Determinants of Foreign exchange exposure during the COVID-19 crisis: A Multi-country evidence

The research question of which firm-level factors make firms more vulnerable to exchange rate fluctuations during periods of crisis has rarely been explored by prior literature. Using a large sample of 1577 firms from 9 developed and 11 emerging countries, this study presents a comprehensive analysis of how firm-level factors affect firms' foreign exchange exposure before and during the COVID-19 crisis. The results provide evidence of a substantial increase in firms' linear exposure during the COVID-19 period. The cross-sectional analysis reveals that the effects of firm-level variables on exposure are more pronounced during crisis periods and are different from non-crisis periods. Firms that have effective asset utilization or large operating profit margins remain less exposed during times of stress. Contrary to hedging theory, firms that have high incentives to hedge such as firms with high financial leverage become highly exposed to currency fluctuations during crisis periods. The interaction analysis provides further evidence that firms with high leverage can limit their foreign exchange exposure during periods of crisis if they have high asset turnover or high operating profits. The results offer important practical implications to firms for risk management during periods of crisis.

Effectiveness and cost-effectiveness of text messages with or without endowment incentives for weight management in men with obesity (Game of Stones): study protocol for a randomised controlled trial.

BACKGROUND: Obesity increases the risk of type 2 diabetes, heart disease, stroke, mobility problems and some cancers, and its prevalence is rising. Men engage less than women in existing weight loss interventions. Game of Stones builds on a successful feasibility study and aims to find out if automated text messages with or without endowment incentives are effective and cost-effective for weight loss at 12 months compared to a waiting list comparator arm in men with obesity. METHODS: A 3-arm, parallel group, assessor-blind superiority randomised controlled trial with process evaluation will recruit 585 adult men with body mass index of 30 kg/m2 or more living in and around three UK centres (Belfast, Bristol, Glasgow), purposively targeting disadvantaged areas. Intervention groups: (i) automated, theory-informed text messages daily for 12 months plus endowment incentives linked to verified weight loss targets at 3, 6 and 12 months; (ii) the same text messages and weight loss assessment protocol; (iii) comparator group: 12 month waiting list, then text messages for 3 months. The primary outcome is percentage weight change at 12 months from baseline. Secondary outcomes at 12 months are as follows: quality of life, wellbeing, mental health, weight stigma, behaviours, satisfaction and confidence. Follow-up includes weight at 24 months. A health economic evaluation will measure cost-effectiveness over the trial and over modelled lifetime: including health service resource-use and quality-adjusted life years. The cost-utility analysis will report incremental cost per quality-adjusted life years gained. Participant and service provider perspectives will be explored via telephone interviews, and exploratory mixed methods process evaluation analyses will focus on mental health, multiple long-term conditions, health inequalities and implementation strategies. DISCUSSION: The trial will report whether text messages (with and without cash incentives) can help men to lose weight over 1 year and maintain this for another year compared to a comparator group; the costs and benefits to the health service; and men's experiences of the interventions. Process analyses with public involvement and service commissioner input will ensure that this open-source digital self-care intervention could be sustainable and scalable by a range of NHS or public services. TRIAL REGISTRATION: ISRCTN 91974895 . Registered on 14/04/2021.

Estimation of Total Cost Required in Controlling COVID-19 Outbreaks by Financial Incentives.

In this article, we present a Monte Carlo simulation (MCS) to estimate the total cost required to control the spread of the COVID-19 pandemic by financial incentives. One of the greatest difficulties in controlling the spread of the COVID-19 pandemic is that most infected people are not identified and can transmit the virus to other people. Therefore, there is an urgent need to rapidly identify and isolate the infected people to avoid the further spread of COVID-19. To achieve this, we can consider providing a financial incentive for the people who voluntarily take the COVID-19 test and test positive. To prevent the abuse of the financial incentive policy, several conditions should be satisfied to receive the incentive. For example, an incentive is offered only if the recipients know who infected them. Based on the data obtained from epidemiological investigations, we calculated an estimated total cost of financial incentives for the policy by generating various possible infection routes using the estimated parameters and MCS. These results would help public health policymakers implement the proposed method to prevent the spread of the COVID-19 pandemic. In addition, the incentive policy can support various preparations such as hospital bed preparation, vaccine development, and so forth.

