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In recent years, the domestic live pig price has risen and fallen rapidly and fluctuated frequently, which has greatly impacted the live pig industry. The level of price volatility in the pig market has served as a significant indication of the progress of the agricultural sector. Identifying the dominant factors affecting the fluctuation of pig prices has become more important. Based on the monthly data of the pig industry from February 2009 to December 2022, this paper constructs an index system of influencing factors of pig price from four aspects: uncertain impact, supply factors, demand factors, and macro-environment factors. By using the transfer model of the Markov regime (MS-VAR), we obtained the probability plot of zone transition for pig price volatility, the impulse response effect diagram of factors affecting pig price, and the cumulated impulse response effect diagram of factors affecting pig price, and analyze the reasons for the ups and downs of pig price according to the above results. The findings indicate prominent features of zone transition in the price fluctuation of China's pig market. From 2017 to 2022, the domestic pig price frequently switches between rising and falling zones, and the "falling pig price stage" and "rising pig price stage" in the non-stationary state last for a relatively short and discontinuous period. There is little probability that the price of live pigs will directly change from rising to falling, and there will be a smooth buffer stage in the price rise and fall process. Among the factors that affect the fluctuation of live pig prices, the dominant factor of frequent and large fluctuation of pig prices is the pig epidemic situation in external factors. Among the internal influencing factors, the changes in farming costs have the greatest significant influence on the fluctuation of pig prices. These results provide a decision-making reference for legislators to carry out epidemic risk prevention and control better, stabilize the market pig price, and provide empirical evidence for market participants to accurately avoid price risks through multiple channels and ways and ensure stable profitability., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Hua et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Introduction: Indian cigarillos (bidi) are low-cost alternatives to cigarettes with only 22% imposed taxes, and turnover of up to INR 4 million per annum exempted from taxation., Aims and Methods: This paper estimates revenue implications and potential loss of life years (YLLs) averted if the bidi industry is subjected to increased regulations and taxation. Revenue estimates at 10% increased regulation and 100% regulation were calculated, followed by estimates at taxes equivalent to cigarettes and World Health Organization-Framework Convention on Tobacco Control (WHO-FCTC) recommendation. Price elasticity was considered to assess demand. Price changes in separate fractions (previously regulated and unregulated) were calculated to obtain potential YLLs averted., Results: Current revenue of USD 59.25 million is projected to increase to USD 179.25 million with 695 159 averted YLLs at cigarette equivalent taxes and 10% increased regulation; USD 639.38 million with 4 527 597 averted YLLs with 100% regulation; USD 54.75 million, at WHO recommended taxes with 2 233 740 YLLs averted at 10% increased regulation, and 10 486 192 YLLs at 100% regulation., Conclusions: Proposed estimates are in line with WHO recommendations as they consider price elasticity and suggest a substantial increase in revenue while averting YLLs. A national action is needed to drive the policy decisions towards increased regulation and taxation and revision of India's tobacco control legislation., Implications: Our study presented empirical evidence of how the currently underutilized tool of taxation, as proposed in the WHO-FCTC, can be utilized to decrease bidi smoking prevalence and save measurable life years while generating government revenue simultaneously. While the revenue statistics counter the misleading tobacco industry narratives, the projected reduction in mortality will be seen as an irrefutable driving force for policy reforms, targeted at the strategic increase in regulation and taxation of the traditional Indian cigarillos industry., (© The Author(s) 2024. Published by Oxford University Press on behalf of the Society for Research on Nicotine and Tobacco. All rights reserved. For commercial re-use, please contact reprints@oup.com for reprints and translation rights for reprints. All other permissions can be obtained through our RightsLink service via the Permissions link on the article page on our site—for further information please contact journals.permissions@oup.com.)

A common conundrum discussed in economic research revolves around the fact that nations endowed with plentiful natural resources often exhibit a lower gross domestic product (GDP). This conundrum is commonly called the "resource curse", where most empirical studies about the effects primarily focused on developed economies. At the same time, limited data is available regarding a burgeoning oil-exporting nation like the Republic of Yemen. This research endeavor aims to investigate the relationship between oil price Changes and Yemen's economic growth. Utilizing annual data spanning from 1990 to 2019, the study employs the auto-regressive distributed lag (ARDL) model to establish the long-term connection between oil price volatility and economic growth over both short and long timeframes. This study's outcomes indicate that oil price Changes have a significant positive relationship with Yemen's economic growth in both the long and short run. Oil rents show a significant negative relationship with economic growth in both the long and short run. The results of GLM, RLS, and GMM robustness checks are consistent with our model results. Based on these findings, we suggest that Yemen should diversify its economy by investing in agriculture and tourism, and focus on human capital, education, and research and development. These steps could reduce the economy's dependence on oil and enhance sustainable economic growth. These empirical insights and suggestions are particularly useful for policymakers as they help build sound external and economic policies to sustain long-term economic growth., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Amer et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Background: Local transportation agencies implementing Vision Zero road safety improvement projects often face opposition from business owners concerned about the potential negative impact on their sales. Few studies have documented the economic impact of these projects., Methods: We examined baseline and up to 3 years of postimprovement taxable sales data for retail, food and service-based businesses adjacent to seven road safety projects begun between 2006 and 2014 in Seattle. We used hierarchical linear models to test whether the change in annual taxable sales differed between the 7 intervention sites and 18 nearby matched comparison sites that had no road safety improvements within the study time frame., Results: Average annual taxable sales at baseline were comparable at the 7 intervention sites (US$44.7 million) and the 18 comparison sites (US$56.8 million). Regression analysis suggests that each additional year following baseline was associated with US$1.20 million more in taxable sales among intervention sites and US$1.14 million more among comparison sites. This difference is not statistically significant (p=0.64). Sensitivity analyses including a random slope, using a generalised linear model and an analysis of variance did not change conclusions., Discussion: Results suggest that road safety improvement projects such as those in Vision Zero plans are not associated with adverse economic impacts on adjacent businesses. The absence of negative economic impacts associated with pedestrian and bicycle road safety projects should reassure local business owners and may encourage them to work with transportation agencies to implement Vision Zero road safety projects designed to eliminate traffic-related injuries., Competing Interests: Competing interests: None declared., (© Author(s) (or their employer(s)) 2024. No commercial re-use. See rights and permissions. Published by BMJ.)

Experts in traditional pricing literature often assume that consumers are rational in their purchasing decisions, and tend to ignore the effect of psychological behavior. One of the fundamental irrational psychological behaviors is overconfidence, which refers to overestimation. The benefits of three-part tariffs under demand uncertainty caused by overconfident consumers have been demonstrated in various forms. In the present study, we investigate the design of a three-part tariff pricing plan when consumers are overconfident in the sense of overestimating their amount of service usage or consumption. An analytical model and a numerical analysis are carried out using a genetic algorithm approach to determine the optimal three-part tariff and to compare other tariff structures (e.g., two-part tariff and menu of three-part tariff) to investigate the critical factors influencing their performance. With overconfidence in consumers, service providers need clear direction on how to optimally implement a three-part pricing strategy. Specifically, we observe the effect of overconfidence on the profitability of service providers, and their other performance in general. Thus, service providers are given clear guidance on when to offer three-part tariffs and alternative structures to overconfident consumers and push marketing plans to increase their profits and market share., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Merdikawati et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

