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Impact of pilot public hospital reform on efficiencies: a DEA analysis of county hospitals in East China, 2009-2015.

IF 2.7 3区经济学 Q1 ECONOMICS

Health Economics Review

Pub Date : 2025-03-03 DOI: 10.1186/s13561-025-00600-3

Wei Jiang, Xuyan Lou, Qiulin Chen, Lina Song, Zhuo Chen

Background: China started a pilot public hospital reform in 2012 to improve governance and efficiency in healthcare services delivery among county-level hospitals. This study aims to investigate the impact of the pilot reform on hospital efficiency and productivity by using a unique dataset of county hospitals in East China during 2009-2015.

Methods: A three-stage approach is used. First, this study uses the output-oriented data envelopment analysis (DEA) to estimate hospital efficiency with variable returns to scale. Second, propensity score matching is used to address potential biases associated with the selection of counties for the pilot program. In the third stage, we assess the impact of the pilot reform on efficiency by using a Tobit Difference-in-Differences approach.

Results: The average level of hospital efficiency for the whole sample experienced a rapid drop in 2013, then returned to a peak in 2014. Except in the reform year (2012), the overall hospital efficiency for the post-reform period is higher than that for the pre-reform period. The baseline model results show that the pilot reform is associated with a 3% decline in pure technical efficiency and a 2.3% increase in hospital scale efficiency, respectively. Our findings are robust when we apply bootstrapped DEA efficiency scores and use different specifications.

Conclusion: The findings of this study suggest no improvements in overall hospital efficiency associated with the pilot reform, possibly due to the combined effects of inefficient governance and hospital scale expansion. This study suggests that further efforts are needed to increase county hospital performance by strengthening management and optimizing resource utiliziation.

背景：中国于 2012 年开始试点公立医院改革，以改善县级医院的治理和医疗服务效率。本研究旨在利用 2009-2015 年期间华东地区县级医院的独特数据集，研究试点改革对医院效率和生产率的影响：方法：本研究采用三阶段方法。首先，本研究使用以产出为导向的数据包络分析法（DEA）来估计医院效率与规模收益的可变性。其次，采用倾向得分匹配法来解决试点项目选择县时可能出现的偏差。第三阶段，我们采用托比特差分法评估试点改革对效率的影响：整个样本的医院效率平均水平在 2013 年迅速下降，然后在 2014 年恢复到峰值。除改革年（2012 年）外，改革后医院的总体效率均高于改革前。基线模型结果显示，试点改革分别导致纯技术效率下降 3%，医院规模效率提高 2.3%。当我们应用自引导 DEA 效率得分并使用不同的规格时，我们的研究结果是稳健的：本研究的结果表明，试点改革并没有提高医院的整体效率，这可能是由于治理效率低下和医院规模扩大的综合影响。本研究表明，需要进一步努力通过加强管理和优化资源利用来提高县级医院的绩效。

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引用次数: 0

Decarbonising heating and cooling: Barriers and opportunities facing aquifer thermal energy storage in the United Kingdom

