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On the Effects of Asset Purchase Programs on Emerging Stock Markets
Tarek Chebbi 한국국제경제학회 2019 International Economic Journal Vol.33 No.3
It is well documented that there has been a relationship between stock markets and unconventional monetary policies. However, most research concentrates on developed economies and analyzes the effects of shocks from such polices on stock prices. This paper is different from this research in that we investigate the impact of surprises from the Fed’s and the ECB’s announcements on the stock returns and volatility in Gulf Cooperation Council (GCC) countries using GARCH models.Wefind that a positive surprise associated with a fall in the U.S. Treasury yield causes an increase in ADX returns. We show significant effects of the ECB’s shocks on price returns. In particular, announcement that induces a decline in yield spreads in Italian sovereign bonds leads to higher stock prices. We also document a significant impact of surprises both by the Fed and ECB on volatility. However, the estimates are mixed. We note that volatility went down in response to the ECB’s policies, while they increased after the Fed’s asset purchases. Finally, when we distinguish surprises by their sign, the GJR-GARCH model estimates indicate that the effect on the volatility which is, perhaps surprisingly, symmetric for both types of news.
How to Prevent Anastomotic Leak in Colorectal Surgery? A Systematic Review
Mohamed Ali Chaouch,Tarek Kellil,Camillia Jeddi,Ahmed Saidani,Faouzi Chebbi,Khadija Zouari 대한대장항문학회 2020 Annals of Coloproctolgy Vol.36 No.4
Anastomosis leakage (AL) after colorectal surgery is an embarrassing problem. It is associated with poor consequence. This review aims to summarize published evidence on prevention of AL after colorectal surgery and provide recommendations according to the Oxford Centre for Evidence-Based Medicine. We conducted bibliographic research on January 15, 2020, of PubMed, Cochrane Library, Embase, Scopus, and Google Scholar. We retained meta-analysis, reviews, and randomized clinical trials. We concluded that mechanical bowel preparation did not reduce AL. It seems that oral antibiotic or oral antibiotic with mechanical bowel preparation could reduce the risk of AL. The surgical approach did not affect the AL rate. The low ligation of the inferior mesenteric artery could reduce the AL rate. The mechanical anastomosis is superior to hand-sewn anastomosis only in case of right colectomies, with similar results in rectal surgery between the 2 anastomosis techniques. In the case of right colectomies, this anastomosis could be performed intracorporeally or extracorporeally with similar outcomes. The air leak test did not reduce AL. There is no interest of external drainage in colonic surgery but drains reduced the rate of AL and rate of reoperation after low anterior resection. The transanal tube reduced the rate of AL.