time ruin probability for all time varying in a relevant finite or infinite interval. [ABSTRACT FROM AUTHOR]

The attributes and dynamics of the profit rate distribution provide indispensable information on how the economy works. Edith Penrose, in The theory of the growth of the firm¸ took agency, managerial capabilities, heterogeneity and open-endedness as characteristic of the economy. Schumpeter had a similar view. Neoclassical theory, in contrast, envisages convergence to a standard rate of return, invoking inter-industry capital flows and diminishing returns as the main mechanism. I analysed the data on US manufacturing, 1987–2015. There was evidence of convergence, attributable to loss of supra-normal profits in two industries. The features of the distribution confirm Penrose's view. Neoclassical theory fares poorly: the data do not support 'a standard rate of return', and no plausible macro shock exists that could have produced the observed dispersion. The symmetry of the observed distribution indicates that neither market power nor intangible assets play major roles in determining the shape of the profit rate distribution; risk, however, is relevant if reformulated. Intersectoral capital flows were weak, and there was no evidence of diminishing returns. Penrose's conception of heterogeneous managerial capacity refers to a concept of economic power distinct from market power, corresponding to differential ex ante strength; differential profit outcomes represent ex post strength. [ABSTRACT FROM AUTHOR]

This study evaluated the impact of using different contents and sources of Reclaimed Asphalt Pavement (RAP) on the bottom-up fatigue cracking of asphalt mixtures and the return on investment (ROI). Two RAP sources were used that primarily provided a significant difference in RAP binder Performance Grade (PG): Source A was a PG 76-22 while Source B was a PG 94-10. Bottom-up fatigue cracking was predicted using Level 1 of the AASHTOWare Pavement Mechanistic-Empirical Design (PMED) software. The ROI was then evaluated using FHWA RealCost. To increase the accuracies of the predictions, volumetric properties and blended binder properties were calculated based on the amount of RAP binder that actively blended with the virgin binder. The accuracies were also increased by determining the AASHTOWare PMED fatigue strength coefficients, $k_{\,f1}$ k f 1 , $k_{\,f2}$ k f 2 , and $k_{\,f3}$ k f 3 , using flexural bending beam fatigue tests rather than using the global defaults provided by this software. In conclusion, the ROI of the six RAP mixtures based on bottom-up fatigue cracking was found to be affected by both RAP content and RAP source, and because of the effect of RAP source, it could not be generalised that using either a higher or lower RAP content will always provide a higher ROI. [ABSTRACT FROM AUTHOR]

Behavioural finance literature argues that stock issuance contains information on equity valuation. If so, does it predict the cross-section of both country and industry stock returns? To answer this question, we investigate data from 68 markets from 1976 to 2022. We find that composite equity issuance negatively correlates with future aggregate stock returns. An equal-weighted quintile of countries (industries) with the highest issuance underperforms those with the lowest by 0.34% (0.58%) per month. Established risk factors and other anomalies cannot subsume this cross-sectional pattern. Furthermore, the effect remains robust to many considerations. This documented issuance anomaly paves the way for an exploitable international investment strategy. [ABSTRACT FROM AUTHOR]

With reference to Ohlson' model, we optimise earnings persistence model and express earnings persistence measure as a function of return on equity (R.O.E.), dividends payout ratio and other factors. Our theoretical model reveals that dividends payout ratio has little effect on the earnings persistence, while R.O.E. has a decisive effect on earnings persistence. Using quarterly earnings data of 872 listed firms in China over 2011–2020, we calculate the Revised Persistence value of earnings (RPer value) of our earnings persistence model, and find that the Rper value of our model have more explanatory power than that of Kormendi and Lipe' model. Our study also suggest that quarterly earnings are useful and have information content. Both the theoretical model and empirical results of our research are of great significance to understand and support the implementation of semi-compulsory cash dividends rules in China. [ABSTRACT FROM AUTHOR]

