Health and (Other) Asset Holdings

Despite clear evidence of correlations between financial and medical statuses and decisions, most models treat financial and health-related choices separately. This article bridges this gap by proposing a tractable dynamic framework for the joint determination of optimal consumption, portfolio holdings, health investment, and health insurance. We solve for the optimal rules in closed form and capitalize on this tractability to gain a better understanding of the conditions under which separation between financial and health-related decisions is sensible, and of the pathways through which wealth and health determine allocations, welfare and other variables of interest such as expected longevity or the value of health. Furthermore we show that the model is consistent with the observed patterns of individual allocations and provide realistic estimates of the parameters that confirm the relevance of all the main characteristics of the model.

Essays in equilibrium asset pricing

Introduction This dissertation consists of three essays in equilibrium asset pricing. The first chapter studies the asset pricing implications of a general equilibrium model in which real investment is reversible at a cost. Firms face higher costs in contracting than in expanding their capital stock and decide to invest when their productive capital is scarce relative to the overall capital of the economy. Positive shocks to the capital of the firm increase the size of the firm and reduce the value of growth options. As a result, the firm is burdened with more unproductive capital and its value lowers with respect to the accumulated capital. The optimal consumption policy alters the optimal allocation of resources and affects firm's value, generating mean-reverting dynamics for the M/B ratios. The model (1) captures convergence of price-to-book ratios -negative for growth stocks and positive for value stocks - (firm migration), (2) generates deviations from the classic CAPM in line with the cross-sectional variation in expected stock returns and (3) generates a non-monotone relationship between Tobin's q and conditional volatility consistent with the empirical evidence. The second chapter proposes a standard portfolio-choice problem with transaction costs and mean reversion in expected returns. In the presence of transactions costs, no matter how small, arbitrage activity does not necessarily render equal all riskless rates of return. When two such rates follow stochastic processes, it is not optimal immediately to arbitrage out any discrepancy that arises between them. The reason is that immediate arbitrage would induce a definite expenditure of transactions costs whereas, without arbitrage intervention, there exists some, perhaps sufficient, probability that these two interest rates will come back together without any costs having been incurred. Hence, one can surmise that at equilibrium the financial market will permit the coexistence of two riskless rates that are not equal to each other. For analogous reasons, randomly fluctuating expected rates of return on risky assets will be allowed to differ even after correction for risk, leading to important violations of the Capital Asset Pricing Model. The combination of randomness in expected rates of return and proportional transactions costs is a serious blow to existing frictionless pricing models. Finally, in the last chapter I propose a two-countries two-goods general equilibrium economy with uncertainty about the fundamentals' growth rates to study the joint behavior of equity volatilities and correlation at the business cycle frequency. I assume that dividend growth rates jump from one state to other, while countries' switches are possibly correlated. The model is solved in closed-form and the analytical expressions for stock prices are reported. When calibrated to the empirical data of United States and United Kingdom, the results show that, given the existing degree of synchronization across these business cycles, the model captures quite well the historical patterns of stock return volatilities. Moreover, I can explain the time behavior of the correlation, but exclusively under the assumption of a global business cycle.

The gendering of excellence through quality criteria: the case of the SNSF Professorships in Switzerland

The Swiss National Science Foundation Professorships Programme is presented as a scientific programme that aims to promote outstanding young scholars to professorial positions. Academic excellence is presented as the main selection criterion. The emphasis put on the research portfolio and on the age of the candidates means that the beneficiaries of these professorships put forward an image of excellence that is more embedded in data-based sciences than in the humanities and social sciences, thus strengthening the domination of a sector scientific activity essentially occupied by men over the sector that has opened up more widely to women. This paper aims to deconstruct the criteria of academic excellence as they appear in this programme and to show that what seem quality criteria are in fact inspired by a specific androcentric model. These biases tend to undermine the gender equality aims of the programme.

Clinical trial designs for rare diseases: studies developed and discussed by the International Rare Cancers Initiative.

