The relationship of stock returns with systematic risk in the ASEAN-5 Region: A panel data approach analysis of the relationship prior to and during the COVID-19 pandemic

The relationship between stock returns and systematic risk before and during the COVID-19 epidemic is investigated in this study. The samples will be indexed stocks from the ASEAN-5 countries\u27 respective stock markets from January 2010 to December 2019, which corresponds to the pre-pandemic era, and from January 2020 to December 2020, which corresponds to the COVID-19 period. This research will look at theories including Capital Market Theory, Prospect Theory, EMH Theory, and Signaling Theory. To assess the link between the independent and dependent variables; descriptive statistics, classical assumption tests, and panel data approach were used as data analytic approaches in this research. The results of the panel regression, particularly the random effects model, show that systematic risk has a significant impact on stock returns for both the pre-pandemic and during the pandemic periods. In addition, there is a difference in systematic risk before and during the pandemic. In accordance with these findings, the researchers have indicated recommendations for industry practitioners, retail investors, senior executives, and future researchers. For industry practitioners and retail investors to remain aware and cautious of the market as there is still uncertainty on what the ongoing COVID-19 pandemic may still bring. The senior executives should also be aware and research the overall market in order to make sound financial decisions. Lastly, for future researchers to consider adding other financial variables and to expand the timeframe of this research as the pandemic is still ongoing. Keywords: COVID-19, stock returns, systematic risk, panel data, ASEAN-

Development of a prediction model for postoperative pneumonia A multicentre prospective observational study

BACKGROUND Postoperative pneumonia is associated with increased morbidity, mortality and costs. Prediction models of pneumonia that are currently available are based on retrospectively collected data and administrative coding systems. OBJECTIVE To identify independent variables associated with the occurrence of postoperative pneumonia. DESIGN A prospective observational study of a multicentre cohort (Prospective Evaluation of a RIsk Score for postoperative pulmonary COmPlications in Europe database). SETTING Sixty-three hospitals in Europe. PATIENTS Patients undergoing surgery under general and/or regional anaesthesia during a 7-day recruitment period. MAIN OUTCOME MEASURE The primary outcome was postoperative pneumonia. Definition: the need for treatment with antibiotics for a respiratory infection and at least one of the following criteria: new or changed sputum; new or changed lung opacities on a clinically indicated chest radiograph; temperature more than 38.3 degrees C; leucocyte count more than 12 000 mu l(-1). RESULTS Postoperative pneumonia occurred in 120 out of 5094 patients (2.4%). Eighty-two of the 120 (68.3%) patients with pneumonia required ICU admission, compared with 399 of the 4974 (8.0%) without pneumonia (P < 0.001). We identified five variables independently associated with postoperative pneumonia: functional status [odds ratio (OR) 2.28, 95% confidence interval (CI) 1.58 to 3.12], pre-operative SpO(2) values while breathing room air (OR 0.83, 95% CI 0.78 to 0.84), intra-operative colloid administration (OR 2.97, 95% CI 1.94 to 3.99), intra-operative blood transfusion (OR 2.19, 95% CI 1.41 to 4.71) and surgical site (open upper abdominal surgery OR 3.98, 95% CI 2.19 to 7.59). The model had good discrimination (c-statistic 0.89) and calibration (Hosmer-Lemeshow P = 0.572). CONCLUSION We identified five variables independently associated with postoperative pneumonia. The model performed well and after external validation may be used for risk stratification and management of patients at risk of postoperative pneumonia

Investigations of low-frequency noise of GaN based heterostructure field-effect transistors

NRC publication: Ye

Analysis of Outcomes in Ischemic vs Nonischemic Cardiomyopathy in Patients With Atrial Fibrillation A Report From the GARFIELD-AF Registry

IMPORTANCE Congestive heart failure (CHF) is commonly associated with nonvalvular atrial fibrillation (AF), and their combination may affect treatment strategies and outcomes