Purchase Program Research Articles

Twitter sentiment and stock market: a COVID-19 analysis

PurposeUsing textual analysis the authors study the relationship between social media sentiments and stock markets during the COVID-19 pandemic.Design/methodology/approachThe study analysis is based on a sample of 1,616,007 tweets over the period January to June 2021 for seven countries. The authors process the tweets via the VADER analyzer thereby producing both positive and negative sentiment measures.FindingsParticularly, the authors prove that higher positivism is associated with a short-term increase in stock prices. On the other side, negativism relates inversely to stock prices with long-term impact, in the case of English-spoken countries. Notably, the study results remain robust to the inclusion of various control variables, including virtual fear and Google vaccine indexes. Finally, the authors prove that positivism is associated with higher returns and lower volatility in the short-run, while negativism is linked with lower returns in the short run.Practical implicationsThe study analysis also has significant policy implications for researchers, investors and policymakers. First, researchers can employ our measures to quantify market sentiments and expand their research arsenal to incorporate social media trends, thus providing better explanatory power. Second, during times of severe uncertainty such as in a pandemic period, investors could beneficially take into account our textual measures and empirical results when using asset pricing models or constructing their portfolios. Third, the finding that the stock market is heavily governed by sentimental behaviors, especially during crisis periods, implies that policymakers including central banks, governments and capital market commissions must consider these sentiments before exerting their policies. In this regard, governments can effectively develop policy tools and approaches to manage recovery from the pandemic, which translates to greater long-term economic resilience. Moreover, central banks should accordingly adjust their monetary policy measures in order to stabilize financial markets, and by extension, to stop the pandemic from turning into a renewed financial crisis. For example, asset purchase program is considered the main instrument of this kind of intervention.Originality/valueThe authors confirm that this work is original and has not been published elsewhere, nor is it currently under consideration for publication elsewhere. The paper should be of interest to readers in the areas of finance.

Environmental impact of mortgage bond purchases: presentation of a possible estimation methodology

This article presents a methodological framework for estimating the environmental impact of mortgage bond purchases. The model presented through the Mortgage bond purchase programme of the Magyar Nemzeti Bank (MNB), the Central Bank of Hungary builds on the changing composition of the Hungarian housing stock, and its main assumption is that, while maintaining the total floor area of the housing stock unchanged, financing residential property modernises the housing stock as a result of tightening building energy requirements, which reduces emissions. In our estimate, thanks to the MNB’s Mortgage bond purchase programme, the Hungarian building stock could reduce its CO2 emissions by 13-41 thousand tonnes per year. We have made several assumptions and simplifications in our calculations, and the results can only be evaluated in this context.

Modes preču tirdzniecība Covid-19 ietekmē

The internet is gradually becoming the main channel for the distribution of retail goods. It is also a binding distribution channel for the sale of fashion goods. It allows the retailer to post photos, video, and audio material showcasing their latest collections and sell the goods directly to the consumer through a website. According to data from the Interactive Media Retail Group, for example, the UK’s online retail turnover increased by 42% in September 2020, 35.7% in October, and 39% in November compared to the previous year. eBay also confirms this trend – every 7 seconds a product is sold on their site. The aim of this article is to analyze research about online fashion retailers conducted by US and British researchers and the results of surveys among Indian and Latvian students. Who sells fashion items online? A survey of Indian college students (Shanthi, Kannaiah, 2015) and 126 Latvian university students, as well as different researches, show that retailers offering a narrow range of goods are best represented. On the other hand, companies with recognizable brands do not use the internet. There is a conflicting opinion about the involvement of designers in the implementation of their models thru the internet. The next issue addressed in the research and surveys was what helps to create a good fashion website. Then (1999) considers three important visual aspects of a successful website for clothing buyers: - an online image of the goods that most closely matches the actual product; - demonstration of similar products; - ability to view the product from different angles (preferably in three dimensions). In the survey, Latvian students noted the following aspects: - information (information corresponds to the respective task); - possibility to perform electronic transactions; - response time. How do fashion retailers design websites? Ashwort (2005) has summarized different approaches and offers a five-step method. He believes that the success of retailers is determined by the amount of knowledge they have – moving from one stage to another. There are also differences in business planning and strategy choice, and no single dominant strategy exists. For example, some companies take a detailed, formal, well-thought-out approach to decision-making, but some have spontaneous decision-making. Who buys online? There is an opinion in life and also in literature that shopping through a catalog and mail is financially insecure. However, e-commerce is complicated further by the seemingly higher risks of securing on the internet. Respondents of foreign researchers note the possibility of buying goods without leaving home as the main positive reason. For Latvian students, the reasons are much lower prices than in local stores and more original goods unavailable in the local market. Key findings: Competition between websites is based on the way information is presented and what information is provided by website retailers. Information relevant to the task, opportunity to make a purchase, response time, price, and incentive programs are important factors in predicting customer satisfaction. There is no difference in consumer behavior between fashion innovators and ordinary buyers of fashion goods.

