We provide novel evidence about herd behavior and its impact on asset price bubbles in an experim... more We provide novel evidence about herd behavior and its impact on asset price bubbles in an experimental financial market. We find that traders imitate quotes of those with the highest wealth increases as ranked on the leader-boards, despite that no traders possess private value-related information and that wealth increases are not due to trading skills. Most remarkably, we find that herd behavior does not produce more price bubbles and the awareness of information asymmetry leads to fewer bubbles as risk-averse traders become more cautious and do not quote prices too far from the fundamental value. We also find that participants with financial training have a lower herding tendency and markets with these participants exhibit less mispricing.
Proceedings of the 28th International Conference on Computational Linguistics, 2020
We introduce dual-decoder Transformer, a new model architecture that jointly performs automatic s... more We introduce dual-decoder Transformer, a new model architecture that jointly performs automatic speech recognition (ASR) and multilingual speech translation (ST). Our models are based on the original Transformer architecture (Vaswani et al., 2017) but consist of two decoders, each responsible for one task (ASR or ST). Our major contribution lies in how these decoders interact with each other: one decoder can attend to different information sources from the other via a dual-attention mechanism. We propose two variants of these architectures corresponding to two different levels of dependencies between the decoders, called the parallel and cross dual-decoder Transformers, respectively. Extensive experiments on the MuST-C dataset show that our models outperform the previously-reported highest translation performance in the multilingual settings, and outperform as well bilingual one-to-one results. Furthermore, our parallel models demonstrate no trade-off between ASR and ST compared to the vanilla multi-task architecture. Our code and pre-trained models are available at https://github.com/formiel/speech-translation.
The thesis consists of 6 chapters. Due to the confidential issue of the plan, the actual plan in ... more The thesis consists of 6 chapters. Due to the confidential issue of the plan, the actual plan in chapter 5 is kept away from publication. The outline of this plan is shown in chapter 4.
This study analyzes the moderating effect of different kinds of family ownership on the relations... more This study analyzes the moderating effect of different kinds of family ownership on the relationship between market liquidity and capital structure. Using a new sample of 315 Vietnam listed firms for five years, we figured out a significant negative link between stock market liquidity and capital structure. However, it is well noted that there is an adverse reaction from family ownership where the higher the dual-class control and dynamic structure mechanism, the more control-enhancement the family ownership will be, which leads to a higher risk aversion regarding debt-bankruptcy. In this sense, corporate leverage had responded positively to an increase in stock liquidity in the case of family ownership intervention.
Abstract We examine if shareholders' attitude towards firm diversification strategy is reveal... more Abstract We examine if shareholders' attitude towards firm diversification strategy is revealed in their votes on management-initiated acquisition and divestment proposals using data on voting by shareholders of UK public firms between 1997 and 2019. We find that voting dissent is higher for diversifying acquisitions and lower for refocusing divestments, especially when these involve diversified firms. We also find a negative relationship between diversification premium and voting dissent. Our results provide evidence that diversification characteristics of firms and deals have a significant impact on shareholders' dissent in acquisitions and divestments.
This paper examines the impact of corporate diversification on stock returns during and after the... more This paper examines the impact of corporate diversification on stock returns during and after the market crash caused by Covid-19. Using regression and survival analyses, we find that diversified firms experience worse returns and slower improvement in stock prices than focused firms. However, diversified firms trading at diversification premium have better returns and faster recovery compared to those trading at discount. Our findings presented here can be relevant to academics and industry professionals in their understanding of the role of corporate diversification in difficult times.
Self-Supervised Learning (SSL) using huge unlabeled data has been successfully explored for image... more Self-Supervised Learning (SSL) using huge unlabeled data has been successfully explored for image and natural language processing. Recent works also investigated SSL from speech. They were notably successful to improve performance on downstream tasks such as automatic speech recognition (ASR). While these works suggest it is possible to reduce dependence on labeled data for building efficient speech systems, their evaluation was mostly made on ASR and using multiple and heterogeneous experimental settings (most of them for English). This questions the objective comparison of SSL approaches and the evaluation of their impact on building speech systems. In this paper, we propose LeBenchmark: a reproducible framework for assessing SSL from speech. It not only includes ASR (high and low resource) tasks but also spoken language understanding, speech translation and emotion recognition. We also focus on speech technologies in a language different than English: French. SSL models of different sizes are trained from carefully sourced and documented datasets. Experiments show that SSL is beneficial for most but not all tasks which confirms the need for exhaustive and reliable benchmarks to evaluate its real impact. LeBenchmark is shared with the scientific community for reproducible research in SSL from speech.
