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Long-term Value (long-term + value)
Selected AbstractsA 10-year follow-up after transurethral resection of the prostate, contact laser prostatectomy and electrovaporization in men with benign prostatic hyperplasia; long-term results of a randomized controlled trialBJU INTERNATIONAL, Issue 6 2010Robert J. Hoekstra Study Type , Therapy (RCT) Level of Evidence 1b OBJECTIVE To compare long-term results of transurethral resection of the prostate (TURP), contact laser prostatectomy (CLP) and electrovaporization of the prostate (EVAP) in men with lower urinary tract symptoms (LUTS) suggestive of benign prostatic hyperplasia (BPH). PATIENTS AND METHODS Between 1996 and 2001, a prospective, randomized controlled trial was conducted in 150 men with LUTS suggestive of BPH, who had a prostate volume of 20,65 mL and a Schäfer's obstruction grade of ,2. Outcome variables were the International Prostate Symptom Score (IPSS), Quality of Life (QoL) question, Symptom Problem Index (SPI), BPH Impact Index (BII), maximum urinary flow rate (Qmax), prostate volume, prostate specific antigen (PSA) level, morbidity and mortality. In 2008 we carried out a long-term follow-up in these patients. Long-term values were compared with preoperative values for each treatment group (Wilcoxon signed-rank test), differences among groups were analysed (Kruskal,Wallis test) and actuarial failure-rates of the interventions were determined (Kaplan-Meier analysis). RESULTS Although we could account for 91% of the initial participants in 2008, 66 (44%) patients (29 TURP, 20 CLP and 17 EVAP) were available for follow-up measurements after a mean (range) of 10.1(6.9,12.7) years Among the three treatment groups, there were no significant differences in IPSS, QoL, SPI, BII, Qmax, PSA level and prostate volume. The IPSS, QoL, SPI and BII were still improved (P < 0.05) from values before treatment for all treatments. Only in the TURP group were the long-term results of Qmax still improved (P < 0.05). The mortality rate was comparable among the treatments. The 10-year actuarial failure rates (95% confidence interval) were 0.11 (0.03,0.20), 0.22 (0.10,0.35) and 0.23 (0.11,0.35) for TURP, CLP and EVAP, respectively. CONCLUSIONS After a mean follow-up of 10.1 years, there were similar and durable improvements in IPSS, QoL, SPI and BII for patients with LUTS suggestive of BPH after TURP, CLP and EVAP. Between the treatment groups there were no statistically significant differences in Qmax, PSA levels and prostate volume at any time during the follow-up. However, only patients treated with TURP showed minimal durable improvements in Qmax. There was no statistically significant difference in success rate and mortality rate among the three treatments. [source] Opportunism in Capital Budget Recommendations: The Effects of Past Performance and Its Attributions,DECISION SCIENCES, Issue 3 2001Joanna L. Ho Abstract This study uses an experiment to examine the separate and combined effects of managers' loss aversion and their causal attributions about their divisions' performance on tendencies to make goal-incongruent capital budget recommendations. We find that managers' recommendations are biased by their loss aversion. In particular, managers of high-performing divisions are more likely than managers of low-performing divisions to propose investments that maximize their division's short-term profits at the expense of the firm's long-term value. We also find that managers' recommendations are biased by their causal attributions. In particular, managers are more likely to propose investments that maximize their division's short-term profits at the expense of the firm's long-term value when they attribute their division's performance to external causes (e.g., task difficulty or luck) rather than to internal causes (e.g., managerial ability or effort). Further, the effects of causal attributions are greater for managers of high-performing divisions than for managers of low-performing divisions. The study's findings are important because loss aversion and causal attributions are often manifested in firms. Thus, they may bias managers' decisions, which in turn may be detrimental to the firms' long-term value. [source] Incentive Effects of Stock and Option Holdings of Target and Acquirer CEOsTHE JOURNAL OF FINANCE, Issue 4 2007JIE CAI ABSTRACT Acquisitions enable target chief executive officers (CEOs) to remove liquidity restrictions on stock and option holdings and diminish the illiquidity discount. Acquisitions also enable acquirer CEOs to improve the long-term value of overvalued holdings. Examining all firms during 1993 to 2001, we show that CEOs with higher holdings (illiquidity discount) are more likely to make acquisitions (get acquired). Further, in 