Family Farming Cooperatives and Associations and the Institutional Market Created by the National School Feeding Program (PNAE) in Minas Gerais, Brazil

The objective of this work is to analyze the trajectory and role assumed by the collective organizations of family agriculture, Cooperatives and Associations, in the construction and supply of food for the institutional market built from the National School Feeding Program (PNAE) in the five most important municipalities in the state of Minas Gerais/Brazil. This approach is justified by the need to remedy theoretical gaps in the insertion of cooperatives, which serve as instruments to guarantee food and nutrition security and also as a crucial actor in the construction of food markets. For this, it is necessary to investigate how these organizations were constituted, how they are organized, which actors are involved, and what their role is in the implementation of the public food purchase policy. Methodologically, it is a multiple case study, with a qualitative approach and descriptive character. For data collection, semi-structured interviews were applied in the five most populous municipalities in Minas Gerais, based on two scripts aimed at representatives of family farming organizations and members of the Public Administration who work directly with the management of the PNAE. The research results corroborate the recommendation that the Brazilian State should support the collective organization of farmers and strengthen the promotion of associativism and cooperativism in family farming, providing instruments for the development of social and economic organizations as well as expanding and strengthening government food purchase programs, since they help boost social capital in the countryside and generate income for family farmers.

Central bank asset purchase programs in emerging market economies

We investigate the impact of Asset Purchase Programs by 14 EME central banks during COVID-19, finding a statistically significant effect in compressing bond spreads vis-à-vis the US. A counterfactual analysis shows that without APPs, EME bond spreads would have been higher. Country-specific VAR impulse response functions indicate that a shock imposed on asset purchases becomes persistent on bond spreads after around 5 – 10 days, with a peak effect of around 40 basis points. Persistent stabilizing effects are also found on exchange rates and capital flow volatility, while stock markets and inflation expectations are overall not affected by the APPs.

Exchange rate spillover, carry trades, and the COVID-19 pandemic

Although it is widely accepted that exchange rates are connected, what drives these connections remains an unsettled question. We examine the interconnections and spillovers of G10 currencies over the period from January 1, 2018 to June 17, 2021. We find that the Euro and Australian dollar serve as risk transmitters whereas the Japanese yen operates as a risk recipient. During the COVID-19 pandemic period, countries with higher infection cases experience currency depreciation and transmit more currency risk to others. In response to this crisis, the Fed adopted the large-scale asset purchase program that weakened the USD and increased the demand for high-yield currencies through the portfolio rebalancing channel. The appreciation of high-yield currencies further attracts carry trades and enhances their risk transmission to low-yield currencies. Furthermore, we provide evidence to show that the COVID-19 infection cases, the Fed's policy, and carry trades are crucial determinants of exchange rate spillovers.

