Debt Securities Issuance in Malaysia: Type of Security and Impact on Equity Returns, Systematic and Total Risk

The study examines the association of company characteristics with debt securities offers and explores whether there is any significant difference between hybrid and non-hybrid debt securities issuers. In addition, the study investigates the impact of debt securities issuance on the equity market behaviour of the issuers. The regression result found a positive and significant association for company size but negative association for managerial ownership structure with debt securities issuance. Subsequently, using logistic regression techniques, the study revealed that companies with higher profitability and higher managerial ownership appear to favour non-hybrid debt securities to hybrid debt securities. Nonetheless, the study found no significant difference between hybrid and non-hybrid debt securities issuers in terms of company size, asset tangibility and growth opportunities. The event study results reveal that overall debt securities issuers experience increase in company return following the debt securities issuance and decrease in systematic risk while total risk remain unchanged. Hybrid debt securities experience significant fall in stock returns and systematic risk but an increase in total risk. Non-hybrid debt securities issues, however, are found to have no impact on equity market behaviour. Findings of the study imply the need to promote participation from financially strong companies in the hybrid debt securities segment. Further, the decline in systematic risk for debt securities issuing companies could motivate the issuance of debt securities and thus improve the market liquidity. Finally, non-hybrid debt securities are not appropriate to be used for market signal as no impact on market behaviour was found following the non-hybrid debt securities issuance

The effect corporate bond issuance to the equity market and its determinants

The study aims to investigate the signaling effect of bond issuance in Malaysia and to determine the company characteristics that influence the effect. Findings of the study reveal positive cumulative average abnormal returns following bond issuance indicating that the market treat bond offers as favourable corporate news.On the other hand, the cross-sectional analysis found insignificant relation between company profitability, growth opportunities, asset tangibility, size and managerial ownership with cumulative abnormal returns of bond issuers. The results confirm the signaling effect of bond issuance but further reveal that the effect is not affected by company characteristics

The burden of cardiovascular disease in Asia from 2025 to 2050: a forecast analysis for East Asia, South Asia, South-East Asia, Central Asia, and high-income Asia Pacific regions.

Summary Background Given the rapidly growing burden of cardiovascular disease (CVD) in Asia, this study forecasts the CVD burden and associated risk factors in Asia from 2025 to 2050. Methods Data from the Global Burden of Disease 2019 study was used to construct regression models predicting prevalence, mortality, and disability-adjusted life years (DALYs) attributed to CVD and risk factors in Asia in the coming decades. Findings Between 2025 and 2050, crude cardiovascular mortality is expected to rise 91.2% despite a 23.0% decrease in the age-standardised cardiovascular mortality rate (ASMR). Ischaemic heart disease (115 deaths per 100,000 population) and stroke (63 deaths per 100,000 population) will remain leading drivers of ASMR in 2050. Central Asia will have the highest ASMR (676 deaths per 100,000 population), more than three-fold that of Asia overall (186 deaths per 100,000 population), while high-income Asia sub-regions will incur an ASMR of 22 deaths per 100,000 in 2050. High systolic blood pressure will contribute the highest ASMR throughout Asia (105 deaths per 100,000 population), except in Central Asia where high fasting plasma glucose will dominate (546 deaths per 100,000 population). Interpretation This forecast forewarns an almost doubling in crude cardiovascular mortality by 2050 in Asia, with marked heterogeneity across sub-regions. Atherosclerotic diseases will continue to dominate, while high systolic blood pressure will be the leading risk factor. Funding This was supported by the NUHS Seed Fund (NUHSRO/2022/058/RO5+6/Seed-Mar/03), National Medical Research Council Research Training Fellowship (MH 095:003/008-303), National University of Singapore Yong Loo Lin School of Medicine's Junior Academic Fellowship Scheme, NUHS Clinician Scientist Program (NCSP2.0/2024/NUHS/NCWS) and the CArdiovascular DiseasE National Collaborative Enterprise (CADENCE) National Clinical Translational Program (MOH-001277-01)

The burden of cardiovascular disease in Asia from 2025 to 2050: a forecast analysis for East Asia, South Asia, South-East Asia, Central Asia, and high-income Asia Pacific regions

