Common institutional investors and the quality of management earnings forecasts-Empirical and machine learning evidences.

Based on the data of the Chinese A-share listed firms in China Shanghai and Shenzhen Stock Exchange from 2014 to 2021, this article explores the relationship between common institutional investors and the quality of management earnings forecasts. The study used the multiple linear regression model and empirically found that common institutional investors positively impact the precision of earnings forecasts. This article also uses graph neural networks to predict the precision of earnings forecasts. Our findings have shown that common institutional investors form external supervision over restricting management to release a wide width of earnings forecasts, which helps to improve the risk warning function of earnings forecasts and promote the sustainable development of information disclosure from management in the Chinese capital market. One of the marginal contributions of this paper is that it enriches the literature related to the economic consequences of common institutional shareholding. Then, the neural network method used to predict the quality of management forecasts enhances the research method of institutional investors and the behavior of management earnings forecasts. Thirdly, this paper calls for strengthening information sharing and circulation among institutional investors to reduce information asymmetry between investors and management.

Absence of ultimate controller and investment efficiency: Evidence from China.

In modern enterprises with a separation of powers, the ultimate controller can effectively influence the implementation of corporate strategy and operational management efficiency, as well as improve corporate governance by monitoring and limiting the management entrenchment effect within enterprises. Based on the information pertaining to ultimate controllers disclosed by enterprises in their annual reports, this study empirically tested whether the absence of the ultimate controller impacts investment efficiency using the data of Chinese A-share listed companies from 2007 to 2020. It was found that the investment efficiency of enterprises without ultimate controllers is relatively lower than those with ultimate controllers. This is reflected in the insufficient investment of enterprises without an ultimate controller. Moreover, the effect is more significant when the financial environment, internal governance environment, and external governance environment of firms are worse. The mechanism analysis demonstrated that the absence of an ultimate controller causes a more severe insider agency problem and a significantly higher degree of financing constraints, which leads to underinvestment and reduces investment efficiency of firms. The economic consequence test also found that the inefficient investment caused by the absence of ultimate controllers would damage the future value of enterprises, but would increase managers' compensation. Overall, this study suggests that ultimate controllers are an important part of a firm's internal governance, especially for monitoring management behavior and resolving agency conflicts.

Sharing Knowledge to an Entrant for Production Investment Confronting COVID-19: Incentive Alignment and Lose-Lose Dilemma.

Facing the urgent demand of medical devices for COVID-19 treatment, many automakers have recently begun manufacturing ventilators, even though they are inefficient in production and uninformed of demand variability. To help them, some incumbent ventilator manufacturers have chosen to share knowledge, such as production techniques and demand information. Clearly, the incumbent ventilator manufacturers are fulfilling social responsibility, but is their knowledge sharing rewarding, especially when the automakers are entrant rivals? If possible, are win-win situations in the sense of social responsibility and firms' profitability identifiable? In this work, we develop a game-theoretic model in which an incumbent and an entrant ventilator manufacturer engage in two-dimensional competition in production investment and sales volume. We examine the incumbent manufacturer's profitability with and without knowledge sharing by formulating the tradeoffs among supply expansion, intensified competition, and the entrant's production efficiency improvement and demand variance reduction. We identify both "win-win" and "lose-lose" situations for the two competing manufacturers. Specifically, we find that free knowledge could be harmful for the entrant manufacturer, but the incumbent manufacturer benefits from knowledge sharing when market competition is intense, or when market competition is mild but the production investment efficiency varies.

Can the dual-rating regulation improve the rating quality of Chinese corporate bonds?

We developed a dual-reputational rating shopping model to introduce public and institutional reputations. Investor's and regulator's penalty rates are described as public and institutional reputations, respectively. We achieved the available conditions of single-rating and dual-rating regulations to prevent rating inflation in this model. To examine the regulatory effects of different types of regulations on Chinese corporate bond ratings, we utilize panel ordered logit models. Theoretical analysis and empirical tests show that, when the reputation effect is low, the single-rating regulation is better at improving rating quality, and when the reputation effect is high, the dual-rating regulation induces rating agencies to provide more accurate ratings. Compared to the regulatory effects of the single-rating and the multi-rating regulations, the dual-rating regulation most effectively improves the rating quality of corporate bonds and prevents rating inflation.

