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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]

To facilitate return to work (RTW) in patients with stroke, a health and employment support (HES) program was started at Rosai hospitals in Japan. This study aimed to determine the rate of RTW in patients with stroke under this support program. We collected demographic and clinical data of patients with stroke from the implementation reports of the HES program. The program provided coordinated dual support, such as acute medical treatments, and stroke and vocational rehabilitation on the medical side, and management and support on the workplace side. The primary endpoint was RTW. Successful and unsuccessful RTW were examined using the χ2 test. The RTW rate curves were analyzed using the Kaplan–Meier method. We enrolled 483 patients; 355 (73%) and 128 (27%) patients had successful and unsuccessful RTW, respectively. Stroke types, neurological findings, and activities of daily living were significant factors for RTW. The Kaplan–Meier method revealed that left hemiplegia, right hemiplegia, and neuropsychological deficits, except for combined disability (hemiplegia with neuropsychological deficits), had similar RTW curves with an RTW rate of > 70%. [ABSTRACT FROM AUTHOR]

Investment in Strep A vaccine R&D is disproportionately low relative to the large burden of Strep A diseases globally. This study presents a novel Strep A vaccine global demand and financial forecast model with estimates of potential global demand and associated revenue and profits for a hypothetical Strep A vaccine as well as a net present value (NPV) analysis of return on capital investments required to develop the vaccine. A positive NPV was calculated for a variety of developer scenarios and target populations, including the global rollout of the vaccine in private and public markets by a multinational pharmaceutical corporation and a staged rollout by a developing country vaccine manufacturer for both infant and child populations. The results suggest there is a viable commercial market for a Strep A vaccine. It is hoped that this study will help to inform industry decision-making and drive increased prioritization of, and investment in, Strep A vaccine research and development. [ABSTRACT FROM AUTHOR]

As an emerging development model, green development requires the participation of the government, the market, and the public. It needs the formation of a positive interaction between policy guidance, market demand, and public will in order to realize a win–win situation comprising sustainable economic development and environmental protection. Thus, we explored green-development-related policies in China and defined four areas: industrial energy preservation, petrochemicals, agriculture, and the integration of the Yangtze River Economic Belt. Then, we analyzed how public attention relative to green development policies impacted the return of stock indices in the green industry using the Baidu search index. The research study was conducted on all trading days of A-shares in China from 1 January 2013 to 1 January 2023. In total, 2430 valid datasets were observed and curated over these 10 years. The public attention to green development policies was classified into four categories: industrial energy efficiency, petrochemicals, agriculture, and the Yangtze River Economic Zone. The attention focused on a category was measured by the number of searches of keywords that were the category's names on the Baidu platform. The number of searches was considered the variable representing the public's attention relative to each area of green development policies. The results showed that the increase in public attention to green development policies was not correlated with the increase in the return on investment (ROI) of green and carbon-neutral industries. In addition, information on green development policies had no significant effect on encouraging individuals to participate in investments in the green industry and had little effect on the financing of the carbon-neutral industry. The lack of details for green development policies and effective guidelines for potential investors needs to be overcome in order to encourage investment and financing. [ABSTRACT FROM AUTHOR]

Solar energy is a source of energy that can meet a significant part of the demand for heat and electricity. However, its acquisition is associated with high variability both during the year and on individual days. The construction of installations due to changes in tariff systems, investment costs and subsidy programs raises doubts as to their profitability. The aim of this study was to assess the profitability of photovoltaic investments for households, considering public financial support. This study used RetScreen Expert software 8.1.2.13 to perform the entire analysis and performance cost, risk and sensitivity simulations. Climate data were imported from ground monitoring stations or from NASA global satellite or analytical data. The conducted research showed the profitability of investments in photovoltaics, even without state support. Differences between regions were insignificant. However, the support system has changed, extending the period of return on investment. [ABSTRACT FROM AUTHOR]