Housing, the credit market, and unconventional monetary policies: from the sovereign crisis to the great lockdown

Abstract This article evaluates the interactions between housing, the credit market, and the ECB’s asset purchase program (APP) from 2015 until 2020 and then in the course of the ECB’s pandemic emergency purchase program (PEPP) in 2020. The model is calibrated for the euro area. The findings illustrate the way in which macrohousing channels affect bank portfolio rebalancing which is the main channel for asset purchases to influence the economy. The results show that asset purchasing performs better during a crisis, particularly if it is conducted for an appropriate extent of time. The findings suggest that the PEPP alone is not sufficient to accelerate recovery. As a result, further actions such as timely targeted fiscal policies are required to step up recovery. However, to protect the financial sector, the PEPP should be extended until the Covid-19 crisis phase is over.

How to minimize negative health effects in the European Union due to the Economic recession caused by the COVID-19 Pandemic

Aims: The article aims to analyze what can be learned from the last Financial Crisis from 2008 on to minimize the negative health effects in the European Union due to the Economic recession caused by the Covid-19 Pandemic. Methods: Systematic literature reviews were conducted to analyze the interventions taken to combat the last Financial Crisis and their consequences on health. Parallel to this, a qualitative document analysis of the ongoing discussion about the measures taken or to be taken in the Covid-19 Pandemic to fight the current economic recession was conducted using institutional websites and international media. Results: The main methods taken to combat the Financial Crisis from 2008 were, bailing out banks, austerity measures, and the European Stability Mechanism. There is evidence that the Financial crisis had negative effects on the European Health Systems in general. Austerity measures in some countries, led to an increase in psychological disorders. Overall mortality was not affected but the decrease of avoidable mortality slowed down. Various economic interventions such as bailing out essential industries e.g., the Aviation sector, cash injections, tax relief, short-work salary compensation, modified ESM, and the Pandemic Emergency Purchase Program (PEPP) were taken during the Covid-19 Pandemic to help stabilize the economy. Conclusion: The current recession is not caused by internal failures of the financial system as it was in the financial Crisis of 2008, but by an outside event - the Covid-19 pandemic. Measures were taken by the governments and the European Union to avoid an economic crisis, and by these, the negative health effects were created during the Financial Crisis in 2008, but the lockdown phase seems to lead to similar negative health effects regarding psychological disorders and delay of planned screening and treatment.

MEASURING QUALITY: EVALUATING HOSPITAL VALUE-BASED PURCHASING AND OVERALL HOSPITAL RATINGS

The Centers for Medicare & Medicaid Services designed the Hospital Value Based Purchasing (HVBP) program and the Overall Hospital Quality Star Ratings program to improve healthcare quality across the US. Controversy remains concerning whether these initiatives truly encourage institutions to continuously work to improve the quality of care provided. To address some of these knowledge gaps, we applied data from the Modern Healthcare Hospital Penalties and Rewards dataset to identify potential relationships. We found the mean HVBP adjustments differed significantly between Ohio and Washington with a mean difference of 0.10% and between Pennsylvania and Washington 0.08%; and the mean hospital overall ratings differed significantly between Georgia and Ohio with mean a difference of 0.58 and between Ohio and Washington 0.65. Therefore, by evaluating the potential relationships, we can interpret the impact of geographic region on Medicare rewards and penalties, healthcare quality, and thus the impact on patient care.

Coaching to Bedside Shift Report and Its Correlation to Hospital Consumer Assessment of Healthcare Providers and Systems and Value-Based Purchasing Dimension Scores

