Predictability of Emerging Market Credit Spreads Before and After Lehman Brothers: The Role of Macroeconomic Volatility

Several studies have found the existence of a relationship between the role of investment banks appointed as advisors in M&A deals and the yields earned by their clients. Traditionally this relationship is fostered by the ability of the leading investment banks to arrange and structure the best deals – i.e. the Superior Deal Hypothesis – and by the “certification effect”, namely that their presence provides assurance to the capital markets where are traded the companies involved– i.e. the Certification Effect. Our study also investigates the strength and direction of this relationship before and after Lehman Brothers collapse. The analysis, which uses an original composite metric in order to measure the reputation variable, is focused on the transactions that took place between listed companies in two time frames specifically pre and post the Lehman Brothers bankruptcy. The total sample is composed of 229 transactions, divided into 161 and 68 observations, pre and post Lehman respectively. The analysis conducted allows us to separate the Superior Deal Hypothesis from Certification Effect. On evidence, after the Lehman default, the wealth of shareholders involved (both relating to the targets and acquirers) is significantly influenced by the reputation of the investment banks which acted as advisors. Conversely, before the start of the financial turmoil in September 2008, no significant evidence has been found. The analysis conducted suggests that subsequent to the Lehman Brothers collapse, the certification effect has been playing a crucial role in shareholders’ choice.

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Child and Adolescent Suicides in Bosnia and Herzegovina Before and After the War (1992–1995)

Crisis ◽

10.1027/0227-5910/a000021 ◽

2010 ◽

Vol 31 (3) ◽

pp. 160-164 ◽

Cited By ~ 3

Author(s):

Almir Fajkic ◽

Orhan Lepara ◽

Martin Voracek ◽

Nestor D. Kapusta ◽

Thomas Niederkrotenthaler ◽

...

Keyword(s):

Bosnia And Herzegovina ◽

Age Differences ◽

Suicide Risk ◽

Child And Adolescent ◽

Youth Suicide ◽

Southeastern Europe ◽

Suicide Rates ◽

Before And After ◽

Sex And Age Differences

Background: Evidence on youth suicides from Southeastern Europe is scarce. We are not aware of previous reports from Bosnia and Herzegovina, which experienced war from 1992 to 1995. Durkheim’s theory of suicide predicts decreased suicide rates in wartime and increased rates afterward. Aims: To compare child and adolescent suicides in Bosnia and Herzegovina before and after the war. Methods: Data on youth suicide for prewar (1986–90) and postwar (2002–06) periods were analyzed with respect to prevalence, sex and age differences, and suicide methods. Suicide data from 1991 through 2001 were not available. Results: Overall youth suicide rates were one-third lower in the postwar than in the prewar period. This effect was most pronounced for girls, whose postwar suicide rates almost halved, and for 15–19-year-old boys, whose rates decreased by about a one-fourth. Suicides increased among boys aged 14 or younger. Firearm suicides almost doubled proportionally and were the predominant postwar method, while the most common prewar method had been hanging. Conclusions: The findings from this study indicate the need for public education in Bosnia and Herzegovina on the role of firearm accessibility in youth suicide and for instructions on safe storage in households. Moreover, raising societal awareness about suicide risk factors and suicide prevention is needed.

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Strategic Role of Zakat in Multidimensional Quality of Life in Sijunjung, Indonesia

The Journal of Muamalat and Islamic Finance Research ◽

10.33102/jmifr.v15i1.101 ◽

2018 ◽

Vol 15 (1) ◽

pp. 55-72

Author(s):

Herlin Hamimi ◽

Abdul Ghafar Ismail ◽

Muhammad Hasbi Zaenal

Keyword(s):