The relationships between cigarette affordability, consumer income levels and distribution, and tax increases are complex and underexplored. This study investigates different ways of calculating the Relative Income Price (RIP) measure of affordability using Malaysia as a case study. We calculate cigarette affordability in Malaysia between 2009-2019 using government data, and multiple RIP variants. The conventional RIP calculation relies on 2,000 sticks and GDP (henceforth standard RIP). We explore that and other variants that use annual cigarette consumption estimates and/or proportions of various financial measures of wealth in both rural and urban areas. Our findings indicate broadly consistent trends in cigarette affordability across all methods. From 2009 to 2012, there was a slight decrease in the percentage of wealth required to purchase cigarettes, followed by an increase in 2015 and 2016, and then another decline, suggesting a recent trend toward increased affordability. Using the standard RIP method, 0.9 percentage points(pp) more of per capita GDP was required between 2009 and 2016, but, by 2019 it was 0.1pp less than in 2016. However, Household Income Per Capita (HIPC) and Household Expenditure Per Capita (HEPC) provide a more nuanced perspective on cigarette affordability compared to GDP per capita, as they reveal larger shifts in affordability. The conventional 2,000 sticks method using HIPC from 2009 to 2016 indicated 0.3pp more of income was required to purchase cigarettes, but by 2019, it was 1.0pp less than in 2016. Using HIPC with actual consumption estimates, smokers required approximately 0.9pp more of average income to purchase cigarettes between 2014 and 2016, but 2.5pp less from 2016 to 2019. Actual consumption estimates offer insight into smokers' ability to offset higher purchase costs by adjusting consumption patterns without quitting. We conclude that to address issues related to cigarette affordability, the Malaysian government should consider increasing tobacco tax vis-à-vis income growth., Competing Interests: JRB owns 10 shares in Imperial Brands for research purposes. The shares were a gift from a public health campaigner and are not held for financial gain or benefit. All dividends received are donated to health related charities, and proceeds from any future share sale or takeover will be similarly donated. This does not alter our adherence to PLOS ONE policies on sharing data and materials., (Copyright: © 2024 Kunji Koya et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

This paper investigates the influence of industry-level overvaluation on technological acquisitions, utilizing merger and acquisition (M&A) data from Chinese listed firms spanning 2007 to 2022. Our analysis confirms that industry-level overvaluation promotes technological acquisitions, a finding that remains significant even after several robustness checks. Compared to acquirers with lower financial constraints, those with higher financial constraints rely more on industry-level overvaluation to drive technological acquisitions. Furthermore, the study indicates that technological acquisitions initiated by industry-level overvaluation tend to enhance the innovative output of the acquirer. By exploring the relationship between industry-level overvaluation and technological acquisitions, this research extends the literature on misvaluation-driven M&A. Additionally, this study provides new evidence and perspectives on the impact of capital markets on the real economy, and contributes to the healthy development of capital markets and M&A markets in emerging countries., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Zhou et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Introduction: Many individuals experienced financial hardship during the COVID-19 pandemic; yet commercial tobacco (CT) sales increased in the USA. We examined how experiencing financial hardships relates to increased CT discount coupon reception during the pandemic., Methods: A nationally representative sample of 1700 US adults who used CT during the 12 months prior to the survey were surveyed online during January to February 2021. Participants reported if they had received more discount coupons for various CT products during (compared with before) the pandemic. They also reported whether they experienced six different types of financial hardships since the pandemic, and the total number of hardships experienced was counted. Weighted multivariable logistic regressions were used to examine the associations between financial hardships and increased coupon reception, adjusting for demographics and CT product use., Results: During the first 10-11 months of the pandemic, 21.3% of US adults who used CT during the 12 months prior to the survey reported receiving more CT discount coupons. Experiencing financial hardship during the pandemic was associated with higher odds of receiving more coupons for all types of CT products: every additional count of financial hardship was associated with higher odds of increased reception of discount coupons for all CT products (adjusted odds ratios ranging from 1.13 to 1.23 across products)., Conclusions: Over one-fifth of US adults who used CT received more discount coupons during the pandemic. Those facing financial hardships had higher discount coupon reception, suggesting potential targeted marketing to financially vulnerable individuals by the tobacco industry., Competing Interests: Competing interests: None declared., (© Author(s) (or their employer(s)) 2024. No commercial re-use. See rights and permissions. Published by BMJ.)

In many countries, public transport (PT) services are offered by multiple operators with different modes, such as trains, metros, and buses, which are interchangeable across a single journey. This paper presents a model with one origin (O)-destination(D) path operated by two operators, each of which is responsible for different parts of the OD journey. One operator competes with potential third-party transport companies by offering discount incentives. Such an abstract settings has not been discussed in the literature. We explore how prices, demand, profits, and social welfare change with discounts through a theoretical analysis and numerical simulations under five scenarios. The results indicate that in all the scenarios the operator offering a discount incentive can always attract more passengers and increase its profits. Moreover, reducing the service time of operators offering discounts contributes to an increase in social welfare. Notably, this paper deduces for the first time that the demand scenario aimed at maximizing social welfare is twice as high as that aimed at maximizing total profit. However, in the scenario of maximum social welfare, the profitability of operators becomes challenging., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Bian et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

This paper aims to investigate trade openness's effects on total factor productivity (TFP) using monthly data from December 1991 to March 2024. The analysis also incorporated absorptive capacity to examine the behavior of TFP components. Our findings from a multivariate VECM model indicated that absorptive capacity did not significantly impact TFP, even in the short term. Conversely, the increase in openness contributes to raising TFP by about 26 and 0.16 percentage points in the short and long term, respectively. Additionally, absorptive capacity and trade openness Granger-Cause short- and long-term components of TFP. These results are statistically significant at conventional significance levels. Policymakers should consider the dynamic effects of their policy actions on other sectors of the economy that were not initially the focus of the policy. Policymakers should develop concrete policies that improve the efficient use of resources in production chains to potentialize the productive impact of trade liberalization, including investment in human capital, ICT, and research and development., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Oliveira de Almeida et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Environmental, Social, and Governance (ESG) is closely related to commercial banks' promotion of "dual-carbon" goals and the concept of sustainable development. The impact of ESG performance on commercial banks' support for green innovation remains an issue for in-depth study. This paper studies 36 Chinese commercial banks in China from 2010 to 2021 and finds that the ESG performance of commercial banks can promote green innovation, and this promotion is more obvious when bank remuneration incentives are effective. Meanwhile, this paper verifies the mediating role of the non-performing loan ratio and the Lerner index in it, which provides channel support for ESG to effectively promote green innovation development. This study enriches the existing literature on environmental, social, and governance performance and green innovation in commercial banks and provides new perspectives and directions for future research., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Wang et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Background: Despite improvements in treatment and oral pre-exposure prophylaxis (PrEP) access, 1.3 million people acquired HIV in 2022. Six-monthly lenacapavir PrEP could benefit tens of millions of people at high risk of infection. However, prices are currently up to $44 819 per person per year (pppy)., Objectives: We projected minimum lenacapavir pricing based on generic mass production and a Cost-Plus (Cost+) model., Methods: Current active pharmaceutical ingredient (API) and key starting materials (KSMs) costs were obtained from export databases. The routes of synthesis (ROS) were analysed to project a cost of goods (COGs). Formulation, vials and profit margin costs were included using standardized algorithms and Cost+ pricing. We estimated prices with scale-up to supply 1 million then 10 million treatment-years, comparing this with national list prices., Results: The lenacapavir API is currently exported from India for $64 480/kg on 1 kg scale. Based on the ROS and KSMs, API COGs of $25 000/kg and $10 000/kg are achievable for a committed demand of 1 million (2 million tonnes/annum of API) and 10 million treatment-years, respectively. Including formulation steps, injectable lenacapavir could be mass produced for approximately $94 pppy for 1 million and $41 for 10 million treatment-years, if voluntary licences are in place and competition between generic suppliers substantially improves. Greater scale-up with improvements in manufacturers' ROS could reduce prices further. Currently lenacapavir costs $25 395-44 819 pppy., Conclusions: Lenacapavir could be mass produced for <$100 pppy at launch. Voluntary licensing and multiple suppliers are required to achieve these low prices. This mechanism is already in place for other antiretrovirals. To date, Gilead has not agreed lenacapavir voluntary licences with the Medicines Patent Pool., (© The Author(s) 2024. Published by Oxford University Press on behalf of British Society for Antimicrobial Chemotherapy. All rights reserved. For commercial re-use, please contact reprints@oup.com for reprints and translation rights for reprints. All other permissions can be obtained through our RightsLink service via the Permissions link on the article page on our site—for further information please contact journals.permissions@oup.com.)