Objective: The objective of this study is to investigate changes in willingness for total knee replacement (TKR) surgery following a randomised control trial (RCT) of an osteoarthritis management program, and to extrapolate orthopaedic cost consequences for private health insurers (PHI). Methods: Willingness for surgery data from the RCT is analysed using a multinomial logistic regression model. A decision analytic model is used to conduct a break-even cost benefit analysis of the intervention from a PHI payer perspective. The analysis estimates the minimum probability of progression to surgery required for the intervention to be cost-neutral when considering savings limited to reduced orthopaedic costs. Cost data and orthopaedic pathway probabilities are sourced from payer data. Results: At baseline, 39% of participants in the treatment and control group were willing for surgery. At 12 months, 16% of participants in the treatment group remained willing for surgery, versus 36% in the control group. Participants in the treatment group are 2.96 (95% CI: 1.01–8.66) times more likely than those in the control group to move from initially willing for surgery, to unsure or unwilling at 12 months. The analysis indicates that the intervention is likely to be cost saving when at least 60% of initially willing participants progress to surgery over a 5-year time horizon. Conclusion: Our study estimates that an education, exercise and weight loss intervention can deliver both improved participant outcomes and a return on investment to Australian PHIs through a reduction in TKR surgery incidence. [ABSTRACT FROM AUTHOR]

Background: We assessed intraarticular injuries in patients after primary anterior traumatic shoulder dislocation by comparing magnetic resonance arthrography (MRA) results with concomitant arthroscopic findings. Methods: All patients with primary traumatic shoulder dislocation who underwent arthroscopic surgery between 2001 and 2020 with preoperative MRA were included in this study. MRA was retrospectively compared with arthroscopic findings. Postoperative shoulder function was prospectively assessed using the Disabilities of Arm, Shoulder and Hand score (quick DASH), the Oxford Shoulder Score (OSS), the Subjective Shoulder Value (SSV), as well as the rate of return to sports. Results: A total of 74 patients were included in this study. A Hill–Sachs lesion was consistently found in the corresponding shoulders on MRA and arthroscopy in 35 cases (p = 0.007), a Bankart lesion in 37 shoulders (p = 0.004), and a superior labrum from anterior to posterior (SLAP) lesion in 55 cases (p = 0.581). Of all cases, 32 patients were available for a clinical and functional follow-up evaluation. A positive correlation was found between the level of sport practiced and the Oxford Shoulder Score (redislocation subset) (p = 0.032) and between the age at the time of surgery and the follow-up SSV (p = 0.036). Conversely, a negative correlation was observed between the age at the time of surgery and the Oxford Instability Score (redislocation subset) (p = 0.038). Conclusions: The results of this study show a good correlation between MRA and arthroscopy. Therefore, MRA is a valid tool for the detection of soft tissue pathologies after primary anterior traumatic shoulder dislocation and can aid in presurgical planning. [ABSTRACT FROM AUTHOR]

Environmental innovation processes is an indispensable and pressing concern for organizational performance. This study aims to clarify the relationship between environmental performance and organizational financial performance. A further objective is to assess the effect of process innovation on the connection between environmental performance and organizational performance. The sample for the present analysis consists of active Tehran Stock Exchange companies from 2017 to 2021. This study demonstrates that there is a significant relationship between financial performance and return on assets. In addition, adding process innovation as a moderating variable to the model reveals a significant relationship between process innovation and firms' return on assets. There was no significant relationship between financial performance and return on equity, but when the process innovation variable was added to the model, a significant relationship was observed with return on equity. The findings of this study suggest that organizations and businesses should institutionalize innovation processes in their productions in order to enhance environmental and organizational performance. [ABSTRACT FROM AUTHOR]

The COVID-19 health pandemic highlighted the need for more readily affordable patented drugs. Brand drug companies argue that they need to recuperate their research and development ("R&D"), marketing and advertising expenses. The incentive to innovate also needs to be preserved. Drug companies are entitled to a profit and a return on their investment, just as afforded to utility monopolies. Intellectual property and human rights clash relative to access to patented drugs. We provide several proposed approaches to resolve this dilemma and conclude with an argument that patented drugs should be considered a public utility. A model based on the public utility approach has a great deal of merit as a model for setting prices for essential drugs and treatments. The price, however, setting should not be the province of back-room discussions between drug companies and insurers. Prices should be negotiated in public with full transparency just as electricity rates. Investor-owned utilities are profitable essential facilities that are of great benefit to consumers and provide reasonable and regular return on investment for their owners. This can happen for manufacturers of essential drugs as well. [ABSTRACT FROM AUTHOR]

