Event Days Research Articles

Using ecological momentary assessments to understand how drinking during special occasions relates to parenting behaviors.

Drinking on special occasions (e.g., Super Bowl, Christmas) often results in more alcohol consumed. Further, police often report higher levels of crime, such as assaults and domestic violence, on days of major sporting events (e.g., Super Bowl, World Cup). Yet, drinking behaviors of parents during special occasions or large sporting events have not been assessed for their effects on parenting behaviors. Here, we assess the relationship between drinking during the Super Bowl and on Valentine's Day to determine whether they differ. Participants, recruited from social media, completed a 40-min baseline survey and 14 days of three daily Ecological Momentary Assessments (EMAs) about parenting. Two hundred fifty-five participants (with 684 EMAs) were enrolled on the Super Bowl and 184 (492 EMAs) were enrolled on Valentine's day. Measures of parenting include aggressive, punitive, and nonpunitive discipline and positive techniques. Drinking was assessed on days 7 and 14 of the EMA and corresponded to the EMA time frame during the previous week. Participants were largely White, well-educated mothers. Data were analyzed using multilevel logistic regression models. Parents who reported drinking on the day of the Super Bowl were more likely to use aggressive discipline (OR = 2.560; 95% CI: 1.308, 5.150) and punitive parenting (OR = 2.701; 95% CI: 1.394, 5.257) during the time that drinking occurred. In contrast, parents who reported drinking on Valentine's Day were less likely to use aggressive discipline (OR = 0.197; 95% CI: 0.077, 0.502). The differential relationship between drinking and parenting measures could be the result of differing norms or differences in who is present during the special occasions studied here. Identifying and understanding how alcohol use on special occasions contributes to parenting could help to create environments that are most conducive to positive parenting behaviors and reduce harms related to harsh or aggressive parenting.

Bellwave-010: Phase 3, Open-Label, Randomized Study of Nemtabrutinib Plus Venetoclax Versus Venetoclax Plus Rituximab in Patients with Relapsed/Refractory Chronic Lymphocytic Leukemia/Small Lymphocytic Lymphoma Following at Least One Prior Therapy

Background: Venetoclax + rituximab (VR) is a standard therapy among patients with chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) who have relapsed after at least 1 line of prior therapy. However, there is an unmet need for more effective treatments. Bruton's tyrosine kinase (BTK) is a critical signaling molecule in the pathogenesis of CLL, and inhibitors of BTK have resulted in significant improvements in survival for patients with CLL. Nemtabrutinib is a noncovalent, reversible, competitive inhibitor of BTK that does not require the C481 residue of BTK for binding and inhibition of kinase activity. As a result, nemtabrutinib can target both wild-type and C481-mutant forms of BTK. Results from the ongoing BELLWAVE-001 study have demonstrated manageable safety and durable antitumor activity of nemtabrutinib in patients with CLL/SLL with and without C481 mutations. The randomized, active-controlled, open-label, phase 3 BELLWAVE-010 study (NCT05947851) is designed to investigate the efficacy and safety of nemtabrutinib + venetoclax versus VR as second-line (2L) or later treatment for patients with relapsed/refractory (R/R) CLL/SLL. Study Design and Methods: Patients aged ≥18 years with active CLL/SLL that is relapsed/refractory to at least 1 prior therapy per the iwCLL 2018 criteria, an ECOG performance status of 0-2, and adequate organ function are eligible. Patients with Richter transformation, active central nervous system involvement, or severe bleeding disorder are excluded. Approximately 720 patients will be enrolled in 2 parts: an open-label, nonrandomized dose escalation and confirmation phase (part 1) to evaluate safety and determine the optimal dose of nemtabrutinib in combination with venetoclax and an open-label, parallel-group, randomized phase (part 2) comparing the efficacy and safety of nemtabrutinib + venetoclax with VR. In part 1, 30 patients will be enrolled to establish the dose of nemtabrutinib using a modified toxicity probability interval design. Patients will receive nemtabrutinib at 2 dose levels (45 mg PO QD starting dose, escalating to 65 mg PO QD) for 28 days followed by the combination of nemtabrutinib + venetoclax (20-400 mg PO QD ramp up over 4 weeks). In part 2, approximately 690 patients will be randomly assigned 1:1 to receive either nemtabrutinib at the recommended dose for 28 days followed by the combination of nemtabrutinib + venetoclax (20-400 mg PO QD ramp up over 4 weeks) or venetoclax (20-400 mg PO QD ramp up over 4 weeks) + rituximab (or rituximab biosimilar; 375 mg/m 2 at week 6 followed by 500 mg/m 2 Q4W starting at week 10 until week 26 [total 6 doses]). Patients will receive study treatment for ~2 years or until unacceptable toxicity, disease progression, or other discontinuation criteria are met. Randomization will be stratified by BTK-C481 mutation status (detected vs not detected; determined by droplet digital PCR with a limit of detection of approximately 0.01%-0.1%), geographic region (US/Canada vs Europe vs rest of world) and risk (high risk [del(17p) and/or TP53-mutated and/or IGHV-unmutated] vs low risk [absence of high-risk factors]). Response will be assessed (including imaging, physical examination, constitutional symptoms, hematological evaluations, and bone marrow biopsy as required) every 12 weeks up to week 97 and every 24 weeks thereafter or more frequently if clinically indicated. Adverse events will be monitored up to 30 days after treatment cessation (90 days for serious adverse events) and will be graded per NCI CTCAE, version 5.0. Hematologic toxicities will be evaluated according to iwCLL 2018 criteria. Patient-reported outcomes will be assessed using the EORTC QLQ-C30, EORTC QLQ-CLL17, and EQ-5D-5L questionnaires. The primary end points for part 1 are safety and tolerability, including dose-limiting toxicities, and to establish the recommended dose of nemtabrutinib in combination with venetoclax. The primary end point for part 2 is PFS as assessed per iwCLL 2018 criteria by blinded independent central review (BICR). Secondary end points for part 2 include undetectable minimal residual disease in bone marrow at month 14 as assessed by central laboratory, ORR, and DOR per iwCLL 2018 criteria by BICR, OS, and safety. Exploratory end points include ORR including partial response with lymphocytosis, pharmacokinetics, and health-related quality of life.

