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1
An, Ji Young, and S. Saeyeul Park. "A Study on Determinants of the Cost of Debt in Public Institutions." Korean Journal of Financial Studies 52, no. 1 (February 28, 2023): 1–34. http://dx.doi.org/10.26845/kjfs.2023.2.52.1.001.
Повний текст джерелаАнотація:
This study examines the factors affecting the cost of debt in public institutions from the perspective of the risk premium paid to investors when issuing public finance bonds. The results of comparing the sample of public finance bonds for four years and six months with the sample of corporate bonds issued by private companies during the same period are as follows. First, compared with corporate bonds, financial and operating risks have relatively weaker effects on the yield spread in public finance bonds. This is because investors in the bond market underestimate the default risk on public finance bonds because of the positive effects of government guarantees, which is why they consider the issuer's financial risks to be less important. Second, as the term and credit spreads increase, the issuance yield spread of public finance bonds increases. In addition, unlike corporate bonds, only public finance bond samples have significant relationships between supply/demand variables and issuance yield spread. The results demonstrate that the market risk factor is the main factor affecting the cost of debt, rather than the firm-specific risk factor of the issuing agency.
2
Dbouk, Wassim, Dawei Jin, Haizhi Wang, and Jianrong Wang. "Corporate Social Responsibility and Rule 144A Debt Offerings: Empirical Evidence." International Journal of Financial Studies 6, no. 4 (November 20, 2018): 94. http://dx.doi.org/10.3390/ijfs6040094.
Повний текст джерелаАнотація:
Rule 144A allows a firm to issue securities without a public registration statement with the Securities and Exchange Commission, and only qualified institutional investors can purchase such securities. In this study, focusing on corporate bonds issued under Rule 144A, we empirically investigate the relationship between the corporate social responsibility (CSR) of issuing firms and the bond yield spread at issuance. We document a significant and positive relation between CSR concerns, whereas CSR strengths seem to play an insignificant role in determining bond yield spread. Our main findings are robust to the instrumental variable approach and simultaneous equation estimation to address the potential endogeneity issues. We further explore the time-series changes in issuing firms’ CSR profiles, and report that institutional investors demand a higher bond yield spread when issuing firms’ exposure to higher social, environmental, and stakeholder concerns. Our analyses reveal that the main sources of such risk exposure are stakeholder conflict and concerns from primary stakeholder groups.
3
MBENGUE, Mohamed Lamine. "Does Corruption Increase the risk Premium on the West African Economic Monetary Union (WAEMU) Bond Market?" Information Management and Business Review 5, no. 3 (March 30, 2013): 129–35. http://dx.doi.org/10.22610/imbr.v5i3.1036.
Повний текст джерелаАнотація:
We study the relationship between corruption and risk premium in West African Economic Monetary Union (WAEMU) market bond. Our sample consists of bonds through a public offering and private placement. For this research data was collected from the stock exchange (Bourse Régionale des Valeurs Mobilières). Number of bonds, average corruption and average spread analysis was used to analyze the data. Most country in WAEMU states has a corruption index below 3.5. The results show that corruption score has negative effects on economic performance indicators and there was a predominance of private placement debt relative to debt through a public offering.
4
Korobov, Eugene, Yulia Semernina, Alina Usmanova, and Kristina Odinokova. "Robotizing bond portfolio selection on the Russian debt market on the basis of a modified strategy of riding the yield curve." Business Informatics 15, no. 4 (December 31, 2021): 7–21. http://dx.doi.org/10.17323/2587-814x.2021.4.7.21.
Повний текст джерелаАнотація:
The modern global debt market features historically low average interest rates, convergence of yields on bonds with different maturities, an increase of yield curve inversion emergence frequency and a large-scale trend to automate financial decision making. The researchers’ attention in these fields is mainly focused on designing models that describe the state of the debt market as whole or its individual instruments in particular, as well as on risk management methods. At the same time, the specialized literature offers very few works concerning the topic of computer algorithms for bond portfolio selection based on traditional or advanced investment strategies. The aim of the present research is to create a modification of the existing algorithm of riding the yield curve strategy application, employing, first, average bond yield over the holding period instead of traditional bond yield to maturity; second, a developed algorithm for calculating the market spread on bonds; and, third, alternative risk evaluation indicators (compensation coefficients), which allow us to measure objectively price risk, liquidity risk, transaction costs risk and a general risk. The modification and the development of the algorithm for calculating the market spread were carried out using the direct measurement of the result technique, which entails application of the strategy to the data on bond issues received through the Moscow Exchange API. The selection of financial instruments was conducted in all sectors of the Russian debt market: public bonds, sub-federal and municipal bonds, corporate bonds. The modified algorithm enabled us to get extra yield for each selected bond issue, thereby proving the high effectiveness of the technique compared to the traditional strategy. Software implementation of the algorithm can be integrated into any robotized or semi-robotized stock exchange trading application.
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Paluszynski, Radoslaw, and Georgios Stefanidis. "Borrowing into debt crises." Quantitative Economics 14, no. 1 (2023): 277–308. http://dx.doi.org/10.3982/qe1797.
Повний текст джерелаАнотація:
Quantitative models of sovereign default predict that governments reduce borrowing during recessions to avoid debt crises. A prominent implication of this behavior is that the resulting interest rate spread volatility is counterfactually low. We propose that governments borrow into debt crises because of frictions in the adjustment of their expenditures. We develop a model of government good production, which uses public employment and intermediate consumption as inputs. The inputs have varying degrees of downward rigidity, which means that it is costly to reduce them. Facing an adverse income shock, the government borrows to smooth out the reduction in public employment, which results in increasing debt and higher spread. We quantify this rigidity using the OECD Government Accounts data and show that it explains about 70% of the missing bond spread volatility.
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Tan, Weiqiang, Albert Tsang, Wenming Wang, and Wenlan Zhang. "Corporate Social Responsibility (CSR) Disclosure and the Choice between Bank Debt and Public Debt." Accounting Horizons 34, no. 1 (October 1, 2019): 151–73. http://dx.doi.org/10.2308/acch-52631.
Повний текст джерелаАнотація:
SYNOPSIS This study examines whether and how corporate social responsibility (CSR) disclosure plays a role in firms' choices of public versus private debt financing. We find that borrowing firms with higher levels of CSR disclosure tend to rely more on public debt than private debt. Further analyses reveal that the relation between CSR disclosure and firms' reliance on public debt is stronger for borrowing firms with higher financial reporting quality, and with standalone or externally assured CSR reports. In addition, we find that borrowing firms with higher levels of CSR disclosure tend to issue bonds at more favorable terms (i.e., lower bond yield spread and longer maturity). Together, our findings are consistent with the notion that nonfinancial CSR disclosure plays an incrementally important role in a firm's debt placement decisions. JEL Classifications: G32; M14; M21. Data Availability: Data are available from the public sources identified in the paper.
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Zhu, Miao, Xiyi Li, Xingyue Zhang, and Xiaoyu Dong. "Research on Early Warning of Transmission of Tuberculosis Infectious Diseases from the Perspective of Social Factors." Journal of Advanced Computational Intelligence and Intelligent Informatics 28, no. 3 (May 20, 2024): 739–45. http://dx.doi.org/10.20965/jaciii.2024.p0739.
Повний текст джерелаАнотація:
In this study, the infiltration model was established to study the early warning of pulmonary tuberculosis data in Xiamen public hospitals. Based on the gender characteristics of residents in Xiamen, a percolation model was established to analyze the transmission rates of diseases under different contact types. In addition, the calculation method of the percolation threshold is discussed, and the model is verified by a simulation experiment. The results show that the model can predict the spread of epidemic situations well. The early warning value and relevant preventive measures were obtained by simulating the spread of tuberculosis under different exposure numbers. Bond percolation analysis was used to predict the proportion of the eventually infected population, this threshold of percolation was the basic regeneration number of tuberculosis, and the tuberculosis infection situation was effectively predicted.
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Romashkina, Gulnara, Kirill Andrianov, Djamilia Skripnuk, and Yulia Yukhtanova. "Interconnectedness of financial markets in crises in the case of the enlarged BRICS." Journal of Infrastructure, Policy and Development 8, no. 12 (November 4, 2024): 8536. http://dx.doi.org/10.24294/jipd.v8i12.8536.
Повний текст джерелаАнотація:
The article presents a study of the connectivity and integration of sovereign bond and stock markets in 10 BRICS+ countries in the context of crisis instabilities in 2019−2024. Financial markets are becoming more integrated, and an increasing share of public investments are carried out across borders, which increases not only the opportunities for participants, but also the risks of a new crisis. The work used data on central bank rates of the considered countries, yield indices of 10-year government bonds, gold and Brent oil prices. The methods include the analysis of exchange rate dynamics, connectivity estimates based on the multivariate concordance coefficient and two-factor Friedman rank variance analysis, VAR models, Granger predictability and cointegration. The objective of this study is to analyze the interrelationship and cointegration between the sovereign bond and equity markets of selected BRICS+ countries during crisis periods. Our findings indicate that market interrelationship intensifies during crises, which in turn amplifies volatility. Additionally, we observed that none of the economies within the BRICS+ group can be classified as fully integrated or entirely isolated markets. The disruption of the interrelationship in the sovereign bond markets of the group is primarily reflected in the inconsistency of dynamic changes between Russia, China, and India. During the global shock of 2019–2020, the crisis spread from China, followed by Indonesia, and later to the other countries of the group. The financial and debt markets of the sampled countries were able to quickly cope with the severe shocks of the COVID-2019 period. The 2022–2024 crisis, which lasted significantly longer, began in Russia before spreading to countries across Asia and Africa. By 2024, Russia’s sovereign bond yields showed a marked decline. The increased market volatility following 2022 disrupted the integration and interrelationship of the stock and debt markets within the BRICS+ countries.
