bluuebunny/crossref_metadata_2025_split huggingface dataset:
Business Cycle Implication of Long-Run Risk Consumption CAPM: Korean Stock Market Evidence
Authors: Son Sam Ho , Hwang Seiwoon , Binh Ki Beom 
Published: September 2020

This paper examines long-run consumption based asset pricing models by studying sixteen Fama-French size and book-to-market portfolios in KRX (Korea Exchange) as test assets. In our empirical implementation, we follow both models of Hansen, Heaton and Li (2008) and Parker and Julliard (2005).
Hansen, Heaton and Li (2008) used recursive utility framework. The stochastic discount factor for this model depends on the present value of expectations about future consumption growth rates. In the empirical specification for this model, we follow Malloy, Moskowiz and Vissing-Jørgensen (2008). Meanwhile, Parker and Julliard (2005) proposed a model based upon the power utility framework and explicitly considers the consumption adjustment period.
Our main results are surprisingly consistent with the results of existing literatures. By assessing both of these models, we find that the significance of the excess returns of the test assets in predicting consumption growth peaks at the horizon of 2.5 years.
These empirical results partly proves the existence of long-run consumption risk in Korean economy. We can relate stock returns to long-run consumption risk and business cycle. Specifically, the stochastic discount factor of Parker and Julliard’s model captures the financial crises in the years of 1997 and 2003. Moreover, it catches the business cycle pattern of composite leading index in Korea.
Hedging Effectiveness of KOSPI200 Index Futures and Options
Authors: Choi Byungwook 
Published: September 2020

The purpose of this study is to investigate hedging effectiveness of KOSPI200 index futures and options using three measures proposed by Fishburn (1977), Ederington (1979), and Howard and D’Antonio (1987). The comparison of hedging effectiveness is conducted based on the market prices of KOSPI200 index futures and options traded in Korea Exchange (KRX) between January of 2001 and January of 2011, during which bootstrapping method is utilized to make a dataset of 100,000 random samples with holding period of 1, 3, 6, and 12 months, respectively. We examine the hedging performance of hedge portfolios made of short futures, protective puts and covered calls respectively based on three hedging effectiveness measures.
One of our finding is that short futures hedging is better than options in minimizing total volatility risk as well as down-side risk, which is consistent to the previous researches. Also futures hedging is more effective in reducing the VaR than the others. Secondly, the optimal hedge ratios of futures in minimizing total risk and down-side risk are turned out to be 0.97~0.98 and 0.94~0.95 respectively. Third, OTM short call hedge is the best hedging instrument when hedgers would like to maximize the Sharpe ratio. Finally, protective put hedging strategy is in general inferior to the short futures and covered call hedge based on three hedging effectiveness measures.
Investment Strategies of the KOSPI200 Nighttime Futures
Authors: Yeom Myeonghoon , Baek Jae-Seung , Ryu Doojin 
Published: September 2020

This paper investigates investment and hedging strategies using the KOSPI200 nighttime futures product which was launched at November 16th, 2009. To examine the performance of the investment strategies, we analyze one-minute transaction data of KOSPI200 daytime and nighttime futures from November 17th, 2009 to December 6th, 2012.
Our empirical results are as follows: First, the investment strategies using the nighttime futures significantly outperform the investment strategies based only on the daytime futures. Second, the investment and hedging strategies using the KOSPI200 nighttime futures are quite effective when investors have positions in the ETFs. Third, the empirical performance of the investment strategies using the nighttime futures is significantly related to volatility shocks. The strategies are more effective when the market is volatile.
Challenges and enablers of the embedded researcher model
Authors: Coates Dominiek , Mickan Sharon 
Published: September 2020

