Sovereign credit default swaps and the currency forward bias

We study the links between sovereign credit risk and the currency forward bias. In a setting of defaultable sovereign bonds, we show that the forward bias can be negatively linked to sovereign credit risk. We confirm empirically that the forward bias is negatively associated to sovereign CDS spreads and systematically across both developed and emerging countries but the effect is more pronounced for emerging countries. Furthermore, we show that the forward bias decreases after the inception of the sovereign CDS market. Overall, our results underscore the distinct role of the sovereign CDS market in enhancing price efficiency in currency forward and spot markets.</p

Exploring risk premium factors for country equity returns

In this paper, we study a comprehensive set of risk premia of country equity returns for 45 countries over the sample period 2002 to 2018 in both a single and a multiple factor setting. Using a new three-pass estimation method for factor risk premia by Giglio and Xiu (2021), we find that several factors, including default risk, are also priced in country equity excess returns, controlled by the Fama–French 5-factor and Carhart model. Moreover, we apply a novel approach to investigate the multi-factor impact on country equity returns. We find that the multi-factor information, constructed from the first principal component of the statistically significant single factors, provides a consistent and stronger prediction of anomalies in country equity returns

External investor protection and internal corporate governance: Substitutes or complements for motivating foreign portfolio investment?

Institutional theory emphasizes external investor protection (EIP), while corporate governance theory focuses on internal corporate governance (ICG) to explain corporate operation and behavior. However, both mainstream theories explain much less the relationship between EIP and ICG. Examining firm foreign ownership from 30 countries, we show that while EIP and ICG separately foster firm foreign ownership, they are substitutes. Our findings imply that foreign investors have similar view with firms on EIP and ICG and that nations can counterbalance the impact from poor firm-level governance by promoting external investor protection to attract foreign ownership. </p

Comparison of the Efficacies and Safety of Combined Therapy between Telbivudine Plus Adefovir and Lamivudine Plus Adefovir in Patients with Hepatitis B Virus Infection in Real-World Practice

<div><p>Background and Aim</p><p>Chronic hepatitis B infection remains a significant health issue worldwide. This study evaluated the efficacy and safety of combined therapy using lamivudine plus adefovir (LAM+ADV) versus telbivudine plus adefovir (LdT+ADV) and the corresponding renal function change and safety.</p><p>Methods</p><p>This study enrolled a total of 171 patients (110 patients received LAM+ADV and 60 patients received LdT+ADV). We analyzed the changes in renal function using the estimated glomerular filtration rate (eGFR). The DNA undetectable rate, hepatitis B e antigen (HBeAg) seroconversion rate, and alanine aminotransferase (ALT) normalization rate were analyzed. We checked the serum uric acid, phosphate and creatine kinase, and lactic acid levels to analyze safety. We observed these patients for 48 to 240 weeks and checked their serum profile every 6 months.</p><p>Results</p><p>There was no statistically significant difference between the two groups in anti-hepatitis B virus (HBV) efficacy in terms of DNA undetectable rate, ALT normalization rate, and HBeAg seroconversion rate. Both the LAM+ADV and LdT+ADV groups had stable or improved renal function. However, a higher eGFR was found in the LdT+ADV group with continuous serum fluctuation during 3 years of combined therapy as well as a higher serum creatine kinase level.</p><p>Conclusions</p><p>Long-term LdT+ADV combined therapy and LAM+ADV combined therapy were both associated with stable or improved renal function. The clinical efficacy was similar between the two groups, but the LdT group had a higher serum creatine kinase level. We need to monitor the data regularly in clinical practice.</p></div

Continuous change in serum phosphate concentration during 240 weeks of combined therapy.

<p>There was no statistically significant difference between the two groups (<i>P</i> = 0.544).</p

Continuous change in serum eGFR during 240 weeks of combined therapy.

<p>During 144 weeks of combined therapy, the LdT+ADV group had a higher eGFR than the LAM+ADV group (<i>P</i><0.001), but both had similar baseline data (<i>P</i>>0.05). After 144 weeks of combined therapy, there was no statistically significant difference between the two groups (<i>P</i> = 0.634), but there were fewer patients.</p

Comparison of the efficacies between LAM+ADV and LdT+ADV treatment in ALT normalization rate and DNA undetectable rate and serum HBeAg seroconversion rate.

<p>Comparison of the efficacies between LAM+ADV and LdT+ADV treatment in ALT normalization rate and DNA undetectable rate and serum HBeAg seroconversion rate.</p

Changes in eGFR (mL/min/1.73 m²) in the LAM+ADV and LdT+ADV treatment groups after 48 weeks of combined therapy.

<p>Changes in eGFR (mL/min/1.73 m²) in the LAM+ADV and LdT+ADV treatment groups after 48 weeks of combined therapy.</p

Basic characteristics of 171 combined therapy patients.

<p>Basic characteristics of 171 combined therapy patients.</p

Does Nucleos(t)ide Analogues Treatment Affect Renal Function in Chronic Hepatitis B Patients Who Have Already Decreased eGFR? A Longitudinal Study

<div><p>This study aimed to assess the renal function in chronic hepatitis B (CHB) patients who received nucleos(t)ide analogues (NAs) therapy using estimated glomerular filtration rate (eGFR) titer. We performed a longitudinal observational study of 37 tenofovir-, 42 telbivudine-, and 62 entecavir-naïve CHB patients, who had impaired renal function (eGFR, 90–30 ml/min/1.73m²) without history of diabetes, hypertension, and chemotherapy. Calculation and evaluation of eGFR was performed with the Modification of Diet in Renal Disease, Chronic Kidney Disease Epidemiology Collaboration, and Cockcroft-Gault formula at pretreatment, at baseline, and after the 1^st and 2^nd year of treatment. The eGFR was significantly increased in patients given telbivudine or entecavir (<i>p</i> = 0.003 and <i>p</i> = 0.012, respectively), but the eGFR was decreased in patients given tenofovir (<i>p</i> = 0.001) after 2 years of treatment. Of all patients, eGFR was stable one year prior to treatment. If we analyzed the renal function by change of chronic kidney disease (CKD) category with a change of 25% of eGFR, the proportion of uncertain drop (drop in CKD category with <25% decrease in eGFR) and certain drop (drop in CKD category with ≧25% decrease in eGFR) in tenofovir group was smaller (5.4%) than those of telbivudine (12.9%) or entecavir (6.5%). Furthermore, telbivudine had the lowest stable rate (76.2%), the highest certain rise rate (9.5%), and certain drop rate (7.1%) compared to the other groups (<i>p</i> = 0.049). In conclusion, in NAs-naïve CHB patients with impaired renal function, telbivudine and entecavir resulted in a significant increase in eGFR while tenofovir resulted in a significant decrease after a 2-year treatment. Interestingly, TDF had the lowest proportion of patients reclassified to certain and uncertain drop groups; in contrast, LdT had a higher proportion in both raise and drop groups. The outcomes of this renal effect remain to be determined.</p></div