Abdominal and pelvic abscesses are a common complication of Crohn's disease. We studied the effec... more Abdominal and pelvic abscesses are a common complication of Crohn's disease. We studied the effect of the initial choice of therapy on time to resolution of abdominal and pelvic abscesses. METHODS: We recorded clinical, laboratory, and radiographic data on all adult patients with Crohn's disease and abdominal or pelvic abscesses treated at our institution from 1991 to 2001 and followed ≥1 yr. Univariate analysis identified variables associated with initial choice of drainage modality. These variables were included in a Cox regression model to identify factors independently associated with time to resolution. RESULTS: Of 66 episodes identified, surgery was the initial modality in 29 and percutaneous drainage in 37. Median time to resolution was not different between surgical drainage (25.0 days, range 0-240) and percutaneous drainage (21.5 days, range 0-182) (p = 0.084). Older age, longer duration of symptoms prior to drainage, no fistula identified radiographically, immune modulator use, no rebound tenderness, and admission to the medical service were factors associated with percutaneous drainage as initial modality. These factors, when incorporated in a Cox regression model, did not significantly affect the time to resolution. Days from onset of symptoms to radiographic diagnosis or drainage were independently associated with time to resolution of the abscess. CONCLUSION: Time to resolution of abdominal or pelvic abscesses in Crohn's disease is similar with percutaneous drainage and surgery. One-third of patients treated with percutaneous drainage required surgery within 1 yr. Earlier intervention for abdominal and pelvic abscesses is associated with shorter time to resolution.
Theoretically, the impact of insider trading on firms' financing constraints is ambiguous. While ... more Theoretically, the impact of insider trading on firms' financing constraints is ambiguous. While insider trading may convey value-relevant information, thereby reducing information asymmetry (the information effect), it may also reduce investor confidence and market liquidity (the confidence effect). The question arises as to whether just one of these effects exists or whether they coexist. If the two effects coexist, the question as to the magnitude of the effects relative to each other arises. We answer these questions by investigating the link between insider trading and the investment-cashflow sensitivity. We find that both effects exist and are of a similar magnitude.
Background and Purpose— Experimental stroke studies indicate that oxidative stress is a major con... more Background and Purpose— Experimental stroke studies indicate that oxidative stress is a major contributing factor to ischemic cerebral injury. Oxidative stress is also implicated in activation of matrix metalloproteinases (MMPs) and blood-brain barrier injury after ischemia-reperfusion. Plasma biomarkers of oxidative stress may have utility as early indicators of efficacy in Phase 2 trials of antioxidant therapies in human stroke. To date, a valid biomarker has been unavailable. We measured F2-isoprostanes (F2IPs), free-radical induced products of neuronal arachadonic acid peroxidation, in acute ischemic stroke. We aimed to determine the change in plasma F2IP levels over time and relationship with plasma MMP-9 in tPA-treated and tPA-untreated stroke patients. Methods— We performed a case–control study of consecutive ischemic stroke patients (25 tPA-treated and 27 tPA-untreated) presenting within 8 hours of stroke onset. Controls were individuals without prior stroke from a primary c...
ABSTRACT This is a study of the relationship between institutional settings and managerial compen... more ABSTRACT This is a study of the relationship between institutional settings and managerial compensation systems, based on extensive cross-national survey evidence. We compare differences in practices between Multinational Corporations (MNCs) and domestic firms across a range of capitalist archetypes. We find that MNCs are more likely to promote compensation systems that incentivise managers in line with organisational performance compared to domestic firms. Our findings also reveal persistent diversity reflecting firm type and institutional setting. We find that the gap between MNCs and domestic firms in terms of the usage of incentive-related compensation is less pronounced in Liberal Market Economies than in other settings. This suggests that it is a combination of being an MNC and the specific home locale that moulds approaches to managerial compensation. This reflects considerable hybridisation of practices within and between settings.