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Sharma, Nitin, Liza Gupta, and Vikas Kumar. "Corona Outbreak: Mental Health Implications of Lockdown and Quarantine due to Coronavirus spread." CGC International Journal of Contemporary Technology and Research 3, no. 1 (December 26, 2020): 139–43. http://dx.doi.org/10.46860/cgcijctr.2020.12.26.139.
Повний текст джерелаАнотація:
Life, as all know, is not the same as before as coronavirus.This deadly disease has affected everything around the world. This pandemic is not only affecting people with pre-medical problems, but is also affecting healthy people. Mental health is an important asset which should be considered equally to physical health.Coronavirus has a significant impact on people's well-being and mental health. The shutdown and quarantine due to coronavirus has triggered worldwide terror, anxiety and depression. Loneliness, isolation and self-destructive behavior due to lack of support by close ones, increase in unemployment, low economy and many financial problems are specific reasons due to which mental problems are prevailing. Medical professionals around the world are involved in helping all the patients affected. Number of hospitals where insufficient facilities are available to resist the virus are at enormous mental stress. Many of the frontline staff who adhere to the government's directives and policies often suffer from emotional fatigue, while the public opposes certain laws. Besides all the ups and downs due to Coronavirus one must stand strong and cope with all the difficulties and fight this outbreak.Connecting with friends and loved ones, whether using high-tech or simple phone calls, can help keep our bond in stressful days and give strength to weather this tough journey.
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Heath, Sebastian E., and Max Champion. "Human Health Concerns from Pet Ownership After a Tornado." Prehospital and Disaster Medicine 11, no. 1 (March 1996): 67–70. http://dx.doi.org/10.1017/s1049023x00042382.
Повний текст джерелаАнотація:
AbstractIntroduction:Although 50% to 60% of North American households own pets and many of these pets are considered family members, there is little information on the impact pet ownership on pet-owning families affected by disasters.Methods:This case report describes some of the effects of a tornado on 17 families whose dwellings were destroyed. The setting was a typical urban trailer park.Results:After a tornado at the Sagamore Village Trailer Park in north central Indiana, 104 families were evacuated. Seventeen (16.3%) of these families owned pets. For 14 families (13.5%), pet ownership had an important impact on the families' recovery from the tornado. Public- and mental-health concerns that arose from pet ownership included failure to evacuate a dangerous site, attempts to re-enter a dangerous site, separation anxiety leading to psychosomatic disturbances, and the need for additional animal care.Conclusions:In urban disasters, the behaviors of families with a human-animal bond are likely to pose a significant risk to their own and others' health and safety in urban disasters. In this small study of families affected by a tornado, the most prominent public-health concerns were failure to evacuate because of a pet and attempts of re-entry to save a pet; the most common mental-health concerns resulted from separation anxiety from a pet and refusal to accept medical treatment until a pet's well-being can be assured. These are thought to be typical issues that will arise out of the human-animal bond in urban disaster situations and differ considerably from traditional public-health concerns over dog bites, spread of zoonotic diseases, and human food contamination. Medical disaster preparedness planning should consider the substantial effects that the human-animal bond is likely to have on human recovery from large-scale urban disasters.
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Liu, Wei, Xiao-Guang Yue, and Paul B. Tchounwou. "Response to the COVID-19 Epidemic: The Chinese Experience and Implications for Other Countries." International Journal of Environmental Research and Public Health 17, no. 7 (March 30, 2020): 2304. http://dx.doi.org/10.3390/ijerph17072304.
Повний текст джерелаАнотація:
The ongoing outbreak of the novel coronavirus disease (COVID-19) that occurred in China is rapidly spreading globally. China’s bond and strict containment measures have been proved (in practice) to significantly reduce the spread of the epidemic. This was obtained through the use of emergency control measures in the epidemic areas and the integration of resources from multiple systems, including business, community, technology, education, and transportation, across the country. In order to better understand how China has managed to reduce the public health and economic impacts of the COVID-19 epidemic, this editorial systematically reviews the specific measures for infection prevention and control of the disease. The best practices for COVID-19 eradication in China provide evidence-based strategies that could be replicated in other countries.
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Vatamanyuk-Zelinska, Uliana, and Olena Ohirko. "The role of public credit in the economic development of Ukraine." INNOVATIVE ECONOMY, no. 1-2 (2021): 28–33. http://dx.doi.org/10.37332/2309-1533.2021.1-2.4.
Повний текст джерелаАнотація:
Purpose. The main aim of the article is defining the essence of public credit, as well as analysis of the role of public credit in the economic development of Ukraine. Methodology of research. A set of general scientific research methods is used to achieve the defined goal and objectives, thanks to which the scientific literature on the topic of scientific research is generalized. Thus, generalization methods are used to substantiate the concept of “public credit”. The system approach allowed to investigate the essence of the concept of the sign and features of the concept of “public credit”. Methods of analysis and synthesis are used to determine the dynamics of government borrowing, including domestic government bonds, as well as to assess the positive and negative significance of public credit for the economies of Ukraine. Findings. Peculiarities and essence of state credit are investigated. Based on the fact that the modern financial policy of Ukraine determines the objective need to use government borrowing, in a market economy, the institution of public credit is becoming increasingly important in the financial system of the country. The dynamics of government borrowing volumes, in particular, the dynamics of domestic government bond volumes are analysed. It is established that during the period under study in this form of raising funds were the largest, which is due to large-scale renewal of the banking system of Ukraine; the vast majority of government borrowings were short-term and carried out for a period of one to three years. The reduction of government borrowing in foreign currency was facilitated by the deterioration of the investment climate in the country due to the spread of the coronavirus pandemic. The expediency of using a state loan and the negative impact of this on the economy of Ukraine are outlined. Originality. Recommendations for the rational use of public credit resources for their most effective use are developed in the article. Practical value. The results of the study can be used to develop a program of optimal and rational use of government borrowing with maximum benefit. Key words: state credit, borrowing, domestic government bonds, yield.
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Welch, Sarah B., Dinushi Amanda Kulasekere, P. V. Vara Prasad, Charles B. Moss, Robert Leo Murphy, Chad J. Achenbach, Michael G. Ison, et al. "The Interplay Between Policy and COVID-19 Outbreaks in South Asia: Longitudinal Trend Analysis of Surveillance Data." JMIR Public Health and Surveillance 7, no. 6 (June 17, 2021): e24251. http://dx.doi.org/10.2196/24251.
Повний текст джерелаАнотація:
Background COVID-19 transmission rates in South Asia initially were under control when governments implemented health policies aimed at controlling the pandemic such as quarantines, travel bans, and border, business, and school closures. Governments have since relaxed public health restrictions, which resulted in significant outbreaks, shifting the global epicenter of COVID-19 to India. Ongoing systematic public health surveillance of the COVID-19 pandemic is needed to inform disease prevention policy to re-establish control over the pandemic within South Asia. Objective This study aimed to inform public health leaders about the state of the COVID-19 pandemic, how South Asia displays differences within and among countries and other global regions, and where immediate action is needed to control the outbreaks. Methods We extracted COVID-19 data spanning 62 days from public health registries and calculated traditional and enhanced surveillance metrics. We use an empirical difference equation to measure the daily number of cases in South Asia as a function of the prior number of cases, the level of testing, and weekly shifts in variables with a dynamic panel model that was estimated using the generalized method of moments approach by implementing the Arellano–Bond estimator in R. Results Traditional surveillance metrics indicate that South Asian countries have an alarming outbreak, with India leading the region with 310,310 new daily cases in accordance with the 7-day moving average. Enhanced surveillance indicates that while Pakistan and Bangladesh still have a high daily number of new COVID-19 cases (n=4819 and n=3878, respectively), their speed of new infections declined from April 12-25, 2021, from 2.28 to 2.18 and 3.15 to 2.35 daily new infections per 100,000 population, respectively, which suggests that their outbreaks are decreasing and that these countries are headed in the right direction. In contrast, India’s speed of new infections per 100,000 population increased by 52% during the same period from 14.79 to 22.49 new cases per day per 100,000 population, which constitutes an increased outbreak. Conclusions Relaxation of public health restrictions and the spread of novel variants fueled the second wave of the COVID-19 pandemic in South Asia. Public health surveillance indicates that shifts in policy and the spread of new variants correlate with a drastic expansion in the pandemic, requiring immediate action to mitigate the spread of COVID-19. Surveillance is needed to inform leaders whether policies help control the pandemic.
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Micó, Rafael. "Violencia física, violencia pública: a la búsqueda de mecanismos de dominación social." Culture & History Digital Journal 9, no. 1 (September 11, 2020): 009. http://dx.doi.org/10.3989/chdj.2020.009.
Повний текст джерелаАнотація:
The explanation of the worldwide spread and long-term maintenance of economic asymmetries and centralized and hierarchical political structures is a major concern for sociological and humanistic disciplines. This problem may be formulated as a paradox when exploited and victimized groups overtly support the social order that subdues them. Archaeology is able to address this problem from a broad and long-term perspective. The aim of this paper is to discuss the implications of public, lethal physical violence in the context of class societies. These are characterized by economic exploitation, centralization of political power, labour specialization and heavy restrictions of vital and cognitive perspectives for most of the population. It is suggested that key social relations under these conditions could be similar to the hostage-captor bond. Henceforth, inferences based on social and psychobiological reasoning are suggested in order to solve the aforementioned social paradox.
