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Period July (period + july)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	60%
Medical Sciences	40%

Selected Abstracts

The effects of taxation on put-call parity

ACCOUNTING & FINANCE, Issue 3 2009
Karen Alpert
G13 Abstract Share and option transactions are taxed differently, which means that the after-tax cash flows used to establish put-call parity will differ depending on which option is exercised. This paper derives the after-tax put-call parity relationship for European and American options with or without dividends. Using Australian data for the period July 1999 to June 2002, the after-tax put-call parity relationship explains 88.3 per cent of no-tax lower boundary violations and 78.8 per cent of no-tax upper boundary violations. The violation are larger for more thinly traded securities, providing some evidence that traders are able to profit from the tax discontinuities that affect investors in options. [source]

Salvage laryngectomy and pharyngocutaneous fistulae after primary radiotherapy for head and neck cancer: A national survey from DAHANCA

HEAD & NECK: JOURNAL FOR THE SCIENCES & SPECIALTIES OF THE HEAD AND NECK, Issue 9 2003
Cai Grau MD, DMSc
Objective. In 1998, the Danish Society for Head and Neck Oncology decided to conduct a nationwide survey at the five head and neck oncology centers with the aim of evaluating the surgical outcome of salvage laryngectomy after radiotherapy with special emphasis on identifying factors that could contribute to the development of pharyngocutaneous fistulae. Patients. A total of 472 consecutive patients undergoing postirradiation salvage laryngectomy in the period July 1, 1987,June 30, 1997 were recorded at the five head and neck oncology centers in Denmark. Age ranged from 36 to 84 years, median 63 years, 405 men and 67 women. Primary tumor site was glottic larynx (n = 242), supraglottic larynx (n = 149), other larynx (n = 45), pharynx (n = 27), and other (n = 9). All patients had received prior radiotherapy. Results. Median time between radiotherapy and laryngectomy was 10 months (range, 1,348 months). A total of 89 fistulae lasting at least 2 weeks were observed, corresponding to an overall average fistulae risk of 19%. The number of performed laryngectomies per year decreased linearly (from 58 to 37), whereas the annual number of fistulae increased slightly (from 7 to 11), which meant that the corresponding estimated fistulae risk increased significantly from 12% in 1987 to 30% in 1997. Other significant risk factors for fistulae in univariate analysis included younger patient age, primary advanced T and N stage, nonglottic primary site, resection of hyoid bone, high total radiation dose, and large radiation fields. Multiple logistic regression analysis of these parameters suggested that nonglottic tumor site, late laryngectomy period (1987,1992 vs 1993,1997), and advanced initial T stage were independent prognostic factors for fistulae risk. Surgical parameters like resection of thyroid/tongue base/trachea or radiotherapy parameters like overall treatment time or fractions per week did not influence fistulae risk. Conclusions. The risk of fistulae is especially high in patients initially treated with radiotherapy for nonglottic advanced stage tumors. A significant decrease in the number of performed salvage laryngectomies over the 10 years was seen. Over the same time period, the annual number of fistulae remained almost constant. The resulting more than doubling of fistulae rate could thus in part be explained by less surgical routine. © 2003 Wiley Periodicals, Inc. Head Neck 25: 711,716, 2003 [source]

The Effect of Three-Tier Formulary Adoption on Medication Continuation and Spending among Elderly Retirees

HEALTH SERVICES RESEARCH, Issue 5 2007
Haiden A. Huskamp
Objective. To assess the effect of three-tier formulary adoption on medication continuation and spending among elderly members of retiree health plans. Data Sources. Pharmacy claims and enrollment data on elderly members of four retiree plans that adopted a three-tier formulary over the period July 1999 through December 2002 and two comparison plans that maintained a two-tier formulary during this period. Study Design. We used a quasi-experimental design to compare the experience of enrollees in intervention and comparison plans. We used propensity score methods to match intervention and comparison users of each drug class and plan. We estimated repeated measures regression models for each class/plan combination for medication continuation and monthly plan, enrollee, and total spending. We estimated logit models of the probability of nonpersistent use, medication discontinuation, and medication changes. Data Collection/Extraction Methods. We used pharmacy claims to create person-level drug utilization and spending files for the year before and year after three-tier adoption. Principal Findings. Three-tier formulary adoption resulted in shifting of costs from plan to enrollee, with relatively small effects on medication continuation. Although implementation had little effect on continuation on average, a small minority of patients were more likely to have gaps in use and discontinue use relative to comparison patients. Conclusions. Moderate cost sharing increases from three-tier formulary adoption had little effect on medication continuation among elderly enrolled in retiree health plans with relatively generous drug coverage. [source]

Dynamic Properties of Income Support Receipt in Australia

THE AUSTRALIAN ECONOMIC REVIEW, Issue 1 2008
Yi-Ping Tseng
Using administrative records on Australian income support (welfare) recipients over the period July 1995 to June 2002, we examine dynamic properties of income support receipt and the personal characteristics associated with alternative patterns of receipt. We draw on three concepts: churning,the process of ending a spell on income support and subsequently commencing a new spell; transferring,moving from one payment type to another within a spell on income support; and Total Time On payments (TTO),the proportion of time on income support in a given period. We find that churning and transferring are significant features of income support receipt in Australia. For example, over half of recipients churn within five years of commencing an income support spell, and one-fifth make a payment transfer within the same time frame. Examination of the characteristics associated with each of five distinct patterns of receipt reveals substantial differences in patterns by age, family composition, unemployment status, health status, and recent history of income support receipt. [source]

Multi-period hedge ratios for a multi-asset portfolio when accounting for returns co-movement

THE JOURNAL OF FUTURES MARKETS, Issue 2 2008
Viviana Fernandez
This study presents a model to select the optimal hedge ratios of a portfolio composed of an arbitrary number of commodities. In particular, returns dependency and heterogeneous investment horizons are accounted for by copulas and wavelets, respectively. A portfolio of London Metal Exchange metals is analyzed for the period July 1993,December 2005, and it is concluded that neglecting cross correlations leads to biased estimates of the optimal hedge ratios and the degree of hedge effectiveness. Furthermore, when compared with a multivariate-GARCH specification, our methodology yields higher hedge effectiveness for the raw returns and their short-term components. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:182,207, 2008 [source]