Consistency between earnings forecasts and stock recommendations : the effect of political connections

Financial analysts’ earnings forecasts are more consistent with stock recommendations when their earnings forecasts are more accurate (Loh and Mian 2006, Ertimur et al. 2007). This suggests that analysts use other information in their private valuation models in addition to earnings forecasts especially when earnings have greater uncertainty. Recent studies show that political connections are important for firm valuation and are associated with future positive returns and future positive operating performance (Faccio 2006, Cooper et al. 2010). In this study, I examine how a firm’s political connections affect stock recommendation informativeness as well as the efficiency with which analysts translate their earnings forecasts into stock recommendations. Using data from the Federal Election Commission through the Center for Responsive Politics from 1993 – 2011, I first show that analysts’ recommendations are less informative when firms have political connections. This relation holds for both All-Star and non-All-Star analysts, upgrade and downgrade recommendations, as well as initiation and non-initiation recommendations. Second. I show that analysts’ earnings forecast accuracy is less consistent with recommendation informativeness when firms are politically connected. This inconsistency appears to be driven by non-All-Star analysts, upgrade recommendations, and non-initiation recommendations. The findings of this study imply that political connection information is one source of important nonfinancial disclosure that influences how analysts map their earnings forecasts into stock recommendations

Managers Segment Financial Reporting Choice: An Analysis Of Firms Segment Reconciliations

Under SFAS No. 131, a company is required to provide a reconciliation of the total of the reportable segments profit or loss to the firms consolidated income. This paper investigates these segment disclosures and related determinants of managers segment financial reporting choices. We focus on managers decisions to report segment-to-firm level reconciliations (i.e., segment reconciliations (SERs)) differences between firm-level and aggregated segment-level earnings. On average, we find that SERs are significant when the differences are not equal to zero. Firms with higher agency costs and greater accruals are less likely to report segment reconciliations. However, firms that have a greater number of segments, larger firms, and firms with higher leverage, losses, and greater earnings volatility are more likely to report SER?0. Consistent with managers having some segment reporting discretion, our overall findings suggest a managers segment reporting choice is partly driven by agency costs. Interestingly, among firms with reported segment reconciliations, firms with higher agency costs are more likely to report positive SERs. Consequently, this study documents a relation between proxies for agency costs and managers decisions to report segment reconciliations. Policy implications and suggestions for future research are discussed in the paper

OXIDIZED CELLULOSE WRAP IN SECONDARY INTENTION HEALING OF THE ORAL MUCOSA IN THE TREATMENT OF ONJ

Osteonecrosis of the jaws (ONJ) due to the use of bisphosphonate drugs is a particularly complex condition. The mechanisms through which this pathology develops are manifold. To date, the management of ONJ is controversial.This study analyzed out-patients with documented ONJ treated in Oral and maxillofacial surgery Unit of University "Magna Graecia" of Catanzaro.A total of 11 patients, 8 women and 3 men, were enrolled. The inclusion criteria were: (1) refusal to surgical treatment with flaps; (2) absence of antiplatelet therapy which would also make it impossible to prepare gel from platelet-rich plasma (PRP) or similar; (3) absence of antiblastic therapy in the healing phase. Each case was staged according to the classification of the Italian Societies of Oral Medicine and Maxillofacial Surgery (SICMF-SIPMO classification): a clinical-radiological bone involvement.The following data were recorded: clinical data, comorbidities and concomitant drugs, antibiotic drugs used, type of treatment adopted, clinical mucosal healing time.Each patient underwent antibiotic protocol prior to surgery. Endpoint with surgery was: complete removal of necrotic tissues, packaging of a "re-epithelialization trench" (RET) and apposition of a compress of oxidized cellulose inside this RET. 100% of the patients endured the post-surgery very well, 10 out of 11 (90,91%) patients had excellent healing by secondary intention of the surgical wound. Only one patient (9.09%) had prolonged bone exposure; he subsequently resumed antiblastic therapy and was therefore excluded from work.The results indicate how the use of an oxidized cellulose pack associated with the correct packaging of a re-epithelialization site can guarantee satisfactory post-operative comfort and rapid wound healing. Radiological follow-up was performed at one year. It confirmed the correct healing of the site (clinical and radiological healing)

