A Taste for Dim Sum: Analysing the Financial Diffusion in the New Offshore Renminbi Debt Securities

Periodically a major financial innovation creates a new product class that changes the financial landscape. Examples include junk bonds that enabled leveraged buyouts, securitization that stimulated off balance sheet growth in banks, and credit default swaps that offered pure trading in credit risk. Now new renminbi financial products are emerging as China opens its capital account, providing new opportunities for innovation in corporate finance that will promote financial stability and sustainable growth in China. This study illustrates the rapid growth in the use of these new products by Chinese and overseas firms. We use diffusion models to explore how participation in this market is influenced by greater depth and liquidity of the market, lower costs of issuance and greater expected appreciation of the renminbi against the US dollar. Understanding these offshore developments will help support smoother innovation in the onshore corporate bond market

Measuring the Interdependence of Banks in Hong Kong

This paper assesses systemic linkages among banks in Hong Kong using the risk measure "CoVaR" derived from quantile regression. The CoVaR measure captures the co-movements of banks¡¯ default risk by taking into account their nonlinear relationship when the banks are in distress. Based on equity price information, our estimation results show that the default risks of the banks were interdependent during the recent crisis. Although local banks are generally smaller, their systemic importance is found to be similar to their international and Mainland counterparts, which may be due to a higher degree of commonality in the risk profile of local banks. Regarding the impact of external shocks on the banks, international banks are more likely to be affected by the equity price fall in the US market, while local banks are relatively more responsive to funding liquidity risk.Value-at-Risk, Systemic Risk, Risk Spillovers, Quantile Regression

From job crafting to job quitting? Testing a wise proactivity perspective

Purpose: This study investigates when and for whom job crafting may turn into job quitting. The authors hypothesize that approach job crafting relates more positively to turnover intentions and subsequent voluntary job changes among employees with (a) high (vs low) need for career challenges and (b) those with high (vs low) self-esteem. Design/methodology/approach: Data were collected from 575 employees of a large public organization in the Netherlands with two measurement moments three months apart. Hypotheses were tested using cross-lagged regression analyses and path modeling. Findings: Supporting the hypotheses, approach crafting related positively to an increase in turnover intentions only among employees with high need for challenge or high self-esteem. Moreover, via turnover intentions at Time 1, approach crafting related positively to the voluntary job change at Time 2 for employees with (a) high need for challenge, as well as those with (b) high self-esteem. These findings held after controlling for avoidance crafting. Research limitations/implications: This study has been conducted in a relatively homogenous sample. Future research may test the predictions in a more heterogeneous sample, including participants from different cultural and economic contexts. Practical implications: The authors advise human resource (HR) professionals to facilitate the job crafting efforts of employees with a high need for challenge and those with high self-esteem because these groups are particularly at risk of voluntarily quitting their jobs. Adopting insights from the wise proactivity model may help ensure that job crafting benefits both employees and employers. Originality/value: This study brings clarity to the inconsistent relationships between job crafting and job quitting by using the wise proactivity model as an explanatory framework.</p

The CRAB Workshop: Using Forum Theatre and Cognitive Rehearsal to Address Bullying in Nursing Education

Bullying is a pervasive issue in nursing and other health care professional programs. As a student/faculty team at one university in Western Canada, we have created a number of initiatives within an overall project entitled Cognitive Rehearsal to Address Bullying (CRAB) that was designed to support students in managing bullying if they witnessed or experienced it during their program of study. One such initiative is the CRAB Workshop (herein referred to as “the CRAB Workshop” or “the Workshop”). In this paper, we describe the Workshop, which emerged in response to concerns shared by students and faculty regarding the normalized and long-standing prevalence of bullying experienced by nursing students. The Workshop brought faculty members and pre-licensure students from our School of Nursing together to creatively and collaboratively address these concerns. Together with the university’s Department of Theatre and Film, we designed an interactive educational workshop to prepare nursing students to independently identify and act on bullying witnessed or experienced in the clinical setting. In the Workshop, we engaged in forum theatre and cognitive rehearsal to foster cognitive, affective, and embodied learning. In this paper, we explain and discuss what comprised the creation and implementation of the CRAB Workshop. We address implications for future nursing education, and we offer recommendations for educators who are considering forum theatre and cognitive rehearsal as pedagogies for addressing challenging situations, such as bullying in nursing education. Résumé L’intimidation est un problème récurrent en sciences infirmières et au sein d’autres programmes des professionnels de la santé. Notre équipe d’étudiantes et de membres du corps professoral d’une université de l’Ouest canadien a créé plusieurs initiatives dans le cadre d’un projet global intitulé Cognitive Rehearsal to Address Bullying (CRAB) [Répétition cognitive pour contrer l’intimidation] en vue d’aider les étudiantes à gérer les situations d’intimidation dont elles sont témoins ou victimes au cours de leur programme d’études. L’une de ces initiatives est l’atelier CRAB (ci-après désigné sous le nom de « l’Atelier CRAB » ou « l’Atelier »). Dans cet article, nous décrivons l’Atelier, qui a vu le jour en raison des préoccupations que partageaient les étudiantes et les membres du corps professoral concernant l’intimidation très fréquente dont les étudiantes en sciences infirmières sont victimes. L’Atelier a permis de réunir des membres du corps professoral et des étudiantes de notre école de sciences infirmières n’ayant pas encore obtenu leur permis d’exercice afin de régler ce problème de façon créative et collaborative. Avec l’aide du département de théâtre et de cinéma de l’université, nous avons conçu un atelier interactif de formation pour préparer les étudiantes en sciences infirmières à identifier de façon indépendante les situations d’intimidation en milieu clinique et à intervenir. Nous avons opté pour le théâtre-discussion et la répétition cognitive pour favoriser un apprentissage cognitif, affectif et intégré physiquement. Dans cet article, nous expliquons comment nous avons créé et mis en œuvre l’Atelier CRAB. Nous examinons les retombées pour l’avenir de la formation en sciences infirmières et formulons des recommandations à l’intention des membres du corps professoral qui envisagent le théâtre-discussion et la répétition cognitive comme pédagogies pour remédier aux situations problématiques, comme celles relatives à l’intimidation dans le domaine de la formation en sciences infirmières

