Jurnal Fakultas Ekonomi UM Metro (Universitas Muhammadiyah)
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ESG Integration and the Investment Management Process: Fundamental Investing Reinvented
No full textWe investigate how conventional asset managers account for environmental, social and governance factors (ESG) in their investment process. We do so on the basis of an international survey among fund managers. We find that many conventional managers integrate responsible investing in their investment process. Furthermore, we find that ESG information in particular is being used for red flagging and to manage risk. We find that many conventional fund managers have already adopted features of responsible investing in the investment process. Furthermore, we argue and show that ESG investing is highly similar to fundamental investing. We reveal that there is a substantial difference in the ways in which U.S. and European asset managers view ESG
Dominant achievement goals across tracks in high school
No full textThe dominant achievement goals (DAGs) of 7008 students in the third grade of Dutch secondary education (US grade 9) were investigated, based on Elliot & McGregors’ 2 × 2 framework (2001), in relation to track-level and motivational variables. We found the mastery-approach goal and the performance-approach goal, generally considered adaptive, to be more prominent among students in lower tracks. In contrast, avoidance goals were more common in higher tracks. Most notably, in the highest track, the mastery-avoidance goal was the most prominent. Additionally, we found that students with a dominant performanceapproach goal scored highest on almost all motivational variables examined; students without a DAG scored mostly second highest. The implications of these findings are discussed
Kidney injury molecule-1 and neutrophil gelatinase-associated lipocalin as prognostic markers in idiopathic membranous nephropathy
No full textBackground: Urinary excretion of alpha-1-microglobulin and beta-2-microglobulin reflects tubular damage and predicts outcome in patients with idiopathic membranous nephropathy with reasonable accuracy. Urinary kidney injury molecule-1 and neutrophil gelatinase-associated lipocalin are novel biomarkers of tubular damage. We investigated if these markers could improve prediction of outcome in idiopathic membranous nephropathy.Methods: We measured kidney injury molecule-1 and neutrophil gelatinase-associated lipocalin in urine samples from patients with idiopathic membranous nephropathy, who had nephrotic proteinuria and normal renal function. Excretion of alpha-1-microglobulin and beta-2-microglobulin had been measured previously. Progression was defined as a serum creatinine rise >30%, a rise in serum creatinine to an absolute value of 135 mu mol/L, or a clinical decision to start immunosuppressive therapy. Remission was defined as proteinuria 50% reduction from baseline.Results: Sixty-nine patients were included. Median follow-up was 35 months (interquartile range 18-63 months). Progression occurred in 30 patients (44%), and spontaneous remission in 36 (52%). Kidney injury molecule-1 and neutrophil gelatinase-associated lipocalin excretion rates were significantly correlated with each other, and with alpha-1-microglobulin and beta-2-microglobulin. The areas under the receiver operating characteristic curves for progression were 0.75 (0.62-0.87) for kidney injury molecule-1 and 0.74 (0.62-0.87) for neutrophil gelatinase-associated lipocalin. In multivariate analysis with either alpha-1-microglobulin and beta-2-microglobulin, kidney injury molecule-1 and neutrophil gelatinase-associated lipocalin did not independently predict outcome.Conclusion: Kidney injury molecule-1 and neutrophil gelatinase-associated lipocalin excretion rates correlated with excretion rates of other tubular damage markers and predicted outcome in patients with idiopathic membranous nephropathy. They did not add prognostic value compared to measurement of either alpha-1-microglobulin or beta-2-microglobulin.</p
Human Capital Externalities:Effects for Low-Educated Workers and Low-Skilled Jobs
No full textInvestments in human capital are essential themes in many policy programmes. Besides the direct private returns of education, there is evidence of positive human capital externalities at the level of regions and firms. The results in this paper show that both production and consumption externalities have positive effects on wages. Production externalities are transmitted at the level of firms and not at the regional level. For workers in low-skilled jobs, consumption externalities dominate production externalities. Workers on low-skilled jobs earn higher wages when working in cooperation with workers in high-skilled jobs, while for low-educated workers such cooperation with high-educated workers is negative.</p
Handling Do-Not-Know Answers:Exploring New Approaches in Online and Mixed-Mode Surveys
No full textAn important decision in online and mixed-mode questionnaire design is if and how to include a “do-not-know” (DK) option. Mandatory response is often a default option, but methodologists have advised against this. Several solutions for the DK category are suggested. These include (1) not explicitly offering a DK, but skipping questions is allowed, (2) explicitly offering a DK option with visual separation from the substantive responses, and (3) using the interactivity of the web to emulate interviewer probing after a DK answer. To test these solutions, experimental data were collected in a probability based online panel. Not offering DK, but allowing respondents to skip questions, followed by a polite probe when skips occurred, resulted in the lowest amount of missing information. To assess the effect of probing across different modes, a second experiment was carried out that compared explicitly and implicitly offering the DK option for web and telephone surveys
Continuous-Time Semi-Markov Models in Health Economic Decision Making:An Illustrative Example in Heart Failure Disease Management
