Financial Market Integration in the Greater China Region: A Multivariate Asymmetric Approach

This paper examines the volatility dynamics of the greater China stock markets (Shanghai A- and B-shares, Shenzhen A- and B-shares, Taiwan, and Hong Kong) by employing a multivariate (tetravariate) framework that incorporates the features of asymmetries, persistence, and time-varying correlations, which are typically observed in stock markets of developed economies. Our results indicate that, unlike the Shenzhen and Shanghai Ashares, Hong Kong and Taiwan markets, the B-share markets do not exhibit significant asymmetric volatility (“leverage effect”), and return volatility in the A-share market is substantially higher than the B-share market before April 1997, but this result is reversed after that. Also, contrary to the stylized fact that emerging markets exhibit greater fluctuations compared with their more advanced counterparts, the mainland Chinese markets are actually less volatile than the Taiwan and Hong Kong stock exchanges in the late 1990s and early 2000s. In addition, there is strong evidence of volatility persistence in all the markets, and this finding is robust to changes in model specification. The greater China stock markets apparently share a common degree of persistence (fractional integration) in volatility. Moreover, the Shenzhen and Shanghai stock exchanges are positively but not perfectly correlated with each other, with the strength of correlation increasing after the late nineties. Their correlations with the Hong Kong and Taiwan markets are much weaker, and they do not display any clear trends. These findings have important implications for hedging and portfolio management and diversificatio

Port Investments on Coastal and Marine Disasters Prevention: An Economic and Policy Investigation

Located along shorelines, seaports are highly vulnerable to coastal and marine natural disasters. Damage caused by disasters can be prevented or alleviated if sufficient investments are made in a timely manner. However, despite a wide range of investment options and well-developed engineering expertise, port investment on disaster prevention remains a challenging task involving great complexities. This paper develops an integrated economic model for the analysis of disaster-prevention investments at a “landlord” port. It simultaneously considers the uncertainty of disaster occurrence and associated return of prevention investments, the information accumulation and related investment timing, and the spillovers (externalities) of investment among stakeholders. Our analysis shows that the timing of port investments depends on the probability of disasters. Immediate investment is optimal for disasters with very high probability, while investment should be postponed if such a probability is very low. Optimal timing for cases of intermediate probability cannot be determined analytically, as it is influenced by other factors such as discount rate, information accumulation and efficiency of investments. Positive externalities between a port and its tenants lead to under-investment, which can be corrected by coordination between stakeholders. However, since there are risks of “over-investment” due to uncertainty, government intervention is only optimal with a good understanding of disaster probability distribution

Op‐Ed Writing Assignment in Supply Chain Management Courses

Newspaper op‐eds, dedicated to commentary essays from outside of a newspaper, function as a platform for the public to exchange opinions. We designed an op‐ed writing assignment as part of a semester‐long course project in global supply chain management (SCM). Student teams conducted research on a SCM topic, presented their findings in the classroom, and wrote an op‐ed for submission to a local or regional newspaper. This teaching brief describes the implementation of this assignment at a northeast U.S. university. The goals of this assignment were: (1) to educate students on how to write an op‐ed and (2) to educate students on how to publish their opinion articles. Insights on the benefits and challenges that students experienced from completing the op‐ed assignment are discussed. A description of a case‐based version of the op‐ed writing assignment used in a Canadian university is also provided

Evaluating the impact of incentives on clinical trial participation: Protocol for a mixed methods, community-engaged study

Background: Monetary incentives in research are frequently used to support participant recruitment and retention. However, there are scant empirical data regarding how researchers decide upon the type and amount of incentives offered. Likewise, there is little guidance to assist study investigators and institutional review boards (IRBs) in their decision-making on incentives. Monetary incentives, in addition to other factors such as the risk of harm or other intangible benefits, guide individuals' decisions to enroll in research studies. These factors emphasize the need for evidence-informed guidance for study investigators and IRBs when determining the type and amount of incentives to provide to research participants. Objective: The specific aims of our research project are to (1) characterize key stakeholders' views on and assessments of incentives in biomedical HIV research; (2) reach consensus among stakeholders on the factors that are considered when choosing research incentives, including consensus on the relative importance of such factors; and (3) pilot-test the use of the guidance developed via aims 1 and 2 by presenting stakeholders with vignettes of hypothetical research studies for which they will choose corresponding incentive types. Methods: Our 2-year study will involve monthly, active engagement with a stakeholder advisory board of people living with HIV, researchers, and IRB members. For aim 1, we will conduct a nationwide survey (N=300) among people living with HIV to understand their views regarding the incentives used in HIV research. For aim 2, we will collect qualitative data by conducting focus groups with people living with HIV (n=60) and key informant interviews with stakeholders involved in HIV research (people living with HIV, IRB members, and biomedical HIV researchers: n=36) to extend and deepen our understanding of how incentives in HIV research are perceived. These participants will also complete a conjoint analysis experiment to gain an understanding of the relative importance of key HIV research study attributes and the impact that these attributes have on study participation. The data from the nationwide survey (aim 1) will be triangulated with the qualitative and conjoint analysis data (aim 2) to create 25 vignettes that describe hypothetical HIV research studies. Finally, individuals from each stakeholder group will select the most appropriate incentive that they feel should be used in each of the 25 vignettes (aim 3). Results: The stakeholder advisory board began monthly meetings in March 2021. All study aims are expected to be completed by December 2022. Conclusions: By studying the role of incentives in HIV clinical trial participation, we will establish a decision-making paradigm to guide the choice of incentives for HIV research and, eventually, other types of similar research and facilitate the ethical recruitment of clinical research participants

Pd/Cr Gates for a MIS Type Hydrogen Sensor

Instead of the pure Pd gates in MIS type hydrogen sensor, Pd-Cr alloy gates with different composition and structure were used to improve the sensors performance. The use of Pd-Cr alloy not only extended the dynamic range from 100 ppm to 50,000 ppm of hydrogen, but also showed quick response. The dynamic range and sensitivity were related to the nature of metal outer surface and the metal/insulator interface respectively

Reconstructing interacting new agegraphic polytropic gas model in non-flat FRW universe

We study the correspondence between the interacting new agegraphic dark energy and the polytropic gas model of dark energy in the non-flat FRW universe. This correspondence allows to reconstruct the potential and the dynamics for the scalar field of the polytropic model, which describe accelerated expansion of the universe.Comment: 9 page

Linear Contraction Behavior of Low-Carbon, Low-Alloy Steels During and After Solidification Using Real-Time Measurements

A technique for measuring the linear contraction during and after solidification of low-alloy steel was developed and used for examination of two commercial low-carbon and low-alloy steel grades. The effects of several experimental parameters on the contraction were studied. The solidification contraction behavior was described using the concept of rigidity in a solidifying alloy, evolution of the solid fraction, and the microstructure development during solidification. A correlation between the linear contraction properties in the solidification range and the hot crack susceptibility was proposed and used for the estimation of hot cracking susceptibility for two studied alloys and verified with the real casting practice. The technique allows estimation of the contraction coefficient of commercial steels in a wide range of temperatures and could be helpful for computer simulation and process optimization during continuous casting. © 2013 The Minerals, Metals & Materials Society and ASM International