Suchergebnisse

Purpose
This study aims to examine whether investors react differently to the crisis during the COVID-19 pandemic based on chief executive officer (CEO) gender.


Design/methodology/approach
This study is based on a sample of publicly listed companies in Korea. The study uses the ordinary least squares regression and propensity score matching approach to address the research question. The dependent variable used in the regressions is the cumulative abnormal returns over 30, 60 and 90 days after the first COVID-19 case was confirmed in Korea.


Findings
The results show that cumulative abnormal returns over 30, 60 and 90 days after the first COVID-19 case are less negative for firms led by women CEOs compared to firms led by men CEOs. This is consistent with the prediction that investors favor firms with women CEOs in times of high uncertainty.


Originality/value
This study adds to the growing literature on the stock market during the COVID-19 pandemic. It provides empirical evidence that the effect of the pandemic on stock market performance differs by management characteristics such as CEO gender.

AbstractIntroductionIn 2017, the Aurum Institute, with support from Unitaid, launched an initiative to expand short‐course therapy for the prevention of tuberculosis (TB) in 12 high‐burden countries. This study aimed to investigate the importance of "catalytic" effects beyond the original project timeframe when estimating cost‐effectiveness of such large investments.MethodsWe estimated the cost‐effectiveness of the IMPAACT4TB (I4TB) initiative from a health system perspective, using a 10‐year time horizon. We first conservatively estimated costs using a "top‐down" approach considering only the direct health benefits of providing TB preventive therapy to people initiating antiretroviral therapy (ART) through I4TB activities. We then re‐estimated the incremental cost‐effectiveness of I4TB incorporating the costs and health benefits of potential catalytic effects beyond the program itself.ResultsWe estimated that TB preventive therapy through the I4TB initiative alone would prevent 14 201 cases of active TB and 1562 TB deaths over 10 years with an up‐front investment of $52.5 million; the estimated incremental cost‐effectiveness was $1580 per disability‐adjusted life year (DALY) averted. If this initiative could achieve its desired catalytic effects, an additional 375 648 cases and 41 321 deaths could be averted, at an incremental cost of $546 million and cost‐effectiveness of $713 per DALY averted.ConclusionsOur findings provide donors with reasonable evidence of value for money to support investment in short‐course TB preventive therapy for people initiating ART in high‐burden settings. Our study also illustrates the importance of considering long‐term secondary ("catalytic") effects when evaluating the cost‐effectiveness of large‐scale initiatives designed to change a global policy landscape.

OBJECTIVES: To mitigate the economic burden of tuberculosis (TB), it is important to fully understand the costs of TB treatment from the patient perspective. We therefore sought to quantify the patient-incurred cost of TB treatment in rural Malawi, with specific focus on costs borne by patients requiring inpatient hospitalization. METHODS: We conducted a cross-sectional survey of 197 inpatients and 156 outpatients being treated for TB in rural Malawi. We collected data on out-of-pocket costs and lost wages, including costs to guardians. Costs for inpatient TB treatment were estimated and compared to costs for outpatient TB treatment. We then explored the equity distribution of inpatient TB treatment cost using concentration curves. RESULTS: Despite free government services, inpatients were estimated to incur a mean of $137 (standard deviation: $147) per initial TB episode, corresponding to > 50% of annual household spending among patients in the lowest expenditure quintile. Non-medical hospitalization costs accounted for 88% of this total. Patients treated entirely as outpatients incurred estimated costs of $25 (standard deviation: $15) per episode. The concentration curves showed that, among individuals hospitalized for an initial TB episode, poorer patients shouldered a much greater proportion of inpatient TB treatment costs than wealthier ones (concentration index: −0.279). CONCLUSION: Patients hospitalized for TB in resource-limited rural Malawi experience devastating costs of TB treatment. Earlier diagnosis and treatment must be prioritized if we are to meet goals of effective TB control, avoidance of catastrophic costs, and provision of appropriate patient-centered care in such settings.