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Maillot, Anne-Sophie, Thierry Meyer, Sophie Prunier-Poulmaire, and Emilie Vayre. "A Qualitative and Longitudinal Study on the Impact of Telework in Times of COVID-19." Sustainability 14, no. 14 (July 17, 2022): 8731. http://dx.doi.org/10.3390/su14148731.
Повний текст джерелаАнотація:
Mandatory teleworking has become a major tool of public authorities for mitigating the spread of COVID-19 when work activity allows it. A lexical and morphosyntactic analysis was performed with 22 employees interviewed at home by phone on two occasions during and after a national lockdown (April 2020 and March 2021). The results indicate that the organizational changes initially implemented became sustainable and highlight a change in work practices. Changes in working time structure were observed and led to a feeling of intensification and/or increase in working hours. The preservation of the professional bond through informal exchanges required a deliberate communicative effort. The lack of face-to-face social relations deprived employees of both their usual ways of working and the meaning they found in them. Finally, the continuation of the health crisis (phase 2) and the multiple reorganizations generated a decrease in wellbeing (mental wear and tear). Employees feared that the company’s management would retain a working model based mainly on remote working.
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COLLIGNON, STEFAN, PIERO ESPOSITO, and HANNA LIERSE. "EUROPEAN SOVEREIGN BAILOUTS, POLITICAL RISK AND THE ECONOMIC CONSEQUENCES OF MRS. MERKEL." Journal of International Commerce, Economics and Policy 04, no. 02 (April 2013): 1350010. http://dx.doi.org/10.1142/s1793993313500105.
Повний текст джерелаАнотація:
The European economy was hit by a confidence shock in 2009 when the Greek government of Papandreou discovered the true amount of public deficit. The subsequent loss of trust in European fiscal governance reduced financial markets' willingness to lend to indebted governments. The European Union established the Financial Stability Facility to support debt-ridden states but without lasting success. The continuously rising Greek bond yields suggest that the information transmitted from political leaders did not reduce investors' risk perceptions. We develop a theoretical framework, in which financial market participants do not know the real rate of return on Greek assets but infer it from the signals emitted by informed European governments. Based on a unique news dataset, we investigate the impact of good and bad news from the European institutions on the Greek interest spread. The results demonstrate that the noise around the European decision-making process substantially raised the bailout cost.
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Thillainathan, Ramasamy. "Privatisation of Toll Roads to Promote Malay Entry into Business in Malaysia: A Critical Review of Distribution Stance, Returns, Risk and Governance." Malaysian Journal of Economic Studies 58, no. 1 (June 2, 2021): 145–74. http://dx.doi.org/10.22452/mjes.vol58no1.8.
Повний текст джерелаАнотація:
The focus of the paper is on toll road privatisation. An overview of the choice of privatisation and the form it took, in promoting the entry of Malays into business, is followed by a review of other studies on privatisation in Malaysia. Given the highly confidential nature of the privatised concessions, data on ownership and likely terms have been gleaned from rating of the bonds issued, as the bond market has been the key source of infrastructure financing. From such data, the dominance of the Malay managerial class over its business class is readily evident, especially after the Asian financial crisis (AFC). The likely impact of toll road privatisation on the stance of distribution is also examined. As concessions are still awarded on a negotiated basis, the issue of rent-seeking is also explored. Uncertainty and variability in the financial performance of the concessionaires can be seen from the spread and deterioration in credit of the issuers, attesting to the greenfield nature of the projects undertaken or due to differences in gearing or in the support and subsidy enjoyed from the government. The separation in ownership and control, either due to continued ownership by state-owned enterprises (SOEs) or widely held public listed companies (PLCs), has increased the risk of expropriation by those who exercise management control.
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Marco-Fuertes, Ana, Jaume Jordá, Clara Marin, Laura Lorenzo-Rebenaque, Laura Montoro-Dasi, and Santiago Vega. "Multidrug-Resistant Escherichia coli Strains to Last Resort Human Antibiotics Isolated from Healthy Companion Animals in Valencia Region." Antibiotics 12, no. 11 (November 19, 2023): 1638. http://dx.doi.org/10.3390/antibiotics12111638.
Повний текст джерелаАнотація:
Failure in antibiotic therapies due to the increase in antimicrobial-resistant (AMR) bacteria is one of the main threats to public and animal health. In recent decades, the perception of companion animals has changed, from being considered as a work tool to a household member, creating a family bond and sharing spaces in their daily routine. Hence, the aim of this study is to assess the current epidemiological situation regarding the presence of AMR and multidrug resistance (MDR) in companion animals in the Valencia Region, using the indicator bacteria Escherichia coli as a sentinel. For this purpose, 244 samples of dogs and cats were collected from veterinary centres to assess antimicrobial susceptibility against a panel of 22 antibiotics with public health relevance. A total of 197 E. coli strains were isolated from asymptomatic dogs and cats. The results showed AMR against all the 22 antibiotics studied, including those critically important to human medicine. Moreover, almost 50% of the strains presented MDR. The present study revealed the importance of monitoring AMR and MDR trends in companion animals, as they could pose a risk due to the spread of AMR and its resistance genes to humans, other animals and the environment they cohabit.
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Lundberg, Alexander L., Ramon Lorenzo-Redondo, Egon A. Ozer, Claudia A. Hawkins, Judd F. Hultquist, Sarah B. Welch, PV Vara Prasad, et al. "Has Omicron Changed the Evolution of the Pandemic?" JMIR Public Health and Surveillance 8, no. 1 (January 31, 2022): e35763. http://dx.doi.org/10.2196/35763.
Повний текст джерелаАнотація:
Background Variants of the SARS-CoV-2 virus carry differential risks to public health. The Omicron (B.1.1.529) variant, first identified in Botswana on November 11, 2021, has spread globally faster than any previous variant of concern. Understanding the transmissibility of Omicron is vital in the development of public health policy. Objective The aim of this study is to compare SARS-CoV-2 outbreaks driven by Omicron to those driven by prior variants of concern in terms of both the speed and magnitude of an outbreak. Methods We analyzed trends in outbreaks by variant of concern with validated surveillance metrics in several southern African countries. The region offers an ideal setting for a natural experiment given that most outbreaks thus far have been driven primarily by a single variant at a time. With a daily longitudinal data set of new infections, total vaccinations, and cumulative infections in countries in sub-Saharan Africa, we estimated how the emergence of Omicron has altered the trajectory of SARS-CoV-2 outbreaks. We used the Arellano-Bond method to estimate regression coefficients from a dynamic panel model, in which new infections are a function of infections yesterday and last week. We controlled for vaccinations and prior infections in the population. To test whether Omicron has changed the average trajectory of a SARS-CoV-2 outbreak, we included an interaction between an indicator variable for the emergence of Omicron and lagged infections. Results The observed Omicron outbreaks in this study reach the outbreak threshold within 5-10 days after first detection, whereas other variants of concern have taken at least 14 days and up to as many as 35 days. The Omicron outbreaks also reach peak rates of new cases that are roughly 1.5-2 times those of prior variants of concern. Dynamic panel regression estimates confirm Omicron has created a statistically significant shift in viral spread. Conclusions The transmissibility of Omicron is markedly higher than prior variants of concern. At the population level, the Omicron outbreaks occurred more quickly and with larger magnitude, despite substantial increases in vaccinations and prior infections, which should have otherwise reduced susceptibility to new infections. Unless public health policies are substantially altered, Omicron outbreaks in other countries are likely to occur with little warning.
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Ansab, N. P., R. Ranjana, and R. Anjana. "Molecular Modelling and Characterization of Metal Incorporated Biochar from Industrial Wastes." Advanced Materials Research 1178 (July 25, 2023): 171–84. http://dx.doi.org/10.4028/p-mwp6mr.
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Globally, manufacturing industries are generating a large volume of solid waste during their processes. These wastes, when spread through soil/water affect public health. This work focuses on the use of solid industrial waste from herbal medicine and TiO2 manufacturing industries to produce iron oxide incorporated biochar, which can be served as adsorbent and low cost catalyst for many reactions. Biochar was produced by the slow pyrolysis of waste collected from herbal manufacturing units using tubular furnace at 550°C at a heating rate of 5°C/min. The iron oxide waste collected from Kerala Minerals and Metals Limited, Kerala, India (KMML), was incorporated into the produced biochar by using planetary ball mill apparatus. Structural and elemental analysis of produced biochar and Fe2O3 incorporated biochar was conducted using XRD, SEM and SEM-EDS, BET surface area analysis, ICP-OES, and CHNS analysis. The H/C ratio of prepared biochar shows it has a rectangular layered structure of 50*50 aromatic cluster size. The changes in bonds and groups before and after metal incorporation were studied using FTIR spectroscopic analysis and temperature stability of prepared samples were analyzed using TGA. The molecular structure of produced biochar and changes in their bond length was studied and optimized employing Avogadro and Chemcraft software. The BET analysis shows the surface area of biochar become increased after the metallic incorporation. The same results were concluded from the molecular modelling data obtained from Chemcraft software. These results proved that the biochar surface area and pore volume can be increased by incorporation of iron oxide from industrial waste.