High Concentration of Atmospheric Sub‐3 nm Particles in Polluted Environment of Eastern China: New Particle Formation and Traffic Emission

AbstractObservations of atmospheric sub‐3 nm particles are essential for understanding the initial stages of new particle formation (NPF) and the origin of aerosol particles. In this study, 3 years (2018–2020) of measurements of sub‐3 nm particles were conducted in the Yangtze River Delta (YRD) of eastern China. High concentrations of sub‐3 nm particles were observed, with number concentration in the range from 103 to 106 cm−3. During the daytime, the sub‐3 nm particle concentration was found to peak at around the noon, indicating strong photochemical nucleation processes. The formation rates of sub‐3 nm particles were high during the NPF event days, with an average value of 86 cm−3 s−1, and this rate was related to the sulfuric acid (SA) concentration. The particle growth rates below 3 nm were about 1–2 nm h−1, much lower than the growth rates of larger particles. At nighttime, sub‐3 nm particle concentrations remained relatively high (3 × 103 to 1.2 × 104 cm−3) and were related to the NOx concentration, suggesting traffic emission to be a significant source. The sub‐3 nm proxy was developed to estimate the contributions of NPF and traffic emission. During the daytime, 74.8% and 12.4% of the sub‐3 nm particles were estimated to originate from SA‐driven NPF and traffic emissions, respectively. However, other sources were estimated to contribute 61.8% of sub‐3 nm particles at nighttime, suggesting the formation mechanisms of sub‐3 nm particles are still unclear in this environment. Our study sheds more light on the characteristics and sources of sub‐3 nm particles in polluted environments.

Anticoagulant therapy beyond primary treatment among active cancer and non-cancer patients with venous thromboembolism in the United States