This article explores the relationship between the regulation of employment and the decisions of ... more This article explores the relationship between the regulation of employment and the decisions of multinational corporations (MNCs) to invest in Central, Southern and Central Europe and the former Soviet Union. Building on La Porta et al.'s work on legal origin, and its assumptions as to the incompatibility of owner and worker rights, the World Bank's Doing Business reports held that countries with stronger protection for worker rights represented poor destinations for investors. However, is it the case that investors are really deterred by employee rights? Our study investigates actual trends in foreign direct investment (FDI) through an analysis of UNCTAD World Investment Reports. We find that the level of individual and collective rights and social security legislation is not significantly associated with FDI.
Objectives: The primary objective was to determine the completion rate of 6 cycles of paclitaxel ... more Objectives: The primary objective was to determine the completion rate of 6 cycles of paclitaxel and carboplatin chemotherapy with no dose reductions in patients ≥ 70 years of age. Methods: Phase II study of intravenous (IV) carboplatin Area Under the Curve (AUC) of 5 and paclitaxel 175 mg/m 2 given to patients ≥70 years of age, had any stage Müllerian cancer, and an ECOG performance status (PS) of 0-2. Results: Twelve patients were enrolled (median age of 82 years, range 75 to 86 years). Six of 12 completed 6 cycles of chemotherapy with no dose reductions. Three patients died on study precipitating study closure; one with refractory cancer following cycle 1, one of aspiration pneumonia after cycle 1, and one with sudden death on day 5 of cycle 6. Patients undergoing upfront debulking surgery tolerated chemotherapy better compared to patients receiving neoadjuvant chemotherapy. Grade 3 or higher hematologic toxicities included 2 patients with febile neutropenia (17%). ≥Grade 3 non-hematologic toxicities included fatigue (8%), nausea (8%), constipation (8%), obstipation (8%), vomiting (8%), and hypoxia (8%). Conclusions: In this prospective trial of standard carboplatin and paclitaxel chemotherapy in a heterogeneous population of elderly patients, chemotherapy was well tolerated by patients who underwent upfront debulking surgery, had a PS of 0-1, and had few comorbidities. Patients not undergoing upfront debulking surgery because of either advanced cancer or poor surgical risk had excess morbidity/mortality. Prospective studies to identify risk factors for toxicity prediction are needed.
We explored the utility of probabilistic weighting of fringe phenotypes in linkage analysis of bi... more We explored the utility of probabilistic weighting of fringe phenotypes in linkage analysis of bipolar disorder for the GAW10 chromosome 18 data. Four liability classes were assigned probabilistic weights based on the estimated probability that the case was a true bipolar. The weights were incorporated in parametric and nonparametric, single and multipoint analyses.
Recent finance literature suggests that managers of divesting firms may retain cash proceeds from... more Recent finance literature suggests that managers of divesting firms may retain cash proceeds from corporate asset sell-offs in order to pursue their own objectives, and, therefore, shareholders' gains due to these deals are linked to a distribution of proceeds to shareholders or to debtholders. We add to this literature by examining the role of various corporate governance mechanisms in the context of the allocation of sell-off proceeds. Specifically, we examine the impact of directors' share-ownership and stock options, board composition and external large shareholdings on (1) shareholders' abnormal returns around asset sell-off announcements, and (2) managers' decision to either retain or distribute (to shareholders or to debtholders) sell-off proceeds. We find that nonexecutive directors' and CEO's share-ownership and stock options are related to shareholders' gains from sell-offs for firms that retain proceeds. However, corporate governance mechanisms are not significantly related to shareholders' gains for firms that distribute sell-off proceeds. Furthermore, we find that the likelihood of a distribution of proceeds, relative to the retention decision, is increasing in large institutional shareholdings, executive and non-executive directors' share-ownership and non-executive representation in the board.
Should we use footnotes or endnotes? The guidelines 'Tables and footnotes should be supplied on s... more Should we use footnotes or endnotes? The guidelines 'Tables and footnotes should be supplied on separate sheets grouped at the end of the manuscript, with a note of their location in the text'. One can convert footnotes to endnotes easily in word. Note BJM guidelines: 'The maximum word length for a typical manuscript is 6,000 words. This excludes references, figures and tables. However, we recognise that there may be cases where there is a strong argument for a higher word count, for example in papers where the analysis is narrative focused.