The Effect of Business Operating Systems on Nursing Home Termination.

Objectives: Nursing home terminations have increased worldwide due to rising costs, staffing shortages, and the coronavirus disease pandemic. However, little is known about the impact that business operating systems have on nursing home termination. Methods: This study used the National Long-term Care database, which comprised 7,842 operating nursing homes in January 2018. Nursing home termination was identified when nursing homes discontinued provision of long-term care services to all residents between January 2018 and December 2020. Business operating systems that were reimbursed by the LTC insurance system were the exposure of interest. The logistic regression model for nursing home termination included a series of organizational, internal, and external factors as covariates. Results: From 2018 to 2020, 83 (1.1%) nursing homes were terminated. The proportion of reimbursed nursing homes varied greatly depending on the type of business operating systems. Implementing physical function training and improving working conditions were significantly associated with a lower risk of nursing home termination. Conclusion: Financial incentives to several business operating systems are an effective way to build a sustainable environment for nursing homes to continue to exist.

Children, vaccines, and financial incentives.

Recent studies have been analyzing and measuring the efficacy of the use of financial incentives to increase the Covid-19 vaccine uptake. To the best of our knowledge, this paper is the only study available in the literature that aims to measure the effect of financial incentives on vaccine rates among children. This paper explores the effects of a specific financial incentive on parents' vaccination decisions for their children. Using data from a regional practice, where students aged 12 and older received $50 gift cards per Covid-19 vaccination dose, we use various methodologies (synthetic control, linear regression, and difference-in-differences) to approximate the effects of financial incentives on vaccine rates. Our analysis reveals that gift cards increase vaccination rates by 2.64-4.23 percentage points from a baseline rate of 38 percent, concluding that financial incentives, in conjunction with other incentives and policies, can be considered to increase the rate of vaccines for 12- to 17-year-olds.

Evaluation of the NHS England evidence-based interventions programme: a difference-in-difference analysis.

BACKGROUND: The NHS England evidence-based interventions programme (EBI), launched in April 2019, is a novel nationally led initiative to encourage disinvestment in low value care. METHOD: We sought to evaluate the effectiveness of this policy by using a difference-in-difference approach to compare changes in volume between January 2016 and February 2020 in a treatment group of low value procedures against a control group unaffected by the EBI programme during our period of analysis but subsequently identified as candidates for disinvestment. RESULTS: We found only small differences between the treatment and control group after implementation, with reductions in volumes in the treatment group 0.10% (95% CI 0.09% to 0.11%) smaller than in the control group (equivalent to 16 low value procedures per month). During the month of implementation, reductions in volumes in the treatment group were 0.05% (95% CI 0.03% to 0.06%) smaller than in the control group (equivalent to 7 low value procedures). Using triple difference estimators, we found that reductions in volumes were 0.35% (95% CI 0.26% to 0.44%) larger in NHS hospitals than independent sector providers (equivalent to 47 low value procedures per month). We found no significant differences between clinical commissioning groups that did or did not volunteer to be part of a demonstrator community to trial EBI guidance, but found reductions in volume were 0.06% (95% CI 0.04% to 0.08%) larger in clinical commissioning groups that posted a deficit in the financial year 2018/19 before implementation (equivalent to 4 low value procedures per month). CONCLUSIONS: Our analysis shows that the EBI programme did not accelerate disinvestment for procedures under its remit during our period of analysis. However, we find that financial and organisational factors may have had some influence on the degree of responsiveness to the EBI programme.

Incentivizing COVID-19 vaccination among racial/ethnic minority adults in the United States: $209 per dose could convince the hesitant.

