Short Selling Announcements and Stock Price Reactions: Evidence from the Malaysian Stock Market

This study aims to examine stock price reactions on selected stocks listed on Kuala Lumpur Stock Exchange (KLSE) vis-à-vis the short selling announcements. On 28th August 1997, the regulator of Malaysia re-impose short selling restrictions, there are 50 stocks which are restricted at this time. Subsequently, the regulator made the further removal of short selling restrictions announcement on 22nd December 2006 which there are 70 stocks are being selected. Both events provide some implications to investors on the market reactions on the short selling announcement. It is argued that stock prices are biased upward if short selling restrictions are present. If short selling restrictions exist, investors will not be able to react on the negative information, thus, stock prices will bias upward. Conversely, it is claims that stock prices will bias downward if short selling activities are restricted. This is because short sales restrictions would reduce the speed of adjustment of stock prices towards negative information. In another words, removal of short selling restrictions will help to complete the market by permitting fuller prices discovery. In this study, event study methodology was utilized to analyze the stock price reactions. The results on 28th August 1997 showed that the market reacted negatively towards the announcement of the re-imposition of short selling restrictions. This indicates that the market viewed the announcement as negative news. The second event which is being examined is the announcement on the further removal of short selling restrictions on 22nd December 2006. The results showed that the stock prices reacted positively. This is the indication that the market viewed the announcement as positive news. Therefore, market completeness is coherent with the reactions of the market on this event. Overall, this study offers significant implications to investors. The results implied that the announcement on the removal of short selling activities is welcome by investors. The positive reactions on the announcement also indicates that there are more supply in the market hence it increases the liquidity of the stock market. Thus, the indications from the results in this study will enable investors to construct their investment strategies

Antimicrobial resistance among migrants in Europe: a systematic review and meta-analysis

BACKGROUND: Rates of antimicrobial resistance (AMR) are rising globally and there is concern that increased migration is contributing to the burden of antibiotic resistance in Europe. However, the effect of migration on the burden of AMR in Europe has not yet been comprehensively examined. Therefore, we did a systematic review and meta-analysis to identify and synthesise data for AMR carriage or infection in migrants to Europe to examine differences in patterns of AMR across migrant groups and in different settings. METHODS: For this systematic review and meta-analysis, we searched MEDLINE, Embase, PubMed, and Scopus with no language restrictions from Jan 1, 2000, to Jan 18, 2017, for primary data from observational studies reporting antibacterial resistance in common bacterial pathogens among migrants to 21 European Union-15 and European Economic Area countries. To be eligible for inclusion, studies had to report data on carriage or infection with laboratory-confirmed antibiotic-resistant organisms in migrant populations. We extracted data from eligible studies and assessed quality using piloted, standardised forms. We did not examine drug resistance in tuberculosis and excluded articles solely reporting on this parameter. We also excluded articles in which migrant status was determined by ethnicity, country of birth of participants' parents, or was not defined, and articles in which data were not disaggregated by migrant status. Outcomes were carriage of or infection with antibiotic-resistant organisms. We used random-effects models to calculate the pooled prevalence of each outcome. The study protocol is registered with PROSPERO, number CRD42016043681. FINDINGS: We identified 2274 articles, of which 23 observational studies reporting on antibiotic resistance in 2319 migrants were included. The pooled prevalence of any AMR carriage or AMR infection in migrants was 25·4% (95% CI 19·1-31·8; I2 =98%), including meticillin-resistant Staphylococcus aureus (7·8%, 4·8-10·7; I2 =92%) and antibiotic-resistant Gram-negative bacteria (27·2%, 17·6-36·8; I2 =94%). The pooled prevalence of any AMR carriage or infection was higher in refugees and asylum seekers (33·0%, 18·3-47·6; I2 =98%) than in other migrant groups (6·6%, 1·8-11·3; I2 =92%). The pooled prevalence of antibiotic-resistant organisms was slightly higher in high-migrant community settings (33·1%, 11·1-55·1; I2 =96%) than in migrants in hospitals (24·3%, 16·1-32·6; I2 =98%). We did not find evidence of high rates of transmission of AMR from migrant to host populations. INTERPRETATION: Migrants are exposed to conditions favouring the emergence of drug resistance during transit and in host countries in Europe. Increased antibiotic resistance among refugees and asylum seekers and in high-migrant community settings (such as refugee camps and detention facilities) highlights the need for improved living conditions, access to health care, and initiatives to facilitate detection of and appropriate high-quality treatment for antibiotic-resistant infections during transit and in host countries. Protocols for the prevention and control of infection and for antibiotic surveillance need to be integrated in all aspects of health care, which should be accessible for all migrant groups, and should target determinants of AMR before, during, and after migration. FUNDING: UK National Institute for Health Research Imperial Biomedical Research Centre, Imperial College Healthcare Charity, the Wellcome Trust, and UK National Institute for Health Research Health Protection Research Unit in Healthcare-associated Infections and Antimictobial Resistance at Imperial College London

Surgical site infection after gastrointestinal surgery in high-income, middle-income, and low-income countries: a prospective, international, multicentre cohort study

