Corporate governance and market performance of parent firms following equity carve-out announcements

Using the Gompers, Ishii, and Metrick corporate governance index on a sample of 158 parent firms, this study demonstrates that firms with a superior governance rating have a higher short-term market reaction to carve-out announcements relative to firms with an inferior governance rating. Although the data supports previous evidence regarding negative long-term market reaction that parent firms typically experience following equity carve-outs, the results show that well-governed firms marginally outperform others. The findings also confirm that the dynamic effects related to improvements in corporate governance positively affect the long-term market outcome of parent firms; this relation is more significant in well-governed parent firms. Finally, the study shows evidence that corporate governance helps mitigate the agency problems related to the financing hypothesis, which results in better short and long-term market reactions following carve-out announcements.     

Corporate governance and the market reaction to stock repurchase announcement

This paper investigates the effect of corporate governance on market reaction around of a stock repurchase announcement. We argue that corporate governance affects the ability of a stock repurchase to alleviate agency costs related to free cash flows, and the credibility of the undervaluation signal sent by the announcement of buyback programs. We find a higher 3-day cumulative abnormal return to programs announced by firms with better corporate governance practices than those with bad governance (1.6% and 0.85% respectively), and the market reaction is significantly higher following the successive scandals in year 2001 (Enron, Arthur Anderson, WorldCom??) and the resulting Sarbanes?COxley Act of 2002. Further investigations indicate that firms with a lower Free Cash Flow to Asset ratio have a higher market reaction, which is consistent with the information signaling hypothesis, and this is more significant in firms with good governance practices, and following post Sarbanes?COxley Act.     

The relationship between circulating testosterone and inflammatory cytokines in men

Testosterone is the predominant gonadal androgen in men. Low testosterone levels are found to be associated with an increased in metabolic risk and systematic inflammation. Since adipose tissue is a source of inflammatory cytokines, testosterone may regulate inflammation by acting on adipose tissue. This review aimed to explore the role of testosterone in inflammation and its mechanism of action. Both animal studies and human studies showed that (1) testosterone deficiency was associated with an increase in pro-inflammatory cytokines; (2) testosterone substitution reduced pro-inflammatory cytokines. The suppression of inflammation by testosterone were observed in patients with coronary artery disease, prostate cancer and diabetes mellitus through the increase in anti-inflammatory cytokines (IL-10) and the decrease in pro-inflammatory cytokines (IL-1β, IL-6, and TNF-α). Despite these, some studies also reported a non-significant relationship. In conclusion, testosterone may possess anti-inflammatory properties but its magnitude is debatable. More evidence is needed to validate the use of testosterone as a marker and in the management of chronic inflammatory diseases.     

Adolescents at risk of mental health problems in the COVID-19 pandemic: A prospective population-based study of the effects of government mandates and school closures

There is increasing evidence that the COVID-19 pandemic has had substantial mental health impacts for adolescents. Yet, few definitive studies have investigated which adolescents were at higher risk of poor mental health and well-being during the pandemic. Data were drawn from the Childhood to Adolescence Transition Study, a prospective cohort study of students in Australia (N = 1211). Prevalence of mental health outcomes (depressive symptoms, anxiety symptoms, self-harm and good subjective well-being) was estimated in school Years 5–12, where Years 11 (2020) and 12 (2021) coincided with the pandemic. The age- and sex-adjusted relative risk of each mental health outcome for each priority group during the pandemic were estimated. During the pandemic, over 50% of study participants reported depressive symptoms, and one quarter reported anxiety symptoms. There was a decrease in good subjective well-being compared with pre-pandemic years, while self-harm prevalence remained similar. History of mental health problems, school disengagement and frequent peer victimisation increased the risk of experiencing mental health problems during the pandemic. Schools play a central role in maintaining the mental health and good subjective well-being of students, and this is particularly important during periods of social disruption, such as the COVID-19 pandemic.     

Household welfare and women empowerment through microcredit financing: Evidence from Malaysia microcredit

Microcredit financing is considered a crucial vehicle to flourish the socioeconomic conditions of women and women empowerment, especially among those who are from low-income households and deprived of access to financial services. Nevertheless, the literature arrived with a conflicting conclusion about its effect and women demonstrate that microcredit has small or no effect. This study is intended to scrutinize the impact of a productive loan provided by Amanah Ikhtiar Malaysia (AIM) on women household welfare and empowerment. A cross-sectional survey was employed through the distribution of a questionnaire to 495 of old and new borrowers. We observe that microcredit has significant positive effects on borrowers’ household income and personal asset acquisition. However, even though the effect of microcredit empowers women borrowers in households’ decisions-making, it has no effect on women control over minor financials.     

Flow diagram analysis of electrical fatalities in construction industry

The current study reanalyzed 250 electrical fatalities in the construction industry from 1996 to 2002 into seven patterns based on source of electricity (power line, energized equipment, improperly installed or damaged equipment), direct contact or indirect contact through some source of injury (boom vehicle, metal bar or pipe, and other conductive material). Each fatality was coded in terms of age, company size, experience, performing tasks, source of injury, accident cause and hazard pattern. The Chi-square Automatic Interaction Detector (CHAID) was applied to the coded data of the fatal electrocution to find a subset of predictors that might derive meaningful classifications or accidents scenarios. A series of Flow Diagrams was constructed based on CHAID result to illustrate the flow of electricity travelling from electrical source to human body. Each of the flow diagrams can be directly linked with feasible prevention strategies by cutting the flow of electricity.     

Optimal and Robust Designs for Estimating the Concentration Curve and the AUC

The problem of interest is to estimate the concentration curve and the area under the curve (AUC) by estimating the parameters of a linear regression model with an autocorrelated error process. We introduce a simple linear unbiased estimator of the concentration curve and the AUC. We show that this estimator constructed from a sampling design generated by an appropriate density is asymptotically optimal in the sense that it has exactly the same asymptotic performance as the best linear unbiased estimator. Moreover, we prove that the optimal design is robust with respect to a minimax criterion. When repeated observations are available, this estimator is consistent and has an asymptotic normal distribution. Finally, a simulated annealing algorithm is applied to a pharmacokinetic model with correlated errors.     

The Impact of Spiritual Intelligence on the Health of the Elderly in Malaysia

In an attempt to study the impact of spiritual intelligence on the health of the elderly, research has been carried out on 378 elderly people in Perlis, Malaysia. The primary objectives of the study were: (i) to identify the levels of spiritual intelligence and general health of the elderly; (ii) to examine the relationships between spiritual intelligence and health of elderly; (iii) to examine the differences in the level of spiritual intelligence and health based on selected demographic factors; and (iv) to predict the most dominant dimension of spiritual intelligence that affects health. Sets of questionnaires were distributed to gather data. The findings showed that the majority of respondents were in good health, and had excellent spiritual intelligence. It also suggested that spiritual intelligence was positively associated with general health. Those who had higher levels of spiritual intelligence tended to have higher levels of health. The ability to conduct daily life with sanctification based on one’s spiritual belief was the most dominant factor of good health. The study suggested that spirituality is related to health and has a positive effect on participants’ overall health. Based on our findings, we recommend that health practitioners introduce the biopsychosocial‐spiritual model when assessing the health of the elderly.