Synthesis report: Third International Conference on Corporate Governance in Emerging Market

The Third International Conference on Corporate Governance in Emerging Markets is one in a series of academic events organized by the Emerging Markets Corporate Governance Network (EMCGN). The Global Corporate Governance Forum at IFC endorses and supports the Network, which was first convened by Professor Stijn Claessens in 2001. The biannual academic conferences organized by the Network feature themes that are important to academics and practitioners interested in the role and effect of corporate governance in emerging markets.This report summarizes 10 thematically different sessions that explored important topical areas in corporate governance research

Anharmonic mixing in a magnetic trap

We have experimentally observed re-equilibration of a magnetically trapped cloud of metastable neon atoms after it was put in a non-equilibrium state. Using numerical simulations we show that anharmonic mixing, equilibration due to the collisionless dynamics of atoms in a magnetic trap, is the dominant process in this equilibration. We determine the dependence of its time on trap parameters and atom temperature. Furthermore we observe in the simulations a resonant energy exchange between the radial and axial trap dimensions at a ratio of trap frequencies \omega_r / \omega_z = 3/2. This resonance is explained by a simple oscillator model.Comment: 9 pages, 6 figure

Report on the first 10 years of the emerging markets corporate governance research network (EMCGN)

This paper provides an account of the Emerging Markets Corporate Governance Research Network (EMCGN)and its first 10 years of activities. The Network was established under the auspices of the Global Corporate Governance Forum (now incorporated into IFC’s Corporate Governance Group). The paper describes the history of the EMCGN and its objective (to stimulate research focused on corporate governance in emergingmarkets as well as transition and developing countries); its structure, which is a joint undertaking of corporate governance research centers and internationally recognized scholars, with IFC Corporate Governance acting as its catalyst; and its modalities: organizing workshops, holding biennial conferences, and disseminating andcommunicating research

Can Europe recover without credit?

Data from 135 countries covering five decades suggests that creditless recoveries, in which the stock of real credit does not return to the pre-crisis level for three years after the GDP trough, are not rare and are characterised by remarkable real GDP growth rates: 4.7 percent per year in middle-income countries and 3.2 percent per year in high-income countries. However, the implications of these historical episodes for the current European situation are limited, for two main reasons. First, creditless recoveries are much less common in highincome countries, than in low-income countries which are financially undeveloped. European economies heavily depend on bank loans and research suggests that loan supply played a major role in the recent weak credit performance of Europe. There are reasons to believe that, despite various efforts, normal lending has not yet been restored. Limited loan supply could be disruptive for the European economic recovery and there has been only a minor substitution of bank loans with debt securities. Second, creditless recoveries were associated with significant real exchange rate depreciation, which has hardly occurred so far in most of Europe. This stylised fact suggests that it might be difficult to re-establish economic growth in the absence of sizeable real exchange rate depreciation, if credit growth does not return

Coenzyme Q10 dose-escalation study in hemodialysis patients: safety, tolerability, and effect on oxidative stress.

BackgroundCoenzyme Q10 (CoQ10) supplementation improves mitochondrial coupling of respiration to oxidative phosphorylation, decreases superoxide production in endothelial cells, and may improve functional cardiac capacity in patients with congestive heart failure. There are no studies evaluating the safety, tolerability and efficacy of varying doses of CoQ10 in chronic hemodialysis patients, a population subject to increased oxidative stress.MethodsWe performed a dose escalation study to test the hypothesis that CoQ10 therapy is safe, well-tolerated, and improves biomarkers of oxidative stress in patients receiving hemodialysis therapy. Plasma concentrations of F2-isoprostanes and isofurans were measured to assess systemic oxidative stress and plasma CoQ10 concentrations were measured to determine dose, concentration and response relationships.ResultsFifteen of the 20 subjects completed the entire dose escalation sequence. Mean CoQ10 levels increased in a linear fashion from 704 ± 286 ng/mL at baseline to 4033 ± 1637 ng/mL, and plasma isofuran concentrations decreased from 141 ± 67.5 pg/mL at baseline to 72.2 ± 37.5 pg/mL at the completion of the study (P = 0.003 vs. baseline and P < 0.001 for the effect of dose escalation on isofurans). Plasma F2-isoprostane concentrations did not change during the study.ConclusionsCoQ10 supplementation at doses as high as 1800 mg per day was safe in all subjects and well-tolerated in most. Short-term daily CoQ10 supplementation decreased plasma isofuran concentrations in a dose dependent manner. CoQ10 supplementation may improve mitochondrial function and decrease oxidative stress in patients receiving hemodialysis.Trial registrationThis clinical trial was registered on clinicaltrials.gov [NCT00908297] on May 21, 2009