Quality Of Life ◽

Positive Impact ◽

Wealth Distribution ◽

Absolute Poverty ◽

Before And After ◽

The Status ◽

Being There ◽

The Impact

Zakat is one of the five pillars of Islam which has a function of faith, social and economic functions. Muslims who can pay zakat are required to give at least 2.5 per cent of their wealth. The problem of poverty prevalent in disadvantaged regions because of the difficulty of access to information and communication led to a gap that is so high in wealth and resources. The instrument of zakat provides a paradigm in the achievement of equitable wealth distribution and healthy circulation. Zakat potentially offers a better life and improves the quality of human being. There is a human quality improvement not only in economic terms but also in spiritual terms such as improving religiousity. This study aims to examine the role of zakat to alleviate humanitarian issues in disadvantaged regions such as Sijunjung, one of zakat beneficiaries and impoverished areas in Indonesia. The researcher attempted a Cibest method to capture the impact of zakat beneficiaries before and after becoming a member of Zakat Community Development (ZCD) Program in material and spiritual value. The overall analysis shows that zakat has a positive impact on disadvantaged regions development and enhance the quality of life of the community. There is an improvement in the average of mustahik household incomes after becoming a member of ZCD Program. Cibest model demonstrates that material, spiritual, and absolute poverty index decreased by 10, 5, and 6 per cent. Meanwhile, the welfare index is increased by 21 per cent. These findings have significant implications for developing the quality of life in disadvantaged regions in Sijunjung. Therefore, zakat is one of the instruments to change the status of disadvantaged areas to be equivalent to other areas.

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SUBLINGUAL VITAMIN D3 DRUG THERAPY IN VITAMIN D DEFICIENCY PATIENTS AT PRAVARA RURAL HOSPITAL

International Journal of Clinical and Biomedical Research ◽

10.31878/ijcbr.2019.54.05 ◽

2019 ◽

pp. 18-20

Author(s):

Sanjeeva Kumar Goud T ◽

Rahul Kunkulol

Keyword(s):

Vitamin D ◽

Vitamin D Deficiency ◽

Vitamin D3 ◽

Serum Vitamin ◽

Cross Sectional ◽

Serum Vitamin D ◽

Significant Difference ◽

Before And After

The present study was aimed to study the effect of Sublingual Vitamin D3 on Serum Vitamin D level in Vitamin D deficiency patients. This was a cross-sectional and interventional study. All the Vitamin D deficiency patients of age 18-60years and either gender, willing to participate in the study were included. Patients who had greater than 20 ng/ml were excluded from the study. The total number of participants in our study was 200, out of these 111 males and 89 females, the mean age in our study was 51.07 ± 7.39Yrs. All volunteers were given sublingual vitamin D3 (60,000IU) in six doses every fifteen days of follow up for 3 months. The subject’s serum 25(OH)D levels were estimated before and after the treatment of sublingual vitamin D3. There was a statistically significant difference in serum vitamin D3 level before 16.61±6.71 ng/ml and after 35.80±7.80 ng/ml after treatment with Sublingual Vitamin D3. Six doses of 60,000IU of Vitamin D3 sublingual route having improved the role of serum 25(OH)D levels in the treatment of Vitamin D3 deficiency patients.Keywords: Vitamin D3; Sublingual route

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Arthroscopy in Arthrosis: Is It Worth it? A case Presentation

Revista de Chimie ◽

10.37358/rc.18.8.6506 ◽

2018 ◽

Vol 69 (8) ◽

pp. 2232-2235

Author(s):

Marius Moga ◽

Mark Edward Pogarasteanu ◽

Antoine Edu

Keyword(s):

Clinical Status ◽

Loose Body ◽

Point Of View ◽

The Other ◽

Joint Range Of Motion ◽

Objective Evidence ◽

Before And After ◽

Total Knee ◽

Joint Range

The role of arthroscopy in incipient and mild arthrosis, even combined with proximal tibial ostetomy, is well known and well documented. On the other hand, its role in the treatment of advanced arthrosis of the large joints, especially the knee, is a subject of controversy. The proponents of the use of arthroscopy in advanced arthrosis claim that meniscectomy, synovectomy, ostophytectomy, chondral lesion stabilization, arthroscopic release, plica and loose body removal greatly improve the quality of life for most patients, especially if followed by the use of viscoelastic injection, by diminishing pain and improving joint range of motion. The opponents claim that, even though the advantages are clear in the cases that refuse arthroplasty, in all the other cases the surgical indication should be total knee arthroplasty, as the clinical relief is temporary, but with all the risks of a surgical intervention. We have conducted an overview of the recent literature, in order to find objective evidence to sustain either point of view. We focused on articles published that included an objective measurement of before and after clinical status through clinical scores and objective measurements. We also focused on the follow-up period and on the evolution of the pathology after arthroscopy.