No full textContinuous-time state transition models may end up having large unwieldy structures when trying to represent all relevant stages of clinical disease processes by means of a standard Markov model. In such situations, a more parsimonious, and therefore easier-to-grasp, model of a patient's disease progression can often be obtained by assuming that the future state transitions do not depend only on the present state (Markov assumption) but also on the past through time since entry in the present state. Despite that these so-called semi-Markov models are still relatively straightforward to specify and implement, they are not yet routinely applied in health economic evaluation to assess the cost-effectiveness of alternative interventions. To facilitate a better understanding of this type of model among applied health economic analysts, the first part of this article provides a detailed discussion of what the semi-Markov model entails and how such models can be specified in an intuitive way by adopting an approach called vertical modeling. In the second part of the article, we use this approach to construct a semi-Markov model for assessing the long-term cost-effectiveness of 3 disease management programs for heart failure. Compared with a standard Markov model with the same disease states, our proposed semi-Markov model fitted the observed data much better. When subsequently extrapolating beyond the clinical trial period, these relatively large differences in goodness-of-fit translated into almost a doubling in mean total cost and a 60-d decrease in mean survival time when using the Markov model instead of the semi-Markov model. For the disease process considered in our case study, the semi-Markov model thus provided a sensible balance between model parsimoniousness and computational complexity.</p
Preaching to, or Beyond, the Choir:The Politicizing Effects of Fitting Value-Identity Communication in Ideologically Heterogeneous Groups
No full textAlthough values motivate participation in collective action, little is known about whether their communication by a social movement motivates identification with it. In the context of student protests against budget cuts, we tested whether and how fitting a value (right to free education) to two relevant group identities (i.e., student vs. national identity) influenced politicized identification among individuals in ideologically different student subgroups (N=168). Specifically, for students who shared the movement’s ideological background, we found that communicating values increased the predictive power of affective predictors of politicized identification over instrumental ones. However, for students who did not share the movement’s ideological background, fitting values to student (but not national) identity, decreased politicized identification. These findings imply that value-identity fit must be taken into account if one wants to motivate a broad audience of potential followers with diverse ideological backgrounds for collective action
Long-term changes in renal function and perfusion in heart failure patients with reduced ejection fraction
No full textLittle is known about the natural course of renal function and renal hemodynamics in heart failure patients with reduced ejection fraction (HFREF).We prospectively studied effective renal plasma flow (ERPF) and glomerular filtration rate (GFR) in 73 HFREF patients with I-125-iothalamate/I-131-hippuran clearances with a mean follow-up of 34.6 +/- A 4.4 months. Fifteen percent were female, with age 58 +/- A 12 years and left ventricular ejection fraction (LVEF) 29 +/- A 10 %. Baseline GFR was 81 +/- A 23 mL/min/1.73 m(2) and declined 0.6 +/- A 4.7 mL/min/1.73 m(2) per year. Baseline ERPF was 292 +/- A 83 mL/min/1.73 m(2) and declined 4.3 +/- A 19 mL/min/1.73 m(2) per year. Of the baseline variables, older age and high urinary kidney injury molecule-1 were the only variables associated with GFR decline (p <0.05). Following stepwise backward analysis, only age (p <0.001) remained significant. In addition, we found an association between change in GFR and changes in ERPF, N-terminal pro-brain natriuretic peptide and renovascular resistance. In the multivariable analysis, only the change in ERPF remained significantly associated with a change in GFR (p <0.001).In this cohort of stable chronic HFREF patients, the average decline in GFR over time was small. The decline of GFR was associated with a higher age and a lower baseline GFR, and was strongly related to changes in renal perfusion.</p
Is there an association between markers of cardiovascular autonomic dysfunction at discharge from rehabilitation and participation one and five years later in individuals with spinal cord injury?
No full textObjectives: To determine whether physical activity and participation 1 and 5 years after discharge are associated with measures of cardiovascular autonomic function: prevalence of hypotension and reduced peak heart rate at discharge from initial inpatient spinal cord injury (SCI) rehabilitation.Design: Prospective cohort study.Setting: Rehabilitation centers.Participants: Individuals with SCI (N=146).Interventions: Not applicable.Main Outcome Measures: We recorded markers of cardiovascular autonomic dysfunction (resting blood pressure and peak heart rate) and personal and lesion characteristics at the time of discharge from rehabilitation. Parameters for participation (social health status dimension of the Sickness Impact Profile) and physical activity (Physical Activity Scale for Individuals with Physical Disabilities [PASIPD]) were measured 1 and 5 years after discharge. Effects of prevalence of cardiovascular autonomic dysfunction were analyzed using linear regression analysis while correcting for possible confounders.Results: We found no significant association between hypotension and social health status dimension of the Sickness Impact Profile or PASIPD, either at 1 or at 5 years after discharge. A significant association between peak heart rate and social health status dimension of the Sickness Impact Profile was found at 1 year after discharge, showing poorer participation in individuals with low peak heart rate (ie, cardiovascular autonomic dysfunction). The unadjusted relation between peak heart rate and the social health status dimension of the Sickness Impact Profile was significant at 5 years, but not when adjusted for confounders. We found associations between peak heart rate and PASIPD for both 1 and 5 years after discharge; however, these were not significant after correction for potential confounding factors.Conclusions: Autonomic dysfunction after SCI is a crucial factor influencing quality of life. We found that cardiovascular autonomic impairment, assessed from low peak heart rate, was associated with reduced participation after 1 year. The results suggest that peak heart rate at discharge from rehabilitation after SCI should be used to identify those needing additional support to facilitate physical activity and participation after discharge. (C) 2016 by the American Congress of Rehabilitation Medicine</p