IF 6.9 2区经济学 Q1 ENVIRONMENTAL STUDIES

Energy Research & Social Science

Pub Date : 2025-03-03 DOI: 10.1016/j.erss.2025.104006

Ting Liu, Richard Hanna, Yiannis Kountouris

Aquifer thermal energy storage (ATES) is a shallow geothermal technology which can contribute to heating and cooling decarbonisation. The low global deployment of ATES does not match its technical potential. Understanding relevant societal challenges and opportunities is crucial for scaling up ATES deployment. Here, we draw upon a Responsible Innovation (RI) framework to assess the social desirability, opportunities, and limitations applying to wider adoption of ATES in the United Kingdom. We focus on the RI dimensions of anticipation, reflection, inclusion, and responsiveness, and extend the framework to incorporate ethics and frugality. We use information from 14 semi-structured interviews conducted with a representative set of stakeholders associated with ATES, focusing on the Greater Manchester Metropolitan area, a region with significant potential for ATES development. Our results highlight the multifaceted benefits of ATES deployment for the local economy, environment, and energy efficiency, alongside the associated risks. We identify barriers to deploying ATES including a lack of sector-specific regulations, licensing and infrastructure complexities, and uncertainties. To facilitate wider ATES uptake, we suggest focusing on improving market awareness, promoting industry-specific education and knowledge sharing, enabling stakeholder engagement through government initiatives, leveraging stakeholders' collective expertise, as well as developing tailored legislative and regulatory measures to uphold national ATES standards. Central to our findings is the emphasis on value-inclusive design of ATES systems, aligning with social desirability and local priorities such as affordability, safety, reliability, inclusivity, responsiveness, and sustainability.

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引用次数: 0

From the executive suite to the environment: How does CEO power affect climate change disclosures?

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2025-03-03 DOI: 10.1016/j.intfin.2025.102140

Sudipta Bose , Sabri Boubaker , Hussein Daradkeh , Syed Shams

This study examines the relationship between CEO power and corporate climate change disclosure and the moderating role of internal and external monitoring in this relationship. Using a sample of 3,512 United States firm-year observations, we find that firms with more powerful CEOs disclose less climate change information. However, this negative relationship is mitigated in firms with higher institutional ownership, greater financial analyst coverage, and stronger internal governance. Our results remain robust across a series of tests designed to address both observable and unobservable selection biases, as well as omitted variable biases. Further analysis reveals that reduced firm-level transparency is an underlying channel through which CEO power diminishes climate change disclosures. Additionally, we document that climate change disclosure acts as an underlying mechanism linking CEO power to firm value. The findings of our study have important implications for regulators, policymakers, researchers, investors, analysts, and company management, especially in the context of increasing regulatory pressure on firms to enhance their climate change disclosures.

本研究探讨了首席执行官权力与企业气候变化信息披露之间的关系，以及内部和外部监督在这种关系中的调节作用。通过对 3,512 个美国公司年度观测数据的抽样调查，我们发现首席执行官权力较大的公司披露的气候变化信息较少。然而，在机构持股比例较高、金融分析师覆盖面较大以及内部治理较强的公司中，这种负面关系得到了缓解。我们的结果在一系列旨在解决可观察和不可观察的选择偏差以及遗漏变量偏差的测试中保持稳健。进一步的分析表明，公司层面透明度的降低是首席执行官权力削弱气候变化信息披露的一个潜在渠道。此外，我们还发现，气候变化信息披露是将首席执行官权力与公司价值联系起来的潜在机制。我们的研究结果对监管机构、政策制定者、研究人员、投资者、分析师和公司管理层都有重要的启示，尤其是在监管机构要求公司加强气候变化信息披露的压力越来越大的情况下。

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引用次数: 0

Demographic influences on urban commercial spaces: Spatial characteristics and purchase patterns across age groups in Incheon, Korea

IF 6 1区经济学 Q1 URBAN STUDIES

Cities

Pub Date : 2025-03-03 DOI: 10.1016/j.cities.2025.105843

Hyeyoung Han , Jeongyoon Choi , Jae Hyun Lee

This study investigates the spatial characteristics of age-specific purchase areas in Incheon, South Korea, to address the challenges of demographic aging and community decline. Using credit card transaction data and urban spatial data, we analysed purchase patterns and identified main purchase areas by age group, examining their urban spatial characteristics in relation to various physical factors. As a result of the analysis, young adults' purchase patterns are characterized by convenience stores and restaurants, with their main purchase area featuring quick pedestrian access to daily facilities despite relatively low provision of rest facilities. Middle-aged adults show diverse business-type and family-oriented facility purchases, with their area characterized by mixed-use and vehicle-oriented environments. Older adults demonstrate purchase patterns focused on health promotion and hobby activities, with their main purchase area exhibiting balanced characteristics for both pedestrian and vehicular use. Senior adults show a high proportion of purchases in groceries and health-related items, with their area featuring pedestrian-friendly environment and excellent accessibility to essential facilities. This study's significance lies in its use of credit card transaction data to objectively analyse actual usage patterns and accurately identify concentrated purchase areas, complementing the limitations of survey-based methods. Furthermore, by examining how physical factors affecting purchase activities are reflected in the spatial configuration of active purchasing areas, this research provides empirical evidence for developing age-responsive urban planning strategies. The findings serve as valuable insights for creating inclusive and efficient urban environments that consider age-specific characteristics, thereby potentially improving community vitality.

