Concomitant t(8;21) and trisomy 4 in a patient with Acute Myeloid Leukemia (AML)

The t(8;21)(q22;q22) is a frequently occurring aberration in acute myeloid leukemia (AML) (18-20%) and usually correlate with French-America-British (FAB) M2 subtype. Several studies showed that patients carrying this abnormality demonstrated good response to standard chemotherapy but also have a high incidence of disease relapse. Trisomy 4 is a rare and specific chromosomal abnormality occurring in AML M2 or M4 of the FAB subtypes. We report a case of a 33-year-old female with an apparently clinical and hematologic diagnosis of acute promyelocytic leukemia (APL) in whom cytogenetic analysis revealed an abnormal karyotype with trisomy 4, in addition to t(8;21). Trisomy 4 and t(8;21) in a patient with AML is rare. The significance of t(8;21) with trisomy 4 in AML are unclear but patients bearing this abnormality are associated with a poor prognosis

Financial inclusion for stability: access to bank deposits and the deposit growth during the Global Financial Crisis

Title on paper: Financial Inclusion for Stability: Access to Bank Deposits and the Deposit Growth during the Global Financial CrisisSession: 66 -Asset PricingIn crisis times, depositors get anxious, can run on banks, and withdraw their deposits. Correlated deposit withdrawals of bank deposits could be mitigated if bank deposits are more diversified, i.e. held by more individuals. This paper examines the link between a broader access to bank deposits prior to the 2008 crisis and the dynamics of bank deposit growth in the crisis, while controlling for relevant covariates. Employing the proxies of Honohan (2008) for access to deposits and of Demirguc-Kunt and Klapper (2012) for the use of bank deposits, the authors find that greater access to bank deposits can make the deposit funding base of banks more resilient in times of financial stress. Policy efforts to enhance financial stability should thus focus not only on macroprudential regulation, but also recognize the positive effect of broader access to bank deposits on financial stability.postprin

Does short selling discipline managerial empire building?

The Conference program's website is located at http://www.fma.org/Tokyo/TokyoProgramPrelim.htmSession 20 - Monitors and Governance QualityThis paper explores the discipline effect of short selling on managerial empire building. Employing short-selling data from 2002-2011, we document a negative association between the stock lending supply and the subsequent abnormal capital investment. We also find a positive association between the lending supply and the mergers and acquisitions announcement returns of acquiring firms. Firms with higher lending supplies also have higher Tobin’s Q in the subsequent year. In addition, the discipline effect is stronger for firms with higher managers’ wealth-performance sensitivity and with lower financial constraints, and for stock-financing acquisition deals. Alleviating the endogeneity concern, our multivariate difference-in-difference analysis shows that the lending supply is a more effective discipline force for firms that are in the Regulation SHO-Pilot Program during 2005 to 2007.postprin

Governance through trading: does institutional trading discipline empire building and earnings management?

Accounting Session 1: Earnings ManagementThe Conference program's website is located at http://areas.kenan-flagler.unc.edu/conferences/2013cfea/Pages/Final%20Schedule.aspxThis paper empirically identifies an important external corporate governance mechanism through which the institutional trading improves firm values and disciplines managers from conducting value-destroying activities. We propose a reward-punishment intensity (RPI) measure, and show that it is positively related to firm’s subsequent Tobin’s Q. Importantly, we find that firms with higher RPI exhibit less subsequent empire building and earnings management. Furthermore, we show that the exogenous liquidity shock of Decimalization augments the governance effect of institutional trading. We also find that the discipline effect is more pronounced for firms with moderate institutional ownership concentration, higher managers’ wealth-performance sensitivity, and higher trading liquidity, which further supports the governance role of the RPI. The results are robust to using a subsample containing firms with reduced institutional ownership and to using two instrumental variables.postprin

Does short selling discipline overinvestment?

We explore the disciplining effect of short selling on overinvestment. Firms with more stock lending supply have higher abnormal announcement stock returns of acquiring firms, lower subsequent abnormal capital investments, and longer spells between large investments, and higher subsequent Tobin’s Q and ROA. Alleviating the endogeneity concern, our multivariate difference-in-difference analysis shows that this disciplinary force of lending supply is more effective for firms in the Regulation SHO-PILOT Program. We identify two mechanisms through which short selling disciplines managers: managers’ wealth-performance sensitivity and likelihood of hostile takeovers. Additionally, the disciplinary force only exists for non-financial-constrained firms and nonall-cash M&A deals.postprin

An update on radiation therapy for brain metastases

published_or_final_versio

Ex-Day Returns of Stock Distributions: An Anchoring Explanation

We offer a new anchoring explanation for the ex-day abnormal returns of stock distributions including stock dividend distributions, splits, and reverse splits. We propose that investors tend to anchor on cum-day prices in valuating ex-distribution stocks, resulting in a positive association between ex-day returns and adjustment factors. We find that this positive return-factor relation exists for all three types of stock distributions and in both the pre- and post-decimalization periods. Furthermore, we find that this positive return-factor relation is more pronounced among events that are more subject to investors’ anchoring propensity, featured by less investor attention, greater arbitrage difficulty, greater valuation uncertainty, less investor sophistication, and higher market sentiment. Lastly, using brokerage account data, we show that stocks that are traded by investors with more investment experience demonstrate a weaker return-factor relation.postprin