Calibrating CHIME, A New Radio Interferometer to Probe Dark Energy

The Canadian Hydrogen Intensity Mapping Experiment (CHIME) is a transit interferometer currently being built at the Dominion Radio Astrophysical Observatory (DRAO) in Penticton, BC, Canada. We will use CHIME to map neutral hydrogen in the frequency range 400 -- 800\,MHz over half of the sky, producing a measurement of baryon acoustic oscillations (BAO) at redshifts between 0.8 -- 2.5 to probe dark energy. We have deployed a pathfinder version of CHIME that will yield constraints on the BAO power spectrum and provide a test-bed for our calibration scheme. I will discuss the CHIME calibration requirements and describe instrumentation we are developing to meet these requirements

沒有年齡的課室 : 成效評估研究報告

背景 香港人口老齡化的趨勢持續加劇，傳統的家庭照顧模式已難以滿足老年人和幼童在身心發展上的需求，需要探索新的跨代互助模式。因此，和悅社會企業於2023 年夏季舉辦了一項名為「沒有年齡的課室」的計劃（以下簡稱「計劃」/「課程」）。該課程旨在為長者及幼童提供共學的機會，推動跨代連結與互惠。為了更客觀地檢視「沒有年齡的課室」的實施情況與成效，以及探討在香港推行跨代共學的可行性，和悅社會企業委託嶺南大學亞太老年學研究中心對該課程進行了評估研究，並撰寫了此報告以供相關持分者參考。 研究方法 2. 研究採用定量研究及定性研究的數據收集和分析的混合研究法 (Mixed Methods) 進行。除了透過問卷調查和聚焦小組去收集參加者對課程的看法外，同時分析課程的數據、進行實地觀察，以及檢視相關文獻資料，從而更全面地瞭解整個課程的實施情況、對參與者的影響，以及探討計劃未來的發展方向。 研究結果 3. 本研究於2023年6月至9月期間成功對實驗組及對照組參加者進行了兩輪問卷調查，收集參加者的意見。調查結果顯示，長者及幼童的家長讓他們的孩子參與計劃的最主要原因是為了「想學習新知識 」(長者學員：72%；幼童：73%)，其次為「進行跨代接觸交流」 (長者學員：60%；幼童家長：54%)，第三個主要原因是可以「嘗試新事物」(長者學員：40%；幼童：54%)，以及可以「認識新朋友」 (長者學員：36%；幼童家長：50%)。至於計劃對參加者的影響方面，本研究透過比較實驗組 (即參加「沒有年齡的課室」的長者及幼童學員) 與對照組 (即課程無長幼共學成份)參加者在對雙方態度、自尊心及自信、社交技巧等方面的前後變化。從分析結果顯示，長幼學員在修畢本課程後，對彼此的態度 (長者學員對幼童態度：實驗組增長17%，對照組下降1%；幼童學員對長者態度：實驗組增長19%，對照組增長7%) 及幼童學員的社交技巧 (實驗組增長9%，對照組增長1%) 之增長達統計學顯著程度，足見本課程成功透過長幼共學的方式去改善長幼對彼此的觀感和態度。至於對課程的體驗方面，長者學員及幼童學員之家長均給予高度評價和評分，以1-7分為量表去評價，參加者普遍對課程感到十分滿意 (長者學員：平均分為6.07分；幼童學員：6.29分)、並表示若和悅社會企業日後舉行類似課程會再次參加(長者學員：平均分為5.33分；幼童學員：6.41分) 和向別人推薦此類課程 (長者學員：平均分為5.33分；幼童學員：6.29分)。概括而言，從統計結果反映了課程為參加者帶來很多正面影響，特別是長者或幼童態度之改善比沒有跨代共學成份的課程更為顯著。 4. 此外，本研究邀請了參與課程的長者、幼童家長、和推行「沒有年齡的課室」計劃的同工進行了3 場聚焦小組以深化對問卷調查結果，並進一步探討可如何改善計劃之推行及在社區推廣跨代共學的模式。從結果顯示，長幼學員透過參與本課程互相接觸及互動，增加彼此了解，使彼此的觀感及態度亦變得正面，達到促進跨代共融的目標。同時，幼童的社交技巧、接觸長者的動機及幼童的個人成長亦有所提升。長幼學員、課程導師及項目統籌人員均表示參加者能愉快地學習和十分享受參與本課程。 5. 從不同的的數據作綜合分析，促進「沒有年齡的課室」的成功因素包括: (i) 1對1的長幼配對，增加長幼學員之互動機會以便建立互信關係以及日後的情感聯繫； (ii) 課程時間節數安排要配合幼童的學習時間表 (如與暑假活動分開、每堂時數能讓幼童學員專心等) ；及 (iii) 招募適合的參加者，以其年齡、興趣喜好及性別進行配對 (如女性參加者明顯更為適合參與此類以幼童為對象的活動計劃)。 6. 關於課程的未來發展，研究建議推行機構可考慮以下5 個要點：(i) 除以1對1長幼配對外，亦可考慮同時加入1位長者對數名幼童，或1名幼童對數名長者的混合模式，這樣可以增加長幼學員與不同參加者的互動機會，進一步培養社交技巧；(ii) 可增加針對長者學員的課程內容 ，讓長者以學生身份投入各個課程活動；(iii) 讓一些能力比較高的長者參與課程設計及教材 (如讓長者準備自己過去相片與幼童分享過去時代點滴生活)，為長者充權；(iv) 微調課堂時間以配合長者的活動時間表 (如可參考現時日間長者中心的活動時間)；及 (v) 增加人手安排編制至5至8人，以便在推行活動過程中提供適時的支援 (如增設社工以應付課堂上幼童學員突發的情緒問題)。 總結 7. 綜合各種數數據證明「沒有年齡的課室」有效促進跨代共學與互助，為長者建立正面形象、提升他們的生活質素、亦能令幼童認識如何與長者溝通，改善社交技巧以及提升自尊感等。因此，其他長者服務機構、企業及教育團體可以仿傚此活動，在幼稚園 (即幼兒期) 便引入跨代共學的元素，促進代際間情感、知識與文化的傳遞，重塑「老吾老以及人之老，幼吾幼以及人之幼」的價值觀，建立一個強調代間互助和共融的社會