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引用次数: 0

Multi-dimensional deconstruction and theme evolution of China's energy policy

IF 9.3 2区经济学 Q1 ECONOMICS

Energy Policy

Pub Date : 2025-03-03 DOI: 10.1016/j.enpol.2025.114575

Xiuzhu Zang , Tao Lv , Xiaoran Hou , Xu Deng , Xiao Peng , Na Li

Energy policies are vital tools used by countries to regulate economic and social development as well as guarantee national security. To address the problems of fragmented policy objectives, conflicting tools, and overlapping initiatives, the internal logic and evolutionary trends of energy policies must be explored using the policy content. This study uses 38,277 energy policies as a database and summarizes the four energy policy objectives: clean, low-carbon, safe, and efficient. Using the TextCNN model to classify and deconstruct policies, the LDA + Word2vec theme conceptualization and similarity calculations were compared with the EISMD evolution framework to determine the energy policy theme evolution path. Results indicate that the density of energy policies has increased. Policies have become more comprehensive, barriers between objectives have gradually been broken, and low-carbon objectives have been strengthened. The evolution types are more diversified, evolution paths are more complicated, and the evolution types are often related to technology, industry, and market maturity. Traditional energy themes evolve through inheritance and merger; emerging technology and industry themes evolve through innovation, inheritance, and splitting. Moreover, this study provides a replicable analytical framework for the study of policy evolution in other sectors and evidence for optimizing energy policy design.

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引用次数: 0

Bootstrap based asymptotic refinements for high-dimensional nonlinear models

IF 9.9 3区经济学 Q1 ECONOMICS

Journal of Econometrics

Pub Date : 2025-03-03 DOI: 10.1016/j.jeconom.2025.105977

Joel L. Horowitz , Ahnaf Rafi

We consider penalized extremum estimation of a high-dimensional, possibly nonlinear model that is sparse in the sense that most of its parameters are zero but some are not. We use the SCAD penalty function, which provides model selection consistent and oracle efficient estimates under suitable conditions. However, asymptotic approximations based on the oracle model can be inaccurate with the sample sizes found in many applications. This paper gives conditions under which the bootstrap, based on estimates obtained through SCAD penalization with thresholding, provides asymptotic refinements of size

O (n^{- 2})

for the error in the rejection (coverage) probability of a symmetric hypothesis test (confidence interval) and

O (n^{- 1})

for the error in the rejection (coverage) probability of a one-sided or equal tailed test (confidence interval). The results of Monte Carlo experiments show that the bootstrap can provide large reductions in errors in rejection and coverage probabilities. The bootstrap is consistent, though it does not necessarily provide asymptotic refinements, if some parameters are close but not equal to zero. Random-coefficients logit and probit models and nonlinear moment models are examples of models to which the procedure applies.