Once-daily injections of teriparatide initially increase biochemical markers of bone formation an... more Once-daily injections of teriparatide initially increase biochemical markers of bone formation and resorption, but markers peak after 6-12 months and then decline despite continued treatment. We sought to determine whether increasing teriparatide doses in a stepwise fashion could prolong skeletal responsiveness. We randomized 52 postmenopausal women with low spine and/or hip bone mineral density (BMD) to either a constant or an escalating subcutaneous teriparatide dose (30 mcg daily for 18 months or 20 mcg daily for 6 months, then 30 mcg daily for 6 months, then 40 mcg daily for 6 months). Serum procollagen I N-terminal propeptide, osteocalcin, and Cterminal telopeptide of type I collagen were assessed frequently. BMD of the spine, hip, radius, and total body was measured every 6 months. Acute changes in urinary cyclic AMP in response to teriparatide were examined in a subset of women in the constant dose group. All bone markers differed significantly between the two treatment groups. During the final six months, bone markers declined in the constant dose group but remained stable or increased in the escalating dose group (all markers, p<0.017). Nonetheless, mean area under the curve did not differ between treatments for any bone marker, and BMD increases were equivalent in both treatment groups. Acute renal response to teriparatide, as assessed by urinary cyclic AMP, did not change over 18 months of teriparatide administration. In conclusion, stepwise increases in teriparatide prevented the decline in bone turnover markers that is observed with chronic administration without altering BMD increases. The time-dependent waning of the response to teriparatide appears to be bonespecific.
... Shanmugam, KR and Das, A. 2004. ... View all references),3 3 For example, to finance its high... more ... Shanmugam, KR and Das, A. 2004. ... View all references),3 3 For example, to finance its high fiscal deficits, the government of India required commercial banks to invest more than 30% of their loanable funds in approved government securities (see Arun and Turner, 2002). ...
We provide novel evidence about herd behavior and its impact on asset price bubbles in an experim... more We provide novel evidence about herd behavior and its impact on asset price bubbles in an experimental financial market. We find that traders imitate quotes of those with the highest wealth increases as ranked on the leader-boards, despite that no traders possess private value-related information and that wealth increases are not due to trading skills. Most remarkably, we find that herd behavior does not produce more price bubbles and the awareness of information asymmetry leads to fewer bubbles as risk-averse traders become more cautious and do not quote prices too far from the fundamental value. We also find that participants with financial training have a lower herding tendency and markets with these participants exhibit less mispricing.
Proceedings of the 28th International Conference on Computational Linguistics, 2020
We introduce dual-decoder Transformer, a new model architecture that jointly performs automatic s... more We introduce dual-decoder Transformer, a new model architecture that jointly performs automatic speech recognition (ASR) and multilingual speech translation (ST). Our models are based on the original Transformer architecture (Vaswani et al., 2017) but consist of two decoders, each responsible for one task (ASR or ST). Our major contribution lies in how these decoders interact with each other: one decoder can attend to different information sources from the other via a dual-attention mechanism. We propose two variants of these architectures corresponding to two different levels of dependencies between the decoders, called the parallel and cross dual-decoder Transformers, respectively. Extensive experiments on the MuST-C dataset show that our models outperform the previously-reported highest translation performance in the multilingual settings, and outperform as well bilingual one-to-one results. Furthermore, our parallel models demonstrate no trade-off between ASR and ST compared to the vanilla multi-task architecture. Our code and pre-trained models are available at https://github.com/formiel/speech-translation.
The thesis consists of 6 chapters. Due to the confidential issue of the plan, the actual plan in ... more The thesis consists of 6 chapters. Due to the confidential issue of the plan, the actual plan in chapter 5 is kept away from publication. The outline of this plan is shown in chapter 4.