Background: The incidence of colic and the outcomes of colic surgery have not been surveyed in racetracks in Korea. Objectives: This study examined the incidence, mortality, and case fatality of colic and investigated the effects of age and sex after an exploratory celiotomy on the long-term survival rate (return to racing), subsequent racing performance, and career longevity. Methods: The incidence, mortality, and case fatalities of colic were examined over an 11-year period. The records of 40 horses that had undergone a celiotomy, after participating in at least one race and 75 race-matched control horses were analyzed. The racing performance and career length of the horses that returned to racing post-surgery were compared with a control group. Results: The annual incidence, fatality rate of colic, and annual mortality rate at Seoul Racecourse were 6.5, 2.8 per 100 horse-years, and 0.2 deaths cases per 100 horse-years, respectively. Of the 40 horses that underwent colic surgery, 26 (65%) returned to racing. The likelihood of returning to racing decreased with increasing age of the horses, and geldings had a lower probability of returning. While the performance in the five preoperative races between the two groups was not significantly different, a significant decrease in racing performance was observed after the surgery date (p < 0.01). Horses that underwent colic surgery did not show a significant decrease in career length. Conclusions: Surgical treatment for colic at the age of three and four years had a negative impact on the racing performance. On the other hand, there was no significant difference in career longevity between the two groups. [ABSTRACT FROM AUTHOR]

Being born in a hospital versus having a traditional birth attendant at home represents the most common early life policy change worldwide. By applying a difference-in-differences approach to register-based individual-level data on the total population, this paper explores the long-term economic effects of the opening of new maternity wards as an early life quasi-experiment. It first finds that the reform substantially increased the share of hospital births and reduced early neonatal mortality. It then shows sizable long-term effects on labor income, unemployment, health-related disability, and schooling. Small-scale local maternity wards yield a larger social rate of return than large-scale hospitals. [ABSTRACT FROM AUTHOR]

For a broad sample of firms, we use structural equations modeling to construct latent variables for real-action aggressiveness and reporting policy aggressiveness. We estimate the association between the latent variables and the associations of each latent variable with shareholder payoffs (returns) and CEO payoffs (annual compensation to the CEO position). Results show the two types of aggressiveness are positively correlated but have different associations with the payoffs we consider. Greater policy-choice aggressiveness is associated with higher returns and compensation; the opposite is true for greater real-action aggressiveness. We find a positive association between policy-choice aggressiveness and restatement likelihood. Compared with nonrestatement firms, abnormal returns of restatement firms with aggressive policy choices are larger in the pre-restatement period and lower in the post-restatement period. Negative returns at the restatement announcement do not, on average, eliminate long-run (multi-year) positive returns of the pre-restatement period or of the period whose results are restated. JEL Classifications: M40; M41. [ABSTRACT FROM AUTHOR]

Predicting the profitability of movies at the early phase of production can be helpful to support the decision to invest in movies however, due to the limited information at this stage it is a challenging task to predict the movie's profitability. This study proposes genre popularity features using time series prediction. We argue that a movie can produce better box office returns if its genre's popularity is high at the time of release. The novel genre popularity features are proposed in terms of budget, revenue, frequency, success, and return on investment (ROI). The proposed features couple the predicted genre popularity with release time, in order to train the machine learning classifiers. The experimentation shows that the Gradient Boosting classifier gained a significant improvement using proposed features and achieved an accuracy of more than 92.4%, i.e., 35.7% better than an existing state of the art study considering a multi-class problem. [ABSTRACT FROM AUTHOR]