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引用次数: 0

Exploring conflicting rationalities in densification policy and informal practices: Insights from two neighbourhoods in Cape Town

IF 6.5 1区经济学 Q1 DEVELOPMENT STUDIES

Habitat International

Pub Date : 2025-03-03 DOI: 10.1016/j.habitatint.2025.103340

Mercy Brown-Luthango, Martin Magidi

Housing provision in Cape Town, like in many other African cities, is a highly contested issue. This is because of multiple and often competing demands for the provision of well-located housing and sustainable livelihoods in the context of shrinking natural resources, such as land, as well as environmental concerns. In this context, the need for high-density living environments has been expressed as an urgent policy concern. In this paper, we explore how this policy consideration stacks up against everyday experiences regarding informal practices within two communities in Cape Town and why there is a dissonance between official policy aspirations and communities’ everyday engagement with higher-density living. Using the conflicting rationalities theoretical framework, this paper highlights and shows the various clashes between the perceptions and experiences of densification, not only between the state and communities but also within the state and communities. Based on these cases, it is apparent that even within the same society or a group of comparable socio-economic status, experiences, logics, and perceptions of densification can be very different. We use these two case studies to conclude that a more context-specific, consultative rather than a one-size-fits-all top-down approach is required in designing densification policies, not only in Cape Town but also across many other African cities where the colonial legacy, as well as current planning practices, have produced highly unequal and fragmented cities. The cases also point to the need for a more nuanced and clear understanding of what constitutes density, different forms of densities and the underlying factors and interests which drive and sustain socio-spatial inequalities in cities.

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引用次数: 0

Nature's impact: Do extreme natural disasters influence retail investors?

IF 2.3 3区经济学 Q2 ECONOMICS

Journal of Economic Behavior & Organization

Pub Date : 2025-03-03 DOI: 10.1016/j.jebo.2025.106954

Mardy Chiah , Xiao Tian , Angel Zhong

This study investigates the influence of extreme natural disasters on the trading behaviour of retail investors, focusing on two significant events in Australia: Cyclone Debbie in 2017 and the Black Summer bushfires in 2019–2020. Utilising a unique dataset of transaction-level trade data, we examine whether retail investors exhibit a preference for trading stocks with Environmental, Social, and Governance (ESG) ratings during these periods. The findings reveal that retail investors significantly increase their trading activities in ESG-rated stocks (especially high ratings) in the aftermath of these disasters. This behaviour suggests a heightened awareness and preference for ESG performance among retail investors when faced with catastrophic events. In contrast, institutional investors do not show similar trading patterns, indicating a divergence in investment strategies between retail and institutional investors during times of heightened market uncertainty. Despite awareness concerning ESG during natural disasters, we find that ESG stocks heavily purchased by retail investors generate negative returns in the five-day window subsequent to the natural disasters.

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引用次数: 0

Evaluating the effects of a low-cost, online financial education program

IF 2.3 3区经济学 Q2 ECONOMICS

Journal of Economic Behavior & Organization

Pub Date : 2025-03-03 DOI: 10.1016/j.jebo.2025.106952

Robert L. Clark , Chuanhao Lin , Annamaria Lusardi , Olivia S. Mitchell , Andrea Sticha

We provide evidence on how a low-cost, online, and scalable financial education program influences older participants’ financial knowledge. We test the program using a field experiment that includes short stories covering three fundamental financial education topics: compound interest, risk diversification, and inflation. Two surveys are administered eight months apart to measure the effects of those stories on middle-aged and older (45+) participants' short-term and longer-term knowledge and financial behavior. We show that the risk diversification story is the most effective at improving participants' knowledge, in both the short and longer terms. In the short term, reading the risk diversification story significantly increased the likelihood of correctly answering the related knowledge questions by 17–18 percentage points. The compound interest and inflation stories significantly increase participant knowledge in the short term, but the gain in financial literacy declines over time. Furthermore, timestamp data was used to show that the inflation story increased the time participants spent answering the related knowledge questions suggesting that exposure to our story boosted participants’ attentiveness and interest in the topic. Over just an eight-month time period, the stories do not seem to have a significant effect on financial behaviors as measured by four financial distress indicators and a financial resilience index. Nevertheless, higher financial literacy is positively linked to better financial decision-making. The eight months might be too short to measure significant behavioral change; thus, further research is needed to prove the intervention's effect on financial behavior in the long run.

