A study on the impact of inflation on the performance and profitabilty indicators of publicly-listed companies in the Philippines

The stock market is traditionally regarded as a leading indicator of the economy. Accordingly, macroeconomic factors may have an impact on the stock market. In fact, previous related studies conducted made use of different financial and economic variables to determine the effect of inflation on the stock market. However, these studies showed varying results and were not very conclusive. For this reason, this study aimed to determine how inflation affects the stock prices (performance), earnings per share (profitability) and price-earnings ratio (performance/market value) of publicly listed companies in the Philippines, and to find the relationship between the aforementioned variables. Per-industry analyses for education, mining and oil, retail, and food Industry based on inflation matrix were also conducted which consisted of separate analyses for core inflation and industry-specific inflation. Furthermore, time-period analyses were conducted as well to establish the difference between the short term and long term effects of inflation on stock market. The researchers arrived at different results due to varying data used for each analysis. Using correlation, panel data regression and OLS regression in determining the relationship and impact of inflation on the Philippine stock market, the research revealed significant negative effect and relationship for stock prices. The per-industry analysis using core inflation showed significant negative effects and relationships between inflation and stock prices, earnings per share and price-earnings ratio for the mining and oil Industry and a significant positive effect and relationship between inflation and price/earnings ratio for the retail sector. On the other hand, using industry-specific inflation rate for per industry analysis, the study revealed significant positive results for stock prices of the food industry and significant negative results for the price-earnings ratios of the retail sector. Lastly, for time-period analysis, using time-series econometrics, significant differences using short-term and long-term data were observed for price/earnings ratio

Vorapaxar in the secondary prevention of atherothrombotic events

Item does not contain fulltextBACKGROUND: Thrombin potently activates platelets through the protease-activated receptor PAR-1. Vorapaxar is a novel antiplatelet agent that selectively inhibits the cellular actions of thrombin through antagonism of PAR-1. METHODS: We randomly assigned 26,449 patients who had a history of myocardial infarction, ischemic stroke, or peripheral arterial disease to receive vorapaxar (2.5 mg daily) or matching placebo and followed them for a median of 30 months. The primary efficacy end point was the composite of death from cardiovascular causes, myocardial infarction, or stroke. After 2 years, the data and safety monitoring board recommended discontinuation of the study treatment in patients with a history of stroke owing to the risk of intracranial hemorrhage. RESULTS: At 3 years, the primary end point had occurred in 1028 patients (9.3%) in the vorapaxar group and in 1176 patients (10.5%) in the placebo group (hazard ratio for the vorapaxar group, 0.87; 95% confidence interval [CI], 0.80 to 0.94; P<0.001). Cardiovascular death, myocardial infarction, stroke, or recurrent ischemia leading to revascularization occurred in 1259 patients (11.2%) in the vorapaxar group and 1417 patients (12.4%) in the placebo group (hazard ratio, 0.88; 95% CI, 0.82 to 0.95; P=0.001). Moderate or severe bleeding occurred in 4.2% of patients who received vorapaxar and 2.5% of those who received placebo (hazard ratio, 1.66; 95% CI, 1.43 to 1.93; P<0.001). There was an increase in the rate of intracranial hemorrhage in the vorapaxar group (1.0%, vs. 0.5% in the placebo group; P<0.001). CONCLUSIONS: Inhibition of PAR-1 with vorapaxar reduced the risk of cardiovascular death or ischemic events in patients with stable atherosclerosis who were receiving standard therapy. However, it increased the risk of moderate or severe bleeding, including intracranial hemorrhage. (Funded by Merck; TRA 2P-TIMI 50 ClinicalTrials.gov number, NCT00526474.)