Background: This study aimed to estimate time trends in alcohol expenditure among risky drinkers in England over the past decade, to understand whether these trends are driven by changes in prices paid or volumes purchased, and to explore differences between population subgroups., Methods: Nationally-representative monthly cross-sectional survey. Participants were 44,382 adults (≥18y) drinking at risky levels (AUDIT-C ≥ 5; 'risky drinkers'). Linear regression modelled trends between March-2014 and October-2023 in (i) mean weekly inflation-adjusted expenditure on alcohol, (ii) mean weekly alcohol consumption in units, and (iii) mean inflation-adjusted expenditure per unit of alcohol, overall and by age, gender, social grade, region, and smoking status., Results: There was an uncertain decrease in mean weekly expenditure from £18.90 [95 %CI=£18.30-£19.50] in March-2014 to £17.90 [£17.60-£18.30] in May-2016, then an uncertain increase to £18.60 [£18.30-£18.90] between May-2016 and June-2018. This was followed by a further decline to £16.90 [£16.60-£17.30] by April-2021 and subsequent rise to £18.60 [£17.90-£19.40] by October-2023. Changes in weekly alcohol expenditure were more closely mirrored by changes in mean expenditure per unit of alcohol than by changes in mean weekly alcohol consumption in units. Notable subgroup differences included sharp rises in weekly alcohol expenditure since 2021 among younger ages (driven by a rise in expenditure per unit of alcohol) and current smokers (driven by a rise in weekly units of alcohol consumed)., Conclusions: In England, the average amount adult risky drinkers reported spending on alcohol each week has fluctuated since 2014, with a notable decrease around the start of the COVID-19 pandemic in 2020 and a subsequent rise since restrictions were lifted and since the cost-of-living crisis has led to high rates of inflation. Except for current smokers, this pattern appears to have been driven predominantly by changes in the price paid per unit rather than changes in consumption., Competing Interests: Declaration of competing interest JB has received unrestricted research funding from Pfizer and J&J, who manufacture smoking cessation medications. All authors declare no financial links with alcohol companies or their representatives., (Copyright © 2024 The Author(s). Published by Elsevier B.V. All rights reserved.)

Introduction: We retrospectively studied the societal value of lost health due to alcohol use and compared it with excise taxes on alcohol sales for India in 2019., Methods: We estimated the overall alcohol-attributable disease burden using disability-adjusted life-years (DALY) for India and its 30 states for all causes with alcohol use as a risk factor from the GBD 2019 Study. The societal value of lost health was calculated using value of life-year (VLY) approach by multiplying region-specific factors from 'Global Health 2035', 2019-2020 GDP per capita and DALYs. We acquired the national and state-level (top 10 states) alcohol sales excise taxes from the Reserve Bank of India. Net losses were assessed by subtracting the revenue collected from excise taxes from VLY. All values are in Indian rupees (INR)., Results: The societal value of health lost due to alcohol use in India was 6.2 (95% uncertainty interval 4.8, 7.8) trillion INR in 2019. The absolute state-level values varied from 7.3 (4.7, 10.4) billion INR in Mizoram to 1.1 (0.8, 1.4) trillion INR in Maharashtra. The per capita values ranged from 950.2 (642.9, 1285.3) INR for Bihar to 61,332 (39,273.7, 87,288.5) INR for Mizoram. Nationally, excise tax collection from alcohol sales was 1.8 trillion INR depicting a net loss of 4.4 (3.1, 6.0) trillion. Maharashtra had the largest absolute and per capita net loss., Discussion and Conclusions: These are novel estimates depicting the net losses due to alcohol use in India with direct policy implications to disincentivise sales and adequately raise taxes., (© 2024 Australasian Professional Society on Alcohol and other Drugs.)

Objectives: The World Health Organization provides 10 specific guidelines for managing the prices of pharmaceutical products. Many of those are widely known and used such as reference pricing, value-based pricing, price transparency, and tendering. Less attention and knowledge is concentrated in markup regulation across the pharmaceutical supply chain and distribution and in tax exemptions or reductions. This article quantifies the impact of these price components in the Latin American (LatAm) region and places the findings in the context of economic theory and international policy experiences., Methods: 2020 retail pharmaceutical sales data from 8 major LatAm markets covered in the IQVIA database were decomposed into ex-factory, distributor markups, and taxes using price build up information and the Price Decipher Methodology developed by the Novartis Global Pricing Governance and Negotiation team. The findings were reviewed by an international panel representing academia, health policy, health economics, patient, and industry., Results: The ex-factory market value of the analyzed markets was $49 billion. Distribution markups added $20 billion and taxes a further $10.5 billion. This represented a 63% increase over ex-factory prices, considered high if compared with 24% for an international benchmark of 35 ex-LatAm countries. Reducing markups for these LatAm countries to 24% would represent up to $19 billion in savings for payers and patients., Conclusions: There is potential for significant cost reductions associated with tax and distribution markup refinements in the LatAm retail pharmaceutical market. National policies should be informed by additional context-specific research for effective implementation., Competing Interests: Author Disclosures Author disclosure forms can be accessed below in the Supplemental Material section., (Copyright © 2024 International Society for Health Economics and Outcomes Research. Published by Elsevier Inc. All rights reserved.)

In recent years we have gained insight into the impact of minimum unit pricing (MUP)-a legal floor price below which a given volume of alcohol cannot be sold-on population-level reductions in alcohol sales, consumption and harm. However, several questions remain unanswered including how individual-level purchasing changes impact the local economy (e.g., balance between on-licence and off-licence outlets), lead to long-term population-level trends (e.g., youth drinking) and social harms (e.g., violence). Agent-based modelling captures heterogeneity, emergence, feedback loops and adaptive and dynamic features, which provides an opportunity to understand the nuanced effects of MUP. Agent-based models (ABM) simulate heterogeneous agents (e.g., individuals, organisations) often situated in space and time that interact with other agents and/or with their environment, allowing us to identify the mechanisms underlying social phenomena. ABMs are particularly useful for theory development, and testing and simulating the impacts of policies and interventions. We illustrate how ABMs could be applied to generate novel insights and provide best estimates of social network effects, and changes in purchasing behaviour and social harms, due to the implementation of MUP. ABMs like other modelling approaches can simulate alternative implementations of MUP (e.g., policy intensity [£0.50, £0.60] or spatial scales [local, national]) but can also provide an understanding of the potential impact of MUP on different population groups (e.g., alcohol exposure of young people who are not yet drinking). Using ABMs to understand the impact of MUP would provide new insights to complement those from traditional epidemiological and other modelling methods., (© 2024 The Author(s). Drug and Alcohol Review published by John Wiley & Sons Australia, Ltd on behalf of Australasian Professional Society on Alcohol and other Drugs.)

Introduction: We examined the prevalence of price promotions (i.e., proportion of products on price promotion) and the magnitude of price promotions (i.e., size of the price discount compared to the regular price) among online alcohol retailers., Methods: In August 2023, we web-scraped product information for all alcoholic beverages available for sale in the online stores of two leading alcohol retailers in Sydney, Australia. Products were classified into five primary alcohol categories: wine, spirits, beer, cider and premix drinks. We considered three types of price promotion: temporary price discounts (e.g., 'was $5 now $4'), multi-buy discounts (e.g., buy one get one free) and 'any six' discounts (e.g., 5% off when purchased in a bundle of any six similar products). The prevalence and mean magnitude of price promotions were estimated overall and by product category and price promotion type., Results: In total, data for 11,184 products were collected. Of these, 62% were the subject of at least one of the assessed forms of price promotion. The most frequently price-promoted category was wine (91% of products), followed by spirits (35%), premix drinks (30%), cider (28%) and beer (21%). Of all price promotions, 61% were 'any six' discounts, 31% were temporary price discounts, and 7% were multi-buy discounts. Across all price promotions, the mean magnitude of price discount relative to the regular price was 11% and ranged from less than 1% to 71%., Discussion and Conclusions: Policymakers should consider restricting price promotions as part of a suite of strategies to reduce alcohol-related harms., (© 2024 The Author(s). Drug and Alcohol Review published by John Wiley & Sons Australia, Ltd on behalf of Australasian Professional Society on Alcohol and other Drugs.)