Investigating harms of testing for ovarian cancer – psychological outcomes and cancer conversion rates in women with symptoms of ovarian cancer:A cohort study embedded in the multicentre ROCkeTS prospective diagnostic study

Objective: To investigate psychological correlates in women referred with suspected ovarian cancer via the fast‐track pathway, explore how anxiety and distress levels change at 12 months post‐testing, and report cancer conversion rates by age and referral pathway. Design: Single‐arm prospective cohort study. Setting: Multicentre. Secondary care including outpatient clinics and emergency admissions. Population: A cohort of 2596 newly presenting symptomatic women with a raised CA125 level, abnormal imaging or both. Methods: Women completed anxiety and distress questionnaires at recruitment and at 12 months for those who had not undergone surgery or a biopsy within 3 months of recruitment. Main outcome measures: Anxiety and distress levels measured using a six‐item short form of the State–Trait Anxiety Inventory (STAI‐6) and the Impact of Event Scale – Revised (IES‐r) questionnaire. Ovarian cancer (OC) conversion rates by age, menopausal status and referral pathway. Results: Overall, 1355/2596 (52.1%) and 1781/2596 (68.6%) experienced moderate‐to‐severe distress and anxiety, respectively, at recruitment. Younger age and emergency presentations had higher distress levels. The clinical category for anxiety and distress remained unchanged/worsened in 76% of respondents at 12 months, despite a non‐cancer diagnosis. The OC rates by age were 1.6% (95% CI 0.5%–5.9%) for ag

Genetic Basis of Growth Adaptation of Escherichia coli after Deletion of pgi, a Major Metabolic Gene

Bacterial survival requires adaptation to different environmental perturbations such as exposure to antibiotics, changes in temperature or oxygen levels, DNA damage, and alternative nutrient sources. During adaptation, bacteria often develop beneficial mutations that confer increased fitness in the new environment. Adaptation to the loss of a major non-essential gene product that cripples growth, however, has not been studied at the whole-genome level. We investigated the ability of Escherichia coli K-12 MG1655 to overcome the loss of phosphoglucose isomerase (pgi) by adaptively evolving ten replicates of E. coli lacking pgi for 50 days in glucose M9 minimal medium and by characterizing endpoint clones through whole-genome re-sequencing and phenotype profiling. We found that 1) the growth rates for all ten endpoint clones increased approximately 3-fold over the 50-day period; 2) two to five mutations arose during adaptation, most frequently in the NADH/NADPH transhydrogenases udhA and pntAB and in the stress-associated sigma factor rpoS; and 3) despite similar growth rates, at least three distinct endpoint phenotypes developed as defined by different rates of acetate and formate secretion. These results demonstrate that E. coli can adapt to the loss of a major metabolic gene product with only a handful of mutations and that adaptation can result in multiple, alternative phenotypes