• Does capital market drive corporate investment efficiency? Evidence from equity lending supply

  Tsai, H.-J.; Wu, Yuliang; Xu, B. (2021)

  The increased equity lending supply (ELS) in the equity loan market, available for short sellers to borrow, exposes a firm to greater short selling threats. Considering short sellers’ strong incentives to uncover firm-specific information and monitor managers, we hypothesize that short selling threats, proxied by ELS, enhance corporate investment efficiency. We find that ELS significantly reduces managerial tendencies to underinvest (overinvest) especially for firms prone to underinvest (overinvest). The effect of ELS on investment efficiency is stronger for firms with higher information asymmetry and weaker corporate governance, confirming short sellers’ role in mitigating information and agency costs. However, short selling risk weakens the effect of ELS. Our evidence is robust to endogeneity checks and suggests that corporate investment can be driven by a particular capital market condition: the amount of lendable shares in the equity loan market.
• An exploration of the impact of SARS-CoV-2 (COVID-19) restrictions on marginalised groups in the UK

  Eshareturi, Cyril; Wareham, C.; Rattray, Marcus; Haith-Cooper, Melanie; McCarthy, R. (2021-08)

  Background: To contain the spread of COVID-19 within the UK over the past year, there have been a series of local and national lockdowns. These restrictions are likely to have impacted upon the health and well-being of marginalised groups who rely on now closed social and community support services to stay healthy. An understanding of the experiences of marginalised people is important; therefore, this study aimed to explore the impact of the COVID-19 restrictions on the health and well-being of marginalised groups in the UK. Methods: In summer 2020, a rapid telephone survey was conducted by trained, trusted volunteers with 76 participants who were from marginalised groups. As part of this survey, 64 participants consented to describe their experience of lockdown. These case studies were thematically analysed to identify patterns of meaning. Results: Findings indicate that lockdown led to the deterioration of health of participants, impacted adversely on their socio-economic positions and affected access to food and essential supplies. In addition, government public health messaging was considered confusing and inadequate. Conclusions: This study highlights the need for pathways into services which support marginalised groups to remain accessible during periods of restrictions and essential supplies and food to be mapped and protected for marginalised individuals within our local communities.
• Digest of Evidence 9, The Human Bone

  Clark, J.; Garner-Lahire, J.; Spall, C.; Toop, N.; Curtis-Summers, Shirley (2021-06)
• Global Security in the Post-Cold War Era and the Relevance of Nuclear Weapons

  Bluth, Christoph (2021-06)

  Are nuclear weapons still relevant to global security? Compared with the nuclear confrontation in the depths of the Cold War, nuclear weapons and deterrence appear to have lost their salience. Considering the conflicts in which the major powers engaged, the focus in strategic studies changed to counterinsurgency, counterterrorism, and subconventional conflict.2 Only recently, with the conflict in Ukraine and the increasingly confrontational relationship between the United States and China has this narrative come into question. The general perception on international security exhibits a strange paradox. On the one hand the US-led military interventions in Afghanistan, Iraq and other parts, the conflicts in the Middle East and Africa, the nuclearization of North Korea and the conflict between India and Pakistan among other regional security issues have given rise to a view that the modern world is less secure than ever, and we live in a world of chaos riven by unpredictable patterns of violence. By contrast, Steven Pinker has demonstrated the casualties from armed conflict are at their lowest point in human history, and interstate warfare has virtually ceased to exist as a phenomenon.3 The imminence of a global nuclear war in which at a minimum hundreds of millions of people would die appears to have dissipated. In some respects, it appears that war has become almost a phenomenon of the past. Most of the recent literature on nuclear weapons has focused on regional crises areas, such as South Asia (India and Pakistan) or the Korean peninsula.4 However, the modernization of arsenals by the nuclear powers, the integration of strategic conventional and nuclear weapons in strategic doctrines and the more confrontational dynamics in Great Power politics is cited as evidence that the risk of nuclear use is increasing. This paper contests the emerging narratives on an increased threat of nuclear conflict and considers the sources of insecurity in the contemporary period and in particular the risks of armed conflict between the United States, Russia, and China in order to assess the role of nuclear weapons in contemporary security.
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  Patient Perspectives on Factors Affecting Direct Oral Anticoagulant Use for Stroke Prevention in Atrial Fibrillation

  Medlinskiene, Kristina; Richardson, S.; Fylan, Beth; Stirling, K.; Rattray, Marcus; Petty, Duncan (2021-05-10)

  Introduction: Oral anticoagulant therapy choices for patients with atrial fibrillation (AF) expanded in the last decade with the introduction of direct oral anticoagulants (DOAC). However, the implementation of DOACs was slow and varied across different health economies in England. There is limited evidence on the patient role in the uptake of new medicines, including DOACs, apart from considering their demographic and clinical characteristics. Hence, this study aimed to address the gap by exploring the view of patients with AF on factors affecting DOAC use. Methods: A qualitative study using semi-structured interviews was conducted in three health economies in the North of England. Adult patients (>18 years) diagnosed with non-valvular AF, prescribed an oral anticoagulant (vitamin K antagonist or DOAC), and able to give written consent were recruited. Data were collected between August 2018 and April 2019. Audio recorded interviews were transcribed verbatim and analyzed using the framework method. Results: Four themes with eleven subthemes discussed identified factors affecting the use of DOACs. They were linked to limited healthcare financial and workforce resources, patient involvement in decision-making, patient knowledge about DOACs, safety concerns about oral anticoagulants, and oral anticoagulant therapy impact on patients' daily lives. Lack of a) opportunities to voice patient preferences and b) information on available therapy options resulted in some patients experiencing difficulties with the prescribed therapy. This was reported to cause negative impact on their daily lives, adherence, and overall satisfaction with the therapy. Conclusion: Greater patient involvement in decision-making could prevent and resolve difficulties encountered by some patients and potentially improve outcomes plus increase the uptake of DOACs.

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