The agricultural issue is a focal point of concern for each country, and e-commerce assistance to farmers, as an emerging model, is gaining increasing attention. Considering this trend, this paper bases on e-commerce assistance to farmers and considers four types of government subsidies: no subsidy, price subsidy model with the farmer as the subsidy target, price subsidy model with the e-commerce platform as the subsidy target, and area subsidy model. Based on this, a game model of the contract farming supply chain involving a farmer and an e-commerce platform was established to explore the optimal decision-making in the contract farming supply chain considering various government subsidies under the background of e-commerce assistance to farmers. The results indicate that: (1) Consumer preference for supporting farmers and consumer premiums can stimulate the farmer to expand farm size, increase agricultural production, increase the purchase price of agricultural products and promote the growth of profits for the farmer and the e-commerce platform, contributing to the growth of social welfare. Output volatility can lead to a decrease in farm size and a reduction in the purchase price of agricultural products. (2) Government subsidies can support the farmer in expanding farm size and contribute to increased profits for the farmer and the e-commerce platform. However, government subsidies do not universally have a positive impact on every variable. The influence of government subsidies on the purchase price of agricultural products is contingent upon the method of subsidy distribution. Similarly, the effects of government subsidies on social welfare are influenced by factors such as price elasticity and agricultural productions per unit area. (3) From the perspectives of farm size, the purchase price of agricultural products, and profits of the farmer and the e-commerce platform, the government will have different and more targeted subsidy models, and the corresponding subsidy models are influenced by the agricultural productions per unit area. The research conclusion can provide references for optimal decision-making in contract farming under the model of e-commerce assistance to farmers., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Wu, Zhu. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

In the context of environmental deterioration and people's growing environmental protection awareness, governments or regions have put forward corresponding carbon emission reduction policies. Among them, the carbon trading mechanism, as an effective means to promote enterprises to implement emission reduction measures, plays a crucial role in regulating enterprise behavior and promoting social sustainable development. Since various industries and sectors support each other in social and economic development, it is more reasonable to study the carbon emission reduction optimization decisions of society and enterprises from the perspective of the supply chain. To achieve the carbon reduction target of the supply chain system, manufacturing enterprises usually need to incur additional costs to invest in emission reduction technologies, and retail enterprises also need to conduct low-carbon publicity to increase product market share. On one hand, considering the impact of the government's emission reduction constraints and consumers' low-carbon preferences, manufacturers will take corporate social responsibility (CSR) into consideration to enhance product competitiveness. On the other hand, smaller retailers are more concerned about being treated fairly than about their own profits due to the extra cost of low-carbon advertising. In this paper, considering the background of carbon trading, the manufacturer's CSR and retailer's fairness concern behavior are introduced into the decision-making process of the low-carbon supply chain (LCSC), and the relevant emission reduction decision-making model is constructed by using Stackelberg game theory and backward derivation method. Through comparative analysis of relevant parameters, members' profits and utilities, this paper focuses on the influence of CSR and fairness concerns on system decision-making. The results show that the optimal way for LCSC decision-making is to cooperate with fair-concerned retailers and manufacturers with CSR. When manufacturers consider social responsibility within a certain range and retailers bear part of the cost of social responsibility as followers, it can not only effectively improve the emission reduction level of the supply chain and the profits of each entity, but also help to increase the enthusiasm of each entity for carbon emission reduction and the overall social welfare., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Zou et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

This paper analyzes the causes of equity pledge, external conduction mechanisms, and economic consequences from the perspective of insurance participation by integrating insurance participation, equity pledge, and stock price crash risk into a unified framework. An empirical analysis of sample data from listed companies in Shanghai and Shenzhen between 2007-2021, indicates that equity pledge reduces the risk of collapse as companies hedge the risk induced by the equity pledge. Further research has revealed that insurance participation can mitigate stock price crash risk brought by equity pledge through a regulatory effect, which is more pronounced for private companies and those with a high shareholding ratio, and companies in manufacturing industry. This is because private companies have a higher demand for capital as their property rights are not state-owned, the degree of separation of powers and agency conflicts is greater in companies held by large shareholders, manufacturing companies usually have stable earnings and cash flow performance, and the financial support provided by insurers for equity pledges at risk can effectively reduce the risk of their collapse., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Fangjing Hao. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Introduction: Previous evidence suggests the tobacco industry uses media to disseminate misleading narratives relating to illicit tobacco trade (ITT) as part of efforts to influence policy outcomes. Such evidence is largely high-income countries (HIC) focused, resulting in a literature gap for low- and middle-income countries (LMICs). Pakistan and its annual budget cycle are used as a case study for addressing this gap., Aims and Methods: Electronic English-language articles from newspapers in Pakistan (328) were sourced from LexisNexis and a sub-sample of Urdu-language electronic articles (12) were identified through internet searches. The articles were published between 2015 and 2020 and included claims/estimates relating to ITT, which were coded to identify cited data sources. Changes in media coverage before and after Pakistan's annual budget announcements were explored via Wilcoxon signed rank and Poisson regression tests., Results: Of the 357 claims/estimates analyzed, 66 (20%) were industry-funded. The most prevalent sources were national government bodies (36.6%) and tobacco companies or their representatives (15.1%). Wilcoxon signed-rank and Poisson regression tests on the frequency of English-language articles both created a p-value of < .05 for the frequency of relevant articles between the months of April and May, compared to the other months, indicating statistical significance., Conclusions: There was a statistically significant increase in the number of English-language articles featuring claims/estimates relating to Pakistan's ITT in the months leading up to the annual budget each year. The government should consider measures to improve transparency standards within media coverage and promote factcheck journalism to safeguard against industry tactics to manipulate public discourses., Implications: This paper is, to the best of our knowledge, the largest exploration of the use of data sourced from the tobacco industry within a country's media that has been undertaken to date, utilizing a team of seven coders across the United Kingdom and Pakistan. Our findings reveal weaknesses within media coverage of ITT in Pakistan, both in English and Urdu language publications. We encourage the government to consider new standards to enhance transparency and promote factcheck journalism within media coverage in the country., (© The Author(s) 2024. Published by Oxford University Press on behalf of the Society for Research on Nicotine and Tobacco.)

Introduction: In 2017, New York City (NYC) passed a minimum floor price law (MFPL) to raise the minimum price of a pack of cigarettes to $13.00. Evaluation of the MFPL in NYC is limited and has yet to examine its potential as a proequity policy., Aims and Methods: Data (n = 20 241; prepolicy n = 15 037, postpolicy n = 5204) were obtained from the New York State Adult Tobacco Survey, a quarterly repeated cross-sectional survey. Using the Difference-in-Differences approach, we compared changes in reported cigarette prices, cigarette consumption, and smoking status among NYC residents before and after policy implementation to changes in the same outcomes among residents in the rest of the state (ROS) over the same period., Results: For some smokers, cigarette price increased in NYC for the postpolicy period; moreover, prices increased more in NYC than in ROS. NYC smokers who reported higher income, more education, or White or "Other" race, reported a bigger price increase than their ROS counterparts. Cigarette consumption decreased more in the postpolicy period for people in the ROS, in general and among certain groups. Everyday smoking status decreased similarly in both NYC and ROS, whereas someday smoking status decreased primarily in the ROS during the analysis period., Conclusions: Cigarette prices in NYC increased after the 2017 MFPL; these increases were greater than those occurring elsewhere in the state, suggesting the policy might be a factor in the change. However, the increases were concentrated among relatively higher-priced purchases, and groups with lower smoking prevalence. Changes in smoking status and cigarette consumption did not correspond to study hypotheses., Implications: This study provides an empirical analysis of a real-world policy in tobacco control. It examines the potential of the MFPL in NYC as a proequity policy. Findings extend the current MFPL literature and suggest that they may be able to raise cigarette prices for some purchases, but also may have a limited impact on smoking behaviors., (© The Author(s) 2024. Published by Oxford University Press on behalf of the Society for Research on Nicotine and Tobacco. All rights reserved. For commercial re-use, please contact reprints@oup.com for reprints and translation rights for reprints. All other permissions can be obtained through our RightsLink service via the Permissions link on the article page on our site—for further information please contact journals.permissions@oup.com.)

