In this study,we analyze the stock market reaction to 35 events associated with 32 publicly traded companies from six countries that have announced cryptocurrency acquisitions,selling,or acceptance as a means of payme...In this study,we analyze the stock market reaction to 35 events associated with 32 publicly traded companies from six countries that have announced cryptocurrency acquisitions,selling,or acceptance as a means of payment.Our analysis focuses on traditional firms whose core business is unrelated to blockchain or cryptocurrency.We find that the aggregate market reaction around these events is slightly positive but statistically insignificant for most event windows.However,when we perform heterogeneity analyses,we observe significant differences in market reaction between events with high(larger CARs)and low cryptocurrency exposure(lower CARs).Multivariate regressions show that the level of exposure to cryptocurrency("skin in the game")is a critical factor underlying abnormal returns around the event.Further analyses reveal that economically meaningful acquisitions of BTC or ETH(relative to firm’s total assets)drive the observed effect.Our findings have important implications for managers,investors,and analysts as they shed light on the relationship between cryptocurrency adoption and firm value.展开更多
This paper provides an analysis of the market reaction to dividend change announcements for publicly-traded, family-controlled firms. Family firms have a significantly lower proportion of independent directors than no...This paper provides an analysis of the market reaction to dividend change announcements for publicly-traded, family-controlled firms. Family firms have a significantly lower proportion of independent directors than non-family firms, which is consistent with the idea that family members dominate the board of directors and that family shareholders are common in publicly-traded firms. The author analyzed 390 dividend change announcements in Portugal over the period from 1991 to 2010 using a panel data approach. The results show no evidence of a significant market reaction to dividend change announcements, providing no evidence in support of the dividend-signaling hypothesis in the context of family firms. This conclusion agrees with previous studies in which there was no distinction between family and non-family firms. Empirical results show that family firms engage in lower payouts than their non-family counterparts, giving some supports to the expropriation hypothesis. This finding may indicate that families expropriate the wealth of shareholders through lower dividends. This result is also consistent with the clientele theory of dividends.展开更多
In this paper, the author uses the listed company＇s annual report and financial statements to do the empirical research, the selected areas are information technology industries. The results show that the average age...In this paper, the author uses the listed company＇s annual report and financial statements to do the empirical research, the selected areas are information technology industries. The results show that the average age of employees, professional proportion, and the average assesses and executives＇ shareholdings have no significant impact with P/B. The industry statistics revealed no significant impact between average age and P/B because each group of age has its own advantages. By using these indicators, the author can improve the human resources information voluntary disclosure, make the disclosure of information comparable, and provide the empirical reference to the listed companies.展开更多
This study presents a thorough investigation of the relationship between the coronavirus disease 2019(COVID-19)and daily stock price changes.We use several types of COVID-19 patients as indicators for exploring whethe...This study presents a thorough investigation of the relationship between the coronavirus disease 2019(COVID-19)and daily stock price changes.We use several types of COVID-19 patients as indicators for exploring whether stock prices are significantly affected by COVID-19’s impact.In addition,using the Chinese stock market as an example,we are particularly interested in the psychological and industrial impacts of COVID-19 on the financial market.This study makes two contributions to the literature.First,from a theoretical perspective,it shows a novel quantitative relationship between the psychological response to the pandemic and stock prices.In addition,it depicts the mechanism of the shock to the stock market by pointing out the specific functional expression of the impulse reaction.To our knowledge,this is the first theoretical calculation of the impulse of a shock to the financial market.Second,this study empirically estimates the marginal effect of the COVID-19 pandemic on fluctuations in stock market returns.By controlling for stock fundamentals,this study also estimates diverse industrial responses to pandemic stock volatility.We confirm that the COVID-19 pandemic has caused panic in the stock market,which not only depresses stock prices but also inflates volatility in daily returns.Regarding the impulse of the shock,we identify the cumulative level of the pandemic variables as well as their incremental differences.As shown by our empirical results,the terms for these differences will eventually dominate the marginal effect,which confirms the fading impulse of the shock.Finally,this study highlights some important policy implications of stock market volatility and returns to work in the industry.展开更多