Primary Prophylaxis of Invasive Fungal Diseases in Allogeneic Stem Cell Transplantation: Revised Recommendations from a Consensus Process by Gruppo Italiano Trapianto Midollo Osseo (GITMO)

Abstract This document updates and expands the recommendations on primary prophylaxis of invasive fungal diseases (IFD) in allogeneic hematopoietic stem cell transplantation (allo-HSCT) recipients, published in 2009 by the Gruppo Italiano Trapianto Midollo Osseo (GITMO). A consensus process was undertaken to describe and evaluate current information and practice regarding risk stratification and primary antifungal prophylaxis during the pre-engraftment and postengraftment phases after allo-HSCT. The revised recommendations were based on the evaluation of recent literature including a large, prospective, multicenter epidemiological study of allo-HSCT recipients conducted among the GITMO transplantation centers during the period of 2008 to 2010. It is intended as a guide for the identification of types and phases of transplantation at low, standard, and high risk for IFD, according to the underlying disease, transplantation, and post-transplantation factors. The risk stratification was the critical determinant of the primary antifungal approach for allo-HSCT recipients

Caracterização tecnológica da madeira de Eucalyptus benthamii Maiden et Cambage

The knowledge about the technological properties of the wood enables the achievement of tools that assist in the adequate use of this material. Therefore, the aim of this study was accomplish the technological characterization of Eucalyptus benthamii wood for potential uses. For this, it was used six trees of the forestry plantation implanted in the Guatambu city, Santa Catarina State, Brazil. For the physical characterization of the wood, discs were obtained at three different positions of the trunk of each tree, determining the basic density and retractibility. The test pieces to the mechanical tests of parallel compression to the fibers, dynamic bending, static bending and Janka hardness were obtained from discs removed of the logs. The average basic density was 0.549 g cm-3, while the retractibility parameters were similar to those of genus eucalyptus, with an average anisotropy coefficient of 1.9, indicating that it is a specie unstable dimensionally. The results obtained from the mechanical tests show that the Eucalyptus benthamii wood has less resistant to mechanical stress, limiting its use for this purpose. Therefore, the application of this species for purposes applying mechanical stress is limited, making it necessary carrying out studies about the other properties of this wood.O conhecimento sobre as propriedades tecnológicas da madeira possibilita a obtenção de ferramentas que auxiliem na utilização adequada desse material. Portanto, o objetivo desse estudo foi realizar a caracterização tecnológica da madeira de Eucalyptus benthamii para potenciais utilizações. Para isso, utilizaram-se seis indivíduos arbóreos de um plantio florestal implantado na cidade de Guatambu, Santa Catarina. Para a caracterização física da madeira, foram retirados discos em três posições distintas do fuste de cada árvore, determinando a massa específica básica e a retratibilidade. Os corpos de prova para os ensaios mecânicos de compressão paralela às fibras, flexão dinâmica, flexão estática e dureza Janka foram obtidos de discos retirados das toras. O valor médio para a massa específica básica foi de 0,549 g cm-3, enquanto que os parâmetros de retratibilidade apresentaram-se semelhantes aos do gênero de eucalipto, com um coeficiente de anisotropia médio de 1,9, indicando que trata-se de uma espécie instável dimensionalmente. Os resultados obtidos junto aos ensaios mecânicos indicam que a madeira de Eucalyptus benthamii apresenta uma baixa resistência a esforços mecânicos, limitando sua utilização para tal finalidade. Portanto, a aplicação dessa espécie para finalidades que solicitem esforços mecânicos é limitada, fazendo-se necessário a realização de estudos acerca das demais propriedades dessa madeira

General recommendations for departments of surgery in Colombia during the COVID-19 pandemic (SARS-CoV-2)