The influence of non-family members in top management teams on research and development investment: Evidence from Chinese family firms.

The diversified management ability of the non-family members in the top management teams (TMTs) can significantly increase the research and development (R&D) investment of the family firms. However, existing studies focus on family characteristics. To bridge the gap, this study explored the R&D investment propensity for family firms from the perspective of non-family members' participation in TMTs. Based on the upper echelons and the socioemotional wealth theory, this paper incorporated the non-economic goals that influence strategic decisions on family firms into the analytical framework. According to the questionnaire data of Chinese private enterprises, the Tobit regression model was used to analyze the influence of family members on R&D investment decisions under non-economic goal orientations. The results indicated that the preference for control and influence among family members weakens the positive effect of non-family managers on R&D investment, while the preferences for status perception and social responsibility strengthen the positive effect.

Nota Informativa N. 3/2021 - GSM - 18351 - Serviços hospitalares de referência: fluxo processual para implantacao de leitos em saúde mental em hospital geral / Informative Note N. 3/2021 - GSM - 18351 - Reference hospital services: procedural flow for the implementation of mental health beds in a general hospital

Este documento visa apoiar as Regionais de Saúde do Estado de Goiás, junto aos Apoiadores Regionais de Saúde Mental e Populações Específicas, no processo de implantação e habilitação de leitos em saúde mental em hospital geral

This document aims to support the Health Regionals of the State of Goiás, together with the Regional Health Supporters Mental Health and Specific Populations, in the process of implementing and enabling mental health beds in a hospital general

Socially responsible investing through the equity funds in the global ownership network.

We analyze the connectivity of equity investments to the firms in the global ownership network that are reported as non-compliant with Environment, Social, and Government (ESG) benchmarks. We find that a large number of shareholders have ownership linkages to non-ESG firms, most commonly with three or four degrees of separation. Analyzing the betweenness centrality for shareholders connecting the ultimate owners and non-ESG firms, we find that the investment management companies play important roles in channeling the investment money into non-ESG firms, where largest American asset managers commonly have one to two degrees of separation on their ownership linkages to those problematic firms. Since asset managers collect capital from investors by running the equity funds, we analyze the ownership stakes and the associated voting rights attributable to the equity funds investors. We estimate the distribution of the power of corporate control over non-ESG firms among specific asset managers (such as BlackRock and Fidelity) and among different types of the equity funds (such as mutual funds and exchanged-traded funds), and explores how investing in the equity funds rather than ownership investing may have shifted the distribution of the power to control those non-ESG firms.

Institutional investors and cost of capital: The moderating effect of ownership structure.

Guiding institutional investors to actively participate in corporate governance is a hot issue to improve the internal governance of China's listed companies. This study seeks to provide a comprehensive understanding of the mechanism that underlies the governance effects of the heterogeneity of institutional investors on the cost of capital, and the influence of ownership structure on the relationship between them. Using an unbalanced panel data on A-share listed companies of Shanghai and Shenzhen in China's capital market during the 2014-2019 period, this study reveals how institutional investors with longer holding period and higher shareholding ratio are negatively associated with the cost of capital in China's capital market. Furthermore, this study successfully confirms the moderating effect of ownership structure in the relationship between institutional investors and the cost of capital. China's state-owned enterprises are more likely to introduce improvements at the corporate governance level, and ownership concentration weakens the negative influence of institutional investors on the cost of capital. The research contributes to a deeper understanding of the impacts of institutional investor's heterogeneity and ownership structure on the cost of capital in China. In the process, the study yields useful implications for the theory and practice of corporate governance.

Does the principle of investment diversification apply to the starting pitching staffs of major league baseball teams?