Past studies have presented inconclusive results on the relationship between profitability and firm value, there is a need to take into consideration a moderating variable to strengthen the relationship. This study therefore, introduces dividend policy as moderator to examine its effect on the relationship between profitability and firm value of listed deposit money banks in Nigeria. The study adopted the Ex Facto-research design and the study used ten years, from 2012 to 2021. The study's population consisted of 15 listed banks on the floor of the Nigeria Exchange Group, and 12 were selected as study samples after filtering time frame. Secondary data were collected from audited financial report and accounts of the sample banks and the Nigeria Exchange Group's website. STATA was used to analyze the data, and the results revealed a negative direct link between profitability as assessed by return on assets and return on equity and firm value as measured by market value added. Furthermore, a higher dividend policy ratio strengthens the relationship between profitability and firm value. We add evidence that the dividend policy acts as a pure moderator in the banking industry. However, based on the findings, it is suggested that the regulatory authorities develop post-dividend payment legislation that can effectively contribute to the firm's dividend policy decision. The findings highlight the importance of profitability and dividend policy in maximizing corporate value in the banking industry. [ABSTRACT FROM AUTHOR]

In stock prediction problems, deep ensemble models are better adapted to dynamically changing stock market environments compared to single time-series networks. However, the existing ensemble models often underutilize real-time market feedback for effective supervision, and base models are pre-trained and fixed in their optimization, which makes them lack adaptability for evolving market environments. To address this issue, we propose a deep-reinforcement-learning-based dynamic ensemble model for stock prediction (DRL-DEM). Firstly, we employ deep reinforcement learning to optimize the weights of deep-learning-based time-series models. Secondly, existing deep-reinforcement-learning methods only consider environmental rewards. Thus we improve the reward function by introducing real-time investment returns as additional feedback signals for the deep-reinforcement-learning algorithm. Finally, an alternating iterative algorithm is used to simultaneously train the base predictors and the deep-reinforcement-learning model, allowing DRL-DEM to fully utilize the supervised information for global coordinated optimization. The experimental results show that in SSE 50 and NASDAQ 100 datasets, the mean square error (MSE) of the proposed method reached 0.011 and 0.005, the Sharpe ratio (SR) reached 2.20 and 1.53, and the cumulative return (CR) reached 1.38 and 1.21. Compared with the best results in the recent model, MSE decreased by 21.4% and 28.6%, SR increased by 81.8% and 82.1%, and CR increased by 89.0% and 89.1%, with higher forecasting accuracy and stronger investment return capability. [ABSTRACT FROM AUTHOR]

Recent efforts to shift the control and leadership of health research on African issues to Africa have led to increased investments for scientific research capacity strengthening (RCS) on the continent and a greater demand for accountability, value for money and demonstration of return on investment. There is limited literature on monitoring and evaluation (M&E) of RCS systems and there is a clear need to further explore whether the M&E frameworks and approaches that are currently used are fit for purpose. The M&E approaches taken by four African RCS consortia funded under the Developing Excellence in Leadership, Training and Science in Africa (DELTAS) I initiative were assessed using several methods, including a framework comparison of the M&E approaches, semi-structured interviews and facilitated discussion sessions. The findings revealed a wide range in the number of indicators used in the M&E plans of individual consortium, which were uniformly quantitative and at the output and outcome levels. Consortia revealed that additional information could have been captured to better evaluate the success of activities and measure the ripple effects of their efforts. While it is beneficial for RCS consortia to develop and implement their own M&E plans, this could be strengthened by routine engagement with funders/programme managers to further align efforts. It is also important for M&E plans to consider qualitative data capture for assessment of RCS efforts. Efforts could be further enhanced by supporting platforms for cross-consortia sharing, particularly when trying to assess more complex effects. Consortia should make sure that processes for developmental evaluation, and capturing and using the associated learning, are in place. Sharing the learning associated with M&E of RCS efforts is vital to improve future efforts. Investing and improving this aspect of RCS will help ensure tracking of progress and impact of future efforts, and ensure accountability and the return on investment. The findings are also likely applicable well beyond health research. [ABSTRACT FROM AUTHOR]

