The Role of Information and Financial Reporting in Corporate Governance and Debt Contracting

We review recent literature on the role of financial reporting transparency in reducing governance-related agency conflicts among managers, directors, and shareholders, as well as in reducing agency conflicts between shareholders and creditors, and offer researchers some suggested avenues for future research. Key themes include the endogenous nature of debt contracts and governance mechanisms with respect to information asymmetry between contracting parties, the heterogeneous nature of the informational demands of contracting parties, and the heterogeneous nature of the resulting governance and debt contracts. We also emphasize the role of a commitment to financial reporting transparency in facilitating informal multiperiod contracts among managers, directors, shareholders, and creditors

Global patient outcomes after elective surgery: prospective cohort study in 27 low-, middle- and high-income countries.

BACKGROUND: As global initiatives increase patient access to surgical treatments, there remains a need to understand the adverse effects of surgery and define appropriate levels of perioperative care. METHODS: We designed a prospective international 7-day cohort study of outcomes following elective adult inpatient surgery in 27 countries. The primary outcome was in-hospital complications. Secondary outcomes were death following a complication (failure to rescue) and death in hospital. Process measures were admission to critical care immediately after surgery or to treat a complication and duration of hospital stay. A single definition of critical care was used for all countries. RESULTS: A total of 474 hospitals in 19 high-, 7 middle- and 1 low-income country were included in the primary analysis. Data included 44 814 patients with a median hospital stay of 4 (range 2-7) days. A total of 7508 patients (16.8%) developed one or more postoperative complication and 207 died (0.5%). The overall mortality among patients who developed complications was 2.8%. Mortality following complications ranged from 2.4% for pulmonary embolism to 43.9% for cardiac arrest. A total of 4360 (9.7%) patients were admitted to a critical care unit as routine immediately after surgery, of whom 2198 (50.4%) developed a complication, with 105 (2.4%) deaths. A total of 1233 patients (16.4%) were admitted to a critical care unit to treat complications, with 119 (9.7%) deaths. Despite lower baseline risk, outcomes were similar in low- and middle-income compared with high-income countries. CONCLUSIONS: Poor patient outcomes are common after inpatient surgery. Global initiatives to increase access to surgical treatments should also address the need for safe perioperative care. STUDY REGISTRATION: ISRCTN5181700

Exiles and Arms: The Territorial Practices of State Making and War Diffusion in Post–Cold War Africa

The end of the Cold War resulted in a wave of political change among post-colonial states in Africa. Following these political transformations was nearly two decades of war in central Africa (the so-called Africa’s World War). Building on a notion of effective sovereignty regimes, or the relationships between central state authority and state territoriality, this paper examines the territorial strategies and practices associated with the transitions to multiparty politics that enabled the space/time spread of war in the region. The attempts of existing regimes to create polities capable of returning them to power through elections gave rise to territorial practices focused on supporting exile and refugee groups that actively undermined the sovereignty of neighboring states. These territorial practices, with their roots in the democratization of single-party states, directly contributed to nearly two decades of war and human suffering in the region, while ending the wars required altogether new territorial forms of cooperation between states. This example illustrates the diverse territorial practices of states and extends the idea of sovereignty regimes by showing the implications involved in the attempts to change the forms of effective sovereignty in certain geopolitical contexts