Abstract Background European Society of Cardiology (ESC) and American Society of Hematology (ASH) guidelines recommend anticoagulant (AC) therapy for ≥3 months among patients with major persistent risk factors such as cancer to prevent recurrent venous thromboembolism (VTE). Purpose To describe AC use beyond the primary treatment period (3 months) among Active Cancer and non-Cancer patients with VTE. Demographics and clinical profiles were also evaluated for these patients. Methods This retrospective observational study included VTE patients ≥18 years from a US large administrative claims database (01/01/2017 – 04/30/2022). Patients who initiated AC treatment (apixaban, dabigatran, rivaroxaban, warfarin, or low molecular weight heparin [LMWH]) within 30 days of index VTE event were selected and the treatment start date was defined as the AC initiation date. Active Cancer and non-Cancer cohorts were created based on the presence or absence of cancer diagnosis or cancer treatment 6 months before or 30 days after the index VTE event. Patients were required to have continuous health plan enrollment (CE) 6 months prior and ≥3 months after the AC initiation date. The end of 3 months after the AC initiation was defined as index date. Patients with evidence of recurrent VTE and switch to a new AC during the primary treatment period were excluded. Continuous use of initial AC treatment for ≥3 months and baseline patient characteristics were assessed. The primary AC treatment duration was expanded to ≥6 months in a scenario analysis. Results The initial study population included 434,523 patients who initiated primary AC treatment within 30 days of index VTE; 19% (n=83,050) in the Active Cancer and 81% (n=351,473) in the non-Cancer cohorts. After the selection criteria were met, the Active Cancer cohort included 52,409 patients; of these, overall, 49.1% of patients received continuous primary AC treatment for ≥3 months (apixaban = 55.6%, dabigatran = 41.7%, rivaroxaban = 55.9%, LMWH = 26.9%, warfarin = 46.7%). Among patients in non-Cancer cohort (n=254,913), overall, 56.7% received continuous primary AC treatment for ≥3 months (apixaban = 59.0%, dabigatran = 49.2%, rivaroxaban = 57.7%, LMWH =20.1%, warfarin = 54.2%). For primary AC treatment duration of ≥6 months, type of AC use was consistent; however, the treatment rates were lower, for both Active Cancer (29.8%) and non-Cancer (34.8%) cohorts. (Figure 1). Patients in the Active Cancer cohort were older, had a higher comorbidity burden and higher % of patients with a history of bleeding compared to the non-Cancer cohort. (Figure 2). Conclusion About one-half (49.1%) of VTE patients with Active Cancer received ≥3 months of primary AC treatment; this proportion was higher (56.7%) in the non-Cancer cohort. Apixaban and rivaroxaban were the most prescribed anticoagulants. The study highlights potential gaps in guideline-recommended anticoagulation treatment among VTE patients in an extended treatment setting.Figure 1Figure 2

Severe angina increases the probability of Takotsubo syndrome diagnosis among MINOCA patients

Abstract Background/Introduction Myocardial infarction with non-obstructive coronary arteries (MINOCA) still consists an "enigmatic" and heterogenous clinical entity. Takotsubo syndrome (TTS) represents a significant proportion of such cases. Despite its predominance on female sex and its imaging characteristics of the "signature" apical form, it remains hardly distinguishable from MINOCA without the contribution of cardiac magnetic resonance (CMR). On the other hand, INTERTAK score is the only risk model to estimate the probability of TTS, whereas angina characteristics were not used in this model. Considering the guarded prognosis of MINOCA and TTS, an early risk stratification and differential diagnosis could improve therapeutic decisions and prognosis. Purpose The aim of our study was to investigate potential prognostic markers of early diagnosis and risk stratification among patients admitted with a working diagnosis of MINOCA. Methods In a multicenter prospective study, we enrolled 111 patients aged 38-85 years old who fulfilled the diagnostic criteria of MINOCA. All patients received treatment according to the latest guidelines and consensus documents and CMR was performed within 30 days of the acute event. Patients with findings of myocarditis were excluded (n=21) and the remaining population was divided into TTS (n=38) and non-TTS (n=52) groups according to clinical assessment and multimodality imaging results. Non-TTS group included MINOCA patients with ischemic pattern of late-gadolinium enhancement (LGE) and patients with clear CMR representing the "MINOCA of unknown etiology" group. The investigated potential prognostic markers were parameters derived of blood pressure and heart rate variability assessed by 24hr ECG and blood pressure monitoring, as well as clinical parameters used in the most common risk stratification tools used in the setting of ACS, such as TIMI and GRACE scores. Results In our population, female sex (94.7% vs 55.8%, p<0.001), older age (67 ± 10 vs 60 ±12, p=0.003) were more frequent in TTS group. Focusing on angina characteristics, "severe angina" expressed as 2 or more episodes of angina within 24 hours as included in the established TIMI score was significantly more frequent among the TTS compared to the non-TTS patients (54.1% vs 24%, p=0.007). Μultivariate analysis revealed that "severe angina" (OR, 0.153; CI 95%: 0.039 – 0.605, p=0.007) is predictive of TTS independently of age, ECG pattern, peak troponin and even after the inclusion of INTERTAK score in the model. Conclusions In our preliminary analysis, "severe angina" emerged as a potent and independent predictor of TTS diagnosis. Due to lack of availability of CMR, clinical tools as the INTERTAK score are useful in everyday practice. Based on our finding, inspired by the TIMI score, the presence of "severe angina" may strengthen the predictive value of the INTERTAK score when integrated with the latter.