The impact of education on entrepreneurial choice is ambiguous in both theory and empirics. Based on the data from the 2016 China Labour-Force Dynamics Survey, this paper studies the impact of China's Higher Education Expansion (HEE) policy initiated in 1999 on the entrepreneurial behaviour of urban college students and its transmission mechanism by employing the difference-in-difference approach. The results show that the implementation of the HEE policy has significantly promoted the entrepreneurship of urban college students and the HEE policy stimulates urban college students' entrepreneurship by decreasing the rate of return to urban college students' education. [ABSTRACT FROM AUTHOR]

Regarding the causality nexus between the various dimensions of corporate governance (ownership structure, dividend policy) and financial performance (return on equity, return on assets, Tobin's Q), the empirical results are mixed. Therefore, this study tries to examine the existence and the direction of causal relationship between these major indicators in an emerging economy, namely Tunisia for a sample of 375 firm-years observations during the period 1996–2020. This study applies a bootstrap panel Granger non-causality test which takes into account cross-sectional dependence and slope heterogeneity issues. Results show the existence of both unidirectional and bidirectional significant causal link between the pair of used variables. Overall, when comparing between Kónya and Dumitrescu and Hurlin approaches, the findings highlight and confirm the convergence of the direction of causality between all variables used in this study. [ABSTRACT FROM AUTHOR]

The two-stage growth model (Danielson, 1998) empowers analysts to quantify the growth expectations supporting a firm's stock price. This article merges that two-stage growth model with the AIRR model developed by Magni (2010, 2013). The new model simplifies the calculation of the firm's expected competitive advantage period and the expected annual growth rate. The new model can be used to quantify expectations for both dividend and non-dividend paying firms and when the return on new investments or the required return on equity might not be constant in the future. [ABSTRACT FROM AUTHOR]

Hot pepper is one of the most important vegetables and spice crops cultivated in many parts of the world including Ethiopia. The crop is known for its nutritional value and as spice. It's productivity is low due to low availability of soil nutrients. Much research was conducted to investigate the response of pepper to inorganic fertilizers such as DAP and Urea. However, information about the effect of Blended fertilizers such as NPSB and its combination with Urea is scanty. This research was therefore conducted to investigate the response of hot pepper to blended NPSB and urea fertilizer rates at Kobo, North Wollo. Four rates of NPSB (0, 100, 200, and 300 kg ha−1) and four rates of urea (0, 50, 100, and 150 kg ha−1) in factorial combination were laid out in Randomized Complete Block Design with three replications. The results revealed that the interaction effect of NPSB and urea was significant on many of the parameters considered. Treatments that received fertilizer combination of 300 kg NPSB ha−1 and 150 kg urea ha−1 gave the tallest plants (79.76 cm) and maximum number of pods per plant (45.50), while Treatments that received fertilizer combination of 200 kg NPSB ha−1 and 150 kg urea ha−1 gave the highest total pod fruit yield (30.08t ha−1) and maximum marketable yield (29.48 t ha−1) in the study area. Application of combined 200 kg ha−1 NPSB and 150 urea kg ha−1is recommended for production of hot pepper at Kobo and similar agroecologies as the highest net benefit (3548.86 US$) with relatively high marginal rate of return (2258.91%) were recorded. However, as the present study was done only in one location for one season, it would be worthwhile to repeat it in order to arrive at a sound conclusion. [ABSTRACT FROM AUTHOR]

The growth trend in the container industry has had a significant operational and infrastructural impact on the ports. In this context, the offshore port systems are expected to be an innovative port system in the effective use of mega container ships by offering operational and structural advantages. This study aims to guide the authorities on whether OCPS is worth investing in, in terms of investment costs. This article also highlights the financial feasibility of an OCPS that can allow countries with difficult nautical access to mega vessels to enter the global trade network. The data in this research were obtained from similar projects and studies with a series of industry assumptions. Overall, these results indicate that OCPS can compete with conventional ports in terms of investment costs, operating costs, and return on investment. Thus, a more sustainable container shipping network can be achieved with the advantages of OCPS. [ABSTRACT FROM AUTHOR]