BACKGROUND: More than two years into the coronavirus disease (COVID-19) pandemic, it remains unclear whether financial incentives can reduce vaccine hesitancy and improve uptake among key unvaccinated populations. This study estimated the willingness of racial/ethnic minority adults in the United States to accept financial incentives for COVID-19 vaccination and the minimum amount needed to vaccinate a sufficiently high percentage of this population. METHODS: From August through September 2021, we conducted an online survey of 367 Black/African American and Hispanic patients, age ≥ 18 years, from 8 community health centers in Rhode Island. Contingent valuation questions assessed respondents' willingness-to-accept (WTA) incentives for COVID-19 vaccination using random-starting-points and iterative incentive offers of $5 to $50 per dose. Ordered logistic regression models examined associations between respondent characteristics and WTA. Predictive probabilities were modeled using both within-survey range and out-of-survey range incentive offer amounts and compared against vaccination thresholds needed to reach herd immunity. RESULTS: Less than 30% of unvaccinated survey respondents were WTA an incentive of $50/dose for vaccination. Models using out-of-survey incentive offer amounts greater than $50 suggested that 85% of respondents would agree $140/dose (95% CI: $43-$236) could convince other people to accept vaccination, while $209/dose (95% CI: -$91-$509) would be needed for 85% of respondents to accept vaccination themselves. CONCLUSIONS: Findings from this analysis may inform the design of incentive schemes aiming to reduce racial/ethnic disparities in vaccine and booster uptake, which will continue to be important as new variants of SARS-CoV-2 emerge.

Examining online learning platform characteristics and employee engagement relationship during Covid-19

PurposeAs work-from-home policies were being implemented during Covid-19, organizations have been migrating their learning and development programs to digital platforms. This study aims to understand the role of employees' perceptions about four key attributes of online learning platforms (OLPs), namely, online environment, ease of use, online content (OC) and online engagement anchors in their levels of work engagement (WE). Further, it also investigates how the personality attributes of the employees and financial incentives for online learning influence this relationship. Design/methodology/approachUsing the snowball sampling technique, online questionnaires were distributed to about 350 employees in four IT firms in India who were working from home during the Covid-19 period. The total number of valid responses was 306 and consisted of software developers, technical leads, process specialists, testers and managers. The analysis was done using Python software (V.3.7.4) packages and Process Macro (pyprocessmacro V.1.0.8) developed for Python. FindingsPerceived OLP features significantly influence employee WE. OC and ease of use are significant influencers of employee WE. The perception of OLP features indirectly affects WE through the learner's personality characteristics. Moreover, the financial incentive to learn online shares a negative interaction effect with OLP features to influence WE. Originality/valueThe paper contributes to the existing literature on virtual knowledge management by identifying the driving factors that reinforce the acceptance of OLPs. Moreover, to the best of the authors' knowledge, this is the first attempt to link online learning management system key characteristics with employee outcome as engagement. Most of the previous work has ignored exploring such a relationship in an organizational setting.

Incentivizing Pregnant Women to Quit Smoking in the Real World-A Community-Based Pilot Intervention.

Smoking during pregnancy is a leading preventable cause of poor pregnancy outcomes. Financial incentives interventions yield quit rates of approximately 30% during pregnancy, versus ~4% in traditional smoking cessation programs. This pilot study assessed the feasibility of translating an efficacious University of Vermont research-based intervention into a rural community setting delivered by the Vermont Department of Health. Pregnant women using tobacco products were recruited from the Women, Infants and Children program and Rutland Women's Healthcare. Women were provided in-person tobacco cessation counseling during regularly scheduled meetings and received gift cards throughout pregnancy and 3 months postpartum contingent upon biochemically verified smoking abstinence. Cessation counseling and abstinence monitoring began with high frequency (three visits per week), tapering through postpartum to biweekly visits. Gift card values began at $15, increasing by $5 for consecutive negative samples, to $40 maximum. Participants completed three surveys (enrollment, 4-6 weeks postpartum, 6-12 months postpartum) assessing smoking habits, and barriers and facilitators of treatment engagement and success. From 2018 to 2020, we enrolled 20 pregnant women, of whom six self-reported quitting tobacco at some point during the intervention. At study completion, three reported sustained abstinence. Results suggest that it is feasible to translate a research-based smoking cessation program into a community setting. This article discusses the challenges faced and the lessons learned when implementing research in a rural community setting, recruiting and retaining participants, and adapting protocols during the Covid-19 pandemic.