Introduction: High rates of tobacco use persist in the U.S. military, with 18.4% of service members smoking cigarettes in 2018. The Department of Defense's (DoD) 2017 policy required that tobacco retailers on military installations set tobacco product prices equal to the most common community price, including tax, but there is limited evidence confirming whether local retailers are adhering to this policy. We examined tobacco product pricing in tobacco retailers on- and off-post at the largest U.S. Army installation, Fort Liberty, and Cumberland County, North Carolina., Aims and Methods: Between June and August 2021, we collected data on tobacco product availability, price, and promotions from retailers on Fort Liberty (n = 14) and a random sample of off-post retailers within 10 miles of installation gates (n = 52). We calculated the mode, mean, and median price of each product, plus the difference in these prices at on- and off-post retailers. We used Welch's t-test to test differences in mean prices between on- versus off-post retailers., Results: The mode, mean, and median prices of cigarette packs and cartons were lower on-post than off-post (eg, $0.51-$0.55 cheaper for Marlboro cigarette packs on-post). However, the mode, mean, and median prices of smokeless tobacco products and little cigars were higher on-post than off-post (eg, $0.82-$0.89 more costly for Swisher Sweets 2-packs on-post)., Conclusions: Results highlight the need for continued enforcement to ensure compliance with the 2017 DoD policy. Comprehensive policy action to reduce tobacco price disparities on- and off-post is critical to reducing high rates of tobacco use among service members., Implications: Despite the implementation of the 2017 DoD pricing policy, some tobacco products remain cheaper at tobacco retailers on-post compared to off-post retailers. Our results highlight the need for greater routine surveillance to increase implementation of the policy-particularly for cigarettes-to reduce high rates of tobacco use among service members., (© The Author(s) 2024. Published by Oxford University Press on behalf of the Society for Research on Nicotine and Tobacco. All rights reserved. For commercial re-use, please contact reprints@oup.com for reprints and translation rights for reprints. All other permissions can be obtained through our RightsLink service via the Permissions link on the article page on our site—for further information please contact journals.permissions@oup.com.)

In the continuous development of the Chinese economy, the desire for common prosperity among the people has become increasingly strong. However, the complex domestic and international situations, along with the economic uncertainties post-pandemic, have introduced significant uncertainties into government economic policies. In the long term, this uncertainty has a profound impact on intra-enterprise common prosperity, affecting society at large. This paper focuses on non-financial listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2020, examining the negative effects of economic policy uncertainty on intra-enterprise common prosperity. The results indicate that economic policy uncertainty has a significant adverse impact on intra-enterprise common prosperity, and this impact is more pronounced in state-owned enterprises, those in the growth life cycle, and companies with poor innovation capabilities and limited external support. Companies enhancing social responsibility and overall factor productivity can help mitigate these negative effects. Furthermore, in dynamic features, as the level of intra-enterprise common prosperity increases, the negative impact of economic policy uncertainty gradually diminishes, while the positive effects of overall factor productivity and corporate social responsibility on enterprises become more evident., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Yang et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Objective: To examine the features of markets for loose cigarettes in several low-income and middle-income countries and their effects on tobacco control policies, particularly taxation., Design: An analysis of survey data targeting people who smoke in two African, one Southeast Asian and two South Asian countries and retailers across 16 African countries to study loose cigarette markets and examine how prices in these markets move relative to the prices for cigarette packs., Results: Markets for loose cigarettes are large, and their consumer base tends to differ from the wider population of people who smoke. Loose cigarette prices are on average higher than those of cigarettes bought in packs, and they respond differently to tax increases, at least partially due to a denomination effect., Conclusions: The features of the loose cigarette markets present a challenge for tobacco control policy, especially tobacco tax policy. One way to overcome this challenge is to aim for large, rather than incremental, tax increases., Competing Interests: Competing interests: None declared., (© Author(s) (or their employer(s)) 2024. Re-use permitted under CC BY-NC. No commercial re-use. See rights and permissions. Published by BMJ.)

Introduction: The present study empirically examined the association between price discounts and product attributes of e-liquids sold by online retailers., Methods: We analysed 14 000 e-liquid products from five major online e-cigarette retailers between April and May 2021 to determine the association between price discounts and product attributes such as nicotine level and form, flavour and vegetable glycerine/propylene glycol ratio. A fixed-effects model was used in the analysis and discounts were calculated in US cents/mL of e-liquid volume., Results: Out of 14 407 e-liquid products, 92.5% were offered at a discounted price. On average, the price discount for the 13 324 products that had discounts was 16.84 cents/mL across the five stores. Among the three forms of nicotine (salt, freebase and nicotine free), salt e-liquids had the highest average price discount., Conclusion: Our findings suggest that e-liquids with salt nicotine have a higher average price discount when sold online, which may influence consumer purchasing behaviour. Further research is needed to assess the potential impact of these discounts on youth and adult tobacco use. Policymakers may consider implementing measures to limit online price discounts for e-liquids as a means of reducing sales among young people., Competing Interests: Competing interests: None declared., (© Author(s) (or their employer(s)) 2024. Re-use permitted under CC BY-NC. No commercial re-use. See rights and permissions. Published by BMJ.)

Background: In November 2021, the Tobacconomics team published the second edition of the Cigarette Tax Scorecard which evaluates cigarette taxation in each country based on four components-cigarette price, affordability change, tax share and tax structure. This study examines the relationship between the overall cigarette tax score and tobacco excise tax revenue between 2014 and 2018., Methods: Using cigarette tax scores from the Tobacconomics Cigarette Tax Scorecard and tobacco excise tax revenue information from WHO, this analysis is based on ordinary least squares estimations to assess the association between the overall cigarette tax scores and tobacco excise tax revenues per capita controlling for countries' tobacco control environment, sociodemographic characteristics and country and year fixed effects., Results: A 1-point higher overall cigarette tax score is associated with higher tobacco excise tax revenue per capita of $11.98 (in constant 2018 purchasing power parity international dollars). For low and middle-income countries and lower performing countries at baseline, a 1-point higher overall cigarette tax score is associated with higher tobacco excise tax revenue per capita of $11.32 and $6.92, respectively. If all countries had increased their scores to '5', the tobacco excise tax revenue per capita would have increased by 22.51%., Conclusions: Higher overall cigarette tax scores are associated with higher tobacco excise tax revenue per capita. Countries aiming to reach higher cigarette tax scores would be able to reduce tobacco use and increase their tobacco tax revenue, which can be allocated to development priorities., Competing Interests: Competing interests: None declared., (© Author(s) (or their employer(s)) 2024. Re-use permitted under CC BY-NC. No commercial re-use. See rights and permissions. Published by BMJ.)