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Halling, Michael, Jin Yu, and Josef Zechner. "How Did COVID-19 Affect Firms’ Access to Public Capital Markets?*." Review of Corporate Finance Studies 9, no. 3 (July 1, 2020): 501–33. http://dx.doi.org/10.1093/rcfs/cfaa008.
Повний текст джерелаАнотація:
Abstract We find that bond issues have substantially increased since the onset of the COVID-19 crisis in calendar week 12 (March 16–20) for bonds rated A or higher, but surprisingly also for bonds rated BBB or lower. In contrast to existing evidence on bond maturities in economic downturns, we document that maturities exceed those of bonds issued before by the same firms as well as the average maturities during normal times. Determinants of corporate bond spreads substantially differ between COVID-19 and normal times. Most prominently, asset tangibility has a highly significant negative effect on spreads during normal times. During COVID-19, this is reversed, especially in industries heavily affected by lockdown measures, reflecting the inflexibility associated with fixed assets. A different picture emerges for equity issues, which slowed considerably during the first 4 weeks of the pandemic, before accelerating again. Capital raised during COVID-19 via equity issues is approximately 5% of capital raised via bond issues. (JEL G01, G32) Received: May 21, 2020; editorial decision June 17, 2020 by Editor Andrew Ellul.
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Kareem, Ibraheem Alani Abdul, Mohd Sadad Bin Mahmud, and Abdul Fattah Abdul Ganiyy. "Thematic Review of Sukuk Ijarah Issued in Nigeria: An Opportunity for Economic Development." Jurnal Iqtisaduna 1, no. 1 (September 12, 2020): 61. http://dx.doi.org/10.24252/iqtisaduna.v1i1.15851.
Повний текст джерелаАнотація:
Ijarah Sukuk is becoming one of the most improved products in Islamic finance. It has become an alternative source of financing and liquidity for both private and public sectors. Also, it plays important role in development of the economy of Muslim and no-Muslim countries. The objective of this paper is to clarify the concept of Sukuk Ijarah and discuss its opportunity for economic development of the country. Also, the issues and challenges related to the implementation of Islamic finance particularly Sukuk by the Federal government of Nigeria (FGN) and also as an alternative to conventional bond. The paper adopts content analysis of relevant previous studies. Findings reveal the potential of Sukuk ijarah as an alternative for rapid economic growth and its functional role in attracting government and client to invest in it. Furthermore, the authors observe that misunderstanding among religious leaders is a major challenge to the growth of Islamic banks and implementation of Sukuk in Nigeria. It is recommended that workshops, seminars and conferences are to be organized by Islamic centres, financial institutions and academicians in Universities to spread knowledge and create awareness among Nigerians Muslims and non-Muslims about benefit and advantage of Islamic finance products and Sukuk in particular.
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Hwu, Jih Ru, Animesh Roy, Shwu-Chen Tsay, Wen-Chieh Huang, Chun-Cheng Lin, Kuo Chu Hwang, Yu-Chen Hu, Fa-Kuen Shieh, Pieter Leyssen та Johan Neyts. "Computer-Aided Design and Synthesis of (Functionalized quinazoline)–(α-substituted coumarin)–arylsulfonate Conjugates against Chikungunya Virus". International Journal of Molecular Sciences 23, № 14 (11 липня 2022): 7646. http://dx.doi.org/10.3390/ijms23147646.
Повний текст джерелаАнотація:
Chikungunya virus (CHIKV) has repeatedly spread via the bite of an infected mosquito and affected more than 100 countries. The disease poses threats to public health and the economy in the infected locations. Many efforts have been devoted to identifying compounds that could inhibit CHIKV. Unfortunately, successful clinical candidates have not been found yet. Computations through the simulating recognition process were performed on complexation of the nsP3 protein of CHIKV with the structures of triply conjugated drug lead candidates. The outcomes provided the aid on rational design of functionalized quinazoline-(α-substituted coumarin)-arylsulfonate compounds to inhibit CHIKV in Vero cells. The molecular docking studies showed a void space around the β carbon atom of coumarin when a substituent was attached at the α position. The formed vacancy offered a good chance for a Michael addition to take place owing to steric and electronic effects. The best conjugate containing a quinazolinone moiety exhibited potency with EC50 = 6.46 μM, low toxicity with CC50 = 59.7 μM, and the selective index (SI) = 9.24. Furthermore, the corresponding 4-anilinoquinazoline derivative improved the anti-CHIKV potency to EC50 = 3.84 μM, CC50 = 72.3 μM, and SI = 18.8. The conjugate with 4-anilinoquinazoline exhibited stronger binding affinity towards the macro domain than that with quinazolinone via hydrophobic and hydrogen bond interactions.
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Fakih, Taufik Muhammad, and Mentari Luthfika Dewi. "Analysis of SARS-CoV-2 Spike Protein as The Key Target in the Development of Antiviral Candidates for COVID-19 through Computational Study." Journal of Tropical Pharmacy and Chemistry 5, no. 4 (December 23, 2021): 347–52. http://dx.doi.org/10.25026/jtpc.v5i4.254.
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The recent public health crisis is threatening the world with the emergence of the spread of the new coronavirus 2019 (2019-nCoV) or severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). This virus originates from bats and is transmitted to humans through unknown intermediate animals in Wuhan, China in December 2019. Advances in technology have opened opportunities to find candidates for natural compounds capable of preventing and controlling COVID-19 infection through inhibition of spike proteins of SARS-CoV-2. This research aims to identify, evaluate, and explore the structure of spike protein macromolecules from three coronaviruses (SARS-CoV, MERS-CoV, and SARS-CoV-2) and their effects on Angiotensin-Converting Enzyme 2 (ACE-2) using computational studies. Based on the identification of the three spike protein macromolecules, it was found that there was a similarity between the active binding sites of ACE-2. These observations were then confirmed using a protein-docking simulation to observe the interaction of the protein spike to the active site of ACE-2. SARS-COV-2 spike protein has the strongest bond to ACE-2, with an ACE score of −1341.85 kJ/mol. Therefore, some of this information from the results of this research can be used as a reference in the development of competitive inhibitor candidates for SARS-CoV-2 spike proteins for the treatment of COVID-19 infectious diseases.
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Hasan, In'amul, and Nurwahidin Nurwahidin. "Between Sufism and Marxism: Social Religious Movements in Twentieth Century Minangkabau." ESOTERIK 9, no. 2 (December 2, 2023): 215. http://dx.doi.org/10.21043/esoterik.v9i2.22948.
Повний текст джерелаАнотація:
<h2><span lang="EN-US">The Sufi movement in Minangkabau in the 20th century was influenced by Marxism. In some Muslim scholars' views, Marxism could not possibly be in line with Islam. On the ground, Islam and Marxism were able to act in dialectic as a weapon against colonialism that hit the entire Muslim society at the time. In Minangkabau, which has an Islamic view of life, the ideology of Marxism spread rapidly and captured the attention of the public, including the Sufis. To analyze this study uses the theory of social action by Max Weber, which is divided into four types, traditional action, affective action, instrumental rationality, and value rationality. Based on the traditional type, the Sufi tried to follow their teachers, as well as the tradition of the Padri, who went against colonialism. Through affective actions, the Sufis demonstrated a strong emotional bond to the system that exists in the Sufi tradition. Using instrumental rationality, they were consciously able to carry out the resistance rationally after seeing the available resources. In terms of rationality of value, the Sufis want to receive the reward for their <em>jihad</em> (<em>mujahada</em>), as had been done by the other Sufis before them</span></h2>
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Post, Lori, Michael J. Boctor, Tariq Z. Issa, Charles B. Moss, Robert Leo Murphy, Chad J. Achenbach, Michael G. Ison, et al. "SARS-CoV-2 Surveillance System in Canada: Longitudinal Trend Analysis." JMIR Public Health and Surveillance 7, no. 5 (May 10, 2021): e25753. http://dx.doi.org/10.2196/25753.
Повний текст джерелаАнотація:
Background The COVID-19 global pandemic has disrupted structures and communities across the globe. Numerous regions of the world have had varying responses in their attempts to contain the spread of the virus. Factors such as public health policies, governance, and sociopolitical climate have led to differential levels of success at controlling the spread of SARS-CoV-2. Ultimately, a more advanced surveillance metric for COVID-19 transmission is necessary to help government systems and national leaders understand which responses have been effective and gauge where outbreaks occur. Objective The goal of this study is to provide advanced COVID-19 surveillance metrics for Canada at the country, province, and territory level that account for shifts in the pandemic including speed, acceleration, jerk, and persistence. Enhanced surveillance identifies risks for explosive growth and regions that have controlled outbreaks successfully. Methods Using a longitudinal trend analysis study design, we extracted 62 days of COVID-19 data from Canadian public health registries for 13 provinces and territories. We used an empirical difference equation to measure the daily number of cases in Canada as a function of the prior number of cases, the level of testing, and weekly shift variables based on a dynamic panel model that was estimated using the generalized method of moments approach by implementing the Arellano-Bond estimator in R. Results We compare the week of February 7-13, 2021, with the week of February 14-20, 2021. Canada, as a whole, had a decrease in speed from 8.4 daily new cases per 100,000 population to 7.5 daily new cases per 100,000 population. The persistence of new cases during the week of February 14-20 reported 7.5 cases that are a result of COVID-19 transmissions 7 days earlier. The two most populous provinces of Ontario and Quebec both experienced decreases in speed from 7.9 and 11.5 daily new cases per 100,000 population for the week of February 7-13 to speeds of 6.9 and 9.3 for the week of February 14-20, respectively. Nunavut experienced a significant increase in speed during this time, from 3.3 daily new cases per 100,000 population to 10.9 daily new cases per 100,000 population. Conclusions Canada excelled at COVID-19 control early on in the pandemic, especially during the first COVID-19 shutdown. The second wave at the end of 2020 resulted in a resurgence of the outbreak, which has since been controlled. Enhanced surveillance identifies outbreaks and where there is the potential for explosive growth, which informs proactive health policy.