BACKGROUND: The past three decades have seen rapid improvements in the diagnosis and treatment of most cancers and the most important contributor has been research. Progress in rare cancers has been slower, not least because of the challenges of undertaking research. SETTINGS: The International Rare Cancers Initiative (IRCI) is a partnership which aims to stimulate and facilitate the development of international clinical trials for patients with rare cancers. It is focused on interventional--usually randomized--clinical trials with the clear goal of improving outcomes for patients. The key challenges are organisational and methodological. A multi-disciplinary workshop to review the methods used in ICRI portfolio trials was held in Amsterdam in September 2013. Other as-yet unrealised methods were also discussed. RESULTS: The IRCI trials are each presented to exemplify possible approaches to designing credible trials in rare cancers. Researchers may consider these for use in future trials and understand the choices made for each design. INTERPRETATION: Trials can be designed using a wide array of possibilities. There is no 'one size fits all' solution. In order to make progress in the rare diseases, decisions to change practice will have to be based on less direct evidence from clinical trials than in more common diseases.

Assessing chronic disease management in European health systems : concepts and approaches

This book comprises two volumes and builds on the findings of the DISMEVAL project (Developing and validating DISease Management EVALuation methods for European health care systems), funded under the European Union's (EU) Seventh Framework Programme (FP7) (Agreement no. 223277). DISMEVAL was a three-year European collaborative project conducted between 2009 and 2011. It contributed to developing new research methods and generating the evidence base to inform decision-making in the field of chronic disease management evaluation (www.dismeval.eu). In this book, we report on the findings of the project's first phase, capturing the diverse range of contexts in which new approaches to chronic care are being implemented and evaluating the outcomes of these initiatives using an explicit comparative approach and a unified assessment framework. In this first volume, we describe the range of approaches to chronic care adopted in 12 European countries. By reflecting on the facilitators and barriers to implementation, we aim to provide policy-makers and practitioners with a portfolio of options to advance chronic care approaches in a given policy context.

From the Olympic dream to a down to earth approach: Lausanne's sports events hosting strategy

In the context of globalized competition among territories, cities, regions and countries have to find new ways to be attractive to companies, investors, tourists and residents. In that perspective, major sports events (such as the Olympic Games or the FIFA World Cup) are often seen as a lever for territorial development. Based on that idea, many sports events hosting strategies have emerged in the 1980s and 1990s. However, the growing competition in the sports events' market and the gigantism of those major events, forced some territories to turn to smaller events. This necessary resize of their strategy raises the question of their capacity to meet the initial objectives, which aim usually at developing the economy and promoting the image of the host destination. This essay sketches out the evolution of a sports events hosting strategy in a city that does not have the resources (either financial, human or in terms of infrastructures) to attract major international sports events. The challenges they have to face and a possible solution based on the event portfolio perspective are discussed through the article.

Savoir-faire communicationnels et communication des compétences en Master de spécialisation ès Lettres

Notre article porte sur la mise en oeuvre d'un dispositif de portfolio en ligne (ePortfolio) dans le cadre d'un Master de spécialisation ès lettres en Analyse des discours et de la communication publics. Dans le but d'améliorer la transférabilité de compétences académiques vers les contextes professionnels, l'équipe enseignante de ce Master a créé un ensemble d'activités permettant à l'étudiant de prendre conscience des compétences qu'il a développées et d'apprendre à mieux communiquer celles-ci. La démarche articule deux dimensions : réflexive et communicative. Sur le premier point, le projet se focalise sur le développement de l'attitude réflexive de l'étudiant par rapport à son apprentissage. Sur le second point, le projet se concentre sur le développement d'une aptitude à communiquer ses compétences. Vu la nature du cursus, communiquer à propos de ses compétences reflète précisément des compétences à communiquer et ce type de savoir-faire discursif représente une distinction essentielle par rapport à d'autres filières de formation en communication.