PurposeThe embedded researcher is a healthcare-academic partnership model in which the researcher is engaged as a core member of the healthcare organisation. While this model has potential to support evidence translation, there is a paucity of evidence in relation to the specific challenges and strengths of the model. The aim of this study was to map the barriers and enablers of the model from the perspective of embedded researchers in Australian healthcare settings, and compare the responses of embedded researchers with a primary healthcare versus a primary academic affiliation.Design/methodology/approach104 embedded researchers from Australian healthcare organisations completed an online survey. Both purposive and snowball sampling strategies were used to identify current and former embedded researchers. This paper reports on responses to the open-ended questions in relation to barriers and enablers of the role, the available support, and recommendations for change. Thematic analysis was used to describe and interpret the breadth and depth of responses and common themes.FindingsKey barriers to being an embedded researcher in a public hospital included a lack of research infrastructure and funding in the healthcare organisation, a culture that does not value research, a lack of leadership and support to undertake research, limited access to mentoring and career progression and issues associated with having a dual affiliation. Key enablers included supportive colleagues and executive leaders, personal commitment to research and research collaboration including formal health-academic partnerships.Research limitations/implicationsTo support the embedded researcher model, broader system changes are required, including greater investment in research infrastructure and healthcare-academic partnerships with formal agreements. Significant changes are required, so that healthcare organisations appreciate the value of research and support both clinicians and researchers to engage in research that is important to their local population.Originality/valueThis is the first study to systematically investigate the enablers and challenges of the embedded researcher model.
Exploring predictive maintenance applications in industry
Authors: Tiddens Wieger , Braaksma Jan , Tinga Tiedo 
Published: September 2020

PurposeAsset owners and maintainers need to make timely and well-informed maintenance decisions based on the actual or predicted condition of their physical assets. However, only few companies have succeeded to implement predictive maintenance (PdM) effectively. Therefore, this paper aims to identify why only few companies were able to successfully implement PdM.Design/methodology/approachA multiple-case study including 13 cases in various industries in The Netherlands was conducted. This paper examined the choices made in practice to achieve PdM and possible dependencies between and motivations for these choices.FindingsAn implementation process for PdM appeared to comprise four elements: a trigger, data collection, maintenance technique (MT) selection and decision-making. For each of these elements, several options were available. By identifying the choices made by companies in practice and mapping them on the proposed elements, logical combinations appeared. These combinations can provide insight into the PdM implementation process and may also lead to guidance on this topic. Further, while successful companies typically combined various techniques, the mostly applied techniques were still those based on previous experiences.Research limitations/implicationsThis research calls for better methods or procedures to guide the selection and use of suitable types of PdM, directed by the firm's ambition level and the available data.Originality/valueWhile it is important for firms to make suitable choices during implementation, the literature often focusses only on developing additional techniques for PdM. This paper provides new insights into the application and selection of techniques for PdM in practice and helps practitioners reduce the often applied trial-and-error process.
Towards a holistic view of corporate social responsibility. The antecedent role of information asymmetry and cognitive distance
Authors: Caputo Francesco 
Published: September 2020

Purpose
This paper aims to enlarge ongoing debate about corporate social responsibility (CSR) proposing reflections about the role of cognitive and information flows in influencing companies’ approaches and market expectations related to CSR.

Design/methodology/approach
The paper builds upon the research streams related to the information asymmetry and cognitive distance, for identifying through the interpretative lens provided by systems studies, possible key drivers on which policymakers, researchers and practitioners should act for building a suitable, shared and long-term oriented path for CSR.

Findings
The paper defines a scenario map about CSR in the light of information asymmetry and cognitive distance. Such a map supports both researchers and practitioners in better understanding actions and paths required for building a shared approach to CSR.

Research limitations/implications
Recognizing the multidimensionality of CSR and the multiple managerial and organizational contributions provided for underling its advantages for companies, the paper focuses the attention on the elements and conditions able to promote, stimulate and encourage companies’ CSR strategies.

Originality/value
The paper provides a fresh conceptual framework for explaining conditions and elements required for ensuring the success of strategies for CSR. Adopting a systems view, the paper overcomes the limitations related to a reductionist view about advantages and results of CSR to call the attention on the conditions that should be met for ensuring the emergence of a shared approach to CSR.
How the coronavirus crisis affects citizen trust in institutions and in unknown others: Evidence from ‘the Swedish experiment’
Authors: ESAIASSON PETER , SOHLBERG JACOB , GHERSETTI MARINA , JOHANSSON BENGT 
Published: September 2020

AbstractWe study how Swedish citizens updated their institutional and interpersonal trust as the corona crisis evolved from an initial phase to an acute phase in the spring of 2020. The study is based on a large web‐survey panel with adult Swedes (n = 11,406) in which the same individuals were asked the same set of questions at two different time points during the coronavirus pandemic (t0 and t1). The sample was self‐selected but diverse (a smaller subsample, n = 1,464, was pre‐stratified to be representative of the Swedish population on key demographics). We find support for the view that the corona crisis led to higher levels of institutional and interpersonal trust. Moreover, reactions were largely homogeneous across those groups that could potentially relate distantly to government authorities.
Systematic review with meta‐analysis: comparative risk of lymphoma with anti‐tumour necrosis factor agents and/or thiopurines in patients with inflammatory bowel disease
Authors: Chupin Antoine , Perduca Vittorio , Meyer Antoine , Bellanger Christophe , Carbonnel Franck , Dong Catherine 
Published: September 2020