Financial advisors often emphasize asset diversification as a means of limiting losses from investments that perform unexpectedly poorly over a particular time period. One might expect that this perceived wisdom could apply in another high stakes arena-professional baseball-where player salaries comprise a substantial portion of a team's operational costs, year-to-year player performance is highly variable, and injuries can occur at any time. These attributes are particularly true in the case of the starting pitching staffs of professional baseball teams. Accordingly, this study analyzes starting pitcher performance and financial data from all Major League Baseball teams for the period 1985-2016 to determine whether the standard investment advice is applicable in this context, understanding that the time horizon for success for an investor and a baseball team may be distinct. A multiple logistic regression model of playoff qualification probability, based on realized pitcher performance, measures of luck, and starting pitcher staff salary diversification is used to address this question. A further stratification is conducted to determine whether there are differences in strategy for teams with allocated financial resources that are above or below league average. We find that teams with above average resources increase their post-season qualification probability by focusing their salary funds on a relative few starting pitchers rather than diversifying that investment across the staff. Second, we find that pitcher performance must align with that investment in order for the team to have a high qualification probability. Third, the influence of luck is not negligible, but those teams that allocate more overall funds to their pitching are more resilient to bad luck. Thus, poorly resourced teams, who are generally unable to bid for pitchers at the highest salary levels, must adopt alternative strategies to maintain their competitiveness.

Algorithms for Investment Project Distribution on Regions.

This paper proposes an optimization system for solving an NP-hard problem by using several new algorithms and application programs. This study aims to identify a suitable distribution of investment projects across several developed industrial regions. It is assumed that all industrial regions involved have the same economic and strategic characteristics. The problem involves a set of projects that are to be assigned across regions. Each project creates an estimated number of new jobs, and the distribution of projects can be guided by minimizing the maximum total number of newly created jobs. The problem is NP-hard one, and it is difficult to determine the most appropriate distribution. We apply scheduling algorithms in order to solve the analyzed problem. Severalheuristics are developedto obtain the appropriate distribution of newly created jobs across all regions. A branch-and-bound method is employed in order to obtain the exact solution. The performance of the algorithm is demonstrated by the experimental results for a total number of 1850 instances.

Recent setbacks in measles elimination: the importance of investing in innovations for immunizations.

The recent setbacks in efforts to achieve measles elimination goals are alarming. To reverse the current trends, it is imperative that the global health community urgently intensify efforts and make resource commitments to implement evidence-based elimination strategies fully, including supporting research and innovations. The Immunization Agenda 2030: A Global Strategy to Leave No One Behind (IA2030) is the new global guidance document that builds on lessons learned and progress made toward the GVAP goals, includes research and innovation as a core strategic priority, and identifies measles as a "tracer" for improving immunisation services and strengthening primary health care systems. To achieve vaccination coverage and equity targets that leave no one behind, and accelerate progress toward disease eradication and elimination goals, sustained and predictable investments are needed for the identified research and innovations priorities for the new decade.

Resource allocation for biomedical research: analysis of investments by major funders.

BACKGROUND: Data on grants for biomedical research by 10 major funders of health research were collected from the World RePORT platform to explore what is being funded, by whom and where. This analysis is part of the World Health Organization Global Observatory on Health Research and Development's work with the overall aim to enable evidence-informed deliberations and decisions on new investments in health research and development. The analysis expands on the interactive data visualisations of these data on the Observatory's website and describes the methods used to enable the categorisation of grants by health categories using automated data-mining techniques. METHODS: Grants data were extracted from the World RePORT platform for 2016, the most recent year with data from all funders. A data-mining algorithm was developed in Java to categorise grants by health category. The analysis explored the distribution of grants by funder, recipient country and organisation, type of grant, health category, average grant duration, and the nature of collaborations between recipients of direct grants and the institutions they collaborated with. RESULTS: Out of a total of 69,420 grants in 2016, the United States of America's National Institutes of Health funded the greatest number of grants (52,928; 76%) and had the longest average grant duration (6 years and 10 months). Grants for research constituted 70.4% (48,879) of all types of grants, followed by grants for training (13,008; 18.7%) and meetings (2907; 4.2%). Of grant recipients by income group, low-income countries received only 0.2% (165) of all grants. Almost three-quarters of all grants were for non-communicable diseases (72%; 40,035), followed by communicable, maternal, perinatal and nutritional conditions (20%; 11,123), and injuries (6%; 3056). Only 1.1% of grants were for neglected tropical diseases and 0.4% for priority diseases on the WHO list of highly infectious (R&D blueprint) pathogens. CONCLUSIONS: The findings highlight the importance of considering funding decisions by other actors in future health research and capacity-strengthening decisions. This will not only improve efficiency and equity in allocating scarce resources but will also allow informed investment decisions that aim to support research on public health needs and neglected areas.

