Stay at Home: Flight-to-Safety and Home Bias in U.S. ETFs During COVID-19 Pandemic

We examine the relations between dollar flows of U.S. traded ETFs with exposure to the U.S., Europe, Asia, and the rest of the world during the COVID-19 crisis utilizing a Markov Switching Model (MSVAR). We find convincing evidence that investors use ETFs to gain exposure to foreign markets. This study differs from the new stream of research on the effects of COVID-19 on financial markets and investors’ reactions in two major ways. First, we follow the money by using actual dollars of fund flows, whereas previous studies use returns. Second, we investigate the existence of two distinct regimes during this pandemic: (1) a ‘‘normal” regime when all ETFs receive positive flows and (2) a ‘‘panic” regime which emerges when the number of infected people surges in a global location and investors shift their funds from non-U.S. ETFs to U.S.-exposed ETFs. This portfolio rebalancing away from international funds toward U.S. ETFs, is consistent with the flight-to-safety effect and surge in “home bias” investing during the adverse economic shock. Furthermore, we find evidence of rapid portfolio adjustments of U.S. investors in response to the COVID-19 outbreak in a given geographic location.https://digitalcommons.odu.edu/gradposters2021_business/1008/thumbnail.jp

What influences the Changes in REIT CEO Compensation?: Evidence from Panel Data

This study examines what influences the changes in REIT CEO compensation using the following performance measures: average three-year total returns to shareholders, market value added, Tobin's q, and change in funds from operations. In addition, we examine the impact of managerial power on the change in compensation. Unbalanced panel data is employed to capture both the time-series and cross-sectional effects. The empirical evidence indicates that firm performance and size do not influence the change in CEO salary, while risk, tenure, title, ownership, and age have significant impacts. Contrary to previous findings and a priori expectations, bonuses are not influenced by risk, size, or CEO power; however, they are influenced by performance. Option awards are affected by performance and CEO power.

Black-White Differences in the Protective Effects of Income against Perceived Financial Difficulties in the United States

One of the components of the protective effects of overall high socioeconomic status (SES) on health is high subjective SES. As SES has shown weaker health effects for marginalized groups, a phenomenon called Marginalization-related Diminished Returns (MDRs), we conducted this study to test differential associations between two objective SES indicators, namely education and household income, with a subjective SES indicator (perceived financial difficulties) by race. For this cross-sectional analysis, we used the Health Information National Trends Survey (HINTS 2020) data. Participants included 1403 individuals who identified as either non-Latino Black or non-Latino White. Age, sex, marital status, and employment were used as control variables, while education and income were used as independent variables. Perceived financial difficulties were the outcome. Binary logistic regression was used for main data analysis. Linear regression was used for sensitivity analysis. Overall, high education and household income were associated with lower odds of perceived financial difficulties. We documented a statistical interaction between race and income on subjective SES indicating a weaker inverse association between household income and perceived financial difficulties for non-Latino Black than non-Latino White individuals. The results remained similar using linear or logistic regression models. We did not find racial differences in the association between education and perceived financial difficulties. In the US, and under structural racism, the link between objective SES indicators such as income and perceived financial difficulties differs for non-Latino Black and non-Latino White people. Income may better reduce perceived financial difficulties for non-Latino Black than non-Latino White individuals. This finding is in line with the MDRs framework and suggests a mechanism for why we observe weaker health effects of objective SES indicators, such as income, for racial minorities in the US, and why we observe racial health disparities across class lines

Istraživanje enteropatogenih sojeva bakterije E. coli izdvojenih iz domaćega iranskoga mekanoga sira.

