Agency cost of government ownership: a study of voluntary audit comitte formation in China

In this paper, we investigate the agency costs of government ownership and their impact on corporate governance and firm value. China is used as a laboratory because of the prevalent state shareholdings in exchange-listed firms. In this context, we specifically consider the trade-offs involved in the voluntary formation of an audit committee when the controlling shareholder is the state. The decision to improve corporate governance (in this case, introduce an audit committee) is shown to be value relevant and a function of existing agency relationships and non-trivial implementation costs. Our findings are robust to the level of pyramid groups, the ownership-control wedge, and financial leverage. The research adds to the debate regarding the effect of government shareholdings on corporate culture and performance - a topic that hastaken on renewed importance in recent times.

Technological adoption in health care

This paper addresses the impact of payment systems on the rate of technology adoption. We present a model where technological shift is driven by demand uncertainty, increased patients' benefit, financial variables, and the reimbursement system to providers. Two payment systems are studied: cost reimbursement and (two variants of) DRG. According to the system considered, adoption occurs either when patients' benefits are large enough or when the differential reimbursement across technologies offsets the cost of adoption. Cost reimbursement leads to higher adoption of the new technology if the rate of reimbursement is high relative to the margin of new vs. old technology reimbursement under DRG. Having larger patient benefits favors more adoption under the cost reimbursement payment system, provided that adoption occurs initially under both payment systems.

The Division problem with voluntary participation

The division problem consists of allocating a given amount of an homogeneous and perfectly divisible good among a group of agents with single-peaked preferences on the set of their potential shares. A rule proposes a vector of shares for each division problem. The literature has implicitly assumed that agents will find acceptable any share they are assigned to. In this paper we consider the division problem when agents' participation is voluntary. Each agent has an idiosyncratic interval of acceptable shares where his preferences are single-peaked. A rule has to propose to each agent either to not participate or an acceptable share because otherwise he would opt out and this would require to reassign some of the remaining agents' shares. We study a subclass of efficient and consistent rules and characterize extensions of the uniform rule that deal explicitly with agents' voluntary participation.

Prediction of the economic cost of individual long-term care in the Spanish population

Pensions together with savings and investments during active life are key elements of retirement planning. Motivation for personal choices about the standard of living, bequest and the replacement ratio of pension with respect to last salary income must be considered. This research contributes to the financial planning by helping to quantify long-term care economic needs. We estimate life expectancy from retirement age onwards. The economic cost of care per unit of service is linked to the expected time of needed care and the intensity of required services. The expected individual cost of long-term care from an onset of dependence is estimated separately for men and women. Assumptions on the mortality of the dependent people compared to the general population are introduced. Parameters defining eligibility for various forms of coverage by the universal public social care of the welfare system are addressed. The impact of the intensity of social services on individual predictions is assessed, and a partial coverage by standard private insurance products is also explored. Data were collected by the Spanish Institute of Statistics in two surveys conducted on the general Spanish population in 1999 and in 2008. Official mortality records and life table trends were used to create realistic scenarios for longevity. We find empirical evidence that the public long-term care system in Spain effectively mitigates the risk of incurring huge lifetime costs. We also find that the most vulnerable categories are citizens with moderate disabilities that do not qualify to obtain public social care support. In the Spanish case, the trends between 1999 and 2008 need to be further explored.

Differential time to positivity of blood cultures: a valid method for diagnosing catheter-related bloodstream infections in the intensive care unit

iii. Catheter-related bloodstream infection (CR-BSI) diagnosis usually involves catheter withdrawal. An alternative method for CR-BSI diagnosis is the differential time to positivity (DTP) between peripheral and catheter hub blood cultures. This study aims to validate the DTP method in short-term catheters. The results show a low prevalence of CR-BSI in the sample (8.4%). The DTP method is a valid alternative for CR-BSI diagnosis in those cases with monomicrobial cultures (80% sensitivity, 99% specificity, 92% positive predictive value, and 98% negative predictive value) and a cut-off point of 17.7 hours for positivity of hub blood culture may assess in CR-BSI diagnosis.

Parental care time in four European countries: comparing types and contexts

The intensity of parental investments in child care time is expected to vary across families with different norms and time-constraints. Additionally, it should also differ across countries, since the abilities of parents to harmonize family and work vary by national context. In our opinion, however, this question remains inconclusive for two main reasons: 1) only some countries have been studied from a comparative approach; 2) previous studies have not paid enough attention to the analysis of how the conditional effects of education and employment affect parental investments.In this paper we used nationally representative time-use data from Denmark, Flanders, Spain and the United Kingdom (N=4,031) to explore how employment and education predict variations in child care time. IN Britain and Spain employment has a strong negative effect on fathers’ child care, but a weaker one in Flanders and particularly in Denmark. In contrast, maternal employment has a strong negative impact in all four countries. Education increases child care time significantly only among Spanish mothers and fathers, as well as British mothers. Nonetheless, we find that college-educated mothers under similar time-constraints increase substantially their expected child care time in Britain, Flanders and Spain; for fathers we find a more mixed picture. Routine child care activities are more sensitive to both maternal and paternal employment than interactive child care activities. Finally, we observe that working a public sector job generally increases a total time allocated to parental care, controlling for several demographic and socioeconomic variables.