When giants fall: Tracing the ripple effects of Silicon Valley Bank (SVB) collapse on global financial markets

Using an event study approach, we examine how the forex, metal, energy, and cryptocurrency markets responded to the SVB collapse. We observe that the forex and metal markets respond positively on event and post-event days. In contrast, the cryptocurrency market reacts negatively but generates positive abnormal returns, indicating that investors may seek refuge in these purported safe-havens. However, the energy market responded adversely to the event, and the trend continued in the aftermath. The study advocates the need for monitoring and minimizing financial contagion risk due to the increased interconnectedness of the financial markets. Our findings highlight the perilous consequences of the SVB collapse, as it triggered contagious effects that may spread throughout the global financial markets. Therefore, investors and financial institutions must diversify their portfolios across various asset classes, which can help mitigate the risks of such events.

The cascade effect: Are the U.S. economy and global stock markets vulnerable to the collapse of First Republic Bank?

Following the collapse of Silicon Valley Bank and Signature Bank, First Republic Bank collapsed and is considered the second-largest bank failure in U.S. history. These bank runs can have a cascading or contagion effect on other large banks, and U.S. banking crises can flare up again. We examine the effect of the First Republic bank run on top U.S. banks, U.S. stock indices, and global stock indices using standard event study methodology. We report abnormal returns and cumulative abnormal returns for the event day (t = May 01, 2023) and the 10-day event window (t-5 to t+5), respectively, using data from the 120-day estimation window. The results indicate that on the event day, only JP Morgan Bank's returns were negative, while other banks acted as safe havens for investors. No significant change in returns on the event day is observed for U.S. sector indices (except for the healthcare sector) and global stock exchanges, except for the European and Chinese markets. During the event window, the occurrence of the event significantly affects bank returns after the event date, but no significant effect is found before the event date. Similarly, the healthcare and transportation sectors are more affected than other sectors, while the U.S. and Canadian stock markets seem to be more susceptible to the bank run. Overall, the results suggest that the U.S. government should take decisive initiatives to stop the ripple effect and protect the entire financial system.

Contemporary adequacy of thromboprophylaxis in acutely ill medical patients in Switzerland: a bi-centric prospective cohort.

Venous thromboembolism is a dreaded complication of hospitalised patients, with associated morbidity, mortality and increased healthcare costs. Previous studies have shown that pharmacological thromboprophylaxis, though effective, is inadequately administered in a large proportion of medical inpatients. Our primary aim was to evaluate the contemporary adequacy of thromboprophylaxis in medical inpatients admitted to two Swiss hospitals (a university hospital and a regional hospital). The secondary aim was to estimate the 90-day incidence of relevant thrombotic and bleeding events. In this prospective cohort, patients were recruited at the University Hospital of Geneva and the Regional Hospital of Lugano between September 2020 and February 2021 and followed for 90 days for venous thromboembolism and bleeding events. The adequacy of thromboprophylaxis (pharmacological and/or mechanical) at 24h after hospital admission was evaluated according to the simplified Geneva risk score for hospital-associated venous thromboembolism. Among 200 participants (100 at each site, mean age of 65 years), 57.5% were deemed at high risk of venous thromboembolism at admission. Thromboprophylaxis was adequate in 59.5% (95% CI 52.3-66.4%). Among high-risk and low-risk inpatients, thromboprophylaxis was adequate in 71.3% and 43.5%, respectively, with differences between sites. At 90 days, risks of adjudicated venous thromboembolism, major bleeding and mortality were 1.5%, 1.5% and 6.0%, respectively. Despite the extensive literature on thromboprophylaxis, the adequacy of thromboprophylaxis has not improved and remains insufficient among medical inpatients. Implementation and evaluation of clinical decision support systems are critically needed in this field. gov number: NCT05306821.

Analysis of abnormal returns and trading volume activity before and after the announcement of the implementation of new normal

The announcement of the New Normal implementation on June 1, 2020 is anticipated to serve as a pivotal moment poised to revitalize the previously sluggish Indonesian Capital Market during the COVID-19 Pandemic. The purpose of this study was to see whether there were differences in abnormal returns and trading volume activity between before and after the announcement of the implementation of the New Normal in Indonesia. This type of research is comparative quantitative research with an event study approach in hotel, restaurant and tourism companies. The population in this research is all company shares listed on the Indonesian capital market until 2020, totaling 711 company shares. The sample selection used purposive sampling, resulting in a research sample of 37 company shares. The observation period was carried out for 15 days, namely 7 days before, 7 days after, and 1 day of the New Normal event in Indonesia. The analysis technique uses Descriptive Statistics Test, Normality Test and Hypothesis Test. The results of the study show that there is no significant difference in abnormal returns and trading volume activity between before and after the announcement of the implementation of the New Normal in Indonesia. This proves that there is still information asymmetry between market participants regarding the announcement of the implementation of the New Normal in Indonesia which causes the market not to react to this event.