The aim of the present study was to determine the prevalence of contamination of the domestic Iranian soft cheese with EPEC serogroupes in south-eastern Iran-Kerman. Seventy-seven random samples of domestic Iranian soft cheese were collected from different groceries and markets in sterile conditions, cultured in selective media and examined for biochemical tests. Among the 77 samples, E coli was isolated from 76 (98.70%) of them and 15 (19.48%) of the isolates were EPEC. Eight EPEC identified serogroups were included: O26(I), O86(II), O114(IV), O142 (IV and I), O119(II), O128(III), and O127(II). All these types are pathogens. O127 was the most prevalent serogroup, followed by O128 and O119. The occurrence of a high proportion of E coli in our cheese samples may be due to lack of proper sanitation and absence of pasteurization of milk used for cheese making. Therefore, stringent hygienic measures must be followed and pasteurization of milk should be imposed to prevent contamination of cheese with coliforms, thus avoiding additional outbreaks of food-borne illness caused by E coli.Cilj istraživanja bio je utvrditi prevalenciju kontaminacije domaćega iranskoga mekanoga sira enteropatogenim serološkim skupinama E. coli (EPEC) u jugoistočnom Iranu (Kermanu). Ukupno 77 slučajno odabranih uzoraka domaćega iranskoga mekanoga sira prikupljeno je pod sterilnim uvjetima iz različih trgovina i tržnica. Uzorci su bili nacijepljeni na selektivne hranjive podloge i pretraženi biokemijskim testovima. E. Coli bila je izdvojena iz 76 (98,70%) od 77 pretraženih uzoraka od čega je 15 (19,48%) izolata bilo enteropatogeno. Identificirano je bilo osam EPEC seroloških skupina: O26(I), O86(II), O114(IV), O142(IV i I), O119 (II), O128(III) i O127(II). Svi su navedeni tipovi patogeni. Najčešće je bila izdvojena serološka skupina O127, a slijedile su O128 i O119. Visoki udio pojavnosti E. coli u uzorcima pretraženih sireva može se pripisati nedostatnoj sanitaciji i izostanku pasterizacije mlijeka koja se primjenjuje pri izradu sira. Zbog toga se moraju primjenjivati strože higijenske mjere te uvesti pasterizacija mlijeka kako bi se spriječilo zagađenje koliformnim uzročnicima. Na taj način izbjegle bi se zaraze uzrokovane hranom zagađenom bakterijom E. coli

Dokaz “shiga-like” toksigene E. coli u svježim sirevima proizvedenim u Kermanu, Iran

The Shiga-like toxin-producing Escherichia coli (STEC) is the most important group of food-borne pathogens that emerged recently. These bacteria can cause severe health problems in humans like diarrhea, hemorrhagic colitis and hemolytic uraemic syndrome which have become a serious health problem in various countries. Cattle are thought to be a reservoir for E. coli STEC, and many foodborne diseases have been associated with the consumption of minced beef, beefburgers and raw milk. Although some data suggest that STEC are not prevalent within dairy products, the aim of this work was to assess the prevalence of E. coli O157 and non-O157 STEC in raw milk cheeses produced in the Southern part of Iran (Kerman province). For this purpose, 125 samples of soft and semi-soft cheeses made with raw cow milk were analysed with multiplex-PCR method for the presence of STEC. The use of consensus primers detected stx genes in 6.4% of the samples, but STEC strains could be isolated in only five of them (4%). Just one sample was found to be contaminated with E. coli O157. Our results suggest that in our area study raw milk cheeses could be considered a risk for food born STEC contaminationEscherichia coli koja proizvodi “shiga-like” toksin (engl. shiga-toxin producing E. coli; STEC) pripada skupini najvažnijih bakterija trovača hranom te odnedavno ima sve veće značenje. Ta bakterija može uzrokovati teške poremećaje u ljudi, kao što su proljev, hemoragijski kolitis i sindrom hemolitične uremije, koji su postali ozbiljni zdravstveni problemi u različitim zemljama. Goveda se smatraju rezervoarom za E. coli STEC te su mnoge bolesti vezane uz uzimanje mljevene govedine, usitnjena oblikovana goveđeg mesa i sirova mlijeka. Premda neki podatci govore da se STEC ne nalazi u većoj mjeri u mliječnim proizvodima, svrha je ovoga rada procijeniti prevalenciju E. coli O157 i non-O157 STEC u svježim sirevima proizvedenima u južnom dijelu Irana, u pokrajini Kerman. U tu je svrhu 125 uzoraka mekanih i polutvrdih sireva proizvedenih od sirova kravljeg mlijeka bilo analizirano multipleks PCR-om na prisutnost STEC-a. Uporabom sukladnih početnica dokazani su geni stx u 6,4% uzoraka, ali su sojevi STEC bili izdvojeni samo u pet od njih (4%). Samo jedan uzorak bio je kontaminiran bakterijom E. coli O157. Rezultati upućuju na zaključak da se u istraživanom području sirevi od svježeg kravljeg mlijeka mogu smatrati rizičnim za pojavu STEC-a

