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Purpose – The purpose of this paper is to examine the stock return impact of “lucky” numbered days in markets dominated by Chinese participants. The existence of such patterns might present arbitrage opportunities for investors who do not share a belief in the Chinese system of “lucky” numbers. Design/methodology/approach – In univariate and multivariate analyses, the author examines the statistical significance of return differences between “lucky” numbered days and other days. The author examines samples which only consider single digit days and months, and the author also considers samples based on the last digit of the day or month. Based on the findings in these tests, the author designs and tests a trading strategy on the Shenzhen Exchange that produces significant risk-adjusted returns in excess of the buy-and-hold return on the Shenzhen Composite Index. Findings – The author shows that “lucky” numbered dates impact stock returns in Chinese markets and demonstrate a “lucky” number date trading strategy for the Shenzhen market that produces risk-adjusted returns in excess of the market return. Originality/value – Prior research on home address numbers and stock trading codes shows that, in markets dominated by Chinese participants, assets with identifiers containing numbers defined by Feng Shui as “lucky” sell at a premium and assets with identifiers containing “unlucky” numbers sell at a discount. In such markets, prices are more likely to end in a “lucky” number than an “unlucky” number. Chinese firms also tend to price their shares at IPO using “lucky” numbers and avoiding “unlucky” numbers. The author extends this literature to examine whether dates containing “lucky” and “unlucky” numbers experience stock returns significantly different than other days on Chinese stock exchanges. [ABSTRACT FROM AUTHOR]

Public investment in private equity (PIPE) is a financing form growing in popularity in the U.S., recently surpassing seasoned equity offerings in number and value. Research to date is highly focused on the U.S., with little attention paid to international markets. We use newly available data to examine PIPE deals in Hong Kong, Australia, Canada, and the U.K. We document similarities and differences relative to the U.S. market. PIPE firms tend to be small, high-growth firms with poor accounting and stock performance prior to PIPE issuance. However, these stylized facts do not hold uniformly across the exchanges we study. We also document a lack of significant market reaction to the announcement of PIPE deals on these exchanges. [ABSTRACT FROM AUTHOR]

Since 1992, the Brugada syndrome has been increasingly recognized worldwide, although its incidence and distribution remain unclear. In Asia, several cases have been reported in Japan, Thailand, Singapore, and Vietnam. However, little information is available from the Chinese population. Since June 1997, we have identified 10 patients with the diagnosis of the Brugada syndrome from six hospitals in Taiwan. All patients were male with the mean age of 46 +/- 7 years (range 36-61). They all had a normal chemistry profile, coronary angiography and echocardiography. Clinical presentations varied from seizure and syncope to sudden cardiac death. MRI and ultrafast CT of the heart did not show any abnormalities. Sustained ventricular tachycardia/ventricular fibrillation (VF) was induced in 7 of 8 patients who underwent an electrophysiologic study. The pharmacological provocation test was positive in 4 of 5 patients. One of the 4 patients who had a genetic study showed SCN5A gene mutation. An implantable cardioverter defibrillator (ICD) was implanted in 8 patients. During a mean follow-up of 29 +/- 17 months (range 2-54), 3 of 8 patients who had an ICD received appropriate ICD discharges after implantation. These 3 patients who were subsequently treated with antiarrhythmic agents have had no further recurrent ICD discharges. Two patients who refused ICD implantation are alive and well without taking antiarrhythmic agents. Our study showed that the clinical characteristics of our patients are similar to those described in the literature and that ICD is an effective treatment modality for patients with recurrent VF. However, antiarrhythmic agents may be beneficial for suppressing arrhythmia recurrences in selected patients., (Copyright 2003 S. Karger AG, Basel)