The Announcement Effect of Monetary Policy on the Corporate Bond Markets

This study investigates the impact of the central bank’s monetary policy announcements on the perceptions of yield spread in corporate bond markets under the event of extreme events. These results highlight that the coronavirus pandemic has caused a market panic in the global economy. This caused investors to withdraw their money from bond markets, which caused a liquidity crisis in bond markets. The Fed announcements caused statistically significant tightening on US and global investment grades and high-yield corporate bond spreads. The Euro investment grade and high-yield corporate bond spread narrowed when the Fed took additional actions to provide more funds and expanded the buying scope to support market liquidity. These results suggest that forward guidance that emphasizes the Fed’s monetary policy causes stronger information effects

AI is a viable alternative to high throughput screening: a 318-target study

: High throughput screening (HTS) is routinely used to identify bioactive small molecules. This requires physical compounds, which limits coverage of accessible chemical space. Computational approaches combined with vast on-demand chemical libraries can access far greater chemical space, provided that the predictive accuracy is sufficient to identify useful molecules. Through the largest and most diverse virtual HTS campaign reported to date, comprising 318 individual projects, we demonstrate that our AtomNet® convolutional neural network successfully finds novel hits across every major therapeutic area and protein class. We address historical limitations of computational screening by demonstrating success for target proteins without known binders, high-quality X-ray crystal structures, or manual cherry-picking of compounds. We show that the molecules selected by the AtomNet® model are novel drug-like scaffolds rather than minor modifications to known bioactive compounds. Our empirical results suggest that computational methods can substantially replace HTS as the first step of small-molecule drug discovery

盈餘對股票報酬訊號效果之門檻分析

[[abstract]]本研究以1996?至2005?十?間共283家台灣一般產業上市公司為觀察 值，運用panel data資?型態分別以一般迴歸模型及由Hansen（1999）所提出之 門檻迴歸模型探討股東權?報酬?、每股盈餘、總資產報酬成長?、業主盈餘對 淨值比、及營業毛?成長?對股票報酬?的解釋能?。並以每股盈餘為門檻變 ?，研究股票報酬?是否具有每股盈餘的門檻效果，在某個每股盈餘門檻區間內 及區間外之企業，其股東權?報酬?對股票報酬?之影響方向與程?。 實證結果顯示：?遲項每股盈餘、股東權?報酬?、總資產報酬成長?、 及業主盈餘對淨值比對股票報酬?均具有顯著解釋能?。由門檻迴歸模型分析得 知，股票報酬?存在?遲一期每股盈餘的門檻效果、股東權?報酬?對股票報酬 ?的影響會因為?遲一期每股盈餘的高或低呈現二個門檻三個區間的?同影響 方向與程?

Threshold analysis for signalling effect of earnings on stock returns

[[abstract]]This paper employs the panel data threshold regression model (Hansen, 1999) to estimate the explanatory power among the return on equity (ROE), earnings per share (EPS), growth ratio of return on asset (ROA), retained earnings to equity ratio, and growth ratio of gross margin with a 10-year sample of 283 firms. In this model, we examine the threshold effects of EPS on stock returns of listed firms and analyze the relationship between ROE and stock returns within the different regimes of EPS. The empirical result shows that lagged EPS, ROE, ROA growth ratio, and retained earnings to equity ratio are statistically significant to stock returns. Taking EPS at time t-1as the threshold variable, we conclude that there is strong evidence that there are two thresholds and three regimes in the threshold regression

Risk factors associated with the development of seizures among adult patients treated with ertapenem: A matched case-control study

<div><p>Objective</p><p>The purpose of this study is to compare the characteristics of those ertapenem-treated adult patients with and without development of seizures, and identify the associated factors for the development of seizures.</p><p>Methods</p><p>This retrospective study was conducted at Chia-Yi Christian Hospital from January 2012 to December 2014. Patients developing seizures during their ertapenem treatment course were identified as case patients. Those without seizures who had received ertapenem for at least five days were considered as the pool of control patients. For each case patient, four matched patients from the control pool were randomly selected as the final control group, based on age, gender, and the date of ertapenem prescription.</p><p>Results</p><p>A total of 1706 ertapenem-treated patients were identified, 33 (1.9%) individuals developed seizures with the enrollment of 132 matched control patients. Among these 33 patients, the average age was 79.3 ± 7.5 years, and 20 (60.6%) were male. The mean Charlson co-morbidity score was 4.5 ± 2.4, and the first episode of seizure happened 3.3 ± 2.6 days after receiving ertapenem. In multivariate logistic regression analysis, the independent predictors associated with the development of ertapenem-associated seizures were old stroke (OR, 14.36; 95% CI, 4.38–47.02; p < 0.0001), undergoing brain images within one year prior to the admission (OR, 5.73; 95% CI, 1.78–18.43; p = 0.0034), low hemoglobin level (OR, 3.88; 95% CI, 1.28–12.75; p = 0.0165) and low platelet count (OR, 4,94; 95% CI, 1.56–15.68; p = 0.0067) at presentations, and protective factors against the development of seizures were heart failure (OR, 0.04; 95% CI, 0.00–0.63; p = 0.0222), concomitant use of steroids (OR, 0.19; 95% CI, 0.05–0.77; p = 0.0201), or antiplatelet agents (OR, 0.12; 95% CI, 0.02–0.63, p = 0.0123) with ertapenem.</p><p>Conclusions</p><p>The development of ertapenem-associated seizures may occur more frequently and much earlier due to its widespread use in treating drug-resistant pathogens, especially when these pathogens emerged worldwide.Our study would help physician to estimate the risk of developing seizure among patients receiving ertapenem.</p></div

Flow chart of participants with or without seizures included in the analysis.

<p>Flow chart of participants with or without seizures included in the analysis.</p

Clinical characteristics in matched pairs (1:4) of those ertapenem-treated patients with or without development of seizures.

<p>Clinical characteristics in matched pairs (1:4) of those ertapenem-treated patients with or without development of seizures.</p

Multivariate analysis for factors associated with the development of seizures in patients treated with ertapenem.

<p>Multivariate analysis for factors associated with the development of seizures in patients treated with ertapenem.</p