Istraživanje enteropatogenih sojeva bakterije E. coli izdvojenih iz domaćega iranskoga mekanoga sira.

The aim of the present study was to determine the prevalence of contamination of the domestic Iranian soft cheese with EPEC serogroupes in south-eastern Iran-Kerman. Seventy-seven random samples of domestic Iranian soft cheese were collected from different groceries and markets in sterile conditions, cultured in selective media and examined for biochemical tests. Among the 77 samples, E coli was isolated from 76 (98.70%) of them and 15 (19.48%) of the isolates were EPEC. Eight EPEC identified serogroups were included: O26(I), O86(II), O114(IV), O142 (IV and I), O119(II), O128(III), and O127(II). All these types are pathogens. O127 was the most prevalent serogroup, followed by O128 and O119. The occurrence of a high proportion of E coli in our cheese samples may be due to lack of proper sanitation and absence of pasteurization of milk used for cheese making. Therefore, stringent hygienic measures must be followed and pasteurization of milk should be imposed to prevent contamination of cheese with coliforms, thus avoiding additional outbreaks of food-borne illness caused by E coli.Cilj istraživanja bio je utvrditi prevalenciju kontaminacije domaćega iranskoga mekanoga sira enteropatogenim serološkim skupinama E. coli (EPEC) u jugoistočnom Iranu (Kermanu). Ukupno 77 slučajno odabranih uzoraka domaćega iranskoga mekanoga sira prikupljeno je pod sterilnim uvjetima iz različih trgovina i tržnica. Uzorci su bili nacijepljeni na selektivne hranjive podloge i pretraženi biokemijskim testovima. E. Coli bila je izdvojena iz 76 (98,70%) od 77 pretraženih uzoraka od čega je 15 (19,48%) izolata bilo enteropatogeno. Identificirano je bilo osam EPEC seroloških skupina: O26(I), O86(II), O114(IV), O142(IV i I), O119 (II), O128(III) i O127(II). Svi su navedeni tipovi patogeni. Najčešće je bila izdvojena serološka skupina O127, a slijedile su O128 i O119. Visoki udio pojavnosti E. coli u uzorcima pretraženih sireva može se pripisati nedostatnoj sanitaciji i izostanku pasterizacije mlijeka koja se primjenjuje pri izradu sira. Zbog toga se moraju primjenjivati strože higijenske mjere te uvesti pasterizacija mlijeka kako bi se spriječilo zagađenje koliformnim uzročnicima. Na taj način izbjegle bi se zaraze uzrokovane hranom zagađenom bakterijom E. coli

Does the Market Believe White Knights and Hostile Bidders are acting in Their Shareholders\u27 Interest?