Dividend capturing on ex- dividend day: A scenario of Pakistan.

This paper has examined dividend-capturing activities and short-term trading of stocks listed on the Pakistan Stock Exchange. For this, a time span of twenty years (2001–2020) for PSX-listed stocks has been selected. Standard event study methodology and regression have been used to analyze the presence of arbitrageurs to capture dividend benefits around ex-dividend day. The abnormal returns of stocks are estimated with the help of a market model. The impact of various exogenous factors is checked through regression. The result of this study confirmed the existence of short-term trading and found evident empirical support for explaining dividend-capturing activities. Positive abnormal returns are recorded before event day, and negative abnormal returns are recorded thereafter. Finally, results from regression revealed that dividend yield and risk are significant and verifiable explanations of stock prices fluctuation on ex-dividend day.

Characteristics of fine particles from incense burning at temple premises of Kathmandu Valley, Nepal.

The impact of incense burning on ambient air quality was investigated by measuring the concentrations of fine particles (PM2.5), elemental carbon (EC), organic carbon (OC), and their oxidative potential (OP) at three temple premises in Kathmandu Valley, Nepal. These temples, namely, Bajrabarahi, Bagalamukhi, and Bhadrakali, are located in three distinct environments: forest, residential, and roadside, respectively. During the incense burning event days, the PM2.5 concentration at Bhadrakali (431.4 μgm-3) was significantly higher than that measured at the Bagalamukhi (135.2 μgm-3) and Bajrabarahi (84.7 μgm-3) temple premises. This observation is consistent with the fact that Bhadrakali Temple had the highest intensity of incense burning. Additionally, the temple premises were also influenced by vehicular emissions from transportation facilities. Carbonaceous aerosols significantly increased during incense burning events, indicating that incense burning contributes significantly to the formation of primary and secondary OC. Moreover, the OP of PM2.5 during the incense burning event days was higher compared to non-event days (p < 0.05), suggesting an elevated health risk due to the increased concentration and toxicity of fine particles. These findings highlight the substantial impact of incense burning on air quality in temple premises, emphasizing the need to implement effective strategies to mitigate the associated health risks.

Market reactions to drugs price reduction during COVID-19 distress in an emerging economy: value creation through CSR

PurposeThe coronavirus (COVID-19) is the worst pandemic in recent memory in terms of its economic and social impacts. Deadly second wave of COVID-19 in India shook the country and reshaped the ways organizations functions and societies behave. Medical infrastructure was unaffordable and unsupportive which created high distress in the Indian society, especially for poor. At this juncture, some pharmaceutical firms made a unique social investment when they reduced price of drugs used to treat COVID-19 patients. This study aims to examine how the market and the society respond to the price reduction announcement during the psychological distress of COVID-19.Design/methodology/approachMarket reactions have been analyzed by conducting an event study on stock market data and visual analytics-based sentiment analysis on Twitter data.FindingsOverall, this study finds positive abnormal returns on the day and around the day of event. Interestingly, this study finds that returns during the time of high distress are significantly higher. Sentiment analysis conveys that net sentiment is favorable to the pharmaceutical firms around the day of event and it sustains more during the time of high distress.Originality/valueThis study is unique in contributing to the business and industrial management literature by highlighting market reactions to social responsibility of business during the time of psychological distress in emerging economies.

Transmission process and determinants of sovereign credit contagions: Global evidence

This research utilizes an event study to analyze the contagion patterns of sovereign credit ratings among global stock markets. Unlike other extant literature with limited samples, this paper covers 75 markets in the world. The results show that, if event and non-event countries locate in nearby geographic regions and/or have similar levels of economic development, then event countries contagiously communicate the impacts of credit rating changes to non-event countries. Stronger contagion effects appear when the stock markets of event and non-event countries are highly correlated. When event countries dominate the global financial markets, the contagion effects from negative rating shocks result in greater stock market declines for non-event countries. The stock market performances of non-event countries consequently turn down when a chain of negative sovereign credit rating events occurs before the event day regardless of whether an upcoming upgrade or downgrade rating event is announced on the event day. The contagion effects even intensify during financial crisis periods, and an asymmetric effect is also observed.

