"Convertible Bond Underpricing: Renegotiable Covenants, Seasoning and Convergence"

We investigate the long-standing puzzle on the underpricings of convertible bonds. We hypothesize that the observed underpricing is induced by the possibility that a convertible bond might renegotiate on some of its covenants, e.g., an imbedded put option, in financial difficulties. Consistent with our hypothesis, we find that the initial underpricing is larger for lower rated bonds. The underpricing worsens if the issuer experiences subsequent financial difficulties. However, conditional on no rating downgrades, our main empirical result shows that convertible bond prices do converge to their theoretical prices within two years. This seasoning period is shorter for higher rated convertible bonds.

Convertible Bond Underpricing: Renegotiable Covenants, Seasoning and Convergence (Published in "Management Science", Vol. 53, No. 11, November 2007, pp. 1793.1814. )

We investigate the long-standing puzzle on the underpricings of convertible bonds. We hypothesize that the observed underpricing is induced by the possibility that a convertible bond might renegotiate on some of its covenants, e.g., an imbedded put option, in financial difficulties. Consistent with our hypothesis, we find that the initial underpricing is larger for lower rated bonds. The underpricing worsens if the issuer experiences subsequent financial difficulties. However, conditional on no rating downgrades, our main empirical result shows that convertible bond prices do converge to their theoretical prices within two years. This seasoning period is shorter for higher rated convertible bonds.

A systematic review comparing the functional changes and complications of DIEP and TRAM flaps in patients receiving breast reconstruction

Aim: Treatment for breast cancer may involve unilateral or bilateral mastectomy, with subsequent breast reconstruction surgery. Using autologous tissue flaps during reconstructive surgery is increasingly popular. The aim of this systematic review was to determine if the DIEP flap is more effective than the TRAM flap for breast reconstruction in females after a mastectomy in terms of donor site morbidity, recipient site morbidity, and functional outcome. Methods: Studies were identified using the databases Medline and Embase and applying predefined search criteria. The limits applied were; peer-reviewed, published between January 1980 to May 2013, human trials, English language. Study inclusion followed a review of the title, abstract, and full text by two independent researchers. Results: Two trends were identified. 1) DIEP flap surgery reduces the risk of abdominal weakness without increasing the risk of flap complications if performed by a surgeon well trained in microsurgery; 2) TRAM flap surgery remains a good alternative due to its evolution towards muscle-sparing techniques. Conclusion: This appears to be the first systematic review in this area of research. The evidence demonstrates that DIEP flap reduces postoperative abdominal morbidity, with no increased flap complication compared to the TRAM flap if performed by a surgeon well trained in microsurgery

The Effect of Education on Life Satisfaction Across Countries

The study of life satisfaction of diverse countries is becoming increasingly important. Studies have shown that people who are satisfied with their lives are positive about other aspects of their lives such as their health. So it is important to examine the factors that can lead to life satisfaction. This study examines the relationships between education and life satisfaction across countries. Thirty-five countries are included in the study; the results show that life satisfaction is higher in countries where people have more education. Years of education are predicted by enrollment rates at the secondary and tertiary levels. Based on the findings of this study, educators and policy-makers should encourage people to continue their education.L’étude de la satisfaction de vivre dans divers pays prend de l’importance. La recherche a déjà indiqué que ceux qui sont satisfaits de leur vie sont également plus positifs face à d’autres aspects de leur vie comme leur santé. Il est donc important d’étudier les facteurs qui entraînent la satisfaction de vivre. Ce projet porte sur le rapport entre l’éducation et la satisfaction de vivre dans trente-cinq pays. Les résultats indiquent que la satisfaction de vivre est plus élevée dans les pays présentant des taux de scolarité plus élevés. Les années de scolarité sont évaluées en fonction des taux d’inscription aux niveaux secondaire et tertiaire. Les résultats de cette étude poussent les auteurs à recommander que les enseignants et les décideurs encouragent les gens à poursuivre leur éducation

A latent profile analysis of child maltreatment among at-risk youth gang members:Associations with violent delinquency, non-violent delinquency, and gang organizational structures

Background: The relationship between child maltreatment and later delinquency is an enduring concern worldwide. However, the maltreatment-delinquency relationship is relatively underexplored in youth gang populations. Consequently, to date, studies have not examined typologies of maltreatment and their associations with violent delinquency, non-violent delinquency, and gang organizational structures.Objective: First, to identify the characteristics of subgroups of youth gang members who varied in abuse type and severity within type. Second, to determine in what ways the profiles differed in terms of gang organizational structures, violent delinquency, and non-violent delinquency.Participants and settings: A sample of 161 youth gang members (mean age: 16.8; range: 12–24) were recruited and surveyed by outreach social workers in Hong Kong.Methods: Latent profile analysis was first used to examine heterogeneity in victimization experiences (physical abuse, sexual abuse, emotional abuse, and neglect). Thereafter, non-parametric tests and post-hoc analyses were conducted to examine associations between the yielded typologies of maltreatment and gang organizational structures, violent delinquency, and non-violent delinquency.Results: Poly-victimization was prevalent in the sample, with 148 respondents (91.9 %) reporting at least two types of past abuses. Three profiles of maltreatment emerged, varying in abuse types and severity within types: ‘Minimally maltreated’, ‘Moderately maltreated, except sexual abuse’, and ‘Severely maltreated’. In comparison to the ‘Minimal’ maltreatment profile, the ‘Moderate’ and ‘Severe’ profiles were associated with greater delinquent behaviors and being in gangs that encouraged congregate illegal behaviors.Conclusions: There was a relationship between typologies of maltreatment and gang organizational structures, violent delinquency, and non-violent delinquency in the sample of youth gang members. Implications for practice and future research are discussed.</p

Can Collaborative Knowledge Building Promote Both Scientific Processes and Science Achievement?

This study investigated the role of collective knowledge building in promoting scientific inquiry and achievements among Hong Kong high-school chemistry students. The participants included 34 Grade 10 (15-16 years old) students who engaged in collective inquiry and progressive discourse, using Knowledge Forum@, a computer-supported learning environment. A comparison class of 35 students also participated in the study. The instructional design, premised on knowledge-building principles including epistemic agency, improvable ideas and community knowledge, consisted of several components: developing a collaborative classroom culture, engaging in problem-centered inquiry, deepening the knowledge-building discourse, and aligning assessment with collective learning. Quantitative findings show that the students in the knowledge-building classroom outperformed the comparison students in scientific understanding with sustained effects in public examination. Analyses of knowledge-building dynamics indicate that the students showed deeper engagement and inquiry over time. Students’ collaboration and inquiry on Knowledge Forum significantly predicted their scientific understanding, over and above the effects of their prior science achievement. Qualitative analyses suggest how student’s knowledge-creation discourse, involving explanatory inquiry, constructive use of information and theory revision,can scaffold scientific understanding

Effects of Promotional Materials on Attitudes and Fear towards Colorectal Cancer Screening among Chinese Older Adults: An Experimental Study

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