Home About us Contact
|
Home About us Contact | ||
|
|
||
Intended Effects (intended + effects)
Selected AbstractsThe Economics of IPO Stabilisation, Syndicates and Naked ShortsEUROPEAN FINANCIAL MANAGEMENT, Issue 4 2007Tim Jenkinson G3; G24 Abstract Stabilisation is the bidding for and purchase of securities by an underwriter immediately after an offering for the purpose of preventing or retarding a fall in price. Stabilisation is price manipulation, but regulators allow it within strict limits , notably that stabilisation may not occur above the offer price. For legislators and market authorities, a false market is a price worth paying for an orderly market. This paper compares the rationale for regulators' allowing IPO stabilisation with its effects. It finds that stabilisation does have the intended effects, but that underwriters also seem to have other motives to stabilise, including favouring certain aftermarket sellers and enhancing their own reputation and profits. A puzzling aspect of stabilisation is why underwriters create ,naked short' positions which are loss-making to cover when, as is usual, the aftermarket price rises to a premium. We set up a model to show that the lead underwriter may profit from a naked short at the expense of the rest of the syndicate given the way commissions are apportioned between them. We argue that a naked short mitigates the misalignment of interests which stabilisation causes between issuer and lead underwriter, although it does so at the expense of the non-lead underwriters. [source] Fragmentation and Sprawl: Evidence from Interregional AnalysisGROWTH AND CHANGE, Issue 3 2002John I. Carruthers Recent years have witnessed widespread expansion of state and regional planning programs in the United States. A major purpose of these efforts is to reduce urban sprawl,low density, discontinuous, suburban,style development, often characterized as the result of rapid, unplanned, and/or uncoordinated growth, by promoting jurisdictional cooperation and regulatory consistency across metropolitan areas. This paper evaluates the efficacy of this approach by examining the relationship between governmental fragmentation and several measurable outcomes of urban development: density, urbanized land area, property value, and public expenditures on infrastructure. The four dimensions are modeled in a simultaneous equations framework, providing substantive evidence on how fragmentation and other exogenous factors affect metropolitan growth patterns. Fragmentation is associated with lower densities and higher property values, but has no direct effect on public service expenditures; less fragmented metropolitan areas occupy greater amounts of land due to the extensive annexation needed to bring new development under the control of a central municipality. The findings of the analysis lend support to state and regional planning efforts aimed at increasing cooperation among local governments, but also suggest that further research is needed in order to evaluate whether or not they produce their intended effects. [source] Approaches to combat with confounding by indication in observational studies of intended drug effectsPHARMACOEPIDEMIOLOGY AND DRUG SAFETY, Issue 7 2003Alex D. McMahon Abstract There has been a resurgence of controversy about the usefulness of observational data to study the efficacy of drugs. Nearly every week a researcher makes some criticism of clinical trials or justifies observational research into intended effects, with other researchers offering a contradictory viewpoint. Literature reviews are not useful in this regard because the contradictory studies will not usually be carried out. Some methods are discussed which may have potential utility in the study of intended effects. There may be a marginal role for statistical techniques such as propensity scores and confounder scores. More promising techniques may include ecological analyses, restriction of subjects and blinded prospective review. Because it is currently unknown when the observational study of drug efficacy is possible, we should arguably always carry out a study of the determinants of prescribing first, and possibly consider using the various techniques that are outlined in this article. Copyright © 2003 John Wiley & Sons, Ltd. [source] Evaluation of a Non-Targeted "Omic" Approach in the Safety Assessment of Genetically Modified PlantsPLANT BIOLOGY, Issue 5 2006S. B. Metzdorff Abstract: Genetically modified plants must be approved before release in the European Union, and the approval is generally based upon a comparison of various characteristics between the transgenic plant and a conventional counterpart. As a case study, focusing on safety assessment of genetically modified plants, we here report the development and characterisation of six independently transformed Arabidopsis thaliana lines modified in the flavonoid biosynthesis. Analyses of integration events and comparative analysis for characterisation of the intended effects were performed by PCR, quantitative Real-time PCR, and High Performance Liquid Chromatography. Analysis by cDNA microarray was used as a non-targeted approach for the identification of potential unintended effects caused by the transformation. The results revealed that, although the transgenic lines possessed different types of integration events, no unintended effects were identified. However, we found that the majority of genes showing differential expression were identified as stress-related genes and that environmental conditions had a large impact on the expression of several genes, proteins, and metabolites. We suggest that the microarray approach has the potential to become a useful tool for screening of unintended effects, but state that it is crucial to have substantial information on the natural variation in traditional crops in order to be able to interpret "omics" data correctly within the framework of food safety assessment strategies of novel plant varieties, including genetically modified plant varieties. [source] The Regulatory Environment and Rural Hospital Long-Term Care Strategies From 1997 to 2003THE JOURNAL OF RURAL HEALTH, Issue 1 2007Mary L. Fennell PhD ABSTRACT:,Context: Since the passage of the Balanced Budget Act of 1997, rural hospitals have struggled with the need to strategically adapt to an abundance of changing reimbursement and regulatory programs, as well as to respond to the needs of an increasingly frail elder population in need of postacute and long-term care (LTC). Purpose: This article has 2 goals: (1) to provide a summary of the many legislative acts and provisions influencing rural hospital LTC strategies during the 1997-2003 period and (2) to track changes in the LTC strategies of a national sample of rural hospitals through this 7-year period. Methods: A 3-wave panel of rural hospital discharge planners in 540 nonfederal community-general hospitals were interviewed in 1997, 2000, and 2003. Questions focused on hospital structure, discharge planning process, and reports of internal and external organizational arrangements for providing LTC services to hospitalized patients, and changes in LTC strategy since the previous interview. Descriptive statistics are presented on LTC strategies in place in 1997 and dropped or added in 2000 and 2003. Findings and Conclusions: The general shape of the regulatory environment confronting rural hospitals and their LTC strategies during the recent past can be described as complicated, rapidly changing, and at times contradictory in intended effects. There has been a large volume of strategy change during this 7-year period, without the emergence of any identifiable pattern or LTC strategy profile, other than swing-bed participation combined with home health agency ownership. [source] | ||||||||||