Impact of chlorine ion chemistry on ozone loss in the middle atmosphere during very large solar proton events

Abstract. Solar coronal mass ejections can accelerate charged particles, mostly protons, to high energies, causing solar proton events (SPEs). Such energetic particles can precipitate upon the Earth's atmosphere, mostly in polar regions because of geomagnetic shielding. Here, SPE-induced chlorine activation due to ion chemistry can occur, and the activated chlorine depletes ozone in the polar middle atmosphere. We use the state-of-the-art 1D stacked-box Exoplanetary Terrestrial Ion Chemistry (ExoTIC) model of atmospheric ion and neutral composition to investigate such events in the Northern Hemisphere (NH). The Halloween SPE that occurred in late October 2003 is used as a test field for our study. This event has been extensively studied before using different 3D models and satellite observations. Our main purpose is to use such a large event that has been recorded by the Michelson Interferometer for Passive Atmospheric Sounding (MIPAS) on the Environmental Satellite (ENVISAT) to evaluate the performance of the ion chemistry model. Sensitivity tests were carried out for different model settings with a focus on the chlorine species of HOCl and ClONO2 as well as O3 and reactive nitrogen, NOy. The model simulations were performed in the Northern Hemisphere at a high latitude of 67.5∘ N, inside the polar cap. Comparison of the simulated effects against MIPAS observations for the Halloween SPE revealed rather good temporal agreement, also in terms of altitude range for HOCl, O3 and NOy. For ClONO2, good agreement was found in terms of altitude range. The model showed ClONO2 enhancements after the peak of the event. The best model setting was the one with full ion chemistry where O(1D) was set to photo-chemical equilibrium. HOCl and ozone changes are very well reproduced by the model, especially for nighttime. HOCl was found to be the main active chlorine species under nighttime conditions, resulting in an increase of more than 0.2 ppbv. Further, ClONO2 enhancements of 0.2–0.3 ppbv have been observed during both daytime and nighttime. Model settings that compared best with MIPAS observations were applied to an extreme solar event that occurred in AD 775, presumably once in a 1000-year event. With the model applied to this scenario, an assessment can be made about what is to be expected at worst for the effects of a SPE on the middle atmosphere, concentrating on the effects of ion chemistry compared to crude parameterizations. Here, a systematic analysis comparing the impact of the Halloween SPE and the extreme event on the Earth's middle atmosphere is presented. As seen from the model simulations, both events were able to perturb the polar stratosphere and mesosphere with a high production of NOy and HOx. Longer-lasting and stronger stratospheric ozone loss was seen for the extreme event. A qualitative difference between the two events and a long-lasting impact on HOCl and HCl for the extreme event were found. Chlorine ion chemistry contributed to stratospheric ozone losses of 2.4 % for daytime and 10 % for nighttime during the Halloween SPE, as seen with time-dependent ionization rates applied to the model. Furthermore, while comparing the Halloween SPE and the extreme scenario, with ionization rate profiles applied just for the event day, the inclusion of chlorine ion chemistry added ozone losses of 10 % and 20 % respectively.

Influences of Sudden Stratospheric Warming Events on Tropopause Based on GNSS Radio Occultation Data

Sudden Stratospheric Warming (SSW) events have a strong impact on the tropospheric weather and climate. Past researchers have carried out extensive studies investigating the theories of interactions between the stratosphere and the troposphere. However, detailed studies on the influences of the global tropopause are rarely shown. This study uses Global Navigation Satellite System (GNSS) Radio Occultation (RO) data from the years 2007 to 2013 to investigate the influences of different types of SSW events on the tropopause over latitude bands from 30° S to 90° N. It was found that SSW events have strong influences on the tropopause over 60° N–90° N and over 20° N–30° N regions. In 60° N–90° N, SSW events cause a tropopause temperature increase and, therefore, a tropopause height decrease. The increment in the tropopause temperature are more than 10 K and the decrement in the tropopause height is about to 2 km during strong events. Such influences last for about 1.5 months for strong split events and about 10 days for weaker and/or displacement type events. The influences of SSW events on 20° N–30° N are weaker. Only the January 2009 SSW event shows a visible influence on the tropopause layer with a tropopause temperature decrease of about 4 K and a tropopause height increase of about 1 km. Other SSW events share no common characteristics on the tropical tropopause. This is mainly because SSW events are not strong enough to dominate the tropopause variations and other factors, especially the planetary waves in the troposphere, have stronger impacts on the tropopause layer.