Use of Antipsychotic Medications and Cholinesterase Inhibitors and the Risk of Falls and Fractures: self-controlled case series

Objective: To evaluate the association between the use of antipsychotic medications and cholinesterase inhibitors, and the risk of falls and fractures in elderly patients with major neurocognitive disorders. / Design: Self-controlled case series / Setting: Taiwan’s National Health Insurance Database / Participants: 15,278 patients who were aged 65 or older, were newly prescribed antipsychotic medications and cholinesterase inhibitors, and suffered an incident fall or fracture between 2006 and 2017. Prescription records of cholinesterase inhibitors were used to confirm the diagnosis of major neurocognitive disorders since all use of cholinesterase inhibitors was subject to review by experts based on the Diagnostic and Statistical Manual of Mental Disorders, Fifth Edition and patients’ scores of Mini-Mental State Examination. We excluded those with schizophrenia and bipolar disorder before the first prescription of cholinesterase inhibitors to ensure that antipsychotic medications were used for neuropsychiatric symptoms of major neurocognitive disorders. / Main outcome measures: We used conditional Poisson regression to derive the incidence rate ratio and the 95% confidence interval for evaluating the association between the risk of falls and fractures and different exposure periods, including cholinesterase inhibitors alone, antipsychotic medications alone, and combination, as compared with the non-exposure period for the same individual. Moreover, we defined a 14-day pre-exposure period before study drug initiation over concerns about confounding by indication. / Results: Compared with the non-exposure period (incidence rate per 100 person-years; 95% confidence interval: 8.30; 8.14 to 8.46), the highest risk of falls and fractures occurred during the pre-exposure period (52.35; 48.46 to 56.47), followed by combination (10.55; 9.98 to 11.14), antipsychotic medications alone (10.34; 9.80 to 10.89), and cholinesterase inhibitors alone (9.41; 8.98 to 9.86). Conclusions: The incidence of falls and fractures was especially high in the pre-exposure period, suggesting that factors other than the study medications, such as underlying diseases, should be taken into consideration when evaluating the association between the risk of falls and fractures, and the use of cholinesterase inhibitors and antipsychotic medications. The exposure periods were also associated with a higher risk of falls and fractures, compared with the non-exposure period, although the magnitude was much lower than during the pre-exposure period. Prevention strategies and close monitoring of the risk of falls are still necessary until there is evidence that patients have regained a steady status

Conditional random pattern model for copy number aberration detection

<p>Abstract</p> <p>Background</p> <p>DNA copy number aberration (CNA) is very important in the pathogenesis of tumors and other diseases. For example, CNAs may result in suppression of anti-oncogenes and activation of oncogenes, which would cause certain types of cancers. High density single nucleotide polymorphism (SNP) array data is widely used for the CNA detection. However, it is nontrivial to detect the CNA automatically because the signals obtained from high density SNP arrays often have low signal-to-noise ratio (SNR), which might be caused by whole genome amplification, mixtures of normal and tumor cells, experimental noise or other technical limitations. With the reduction in SNR, many false CNA regions are often detected and the true CNA regions are missed. Thus, more sophisticated statistical models are needed to make the CNAs detection, using the low SNR signals, more robust and reliable.</p> <p>Results</p> <p>This paper presents a conditional random pattern (CRP) model for CNA detection where much contextual cues are explored to suppress the noise and improve CNA detection accuracy. Both simulated and the real data are used to evaluate the proposed model, and the validation results show that the CRP model is more robust and reliable in the presence of noise for CNA detection using high density SNP array data, compared to a number of widely used software packages.</p> <p>Conclusions</p> <p>The proposed conditional random pattern (CRP) model could effectively detect the CNA regions in the presence of noise.</p

“Does Short-term variation in fetal heart rate predict fetal acidaemia?” A Systematic review and meta-analysis

Objective: To evaluate the association of short-term variation (STV) of the fetal heart rate in predicting fetal acidaemia at birth. Methods: The search strategy employed searching of electronic databases (MEDLINE, Web of Science, Scopus, and Google Scholar) and reference lists of relevant studies. Data was extracted from studies, adhering strictly to the following criteria: singleton pregnancy at ≥ 24 weeks gestation, computerised CTG (index test) and calculation of STV before delivery. The outcome measure was arterial pH assessed in cord blood obtained at birth. Results: Meta-analysis showed moderate accuracy of STV in predicting fetal acidaemia with a sensitivity of 0.57 (95% CI: 0.45 to 0.68), specificity of 0.81 (95% CI: 0.69 to 0.89), positive likelihood ratio of 3.14 (95% CI: 2.13 to 4.63) and negative likelihood ratio of 0.58, (95% CI: 0.46 to 0.72). However, in intra-uterine growth restricted fetuses, a small improvement in detecting acidaemia was observed; with a sensitivity of 0.63, (95% CI: 0.49 to 0.75) and negative likelihood ratio of 0.50, (95% CI: 0.31 to 0.80). Conclusion: STV appears to be a moderate predictor for fetal acidaemia. However, its usefulness as a stand-alone test in predicting acidaemia in clinical setting remains to be determined