Results from the Project 8 phase-1 cyclotron radiation emission spectroscopy detector

The Project 8 collaboration seeks to measure the absolute neutrino mass scale by means of precision spectroscopy of the beta decay of tritium. Our technique, cyclotron radiation emission spectroscopy, measures the frequency of the radiation emitted by electrons produced by decays in an ambient magnetic field. Because the cyclotron frequency is inversely proportional to the electron's Lorentz factor, this is also a measurement of the electron's energy. In order to demonstrate the viability of this technique, we have assembled and successfully operated a prototype system, which uses a rectangular waveguide to collect the cyclotron radiation from internal conversion electrons emitted from a gaseous $^{83m}$Kr source. Here we present the main design aspects of the first phase prototype, which was operated during parts of 2014 and 2015. We will also discuss the procedures used to analyze these data, along with the features which have been observed and the performance achieved to date.Comment: 3 pages; 2 figures; Proceedings of Neutrino 2016, XXVII International Conference on Neutrino Physics and Astrophysics, 4-9 July 2016, London, U

PERC rule to exclude the diagnosis of pulmonary embolism in emergency low-risk patients: study protocol for the PROPER randomized controlled study.

BACKGROUND: The diagnosis of Pulmonary Embolism (PE) in the emergency department (ED) is crucial. As emergency physicians fear missing this potential life-threatening condition, PE tends to be over-investigated, exposing patients to unnecessary risks and uncertain benefit in terms of outcome. The Pulmonary Embolism Rule-out Criteria (PERC) is an eight-item block of clinical criteria that can identify patients who can safely be discharged from the ED without further investigation for PE. The endorsement of this rule could markedly reduce the number of irradiative imaging studies, ED length of stay, and rate of adverse events resulting from both diagnostic and therapeutic interventions. Several retrospective and prospective studies have shown the safety and benefits of the PERC rule for PE diagnosis in low-risk patients, but the validity of this rule is still controversial. We hypothesize that in European patients with a low gestalt clinical probability and who are PERC-negative, PE can be safely ruled out and the patient discharged without further testing. METHODS/DESIGN: This is a controlled, cluster randomized trial, in 15 centers in France. Each center will be randomized for the sequence of intervention periods: a 6-month intervention period (PERC-based strategy) followed by a 6-month control period (usual care), or in reverse order, with 2 months of "wash-out" between the 2 periods. Adult patients presenting to the ED with a suspicion of PE and a low pre test probability estimated by clinical gestalt will be eligible. The primary outcome is the percentage of failure resulting from the diagnostic strategy, defined as diagnosed venous thromboembolic events at 3-month follow-up, among patients for whom PE has been initially ruled out. DISCUSSION: The PERC rule has the potential to decrease the number of irradiative imaging studies in the ED, and is reported to be safe. However, no randomized study has ever validated the safety of PERC. Furthermore, some studies have challenged the safety of a PERC-based strategy to rule-out PE, especially in Europe where the prevalence of PE diagnosed in the ED is high. The PROPER study should provide high-quality evidence to settle this issue. If it confirms the safety of the PERC rule, physicians will be able to reduce the number of investigations, associated subsequent adverse events, costs, and ED length of stay for patients with a low clinical probability of PE. TRIAL REGISTRATION: NCT02375919

Electron Radiated Power in Cyclotron Radiation Emission Spectroscopy Experiments

The recently developed technique of Cyclotron Radiation Emission Spectroscopy (CRES) uses frequency information from the cyclotron motion of an electron in a magnetic bottle to infer its kinetic energy. Here we derive the expected radio frequency signal from an electron in a waveguide CRES apparatus from first principles. We demonstrate that the frequency-domain signal is rich in information about the electron's kinematic parameters, and extract a set of measurables that in a suitably designed system are sufficient for disentangling the electron's kinetic energy from the rest of its kinematic features. This lays the groundwork for high-resolution energy measurements in future CRES experiments, such as the Project 8 neutrino mass measurement.Comment: 15 pages, 10 figure

Multiple agency perspective, family control, and private information abuse in an emerging economy

Using a comprehensive sample of listed companies in Hong Kong this paper investigates how family control affects private information abuses and firm performance in emerging economies. We combine research on stock market microstructure with more recent studies of multiple agency perspectives and argue that family ownership and control over the board increases the risk of private information abuse. This, in turn, has a negative impact on stock market performance. Family control is associated with an incentive to distort information disclosure to minority shareholders and obtain private benefits of control. However, the multiple agency roles of controlling families may have different governance properties in terms of investors’ perceptions of private information abuse. These findings contribute to our understanding of the conflicting evidence on the governance role of family control within a multiple agency perspectiv