Pekandangan Tengah Village, Bluto subdistrict, Sumenep Regency is a village that produces herbal chilies which have a very high selling value. The price per kilogram of herbal chilies is IDR. 75,000,-. Average production per household is 30 to 1,000 kg depending on the area of land owned. However, buyers of herbal chilies produced by the people of Central Pekandangan village are made by middlemen or agents. The existence of BUMDes Bina Sejahtera does not play a role as an agent or intermediary even though it can be implemented through the BUMDes supervisor himself, namely the village head. This study aims to see or measure the financial performance of BUMDes Bina Sejahtera in Pekandangan Tengah village, Bluto sub-district, Sumenep district, which is expected to be able to improve village welfare through contributions to village original income obtained from BUMDes contributions. This research is a qualitative and quantitative descriptive study by looking at the economic potential of the village and the performance of BUMDes through the ROE (return on equity) ratio. Samples were taken from herbal chili farmers as many as 10 people by purposive sampling and 1 BUMDes. The results of this study indicate that the income of herbal chili farmers is quite good but their sales are through middlemen or agents, while the performance of BUMDes with ROE benchmarks below 2% per year has not contributed to the village's original income (PADes). [ABSTRACT FROM AUTHOR]

The Copernicus Sentinel-3 Surface Topography Mission (STM) Land Altimetry provides valuable surface elevation information over inland waters, sea ice, and land ice, thanks to its synthetic aperture radar (SAR) altimeter and its orbit that covers high-latitude polar regions. To ensure that these measurements are reliable and to maximise the return on investment, adequate validation of the geophysical retrieval methods, processing algorithms, and corrections must be performed using independent observations. The EU-ESA project St3TART (started July 2021) aims to generalise the concept of Fiducial Reference Measurements (FRMs) for the Copernicus Sentinel-3 STM. This work has gathered existing data, made new observations during field campaigns, and ensured that these observations meet the criteria of FRM standards so that they can be used to validate Sentinel-3 STM Land Altimetry products operationally. A roadmap for the operational provision of the FRM, including the definition, consolidation, and identification of the most relevant and cost-effective methods and protocols to be maintained, supported, or implemented, has been developed. The roadmap includes guidelines for SI traceability, definitions of FRM measurement procedures, processing methods, and uncertainty budget estimations. [ABSTRACT FROM AUTHOR]

The role of the agrifood industry is key to mitigating the impact of climate change, as it is one of the industrial sectors with the highest energy consumption. The optimisation of photovoltaic systems in agroindustries faces problems such as the fluctuation of energy prices or the evident seasonal nature of some producers. This paper provides a global view of the profitability and optimal sizing of photovoltaic (PV) systems in the new energy context. For this purpose, almost 4 million cases were analysed, including different consumption patterns, energy prices, etc. Some general conclusions can be drawn from the results. First, the adaptation to the new context requires adjustments in the sizing of PV systems in all industries analysed, which is also associated with changes in the return on investment. Second, seasonality strongly conditions the optimal size of PV installations, the return on the investment and the potential savings. Finally, in the face of future energy price variations, the ratio "Savings/payback" seems to be an appropriate reference for sizing, combining savings and profitability. In addition, they may justify special subsidies to seasonal industries. The conclusions of this paper should be considered to optimise the design of PVs. [ABSTRACT FROM AUTHOR]

Grant-making foundations commonly use financial returns on investment in support of a public purpose. Recently, more attention has been given in academic research to the role of foundations as sustainable investors. According to the concept of socially responsible investing (SRI), foundations should integrate their social purposes into their investment strategies. However, foundations are also required to comply with national legal frameworks. Our research interest lies in those investment funds that are specifically developed for foundations in Germany. In this study, we answer two research questions: First, what are the characteristics of the market for foundation investment funds in Germany? Second, to what extent are foundation investment funds useful for foundations pursuing an SRI strategy? We build on a full sample comprising all 52 German foundation investment funds that are currently available and then use data from MSCI to apply a sustainability rating for these funds. With these data, we evaluate the financial performance of foundation investment funds in relation to their sustainability ratings. Multidimensional Scaling (MDS) was used to reduce complexity in the dataset and detect similarities among a set of objects. Our findings differentiate between two distinct clusters of foundation investment funds. The first "discrete" cluster represents the majority of funds, and these funds are generally smaller with lower performance and lower levels of SRI conformity. The funds in the second "attached" cluster are generally larger, more diversified, and have higher performance. Finally, we call for further research offer implications for both fund managers and foundation asset managers. Plain Language Summary: Shortcommings in sustainable investing through foundation investment funds Grant-making foundations commonly use financial returns on investment in support of a public purpose. Recently, more attention has been given in academic research to the role of foundations as sustainable investors. According to the concept of socially responsible investing (SRI), foundations should integrate their social purposes into their investment strategies. However, foundations are also required to comply with national legal frameworks. Analyzing the performance of specific foundation investment funds in Germany we find two distinct clusters. The first "discrete" cluster represents the majority of funds, and these funds are generally smaller with lower performance and lower levels of SRI conformity. The funds in the second "attached" cluster are generally larger, more diversified, and have higher performance. This study highlights the need for foundations to develop their own SRI investment policies and thoroughly check the investment vehicles they use. [ABSTRACT FROM AUTHOR]