Background: Iopromide (Ultravist®) has been shown to be a very safe CM agent in previous post-marketing surveillance studies on Western and Asian populations. Our study aimed to analyse data pertaining to the s...Background: Iopromide (Ultravist®) has been shown to be a very safe CM agent in previous post-marketing surveillance studies on Western and Asian populations. Our study aimed to analyse data pertaining to the safety, tolerability and diagnostic image quality of Iopromide in an unselected sub-set of the Chinese population. Methods: we analysed data for Chinese ambulatory and in-patients who received Iopromide for an imaging procedure (in accordance with the local package insert and routine clinical practice), as part of an international post-marketing surveillance study. Use of premedication was at the discretion of the attending physician. Patient demographics, clinical history, type of examination, contrast quality and tolerability, including pre-specified adverse drug reactions, were recorded. All statistical analyses were descriptive. Results: case report forms for 20,000 Chinese patients (61.3% men) were analysed, of whom 153 patients (0.77%) had risk factors for idiosyncratic contrast media reactions (at-risk group). Use of premedication, most commonly corticosteroids, was recorded for 5658 patients (28.3%) and 86 at-risk patients (56.2% of the at-risk group), respectively. The mean (±standard deviation) dose of iodine administered was 29 ± 5.5 g. During the physician’s evaluation of image parameters, contrast quality was considered to be “good” (64.7%) or “excellent” (29.3%) in the majority of patients. 571 patients (2.9%) experienced at least one adverse drug reaction [most frequently nausea (0.70%) and dysgeusia (0.62%)], which were typically transient and of mild intensity. Two serious adverse drug reactions were reported [edema (n = 1), decreased blood pressure and dyspnea (n = 1)]. The incidence of adverse drug reactions was increased in the at-risk group versus the overall patient population, and tended to reduce with premedication (mainly corticosteroids). Conclusions: Iopromide was well tolerated and proved to be an efficient contrast agent in a large, non-selected sub-set of Chinese patients undergoing different types of diagnostic imaging procedures.展开更多
目的对地塞米松磷酸钠注射剂开展上市后安全性研究,为临床合理用药和保障公众健康提供参考。方法使用《Medical Dictionary for Regulatory Activities》(MedDRA,中文名称监管活动医学词典)对药品不良反应(ADR)进行编码;参考“Common Te...目的对地塞米松磷酸钠注射剂开展上市后安全性研究,为临床合理用药和保障公众健康提供参考。方法使用《Medical Dictionary for Regulatory Activities》(MedDRA,中文名称监管活动医学词典)对药品不良反应(ADR)进行编码;参考“Common Terminology Criteria for Adverse Events,CTCAE”5.0版(常见不良事件评价标准)并结合病例描述对ADR按严重程度进行级别划分;采用回顾分析法从合理用药、ADR特征、人口学特征、ADR严重程度、风险提示等方面开展上市后安全性研究。结果本研究纳入的病例无超说明书用药情况;地塞米松磷酸钠注射剂占比较高的系统器官分类(SOC)包括各类检查、各类神经系统疾病、皮肤及皮下组织类疾病、胃肠系统疾病、血液及淋巴系统疾病,例次数较高的首选语(PT)包括血葡萄糖升高、失眠、白细胞计数升高、呃逆、皮疹;不同SOC应重点关注的年龄段和不同年龄段应重点关注的SOC均不尽相同;ADR严重程度主要为1级和2级,但监测到部分3级和4级ADR;FDA数据库的风险提示与本研究结果基本契合。结论建议关注地塞米松磷酸钠注射剂50岁以上用药人群、未成年患者皮肤及皮下组织类疾病和血液及淋巴系统疾病、各年龄段患者相关检查项目;建议结合ADR风险提示对该品种实施分类监测。展开更多
基金National Council for Scientific and Technological Development–CNPq(Grant#313033/2022-6)and the Silicon Valley Community Foundation for providing financial support to conduct this research throughout the University Blockchain Research Initiative(UBRI).
文摘In this study,we analyze the stock market reaction to 35 events associated with 32 publicly traded companies from six countries that have announced cryptocurrency acquisitions,selling,or acceptance as a means of payment.Our analysis focuses on traditional firms whose core business is unrelated to blockchain or cryptocurrency.We find that the aggregate market reaction around these events is slightly positive but statistically insignificant for most event windows.However,when we perform heterogeneity analyses,we observe significant differences in market reaction between events with high(larger CARs)and low cryptocurrency exposure(lower CARs).Multivariate regressions show that the level of exposure to cryptocurrency("skin in the game")is a critical factor underlying abnormal returns around the event.Further analyses reveal that economically meaningful acquisitions of BTC or ETH(relative to firm’s total assets)drive the observed effect.Our findings have important implications for managers,investors,and analysts as they shed light on the relationship between cryptocurrency adoption and firm value.
文摘This paper provides an analysis of the market reaction to dividend change announcements for publicly-traded, family-controlled firms. Family firms have a significantly lower proportion of independent directors than non-family firms, which is consistent with the idea that family members dominate the board of directors and that family shareholders are common in publicly-traded firms. The author analyzed 390 dividend change announcements in Portugal over the period from 1991 to 2010 using a panel data approach. The results show no evidence of a significant market reaction to dividend change announcements, providing no evidence in support of the dividend-signaling hypothesis in the context of family firms. This conclusion agrees with previous studies in which there was no distinction between family and non-family firms. Empirical results show that family firms engage in lower payouts than their non-family counterparts, giving some supports to the expropriation hypothesis. This finding may indicate that families expropriate the wealth of shareholders through lower dividends. This result is also consistent with the clientele theory of dividends.
