Store of value or speculative investment?Market reaction to corporate announcements of cryptocurrency acquisition

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.

Family Firms and the Market Reaction to Dividend News

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.

Market Reactions to Zero or Small Positive Sales Surprise

This paper studies how the stock market reacts to zero or small positive sales surprise.Using data from firms listed in the U.S.,the paper shows that before 2003 investors react more to positive earnings surprises while after 2003 they react more to the opposite.When sales forecasts are first reported,investors believe in sales numbers and favor firms that meet or beat sales forecasts,but after 2003,investors grow skeptical,realize the possibility of sales management and trust more in negative sales surprises.One thing in common for both two samples is that Sales Response Coefficients of extreme sales surprises are smaller than those of moderate sales surprises.

The market reaction on the human resources information disclosure in Chinese listed companies

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.

Pandemic or panic?A firm-level study on the psychological and industrial impacts of COVID-19 on the Chinese stock market

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.

A chemical-reaction-optimization-based neuro-fuzzy hybrid network for stock closing price prediction

Accurate prediction of stock market behavior is a challenging issue for financial forecasting.Artificial neural networks,such as multilayer perceptron have been established as better approximation and classification models for this domain.This study proposes a chemical reaction optimization(CRO)based neuro-fuzzy network model for prediction of stock indices.The input vectors to the model are fuzzified by applying a Gaussian membership function,and each input is associated with a degree of membership to different classes.A multilayer perceptron with one hidden layer is used as the base model and CRO is used to the optimal weights and biases of this model.CRO was chosen because it requires fewer control parameters and has a faster convergence rate.Five statistical parameters are used to evaluate the performance of the model,and the model is validated by forecasting the daily closing indices for five major stock markets.The performance of the proposed model is compared with four state-of-art models that are trained similarly and was found to be superior.We conducted the Deibold-Mariano test to check the statistical significance of the proposed model,and it was found to be significant.This model can be used as a promising tool for financial forecasting.

Safety and Diagnostic Image Quality of Ultravist^®in an Unselected Sub-Set of Chinese Patients: Data Analyses from a Previous Post Marketing Surveillance

Background: Iopromide (Ultravist&reg) 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.

MD&A信息披露、财务绩效与市场反应——来自中国沪市的经验证据

按照2012年初中国上交所发布的《上市公司2011年年度报告工作备忘录第五号——管理层讨论与分析的编制要求》,自行构建MD&A(Management Discussion and Analysis,管理层讨论与分析)信息披露质量评价指标,选取上证A股制造业220家公司作为研究样本,构建回归模型,通过对2010年及2011年样本数据的搜集、整理及分析发现:MD&A信息的披露质量与当期财务绩效正相关,能够预测未来的财务绩效,并引起证券市场上公司股票的短期市场反应。

MAH制度下日本药品不良反应损害救济基金制度研究

目的:建立药品不良反应损害救济基金制度,更好地推进我国药品上市许可持有人(MAH)制度试点工作。方法:对日本药品不良反应损害救济基金制度的具体内容进行分析,对其基金来源、支付标准、申请流程做了重点研究。结果:日本药品不良反应损害救济基金制度主要通过对MAH征收合理的缴纳金,来平衡民众的合法权益以及保证医药产业健康发展之间的关系。结论:结合具体国情,建议我国从法律层面明确建立药品不良反应损害救济基金制度,制定药品不良反应损害救济实施办法,从基金管理部门(行政主管部门、技术鉴定机构、基金管理运作机构)、筹资模式、救济范围、救济标准、运行程序、监督管理、制度宣传等各个方面做出详细规定,切实保证药品不良反应损害救济制度的可操作性。