The objective of this multihospital study was to investigate how the intervention of coaching to bedside shift report (BSR) correlates with Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) outcomes and relates to Centers for Medicare and Medicaid Services (CMS) Hospital Value-Based Purchasing (VBP) Program points over a 4-year period (2017-2020) for an acute care hospital health system. Hospital leaders' responsibilities include intertwined areas of patient experience and fiscal accountability. Coaching to BSR is reported to have numerous benefits to the patient's experience. Published studies completed with hospital systems evaluating the intervention of coaching to BSR and how it correlated to patient experience and VBP are limited. Coaching to BSR was implemented at 16 adult acute care hospitals. Patient-reported BSR rates were collected in tandem with HCAHPS for 4 years. Statistical correlations were assessed between patient-reported BSR and HCAHPS and consequential effect on VBP dimension scores. Coaching to BSR had a significant impact on top- and bottom-box "rate the hospital" HCAHPS scores at a system and hospital level. Value-based purchasing points and percentages increased over 2017-2020, potentially leading to lower CMS penalty claims over the period the BSR was implemented. Coaching is a key factor when creating a favorable patient experience. The implementation and sustainability of coaching to BSR may result in improved patient experience ratings and increase VBP point accumulation to hospital systems.

To Lend or Not to Lend: The Bank of Japan's ETF Purchase Program and Securities Lending

To Lend or Not to Lend: The Bank of Japan's ETF Purchase Program and Securities Lending

Is the Bond Market Competitive? Evidence From the ECB's Asset Purchase Programme

Is the Bond Market Competitive? Evidence From the ECB's Asset Purchase Programme

On the Macroeconomic Effects of Reinvestments in Asset Purchase Programmes

On the Macroeconomic Effects of Reinvestments in Asset Purchase Programmes

A Matter of Competence?

Abstract In the aftermath of the BVerfG’s controversial ruling on the ecb’s Public Sector Purchase Programme and the launch of an infringement procedure against Germany, politicians and legal scholars have called once more for the establishment of an “EU Competence Court”. Such a court would be the sole arbiter of competence disputes between the EU and its Member States. This article first recapitulates the current assessment of EU competences and its problems. Subsequently, it illustrates what the proposals to establish an EU Competence Court would entail and examines the different models they draw inspiration from by using a comparative approach. Ultimately, it is argued that none of these concepts stands up to closer scrutiny. Instead, the article uses further legal comparison to develop a two-tier solution: the first tier includes modifications to the cjeu’s decision-making process, while the second tier implements a new “constitutional advisory mechanism” to strengthen judicial multilogue.

Moneyball in Medicare

One of the most important changes to the United States health care system over the last two decades is the emergence of pay-for-performance as a way to encourage hospitals and other providers to improve quality of care. Unlike fee-for-service, these value-based purchasing programs measure aspects of quality and financially reward hospitals that are outstanding or at least improving in their care. Prior research has shown that hospitals often improve more when the marginal financial incentives are larger. However, the exact relationship between marginal financial incentives and year-over-year improvement in measures remains unclear. In this study, we use national 20152018 data on approximately 2,700 hospitals to estimate how hospitals respond to pay-for-performance incentives in the Hospital Value-Based Purchasing (HVBP) Program. We show that this relationship is non-linear, has strong serial correlation, is somewhat similar for safety-net hospitals as non-safety-net hospitals, and is proportional to the size of the Medicare patient population.

The financial market effects of unwinding the Federal Reserve’s balance sheet

Twice in a brief 12-year period between 2008 and 2020, central banks turned to asset purchase programs to combat a global economic downturn. While balance sheet expansions have become familiar and been widely studied, balance sheet normalization is less well understood. This paper provides a first analysis of the financial market effects of balance sheet normalization based on the U.S. experience between 2017 and 2019. We find evidence that unwinding past asset purchases tightens financial conditions. However, we show that these effects cannot be merely portrayed as quantitative easing in reverse. In particular, we find that balance sheet normalization generally lacked the large announcement effects that characterized quantitative easing. Instead, the effects of normalization manifested upon implementation and surfaced, in part, through larger liquidity effects than were evident during various phases of balance sheet expansion.

