Promoting access to primary equity markets : a legal and regulatory approach

This paper examines legal and regulatory measures that can be taken to promote access to the primary market in emerging market economies. While capital market development depends on many factors including, primarily, a favorable macroeconomic environment, an appropriately designed and effective legal and regulatory framework can help to encourage market growth and to increase access to finance for all companies, including small- and medium-sized enterprises. In this paper we identify the basic necessities that underpin a regulatory regime that is cost effective and strikes an appropriate balance between, on the one hand, laws and regulations that may be too restrictive to achieve a supply of capital and, on the other, those that may be so relaxed that investors feel that there is an unacceptable level of risk and do not care to venture into the market. We explore the legal foundations for the successful operation of a primary market for securities and identify disclosure and effective monitoring and enforcement as essential elements of legal protection. We then examine different legal and regulatory approaches for improving access to finance. We discuss measures that can be used by traditional stock exchanges to attract smaller enterprises to their lists as well as recent initiatives to create second boards or divide the main board into different market segments. We also discuss different mechanisms for companies to raise funds outside of a formal stock market listing, including private placements and private equity. Finally, we propose some recommendations for a simple legal and regulatory framework that will help promote access to primary equity markets, via both the traditional exchange as well as other alternatives.Markets and Market Access,Economic Theory&Research,Financial Intermediation,CorporateLaw,Investment and Investment Climate

Colour as a driver of Pinot noir wine quality judgments: An investigation involving French and New Zealand wine professionals

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Analysis of dose using CBCT and synthetic CT during head and neck radiotherapy: A single centre feasibility study

Objectives: The study aimed to assess the suitability of deformable image registration (DIR) software to generate synthetic CT (sCT) scans for dose verification during radiotherapy to the head and neck. Planning and synthetic CT dose volume histograms were compared to evaluate dosimetric changes during the treatment course. Methods: Eligible patients had locally advanced (stage III, IVa and IVb) oropharyngeal cancer treated with primary radiotherapy. Weekly CBCT images were acquired post treatment at fractions 1, 6, 11, 16, 21 and 26 over a 30 fraction treatment course. Each CBCT was deformed with the planning CT to generate a sCT which was used to calculate the dose at that point in the treatment. A repeat planning CT2 was acquired at fraction 16 and deformed with the fraction 16 CBCT to compare differences between the calculations mid-treatment. Results: 20 patients were evaluated generating 138 synthetic CT sets. The single fraction mean dose to PTV_HR between the synthetic and planning CT did not vary, although dose to 95% of PTV_HR was smaller at week 6 compared to planning (difference 2.0%, 95% CI (0.8 to 3.1), p = 0.0). There was no statistically significant difference in PRV_brainstem or PRV_spinal cord maximum dose, although greater variation using the sCT calculations was reported. The mean dose to structures based on the fraction 16 sCT and CT2 scans were similar. Conclusions: Synthetic CT provides comparable dose calculations to those of a repeat planning CT; however the limitations of DIR must be understood before it is applied within the clinical setting

Case report: Advice for schools on managing functional tic-like behaviours

There has been an increase in the occurrence of sudden onset functional tic-like behaviours in adolescents during the COVID-19 pandemic, which has had a significant impact on the affected individual’s ability to engage with education. The aim of this article is to generate discussion and inform practice within schools with regard to the management of functional tic-like behaviours. An advice sheet for schools has been produced based on clinical expertise and experience of consulting with schools around the management within education settings. Case examples are presented highlighting the importance and impact of these strategies. We also highlight the need for further evaluation of the effectiveness of the advice sheet in collaboration with schools and families

Radiotherapy-induced xerostomia: a randomised, double-blind, controlled trial of Visco-ease™ oral spray compared with placebo in patients with cancer of the head and neck

Radiotherapy-induced xerostomia (RIX) is a common and untreatable side effect of radiotherapy to the head and neck. Visco-ease™ mouth spray (Lamellar Biomedical Ltd), a new product that is made from lamellar body mimetics, reduces the viscosity of saliva ex vivo. The purpose of this study was to evaluate its safety and effectiveness in the treatment of RIX in 43 patients with cancer of the head and neck. They were randomised into the Visco-ease™ or placebo groups, and asked to complete the Groningen radiotherapy-induced xerostomia (GRIX) questionnaire each week. The primary endpoint was a change in GRIX score from baseline to end of treatment. There was no difference in scores between the two groups, and none of the patients had device-related serious adverse events. Visco-ease™ oral spray was safe and tolerable but no better than placebo in reducing RIX in this group of patients

31st Annual Meeting and Associated Programs of the Society for Immunotherapy of Cancer (SITC 2016) : part two