The past performance and the capital structure of the companies that are involved in mergers and acquisition (M&As) are considered into the analysis of the circular causality relationship between financial performance and market value. Considering two models, one for value relevance and one for accounting conservatism, this paper aims to analyze if the capital market influences the accounting practices of a target company or that the accounting figures influence the capital market. The analyzed sample used in the study is represented by the target companies involved in M&As which took place in the European Union Enlarged in 2017-2018. Financial and market data were considered for eight years (2011-2018). Using the conservatism model, the results show that targets' earnings are significantly influenced by their financial leverage as an indicator for financial structure. Using the value relevance model, the capital market reaction is influenced by prices and return on equity that indicates the capital market influence on accounting figures., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Herghiligiu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Objectives: With the expansion of social networks such as Twitter, many experts share their opinions on various topics. The opinions of experts, who are also known as influencers, can be very influential. Combining these tweets and the historical prices of cryptocurrencies makes it possible to predict their price trends accurately. A Hybrid of RoBERTa deep neural network and BiGRU has been used for Sentiment Analysis (SA). Sentiments of tweets can be of great help to investors to understand the future behavior of the market and manage the stock portfolio. Unlike the tweets that are only extracted using the cryptocurrency name hashtag, the tweets of this dataset have specialized opinions and can determine the market trend., Data Description: The dataset created in this research concerns the opinions of more than 52 influencers (persons or companies) regarding eight cryptocurrencies. This dataset was collected through the Apify Twitter API for eight months, from February 2021 to June 2023. This dataset contains five Excel files and tweets, compound score, importance coefficient of each tweet, sentiment polarity, and historical prices of four cryptocurrencies: Bitcoin, Ethereum, Binance, and other information. These tweets cover the opinions of 52 influencers on more than 300 cryptocurrencies, although most comments are related to Bitcoin, Ethereum, and Binance. For this reason, three Excel files containing the historical prices of polarity and compound sentiment related to Bitcoin, Ethereum, and Binance cryptocurrencies have been placed separately in the dataset. The polarity of sentiment in these Excel shows the maximum number of polarities by applying the importance coefficient, which determines the dominant polarity of sentiment related to a particular day for the cryptocurrency., (© 2024. The Author(s).)

This article investigates the effect of international oil price uncertainty on investment efficiency using quarterly data of Chinese A-share listed companies from 2011 to 2020. It is discovered that uncertainty about oil prices increases principal-agent conflicts and information asymmetry in enterprises, leads to more inefficient investment, and ultimately lowers firms' investment efficiency. Furthermore, China's unique property rights foundation, firm size, and life cycle limit the aforementioned consequences. Additional investigation reveals that by raising companies' cash reserves, oil price uncertainty exacerbates overinvestment behavior. The study presented in this article can serve as a guide for businesses looking to make the best decisions in the context of volatile global oil prices and support their long-term, stable development., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Yonghui Zhan. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

This study analyzes the effect of avian influenza outbreaks on retail price premiums in the US poultry market. We estimate hedonic price models for eggs, chickens, and turkeys, controlling for quality characteristics, unobserved time, and regional factors. To measure the impact of avian influenza outbreaks we use 2 proxies. The first proxy is a measure of the number of new bird infections at the production level. The second proxy measures online search queries related to the outbreak. The results show that, on average, prices increase across product categories, that is, egg, broiler, and turkey markets, during avian influenza outbreaks. Furthermore, we observe price convergence and reduced dispersion within product categories, which is consistent with the economic theory of asymmetric substitutability between conventional and premium products. Our analysis finds that the HPAI outbreak caused a reduction of the price gap between conventional and premium products., Competing Interests: DISCLOSURES The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2024 The Authors. Published by Elsevier Inc. All rights reserved.)

Objectives: This study aimed to analyze worldwide sales of new therapeutic agents and to estimate the time it takes for product sales to exceed industry-wide average drug development costs., Methods: Data obtained from company reports were analyzed to track worldwide sales of new medicines approved by the US Food and Drug Administration from 1995 to 2014. All sales figures were reported in 2019 US dollars. Kaplan-Meier curves were used to evaluate the time it took for discounted product sales to exceed the average costs associated with developing 1 new drug (accounting for the costs of failed trials), using published estimates of these costs., Results: Based on data for 361 of 558 new therapeutic agents approved over the study period (median follow-up 13.2 years), mean sales revenue per product was $15.2 billion through the end of 2019; the median was $6.7 billion. These products jointly generated global sales of $5.5 trillion since approval. Revenues were highly skewed, with the 25 best selling products (7%, 25 of 361) accounting for 38% of this amount ($2.1 trillion of $5.5 trillion). Approximately 47% of products had discounted sales that exceeded the estimated industry-wide average costs of development within 5 years of approval, and 75% within 10 years. After attributing potential production, marketing, and other costs, these numbers dropped to 21% of products within 5 years of approval, and 46% within 10 years., Conclusions: Sales of new medicines approved from 1995 to 2014 were highly skewed, but many products had net discounted sales that exceeded the industry-wide average costs of development within 10 years of approval. An understanding of how sales revenues accrue in the years after initial approval, alongside data on business costs, can inform discussions about how to incentivize private investment in innovation while ensuring affordable prices for patients and the healthcare system., Competing Interests: Author Disclosures Author disclosure forms can be accessed below in the Supplemental Material section., (Copyright © 2024. Published by Elsevier Inc.)

In the global trade landscape, ports are not only critical nodes for the transportation of goods but also increasingly recognized as key factors driving sustainable development through their green competitiveness. This paper takes a green competitiveness perspective to delve into the interactive relationship between port development and the hinterland economy, aiming to provide a theoretical foundation and policy recommendations for the green development of ports. An evaluation index system for green competitiveness of ports was constructed, and a combination of the Slacks-Based Measure (SBM) and the Entropy Weighted-Technique for Order Preference by Similarity to Ideal Solution (EW-TOPSIS) method was employed to quantitatively measure and assess the 25 major coastal ports and their hinterland economic systems in China. The study reveals that the overall green competitiveness of these major coastal ports is on the rise, yet notable disparities exist among individual ports. Regionally, the green competitiveness of the Yangtze River Delta port group stands out, while that of the Bohai Rim, southeastern, Pearl River Delta, and southwestern coastal port groups is relatively low. Empirical analysis conducted in this paper demonstrates the positive impact of port green competitiveness on the hinterland economic system, particularly its significant role in enhancing the total and quality aspects of the hinterland economy. Furthermore, it was found that the green competitiveness of ports exerts a more pronounced promotional effect on the hinterland economies of the Yangtze River Delta and Pearl River Delta port groups compared to that on the Bohai Rim, southeastern, and southwestern coastal port groups. The results of this paper also hold important guiding value for optimizing the allocation of port resources, promoting port technological innovation, and improving port environmental management, contributing to the harmonious coexistence and long-term development of ports and their hinterlands., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Li et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Crop price forecasting is difficult in that supply is not as elastic as demand, therefore, supply and demand should be stabilized through long-term forecasting and pre-response to the price. In this study, we propose a Parametric Seasonal-Trend Autoregressive Neural Network (PaSTANet), which is a hybrid model that includes both a multi-kernel residual convolution neural network model and a Gaussian seasonality-trend model. To compare the performance of the PaSTANet, we used daily data from the Garak market for four crops: onion, radish, Chinese cabbage, and green onion, and performed long-term price forecasts for one year in 2023. The PaSTANet shows good performance on all four crops compared to other conventional statistical and deep learning-based models. In particular, for onion, the (mean absolute error (MAE) for the long-term forecast of 2023 is 107, outperforming the second-best Prophet (152) by 29.6%. Chinese cabbage, radish, and green onion all outperform the existing models with MAE of 2008, 3703, and 557, respectively. Moreover, using the confidence interval, the predicted price was categorized into three intervals: probability, caution, and warning. Comparing the percentage of classified intervals about the true prices in our test set, we found that they accurately detect the large price volatility., Competing Interests: NO authors have competing interests., (Copyright: © 2024 Hong et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Background: In 2020, Ethiopia passed a landmark tax proclamation implementing an evidence-based mixed excise system aimed at curbing tobacco use. This study evaluates the impact of the tax increase of more than 600% on both legal and illegal cigarette prices in order to gauge the impact of the tax reform in the presence of a sizeable illicit cigarette market., Methods: Data on 1774 cigarette prices were obtained from retailers during Empty Cigarette Pack Surveys in the capital and major regional cities conducted in 2018 and 2022. Packs were categorised as 'legal' or 'illicit' using criteria from the tobacco control directives. Descriptive and regression analyses were used to study the cigarette price changes during the period of 2018-2022, capturing the impact of the 2020 tax increase., Result: Prices of both legal and illegal cigarettes increased in response to the tax increase. In 2018, the stick prices ranged from ETB0.88 (Ethiopian birr) to ETB5.00 for legal cigarettes while they ranged from ETB0.75 to ETB3.25 for illegal ones. In 2022, a legal stick sold for ETB01.50-ETB2.73 and an illegal stick for ETB1.92-ETB8.00. The average real price of legal and illegal brands increased by 18% and 37%, respectively. The multivariate analysis confirms that prices of illicit cigarettes grew faster compared with the legal ones. By 2022, illicit brands were on average more expensive compared with their legal counterparts. This result is statistically significant at p<0.01., Conclusion: The prices of both legal and illegal cigarettes increased following the 2020 tax increase, with the average real cigarette price increasing by 24%. As a result, the tax increase likely had a positive impact on public health despite a sizeable illicit cigarette market., Competing Interests: Competing interests: None declared., (© Author(s) (or their employer(s)) 2024. Re-use permitted under CC BY. Published by BMJ.)