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Study of Possible Relation between Fasting Plasma Glucagon, Gestational Diabetes and Development of Type 2 DM

Current Diabetes Reviews ◽

10.2174/1573399815666190405171907 ◽

2020 ◽

Vol 16 (2) ◽

pp. 148-155 ◽

Cited By ~ 1

Author(s):

Ashraf Okba ◽

Salwa Seddik Hosny ◽

Alyaa Elsherbeny ◽

Manal Mohsin Kamal

Keyword(s):

Gestational Diabetes ◽

Pregnant Women ◽

Post Partum ◽

Plasma Glucagon ◽

Type 2 Dm ◽

Fasting Plasma ◽

Before And After ◽

Two Phases

Background and Aims: Women who develop GDM (gestational diabetes mellitus) have a relative insulin secretion deficiency, the severity of which may be predictive for later development of diabetes. This study aimed to investigate the role of fasting plasma glucagon in the prediction of later development of diabetes in pregnant women with GDM. Materials and Methods: The study was conducted on 150 pregnant women with GDM after giving informed oral and written consents and being approved by the research ethical committee according to the declaration of Helsinki. The study was conducted in two phases, first phase during pregnancy and the second one was 6 months post-partum, as we measured fasting plasma glucagon before and after delivery together with fasting and 2 hour post-prandial plasma sugar. Results: Our findings suggested that glucagon levels significantly increased after delivery in the majority 14/25 (56%) of GDM women who developed type 2 DM within 6 months after delivery compared to 6/20 (30%) patients with impaired fasting plasma glucose (IFG) and only 22/105 (20%) non DM women, as the median glucagon levels were 80,76, 55, respectively. Also, there was a high statistical difference between fasting plasma glucagon post-delivery among diabetic and non-diabetic women (p ≤ 0.001). These results indicated the useful role of assessing fasting plasma glucagon before and after delivery in patients with GDM to predict the possibility of type 2 DM. Conclusion: There is a relatively high glucagon level in GDM patients, which is a significant pathogenic factor in the incidence of subsequent diabetes in women with a history of GDM. This could be important in the design of follow-up programs for women with previous GDM.

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Sleep Problems During the Preschool Years and Beyond as a Marker of Risk and Resilience in Substance Use

10.1093/oso/9780190676001.003.0008 ◽

2018 ◽

Author(s):

Maria M. Wong

Keyword(s):

Substance Use ◽

Alcohol Use ◽

Sleep Problems ◽

Problem Drinking ◽

Alcohol Problems ◽

Risk And Resilience ◽

Regulatory Processes ◽

Sleep Physiology ◽

Before And After

Individuals with alcohol problems have well-described disturbances of sleep, but the development of these disturbances both before and after the onset of problem drinking is poorly understood. This chapter first discusses sleep physiology and its measurement in humans. It then examines the functions of sleep and its role in development. Next, it reviews recent research on the relationship between sleep and alcohol use and related problems. Whereas sleep problems (e.g., difficulties falling or staying asleep) increase the risk of early onset of alcohol use and related problems, sleep rhythmicity promotes resilience to the development of alcohol use disorder and problem substance use. Based on existing research, this chapter proposes a theoretical model of sleep and alcohol use, highlighting the role of self-regulatory processes as mediators of this relationship.

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The Long Industrial Revolution

10.1093/oso/9780198800170.003.0007 ◽

2018 ◽

Author(s):

Stefan Collini

Keyword(s):

Social Relationship ◽

Industrial Revolution ◽

Close Analysis ◽

Before And After

This chapter starts from Raymond Williams’s claim to have shown how the concept of ‘culture’ developed out of the experience of the Industrial Revolution, demonstrating that his own evidence does not in fact support his claim. The chapter traces the development of Williams’s thinking from 1945 up the publication of Culture and Society, itemizing his indebtedness to the Leavisian framework and bringing out the ‘before-and-after’ character of his understanding of the role of the Industrial Revolution in replacing an organic society with an atomized, selfish form of social relationship. A close analysis of Culture and Society reveals the informing historical logic of a book that has been immensely influential yet has never really been received as a work of history.