The impact of financial incentives on COVID-19 vaccination intention among a sample of U.S. adults.

Financial incentives are one of several strategies that have been explored to enhance COVID-19 vaccine uptake. Although widely discussed, it is unclear how much of an incentive and for which subset of individuals incentives would be effective. This study explored the impact of hypothetical $600 or $1200 incentives on COVID-19 vaccination intention. From a nationally representative panel of U.S. adults, 346 individuals reported hesitance towards COVID-19 vaccination and were then asked about their willingness to accept a vaccine if offered hypothetical incentives. Results indicated 26.89% would get vaccinated if offered $600, and 30.06% if offered $1200. In the multivariable model that included sociodemographic and attitudinal predictors of vaccine uptake, those classified as 'wait-and-see' compared to those classified as non-acceptors were more likely to accept COVID-19 vaccines when given financial incentives, and those who believed more strongly in the benefits of COVID-19 vaccines were more likely to accept a vaccine when first offered hypothetical $600 and then $1200 incentives. Individuals unsure if they ever had COVID-19 were significantly less likely to be willing to get the vaccine for $1200 as compared to those who believed they previously had COVID-19. These results suggest that financial incentives can increase intention to receive a COVID-19 vaccine.

Can financial incentives and other nudges increase COVID-19 vaccinations among the vaccine hesitant? A randomized trial.

Despite rapid initial uptake, COVID-19 vaccinations in the United States stalled within a few months of widespread rollout in 2021. In response, many state and local governments, employers and health systems used public health messaging, financial incentives and creative scheduling tools to increase vaccine uptake. Although these approaches drew on evidence from influenza and other vaccination efforts, they were largely untested in the context of SARS-CoV-2. In mid-2021, months after vaccines were widely available, we evaluated vaccination intentions and vaccine uptake using a randomized control trial. To do this, we recruited unvaccinated members of a Medicaid managed care plan in California (n = 2,701) and randomly assigned them to different public health messages, $10 or $50 financial incentives for vaccination, a simple vaccination appointment scheduler, or control. While messages increased vaccination intentions, none of the interventions increased vaccination rates. Estimates for financial incentives rule out even relatively small increases in vaccination rates. Small financial incentives and other behavioral nudges do not meaningfully increase COVID-19 vaccination rates amongst the vaccine hesitant.

Do governance capacity and legitimacy affect citizens' satisfaction with COVID-19 management? Some evidence from South Asia

Purpose>Theoretically, both democ/ratic legitimacy and government capacity are necessary for successful crisis management, like the COVID-19 pandemic. The authors argue that there are important variations for pandemic management in the developed and democratic world. However, are these equally needed in the developing world where democracy and capacity are present in varying degrees and in some countries with a vast deficit? This article analyzes how legitimacy and capacity affect citizens' satisfaction with the pandemic management in South Asia.Design/methodology/approach>The study is based on a survey of 3,423 randomly selected respondents from Facebook users in South Asia. The survey data are presented and discussed along with information derived from secondary sources to put the data in the broader context of the South Asian countries. The authors apply ordinary linear regression for statistical analysis.Findings>The findings suggest that citizens are content with the performance of government institutions in COVID-19 management. They emphasize material well-being, such as relief provisions and financial incentives during the crisis period. They are, however, less concerned about the legitimacy dimension, although democracy in South Asia is flawed with excessive restrictions on public freedom during the pandemic. The contradictory findings may be due to the public orientation towards authoritarian culture and their preference for strongman rule in crisis management.Practical implications>The governments in South Asia may systematically use army and police forces to manage crises as people are more satisfied with their performance during COVID-19 management.Originality/value>This is the first time data across South Asia have been collected and analyzed about crisis management.