{"title":"Evaluating the effects of a low-cost, online financial education program","authors":"Robert L. Clark , Chuanhao Lin , Annamaria Lusardi , Olivia S. Mitchell , Andrea Sticha","doi":"10.1016/j.jebo.2025.106952","DOIUrl":"10.1016/j.jebo.2025.106952","url":null,"abstract":"<div><div>We provide evidence on how a low-cost, online, and scalable financial education program influences older participants’ financial knowledge. We test the program using a field experiment that includes short stories covering three fundamental financial education topics: compound interest, risk diversification, and inflation. Two surveys are administered eight months apart to measure the effects of those stories on middle-aged and older (45+) participants' short-term and longer-term knowledge and financial behavior. We show that the risk diversification story is the most effective at improving participants' knowledge, in both the short and longer terms. In the short term, reading the risk diversification story significantly increased the likelihood of correctly answering the related knowledge questions by 17–18 percentage points. The compound interest and inflation stories significantly increase participant knowledge in the short term, but the gain in financial literacy declines over time. Furthermore, timestamp data was used to show that the inflation story increased the time participants spent answering the related knowledge questions suggesting that exposure to our story boosted participants’ attentiveness and interest in the topic. Over just an eight-month time period, the stories do not seem to have a significant effect on financial behaviors as measured by four financial distress indicators and a financial resilience index. Nevertheless, higher financial literacy is positively linked to better financial decision-making. The eight months might be too short to measure significant behavioral change; thus, further research is needed to prove the intervention's effect on financial behavior in the long run.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"232 ","pages":"Article 106952"},"PeriodicalIF":2.3,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143529380","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

AT-FinGPT: Financial risk prediction via an audio-text large language model

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters

Pub Date : 2025-03-03 DOI: 10.1016/j.frl.2025.106967

Yingnan Liu , Ningbo Bu , Zhiqiang Li , Yongmin Zhang , Zhenyu Zhao

Financial risk prediction is crucial for investment decision-making. Traditional machine learning methods are limited by their structures and parameter size, which hinders their generalizability and effectiveness. Large language models (LLMs), which are pretrained with very large dataset and many GPUs have recently shown promising improvements in financial risk prediction. Despite this progress, most existing financial LLMs mainly rely on textual data for training and prediction, overlooking audio data and limiting analysis to text summarization. However, natural language processing studies have shown that audio from CEOs’ quarterly earnings calls is crucial for financial risk prediction. In this work, we introduce an audio–text LLM named AT-FinGPT, which fuses financial audio data and summarization texts for financial risk prediction. The empirical experimental results show that AT-FinGPT is superior to most advanced methods. Through an ablation study, we demonstrate that different data sources can facilitate financial risk assessment and discuss the effectiveness of each part in the AT-FinGPT model.

{"title":"AT-FinGPT: Financial risk prediction via an audio-text large language model","authors":"Yingnan Liu , Ningbo Bu , Zhiqiang Li , Yongmin Zhang , Zhenyu Zhao","doi":"10.1016/j.frl.2025.106967","DOIUrl":"10.1016/j.frl.2025.106967","url":null,"abstract":"<div><div>Financial risk prediction is crucial for investment decision-making. Traditional machine learning methods are limited by their structures and parameter size, which hinders their generalizability and effectiveness. Large language models (LLMs), which are pretrained with very large dataset and many GPUs have recently shown promising improvements in financial risk prediction. Despite this progress, most existing financial LLMs mainly rely on textual data for training and prediction, overlooking audio data and limiting analysis to text summarization. However, natural language processing studies have shown that audio from CEOs’ quarterly earnings calls is crucial for financial risk prediction. In this work, we introduce an audio–text LLM named AT-FinGPT, which fuses financial audio data and summarization texts for financial risk prediction. The empirical experimental results show that AT-FinGPT is superior to most advanced methods. Through an ablation study, we demonstrate that different data sources can facilitate financial risk assessment and discuss the effectiveness of each part in the AT-FinGPT model.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 106967"},"PeriodicalIF":7.4,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143549989","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

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