文摘In this paper, the author uses the listed company＇s annual report and financial statements to do the empirical research, the selected areas are information technology industries. The results show that the average age of employees, professional proportion, and the average assesses and executives＇ shareholdings have no significant impact with P/B. The industry statistics revealed no significant impact between average age and P/B because each group of age has its own advantages. By using these indicators, the author can improve the human resources information voluntary disclosure, make the disclosure of information comparable, and provide the empirical reference to the listed companies.
文摘This study presents a thorough investigation of the relationship between the coronavirus disease 2019(COVID-19)and daily stock price changes.We use several types of COVID-19 patients as indicators for exploring whether stock prices are significantly affected by COVID-19’s impact.In addition,using the Chinese stock market as an example,we are particularly interested in the psychological and industrial impacts of COVID-19 on the financial market.This study makes two contributions to the literature.First,from a theoretical perspective,it shows a novel quantitative relationship between the psychological response to the pandemic and stock prices.In addition,it depicts the mechanism of the shock to the stock market by pointing out the specific functional expression of the impulse reaction.To our knowledge,this is the first theoretical calculation of the impulse of a shock to the financial market.Second,this study empirically estimates the marginal effect of the COVID-19 pandemic on fluctuations in stock market returns.By controlling for stock fundamentals,this study also estimates diverse industrial responses to pandemic stock volatility.We confirm that the COVID-19 pandemic has caused panic in the stock market,which not only depresses stock prices but also inflates volatility in daily returns.Regarding the impulse of the shock,we identify the cumulative level of the pandemic variables as well as their incremental differences.As shown by our empirical results,the terms for these differences will eventually dominate the marginal effect,which confirms the fading impulse of the shock.Finally,this study highlights some important policy implications of stock market volatility and returns to work in the industry.
文摘Background: Iopromide (Ultravist®) has been shown to be a very safe CM agent in previous post-marketing surveillance studies on Western and Asian populations. Our study aimed to analyse data pertaining to the safety, tolerability and diagnostic image quality of Iopromide in an unselected sub-set of the Chinese population. Methods: we analysed data for Chinese ambulatory and in-patients who received Iopromide for an imaging procedure (in accordance with the local package insert and routine clinical practice), as part of an international post-marketing surveillance study. Use of premedication was at the discretion of the attending physician. Patient demographics, clinical history, type of examination, contrast quality and tolerability, including pre-specified adverse drug reactions, were recorded. All statistical analyses were descriptive. Results: case report forms for 20,000 Chinese patients (61.3% men) were analysed, of whom 153 patients (0.77%) had risk factors for idiosyncratic contrast media reactions (at-risk group). Use of premedication, most commonly corticosteroids, was recorded for 5658 patients (28.3%) and 86 at-risk patients (56.2% of the at-risk group), respectively. The mean (±standard deviation) dose of iodine administered was 29 ± 5.5 g. During the physician’s evaluation of image parameters, contrast quality was considered to be “good” (64.7%) or “excellent” (29.3%) in the majority of patients. 571 patients (2.9%) experienced at least one adverse drug reaction [most frequently nausea (0.70%) and dysgeusia (0.62%)], which were typically transient and of mild intensity. Two serious adverse drug reactions were reported [edema (n = 1), decreased blood pressure and dyspnea (n = 1)]. The incidence of adverse drug reactions was increased in the at-risk group versus the overall patient population, and tended to reduce with premedication (mainly corticosteroids). Conclusions: Iopromide was well tolerated and proved to be an efficient contrast agent in a large, non-selected sub-set of Chinese patients undergoing different types of diagnostic imaging procedures.
文摘目的对地塞米松磷酸钠注射剂开展上市后安全性研究,为临床合理用药和保障公众健康提供参考。方法使用《Medical Dictionary for Regulatory Activities》(MedDRA,中文名称监管活动医学词典)对药品不良反应(ADR)进行编码;参考“Common Terminology Criteria for Adverse Events,CTCAE”5.0版(常见不良事件评价标准)并结合病例描述对ADR按严重程度进行级别划分;采用回顾分析法从合理用药、ADR特征、人口学特征、ADR严重程度、风险提示等方面开展上市后安全性研究。结果本研究纳入的病例无超说明书用药情况;地塞米松磷酸钠注射剂占比较高的系统器官分类(SOC)包括各类检查、各类神经系统疾病、皮肤及皮下组织类疾病、胃肠系统疾病、血液及淋巴系统疾病,例次数较高的首选语(PT)包括血葡萄糖升高、失眠、白细胞计数升高、呃逆、皮疹;不同SOC应重点关注的年龄段和不同年龄段应重点关注的SOC均不尽相同;ADR严重程度主要为1级和2级,但监测到部分3级和4级ADR;FDA数据库的风险提示与本研究结果基本契合。结论建议关注地塞米松磷酸钠注射剂50岁以上用药人群、未成年患者皮肤及皮下组织类疾病和血液及淋巴系统疾病、各年龄段患者相关检查项目;建议结合ADR风险提示对该品种实施分类监测。