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Donati, Serena, Edoardo Corsi, Michele Antonio Salvatore, Alice Maraschini, Silvia Bonassisa, Paola Casucci, Ilaria Cataneo, et al. "Childbirth Care among SARS-CoV-2 Positive Women in Italy." International Journal of Environmental Research and Public Health 18, no. 8 (April 16, 2021): 4244. http://dx.doi.org/10.3390/ijerph18084244.
Повний текст джерелаАнотація:
The new coronavirus emergency spread to Italy when little was known about the infection’s impact on mothers and newborns. This study aims to describe the extent to which clinical practice has protected childbirth physiology and preserved the mother–child bond during the first wave of the pandemic in Italy. A national population-based prospective cohort study was performed enrolling women with confirmed SARS-CoV-2 infection admitted for childbirth to any Italian hospital from 25 February to 31 July 2020. All cases were prospectively notified, and information on peripartum care (mother–newborn separation, skin-to-skin contact, breastfeeding, and rooming-in) and maternal and perinatal outcomes were collected in a structured form and entered in a web-based secure system. The paper describes a cohort of 525 SARS-CoV-2 positive women who gave birth. At hospital admission, 44.8% of the cohort was asymptomatic. At delivery, 51.9% of the mothers had a birth support person in the delivery room; the average caesarean section rate of 33.7% remained stable compared to the national figure. On average, 39.0% of mothers were separated from their newborns at birth, 26.6% practised skin-to-skin, 72.1% roomed in with their babies, and 79.6% of the infants received their mother’s milk. The infants separated and not separated from their SARS-CoV-2 positive mothers both had good outcomes. At the beginning of the pandemic, childbirth raised awareness and concern due to limited available evidence and led to “better safe than sorry” care choices. An improvement of the peripartum care indicators was observed over time.
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Patlasov, Dmitry. "Assessment of the Russian stock market volatility impact on credit spreads of Russian corporate bonds." Applied Econometrics 76, no. 4 (2024): 29–50. https://doi.org/10.22394/1993-7601-2024-76-29-50.
Повний текст джерелаАнотація:
This study evaluates the impact of stock market volatility in the Russian Federation on the size and dynamics of credit spreads for Russian corporate bonds. Credit spreads on corporate bonds represent a measure of the risk premium in the public lending market, while stock market indicates stock market instability. Analyzing the relationship between the bond market risk premium and the instability of the stock market is a pertinent task today because these processes may exhibit both direct and inverse correlations. Additionally, formulating hypotheses about whether stock market volatility positively or negatively affects credit spreads of corporate bonds, and vice versa, poses challenges. The study utilizes data on the Moscow Exchange index (MOEX), Russia’s volatility index (RVI), yields of Russian corporate bonds, and values of Russia’s zero-coupon yield curve (KBD). The research aims to identify patterns in the dynamics of the risk premium in the bond market in response to shocks in MOEX volatility. It also seeks to characterize the actions of investors and holders of Russian corporate bonds during periods of heightened volatility in the Russian stock market.
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Ortiz-Molina, Hernan. "Top Management Incentives and the Pricing of Corporate Public Debt." Journal of Financial and Quantitative Analysis 41, no. 2 (June 2006): 317–40. http://dx.doi.org/10.1017/s0022109000002088.
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AbstractThis article examines managerial ownership structure and at-issue yield spreads on corporate bonds. There is a positive relation between managerial ownership and borrowing costs, and this relation is weaker at higher levels of ownership. In addition, managerial stock options have a larger effect on yield spreads than stock ownership. These effects exist after controlling for firm and bond characteristics, and are robust to endogeneity and sample selection concerns. The evidence suggests that rational bondholders price new debt issues using the information about a firm's future risk choices contained in managerial incentive structures, and that lenders anticipate higher risk-taking incentives from managerial stock options than from equity ownership.
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Alaofi, Ahmed L., Mudassar Shahid, Mohammad Raish, Mushtaq Ahmad Ansari, Rabbani Syed, and Mohd Abul Kalam. "Identification of Doxorubicin as Repurposing Inhibitory Drug for MERS-CoV PLpro." Molecules 27, no. 21 (November 4, 2022): 7553. http://dx.doi.org/10.3390/molecules27217553.
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Middle East respiratory syndrome coronavirus (MERS-CoV), belonging to the betacoronavirus genus can cause severe respiratory illnesses, accompanied by pneumonia, multiorgan failure, and ultimately death. CoVs have the ability to transgress species barriers and spread swiftly into new host species, with human-to-human transmission causing epidemic diseases. Despite the severe public health threat of MERS-CoV, there are currently no vaccines or drugs available for its treatment. MERS-CoV papain-like protease (PLpro) is a key enzyme that plays an important role in its replication. In the present study, we evaluated the inhibitory activities of doxorubicin (DOX) against the recombinant MERS-CoV PLpro by employing protease inhibition assays. Hydrolysis of fluorogenic peptide from the Z-RLRGG-AMC–peptide bond in the presence of DOX showed an IC50 value of 1.67 μM at 30 min. Subsequently, we confirmed the interaction between DOX and MERS-CoV PLpro by thermal shift assay (TSA), and DOX increased ΔTm by ~20 °C, clearly indicating a coherent interaction between the MERS-CoV PL protease and DOX. The binding site of DOX on MERS-CoV PLpro was assessed using docking techniques and molecular dynamic (MD) simulations. DOX bound to the thumb region of the catalytic domain of the MERS-CoV PLpro. MD simulation results showed flexible BL2 loops, as well as other potential residues, such as R231, R233, and G276 of MERS-CoV PLpro. Development of drug repurposing is a remarkable opportunity to quickly examine the efficacy of different aspects of treating various diseases. Protease inhibitors have been found to be effective against MERS-CoV to date, and numerous candidates are currently undergoing clinical trials to prove this. Our effort follows a in similar direction.
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Hasan, Iftekhar, Chun Keung Hoi, Qiang Wu, and Hao Zhang. "Social Capital and Debt Contracting: Evidence from Bank Loans and Public Bonds." Journal of Financial and Quantitative Analysis 52, no. 3 (May 3, 2017): 1017–47. http://dx.doi.org/10.1017/s0022109017000205.
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We find that firms headquartered in U.S. counties with higher levels of social capital incur lower bank loan spreads. This finding is robust to using organ donation as an alternative social capital measure and incremental to the effects of religiosity, corporate social responsibility, and tax avoidance. We identify the causal relation using companies with a social-capital-changing headquarters relocation. We also find that high-social-capital firms face loosened nonprice loan terms, incur lower at-issue bond spreads, and prefer public bonds over bank loans. We conclude that debt holders perceive social capital as providing environmental pressure that constrains opportunistic firm behaviors in debt contracting.
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Na, HyunJun. "Customer concentration types and public debt contracts." Review of Accounting and Finance 19, no. 2 (March 27, 2020): 247–69. http://dx.doi.org/10.1108/raf-05-2019-0107.
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Purpose This paper aims to examine how a firm’s customer concentration, which is the amount of sales between a supplier firm and the major customers, affects corporate bond contracts. This study also investigates how the types of customer concentration have a significant impact on bond contracts. Design/methodology/approach The research uses the Compustat’s segment customer database and the Mergent fixed income securities database, which provides details about publicly offered US bond issues and issuers. The sample also includes the US Congressional committees’ data from the 96th to 115th congresses. To control any endogenous concerns, the author uses changes in the seniority of US senators on powerful committees and the American Recovery and Reinvestment Act of 2009 (ARRA) as exogenous shocks. For a robustness test, the author also uses the propensity score-matched pairs. Findings While higher customer concentration, on average, leads to higher yield spreads and strict covenants, firms that have the US Government as a major customer pay lower yield spreads and have higher issue ratings. However, as a firm’s sales depend too heavily on the US Government customer channel, the bond issuance is likely to have lower issue ratings. The main findings also show that firms with government concentrations take advantage of political links, leading to lower yield spreads after two exogenous events. Originality/value The findings in this paper show the importance of a firm’s customer types in bond markets by emphasizing the positive impact of the US Government as the sales channel. Exogenous event studies based on the propensity-matched sample alleviate the endogenous concerns.
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Patel, Jimish R., Laxman M. Prajapati, Hirak V. Joshi, and Ujash A. Shah. "Virtual Screening of Natural Compounds to Identify Potential Inhibitors of COVID-19 Protease using Molecular Docking." International Journal of Pharmaceutical Sciences and Nanotechnology 13, no. 5 (September 15, 2020): 5090–101. http://dx.doi.org/10.37285/ijpsn.2020.13.5.6.