This study examines why white knights suffer significant losses while their rival hostile bidders experience significant abnormal gains. We address two research questions: 1) Does the market believe that white knights and hostile bidders are acting in their shareholders\u27 interest? 2) Does Tobin\u27s q explain why white knights suffer significant losses and hostile bidders experience significant gains upon the announcement of their bids? The results show that hostile bidders are value-maximizing investors and white knights are not acting in their shareholders\u27 interest. Instead, white knights suffered significant reductions in value and historically have not maximized the wealth of investor

What Influences the Changes in REIT CEO Compensation? Evidence from Panel Data

This study examines what influences the changes in REIT CEO compensation using the following performance measures: average three-year total returns to shareholders, market value added, Tobin\u27s q, and change in funds from operations. The impact of managerial power on the change in compensation is also examined. The empirical evidence indicates that firm performance and size do not influence the change in CEO salary, while risk, tenure, title, ownership, and age have significant impacts. Bonuses are not influenced by risk, size, or CEO power; however, they are influenced by performance. Option awards are affected by performance and CEO power

News and Social Media Emotions in the Commodity Market

Purpose--Emotion plays a significant role in both institutional and individual investors\u27 decision-making process. Emotions affect the perception of risk and the assessment of monetary value. However, there is a lack of empirical evidence available that addresses how investors\u27 emotions affect commodity market returns. The purpose of this paper is to investigate whether media-based emotions can be used to predict future commodity returns. Design/methodology/approach--The authors examine the short-term predictive power of media-based emotion indices on the following five days\u27 commodity returns. The research adopts a proprietary data set of commodity-specific market emotions, which is computed based on a comprehensive textual analysis of sources from newswires, internet news sources and social media. Time series econometrics models (threshold generalized autoregressive conditional heteroskedasticity and vector autoregressive) are employed to analyze 14 years (January 1998-December 2011) of daily observations of the CRB commodity market index, crude oil and gold returns, and the market-level sentiments and emotions (optimism, fear and joy). Findings--The empirical results suggest that the commodity-specific emotions (optimism, fear and joy) have significant influence on individual commodity returns, but not on commodity market index returns. Additionally, the research findings support the short-term predictability of the commodity-specific emotions on the following five days\u27 individual commodity returns. Compared to the previous studies of news sentiment on commodity returns (Borovkova, 2011; Borovkova and Mahakena, 2015; Smales, 2014), this research provides further evidence of the effects of news and social media-based emotions (optimism, fear and joy) in the commodity market. Additionally, this work proposes that market emotion incorporates both a sentimental effect and appraisal effect on commodity returns. Empirical results are shown to support both the sentimental effect and appraisal effect when market sentiment is controlled in crude oil and gold spot markets. Originality/value - This paper adopts the valence-arousal approach and cognitive appraisal approach to explain financial anomalies caused by investors\u27 emotions. Additionally, this is the first paper to explore the predictive power of investors\u27 emotions (optimism, fear and joy) on commodity returns

Prevalence of multidrug resistance Campylobacter jejuni and Campylobacter coli in chickens slaughtered in selected markets, Malaysia

The objectives of this study were to determine the occurrence of Campylobacter spp. in live chickens sold at wet markets in Selangor, Malaysia and the multidrug resistance (MDR) profiles of the isolates. Cloacal swabs were taken from the chickens before slaughter and their caecal mucosae were swabbed after slaughter. Of the 90 chickens examined, 68 (75.6%) were positive for Campylobacter. Campylobacter were recovered from caecal swabs (53/90) and cloacal swabs (34/90) and Campylobacter coli (46 isolates) were identified slightly more than Campylobacter jejuni (41 isolates), but these differences were not significant (p<0.05). The most frequently observed resistance was to cephalothin (95.5%), followed by tetracycline (80.8%), erythromycin (51.4%), enrofloxacin (42.4%) and gentamicin (24.4%). Multidrug resistance (resistant to four or more antibiotics) was detected in 35.3% isolates. Campylobacter jejuni showed nine resistance profiles and the most common was to gentamicin-eryhtromycin-enrofloxacin-cephalothin-tetracycline (32.4%) combination while C. coli showed six profiles, with cephalothin-tetracycline (32.2%) combination being most common