Impact on Stock Market across Covid-19 Outbreak

This paper analysis the impact of pandemic over the global stock exchange. The stock listing values are determined by variety of factors including the seasonal changes, catastrophic calamities, pandemic, fiscal year change and many more. This paper significantly provides analysis on the variation of listing price over the world-wide outbreak of novel corona virus. The key reason to imply upon this outbreak was to provide notion on underlying regulation of stock exchanges. Daily closing prices of the stock indices from January 2017 to January 2022 has been utilized for the analysis. The predominant feature of the research is to analyse the fact that does global economy downfall impacts the financial stock exchange. Keywords: Stock Exchange, Matplotlib, Streamlit, Data Science, Web scrapping.

Stock derivatives and seasoned equity offerings

PurposeThe article aims to explore if stock derivative types (stock options and stock warrants) are associated with stock returns for firms undergoing seasoned equity offerings (SEOs).Design/methodology/approachThe authors regress stock returns against stock derivatives for periods around SEO announcements with standard errors clustered at the month level.FindingsThe authors find that lower stock derivatives holdings for the fiscal year after the SEO are associated with superior pre-SEO returns. This can be explained by owners exercising their derivatives to capitalize on the pre-SEO price run-up. The authors find that greater stock option holdings by insiders for the fiscal year after the SEO are associated with superior post-SEO returns for up to ten years after the SEO announcement. This new finding does not hold for stock warrants.Research limitations/implicationsStock derivatives are supplied by Capital IQ. Given their description, the authors infer that stock options are owned largely by insiders. Thus, the insider conclusions for stock options depend on this implication.Practical implicationsStock options and stock warrants can be used strategically to reward stock derivative owners of strong performing firms for past performance. Stock options can be used to motivate insiders (primarily key executives) to achieve superior future performance.Originality/valueThis study is unique in comparing the influence of holdings for stock options and stock warrants on stock price performance around SEOs. The authors show that the sign of the association depends on whether the test includes pre-SEO periods.

Payments to key opinion leader physicians and drug sales of top pharmaceutical companies during the COVID-19 pandemic

Background: The unprecedented context of the COVID-19 pandemic poses the opportunity to study several questions in circumstances that would probably not otherwise occur. We sought to determine the dynamics of pharmaceutical company drug sales revenue, market capitalization and payments to physicians during the pandemic, focusing on payments to so-called key opinion leaders (KOLs). Methods: We analyzed the CMS Open Payments data of 15 top pharmaceutical company general payments to US physicians. We calculated total payments per year for all physicians, KOLs and 2018 KOLs in subsequent years. Drug-related fold changes in payments, drug revenues and company market capitation were calculated using Q1-2018 as reference. Yearly differences in payments, drug sales revenue and market capitalization were tested using generalized estimation equations (GEE). A double-sided p<0.05 was considered significant. Results: The analyzed dataset comprised 8,563,872 payments to 382,779 physicians. In 2020, we observed a reduction in payments to physicians and KOLs compared to prior years. The total amount per KOL physician per company also decreased for each year for KOLs and the 2018 KOLs in the subsequent years. Payments per drug, but neither drug revenues nor pharmaceutical company market capitalization, followed a downward trend in 2020 compared to prior years. GEE analysis confirmed that, compared to 2018, the decrease in payments to KOLs overall and for the top drugs of each company was statistically significant. Yet, no significant differences in drug sales revenue and market capitalization was observed. Conclusions: A substantial and significant reduction in payments to KOLs during the first fiscal year of the COVID-19 pandemic was not associated with a reduction in drug sales revenue of blockbuster drug products and the market capitalization of 15 top pharmaceutical companies. Overall, these findings suggest that a substantial part of pharmaceutical payments to KOLs do not appear to impact top drug sales revenues.

The Influence of State-Level Contextual Factors on State/Federal System Vocational Rehabilitation Employment Outcomes for Persons With Traumatic Brain Injury

The purpose of this exploratory study was to develop a preliminary understanding of the influence of state-level contextual factors predictive of employment outcomes for State/Federal Vocational Rehabilitation System (State VR) participants with traumatic brain injury (TBI). Participants were 5,213 individuals with TBI with Individualized Plans for Employment closed during Federal Fiscal Year 2016. A four-step hierarchical logistic regression model (5.6% explained variance) containing five demographic, three state-level economic, six state TBI service climate, and nine State VR service variable expenditures correctly classified 57.0% of cases as attaining or not attaining an employment outcome at closure. Significant predictors associated with an employment closure were (a) education, veteran status, and presence of a secondary area of disability impairment; (b) state-level per-capita income; (c) State VR specialized acquired brain injury (ABI)/TBI service and state TBI Implementation Partnership grant funding; and (d) State VR service expenditures on diagnosis and treatment, occupational or vocational training, on-the-job training, job readiness training, transportation, maintenance support, and benefits counseling. The practice, policy, and research implications of these findings are presented.