Ações do Governo Federal no combate à coronacrise: limites, insuficiências e escassos acertos / Federal Government actions in the fight against coronacrisis: limits, insufficiencies and few successes

Resumo O artigo analisa as ações do Governo Federal no contexto do combate à Covid-19, estabelecendo seus limites, insuficiências e mesmo os escassos acertos, conforme dados disponíveis até o momento, haja vista o fato de a Emenda Constitucional (EC) nº 106/2020 ter sido recentemente publicada, impossibilitando uma análise real de seus efeitos, razão pela qual se avaliaram seus institutos e possíveis reflexos. Dentre as medidas consideradas estão: Lei nº 13.979/2020, Medida Provisória (MP) nº 924/2020; Portaria nº 395/2020; Plano do Ministério da Economia de R$ 147,3 bilhões; MP nº 296/2020; Decreto nº 10.283/2020; e a EC nº 106/2020. Utiliza-se metodologia de abordagem dedutiva e de inferência, no campo teórico, com métodos de procedimento histórico e legal. Por fim, uma série de conclusões são extraídas, são elas: a continuidade do vínculo entre o Governo Federal e a racionalidade neoliberal, que é parte da sua plataforma política, mesmo quando se analisa a EC nº 106/2020; a necessidade de revogação da EC nº 95/2016, para que se tenha maior margem de atuação na contenção dos danos; e a aferição de que a maior parcela dos recursos injetados pelo Governo Federal neste combate não constituem créditos novos e sim remanejamento e antecipação de valores futuros já previstos, diferindo das posturas estatais internacionais.

Abstract The article analyzes the actions of the Federal Government in the context of combating Covid-19, establishing its limits, shortcomings and even the few successes, according to data available so far, given the fact that Constitutional Amendment (EC) No. 106/2020 recently published, making it impossible to carry out a real analysis of its effects, which is why its institutes and possible reflexes were evaluated. Among the measures considered are: Law No. 13,979/2020, Provisional Measure (MP) No. 924/2020; Ordinance No. 395/2020; Ministry of Economy Plan of R $ 147.3 billion; MP No. 296/2020; Decree No. 10,283/2020; and EC No. 106/2020. A deductive and inference approach methodology is used in the theoretical field, with historical and legal procedure methods. Finally, a series of conclusions are drawn, such as: the continuity of the link between the Federal Government and neoliberal rationality, which is part of its political platform, even when analyzing EC 106/2020; the need to revoke EC No. 95/2016, so that there is greater scope for action to contain damage; and the assessment that the greater part of the resources injected by the Federal Government in this fight do not constitute new credits, but rather the re-management and anticipation of future values already foreseen, differing from international state positions.

A Scoping Review of Investment Cases for Vaccines and Immunization Programs.

BACKGROUND: Many investment cases have recently been published intending to show the value of new health investments, but without consistent methodological approaches. OBJECTIVES: To conduct a scoping review of existing investment cases (using vaccines and immunization programs as an example), identify common characteristics that define these investment cases, and examine their role within the broader context of the vaccine development and introduction. METHODS: A systematic search was conducted from January 1980 to November 2017 to identify investment cases in the area of vaccines and immunization programs from gray literature and electronic bibliographic databases. Investment case outcomes, objectives, key variables, target audiences, and funding sources were extracted and analyzed according to their reporting frequency. RESULTS: We found 24 investment cases, and most of them aim to provide information for decisions (12 cases) or advocate for a specific agenda (9 cases). Outcomes presented fell into 4 broad categories-burden of disease, cost of investment, impact of investment, and other considerations for implementation. Number of deaths averted (70%), incremental cost-effectiveness ratios (67%), and reduction in health and socioeconomic inequalities (54%) were the most frequently reported outcome measures for impact of investment. Health system capacity (79%) and vaccine financing landscape (75%) were the most common considerations for implementation. A sizable proportion (41.4%) of investment cases did not reveal their funding sources. CONCLUSIONS: This review describes information that is critical to decision making about resource mobilization and allocation concerning vaccines. Global efforts to harmonize investment cases more broadly will increase transparency and comparability.