Different capital structures and their impact on firm performance are one of the most studied topics in the finance literature. This study is an attempt to assess the impact of financial structure on profitability of agricultural enterprises in the Republic of Serbia, with the aim of evaluating the importance and nature of the contribution of the total, short-term and long-term aspects of debt to the success of the company. The financial performance of the selected sample of 38 medium and large agricultural enterprises in the Republic of Serbia was analysed in the period from 2018 to 2021. The findings of this paper indicate that total debt and short-term debt significantly determine the return on equity, while the effect of long-term debt is insignificant. The nature of the impact of all three aspects of financial structure is negative. The inclusion of size and growth of sales in the regression models showed that only annual sales growth significantly positively determines profitability. [ABSTRACT FROM AUTHOR]

This study examined the impact of inventory management on the profitability of selected manufacturing companies in Nigeria. Specifically, the study determined the effect of inventory management on return on equity. The data were sourced from annual published reports of ten selected companies. The data sourced were inventory, asset, revenue, equity, turnover, and profit after tax. The data collected were analyzed with panel data using random effect, fixed effect, regression, and correlation. The result showed that return on equity has a good correlation with inventory. Also, it was discovered from the analysis that according to the Fixed effect result, inventory positively affects return on equity. Still, the asset has a negative effect on Profitability. Turnover and equity have a significant positive effect on return on equity. Conclusively, inventory positively impacts return on equity in Nigerian manufacturing companies. It recommended that Nigerian manufacturing companies should not trivialize inventories but put more effort into the management of inventory so that the profitability of the company will be efficiently enhanced and increased at an increasing rate so that investors’ investment will be multiplied because rational investors discard unproductive company to accept the profitable companies. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic has had a substantial and far-reaching impact on global economic growth, extending its effects to Indonesia as well. Various sectors have witnessed a decline in stock returns as a consequence. Interestingly, the telecommunications sector has bucked this trend by experiencing an increase in stock returns, defying the negative implications of the pandemic. The relationship between returns and risk is inherently intertwined, necessitating a meticulous risk assessment. In response to this need, the Value at Risk (VaR) method has emerged as a rapidly growing and widely adopted risk measurement tool. Among the techniques employed for VaR estimation, the Monte Carlo simulation stands out due to its flexibility and comprehensiveness in accommodating factors such as time variance, volatility, returns, fat tails, and extreme scenarios. The Gumbel copula method, known for its heightened sensitivity to high-risk events, is utilized for VaR estimation on abnormal stock returns. This study aims to quantify the Value at Risk by leveraging the estimated Gumbel copula parameter for the return on the shares of PT. Indosat Ooredoo Hutchison Tbk, and PT. Smartfren Telecom Tbk during the COVID-19 pandemic. At a 90% confidence level, the VaR is determined to be 7.6%. Notably, this estimate closely aligns with the actual values, underscoring the reliability of the VaR estimation conducted using the Gumbel copula parameter estimator. Therefore, this model serves as a robust reference, particularly suitable when dealing with investment return data that deviate from the normal distribution, while considering the unique stock return characteristics within each dataset. [ABSTRACT FROM AUTHOR]