SummaryBackgroundThe risk of lymphoma in patients with inflammatory bowel disease (IBD) treated with anti‐TNF agents remains unclear.AimTo assess the comparative risk of lymphoma with anti‐TNF agents and/or thiopurines in IBDMethodsWe searched PubMed, EMBASE and Cochrane Library to identify studies that evaluated lymphoproliferative disorders associated with anti‐TNF agents with or without thiopurines. The risk of lymphoma was assessed through four comparator groups: combination therapy (anti‐TNF plus thiopurine), anti‐TNF monotherapy, thiopurine monotherapy and control group. Pooled incidence rate ratios (IRR) were estimated through Poisson‐normal models.ResultsFour observational studies comprising 261 689 patients were included. As compared with patients unexposed to anti‐TNF and thiopurines, those exposed to anti‐TNF monotherapy, thiopurine monotherapy or combination therapy had pooled IRR (per 1000 patient‐years) of lymphoma of 1.52 (95% CI: 1.06‐2.19; P = 0.023), 2.23 (95% CI: 1.79‐2.79; P < 0.001) and 3.71 (95% CI: 2.30‐6.00; P ≤ 0.01), respectively. The risk of lymphoma associated with combination therapy was higher than with thiopurines or anti‐TNF alone with pooled IRR of 1.70 (95% CI: 1.03‐2.81; P = 0.039) and 2.49 (95% CI: 1.39‐4.47; P = 0.002), respectively. The risk did not differ between anti‐TNF monotherapy and thiopurine monotherapy with pooled IRR of 0.72 (95% CI: 0.48‐1.07; P = 0.107). All observational studies were of high quality according to the Newcastle‐Ottawa scale.ConclusionsThere is an increased risk of lymphoma in IBD patients treated with anti‐TNF agents, either alone or when combined with thiopurines.
Comparative effectiveness of ustekinumab or vedolizumab after one year in 130 patients with anti‐TNF‐refractory Crohn’s disease
Authors: Townsend Tristan , Razanskaite Violeta , Dodd Susanna , Storey Daniel , Michail Stephanie , Morgan James , Davies Michael , Penman Douglas , Watters Christopher , Swaminathan Mira , Sabine Joseph , Chapman Adam , Smith Philip J , Flanagan Paul K. , Reilly Ian , Bodger Keith , Subramanian Sreedhar 
Published: September 2020

SummaryBackgroundAnti‐tumour necrosis factor (TNF) agents are effective in Crohn's disease but some patients lose response and require alternative biologic therapy. There are few data on comparative effectiveness of vedolizumab and ustekinumab in this setting.AimTo compare the effectiveness of ustekinumab and vedolizumab in anti‐TNF‐refractory Crohn's disease over 12 months.MethodsPatients commencing ustekinumab or vedolizumab for anti‐TNF‐refractory Crohn's disease with minimum follow‐up of 12 months were included. The primary outcome measure was the difference in steroid‐free remission rates at end of induction (2 months) and at 12 months. We also assessed rates of clinical response and remission, treatment persistence, surgery and adverse events in both groups. We performed logistic regression analysis to assess factors associated with steroid‐free remission and clinical response and remission.ResultsWe included 85 patients commencing vedolizumab and 45 commencing ustekinumab. In an unadjusted model, rates of steroid‐free and clinical remission were significantly higher among ustekinumab‐treated patients. After adjusting for confounders, steroid‐free remission was higher among ustekinumab‐treated patients at 2 months (odds ratio, OR 2.79, 95% confidence interval, CI 1.06‐7.39, P = 0.038) and 12 months (OR 2.01, 95% CI 0.89‐4.56, P = 0.095). More patients treated with ustekinumab remained on therapy at the end of 12 months (84.4% vs 61.5%, P = 0.007).ConclusionsUstekinumab appeared more effective in treating anti‐TNF‐refractory Crohn's disease and more patients persisted with therapy.
Socioeconomic Status Gradients in Young Children’s Well‐Being at School
Authors: Loft Lisbeth , Waldfogel Jane 
Published: September 2020

