Ceremony for the inaugural issuance of the Journal of Geriatric Cardiology

The Journal of Geriatric Cardiology ( JGC )started publication in September 2004. To announce the publication of its first issue, a ceremony was held at China Grand Hotel in Beijing on October 18th, 2004during the 15th Great Wall International Congress of Cardiology. Many guests were present at the ceremony.

Optimal Dividend-Equity Issuance Strategy in a Dual Model with Fixed and Proportional Transaction Costs

In this paper, we consider the problem of optimal dividend payout and equity issuance for a company whose liquid asset is modeled by the dual of classical risk model with diffusion. We assume that there exist both proportional and fixed transaction costs when issuing new equity. Our objective is to maximize the expected cumulative present value of the dividend payout minus the equity issuance until the time of bankruptcy,which is defined as the first time when the company＇s capital reserve falls below zero. The solution to the mixed impulse-singular control problem relies on two auxiliary subproblems： one is the classical dividend problem without equity issuance, and the other one assumes that the company never goes bankrupt by equity issuance.We first provide closed-form expressions of the value functions and the optimal strategies for both auxiliary subproblems. We then identify the solution to the original problem with either of the auxiliary problems. Our results show that the optimal strategy should either allow for bankruptcy or keep the company＇s reserve above zero by issuing new equity, depending on the model＇s parameters. We also present some economic interpretations and sensitivity analysis for our results by theoretical analysis and numerical examples.

Capital Account Liberalization and International Corporate Bond Issuance:Transaction-level Evidence from China

This paper provides transaction-level evidence about the impact of capital account liberalization on firms'bond issuance in the international financial market.Using bond issuance data for firms headquartered in China between 2014 and 2018,we showed that domestic private firms issued more bonds abroad than foreign-invested enterprises afier restrictions were largely relaxed,controlling for possible confounding shocks such as monetary policy,local credit market shocks,US interest rate,carry trade,and global uncertainty shocks measured by the Chicago Board Option Exchange's Volatility Index.We found that domestic firms did not increase the overall volume of bond issuance but just had a higher portion of international bond issuance.We also found that domestic firms with higher tangible asset ratios tended to issue more bonds abroad.Our results suggest that targeted liberalization policy could effectively stimulate firms to issue bonds abroad.Policymakers need to monitor closely firms that issue more bonds abroad and thus have greater exposure to global shocks,incorporate these financial risks into policy design,and safeguard financial stability more effectively.

Impact of Multidisciplinary Collaborative Intervention on Isolation Implementation in Prevention and Control of Multi-drug Resistance Infection

Objective Contact precautions,especially the initiation of isolation,are important measures to prevent and control multidrug-resistant organisms(MDROs).However,the implementation in clinical practice remains weak.This study aimed to analyze the impact of multidisciplinary collaborative intervention on isolation implementation in multidrug-resistant infection,and determine the factors that affect the implementation of isolation measures.Methods A multidisciplinary collaborative intervention related to isolation was conducted at a teaching tertiary hospital in central China on November 1,2018.The information of 1338 patients with MDRO infection and colonization at 10 months before and after the intervention was collected.Then,the issuance of isolation orders was retrospectively analyzed.Univariate analysis and multivariate logistic regression analysis were performed to analyze the factors that affected the isolation implementation.Results The overall issuance rate of isolation orders was 61.21%,which increased from 33.12%to 75.88%(P<0.001)after the implementation of the multidisciplinary collaborative intervention.The intervention(P<0.001,OR=0.166)was a promoting factor for the issuance of isolation orders,in addition to the length of stay(P=0.004,OR=0.991),department(P=0.004),and microorganism(P=0.038).Conclusion The isolation implementation remains far lower than policy standards.Multidisciplinary collaborative interventions can effectively improve the compliance to isolation measures implemented by doctors,thereby promoting the standardized management of MDROs,and providing reference for further improving the quality of hospital infection management.

Raising capital amid economic policy uncertainty:an empirical investigation

This paper investigates how economic policy uncertainty affects firms’frequency and their choice of financial instruments to raise capital.By applying a three-step sequential framework over a sample of 6834 publicly listed US non-financial firms,we find that during periods of high economic uncertainty,firms raise capital more frequently with a preference toward debt financing.The empirical findings suggest that firms prefer debt financing over equity financing to avoid ownership dilution and high equity premia.The rise in leverage during periods of high economic uncertainty highlights the importance of scrutinizing policy tools used to stabilize the economy during such times.

Study of the Discount on Private Placements and Risk of Stock Market Crash in Listed Companies

With the gradual completion of the split-share structure reform,private placement has gradually become the mainstream of refinancing. One of the points that the practical and theoretical circles are widely concerned about is that the private placement price is often higher than the market price at the time of the private placement. High discounts are often accompanied by the transmission of benefits,and the increase in insider information will lead to the risk of a stock market crash? This paper intends to use the data of A-share listed companies from 2006 to 2015 to empirically study the relationship between the discount on private placements and the risk of stock market crash. At the same time,this paper examines whether the degree of information asymmetry plays a regulatory role in the relationship between the discount on private placements and the risk of stock market crash. This paper provides a certain reference for the regulatory authorities to improve the relevant laws and regulations in the private placement,and to provide a certain reference for the protection of the interests of small and medium-sized investors.

Debt Rating Initiations： Natural Evolution or Opportunistic Behavior？

The authors examine a firm＇s decision to begin issuing debt in public bond markets and find that it is a function of both life cycle influences and opportunistic timing. Defining life cycle factors to encompass both a firm＇s age in years and its underlying characteristics, the authors confirm that bond market participation is generally restricted to large, mature firms. Summary statistics show that finns obtain their initial bond ratings on average 9.5 years after their equity initial public offering （IPO） and 11.8 years after initiating dividend payments. Growth rates, capital expenditures, and cash flow volatility all decline as the firm accesses public debt markets, consistent with entry into the mature phase of its life cycle. With respect to opportunistic timing, it is asked whether entry into public bond markets follows strong performance （or precedes weak performance） at both the firm and market levels. At the firm level, the authors find that the debt IPO occurs following periods of strong operating performance and high excess stock returns. At the market level, entry coincides with favorable interest rates and default spreads. The benefits of careful timing result in firms receiving initial bond ratings that are stronger than what would be predicted; however, there is no evidence of abnormal numbers of downgrades for these firms in subsequent years.

The Too-Big-to-Fail Premium in Tier-2 Capital Bonds and Additional Tier-1 Capital Bonds Primary Markets:Evidence from China

This study examines the too-big-to-fail expectations in the primary market issuance spreads of commercial bank tier-2 capital bonds and additional tier-1 capital bonds in China.Using a sample of 574 issuances with total amount of 4.76 trillion RMB(749 billion USD),we conduct median regressions with the issuance spreads as the dependent variable.The coefficients of DSIB and GSIB are negative and statistically significant at 1%and 5%levels respectively in the full sample,and are negative and statistically significant at 1%level in the subsample after the guidance on asset management businesses was announced.Ceteris paribus,the issuance spreads of capital bonds of systemically important banks are 15.2 bps to 19.7 bps lower than those issued by other banks.The too-big-to-fail expectations and implicit guarantee of systemically important banks in the Chinese bond market,which narrow the primary market spreads of capital bonds issued by systemically important banks,may account for the results.To address the potential endogeneity issues,we use 90%quantile and 95%quantile of sample bank consolidated assets as proxies of systemic importance,and use China Development Bank bond yields to calculate issuance spreads,and the results show that the conclusion is robust.