The deterrent effect of central environmental protection inspection: evidence from Chinese listed companies

PurposeIn this paper, the authors take the central environmental protection inspection (CEPI) as an exogenous shock to study the reaction of the stock market in China. Using the event study method, the authors check how the first round of the first batch of CEPI supervision affects the cumulative abnormal return (CAR) of the listed firms on the Shenzhen or Shanghai stock exchange. This paper aims to discuss the aforementioned objective.Design/methodology/approachIn this paper, the authors take the first round of the first batch of CEPI supervision as a clean exogenous shock to study its effects on the capital market. The authors collect daily trading data from the China stock market and accounting research (CSMAR) database, with the sample containing 1,950 Chinese firms listed on either the Shenzhen or Shanghai stock exchanges. And detailed information on CEPI supervision is obtained from the official website of the Ministry of Ecology and Environment of the People's Republic of China. The event study method is adopted to analyze the reaction of the stock market under CEPI supervision. Specifically, the authors constructed the cumulative abnormal return of each firm around the event day of CEPI. To capture the deterrent effects of CEPI supervision, the authors examine the situation of polluting and non-polluting firms in the supervised provinces, adjacent provinces and provinces that are not supervised or close to the supervised provinces, respectively.FindingsThis paper throws light on the following: (1) the polluting firms in the supervised provinces were negatively impacted by CEPI within 20 trading days of the event day, and its effects spread to the polluting firms in the neighboring provinces; (2) CEPI had a favorable impact on the non-polluting businesses in the provinces that are neither supervised nor close to the supervised provinces. The authors contend that it is because the investment is being forced out of the polluting sector and into the non-polluting sector, which is more pronounced in the provinces not directly or indirectly targeted by CEPI; (3) by comparison, the “looking back monitoring of the first round” has had no discernible detrimental impact on the firms' CAR, indicating an important role of psychology anticipation of investors in the stock market performance; (4) although not physically located in the supervised provinces, the downstream enterprises of the polluting firms suffer significantly from CEPI shock; (5) the effectiveness of CEPI supervision in the supervised provinces depends on the level of local environmental regulation and the ownership structure of the company. Private firms in the provinces with stronger environmental regulations suffer more from the CEPI shock; (6) the multivariate analysis shows that while enterprises with high ROE and financial leverage may be at risk of CAR loss, older, larger firms are less likely to experience CEPI shock; (7) the study of persistent effect reveals that the strike of CEPI supervision can last for at least 10 months after the event day and deterrent effect can be spread within the whole polluting industry.Research limitations/implicationsIn this paper, the authors only concentrate on the market reaction within 20 trading days after the event day. An analysis of long-term effects should be valuable to get a deeper knowledge of the capital market reaction to the CEPI policy. In addition, the paper only focuses on the first round of the first batch of CEPI. Since CEPI has been built as a constant regulation of local environmental performance, further study may need to track both the reaction of listed firms and investment behavior in the capital market.Practical implicationsPolicy implications of the paper are as follows: First, for the policymakers, it is important to construct a constant environmental regulation system instead of a campaign movement. Second, for investors, as environmental issues are receiving increasing attention from both the government and the public, investment decisions should take into account firms' environmental performance, which can help reduce the risk from environmental regulations. Third, the firms in the polluting industry should take more action to reduce pollutant releases and adopt green technology, which is essential for sustainable development under environmental protection.Originality/valueThis paper contributes to the existing literature in the following aspects. First, the authors provide new evidence on the effects of environmental regulations as a shock to the stock market, which has been wildly concentrated in the literature about environmental policies evaluation and capital market reaction. Second, the authors supplement the literature on green finance and sustainability transformation, which has got increasing attention in recent years. Theoretically, by guiding investment and affecting the stock market performance, environmental regulations are considered to be an efficient way to stimulate polluting firms to transform into green development. The results of the paper support this intuition by showing that the CAR of the non-polluting firms in non-supervised provinces in fact benefit from the CEPI supervision.

Contrasting Deep and Shallow Winter Warming over the Barents–Kara Seas on the Intraseasonal Time Scale