This study examines the socioeconomic status gradients in children’s well‐being at school using data on the total population of Danish public school children age 6–11 (N = 147,994). Children completed the national well‐being at school survey, an environment‐specific self‐report of satisfaction with school, social well‐being at school, and psychological well‐being at school. Data were linked with administrative register data on family characteristics. Regression analysis was used to estimate gradients by parental education and income for each of the three dimensions of well‐being at school. Findings indicated that even in the relatively equal Danish context, children from more educated and higher‐income families experienced greater satisfaction with school and higher social and psychological well‐being at school than their less advantaged peers.
Proof‐of‐concept calculations to determine the health‐adjusted life‐year trade‐off between intravitreal anti‐VEGF injections and transmission of COVID‐19
Authors: Boyd Matt J. , Scott Daniel A. R. , Squirrell David M. , Wilson Graham A. 
Published: September 2020

AbstractBackgroundClinical ophthalmological guidelines encourage the assessment of potential benefits and harms when deciding whether to perform elective ophthalmology procedures during the COVID‐19 pandemic, in order to minimize the risk of disease transmission.MethodWe performed probability calculations to estimate COVID‐19 infection status and likelihood of disease transmission among neovascular age‐related macular degeneration patients and health‐care workers during anti‐VEGF procedures, at various community prevalence levels of COVID‐19. We then applied the expected burden of COVID‐19 illness and death expressed through health‐adjusted life‐years (HALYs) lost. We compared these results to the expected disease burden of severe visual impairment if sight protecting anti‐VEGF injections were not performed.ResultsOur calculations suggest a wide range of contexts where the benefits of treatment to prevent progression to severe visual impairment or blindness are greater than the expected harms to the patient and immediate health care team due to COVID‐19. For example, with appropriate protective equipment the benefits of treatment outweigh harms when the chance of progression to severe visual impairment is >0.044% for all scenarios where COVID‐19 prevalence was 1/1000, even when the attack rate in the clinical setting is very high (5‐43%).ConclusionUnless COVID‐19 prevalence is very high, the reduced disease burden from avoiding visual impairment outweighs the expected HALYs lost from COVID‐19 transmission. This finding is driven by the fact that HALYs lost when someone suffers severe visual impairment for 5 years are equivalent to nearly 400 moderate cases of infectious disease lasting 2 weeks each.
Potential unrealized mortality benefit of glucagon‐like peptide‐1 receptor agonists and sodium‐glucose co‐transport‐2 inhibitors: A report from the Veterans Health Administration Clinical Assessment, Reporting and Tracking program
Authors: Salahuddin Taufiq , Richardson Vanessa , McNeal Demetria M. , Henderson Kamal , Hess Paul L. , Raghavan Sridharan , Saxon David R. , Valle Javier A. , Waldo Stephen W. , Ho P. Michael , Schwartz Gregory G. 
Published: September 2020

AbstractAimTo assess the unrealized potential of glucagon‐like peptide‐1 receptor agonist (GLP‐1RA) or sodium‐glucose co‐transport‐2 inhibitor (SGLT2i) use to reduce mortality in veterans with type 2 diabetes (T2D), coronary artery disease (CAD), and other characteristics congruent with clinical trial cohorts that established the efficacy of these agents.MethodsVeterans with T2D and CAD on angiography in 2014 who were untreated with either a GLP‐1RA or a SGLT2i were assessed for key eligibility criteria of the LEADER (GLP‐1RA) and EMPA‐REG OUTCOME (SGLT2i) trials. Trial hazard ratios and 95% confidence intervals for all‐cause death were applied to deaths observed in veterans through 2018 to estimate the potential benefit of GLP‐1RA or SGLT2i use.ResultsMedian observation was 4.3 years. Of 15 987 veterans with T2D and CAD, 1186 (7.4%) were excluded for GLP‐1RA or SGLT2i treatment, and 1386 lacked glycated haemoglobin measurement. Of the remaining 13 415 patients, 4103 (30.1%) and 5313 (39.6%) fulfilled the key criteria for the LEADER and EMPA‐REG OUTCOME trials, respectively. Death occurred in 1009 (24.6%) of LEADER‐eligible patients and 1335 (25.1%) of EMPA‐REG OUTCOME‐eligible patients. Under treatment with liraglutide in LEADER‐eligible veterans, a 3.5% (0.7%‐6.2%) potential absolute mortality reduction, corresponding to 144 (28‐253) fewer deaths (0.88 [0.17‐1.56] per 100 person‐years), might have been expected. Similarly, under treatment with empagliflozin in EMPA‐REG OUTCOME‐eligible veterans, a 7.9% (4.5%‐10.8%) potential absolute mortality reduction, corresponding to 418 (230‐573) fewer deaths (1.98 [1.14‐2.72] per 100 person‐years), might have been expected.ConclusionsThis analysis indicates unrealized opportunities to reduce mortality in selected veterans with T2D and CAD via increased GLP‐1RA and SGLT2i use.
Direct oral anticoagulants and advanced liver disease: A systematic review and meta‐analysis
Authors: Menichelli Danilo , Ronca Vincenzo , Di Rocco Arianna , Pignatelli Pasquale , Marco Podda Gian ,   CAR
Published: September 2020