Повний текст джерелаАнотація:
COVID-19 disease has spread quickly across the globe after its first detection in late December 2019 in Wuhan, China. The disease is considered as a potential global health threat by world health organization due to its high emerging deaths. Coronaviruses are transmitted by respiratory aerosols producing mild upper respiratory infections. Currently, no vaccine or specific COVID-19 inhibitors are available for treatment except repurposed drugs. The COVID-19 virus genome has ~30,000 nucleotides. Its replicase gene encodes overlapping polyproteins necessary for viral replication and transcription. Recently COVID-19 main protease was successfully crystallized and made available in Protein Data Bank for public use. Several studies report medicinal plants to have antiviral bioactivities. Application of in silico computer‐based docking studies involving small molecules could be time saving for irrelevant in vivo models. In the present study, we have investigated 500 natural compounds from different plants having antiviral properties. We have also screened several protease inhibitors and other repurposed drugs claimed to be active against COVID-19. The docking was performed on Autodock vina, using grid size 22, 22, 24 along the X, Y, and Z axes with 1.000 A˚ spacing. The docked positions in binding pockets were visualized using Discovery studio 3.5 software. Most of the repurposed protease inhibitors were having good binding energy, saquinavir being the most potent. Among natural compounds, jervine and isoacteoside were found to be having good binding with protease protein. It was observed that flavonoid was the commonest chemical group amongst most potent natural compounds. The amino acids Thr26, Asn142, Gly143, Ser144, Cys145, His163, and Glu166 showed strong H-bond interactions with docked compounds. The conclusion of the recent study will help researchers to identify the better drug to battle COVID-19. To be brief, our findings emphasize a promising pharmaceutical perspective for targeting main protease of novel coronavirus. However further preclinical and clinical trials should be carried out to validate these potential compounds.
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Khutorova, N. A. "ESG Approaches in Securitization Transactions." Financial Journal 16, no. 2 (April 2024): 72–87. http://dx.doi.org/10.31107/2075-1990-2024-2-72-87.
Повний текст джерелаАнотація:
The spread of the sustainable development concept has given rise to sustainable finance, as well as the infrastructure of the financial and consulting industry of valuations, verifications and various databases in the field of ESG. This research is devoted to theoretical and practical study of the accumulated experience of ESG securitization transactions in order to systematize ESG financing instruments and directions of development of this sphere in modern conditions. The study showes that ESG securitization practices are being integrated into capital management processes in line with sustainable development goals, with the most developed centers in the USA, Europe and China. The study systematizes the main types of ESG securitized assets, gives their characteristics and identifies current trends. In Russia, despite its isolation from the world financial markets, the practice of ESG securitization is developing, covering new directions. The study notes the potential for the development of green mortgages, which will contribute to the activation of securitization transactions in the segment of residential and commercial real estate. High potential for development of the social segment of ESG securitization is also noted due to the growing demand for financing social projects in the regions. Expansion of the practice of social mortgage securitization will contribute to the redistribution of risks between the public and private sectors, while active involvement of Russian banks in a variety of ESG lending programs (car loans, lending to small and medium-sized businesses with a green and social focus, e.g. for the construction of social infrastructure, etc.) will expand the market. There is a suggestion that the development of digital ESG securitization platforms will help expand the reach of retail investors, while cooling the junk bond market. The article notes that the expansion of multi-tranche ESG securitization will allow long-term assets of pension funds and various ESG funds to be leveraged into mortgage-backed securities. Overall, ESG securitization improves the structure of transactions, expands the range of derivatives used, improves the quality of credit and interest rate risk management, and contributes to the achievement of sustainable development goals.
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Denison, Dwight V. "Bond Insurance Utilization and Yield Spreads in the Municipal Bond Market." Public Finance Review 29, no. 5 (September 2001): 394–411. http://dx.doi.org/10.1177/109114210102900503.
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Huang, Rongbing, Jay R. Ritter, and Donghang Zhang. "Private Equity Firms’ Reputational Concerns and the Costs of Debt Financing." Journal of Financial and Quantitative Analysis 51, no. 1 (February 2016): 29–54. http://dx.doi.org/10.1017/s0022109016000053.
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AbstractA popular view is that private equity (PE) firms tend to expropriate other stakeholders of their portfolio companies. Bonds offered during 1992–2011 by companies after their initial public offerings (IPOs) do not reflect this view. We find that yield spreads on bonds offered by PE-backed companies are, on average, 70 basis points lower, holding other things constant. We also find that PE-backed companies have more conservative investment and dividend policies after bond offerings compared with non-PE-backed companies. These results suggest that PE firms’ reputational concerns dominate their wealth expropriation incentives and help their portfolio companies reduce the costs of debt.
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Oehmke, Theresa B., Charles B. Moss, and James F. Oehmke. "COVID-19 Surveillance Updates in US Metropolitan Areas: Dynamic Panel Data Modeling." JMIR Public Health and Surveillance 8, no. 2 (February 24, 2022): e28737. http://dx.doi.org/10.2196/28737.
Повний текст джерелаАнотація:
Background Despite the availability of vaccines, the US incidence of new COVID-19 cases per day nearly doubled from the beginning of July to the end of August 2021, fueled largely by the rapid spread of the Delta variant. While the “Delta wave” appears to have peaked nationally, some states and municipalities continue to see elevated numbers of new cases. Vigilant surveillance including at a metropolitan level can help identify any reignition and validate continued and strong public health policy responses in problem localities. Objective This surveillance report aimed to provide up-to-date information for the 25 largest US metropolitan areas about the rapidity of descent in the number of new cases following the Delta wave peak, as well as any potential reignition of the pandemic associated with declining vaccine effectiveness over time, new variants, or other factors. Methods COVID-19 pandemic dynamics for the 25 largest US metropolitan areas were analyzed through September 19, 2021, using novel metrics of speed, acceleration, jerk, and 7-day persistence, calculated from the observed data on the cumulative number of cases as reported by USAFacts. Statistical analysis was conducted using dynamic panel data models estimated with the Arellano-Bond regression techniques. The results are presented in tabular and graphic forms for visual interpretation. Results On average, speed in the 25 largest US metropolitan areas declined from 34 new cases per day per 100,000 population, during the week ending August 15, 2021, to 29 new cases per day per 100,000 population, during the week ending September 19, 2021. This average masks important differences across metropolitan areas. For example, Miami’s speed decreased from 105 for the week ending August 15, 2021, to 40 for the week ending September 19, 2021. Los Angeles, San Francisco, Riverside, and San Diego had decreasing speed over the sample period and ended with single-digit speeds for the week ending September 19, 2021. However, Boston, Washington DC, Detroit, Minneapolis, Denver, and Charlotte all had their highest speed of the sample during the week ending September 19, 2021. These cities, as well as Houston and Baltimore, had positive acceleration for the week ending September 19, 2021. Conclusions There is great variation in epidemiological curves across US metropolitan areas, including increasing numbers of new cases in 8 of the largest 25 metropolitan areas for the week ending September 19, 2021. These trends, including the possibility of waning vaccine effectiveness and the emergence of resistant variants, strongly indicate the need for continued surveillance and perhaps a return to more restrictive public health guidelines for some areas.
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Oehmke, James Francis, Charles B. Moss, Lauren Nadya Singh, Theresa Bristol Oehmke, and Lori Ann Post. "Dynamic Panel Surveillance of COVID-19 Transmission in the United States to Inform Health Policy: Observational Statistical Study." Journal of Medical Internet Research 22, no. 10 (October 5, 2020): e21955. http://dx.doi.org/10.2196/21955.
Повний текст джерелаАнотація:
Background The Great COVID-19 Shutdown aimed to eliminate or slow the spread of SARS-CoV-2, the virus that causes COVID-19. The United States has no national policy, leaving states to independently implement public health guidelines that are predicated on a sustained decline in COVID-19 cases. Operationalization of “sustained decline” varies by state and county. Existing models of COVID-19 transmission rely on parameters such as case estimates or R0 and are dependent on intensive data collection efforts. Static statistical models do not capture all of the relevant dynamics required to measure sustained declines. Moreover, existing COVID-19 models use data that are subject to significant measurement error and contamination. Objective This study will generate novel metrics of speed, acceleration, jerk, and 7-day lag in the speed of COVID-19 transmission using state government tallies of SARS-CoV-2 infections, including state-level dynamics of SARS-CoV-2 infections. This study provides the prototype for a global surveillance system to inform public health practice, including novel standardized metrics of COVID-19 transmission, for use in combination with traditional surveillance tools. Methods Dynamic panel data models were estimated with the Arellano-Bond estimator using the generalized method of moments. This statistical technique allows for the control of a variety of deficiencies in the existing data. Tests of the validity of the model and statistical techniques were applied. Results The statistical approach was validated based on the regression results, which determined recent changes in the pattern of infection. During the weeks of August 17-23 and August 24-30, 2020, there were substantial regional differences in the evolution of the US pandemic. Census regions 1 and 2 were relatively quiet with a small but significant persistence effect that remained relatively unchanged from the prior 2 weeks. Census region 3 was sensitive to the number of tests administered, with a high constant rate of cases. A weekly special analysis showed that these results were driven by states with a high number of positive test reports from universities. Census region 4 had a high constant number of cases and a significantly increased persistence effect during the week of August 24-30. This change represents an increase in the transmission model R value for that week and is consistent with a re-emergence of the pandemic. Conclusions Reopening the United States comes with three certainties: (1) the “social” end of the pandemic and reopening are going to occur before the “medical” end even while the pandemic is growing. We need improved standardized surveillance techniques to inform leaders when it is safe to open sections of the country; (2) varying public health policies and guidelines unnecessarily result in varying degrees of transmission and outbreaks; and (3) even those states most successful in containing the pandemic continue to see a small but constant stream of new cases daily.
