Using 10-K text to gauge COVID-related corporate disclosure.

During the pandemic era, COVID-related disclosure has become quite critical for shareholders and other market participants to understand the uncertainties and challenges associated with a firm's operation. However, there is no well-grounded and systematic measure to gauge the intensity of COVID-related disclosure and its plausible impact. Therefore, this study develops and validates various COVID-related disclosure measures. More specifically, using a sample of publicly listed U.S. firms and applying natural language processing (NLP) on 10-K reports, we have developed two types of COVID dictionaries (or COVID-related disclosure measurement tools): (a) overall COVID dictionary (count of all COVID-related words/phrases) and (b) contextual COVID-dictionary (count of COVID related words/phrases preceded or followed by positive, negative tones, or financial constraints words). Subsequently, we have validated both types of COVID dictionaries by investigating their association with corporate liquidity events (e.g., dividend payment, dividend change). We confirm that the overall COVID dictionary effectively predicts a firm's liquidity event. We find similar results for contextual COVID dictionaries with a negative spin (i.e., COVID disclosures with a negative tone or an indication of financial constraints). Our results further show that better-governed firms (e.g., greater board independence, and more female directors) tend to have more COVID-related disclosures, despite the fact that more COVID-related disclosures suppress a firm's market-based stock performance (e.g. Tobin's Q). Our results suggest that better-governed firms prefer greater transparency, even if it may hurt their market performance in the short run.

Shareholder wealth implications of software firms' transition to cloud computing: a marketing perspective.

Moving into cloud computing represents a major marketing shift because it replaces on-premises offerings requiring large, up-front payments with hosted computing resources made available on-demand on a pay-per-use pricing scheme. However, little is known about the effect of this shift on cloud vendors' financial performance. This study draws on a longitudinal data set of 435 publicly listed business-to-business (B2B) firms within the computer software and services industries to investigate, from the vendors' perspective, the shareholder wealth effect of transitioning to the cloud. Using a value relevance model, we find that an unanticipated increase in the cloud ratio (i.e., the share of a firm's revenues from cloud computing) has a positive and significant effect on excess stock returns; and it has a negative and significant effect on idiosyncratic risk. Yet these effects vary across market structures and firms. In particular, unanticipated increases in market maturity intensify the positive effect of moving into the cloud on excess stock returns. Further, unexpected increases in advertising intensity strengthen the negative effect of shifting to the cloud on idiosyncratic risk.

Impact of lifestyle diseases on income and household consumption: evidence from an emerging economy.

With increase in lifestyle diseases such as diabetes, hypertension and heart disease in emerging economies, it is important to understand the impact of acquiring these health issues on household income and consumption. Using a panel data of Indian households, we show that acquiring diabetes, hypertension or heart disease results in increased medical and non-medical expenses for high-income households. However, affected low-income households, to meet their increased medical expenses, had to divert resources from non-medical expenses. Our findings add to the extant marketing literature on impact of crises on consumption behaviour and the marketing implications of such changes in consumption behaviour.

Ancient schwannoma of vagus nerve mimicking hamartoma.

Schwannomas arising from vagus nerve sheath are rare mediastinal neurogenic tumours. Schwannomas usually arise from left hemithorax. Unlike a hamartoma, radiologically, calcification is rarely seen in schwannomas. We present the rare case of an ancient schwannoma arising from vagus nerve sheath from the right hemithorax presenting with gross calcification.

Environmental management of industrial hazardous wastes in India.

Hazardous wastes are considered highly toxic and therefore disposal of such wastes needs proper attention so as to reduce possible environmental hazards. Industrial growth has resulted in generation of huge volume of hazardous wastes in the country. In addition to this, hazardous wastes sometimes get imported mainly from the western countries for re-processing or recycling. Inventorisation of hazardous wastes generating units in the country is not yet completed. Scientific disposal of hazardous wastes has become a major environmental issue in India. Hazardous Wastes (Management and Handling) Rules, 1989 have been framed by the Central Government and amended in 2000 and 2003 to deal with the hazardous wastes related environmental problems that may arise in the near future. This paper gives details about the hazardous wastes management in India. Health effects of the selected hazardous substances are also discussed in the paper.

Prodrugs of dynemicin analogs for selective chemotherapy mediated by an aldolase catalytic Ab.

Prodrugs of dynemicin analogs were synthesized, and their activation by aldolase antibody (Ab) 38C2 was evaluated by DNA-cleaving activity, as well as tumor cell growth inhibition. Further, we provide evidence that the activated enediynes underwent covalent crosscoupling with the aldolase Ab, which appears to be a limiting factor of their tumor cell growth-inhibiting activity and should be of general interest in the field of enediyne chemotherapy. These findings might open new avenues for defined conjugations of small molecule drugs to mAbs in general and aldolase Abs in particular.