Estimation of Groundwater Recharge in Kumamoto Area, Japan in 2016 by Mapping Land Cover Using GIS Data and SPOT 6/7 Satellite Images

Agricultural fields, grasslands, and forests are very important areas for groundwater recharge. However, these types of land cover in the Kumamoto area, Japan, were damaged by the Kumamoto earthquake and heavy rains in 2016. In this region, where groundwater provides almost 100% of the domestic water supply for a population of about 1 million, quantitative evaluation of changes in groundwater recharge due to land cover changes induced by natural disasters is important for the sustainable use of groundwater in the future. The objective of this study was to create a land cover map and estimate the groundwater recharge in 2016. Geographic information system (GIS) data and SPOT 6/7 satellite images were used to classify the Kumamoto area into nine categories. The maximum likelihood classifier of supervised classification was applied in ENVI 5.6. Eventually, the map was cleaned up with a 21 × 21 kernel filter, which is larger than the common size of 3 × 3. The created land cover map showed good performance of the larger filter size and sufficient validity, with overall accuracy of 91.7% and a kappa coefficient of 0.88. The estimated total groundwater recharge amount reached 757.56 million m3. However, if areas of paddy field, grassland, and forest had not been reduced due to the natural disasters, it is estimated that the total groundwater recharge amount would have been 759.86 million m3, meaning a decrease of 2.30 million m3 in total. The decrease of 2.13 million m3 in the paddy fields is temporary, because the paddy fields and irrigation channels have been improved and the recharge amount will recover. On the other hand, since the topsoil on the landslide scars will not recover easily in natural conditions, it is expected to take at least 100 years for the groundwater recharge to return to its original state. The recharge amount was estimated to decrease by 0.17 million m3 due to landslides. This amount is quite small compared to the total recharge amount. However, since the reduced recharge amount accounts for the annual water consumption for 1362 people, and 12.1% of the recharge decrease of 1.41 million m3 each year to fiscal year 2024 is expected by municipalities, we conclude that efforts should be made to compensate for the reduced amount due to the disasters.

PERBEDAAN HASIL BELAJAR SISWA MENGGUNAKAN MEDIA AUGMENTED REALITY DENGAN MEDIA GAMBAR PADA TEMA 7 SUBTEMA 1 KELAS I MIN 3 KOTA MEDAN

This study aims to determine the differences in the learning outcomes of junior high school students in Medan City for the 2019/2020 fiscal year 2019/2020 in the use of augmented reality media and image media on the sub-topic 7. 1) Living and non-living objects around us Level I MIN 3 This type of research is a quasi-experimental research. This research was conducted in MIN 3 Medan City. The population in this study were all 50 students of class 1 MIN 3 Medan. The sample includes 2 classes, namely class Ia with 25 students in experimental class II, and class Ib in experimental class I with 25 students. Data collection techniques in this study using observation and tests. The data analysis technique used normality, homogeneity, and hypothesis testing. The results of this study indicate that the average value of the Type I Experiment before treatment was 47.4, and after receiving augmented reality treatment the average value increased to 91.4. The average score of class II experimental students before treatment was 46.4, increasing to 78.6 after treatment. After knowing the mean, standard deviation, and variance of the various data, the significance level of the hypothesis results obtained using the t test is 0.05 to 7.009, and the t table is 1.676. Keywords: Augmented Reality Media, Media Images, Learning Outcomes

Corporate bond spreads and understated pension liabilities

PurposeThe question is whether debt market investors see through managers' attempts to hide their pension obligations. The authors establish a robust relation between understated pension liabilities and corporate bond yield spreads after controlling for factors that have been previously identified as having a significant impact on firms' cost of borrowing. The results support the idea that bond market investors are not being misled by the use of high pension liability discount rates by some companies to lower their reported pension obligations. For a small fraction of debt issuers, the reported pension liabilities are larger than the pension liabilities valued at the stipulated interest rate benchmarks. For these issuers with overstated pension liabilities, bond investors adjust their borrowing costs downward.Design/methodology/approachThe authors investigate the relation between corporate bond yield spreads and understated pension liabilities relative to long-term Treasury and high-grade corporate bond yields. They aim to answer two questions. First, what are the sizes of over or understated pension liabilities relative to guideline benchmarks? Second, do debt market investors see through the potential management manipulation of pension discount rates? The authors find that firms with large understated pension liabilities face higher marginal borrowing costs after taking into account issue-specific features, firm characteristics, macroeconomic conditions and other pension information such as funded status and mandatory contributions.FindingsThe average understated projected benefit obligations (PBOs) are understated by $394.3 and $335.6, equivalent to 3.5 and 3.0% of the beginning of the fiscal year market value, respectively. The average understated accumulated benefit obligations (ABOs) are understated by $359.3 and $305.3 million, equivalent to 3.1 and 2.6%, of the beginning of the fiscal year market value, respectively. Relative to AA-grade corporate bond yields, the average difference between firm pension discount rates and benchmark yields becomes much smaller; the percentage of firm pension discount rates higher than benchmark yields is also much smaller. As a result, understated pension liabilities become negligible. The authors establish a robust relation between corporate bond yield spreads and measures of understated pension liabilities after controlling for issue-specific features, firm characteristics, other pension information (funded status and mandatory contributions), macroeconomic conditions, calendar effects and industry effects.Originality/valueS&P Rating Services recognizes the issue that there is considerably more variability in discount rate assumptions among companies than in workforce demographics or the interest rate environment in which firms operate (Standard and Poor's, 2006). S&P also indicates that it would be desirable to normalize different discount rate assumptions but acknowledges that it is difficult to do so. In practice, S&P Rating Services conducts periodic surveys to see whether firms' assumed discount rates conform to the normal standard. The paper makes an initial attempt to quantify the size of understated pension liabilities and their impact on corporate bond yield spreads. This approach can be extended to study firms' costs of equity capital, the pricing of seasoned equity offerings and the pricing of merger and acquisition transaction deals, among other questions.