Background The immunological escape of tumors represents one of the main ob- stacles to the treatment of malignancies. The blockade of PD-1 or CTLA-4 receptors represented a milestone in the history of immunotherapy. However, immune checkpoint inhibitors seem to be effective in specific cohorts of patients. It has been proposed that their efficacy relies on the presence of an immunological response. Thus, we hypothesized that disruption of the PD-L1/PD-1 axis would synergize with our oncolytic vaccine platform PeptiCRAd. Methods We used murine B16OVA in vivo tumor models and flow cytometry analysis to investigate the immunological background. Results First, we found that high-burden B16OVA tumors were refractory to combination immunotherapy. However, with a more aggressive schedule, tumors with a lower burden were more susceptible to the combination of PeptiCRAd and PD-L1 blockade. The therapy signifi- cantly increased the median survival of mice (Fig. 7). Interestingly, the reduced growth of contralaterally injected B16F10 cells sug- gested the presence of a long lasting immunological memory also against non-targeted antigens. Concerning the functional state of tumor infiltrating lymphocytes (TILs), we found that all the immune therapies would enhance the percentage of activated (PD-1pos TIM- 3neg) T lymphocytes and reduce the amount of exhausted (PD-1pos TIM-3pos) cells compared to placebo. As expected, we found that PeptiCRAd monotherapy could increase the number of antigen spe- cific CD8+ T cells compared to other treatments. However, only the combination with PD-L1 blockade could significantly increase the ra- tio between activated and exhausted pentamer positive cells (p= 0.0058), suggesting that by disrupting the PD-1/PD-L1 axis we could decrease the amount of dysfunctional antigen specific T cells. We ob- served that the anatomical location deeply influenced the state of CD4+ and CD8+ T lymphocytes. In fact, TIM-3 expression was in- creased by 2 fold on TILs compared to splenic and lymphoid T cells. In the CD8+ compartment, the expression of PD-1 on the surface seemed to be restricted to the tumor micro-environment, while CD4 + T cells had a high expression of PD-1 also in lymphoid organs. Interestingly, we found that the levels of PD-1 were significantly higher on CD8+ T cells than on CD4+ T cells into the tumor micro- environment (p < 0.0001). Conclusions In conclusion, we demonstrated that the efficacy of immune check- point inhibitors might be strongly enhanced by their combination with cancer vaccines. PeptiCRAd was able to increase the number of antigen-specific T cells and PD-L1 blockade prevented their exhaus- tion, resulting in long-lasting immunological memory and increased median survival

Perceived minerality in Sauvignon wines: influence of culture and perception mode

Description of wine in terms of perceived mineral character has become common practice in recent decades. The major aim of our study was to investigate cultural differences in perception of minerality in wines from France and New Zealand, these countries having very different wine-production histories. A second aim was to investigate influence of perception mode on perceived mineral character in wine to gain increased understanding of the metaphorical descriptor "mineral" as applied to wine chemosensory attributes. Thirty-two French and 31 New Zealand wine professionals evaluated 16 wines (8 French; 8 New Zealand) under three conditions: orthonasal olfaction; global (orthonasal and retronasal olfaction; taste; other palate sensations); and nose-clip (taste and palate sensations only). Results demonstrated that both French and New Zealand participants reported minerality to be perceived via all three perception modes. In terms of culture, similarities and differences were both observed in terms of quantitative judgments of minerality, and in terms of the wine attributes perceived as related to minerality. Cross-cultural differences were particularly evident in the global condition. Results are described in terms of cognitive processing of metaphorical terms employed to label perceived wine attributes

Perception of quality and complexity in wine and their links to varietal typicality: An investigation involving Pinot noir wine and professional tasters

International audienceQuality and complexity are abstract terms employed frequently to describe a wine's overall attributes. In the present study, we investigated: (i) attributes driving wine professionals' judgments of quality and complexity in Pinot noir wines; (ii) the relation between these two abstract concepts; and (iii) association of each concept with varietal typicality. Twenty-two wine professionals evaluated 18 New Zealand Pinot noir wines in both clear and opaque glassware via two sensory tasks, a descriptive rating task and an 8-attribute, perceived complexity questionnaire. Sensory data were associated with wine UV-spectrophotometry colour measures to aid interpretation of the influence of tasting-glass colour. Results demonstrated the key drivers of perceived quality were descriptors varietal typicality, expressiveness, overall structure, and attractive fruit aromatics, along with complexity questionnaire attributes of harmony, balance and number of identifiable flavours. Reductive notes drove low-quality judgments. Data show that quality and complexity were positively associated concepts and that both were linked positively with varietal typicality. Visual influence was not a major driver of wine professionals' judgments but being able to see a wine's colour influenced tasters' judgments to wines at each end of the price/quality spectrum. We discuss the results in terms of cognitive phenomena associated with judgments by those with domain-specific expertise

In-mouth attributes driving perceived quality of Pinot noir wines: Sensory and chemical characterisation

International audienceWe investigated perception of mouthfeel in Pinot noir wines and its physicochemical determinants. Seventeen wine professionals judged 18 Pinot noir wines via two tasting tasks, Descriptive Rating and Directed Sorting, the latter based on perception of in-mouth attributes. Selected chemical measures of the same 18 wines were determined. Sensory results demonstrated that mouthfeel attributes driving high quality were smoothness/silky/velvety, volume/fullness/roundness, overall body, and viscosity/mouth-coating, while the taste of bitterness and perceived tannin harshness drove low quality judgments. Perceived astringency and expressions of tannin (e.g., soft; harsh; fine) drove sorting behaviour of participants. Partial least squares regression (PLSR) was used to associate perceived in-mouth phenomena and chemical composition. The phenolic profile, in particular tannin concentration and structure, was the most important predictor of astringency and its sub-components. These results have important implications for wine producers aiming to enhance perceived quality in their Pinot noir wines