基于ADR报告数据的MAH生产线风险预警系统的研发与应用

目的:为药品上市许可持有人(MAH)有效利用药品不良反应(ADR)报告数据,对生产质量风险进行主动监测与控制、开展药品生产风险管理提供技术方法。方法:通过建立三维风险矩阵、风险趋势模型,设计研发了基于ADR报告数据的MAH生产线风险预警系统,并根据某企业的ADR报告数据对系统的主要功能进行实例应用分析。结果:初步建立了MAH生产线风险预警系统,其主要框架包括数据来源与处理、模型构建(三维矩阵模型包括可能性指标、严重程度指标和敏感性指标等3个维度,风险趋势模型则根据产品生产批号编制原则设置)、结果输出与分析等三大模块,主要包含系统配置、生产线信号检测、可视化统计预警、ADR报告管理、标准数据管理等五大功能模块。通过某企业ADR报告数据的应用分析显示,该系统可实现对其生产线风险及时、主动地检测及预警,能较直观地反映其高风险生产线、品种及批号,与该企业品种的实际安全性情况相吻合。结论:该系统可帮助MAH利用ADR报告数据及时、主动地监测药品生产质量风险,排查高风险生产线、高风险品种、高风险批号的风险因素,辅助决策风险排查方向。

无锡市医疗机构与MAH沟通药品不良反应信息的现状调查与分析

目的:对无锡市医疗机构与药品上市许可持有人(MAH)沟通药品不良反应(ADR)信息的现状进行调查与分析,为推动直报制度实施提供现实依据。方法:对医疗机构和MAH分别展开问卷调查,从无锡市正常开展ADR报告的医疗机构中抽取46家,从江苏省MAH中抽取15家,调查对象为各级各类监测人员,共发放问卷413份,对回收问卷进行统计分析,并对药物警戒各领域专家进行深度访谈。结果:目前,MAH从医疗机构获取ADR信息的整体水平并不高,无论是收集信息的类型还是途径均有进一步提升空间,MAH与医疗机构双方都应该做出改进。结论:为促进MAH切实履行ADR报告的主体责任,医疗机构、MAH和政府部门均应采取相应措施,共同推动直报制度顺利落地实施。

Clinical Application Analysis of Andrographolide Total Ester Sulfonate Injection,a Traditional Chinese Medicine Licensed in China

Andrographolide total ester sulfonate（ATES） injection is one of the products of traditional Chinese medicine（TCM） currently used against viral infection in China.ATES injection was approved for manufacturing and marketing in January 2002.It is indicated for acute respiratory infections,tonsillitis,chronic obstructive pulmonary disease,influenza,foot and mouth disease,bronchiolitis,herpangina,mumps,infectious mononucleosis and psychosis.However,its usage also carries risk.We investigated the use of ATES at the Wuhan Union Hospital from January 2014 to December 2014 and evaluated its real-world clinical application using the hospital centralized monitoring method.A total of 848 cases were enrolled in this study.In these cases,it was mainly used for postoperative anti-inflammation and treating upper respiratory infection,pneumonia and bronchitis.Among them,39.86% were contraindicated.Irregular medication of adults and children accounted for 1.91% and 23.38%,respectively.Improper choice of solvent accounted for 3.18%.The choice of intravenous drip versus aerosol inhalation was reasonable.A case of adverse events（AEs） was observed in the monitoring period,and the incidence of adverse drug reaction（ADR） of ATES injection was 0.12%.ATES injection in our hospital is relatively safe with a low incidence of adverse reactions.The study assesses the clinical usage and adverse reactions of ATES injection,and provides suggestions for rational use in clinical practice.

金融科技赋能下供应链金融对企业价值的影响

发展供应链金融对于深化金融供给侧结构性改革,增强金融服务实体经济具有不容忽视的重要战略意义.本文通过对2007年-2019年中国A股上市公司全部320.8万篇公告的文本数据信息进行收集整理,实证检验了上市公司发展供应链金融业务对企业价值的影响.研究结果表明:发展供应链金融在短期可以促进企业股价的上涨,在长期可以促进企业价值的提升,并且上市公司采用的供应链金融业务越多,公告中提到供应链金融词汇越频繁,这种提升效果越显著.发展供应链金融业务可以通过信号传递效应、风险承担效应、系统管理效应促进企业价值提高.在供应链金融相关公告中提到金融科技词汇的词频越高,上市公司获得的企业价值提升效果越强.金融科技可以为股票流动性较低、风险承担较弱的企业发展供应链金融业务起到更强的赋能效果.在进行一系列稳健性检验之后,上述结论依然成立.本文不仅为中国公司发展供应链金融业务提高企业价值,提供了基于公开市场数据大样本的实证证据,也对国家和地方政府支持供应链金融的发展具有现实启示。