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Post, Lori Ann, Elana T. Benishay, Charles B. Moss, Robert Leo Murphy, Chad J. Achenbach, Michael G. Ison, Danielle Resnick, et al. "Surveillance Metrics of SARS-CoV-2 Transmission in Central Asia: Longitudinal Trend Analysis." Journal of Medical Internet Research 23, no. 2 (February 3, 2021): e25799. http://dx.doi.org/10.2196/25799.
Повний текст джерелаАнотація:
Background SARS-CoV-2, the virus that caused the global COVID-19 pandemic, has severely impacted Central Asia; in spring 2020, high numbers of cases and deaths were reported in this region. The second wave of the COVID-19 pandemic is currently breaching the borders of Central Asia. Public health surveillance is necessary to inform policy and guide leaders; however, existing surveillance explains past transmissions while obscuring shifts in the pandemic, increases in infection rates, and the persistence of the transmission of COVID-19. Objective The goal of this study is to provide enhanced surveillance metrics for SARS-CoV-2 transmission that account for weekly shifts in the pandemic, including speed, acceleration, jerk, and persistence, to better understand the risk of explosive growth in each country and which countries are managing the pandemic successfully. Methods Using a longitudinal trend analysis study design, we extracted 60 days of COVID-19–related data from public health registries. We used an empirical difference equation to measure the daily number of cases in the Central Asia region as a function of the prior number of cases, level of testing, and weekly shift variables based on a dynamic panel model that was estimated using the generalized method of moments approach by implementing the Arellano-Bond estimator in R. Results COVID-19 transmission rates were tracked for the weeks of September 30 to October 6 and October 7-13, 2020, in Central Asia. The region averaged 11,730 new cases per day for the first week and 14,514 for the second week. Infection rates increased across the region from 4.74 per 100,000 persons to 5.66. Russia and Turkey had the highest 7-day moving averages in the region, with 9836 and 1469, respectively, for the week of October 6 and 12,501 and 1603, respectively, for the week of October 13. Russia has the fourth highest speed in the region and continues to have positive acceleration, driving the negative trend for the entire region as the largest country by population. Armenia is experiencing explosive growth of COVID-19; its infection rate of 13.73 for the week of October 6 quickly jumped to 25.19, the highest in the region, the following week. The region overall is experiencing increases in its 7-day moving average of new cases, infection, rate, and speed, with continued positive acceleration and no sign of a reversal in sight. Conclusions The rapidly evolving COVID-19 pandemic requires novel dynamic surveillance metrics in addition to static metrics to effectively analyze the pandemic trajectory and control spread. Policy makers need to know the magnitude of transmission rates, how quickly they are accelerating, and how previous cases are impacting current caseload due to a lag effect. These metrics applied to Central Asia suggest that the region is trending negatively, primarily due to minimal restrictions in Russia.
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Török, László. "Ambivalent Change in CDS Spreads in 11 Euro Area Countries." Pénzügyi Szemle = Public Finance Quarterly 67, no. 1 (2022): 100–115. http://dx.doi.org/10.35551/pfq_2022_1_6.
Повний текст джерелаАнотація:
One of the macroeconomic consequences of the COVID-19 epidemic is that the global economy has seen a robust increase in the countries‘ gross external debt and the sovereign public debt that is part of it. Nor have the eurozone Member States escaped this effect. The increase in gross external debt and sovereign government debt also means that it has become theoretically more risky for investors to buy debt securities (typically bonds). Theoretically, however, it follows that as a result of the increase in risks in the country, CDS spreads had to rise as well. The study uses a correlation calculation to show that the development of the price of CDSs is more closely correlated with gross government debt than with gross external debt. Using hierarchical cluster analysis, the study groups the countries of the Eurozone. The basis for clustering is the close relationship between a country‘s gross government debt and its CDS spread over the period under review. A relevant conclusion of the study is that the increase in gross government debt was not followed by an increase in CDS spreads because the financial source of the increase in government debt was different from previous years.
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Lam, Swee-Sum, Tao Li, and Weina Zhang. "Unveil the economic impact of policy reversals: the China experience." China Finance Review International 10, no. 1 (January 10, 2019): 16–36. http://dx.doi.org/10.1108/cfri-04-2018-0033.
Повний текст джерелаАнотація:
Purpose The purpose of this paper is to reveal the economic impact of policy reversals related to market liberalization reforms in China. Design/methodology/approach To perform the analysis, the authors hand-collect 59 financial market liberalization policy reversals from 1999 to 2017. These reversals are related to the liberalization of the stock market, bond market, derivatives market, forex market, lending market, and real estate market etc. The authors employ a stylized equilibrium interest rate model from Li et al. (2013) to deduce the impact of policy reversals on economic growth and the associated volatility after the announcement of each policy reversal. Findings First, the authors discover that about half of reversals are related to some tradeoff between the economic growth and the volatility associated with growth. Second, the authors also find that about a quarter of the reversals are detrimental to both the growth and the stability. These reversals, if known to policymakers, should be entirely avoided or corrected. Third, using a simple diagnostic test, the authors can identify detrimental reversals at the intra-day frequency by computing the change of the term spread and the volatility before and after the reversals. Practical implications The findings are useful for identifying effective policymaking in developing countries where mature democratic and rigorous policymaking processes are often lacking and formulating economic policies is challenging. The findings suggest that policy reversals serve China well by improving the quality of the policy made without posing destructive consequences to the existing economic infrastructure. This empirical evidence is important for a better understanding of the benefits of policy reversals on economic growth. Social implications The empirical procedure provides a timely and objective evaluation of policy shifts, allowing for the general public to discern the rationale behind the policy decisions. Consequently, stakeholders’ trust and confidence in policymakers is enhanced so that the probability of the successful implementation of structural reforms may increase in these developing countries. Originality/value First, the results reveal some successful examples of Chinese policymaking in the path of liberalizing financial market. The authors find that the Chinese liberalization policy flip-flops have resulted in a more balanced growth on some occasions with reduced growth rate and volatility. Second, the proposed methodology provides an objective evaluation of policy shifts, allowing for the public to infer the general direction of the impact generated by policy shifts. Subsequently, stakeholders’ trust and confidence in policymakers can be enhanced and/or restored if the process of finding a successful path of structural reforms is unambiguous. Finally, the interest rate model also provides a timely method to evaluate the impact of policy shifts at an intra-day frequency, whereas most macroeconomic indicators are available at longer frequencies such as monthly or quarterly. The timeliness in understanding the economic consequences of policy reversals can be critical to prevent the destructive consequences of bad ones.
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Muda, Lisdawati, Munandar Alwy Satingi, and Sanji Sinalaan. "Kesadaran Masyarakat terhadap Pencegahan Covid-19 serta Penerapan Protokol Kesehatan di Kabupaten Bone Bolango." Madani: Jurnal Pengabdian Ilmiah 4, no. 1 (October 22, 2021): 31–41. http://dx.doi.org/10.30603/md.v4i1.2330.
Повний текст джерелаАнотація:
Covid-19 (Coronavirus Disease 2019) is a type of disease that has hit the world since the end of 2019 caused by the coronavirus or SARS-CoV-2. This virus spreads from human to human through direct direct contact quickly with symptoms that are only felt a maximum of 14 days after exposure. The entry of covid-19 in Indonesia has made the government take quick and responsive action to prevent and overcome it. The government has provided signs with the issuance of the Decree of the Minister of Health Number HK. 01.07/MENKES/382/2020 Regarding Public Health Protocols in Public Places and Facilities for the Prevention and Control of Coronavirus Disease 2019 (Covid-19). The health minister's decision is a step to minimize the spread of COVID-19 in Indonesia. Community participation in a pandemic situation is the main resource in handling the response. Various forms of contributions and initiatives that have emerged in the community have become part of the handling of the COVID-19 response in the community. Community involvement in handling COVID-19 can be manifested in various forms, including community-based activities, humanitarian volunteers and civil society organizations. Community involvement can accommodate either individually or as an institution by considering the experience, expertise, and mobilization of resources owned
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Tampakoudis, Ioannis A., Andrius Tamošiūnas, Demetres N. Subeniotis, and Ioannis G. Kroustalis. "THE INTERACTIONS AND TRADE-OFFS OF SOVEREIGN CREDIT DEFAULT SWAP (CDS) AND BOND SPREADS IN A DYNAMIC CONTEXT." Journal of Business Economics and Management 20, no. 3 (April 23, 2019): 466–88. http://dx.doi.org/10.3846/jbem.2019.9759.
Повний текст джерелаАнотація:
This study provides a dynamic analysis of the lead-lag relationship between sovereign Credit Default Swap (CDS) and bond spreads of the highly indebted southern European countries, considering an extensive time sample from the period before the global financial crisis to the latest developments of the sovereign indebtedness in the euro area. We employ an integrated price discovery methodology on a rolling sample, with the intention to shed light on whether the CDS spreads can trigger rises in bond spreads, and the relative efficiency of credit risk pricing in the CDS and bond markets. In addition, we attempt to depict the evolution of the price discovery process regarding the direction of influence from one market to the other. The rolling window analysis verifies that the price discovery process evolves over time, presenting frequent alternations concerning the leading market. We find that during periods of economic turbulence the CDS market leads the bond market in price discovery, incorporating the new information about sovereign credit risk faster and more efficiently than the bond market does. This regularity should be seriously considered by private and public participants as they make investment and funding decisions. Therefore, the motivation of our paper is to identify the dominant market in terms of price discovery during a period of economic turmoil and, thus, to provide insights for decision making to investment bodies and central governments.
