The performance of the Markov-switching model on business cycle identification revisited

[[abstract]]This study examines the performance of Markov-switching model on business cycle by applying the model to various economies. Specifically, three comparison groups are used: (1) the USA and Japan serving as the representatives for the industrialized economies (or lEs hereafter); (2) Taiwan and South Korea serving as the representatives for newly industrialized economies (or NIEs hereafter); and (3) Malaysia and Indonesia serving as the representatives for the developing economies (or DEs hereafter). The empirical results are consistent with the following notions. First, the Markov-switching model serves well to depict the business cycles for IEs and DEs. Nevertheless, the model is ineffective for the two NIEs, which underwent structural economic shifts to slower growth during our sample period of 1970-1998. Second, the two-period Markov-switching by dividing the sample periods into two sub-periods thus more effectively measures the two NIEs' business cycles.[[note]]SSC

Estimating value-at-risk via Markov switching ARCH models - an empirical study on stock index returns

[[abstract]]This paper estimates the Value-at-Risk (VaR) on returns of stock market indexes including Dow Jones, Nikkei, Frankfurt Commerzbank index, and FTSE via Markov Switching ARCH (SWARCH) models. It is conjectured that structural changes contribute to non-normality in stock return distributions. SWARCH models, which admit parameters based on various states to control structural changes in the estimating periods, may thus help mitigate kurtosis, tail-fatness and skewness problems in estimating VaR. Significant kurtosis and skewness in return distributions of Dow Jones, Nikkei, FCI and FTSE and significant tail-fatness (tail-thinness) in the 1% (5%) region critical probability are documented. Moreover, it is shown that the more generalized SWARCH outshines both ARCH and GARCH in capturing non-normalities with respect to both in- and out-sample VaR violation rate tests.[[note]]SSC

A systematic review of nurses' perspectives toward the telemedicine intensive care unit : a basis for supporting its future implementation in China?

Aim: The purpose of this systematic review is to critique and summarize existing research on intensive care unit (ICU) nurses' perspectives toward the telemedicine intensive care unit (Tele-ICU). The intention of this study is to explore the evidence base to support the potential future implementation of Tele-ICU program in China. Methods: We searched for published articles pertaining to Tele-ICU system with a centralized monitoring model between January 2000 and July 2017 using Cochrane Library, Academic Search Premier, Cumulative Index to Nursing and Allied Health Literature, British Education Index, MEDLINE, MLA International Bibliography, and Web of Science. Studies were coded by methodology, participants, and findings. The textual narrative synthesis method was applied to synthesize the outcomes. Results: Findings were categorized as follows: perceptions of the Tele-ICU (including the role of Tele-ICU, benefits for nurses, patients, and management); attitudes of Tele-ICU (usefulness and challenges of Tele-ICU); level of satisfaction; factors affecting acceptance of Tele-ICU. Discussion: This review has synthesized significant factors influencing optimal usage of Tele-ICU from nurses' perspectives. Also, it might make a better case for findings to support Tele-ICU future implementation into Chinese tertiary hospitals