Liquidity Management During the Covid-19 Pandemic

Heitor Almeida 한국증권학회 2021 Asia-Pacific Journal of Financial Studies Vol.50 No.1

With the help of the United States Government and committed funding from bank credit lines, the United States corporate sector responded to the Covid-19 cash flow shock by issuing long-term debt to increase cash holdings. I use a case study, evidence from recent research, and a theoretical model to explain the logic behind the changes in corporate financial policy that happened during 2020, and to discuss the importance of United States Government policies to support the market for long-term debt. I also point to open research questions about liquidity management, in particular questions that were highlighted by how companies reacted to the Covid-19 pandemic.

The Effect of Internal Capital Markets on Corporate Investment : Evidence from the Asian Financial Crisis

Heitor Almeida,Chang Soo Kim 한국재무학회 2011 한국재무학회 학술대회 Vol.2011 No.09

This paper provides new evidence on the relationship between internal capital markets and corporate investment by exploiting an exogenous event and an unique empirical setting. Specically, we compare the investment behavior of Korean business group (e.g., chaebol ) rms with non-chaebol Korean rms in the aftermath of the 1997 Asian nancial crisis. Korean chaebol provide a unique setting for the study of internal capital markets, since they comprise a large number of legally independent rms in several dierent industries, which are ultimately controlled by a family owner. Our empirical methodology employs a dierence-in-dierences matching estimator to ensure that chaebol rms (those in the treated group) and non-chaebol rms (those in the control group) are as similar as possible in all observable dimensions other than chaebol membership. The results show that chaebol rms invest signi cantly more than rms in the control group, in the aftermath of the crisis. This dierence in investment behavior does not hold for other, normal periods. In addition, we show that chaebol rm post-crisis investment is positively associated with variables that proxy for the availability of internal capital markets, including industry diversication within a chaebol and chaebol liquidity. Our evidence also suggests that chaebol 's internal capital markets performed ecient capital reallocation following the crisis. Chaebol rms with greater investment opportunities increased investment the most in the aftermath of the crisis, while in the control group investment opportunities were negatively related to post-crisis changes in investment. Finally, chaebol rm protability increased relative to control rms in the years following the crisis. Overall, our results suggest that Korean chaebol were able to use their internal capital markets to mitigate the negative eects of the Asian crisis on corporate investment.

The Effect of Internal Capital Markets on Corporate Investment : Evidence from the Asian Financial Crisis

Chang-Soo Kim,Heitor Almeida 한국재무학회 2011 한국재무학회 학술대회 Vol.2011 No.05

This paper provides new evidence on the relationship between internal capital markets and corporate investment by exploiting an exogenous event and an unique empirical setting. Specifically, we compare the changes in investment of Korean business group (e.g., chaebol) firms with non-chaebol Korean firms in the aftermath of the 1997 Asian financial crisis. Korean chaebol provide a unique setting for the study of internal capital markets, since they comprise a large number of legally independent firms in several different industries, which are ultimately controlled by a family owner. Our empirical methodology employs a difference-in-differences matching estimator to ensure that chaebol firms (those in the treated group) and non-chaebol firms (those in the control group) are as similar as possible in all observable dimensions other than chaebol membership. The results shown that chaebol firms invest significantly more than non-chaebol firms in the aftermath of the crisis. This difference in investment behavior is specific to the Asian crisis period and does not hold for other, normal periods. In addition, we show that chaebol firm post-crisis investment is positively associated with variables that proxy for the availability of internal capital markets, including industry diversification within a chaebol and chaebol liquidity. The greater post-crisis investment of cheabol firms is not associated with postcrisis declines in profitability. Overall, our results suggest that Korean Chaebol were able to use their internal capital markets to mitigate the negative effects of the Asian crisis on corporate investment.

Recognizing the importance of physical activity on sarcopenia in chronic kidney disease

Thomas J. Wilkinson,Heitor S. Ribeiro 대한골다공증학회 2022 Osteoporosis and Sarcopenia Vol.8 No.1

Bone and Calcified Soft Tissue Metastases of Medullary Thyroid Carcinoma Better Characterized on 18F-Fluoride PET/CT than on 68Ga-Dotatate PET/CT

Paulo Schiavom Duarte,Luciana Audi de Castroneves,Heitor Naoki Sado,Marcelo Tatit Sapienza,Ana Amélia Fialho de Oliveira Hoff,Carlos Alberto Buchpiguel 대한핵의학회 2018 핵의학 분자영상 Vol.52 No.4

Herein, we report a case of a 19-year-old man with multiple endocrine neoplasia type 2B (MEN2B) and medullary thyroidcarcinoma (MTC) diagnosed when he was 12 years of age. The patient had previously undergone total thyroidectomy, cervicalradiotherapy, and chemotherapy. He progressed with known bone, pulmonary, and lymph node metastases and was scanned with18F-fluoride (18F-NaF) and 68Ga-dotatate whole-body positron emission tomography/computed tomography (PET/CT) for metastaticdisease monitoring.We found that the MTC bone metastases and soft tissue calcified metastases were better characterizedon 18F-NaF PET/CT than on 68Ga-dotatate PET/CT. This case illustrates that the 18F-NaF PET/CT could be helpful not only tothe detection of bone metastases but also to the detection of calcified soft tissue metastases in patients with MTC.