250 completed acquisitions, target CEOs with a higher illiquidity discount accept a lower premium, offer less resistance, and more often leave after acquisition. Similarly, acquirer CEOs with higher holdings pay a higher premium, expedite the process, and make diversifying acquisitions using stock payment. [source] Modelling selective breeding in protandrous, batch-reared Asian sea bass (Lates calcarifer, Bloch) using walkback selectionAQUACULTURE RESEARCH, Issue 10 2010Nicholas Andrew Robinson Abstract A bioeconomic simulation model for Lates calcarifer predicted that a strategy involving crossing current generation males with previous generation females would be a practical, effective and profitable way of dealing with protandry when batch rearing for selective breeding to improve the growth rate. The strategy allowed earlier initialization and more frequent ongoing rounds of selection, and resulted in a 16,19% higher overall response, than an alternative where each generation's males were crossed with the same generation's females. The strategy also yielded the highest short-term benefit,cost ratio (13:1 versus 7:1 after 8 years of selective breeding) and the highest short- and long-term value for participants in a breeding cooperative (a net present value of AU$28 million and an internal rate of return of 144% over 10 years), due to higher yields per fixed costs of production per unit area and due to savings in feed costs per kilogram of production. Breeding facilities of scale producing 50 full-sibling families per generation were found to be more profitable than those producing 100 families. [source] Overcoming Short-Termism: Mental Time Travel, Delayed Gratification and How Not to Discount the FutureAUSTRALIAN ACCOUNTING REVIEW, Issue 4 2009Kym Irving Short-termism has been identified as a characteristic of individuals, companies, stock markets, governance structures and policies, and has been linked to inadequate saving for retirement, reduced investment returns, greater market instability and destruction of long-term value. As a construct, short-termism is complex and multidimensional. Accordingly, this paper draws upon current theory and research from a range of fields including behavioural economics, psychology and the cognitive sciences to uncover both explanations of the phenomenon and implications for countering an overly short-term focus. Possible strategies for achieving the latter are discussed. [source] Trouble on the reef: the imperative for managing vulnerable and valuable fisheriesFISH AND FISHERIES, Issue 3 2005Yvonne Sadovy Abstract Reef fishes are significant socially, nutritionally and economically, yet biologically they are vulnerable to both over-exploitation and degradation of their habitat. Their importance in the tropics for living conditions, human health, food security and economic development is enormous, with millions of people and hundreds of thousands of communities directly dependent, and many more indirectly so. Reef fish fisheries are also critical safety valves in times of economic or social hardship or disturbance, and are more efficient, less wasteful and support far more livelihoods per tonne produced than industrial scale fisheries. Yet, relative to other fisheries globally, those associated with coral reefs are under-managed, under-funded, under-monitored, and as a consequence, poorly understood or little regarded by national governments. Even among non-governmental organizations, which are increasingly active in tropical marine issues, there is typically little focus on reef-associated resources, the interest being more on biodiversity per se or protection of coral reef habitat. This essay explores the background and history to this situation, examines fishery trends over the last 30 years, and charts a possible way forward given the current realities of funding, capacity, development patterns and scientific understanding of coral reef ecosystems. The luxury live reef food-fish trade is used throughout as a case study because it exemplifies many of the problems and challenges of attaining sustainable use of coral reef-associated resources. The thesis developed is that sustaining reef fish fisheries and conserving biodiversity can be complementary, rather than contradictory, in terms of yield from reef systems. I identify changes in perspectives needed to move forward, suggest that we must be cautious of ,fashionable' solutions or apparent ,quick fixes', and argue that fundamental decisions must be made concerning the short and long-term values of coral reef-associated resources, particularly fish, for food and cash and regarding alternative sources of protein. Not to address the problems will inevitably lead to growing poverty, hardship and social unrest in many areas. [source] |