This study analyzes the moderating effect of different kinds of family ownership on the relations... more This study analyzes the moderating effect of different kinds of family ownership on the relationship between market liquidity and capital structure. Using a new sample of 315 Vietnam listed firms for five years, we figured out a significant negative link between stock market liquidity and capital structure. However, it is well noted that there is an adverse reaction from family ownership where the higher the dual-class control and dynamic structure mechanism, the more control-enhancement the family ownership will be, which leads to a higher risk aversion regarding debt-bankruptcy. In this sense, corporate leverage had responded positively to an increase in stock liquidity in the case of family ownership intervention.
Abstract We examine if shareholders' attitude towards firm diversification strategy is reveal... more Abstract We examine if shareholders' attitude towards firm diversification strategy is revealed in their votes on management-initiated acquisition and divestment proposals using data on voting by shareholders of UK public firms between 1997 and 2019. We find that voting dissent is higher for diversifying acquisitions and lower for refocusing divestments, especially when these involve diversified firms. We also find a negative relationship between diversification premium and voting dissent. Our results provide evidence that diversification characteristics of firms and deals have a significant impact on shareholders' dissent in acquisitions and divestments.
This paper examines the impact of corporate diversification on stock returns during and after the... more This paper examines the impact of corporate diversification on stock returns during and after the market crash caused by Covid-19. Using regression and survival analyses, we find that diversified firms experience worse returns and slower improvement in stock prices than focused firms. However, diversified firms trading at diversification premium have better returns and faster recovery compared to those trading at discount. Our findings presented here can be relevant to academics and industry professionals in their understanding of the role of corporate diversification in difficult times.
Self-Supervised Learning (SSL) using huge unlabeled data has been successfully explored for image... more Self-Supervised Learning (SSL) using huge unlabeled data has been successfully explored for image and natural language processing. Recent works also investigated SSL from speech. They were notably successful to improve performance on downstream tasks such as automatic speech recognition (ASR). While these works suggest it is possible to reduce dependence on labeled data for building efficient speech systems, their evaluation was mostly made on ASR and using multiple and heterogeneous experimental settings (most of them for English). This questions the objective comparison of SSL approaches and the evaluation of their impact on building speech systems. In this paper, we propose LeBenchmark: a reproducible framework for assessing SSL from speech. It not only includes ASR (high and low resource) tasks but also spoken language understanding, speech translation and emotion recognition. We also focus on speech technologies in a language different than English: French. SSL models of different sizes are trained from carefully sourced and documented datasets. Experiments show that SSL is beneficial for most but not all tasks which confirms the need for exhaustive and reliable benchmarks to evaluate its real impact. LeBenchmark is shared with the scientific community for reproducible research in SSL from speech.
Abdominal and pelvic abscesses are a common complication of Crohn's disease. We studied the effec... more Abdominal and pelvic abscesses are a common complication of Crohn's disease. We studied the effect of the initial choice of therapy on time to resolution of abdominal and pelvic abscesses. METHODS: We recorded clinical, laboratory, and radiographic data on all adult patients with Crohn's disease and abdominal or pelvic abscesses treated at our institution from 1991 to 2001 and followed ≥1 yr. Univariate analysis identified variables associated with initial choice of drainage modality. These variables were included in a Cox regression model to identify factors independently associated with time to resolution. RESULTS: Of 66 episodes identified, surgery was the initial modality in 29 and percutaneous drainage in 37. Median time to resolution was not different between surgical drainage (25.0 days, range 0-240) and percutaneous drainage (21.5 days, range 0-182) (p = 0.084). Older age, longer duration of symptoms prior to drainage, no fistula identified radiographically, immune modulator use, no rebound tenderness, and admission to the medical service were factors associated with percutaneous drainage as initial modality. These factors, when incorporated in a Cox regression model, did not significantly affect the time to resolution. Days from onset of symptoms to radiographic diagnosis or drainage were independently associated with time to resolution of the abscess. CONCLUSION: Time to resolution of abdominal or pelvic abscesses in Crohn's disease is similar with percutaneous drainage and surgery. One-third of patients treated with percutaneous drainage required surgery within 1 yr. Earlier intervention for abdominal and pelvic abscesses is associated with shorter time to resolution.