Abstract The vertical structure of Arctic warming is of great importance and attracts increasing attention. This study defines two types of Arctic warming events (deep versus shallow) according to their temperature profiles averaged over the Barents–Kara Seas (BKS), and thereupon compares their characteristics and examines their difference in generation through thermodynamic diagnoses. A deep Arctic warming event—characterized by significant bottom-heavy warming extending from the surface into the middle-to-upper troposphere—emanates from the east of Greenland and then moves downstream toward the BKS primarily through zonal temperature advection. The peak day of deep warming event lags that of the precipitation and resultant diabatic heating over southeast Greenland by about four days, suggesting that the middle-to-high tropospheric BKS warming is likely triggered by the enhanced upstream convection at the North Atlantic high latitudes. In contrast, a shallow warming event—manifested by warming confined within the lower troposphere—is preceded by the meridional advection of warm air from inland Eurasia. These anomalous southerlies over Eurasian lands during shallow warming events are related to the eastward extension of the deepened Icelandic low. During deep warming events, the in situ reinforcement of the Icelandic low favors abundant moisture transport interplaying with the southeast Greenland terrain, leading to intense precipitation and latent heat release there. Both deep and shallow warming events are accompanied by Eurasian cooling, but the corresponding cooling of the deep warming event is profoundly stronger. Further, intraseasonal deep Arctic warming events could explain nearly half of the winter-mean change in the warm Arctic–cold Eurasia anomaly. Significance Statement Divergent conclusions on whether Arctic warming is influencing the midlatitudes impede a clear understanding of the warm Arctic–cold Eurasia (WACE) phenomenon. Recent findings that on the interannual or longer time scales, Eurasian cooling tends to occur in the presence of deep rather than shallow Arctic warming have attracted increasing concern regarding the vertical structure of Arctic warming. On this basis, here we classify intraseasonal Arctic warming events into deep and shallow groups and contrast them from various aspects. Emerging near eastern Greenland and associated with upstream convection activities, intraseasonal deep Arctic warming events are accompanied by significant Eurasian cooling, largely determining the seasonal-mean WACE condition. However, caused by meridional temperature advection from Eurasian lands, shallow warming events less correlate with Eurasian cooling.

Do rights matter? An intraday analysis of rights issues in Australia

AbstractWe examine intraday abnormal returns associated with rights issue announcements in the Australian equity market over the period January 2000 to December 2022. Consistent with prior studies, we find significant abnormal returns ranging from −2.9% to −2.7% on the event day. We provide the first evidence on intraday price reactions pertaining to rights issues in Australia. Within 15 min of an announcement, we find significant abnormal trade returns of −1.2%. However, market participants are unable to profit by trading on these announcements due to transaction costs. Our results imply that the information content is fully impounded within 90 min.

Advances in Cardiac Workup for Transient Ischemic Attack: Improving Diagnostic Yield and Reducing Recurrent Stroke Risk.

Transient ischemic attack (TIA) is a warning sign for an impending stroke, with a 10-20% chance of a stroke occurring within 90 days of the initial event. Current clinical practice for cardiac workup in TIA includes cardiac enzymes, with 12-lead electrocardiogram, transthoracic echocardiography, and 24-hour Holter monitoring. However, the diagnostic yield of these investigations is variable, and there is a need for better diagnostic approaches to increase the detection of cardiac abnormalities in a cost-effective way. This review article examines the latest research on emerging diagnostic tools and strategies and discusses the potential benefits and challenges of using these advanced diagnostic approaches in clinical practice. Novel biomarkers, imaging techniques, and prolonged rhythm monitoring devices have shown great promise in enhancing the diagnostic yield of cardiac workup in TIA patients. Echocardiography, Transcranial Doppler ultrasound, cardiac MRI, and cardiac CT are among the promising diagnostic tools being studied. We conclude the article with a suggested diagnostic algorithm for cardiac workup in TIA. Further research is necessary to enhance their usefulness and to outline future directions for research and clinical practice in this field.

Russia–Ukraine war and the impact on Indian economy

PurposeIndia is not geographically close to either Russia or Ukraine. However, India's trade relations with them make it vulnerable to the consequences of the war between these countries. Thus, the present study aims to examine the impact of the Russia–Ukraine war on various sectoral indices of the Indian economy.Design/methodology/approachEvent study methodology has been used in this study for analysis. The date of the war announcement is the event day. The sample studied includes ten sectors of the Indian economy listed on the National Stock Exchange (NSE). Results correspond to the period of −167 days to +20 days of the announcement of the war, i.e. from June 25, 2021, to March 28, 2022.FindingsAlmost all the sample sectors earned significantly positive abnormal returns in the post-event period. The metal industry has led this group by showcasing the highest abnormal returns. Though Indian sectors made overall positive returns, the market soon corrected itself and abnormal returns were wiped out.Practical implicationsThese results can benefit portfolio managers, analysts, investors and policymakers in hedging risks and selecting suitable investments during increased global uncertainty. The study's conclusions help policymakers establish an institutional and supervisory framework that will make it easier to spot systematic risks and reduce them by putting countercyclical measures in place.Originality/valueIndia has no geographical proximity or trade relations with Russia or Ukraine, as strong as any other European country. However, Russia has remained a strong ally to India in the trade of defense equipment. Similar is the case with Ukraine, a significant global partner for India. Thus, the impact of conflict between these two countries has not been limited to Europe only but has also engulfed related economies. Hence, the present study is one of the first attempts to examine the burns sustained by the Indian economy due to this war.