We test the hypothesis whether levels of key traits of sheep heterogeneously affect market prices of sheep in a rural setting. Feasible generalized least squares and (un)conditional quantile regression estimations were made on a dataset of 1153 sheep transactions in two primary small ruminant markets in the Amhara region of Ethiopia. The empirical results show that animal traits affect the observed prices of sheep differently, but only partly explain the sheep price differences. Our results also reveal that in addition to animal traits, the type of buyers and seasonality of sheep marketing cause heterogeneity in the observed prices. These findings imply that targeting the animal traits demanded by the market and access to price information that enables farmers to respond to the seasonal changes in livestock markets are essential to increase the income of sheep keepers., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Yitayew et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Promoting the seamless integration of the digital economy with the real economy, mitigating the adverse impacts of widespread corporate tax avoidance, and optimizing tax governance are critical imperatives in the era of digital economy. This study examines all A-share listed companies from 2007 to 2022 as research samples. It utilizes multiple perspectives including signal theory, information asymmetry theory, and the T-O-E (Technology-Organisation-Environment) framework to investigate the primary impacts of digital transformation on corporate tax avoidance, along with the intermediate mechanisms and foundational conditions that influence its effectiveness. After conducting both theoretical and empirical analyses, this paper presents the following conclusions. (1) The implementation of digital transformation significantly reduces corporate tax avoidance, a conclusion supported by rigorous robustness tests. Moreover, digital transformation enhances corporate productivity through the suppression of tax avoidance. (2) Digital transformation diminishes corporate tax avoidance through enhanced innovation and efficiency in resource allocation (technology level), improved quality of internal controls (organization level), and decreased industry competition (environment level). (3) The impact of digital transformation in reducing tax avoidance is significantly greater for enterprises in their growth phase, experiencing lower financing constraints, particularly those situated in the central and western regions. (4) Lower business risk is essential for maximizing the effectiveness of digital transformation and reducing corporate tax avoidance. This is crucial for governments seeking to improve tax administration, guide market and regional development, and enhance the impact of corporate digital transformation on mitigating tax avoidance., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Zhang, She. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Background: Smaller serving sizes could contribute towards reducing alcohol consumption across populations and thereby decrease the risk of 7 cancers and other diseases. To our knowledge, the current study is the first to assess the impact on beer, lager, and cider sales (hereafter, for ease, referred to just as "beer sales") of removing the largest draught serving size (1 imperial pint) from the options available in licensed premises under real-word conditions., Methods and Findings: The study was conducted between February and May 2023, in 13 licensed premises in England. It used an A-B-A reversal design, set over 3 consecutive 4-weekly periods with "A" representing the nonintervention periods during which standard serving sizes were served, and "B" representing the intervention period when the largest serving size of draught beer (1 imperial pint (568 ml)) was removed from existing ranges so that the largest size available was two-thirds of a pint. Where two-third pints were not served, the intervention included introducing this serving size in conjunction with removing the pint serving size. The primary outcome was the mean daily volume of all beer sold, including draught, bottles, and cans (in ml), extracted from electronic sales data. Secondary outcomes were mean daily volume of wine sold (ml) and daily revenue (£). Thirteen premises completed the study, 12 of which did so per protocol and were included in the primary analysis. After adjusting for prespecified covariates, the intervention resulted in a mean daily change of -2,769 ml (95% CI [-4,188, -1,578] p < 0.001) or -9.7% (95% CI [-13.5%, -6.1%] in beer sold. The daily volume of wine sold increased during the intervention period by 232 ml (95% CI [13, 487], p = 0.035) or 7.2% (95% CI [0.4%, 14.5%]). Daily revenues decreased by 5.0% (95% CI [9.6%, -0.3%], p = 0.038)., Conclusions: Removing the largest serving size (the imperial pint) for draught beer reduced the volume of beer sold. Given the potential of this intervention to reduce alcohol consumption, it merits consideration in alcohol control policies., Trial Registration: ISRCTN.com ISRCTN18365249., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Mantzari et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Scholars have focused on the digital transformation of commercial banks, yet there remains a lack of systematic and integrative research at the micro-level of household finance. This article uses data from the China Household Finance Survey (CHFS) and the Digital Transformation Index of Chinese Commercial Banks from Peking University. It employs empirical methods such as mechanism analysis and heterogeneity analysis to explore the impact of the digital transformation of commercial banks on household income. The findings indicate that the digital transformation of commercial banks significantly enhances household income. Second, increasing credit availability, fostering the development of digital inclusive finance, enhancing entrepreneurial possibilities, and increasing the purchase of wealth management products are key pathways through which digital transformation affects household income. Third, heterogeneity analysis reveals that the positive effects of digital transformation on household income are more pronounced in the central and western regions, areas with lower financial industry competition, regions with underdeveloped inclusive finance, rural areas, and among low-income families. This study highlights the significant role that the digital transformation of commercial banks plays in enhancing the welfare of the resident sector., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Chen et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

China's polyester textile industry is one of the notable contributors to national economy. This paper takes polyester yarn, core raw material in polyester textile industry chain, as research object, and deeply explores its price indicators and risk hedging mechanisms through multiple linear regression models and Holt-Winters approaches. It is worth mentioning that with continuous development of digital technology, digital transformation of production lines and warehouses has become an important development feature in various industries. This study also actively complies with this trend, and innovatively incorporates the upstream and downstream production line start-up rates into price prediction model. Through this initiative, we can more comprehensively consider the impact of supply and demand changes on price of polyester yarn, thus making prediction results more closely reflect the actual market situation. This quantitative analysis method undoubtedly provides new ideas for enterprises to better grasp market dynamics in digital era., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Qiu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Today, with a growing emphasis on sustainable economic development, corporate environmental, social and governance (ESG) performance is attracting increasing attention and favor from investors. This triggers a question: can good ESG performance of listed companies mitigate the "up and down" of the stock market by drawing investor attention? This paper utilizes the data from China's A-share listed companies from 2011 to 2020, with investor attention as a mediating variable, to explore how the ESG performance of listed companies influences abnormal stock price volatility. The findings suggest that stronger ESG performance of listed companies significantly reduces abnormal stock price volatility, in which investor attention plays a partial mediating role. This paper confirms the robustness of the findings through multiple robustness and endogeneity tests. Heterogeneity analysis reveals that listed companies with good ESG performance during the growth period are more likely to significantly mitigate abnormal stock price volatility. Similarly, firms that maintain commendable ESG performance in bear markets significantly reduce abnormal stock price volatility. These findings enrich the theoretical research on the impact of ESG performance on abnormal stock price volatility, provide empirical evidence for listed companies to emphasize ESG investment and encourage investors to consider ESG ratings. Additionally, the study provides a new perspective for government agencies to utilize corporate ESG performance to maintain the sound development of the capital market., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Wu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

With the rapid development of digital technology, digital technology innovation has become a core driver of China's economic development. Thus, this study uses A-share listed companies from 2003 to 2021 as the research sample. The digital patents of firms are identified to portray the level of digital technology innovation by matching the digital economy industry classification code, national economy industry classification code, and IPC number. Considers the economic effect of digital technology innovation from the perspective of firm market value. It is found that digital technology innovation significantly contributes to the increase in firm market value, and this finding still holds when robustness tests are performed. Mechanistic tests have shown that digital technology innovation affects firm market value by driving digital transformation, promoting productivity, and enhancing market profitability. Further analysis reveals that digital technology innovation has a more significant effect on increasing firm market value for large, non-state, capital-intensive, technology-intensive and low internal control costs firms. This study verifies the enabling effect of digital technology innovation on the development of the real economy at the micro level, and provides insights for the optimization of China's digital technology innovation policies and the formulation of firms' digital development strategies., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Ran et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