Comparison of 18F-NaF PET/CT with Other Imaging Methods in the Detection of Bone Metastases in Patients with Medullary Thyroid Cancer: a Report of a Series of 31 Cases

Ueda Cristina Emiko,Duarte Paulo Schiavom,Castroneves Luciana Audi,Coura-Filho George Barbério,Sado Heitor Naoki,Sapienza Marcelo Tatit,Ana Oliveira Hoff,Buchpiguel Carlos Alberto 대한핵의학회 2020 핵의학 분자영상 Vol.54 No.6

Purpose To compare the 18F-NaF PET/CT studies (18F-NaF) with other imaging methods in the detection of skeletal metastases (SM) in patients with medullary thyroid cancer (MTC). Methods We retrospectively analyzed 31 patients with MTC who performed 18F-NaF to assess SM. The results of the 18F-NaF were compared with other imaging methods performed for metastasis detection: 99Tc-MDP bone scan (BS), magnetic resonance imaging (MRI), contrast-enhanced CT (CT), and 68Ga-Dotatate and 18F-FDG PET/CT studies. A qualitative analysis comparing the 18F-NaF findings with the ones of the other methods was performed, and the results were classified as superior (>), equal (=), and inferior (<). Results Eleven patients had no bone metastases detected on any of the imaging methods used. Twenty patients presented SM depicted on 18F-NaF. Of these 20 patients, 12 performed bone scan (in 9 18F-NaF > BS and in 3 18F-NaF = BS), 1 performed 18F-FDG (18F-NaF > 18F-FDG), 4 performed 68Ga-Dotatate (in 2 18F-NaF > 68Ga-Dotatate and in 2 18F-NaF = 68Ga-Dotatate), 20 performed CT of at least one body segment (in 15 18F-NaF = CT and in 5 18F-NaF > CT), and 16 performed MRI of at least one body segment, and in all of them, the 18F-NaF was equal to the MRI. Beside this, the 18F-NaF detected SMin body segments not routinely scanned in MRI and CT. Conclusion In patients with MTC, the 18F-NaF seems to be equal or superior to other imaging modalities in the detection of SM and allows the analysis of the whole skeletal in a single study.

Abdominal ultrasonography with color Doppler analysis in the assessment of ileal Crohn’s disease: comparison with magnetic resonance enterography

( Antonio Carlos Da Silva Moraes ),( Glycia De Freitas Moraes ),( Antonio Luis Eiras De Araujo ),( Ronir Raggio Luiz ),( Celeste Elia ),( Antonio Jose Carneiro ),( Heitor Siffert Pereira De Souza ) 대한장연구학회 2019 Intestinal Research Vol.17 No.2

Background/Aims: Consistently defining disease activity remains a critical challenge in the follow-up of patients with Crohn’s disease (CD). We investigated the potential applicability of abdominal ultrasonography with color Doppler (USCD) analysis for the detection of morphological alterations and inflammatory activity in CD. Methods: Forty-three patients with CD ileitis/ileocolitis were evaluated using USCD analysis with measurements obtained on the terminal ileum and right colon. Sonographic parameters included wall thickening, stricture, hyperemia, presence of intra-abdominal mass, and fistulas. Patients were evaluated for the clinical activity (Harvey-Bradshaw Index [HBI]), fecal calprotectin (FC) and C-reactive protein (CRP). The USCD performance was assessed using magnetic resonance enterography (MRE) as a criterion standard. Results: Most measurements obtained with USCD matched the data generated with MRE; however, the agreement improved in clinically active patients where sensitivity, positive predictive value, and accuracy were >80%, considering wall thickening and hyperemia. Complications such as intestinal wall thickening, stricture formation, and hyperemia, were detected in the USCD analysis with moderate agreement with MRE. The best agreement with the USCD analysis was obtained in regard to FC, where the sensitivity, positive predictive value, and accuracy were >70%. The overall performance of USCD was superior to that of HBI, FC and CRP levels, particularly when considering thickening, stricture, and hyperemia parameters. Conclusions: USCD represents a practical noninvasive and low-cost tool for evaluating patients with ileal or ileocolonic disease, particularly in clinically active CD. Therefore, USCD might become a useful asset in the follow-up of patients with CD. (Intest Res 2019;17:227-236.)