Responsibility Versus Solidarity? Key Issues for the EMU Reform

The 2008 economic recession, followed by the sovereign debt crisis, made it clear that the original design of EMU was unsustainable. Together with the most urgent adjustments, the need for a profound reform of the system has been on the agenda for more than a decade. Despite significant steps being taken, no comprehensive reform has yet been delivered. In this paper, the background and the focus of the EMU reform will be reviewed. The research argues that it is necessary to create a better balance between the common shock absorption instruments (i.e., risk sharing) and to give a greater role for markets as incentives for fiscal and financial discipline (i.e., risk reduction). A new synthesis of the two dominant narratives could form the conceptual core of EMU reform. In this way, the need to create a sustainable system of resilience (the ability to respond and adapt) can be the decisive factor. At the heart of the EMU reform there can be deeper economic and financial union, resilient structures, the increase of risk sharing and the reduction of inherited risk.

Understanding E-Wallet Usage in Indonesia during the Covid-19 Pandemic: Focus on Trust and Risk

This paper aims to examine the determinant factors that influence e-Wallet usage behavior, as mediated by trust and perceived risk. The research data was collected using an online questionnaire distributed using a convenience and snowball sampling technique, yielding 354 e-Wallet users. AMOS 22 software was used to analyze the data using the structural equation modeling (SEM) technique. They were tested for validity, reliability, normality, outlier, and goodness-of-fit to ensure that the model, indicators, and research data were valid. Trust, financial incentives, dispositional trust, and innovativeness had a significant positive effect on usage behavior, whereas perceived risk had no effect. © 2021 IEEE.

Impfpflichten, Anreize und die effiziente Nutzung von Coronaimpfstoffen

ZusammenfassungImpfpflichten sind aus ökonomischer Sicht ein negativer Anreiz, sich impfen zu lassen. Im Einzelfall genauso wirksame positive Anreize — etwa staatlich finanzierte Impfprämien — können flexibler gestaltet werden, einige Nachteile starrer gesetzlicher Impfpflichten vermeiden und womöglich eine höhere Impfquote erreichen helfen. Zuverlässige Antikörpertests können helfen, die Subventionierung auf Menschen ohne ausreichenden Immunschutz zu begrenzen. Wegen des hohen volkswirtschaftlichen Werts einer höheren Impfquote im Kampf gegen SARS-CoV-2 hat Deutschland einen großen ungenutzten Finanzierungsspielraum für Impfprämien. Denkbar sind auch Kombinationen von Impfprämien und -pflichten.Alternate :From an economic point of view, vaccine mandates are a negative incentive to get vaccinated. Positive incentives that induce unvaccinated individuals just as effectively — such as government-provided cash incentives — can be more flexible and avoid some of the other disadvantages that come with mandates and possibly achieve higher vaccination rates. Given the size of societal benefits from boosting vaccination rates in the fight against SARS-CoV-2, Germany has substantial unused financial leeway to pay for cash incentives. Prudent combinations of cash incentives and vaccine mandates are also worth considering.

Conditional cash lotteries increase COVID-19 vaccination rates.

Conditional cash lotteries (CCLs) provide people with opportunities to win monetary prizes only if they make specific behavioral changes. We conduct a case study of Ohio's Vax-A-Million initiative, the first CCL targeting COVID-19 vaccinations. Forming a synthetic control from other states, we find that Ohios incentive scheme increases the vaccinated share of state population by 1.5 percent (0.7 pp), costing sixty-eight dollars per person persuaded to vaccinate. We show this causes significant reductions in COVID-19, preventing at least one infection for every six vaccinations that the lottery had successfully encouraged. These findings are promising for similar CCL public health initiatives.

Accelerating Evaluation of Financial Incentives for Fruits and Vegetables: A Case for Shared Measures.