This paper analyzes the potential shortsightedness of enterprise managers through annual reports. Additionally, we use corporate financial statement data to measure enterprises over-financialization in terms of resource allocation. After testing with a causal inference model, we find that firms with managerial myopia significantly contribute to over-financialization. It remains robust even after the instrumental variable of whether the manager has experienced a famine is used. Furthermore, financial distress and financing constraints amplify the inclination of short-term-focused managers to amass greater financial assets., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Chen et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Effective logistics management is crucial for the distribution of perishable agricultural products to ensure they reach customers in high-quality condition. This research examines an integrated, multi-echelon supply chain for perishable agricultural goods. The supply chain consists of four stages: supply, processing, storage, and customers. This study investigates the quality-related costs associated with product perishability to maximize supply chain profitability. Key factors considered include the network design, location of processing and distribution centers, the ability to process raw products to minimize post-harvest quality degradation, the option to sell the excess produce to a secondary market due to unpredictable yields, and the decision not to fulfill demand from distant customers where significant quality loss and price drops would be involved, instead diverting those products to the aforementioned secondary market. Quantitative methods and linear mathematical programming are employed to model and validate the proposed supply chain using actual data from a real-world case study on vegetable supply chains. The main contribution of this research is the incorporation of quality costs into the objective function, which allows the supply chain to prioritize meeting nearby customers' demands with minimal quality loss over serving distant customers where high quality loss is unavoidable. Additionally, deploying a faster transportation fleet can significantly improve the overall profitability of the perishable product supply chain., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Khazaeli et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

This study investigates the relationship between consumer sentiment (CONS), inflation expectations (INEX) and international energy prices, drawing on principles from behavioral. We focus on Brent crude oil price and Henry Hub natural gas prices as key indicators of energy market dynamics. Based on the monthly data from January 2003 to March 2023, three wavelet methods are applied to examine the time-frequency linkage, while the nonlinear distributed lag model (NARDL) is used to verify the asymmetric impact of two factors on energy prices. The results highlight a substantial connection between consumer sentiment, inflation expectations and international energy prices, with the former in the short term and the latter in the medium to long term. Especially, these correlations are particularly pronounced during the financial crisis and global health emergencies, such as the COVID-19 epidemic. Furthermore, we detect short-term asymmetric effects of consumer sentiment and inflation expectations on Brent crude oil price, with the negative shocks dominating. The positive effects of these factors on oil prices contribute to observed long-term asymmetry. In contrast, inflation expectations have short-term and long-run asymmetric effects on natural gas price, and both are dominated by reverse shocks, while the impact of consumer sentiment on natural gas prices appears to be less asymmetric. This study could enrich current theories on the interaction between the international energy market and serve as a supplement to current literature., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Fu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Specialty (niche) pork products may provide societal benefits in terms of e.g. higher animal welfare, reduced use of antibiotics, and lower environmental impact. At the same time, they offer a business opportunity for farmers, slaughterhouses, meat processers, and retailers, who can capitalise on consumer segments willing to pay a price premium. However, the added cost of delivering niche products and a limited willingness among consumers to pay the higher prices may negate the benefits of this approach, particularly as niche products typically have high substitutability with standard pork. One way to ensure the success of the niche pork products is to drive down costs across all parts of the value chain. Inspired by data from the Danish pork market, the present study seeks to identify cost drivers in the value chain. We found two promising approaches to reduce the costs associated with niche products. First, the pricing strategy can be altered so that mainstream pork is replaced entirely by specialty pork products in the chiller section, thereby making niche the new standard. Second, with improved carcass balance, the price premium paid to farmers can be assigned to a larger proportion of the pig, thus enabling the retail price to be lowered. For example, we found that improved carcass balance had the potential to halve the necessary retail price increase, regardless of the pricing strategy employed. The conclusion is that it is possible to drive down costs across all parts of the value chain to enable further production and profitable sale of welfare pork., (Copyright © 2024 The Authors. Published by Elsevier B.V. All rights reserved.)

The rising price of branded drugs has garnered considerable attention from the public and policy makers. This article investigates the complexities of pharmaceutical pricing, with an emphasis on the overlooked aspects of manufacturer rebates and out-of-pocket prices. Rebates granted by pharmaceutical manufacturers to insurers reduce the actual prices paid by insurers, causing the true prices of prescriptions to diverge from official statistics. We combined claims data on branded retail prescription drugs with estimates on rebates to provide new price index measures based on pharmacy prices, negotiated prices (after rebates), and out-of-pocket prices for the commercially insured population during the period 2007-20. We found that although retail pharmacy prices increased 9.1 percent annually, negotiated prices grew by a mere 4.3 percent, highlighting the importance of rebates in price measurement. Surprisingly, consumer out-of-pocket prices diverged from negotiated prices after 2016, growing 5.8 percent annually while negotiated prices remained flat. The concern over drug price inflation is more reflective of the rapid increase in consumer out-of-pocket expenses than the stagnated inflation of negotiated prices paid by insurers after 2016.

In 21st century capitalism, financial markets reign supreme. The elevation of investing, trading, and speculating as a way of making profit has shifted economic power towards institutional investors and enhanced the power of financial capital. Financialisation has introduced uncertainty in the commitment to public provision of goods and services. The behaviours of corporations focus more on profit for shareholders and senior executives to the detriment of wages, worker protections, livelihoods, and impact on prices and the environment. The practices of this financial system pose major challenges to public health and planetary health equity through the influence on social inequality, climate change, and health outcomes. The aim of this Viewpoint is to expand the understanding of the commercial determinants of health to explicitly include the financial system and present key plausible pathways via which the financialisation of advanced economies influences public health and planetary health equity. The global public health community must pay close attention to these key commercial determinants of health. It is now crucial to reduce the power of financial actors and hold financial actors accountable. Civil society groups can highlight their practices, articulate alternative visions, and hold financial actors and governments to account. Interdisciplinary research must provide a diagnosis of the financial and public health issues, and, importantly, illuminate effective pathways forward. Financial and commercial worlds must return to stakeholder primacy rather than that of the shareholder., Competing Interests: Declaration of interests SF declares funding, via her university, from the Australian Research Council. AS receives funding from the National Health and Medical Research Council and consulting fees from WHO. NF received funding from the Institute for International Trade, and consulting fees from the Organization for Economic Cooperation and Development, International Trade Centre, and World Trade Organization. All other authors declare no competing interests., (Copyright © 2024 The Author(s). Published by Elsevier Ltd. This is an Open Access article under the CC BY-NC-ND 4.0 license. Published by Elsevier Ltd.. All rights reserved.)

Two frequently cited figures by clinical research insiders and observers - the cost of missing a day to generate prescription drug sales and the cost of a day to conduct a clinical trial - are outdated and based on anecdotal evidence. In late 2023, the Tufts Center for the Study of Drug Development conducted empirical research to gather more accurate and granular estimates and to test whether average sales per day have changed over time. 645 drugs launched since 2000, and 409 clinical trial budgets were drawn from commercially available and proprietary data sets and analyzed. The results indicate that a single day equals approximately $500,000 in lost prescription drug or biologic sales, with daily prescription sales for infectious, hematologic, cardiovascular, and gastrointestinal diseases among the highest. The results also show that each year, the average sales per day of prescription drugs and biologics has decreased by approximately $80,000-$100,000. The estimated direct daily cost to conduct a clinical trial is approximately $40,000 per day for phase II and III clinical trials, with those in respiratory, rheumatology, and dermatology having the highest relative daily direct costs., (© 2024. The Author(s), under exclusive licence to The Drug Information Association, Inc.)