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Mikhaylova, Anna, and Irina Ivashkovskaya. "Do Investors Pay Yield Premiums On Green Bonds?" Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 14, no. 2 (September 1, 2020): 7–21. http://dx.doi.org/10.17323/j.jcfr.2073-0438.14.2.2020.7-21.
Повний текст джерелаАнотація:
Global shifts in perspectives on environmental concerns and the growing significance of large-scale sustainabilityprograms have brought the issue of green financing to the fore of financial research. In terms of volume, this area hasdemonstrated high growth rates in various types of capital markets.Unfortunately, few studies exist which explore the yields on green bonds in emerging markets in comparison todeveloped ones. As such, in this paper, we contribute new evidence to the field of green financing and outline severalmajor differences between green issues in these types of capital markets.We study yield premiums of green bonds on a sample of 2,450 green issues and comparable traditional bonds over theperiod from 2008 to March 2020. We contribute to the literature by new empirical evidence on green financing.Our results provide evidence of small but statistically significant negative premiums on green bonds of 23,4%1 comparedto the expected yields for standard issues. We also show that the negative premium on green bonds is more pronouncedin developed markets (- 27%2) than in emerging ones (18%3). Moreover, we provide new evidence on the negativepremium-liquidity relationship. Our research concludes that negative premiums are related to a higher level of liquidity:green bonds have lower bid-ask spreads and a higher level of liquidity than traditional ones.These conclusions can assist investors, potential issuing companies, and public authorities in achieving a betterunderstanding of the current situation of the green bond market in global terms.
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Tang, Dragon Yongjun, Feng Tian, and Hong Yan. "Internal Control Quality and Credit Default Swap Spreads." Accounting Horizons 29, no. 3 (March 1, 2015): 603–29. http://dx.doi.org/10.2308/acch-51100.
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SYNOPSIS This paper presents the first study on the effects of internal control quality on derivatives pricing. Specifically, we utilize data from the credit default swap (CDS) transactions of well-monitored companies to examine the relationship between the quality of internal control and the cost of debt. CDS data are advantageous for the study of this relationship because CDS contracts are comparatively more homogeneous, standardized, and liquid than either bank loans or public bonds. We find that, all else being equal, companies experiencing internal control material weakness (MW) exhibit higher CDS spreads than companies with effective internal control. Moreover, the MW effect on CDS spreads is more pronounced for company-level MWs than for less severe, account-specific MWs. We also document that CDS spreads increase around the filings of MWs. Furthermore, the deterioration of internal control quality is related to increases in CDS spreads. Finally, short-maturity CDS spreads are more affected by MWs than are long-maturity CDS spreads. JEL Classifications: M41; G32; K22. Data Availability: The data are available from public sources.
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Sikka, Rahul, Mallika Kumar, and Sonal Thukral. "Rising bond yield spreads in the times of Pandemic: A study of 20 affected economies." Multidisciplinary Science Journal 6 (July 19, 2024): 2024ss0431. http://dx.doi.org/10.31893/multiscience.2024ss0431.
Повний текст джерелаАнотація:
The study explores the impact of worsening public health conditions in an economy on its financial risk, During the global health crisis caused by the COVID-19 pandemic, employing a study event methodology, it was found certainly after the pandemic that a majority of the economies suffered from high abnormal yield spreads, and the effect was more prominent in the countries suffering from high COVID-19 induced death rates. The analysis shows that major economies of Europe, which during the period of study were the epicenter of the pandemic, experienced the highest yield spreads. These observations were further corroborated through the regression analysis, which found a significant and positive relationship between death rates and abnormal yield spreads. The findings of the study suggest that policymakers should address the deteriorating health conditions in an economy to counter the rising financial risk.
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Guest, Jodie L., Carlos del Rio, and Travis Sanchez. "The Three Steps Needed to End the COVID-19 Pandemic: Bold Public Health Leadership, Rapid Innovations, and Courageous Political Will." JMIR Public Health and Surveillance 6, no. 2 (April 6, 2020): e19043. http://dx.doi.org/10.2196/19043.
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The world is experiencing the expansive spread of severe acute respiratory syndrome-coronavirus 2 (SARS-CoV-2) in a global pandemic that is placing strain on health care, economic, and social systems. Commitment to implementing proven public health strategies will require bold public health leadership and courageous acts by politicians. Developing new innovative communication, mitigation, and health care approaches, particularly in the era of social media, is also clearly warranted. We believe that the best public health evidence must inform activities in three priority areas to stop this pandemic: (1) coordinated and consistent stay-at-home orders across multiple jurisdictions, including potential nationwide mandates; (2) rapid scale-up of SARS-CoV-2 testing; and (3) improved health care capacity to respond. This editorial outlines those areas, the rationale behind them, and the call for innovation and engagement of bold public health leadership to empower courageous political action to reduce the number of deaths during this pandemic.
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Post, Lori Ann, Jasmine S. Lin, Charles B. Moss, Robert Leo Murphy, Michael G. Ison, Chad J. Achenbach, Danielle Resnick, et al. "SARS-CoV-2 Wave Two Surveillance in East Asia and the Pacific: Longitudinal Trend Analysis." Journal of Medical Internet Research 23, no. 2 (February 1, 2021): e25454. http://dx.doi.org/10.2196/25454.
Повний текст джерелаАнотація:
Background The COVID-19 pandemic has had a profound global impact on governments, health care systems, economies, and populations around the world. Within the East Asia and Pacific region, some countries have mitigated the spread of the novel coronavirus effectively and largely avoided severe negative consequences, while others still struggle with containment. As the second wave reaches East Asia and the Pacific, it becomes more evident that additional SARS-CoV-2 surveillance is needed to track recent shifts, rates of increase, and persistence associated with the pandemic. Objective The goal of this study is to provide advanced surveillance metrics for COVID-19 transmission that account for speed, acceleration, jerk, persistence, and weekly shifts, to better understand country risk for explosive growth and those countries who are managing the pandemic successfully. Existing surveillance coupled with our dynamic metrics of transmission will inform health policy to control the COVID-19 pandemic until an effective vaccine is developed. We provide novel indicators to measure disease transmission. Methods Using a longitudinal trend analysis study design, we extracted 330 days of COVID-19 data from public health registries. We used an empirical difference equation to measure the daily number of cases in East Asia and the Pacific as a function of the prior number of cases, the level of testing, and weekly shift variables based on a dynamic panel model that was estimated using the generalized method of moments approach by implementing the Arellano-Bond estimator in R. Results The standard surveillance metrics for Indonesia, the Philippines, and Myanmar were concerning as they had the largest new caseloads at 4301, 2588, and 1387, respectively. When looking at the acceleration of new COVID-19 infections, we found that French Polynesia, Malaysia, and the Philippines had rates at 3.17, 0.22, and 0.06 per 100,000. These three countries also ranked highest in terms of jerk at 15.45, 0.10, and 0.04, respectively. Conclusions Two of the most populous countries in East Asia and the Pacific, Indonesia and the Philippines, have alarming surveillance metrics. These two countries rank highest in new infections in the region. The highest rates of speed, acceleration, and positive upwards jerk belong to French Polynesia, Malaysia, and the Philippines, and may result in explosive growth. While all countries in East Asia and the Pacific need to be cautious about reopening their countries since outbreaks are likely to occur in the second wave of COVID-19, the country of greatest concern is the Philippines. Based on standard and enhanced surveillance, the Philippines has not gained control of the COVID-19 epidemic, which is particularly troubling because the country ranks 4th in population in the region. Without extreme and rigid social distancing, quarantines, hygiene, and masking to reverse trends, the Philippines will remain on the global top 5 list of worst COVID-19 outbreaks resulting in high morbidity and mortality. The second wave will only exacerbate existing conditions and increase COVID-19 transmissions.
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Alwasilah, Autumn Windy. "DENOTATION AND CONNOTATION ON KEMENDIKBUD’S PUBLIC SERVICE AD ON PANDEMIC COVID-19." JEPAL (Journal of English Pedagogy and Applied Linguistics) 2, no. 1 (August 31, 2021): 32–42. http://dx.doi.org/10.32627/jepal.v2i1.61.
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This paper analyzes a televised public service ad by Kemendikbud on their advice for the public to stay at home during the pandemic Covid-19 especially on the Eid day to stop the spread of the corona virus. The paper focuses on the four sign systems of the ad: photographs, written language, spoken language (narration), and moving images (McIlwain, 2007). Descriptive qualitative was employed in the paper to collect and analyze the data. This method was used because it provides an intensive, holistic description and analysis of a single entity. The analysis shows that the first-order and second-order signification by Barthes (1967) can be used in analyzing the four sign systems. Bold signs such as photographs, written and spoken language, and moving images in the ad that can be seen by viewers are denotations. Meanwhile, connotations represent the communication that occurs when signs meet with the user's emotions.
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Machado, Clarisse Martins. "COVID-19 and hematopoietic stem cell transplantation: recommendations from the Brazilian Society of Bone Marrow Transplantation (SBTMO)." JBMTCT 1, no. 1 (July 6, 2020): 67–72. http://dx.doi.org/10.46765/2675-374x.2020v1n1p67-72.
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Abstract
The beginning of 2020 was marked by the rapid spread of SARS CoV-2 worldwide, causing the pandemic of COVID-19, which has represented a major public health problem.
HSCT centers must be prepared to deal with the difficulties imposed by the pandemic. This manuscript summarizes some of the knowledge acquired so far regarding SARS CoV-2 and COVID-19, and the main recommendations for HSCT centers.