AbstractBackgroundDirect oral anticoagulants (DOACs) are recommended for stroke prevention in patients with atrial fibrillation (AF) or for treatment of deep vein thrombosis, although some concerns about safety and efficacy were raised on the use of these drugs in patients with advanced liver disease (ALD). We want to investigate the association of DOACs use with the bleeding and ischaemic risk.Material and MethodsWe performed a systematic review and metanalysis of clinical studies retrieved from PubMed (via MEDLINE) and Cochrane (CENTRAL) databases addressing the impact of DOACs therapy on bleeding events including intracranial haemorrhage (ICH), gastrointestinal and major bleeding. Secondary end points were all‐cause death, ischaemic stroke/systemic embolism (IS/SE) and recurrence/progression of vein thrombosis (rDVT).Results12 studies were included in the meta‐analysis: a total of 43 532 patients with ALD or cirrhosis, of whom 27 574 (63.3%) were on treatment with DOACs and 15 958 were in warfarin/low molecular weight heparin. DOACs reduced the incidence of major bleeding by 61% (pooled Hazard Ratio [HR] 0.39, 95% Confidence Interval [CI] 0.21‐0.70), ICH by 52% (HR 0.48, 95% CI 0.40‐0.59), while no difference in the reduction of any and gastrointestinal bleeding were observed. DOACs reduced also rDVT by 82% (HR 0.18, 95%CI 0.06‐0.57), but did not reduce death and IS/SE. No difference was shown according to oesophageal varices and Child Pugh score in the meta‐regression analysis between warfarin/heparin and DOACs performed on each outcome.ConclusionsDOACs are associated with a lower incidence of bleeding and may be an attractive therapeutic option in patients with cirrhosis.
Inherited neuropathies with predominant upper limb involvement: genetic heterogeneity and overlapping pathologies
Authors: McMacken G. , Whittaker R. G. , Charlton R. , Barresi R. , Lochmüller H. , Horvath R. 
Published: September 2020

Background and purposeIn a subset of patients with inherited peripheral neuropathies the first symptom is atrophy and weakness of the intrinsic muscles of the hands, without involvement of lower limbs until later in the disease course. The exact pathomechanisms of this phenotype are currently unknown. The aim of this study was to characterize the clinical, neurophysiological and genetic features of a group of patients with a clinical diagnosis of upper limb predominant Charcot‐Marie‐Tooth disease (CMT).MethodsThe clinical, electrophysiology and genetic data of 11 patients with upper limb predominant peripheral neuropathy selected from a single‐centre cohort of 461 patients diagnosed with inherited neuropathy were analysed and the clinical, electrophysiological and genetic characteristics of these patients reported.ResultsAn overlapping phenotype of neuropathy and myopathy was detected in two patients. Four patients carry autosomal dominant mutations in GARS and a single patient had a homozygous mutation in SH3TC2. However, the underlying genetic diagnosis could not be confirmed in six patients by gene panel sequencing.ConclusionsUpper limb‐onset inherited neuropathies are genetically heterogeneous and, in some cases, there is an overlapping myopathy. Autosomal dominant GARS mutations are the most common genetic cause; however, mutations in other CMT genes may also result in this phenotype in individual patients. The majority of these patients cannot be genetically diagnosed by gene panel testing of known CMT and myopathy genes, suggesting further genetic heterogeneity and highlighting the importance of further genetic investigations in these patients and families.