Productivities, preferences, and parental child care

We study the interplay of preferences and market productivities on parenting, and show the preferences, when identified, provide a better explanation of caring decisions than has, so far, been demonstrated in the literature. We qualify the standard finding the parental education in a key determinant of care by showing important interaction effects with marital homogamy. We find that homogamy has opposite effects on child care and couple specialization for high and low educated parents. Identification has been made possible by a unique couple-based time diary study for Denmark

When mothers work and fathers care. Joint household fertility decisions in Denmark and Spain

We analyze second birth decisions within the theoretical framework of joint household decision making, comparing two countires that represent the international extremes in terms of women's career behaviour, Denmark and Spain. Using all 8 ECHP panels we apply discrete time estimations of the likelihood of a second birth and show that in Spain, fertility behaviour continues to conform to the classic "Becker model" while in Denmark we identify a radically new behavioral pattern according to which career-women's fertility is conditional of their partners' contribution to care for the children.

Regional child care availability and fertility decisions in Spain

In this paper I explore two hypotheses: (1) Formal child care availability for children under three has a positive effect across contexts, according to the degree of adaptation of social institutions to changes in gender roles. Event history models with regional fixed effects are applied to data from the European Community Household Panel (1994-2001). The results show a significant and positive effect of regional day care availability on both, first and higher order births, while results are consistent with the second hypothesis only for second or higher order births.

Personal and household care giving for adult children to parents and social stratification

Using SHARE database the paper explores the factors conditioning personalcare giving from adult children to their parents. Frequency and intensity ofpersonal care is contrasted with the reciprocal expectations that children haveabout wealth inheritance from their parents and with the opportunity costs of helping, as well as with the capacity of parents of getting help from othersources of personal care. The results may help to understand how inequalitiesin accessing to formal services relate with intergenerational solidarity.

Explaining parental dedication to child care in Spain

The quality of the time dedicated to child care has potential positive effects on children’s life chances. However, the determinants of parental time allocation to child care remain largely unexplored, particularly in context undergoing rapid family change such as Spain. We assess two alternative explanations for differences between parents in the amount of time spent with children. The first, based in the relative resources hypothesis, links variation in time spent with children to the relative attributes (occupation, education or income) of one partner to the other. The second, derived from the social status hypothesis, suggests that variation in time spent with children is attributable to the relative social position of the pair (i.e. higher status couples spend more time with children regardless of within-couple difference).To investigate theses questions, we use a sample of adults (18-50) from the Spanish Time Use Survey (STUS) 2002-2003 (n=7,438). Limiting the analysis to adults who are married or in consensual unions, the STUS allows to assess both the quantity and quality of parental time spent with children. We find little support for the “relative resources hypothesis”. Instead, consistent with the “social status hypothesis”, we find that time spent on child care is attributable to the social position of the couple, regardless of between-parent differences in income of education.

Do welfare benefits affect womens' choices of adult care giving?

The efficacy of social care, publicly and universally provided, has been contested from two different points of view. First, advocates of targeting social policy criticized the Matthew’s effect of universal provision and; second, theories arguing in favour of heterogeneous rationalities between men and women and, even different preferences among women, predict that universal provision of services is limiting women’s choices more than home allowances. The author tests both hypotheses and concludes that, at least in the case of adult care, women’s choices are significantly affected by women’s social positions and by the availability of public services. Furthermore, targeting through means-test eligibility criteria has no significant effect on inequality but, confirming the redistributive paradox, reduces women’s options.

La traducción de Taken Care Of. Una propuesta editorial

Edith Sitwell fue una de las poetas más influyentes del modernismo anglosajón, que después de su muerte cayó en un largo olvido. Al final de su vida escribió su autobiografía, Taken Care Of, publicada póstumamente en 1965. Mi propuesta editorial es la traducción al castellano de esta obra.

Drug Utilization Studies and Data Registries in Primary Care.

This article reviews the methodology of the studies on drug utilization with particular emphasis on primary care. Population based studies of drug inappropriateness can be done with microdata from Health Electronic Records and e-prescriptions. Multilevel models estimate the influence of factors affecting the appropriateness of drug prescription at different hierarchical levels: patient, doctor, health care organization and regulatory environment. Work by the GIUMAP suggest that patient characteristics are the most important factor in the appropriateness of prescriptions with significant effects at the general practicioner level.