How do sovereign wealth funds pay their portfolio companies’ executives? Evidence from Kuwait

Sovereign wealth funds (SWFs) are major players in the global markets. This paper examines the possible value SWFs bring to their domestic holdings by examining the impact of SWF ownership on firms’ executive compensation. Using data on Kuwaiti SWFs, we find that having an SWF as an ultimate owner enhances the pay–performance sensitivity (PPS) to levels matching those in more developed markets. This pay–performance enhancement increases as the rights of the SWF to manage and oversee the firm’s cash-flow increase. Moreover, having an SWF as the firm’s ultimate owner alleviates the adverse effects of the divergence in cash-flow and control rights. This evidence supports the notion that SWFs create value for their target investments through activism, monitoring and corporate governance enhancements

SARS-CoV-2 vaccination modelling for safe surgery to save lives: data from an international prospective cohort study

Background: Preoperative SARS-CoV-2 vaccination could support safer elective surgery. Vaccine numbers are limited so this study aimed to inform their prioritization by modelling. Methods: The primary outcome was the number needed to vaccinate (NNV) to prevent one COVID-19-related death in 1 year. NNVs were based on postoperative SARS-CoV-2 rates and mortality in an international cohort study (surgical patients), and community SARS-CoV-2 incidence and case fatality data (general population). NNV estimates were stratified by age (18-49, 50-69, 70 or more years) and type of surgery. Best- and worst-case scenarios were used to describe uncertainty. Results: NNVs were more favourable in surgical patients than the general population. The most favourable NNVs were in patients aged 70 years or more needing cancer surgery (351; best case 196, worst case 816) or non-cancer surgery (733; best case 407, worst case 1664). Both exceeded the NNV in the general population (1840; best case 1196, worst case 3066). NNVs for surgical patients remained favourable at a range of SARS-CoV-2 incidence rates in sensitivity analysis modelling. Globally, prioritizing preoperative vaccination of patients needing elective surgery ahead of the general population could prevent an additional 58 687 (best case 115 007, worst case 20 177) COVID-19-related deaths in 1 year. Conclusion: As global roll out of SARS-CoV-2 vaccination proceeds, patients needing elective surgery should be prioritized ahead of the general population