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Purpose: Using various proxies for the firms' return on equity (ROE) and retention ratios (b) the authors calculate 36 sustainable growth rates, on a rolling basis, for a comprehensive set of firms over a 52-year period. The authors then assess the ability of these different sustainable growth rates to predict the actual, out-of-sample, five-year growth rates of the firms' earnings. Design/methodology/approach: The authors compare the forecast to determine which method of estimating ROE and b produce the lowest mean-squared-errors and then determine the estimation method that works best for firms with different characteristics and for firms in different industries. Findings: Overall, using the median ROE of all firms in the market and the 5-year average of the specific firm's retention ratio produces the lowest, statistically significant, forecast errors. Variations are documented based on firm characteristics, including dividend payout, level of ROE and industry. Practical implications: The findings can guide practitioners in using the best earnings forecasting method. Originality/value: Financial textbooks seem universally to suggest that one method of estimating the growth rate of a firm's earnings is to calculate the "sustainable growth rate" by multiplying the firm's ROE by the firm's b. At the same time, multiple methods of proxying for both ROE and b have been suggested; therefore, it is an interesting and useful empirical question, which, heretofore, has not been addressed in the literature, as to which estimation of the sustainable growth rate best approximates the actual future growth of the firm's earnings. The findings can guide practitioners in using the best earnings forecasting method. [ABSTRACT FROM AUTHOR]

This article, published in the International Journal of Finance, Insurance & Risk Management, explores the impact of corporate social responsibility (CSR) on the financial performance of mining materials companies listed on the Tunis BVMT Stock Exchange. The study finds a positive and significant relationship between net profit margin, return on assets, return on fixed assets, and donations. The results suggest that implementing CSR can maximize the future returns of industrial plants in Tunisia, and it is recommended that mining materials companies increase their involvement in socially responsible activities. The article also discusses the origins of CSR in Tunisia and the importance of considering the interests of various stakeholders in decision-making. [Extracted from the article]

Purpose: The purpose of this article is to present the results of empirical research concerning the identification of the impact of the transfer of companies from the alternative market to the regulated market of the Warsaw Stock Exchange on their operating and net performance. Design/methodology/approach: The study was conducted based on the empirical data of the companies that changed the listing place on the Warsaw Stock Exchange. Data regarding the years before the transfer were collected from the prospectuses of companies prepared mandatorily in connection with the transition to the regulated market. Data regarding the years of the event and subsequent years were obtained from companies' annual reports. As in other studies in the analysis, the operational metrics were used (operating return on sale, operating return on assets, total asset turnover), which was further extended to net profitability ratios (net return on ale, net return on asset, net return on equity). The significance analysis was based on the Student's t-test and Wilcoxon's test. Findings: The results show that before the transfer from the alternative market to the regulated market, companies improved financial performance. As a result of the change of listing venues, the results already collapsed in the year of the event. The downward trend continued in the following two years, with a noticeable improvement in the third year after the transfer. Originality/value: The literature lacks such studies based on the Polish market. To the best knowledge of the author, this is one of the first studies in Poland showing the changes in operating and net performance of companies changing the stock listing venues. The research is based on a large group including all companies that have changed listing venues since the beginning of the alternative market in Poland. The article presents an original empirical result that can be used both by managers and investors in their decisions. [ABSTRACT FROM AUTHOR]

In the wake of the COVID-19 pandemic, fiscal policy is an important tool to facilitate green recovery of the economy. This paper uses the low-energy-intensive incentive support policy implemented by the Chinese government as a trial and explores the impact of fiscal policy on the green recovery of firms. Using Chinese listed-firm data from 2019Q1 to 2021Q1, we use the difference-in-differences method to estimate policy effects, leading to several findings. First, our fundamental results show that the government's low-energy-intensive support policy can significantly improve low-energy-intensive firm performance more than that of high-energy-consuming firms, with respect to return on assets, return on equity and Tobin's Q. Second, regarding the mechanisms involved, our estimation results indicate that the low-energy-intensive support policy works by alleviating financial constraints to improve firm performance. Third, our empirical findings indicate that low-energy-intensive support policy can increase current ratio, liquidity and cash flow, resulting in improved firm financial resources. Finally, the fiscal support policy reduces management and financial costs, thus improving firm performance. Our findings recommend adoption of well-designed fiscal policies in regions where green economic recovery is needed. [ABSTRACT FROM AUTHOR]