Theoretically, the impact of insider trading on firms' financing constraints is ambiguous. While ... more Theoretically, the impact of insider trading on firms' financing constraints is ambiguous. While insider trading may convey value-relevant information, thereby reducing information asymmetry (the information effect), it may also reduce investor confidence and market liquidity (the confidence effect). The question arises as to whether just one of these effects exists or whether they coexist. If the two effects coexist, the question as to the magnitude of the effects relative to each other arises. We answer these questions by investigating the link between insider trading and the investment-cashflow sensitivity. We find that both effects exist and are of a similar magnitude.
Background and Purpose— Experimental stroke studies indicate that oxidative stress is a major con... more Background and Purpose— Experimental stroke studies indicate that oxidative stress is a major contributing factor to ischemic cerebral injury. Oxidative stress is also implicated in activation of matrix metalloproteinases (MMPs) and blood-brain barrier injury after ischemia-reperfusion. Plasma biomarkers of oxidative stress may have utility as early indicators of efficacy in Phase 2 trials of antioxidant therapies in human stroke. To date, a valid biomarker has been unavailable. We measured F2-isoprostanes (F2IPs), free-radical induced products of neuronal arachadonic acid peroxidation, in acute ischemic stroke. We aimed to determine the change in plasma F2IP levels over time and relationship with plasma MMP-9 in tPA-treated and tPA-untreated stroke patients. Methods— We performed a case–control study of consecutive ischemic stroke patients (25 tPA-treated and 27 tPA-untreated) presenting within 8 hours of stroke onset. Controls were individuals without prior stroke from a primary c...
ABSTRACT This is a study of the relationship between institutional settings and managerial compen... more ABSTRACT This is a study of the relationship between institutional settings and managerial compensation systems, based on extensive cross-national survey evidence. We compare differences in practices between Multinational Corporations (MNCs) and domestic firms across a range of capitalist archetypes. We find that MNCs are more likely to promote compensation systems that incentivise managers in line with organisational performance compared to domestic firms. Our findings also reveal persistent diversity reflecting firm type and institutional setting. We find that the gap between MNCs and domestic firms in terms of the usage of incentive-related compensation is less pronounced in Liberal Market Economies than in other settings. This suggests that it is a combination of being an MNC and the specific home locale that moulds approaches to managerial compensation. This reflects considerable hybridisation of practices within and between settings.
This article explores the relationship between the regulation of employment and the decisions of ... more This article explores the relationship between the regulation of employment and the decisions of multinational corporations (MNCs) to invest in Central, Southern and Central Europe and the former Soviet Union. Building on La Porta et al.'s work on legal origin, and its assumptions as to the incompatibility of owner and worker rights, the World Bank's Doing Business reports held that countries with stronger protection for worker rights represented poor destinations for investors. However, is it the case that investors are really deterred by employee rights? Our study investigates actual trends in foreign direct investment (FDI) through an analysis of UNCTAD World Investment Reports. We find that the level of individual and collective rights and social security legislation is not significantly associated with FDI.
Objectives: The primary objective was to determine the completion rate of 6 cycles of paclitaxel ... more Objectives: The primary objective was to determine the completion rate of 6 cycles of paclitaxel and carboplatin chemotherapy with no dose reductions in patients ≥ 70 years of age. Methods: Phase II study of intravenous (IV) carboplatin Area Under the Curve (AUC) of 5 and paclitaxel 175 mg/m 2 given to patients ≥70 years of age, had any stage Müllerian cancer, and an ECOG performance status (PS) of 0-2. Results: Twelve patients were enrolled (median age of 82 years, range 75 to 86 years). Six of 12 completed 6 cycles of chemotherapy with no dose reductions. Three patients died on study precipitating study closure; one with refractory cancer following cycle 1, one of aspiration pneumonia after cycle 1, and one with sudden death on day 5 of cycle 6. Patients undergoing upfront debulking surgery tolerated chemotherapy better compared to patients receiving neoadjuvant chemotherapy. Grade 3 or higher hematologic toxicities included 2 patients with febile neutropenia (17%). ≥Grade 3 non-hematologic toxicities included fatigue (8%), nausea (8%), constipation (8%), obstipation (8%), vomiting (8%), and hypoxia (8%). Conclusions: In this prospective trial of standard carboplatin and paclitaxel chemotherapy in a heterogeneous population of elderly patients, chemotherapy was well tolerated by patients who underwent upfront debulking surgery, had a PS of 0-1, and had few comorbidities. Patients not undergoing upfront debulking surgery because of either advanced cancer or poor surgical risk had excess morbidity/mortality. Prospective studies to identify risk factors for toxicity prediction are needed.