How Do the Financial Markets Respond to India’s Asset Purchase Program? Evidence from the COVID-19 Crisis

ABSTRACT This study examines the impacts of India’s unconventional monetary policy on the exchange rate, stock market, and bond market during the COVID-19 crisis. The Reserve Bank of India announced an asset purchase programs (APPs) four times during the pandemic. Using daily data from January 1, 2019, to August 13, 2021, and applying the EGARCH methodology, this study finds that the APPs effectively reduced the yield rate in the bond market and its volatility. However, the first two announcements did not impact the financial market significantly. In contrast, the third and fourth announcements helped to compress the yield rate and its volatility. Further, the AAPs also helped to restrain the exchange rate depreciation and its volatility. Overall findings suggest that APPs had a desired impact on the targeted variables.

Measuring the State Dependence Effect in Hospital Payment Adjustment.

Since FY 2013, as a part of the Affordable Care Act (ACA) program, the Hospital Value-Based Purchasing (HVBP) program has adjusted Medicare's payments to hospitals based on the total performance score of the hospital. First, the program reduces a portion of the hospital's Medicare payments in a specific fiscal year, and then, by the end of the same fiscal year, the amount of the payment reductions will be awarded to the hospitals based on the total performance score; thus, the hospitals that do not receive the reward will lose the portion of money reduced by Medicare. In this research, we apply the theory of state dependence and use the dynamic random effect probit model to estimate this effect. The results show that the hospital payment adjustment dynamics have a very significant state dependence effect (0.341); this means that hospitals that received a reward in the previous year are 34.1% more likely to receive a reward this year than the ones that received a penalty in the previous year. Meanwhile, we also find that the state dependence effect varies significantly across hospitals with different ownership (proprietary/government owned/voluntary nonprofit), and the results show that voluntary nonprofit hospitals exhibit the largest effect of state dependence (0.370), while government-owned hospitals exhibit the lowest effect of state dependence (0.293), and proprietary hospitals are in the middle. Among the factors that influence the likelihood that a hospital receives a reward, we find that teaching hospitals with a large number of beds (>400) are less likely be rewarded; in terms of ownership, we find that voluntary nonprofit hospitals are more likely be rewarded; in terms of demographic factors, hospitals where the average household income are higher within the region are more likely be rewarded.

Tennessee Vans: A User-Based and Financially-Sustainable Approach to Develop Community Mobility Resources

Although substantial resources have been devoted to the provision of the transportation infrastructure needed to support the movement of people, there still exist “mobility gaps,” especially among transportation disadvantaged groups of persons. An approach to fill these community mobility gaps is based on the experimental and evolving development and operations of Tennessee Vans over the past 20 years. The Tennessee Vans fleet has grown to 845 vehicles assigned to more than 300 community groups and organizations as part of its vehicle lease and purchase programs. Program participants include community and economic development agencies, faith-based organizations, commuter vanpools, youth-based organizations, workforce development groups, and public/private transit agencies. A financial analysis indicated that in model year 2007 Tennessee Vans had achieved its major goal of becoming financially self-sufficient through its revenue generation capabilities and recycling of program revenue to procure additional vehicles and finance program operations.

Hospital value-based payment programs and disparity in the United States: A review of current evidence and future perspectives.

Beginning in the early 2010s, an array of Value-Based Purchasing (VBP) programs has been developed in the United States (U.S.) to contain costs and improve health care quality. Despite documented successes in these efforts in some instances, there have been growing concerns about the programs' unintended consequences for health care disparities due to their built-in biases against health care organizations that serve a disproportionate share of disadvantaged patient populations. We explore the effects of three Medicare hospital VBP programs on health and health care disparities in the U.S. by reviewing their designs, implementation history, and evidence on health care disparities. The available empirical evidence thus far suggests varied impacts of hospital VBP programs on health care disparities. Most of the reviewed studies in this paper demonstrate that hospital VBP programs have the tendency to exacerbate health care disparities, while a few others found evidence of little or no worsening impacts on disparities. We discuss several policy options and recommendations which include various reform approaches and specific programs ranging from those addressing upstream structural barriers to health care access, to health care delivery strategies that target service utilization and health outcomes of vulnerable populations under the VBP programs. Future studies are needed to produce more explicit, conclusive, and consistent evidence on the impacts of hospital VBP programs on disparities.