Background: Given the rapidly growing burden of cardiovascular disease (CVD) in Asia, this study forecasts the CVD burden and associated risk factors in Asia from 2025 to 2050. Methods: Data from the Global Burden of Disease 2019 study was used to construct regression models predicting prevalence, mortality, and disability-adjusted life years (DALYs) attributed to CVD and risk factors in Asia in the coming decades. Findings: Between 2025 and 2050, crude cardiovascular mortality is expected to rise 91.2% despite a 23.0% decrease in the age-standardised cardiovascular mortality rate (ASMR). Ischaemic heart disease (115 deaths per 100,000 population) and stroke (63 deaths per 100,000 population) will remain leading drivers of ASMR in 2050. Central Asia will have the highest ASMR (676 deaths per 100,000 population), more than three-fold that of Asia overall (186 deaths per 100,000 population), while high-income Asia sub-regions will incur an ASMR of 22 deaths per 100,000 in 2050. High systolic blood pressure will contribute the highest ASMR throughout Asia (105 deaths per 100,000 population), except in Central Asia where high fasting plasma glucose will dominate (546 deaths per 100,000 population). Interpretation:This forecast forewarns an almost doubling in crude cardiovascular mortality by 2050 in Asia, with marked heterogeneity across sub-regions. Atherosclerotic diseases will continue to dominate, while high systolic blood pressure will be the leading risk factor

Robust estimation of bacterial cell count from optical density

Optical density (OD) is widely used to estimate the density of cells in liquid culture, but cannot be compared between instruments without a standardized calibration protocol and is challenging to relate to actual cell count. We address this with an interlaboratory study comparing three simple, low-cost, and highly accessible OD calibration protocols across 244 laboratories, applied to eight strains of constitutive GFP-expressing E. coli. Based on our results, we recommend calibrating OD to estimated cell count using serial dilution of silica microspheres, which produces highly precise calibration (95.5% of residuals <1.2-fold), is easily assessed for quality control, also assesses instrument effective linear range, and can be combined with fluorescence calibration to obtain units of Molecules of Equivalent Fluorescein (MEFL) per cell, allowing direct comparison and data fusion with flow cytometry measurements: in our study, fluorescence per cell measurements showed only a 1.07-fold mean difference between plate reader and flow cytometry data

Announcements Effect of Corporate Bond Issuance and Its Determinants

This study aims to investigate the effect of bond issuance announcements and to determine the company characteristics that could influence this effect. The findings reveal positive cumulative average abnormal returns following bond issuances, indicating that the market considers bond offers to be favorable news. Nevertheless, cross-sectional regression analysis shows an insignificant relation of company profitability, growth opportunities, asset tangibility, size, and managerial ownership with cumulative abnormal returns. The results confirm that there is a signaling effect of bond issuance announcements and that this effect is not affected by company characteristics

The effect of debt securities issuance towards equity market behavior in Malaysia (Kesan penerbitan sekuriti hutang terhadap kelakuan pasaran ekuiti di Malaysia)

The study investigates the impact of debt securities issuance on the equity market behavior of the issuers.Event study results reveal that overall debt securities issuers experience an increase in equity return and a decrease in systematic risk, while total risk remains unchanged.The further examination of the 100 debt securities issuing companies finds significant differences between hybrid and non-hybrid debt securities issues. Hybrid debt securities experience a significant increase in equity return, decline in systematic risk and increase in total risk. Non-hybrid debt securities issues, however, are found to have no impact on equity market behavior.The findings of the study imply that the general decline in systematic risk for debt securities issuing companies could motivate the issuance of debt securities, particularly the hybrid type, and thus improve market liquidity. Further, non-hybrid debt securities may not be the appropriate alternative for sending a market signal as no impact on market behavior is found following the issuance

The effect of debt securities issuance towards equity market behavior in Malaysia

The study investigates the impact of debt securities issuance on the equity market behavior of the issuers. Event study results reveal that overall debt securities issuers experience an increase in equity return and a decrease in systematic risk, while total risk remains unchanged. The further examination of the 100 debt securities issuing companies finds significant differences between hybrid and non-hybrid debt securities issues. Hybrid debt securities experience a significant increase in equity return, decline in systematic risk and increase in total risk. Non-hybrid debt securities issues, however, are found to have no impact on equity market behavior The findings of the study imply that the general decline in systematic risk for debt securities issuing companies could motivate the issuance of debt securities, particularly the hybrid type, and thus improve market liquidity. Further non-hybrid debt securities may not be the appropriate alternative for sending a market signal as no impact on market behavior is found following the issuance