We explored the utility of probabilistic weighting of fringe phenotypes in linkage analysis of bi... more We explored the utility of probabilistic weighting of fringe phenotypes in linkage analysis of bipolar disorder for the GAW10 chromosome 18 data. Four liability classes were assigned probabilistic weights based on the estimated probability that the case was a true bipolar. The weights were incorporated in parametric and nonparametric, single and multipoint analyses.
Recent finance literature suggests that managers of divesting firms may retain cash proceeds from... more Recent finance literature suggests that managers of divesting firms may retain cash proceeds from corporate asset sell-offs in order to pursue their own objectives, and, therefore, shareholders' gains due to these deals are linked to a distribution of proceeds to shareholders or to debtholders. We add to this literature by examining the role of various corporate governance mechanisms in the context of the allocation of sell-off proceeds. Specifically, we examine the impact of directors' share-ownership and stock options, board composition and external large shareholdings on (1) shareholders' abnormal returns around asset sell-off announcements, and (2) managers' decision to either retain or distribute (to shareholders or to debtholders) sell-off proceeds. We find that nonexecutive directors' and CEO's share-ownership and stock options are related to shareholders' gains from sell-offs for firms that retain proceeds. However, corporate governance mechanisms are not significantly related to shareholders' gains for firms that distribute sell-off proceeds. Furthermore, we find that the likelihood of a distribution of proceeds, relative to the retention decision, is increasing in large institutional shareholdings, executive and non-executive directors' share-ownership and non-executive representation in the board.
Should we use footnotes or endnotes? The guidelines 'Tables and footnotes should be supplied on s... more Should we use footnotes or endnotes? The guidelines 'Tables and footnotes should be supplied on separate sheets grouped at the end of the manuscript, with a note of their location in the text'. One can convert footnotes to endnotes easily in word. Note BJM guidelines: 'The maximum word length for a typical manuscript is 6,000 words. This excludes references, figures and tables. However, we recognise that there may be cases where there is a strong argument for a higher word count, for example in papers where the analysis is narrative focused.
Once-daily injections of teriparatide initially increase biochemical markers of bone formation an... more Once-daily injections of teriparatide initially increase biochemical markers of bone formation and resorption, but markers peak after 6-12 months and then decline despite continued treatment. We sought to determine whether increasing teriparatide doses in a stepwise fashion could prolong skeletal responsiveness. We randomized 52 postmenopausal women with low spine and/or hip bone mineral density (BMD) to either a constant or an escalating subcutaneous teriparatide dose (30 mcg daily for 18 months or 20 mcg daily for 6 months, then 30 mcg daily for 6 months, then 40 mcg daily for 6 months). Serum procollagen I N-terminal propeptide, osteocalcin, and Cterminal telopeptide of type I collagen were assessed frequently. BMD of the spine, hip, radius, and total body was measured every 6 months. Acute changes in urinary cyclic AMP in response to teriparatide were examined in a subset of women in the constant dose group. All bone markers differed significantly between the two treatment groups. During the final six months, bone markers declined in the constant dose group but remained stable or increased in the escalating dose group (all markers, p<0.017). Nonetheless, mean area under the curve did not differ between treatments for any bone marker, and BMD increases were equivalent in both treatment groups. Acute renal response to teriparatide, as assessed by urinary cyclic AMP, did not change over 18 months of teriparatide administration. In conclusion, stepwise increases in teriparatide prevented the decline in bone turnover markers that is observed with chronic administration without altering BMD increases. The time-dependent waning of the response to teriparatide appears to be bonespecific.
... Shanmugam, KR and Das, A. 2004. ... View all references),3 3 For example, to finance its high... more ... Shanmugam, KR and Das, A. 2004. ... View all references),3 3 For example, to finance its high fiscal deficits, the government of India required commercial banks to invest more than 30% of their loanable funds in approved government securities (see Arun and Turner, 2002). ...
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