Food insecurity, or lack of consistent access to enough food, is associated with low intakes of fruits and vegetables (FVs) and higher risk of chronic diseases and disproportionately affects populations with low income. Financial incentives for FVs are supported by the 2018 Farm Bill and United States (U.S.) Department of Agriculture's Gus Schumacher Nutrition Incentive Program (GusNIP) and aim to increase dietary quality and food security among households participating in the Supplemental Nutrition Assistance Program (SNAP) and with low income. Currently, there is no shared evaluation model for the hundreds of financial incentive projects across the U.S. Despite the fact that a majority of these projects are federally funded and united as a cohort of grantees through GusNIP, it is unclear which models and attributes have the greatest public health impact. We explore the evaluation of financial incentives in the U.S. to demonstrate the need for shared measurement in the future. We describe the process of the GusNIP NTAE, a federally supported initiative, to identify and develop shared measurement to be able to determine the potential impact of financial incentives in the U.S. This commentary discusses the rationale, considerations, and next steps for establishing shared evaluation measures for financial incentives for FVs, to accelerate our understanding of impact, and support evidence-based policymaking.

The Role of Behavioral Economics in Improving Cardiovascular Health Behaviors and Outcomes.

PURPOSE OF REVIEW: Behavioral economics represents a promising set of principles to inform the design of health-promoting interventions. Techniques from the field have the potential to increase quality of cardiovascular care given suboptimal rates of guideline-directed care delivery and patient adherence to optimal health behaviors across the spectrum of cardiovascular care delivery. RECENT FINDINGS: Cardiovascular health-promoting interventions have demonstrated success in using a wide array of principles from behavioral economics, including loss framing, social norms, and gamification. Such approaches are becoming increasingly sophisticated and focused on clinical cardiovascular outcomes in addition to health behaviors as a primary endpoint. Many approaches can be used to improve patient decisions remotely, which is particularly useful given the shift to virtual care in the context of the COVID-19 pandemic. Numerous applications for behavioral economics exist in the cardiovascular care delivery space, though more work is needed before we will have a full understanding of ways to best leverage such applications in each clinical context.

Encouraging the Development of New Antibiotics: Are Financial Incentives the Right Way Forward? A Systematic Review and Case Study.

Antibiotic resistance is an urgent public health threat that has received substantial attention from the world's leading health agencies and national governmental bodies alike. However, despite increasing rates of antibiotic resistance, pharmaceutical companies are reluctant to develop new antibiotics due to scientific, regulatory, and financial barriers. Nonetheless, only a handful of countries have addressed this by implementing or proposing financial incentive models to promote antibiotic innovation. This study is comprised of a systematic review that aimed to understand which antibiotic incentive strategies are most recommended within the literature and subsequently analyzed these incentives to determine which are most likely to sustainably revitalize the antibiotic pipeline. Through a case study of Canada, we apply our incentive analysis to the Canadian landscape to provide decision-makers with a possible path forward. Based on our findings, we propose that Canada support the ongoing efforts of other countries by implementing a fully delinked subscription-based market entry reward. This paper seeks to spark action in Canada by shifting the national paradigm to one where antibiotic research and development is prioritized as a key element to addressing antibiotic resistance.

Controlling COVID-19 Outbreaks with Financial Incentives.

In this paper, we consider controlling coronavirus disease 2019 (COVID-19) outbreaks with financial incentives. We use the recently developed susceptible-unidentified infected-confirmed (SUC) epidemic model. The unidentified infected population is defined as the infected people who are not yet identified and isolated and can spread the disease to susceptible individuals. It is important to quickly identify and isolate infected people among the unidentified infected population to prevent the infectious disease from spreading. Considering financial incentives as a strategy to control the spread of disease, we predict the effect of the strategy through a mathematical model. Although incentive costs are required, the duration of the disease can be shortened. First, we estimate the unidentified infected cases of COVID-19 in South Korea using the SUC model, and compute two parameters such as the disease transmission rate and the inverse of the average time for confirming infected individuals. We assume that when financial incentives are provided, there are changes in the proportion of confirmed patients out of unidentified infected people in the SUC model. We evaluate the numbers of confirmed and unidentified infected cases with respect to one parameter while fixing the other estimated parameters. We investigate the effect of the incentives on the termination time of the spread of the disease. The larger the incentive budget is, the faster the epidemic will end. Therefore, financial incentives can have the advantage of reducing the total cost required to prevent the spread of the disease, treat confirmed patients, and recover overall economic losses.