Background: Surgical site infection (SSI) is one of the most common infections associated with health care, but its importance as a global health priority is not fully understood. We quantified the burden of SSI after gastrointestinal surgery in countries in all parts of the world. Methods: This international, prospective, multicentre cohort study included consecutive patients undergoing elective or emergency gastrointestinal resection within 2-week time periods at any health-care facility in any country. Countries with participating centres were stratified into high-income, middle-income, and low-income groups according to the UN's Human Development Index (HDI). Data variables from the GlobalSurg 1 study and other studies that have been found to affect the likelihood of SSI were entered into risk adjustment models. The primary outcome measure was the 30-day SSI incidence (defined by US Centers for Disease Control and Prevention criteria for superficial and deep incisional SSI). Relationships with explanatory variables were examined using Bayesian multilevel logistic regression models. This trial is registered with ClinicalTrials.gov, number NCT02662231. Findings: Between Jan 4, 2016, and July 31, 2016, 13 265 records were submitted for analysis. 12 539 patients from 343 hospitals in 66 countries were included. 7339 (58·5%) patient were from high-HDI countries (193 hospitals in 30 countries), 3918 (31·2%) patients were from middle-HDI countries (82 hospitals in 18 countries), and 1282 (10·2%) patients were from low-HDI countries (68 hospitals in 18 countries). In total, 1538 (12·3%) patients had SSI within 30 days of surgery. The incidence of SSI varied between countries with high (691 [9·4%] of 7339 patients), middle (549 [14·0%] of 3918 patients), and low (298 [23·2%] of 1282) HDI (p < 0·001). The highest SSI incidence in each HDI group was after dirty surgery (102 [17·8%] of 574 patients in high-HDI countries; 74 [31·4%] of 236 patients in middle-HDI countries; 72 [39·8%] of 181 patients in low-HDI countries). Following risk factor adjustment, patients in low-HDI countries were at greatest risk of SSI (adjusted odds ratio 1·60, 95% credible interval 1·05–2·37; p=0·030). 132 (21·6%) of 610 patients with an SSI and a microbiology culture result had an infection that was resistant to the prophylactic antibiotic used. Resistant infections were detected in 49 (16·6%) of 295 patients in high-HDI countries, in 37 (19·8%) of 187 patients in middle-HDI countries, and in 46 (35·9%) of 128 patients in low-HDI countries (p < 0·001). Interpretation: Countries with a low HDI carry a disproportionately greater burden of SSI than countries with a middle or high HDI and might have higher rates of antibiotic resistance. In view of WHO recommendations on SSI prevention that highlight the absence of high-quality interventional research, urgent, pragmatic, randomised trials based in LMICs are needed to assess measures aiming to reduce this preventable complication

Is Short-Selling Welcomes By Market Participants in the Event of COVID-19 Pandemic?

This is a secondary data analysis which the raw data was gotten from public sources which is shares prices

Short Selling Announcements and Stock Price Reactions: Evidence from the Malaysian Stock Market

This study aims to examine stock price reactions on selected stocks listed on Kuala Lumpur Stock Exchange (KLSE) vis-à-vis the short selling announcements. On 28th August 1997, the regulator of Malaysia re-impose short selling restrictions, there are 50 stocks which are restricted at this time. Subsequently, the regulator made the further removal of short selling restrictions announcement on 22nd December 2006 which there are 70 stocks are being selected. Both events provide some implications to investors on the market reactions on the short selling announcement. It is argued that stock prices are biased upward if short selling restrictions are present. If short selling restrictions exist, investors will not be able to react on the negative information, thus, stock prices will bias upward. Conversely, it is claims that stock prices will bias downward if short selling activities are restricted. This is because short sales restrictions would reduce the speed of adjustment of stock prices towards negative information. In another words, removal of short selling restrictions will help to complete the market by permitting fuller prices discovery. In this study, event study methodology was utilized to analyze the stock price reactions. The results on 28th August 1997 showed that the market reacted negatively towards the announcement of the re-imposition of short selling restrictions. This indicates that the market viewed the announcement as negative news. The second event which is being examined is the announcement on the further removal of short selling restrictions on 22nd December 2006. The results showed that the stock prices reacted positively. This is the indication that the market viewed the announcement as positive news. Therefore, market completeness is coherent with the reactions of the market on this event. Overall, this study offers significant implications to investors. The results implied that the announcement on the removal of short selling activities is welcome by investors. The positive reactions on the announcement also indicates that there are more supply in the market hence it increases the liquidity of the stock market. Thus, the indications from the results in this study will enable investors to construct their investment strategies

Motivational Factors of Productivity: The Perspective of Employees

PLS-SEM Result

Survey of Malaysia's Companies with regards to the Environmental Practices

PLS-SEM Analysis Data Integrating Extended Theory of Planned Behaviour and Norm Activation Model to Examine the Effects of Environmental Practices among Malaysian Companie

Motivational Factors of Productivity: The Perspective of Employees

PLS-SEM Result

What do undergraduates think about green investment? Empirical evidence from a developing nation

Climate change and its disastrous effects have called for more concentrated efforts of all parties to accelerate the transition to a low-carbon economy. Green investment seems a solution to tackle environmental degradation issues but existing study in this area remains scanty. This study adopted Theory of Planned Behaviour (TPB) to examine the relationships between personal attitude, subjective norms and perceived behavioural control (PBC), and the intentions of making green investment among university students in Malaysia. 260 university students were surveyed (Kuala Lumpur and Melaka) with a response rate of 77%. The results of multiple linear regression analysis show that these factors (personal attitude, subjective norms and PBC) are significant predictors. Various measures and policy recommendations are provided in this study to promote green investment

Is Short-Selling Welcomes By Market Participants in the Event of COVID-19 Pandemic?

This is a secondary data analysis which the raw data was gotten from public sources which is shares prices