股份回购与公司资金成本:财务风险视角

以2005—2022年沪深A股上市公司股份回购数据为样本,考察回购前后资金成本变化情况,发现股份回购后企业资金成本呈上升趋势,其中,对于财务风险大的公司,回购导致资金成本上升的情况更加明显。进一步研究也表明,财务风险大的公司,在回购宣告后,其长期市场反应也更差。研究从资金成本角度解释了当前中国股份回购长期价值缺失的原因,揭示出股份回购的长期价值效应受企业内部条件的作用。

会计弹性视角下盈余管理与我国上市公司投资效率关系的实证研究——来自于深沪两市A股上市公司的证据

从会计弹性下的投资效率为视角,利用我国上市公司为样本对二者进行了实证检验。结果发现:投资不足(过度)时,会计弹性与投资效率负相关,并可一定程度的改善上述非效率投资;会计弹性对非投资效率的影响与市场反应正相关。该结论丰富了会计弹性视角下投资效率的相关文献,为合理投资决策与优化资源配置提供了理论依据。

股票回购市场反应的影响因素探析——来自中国A股市场的经验证据

以中国A股市场发生股票回购的上市公司为对象,对上市公司股票回购市场反应的影响因素进行了理论与实证分析。研究发现,不同的回购对象,其市场反应有着显著差异;回购规模、回购时机、财务杠杆、公司治理结构等影响因素对股票回购的市场反应有正向影响。基于此,上市公司在进行股票回购行为时需要强化对相关影响因素的考虑,确保股票回购产生良性、正向反应;监管部门需要加强对信息披露的全方位监管;投资者则要树立较为理性、稳健的投资原则,避免盲目投机。

基于上市许可持有人的药品不良反应主动监测模式的构建与评估研究

目的:探讨药品上市许可持有人(Marketing Authorization Holder,MAH)的药品不良反应主动监测创新模式的构建及其效果评估,为落实MAH药物警戒主体责任提供实证参考。方法:首先针对MAH药物警戒的现存挑战,基于中国医院药物警戒系统(Chinese Hospital Pharmacovigilance System,CHPS)设计MAH针对药品不良反应的主动监测模式,包括不良反应的监测、识别、评估及控制;再以注射用卡瑞利珠单抗为例分析主动监测效果。结果与结论:从MAH视角,构建基于CHPS整合循证证据和真实世界数据开展ADR主动监测的创新模式,包括运行模式、数据挖掘及模型构建。该主动监测模式被成功应用到以卡瑞利珠单抗为例的临床实践中,取到良好的效果。该研究成果不仅能帮助MAH开展药品监测工作,落实药品全生命周期主体责任,还能丰富药物警戒的内涵,为促进药物警戒发展和合理用药提供具有可操作性的实证参考。

A股与H股市场对关键审计事项反应的比较研究

以A+H股上市公司2016年度审计报告中首次披露的关键审计事项为研究对象,采用事件研究法比较了A股(内地)和H股(中国香港地区)资本市场投资者对关键审计事项的反应差异,结果表明:A股市场对关键审计事项反应积极,而H股市场对关键审计事项反应不足。进一步研究发现,A股和H股市场均对国际四大与非国际四大披露的关键审计事项反应存在显著差异,且两地投资者对国际四大出具的关键审计事项的市场反应强度高于非国际四大;国际四大中普华永道中天的审计市场份额最大,A股和H股市场投资者对其出具的关键审计事项的市场反应亦显著高于其他国际三大。

中国股市“过度反应”与“规模效应”的实证分析——基于中国上海A股股票市场的检验

以行为财务学的相关理论为基础对上海A股市场上市公司是否存在过度反应和规模效应现象进行了检验。研究结果发现上市公司的投资报酬率受到规模效应的影响显著,小规模上市公司的超常报酬率要远高于大公司,同时市场也存在着一定程度的过度反应现象,因此不支持市场有效假说。

并购商誉、超额收益与市场反应——来自中国A股上市公司的证据

本文采用事件研究法,检验2007年—2010年发生并购事件并产生商誉的A股上市公司并购后的市场反应。实证结果发现,并购协同效应是超额收益的来源,"核心商誉"要素创造了超额收益;并购中的超额支付不能为企业带来超额收益,即"非核心商誉"要素与超额收益不相关。