The means by which e-commerce websites can reach and track online customers have expanded enormously through the use of various digital marketing referral channels. However, evaluating comparative effectiveness and return on investment (ROI) across different referral channels remain difficult undertakings for many companies. This study aims to contribute to this line of investigation by quantifying the relative effectiveness, the dynamics, and the interdependencies among three types of major online referral channels: search engines, social media, and third-party websites. To this end, we employ the vector autoregressive (VARX) model on a large-scale clickstream dataset and have the following findings. Though search engine referrals demonstrate strong impact on sales, our results show that social media referrals have the strongest immediate and cumulative effects on e-commerce websites' conversion rates. Our results also demonstrate the synergies and interdependencies across these channels. This study contributes to the multi-channel analytics literature and sheds new light to digital marketing managers on assessing the cumulative impact and the economic value of online referral channels. [ABSTRACT FROM AUTHOR]

This study explores the financial performance and economic impact of British investment in the Colombian National Railway Company, the largest British direct investment in Colombia during the first period of globalisation. It aims to ascertain the railway's impact on the regional economy and explain why it failed as a going concern. It explores three dimensions: the use of guaranteed railway bonds, the financial performance of the company, and the economic impact within different sectors of the local economy. The article implements existing methods such as financial analysis, internal rate of return, social savings, counterfactual analysis, and tailors these to a case study methodology for a micro business history of a single company. The article provides three main conclusions. Railway bond guarantees were critical to completion of the railway but detrimental to its long-term financial viability. The company was operationally profitable but stymied by construction delays. The railway contributed to growth of the export sector, internal agricultural trade, and government revenues. Contributions include tailoring the social savings method to a local rather than national focus, re-evaluation of the role of railways in Colombian economic growth, and exploring the influence of railways on internal trade within Latin American economies. Supplemental data for this article is available online at .This article has been corrected with minor changes. These changes do not impact the academic content of the article. [ABSTRACT FROM AUTHOR]

Cassava (Manihot esculenta Crentz) is one of the most important root crops in tropical regions of the world. However, little or no study was carried out to determine the optimum rates of nitrogen (N) and potassium (K) for better cassava root yield. N and K fertilizers are the major factors limiting the growth and yield of cassava. Thus, this experiment evaluated the effect of N and K fertilizer rates on the growth, and yield of cassava. Four levels of N (0, 46, 92, and 138 kg N ha−1) and three levels of K (0, 60, and 120 kg K ha−1) were arranged in factorial combination in a randomized complete block design (RCBD) with three replications. The results revealed that the main effects of N fertilizer influenced all the studied parameters, while the main effect of K affected number of tubers per plant and tuber diameter. Interaction effect of N and K influenced fresh tuber yield of cassava. The highest fresh tuber yield of cassava was achieved from 92 kg N ha−1, whereas the lowest fresh tuber yield of cassava was obtained from the control plant. The economic analysis showed that higher net benefit and marginal rate of return were obtained from the application of 92 kg N ha−1, reflecting that it could be an optimum N for cassava yield in the study area. [ABSTRACT FROM AUTHOR]

Background: Precision oncology medicines represent a paradigm shift compared to non-precision oncology medicines in cancer therapy, in some situations delivering more clinical benefit, and potentially lowering healthcare costs. We determined whether employing a companion diagnostic (CDx) approach during oncology medicines development delivers effective therapies that are within the cost constraints of current health systems. R&D costs of developing a medicine are subject to debate, with average estimates ranging from $765 million (m) to $4.6 billion (b). Our aim was to determine whether precision oncology medicines are cheaper to bring from R&D to market; a secondary goal was to determine whether precision oncology medicines have a greater return on investment (ROI). Method: Data on oncology medicines approved between 1997 and 2020 by the US Food and Drug Administration (FDA) were analysed from the Securities and Exchange Commission (SEC) filings. Data were compiled from 10-K, 10-Q, and 20-F financial performance filings on medicines' development costs through their R&D lifetime. Clinical trial data were split into clinical trial phases 1–3 and probability of success (POS) of trials was calculated, along with preclinical costs. Cost-of-capital (CoC) approach was applied and, if appropriate, a tax rebate was subtracted from the total. Results: Data on 42 precision and 29 non-precision oncology medicines from 56 companies listed by the National Cancer Institute which had complete data available were analysed. Estimated mean cost to deliver a new oncology medicine was $4.4b (95% CI, $3.6–5.2b). Costs to bring a precision oncology medicine to market were $1.1b less ($3.5b; 95% CI, $2.7–4.5b) compared to non-precision oncology medicines ($4.6b; 95% CI, $3.5–6.1b). The key driver of costs was POS of clinical trials, accounting for a difference of $591.3 m. Additional data analysis illustrated that there was a 27% increase in return on investment (ROI) of precision oncology medicines over non-precision oncology medicines. Conclusion: Our results provide an accurate estimate of the R&D spend required to bring an oncology medicine to market. Deployment of a CDx at the earliest stage substantially lowers the cost associated with oncology medicines development, potentially making them available to more patients, while staying within the cost constraints of cancer health systems. [ABSTRACT FROM AUTHOR]