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Limiting role of resource dependence: an examination of director interlocks, board meetings and family ownership

Cross Cultural & Strategic Management ◽

10.1108/ccsm-01-2020-0006 ◽

2020 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Vidya Sukumara Panicker ◽

Rajesh Srinivas Upadhyayula

Keyword(s):

Board Of Directors ◽

Resource Dependence ◽

Family Firms ◽

Emerging Market ◽

Resource Provisioning ◽

Independent Directors ◽

Family Ownership ◽

Independent Director ◽

Content Type

PurposeThis paper attempts to examine the activity and involvement of board of directors in internationalization activities of firms in emerging markets, by evaluating the resource provisioning roles of interlocks provided by board of directors, and the frequency of board meetings. We demonstrate that the effectiveness of board involvement is contingent upon the levels of family ownership in firms since family ownership could impact the firm’s ability to utilize the presence of different types of board members.Design/methodology/approachThe authors test our hypotheses on a sample of listed Indian companies, extracted from the Prowess database published by the Centre for Monitoring Indian Economy (CMIE), a database of the financial performance of Indian companies. On a panel of 3,133 firm years of 605 unique Indian firms with foreign investments, over a time period of 2006–2017, the authors apply different estimation techniques.FindingsThe results demonstrate that both board meeting frequency and director interlocks are instrumental in supporting internationalization activities in emerging market firms. However, family ownership moderates the role of insider and independent interlocks on internationalization investments in different ways; the authors find that interlocks provided by independent directors support internationalization activities in family firms, whereas those provided by insider directors do not. Further, the study also finds that board meetings are less effective in internationalization of family firms.Practical implicationsThe authors conclude that family firms aiming at international diversification require to develop more connected and networked independent directors to enable internationalization in firms. While independent director interlocks enhance the international investments, it is also useful to know that board meetings are ineffective in utilizing the resources in family firms. This points to the possibility that family firms should device mechanisms to integrate family meetings with board meetings so that they can utilize the within-family processes to aid in their internationalization decisions.Originality/valueThe study contributes to resource dependence theory by understanding its limiting role in family firms. Theoretically, it helps delineate the limiting resource provision role of the insider directors vis-à-vis independent directors. The authors argue that the resource provision role of insider director interlocks does not effectively help in internationalization in comparison to independent director interlocks in family-dominated firms. Consequently, the study shows the limiting role of resource provision and utilization by family-owned firms in comparison to non-family-owned firms.

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The potential role of an activity-based guitar program on the anxiety and fulfillment levels of younger relatives of cancer patients: A pilot study

International Journal of Music Education ◽

10.1177/02557614211027316 ◽

2021 ◽

pp. 025576142110273

Author(s):

Erkan Sülün ◽

Hüseyin Olgaçer ◽

Hakkı Cengiz Eren

Keyword(s):

Cancer Patients ◽

Trait Anxiety ◽

Potential Role ◽

Rank Test ◽

Satisfaction Scale ◽

Before And After ◽

Signed Rank Test ◽

Total State ◽

Rank Differences

In this study, the authors evaluated the potential role of an activity-based guitar training program on reducing anxiety and providing fulfillment for younger relatives of cancer patients. Ten active members of KHYD (The Society for Relatives of Cancer Patients), between ages 11 and 17 participated in an 8-week guitar education program. The participants filled out two questionnaires before and after their engagement in the 8-week program, one to measure changes in their anxiety levels (State-Trait Anxiety Inventory) and the other to measure changes in their general fulfillment levels (Multidimensional Students’ Life Satisfaction Scale). Wilcoxon signed rank test, as well as descriptive statistics were used in the analysis of data. Mean rank differences were observed to be statistically significant with respect to total state and trait anxiety scores; in both cases, the participants’ scores decreased after their engagement in the program. Statistically significant mean rank differences were also observed in the overall MSLSS scores and its “friends” and “environment” sub-dimensions; with respect to these, participants’ scores increased after their engagement in the program. Recommendations for more comprehensive, larger-scale studies are given at the end.

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