This study intends to estimate the rate of returns to education in Vietnam, the distributive effects of education on wages, and the wage penalty from the incidence of overeducation in the Vietnamese labor market during 2004–2016. This study employs a pseudo‐panel approach to address omitted variables bias and the unconditional quantile regression to identify the heterogeneity of returns to education across the income distribution. Our main finding indicates that the estimated rate of returns to education in Vietnam is approximately 6.5%, showing a downward bias from previous estimates. The returns vary across wage distributions, where a lower rate of return is observed in lower quantiles and a higher rate among those individuals at the higher quantiles. The returns to education have declined since 2008, confirming the oversupply of highly educated workers in the Vietnamese labor market with an estimated wage penalty of 17%. Government assistance measures are needed to reduce the overeducation and the wage penalty issues in the Vietnamese labor market. [ABSTRACT FROM AUTHOR]

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The article considers the concept of “investment in human capital”, presents a theoretical and instru-mental interpretation of the main components of human capital. The current assessment methods and indicators that characterize the effectiveness of investments in human capital are summarized. Also, a comprehensive and critical analysis of the current methodological aspects for assessing the effectiveness of investments in human capital was made. As the main structural component of human capital, a special place is given to education, which is considered as a property in the form of professional features and a self-increasing value based on an increase in the productivity of an employee, and, accordingly, is com-bined with an increase in wages. The creation of a methodology for assessing the economic efficiency of investments in education at the macroeconomic level is based on a comparison of public investment in education and the average salary in the country. The average salary is considered as a productive indica-tor of the effectiveness of investments in education. The money that is spent on educating the growing generation will in the foreseeable future determine the degree of education of the population of the state, and in turn, its competitive advantage in the world community. The proposed model for evaluating the effectiveness of investments in education is simple and convenient, it is able to link the efficiency of the company and the cost of human capital. The article shows the results of assessing the effectiveness of investments in the implementation of the State Program for the Development of Education and Science of the Republic of Kazakhstan for 2020 – 2025. The analysis of statistical data for Kazakhstan also shows the existence of a close relationship between the remuneration of employees and the volume of invest-ment in education.

Background: Return on Investment (ROI), whereby the ratio of costs to benefits is assessed, is encouraged in-order to justify the value of Quality Improvement (QI) programmes. We previously performed a literature review to develop a ROI conceptual framework for QI programmes. We concluded that, QI-ROI is conceptualised as any monetary and non-monetary benefit. In the current study, we explored if this finding is shared by mental healthcare leaders. We also investigated the stability of this conceptualisation against influencing factors and potential for disinvestment. Methods: We performed qualitative interviews with leaders in an NHS mental health organisation. There were 16 participants: nine board members and seven senior leaders. The interviews were held online via Microsoft Teams and lasted an hour on average. We performed deductive-inductive analysis to seek data from our initial ROI framework and any new data. Results: We found that in mental healthcare, QI-ROI is also conceptualised as any valued monetary and non-monetary benefits. There was a strong emphasis on benefits to external partners and a de-emphasis of benefit monetisation. This conceptualisation was influenced by the 1) perceived mandates to improve quality and manage scarce resources, 2) expectations from QI, 3) health and social care values, 4) ambiguity over expectations, and 5) uncertainty over outcomes. Uncertainty, ambiguity, and potential for disinvestment posed a threat to the stability of this conceptualisation but did not ultimately change it. Health and social care values supported maintaining the QI-ROI as any benefit, with a focus on patients and staff outcomes. Socio-political desires to improve quality were strong drivers for QI investment. Conclusion: Mental healthcare leaders primarily conceptualise QI-ROI as any valued benefit. The inclusion of externalised outcomes which are hard to attribute may be challenging. However, mental healthcare services do collaborate with external partners. The de-emphases of benefit monetisation may also be controversial due to the need for financial accountability. Mental healthcare leaders recognise the importance of efficiency savings. However, they raised concerns over the legitimacy and utility of traditional ROI as a tool for assessing QI value. Further research is needed to bring more clarity on these aspects of the QI-ROI concept. [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]