The Lymphoma Diagnostic Pathway (LDP) was developed based upon clinical best practice guidelines and implemented in large urban centers where lymphoma treatment is provided in Alberta, Canada. A return-on-investment analysis of the implementation of this care pathway was conducted to inform future sustainability and expansion. A cohort design with propensity score matching and difference-in-difference estimation methods were used comparing both cost and return (reduced health service utilization) between patients who were diagnosed within the LDP and those who were diagnosed outside the LDP. LDP resulted in $1800 avoided HSU costs per patient. The LDP has been found to be cost-saving with an ROI of 5.3 (ranging from 3.95–8.97) – for every $1 invested, LDP resulted in a $5.30 return for the health system due to capacity improvements in ED, inpatient, outpatient, and a reduction in GP service utilization. Further study of implementation including patient/provider satisfaction and uptake is recommended. [ABSTRACT FROM AUTHOR]

In the stochastic volatility models for multivariate daily stock returns, it has been found that the estimates of parameters become unstable as the dimension of returns increases. To solve this problem, we focus on the factor structure of multiple returns and consider two additional sources of information: first, the stock index associated with the market factor and, second, the realized covariance matrix calculated from high-frequency data. The proposed dynamic factor model with the leverage effect and realized measures is applied to 10 top stocks composing the exchange traded fund linked with the investment return of the S&P 500 index and the model is shown to have a stable advantage in portfolio performance. [ABSTRACT FROM AUTHOR]

Overview: Storytelling is critical to innovation success, yet most innovators are not equipped to wield it effectively. In this vtheir work week storytelling, yet most don't do so efficiently or effectively. We present the importance, impact, return on investment, and best practices of innovation storytelling, which companies can leverage to increase strategic alignment, team collaboration, and market success. [ABSTRACT FROM AUTHOR]

This study investigates how environmental, social, and governance (ESG) disclosures influence the performance of listed Saudi Arabian companies. The study used unbalanced panel data obtained from the Bloomberg database (2010–2020). The results show that ESG has significantly reduced TOBINSQ but has an insignificant association with return on equity (ROE). Concerning the ESG components, environmental disclosure has an insignificant negative association with TOBINSQ but is significantly and positively related to ROE. Social disclosure has a significantly reduced TOBINSQ but is insignificantly and negatively associated with ROE. Meanwhile, governance disclosure significantly improved and reduced TOBINSQ and ROE, respectively. Besides, the findings offer helpful implications for regulatory bodies and policymakers toward providing practical guidelines and policies that ensure the implementation of ESG activities maximizes shareholders' wealth. [ABSTRACT FROM AUTHOR]

The study employs a two-step system GMM technique within a panel data framework to investigate the effects of capital buffers on the profitability and risk behavior of Indonesian commercial banks from 2010 to 2020. The findings reveal that capital buffers serve a dual role, acting as a safety net against potential losses while also promoting increased financial stability and stronger shareholder engagement. This ultimately benefits the bank and its stakeholders in the long run. However, the positive effects of capital buffers come at a cost, as they are associated with reduced returns on assets and return on equity. The study emphasizes the importance of managing risk effectively, striking a delicate balance between risk-taking and prudent risk management to achieve optimal profitability. It underscores the need for banks to prioritize robust risk management practices and proper capitalization to avoid pursuing profitability at the expense of these critical factors. The study further highlights the significance of policymakers finding the right equilibrium between promoting financial stability through capital requirements and fostering a competitive banking industry that can generate profits and support economic growth. [ABSTRACT FROM AUTHOR]