Este documento pretende dar algunos lineamientos útiles para la atención en los servicios quirúrgicos en Colombia durante la pandemia COVID-19, teniendo en cuenta la literatura científica publicada hasta la fecha, que ha emergido rápidamente y es probable que vaya cambiando a medida que el conocimiento sobre esta materia avance y permita generar nuevas recomendaciones acordes. Estas medidas están sujetas a revisión periódica según la situación global y local de la pandemia así como su etapa de desarrollo cambien y deben aplicarse de acuerdo con las necesidades particulares de cada hospital, así como las recomendaciones de las autoridades competentes del Gobierno Nacional colombiano. Cada servicio de cirugía podrá implementar estas recomendaciones en función de sus circunstancias particulares.Revista Nacional - No indexad

Effects of antiplatelet therapy on stroke risk by brain imaging features of intracerebral haemorrhage and cerebral small vessel diseases: subgroup analyses of the RESTART randomised, open-label trial

Background Findings from the RESTART trial suggest that starting antiplatelet therapy might reduce the risk of recurrent symptomatic intracerebral haemorrhage compared with avoiding antiplatelet therapy. Brain imaging features of intracerebral haemorrhage and cerebral small vessel diseases (such as cerebral microbleeds) are associated with greater risks of recurrent intracerebral haemorrhage. We did subgroup analyses of the RESTART trial to explore whether these brain imaging features modify the effects of antiplatelet therapy

Common variants in Alzheimer’s disease and risk stratification by polygenic risk scores

Funder: Funder: Fundación bancaria ‘La Caixa’ Number: LCF/PR/PR16/51110003 Funder: Grifols SA Number: LCF/PR/PR16/51110003 Funder: European Union/EFPIA Innovative Medicines Initiative Joint Number: 115975 Funder: JPco-fuND FP-829-029 Number: 733051061Genetic discoveries of Alzheimer's disease are the drivers of our understanding, and together with polygenetic risk stratification can contribute towards planning of feasible and efficient preventive and curative clinical trials. We first perform a large genetic association study by merging all available case-control datasets and by-proxy study results (discovery n = 409,435 and validation size n = 58,190). Here, we add six variants associated with Alzheimer's disease risk (near APP, CHRNE, PRKD3/NDUFAF7, PLCG2 and two exonic variants in the SHARPIN gene). Assessment of the polygenic risk score and stratifying by APOE reveal a 4 to 5.5 years difference in median age at onset of Alzheimer's disease patients in APOE ɛ4 carriers. Because of this study, the underlying mechanisms of APP can be studied to refine the amyloid cascade and the polygenic risk score provides a tool to select individuals at high risk of Alzheimer's disease

New insights into the genetic etiology of Alzheimer's disease and related dementias

Characterization of the genetic landscape of Alzheimer's disease (AD) and related dementias (ADD) provides a unique opportunity for a better understanding of the associated pathophysiological processes. We performed a two-stage genome-wide association study totaling 111,326 clinically diagnosed/'proxy' AD cases and 677,663 controls. We found 75 risk loci, of which 42 were new at the time of analysis. Pathway enrichment analyses confirmed the involvement of amyloid/tau pathways and highlighted microglia implication. Gene prioritization in the new loci identified 31 genes that were suggestive of new genetically associated processes, including the tumor necrosis factor alpha pathway through the linear ubiquitin chain assembly complex. We also built a new genetic risk score associated with the risk of future AD/dementia or progression from mild cognitive impairment to AD/dementia. The improvement in prediction led to a 1.6- to 1.9-fold increase in AD risk from the lowest to the highest decile, in addition to effects of age and the APOE ε4 allele

Global Retinoblastoma Presentation and Analysis by National Income Level.

Importance: Early diagnosis of retinoblastoma, the most common intraocular cancer, can save both a child's life and vision. However, anecdotal evidence suggests that many children across the world are diagnosed late. To our knowledge, the clinical presentation of retinoblastoma has never been assessed on a global scale. Objectives: To report the retinoblastoma stage at diagnosis in patients across the world during a single year, to investigate associations between clinical variables and national income level, and to investigate risk factors for advanced disease at diagnosis. Design, Setting, and Participants: A total of 278 retinoblastoma treatment centers were recruited from June 2017 through December 2018 to participate in a cross-sectional analysis of treatment-naive patients with retinoblastoma who were diagnosed in 2017. Main Outcomes and Measures: Age at presentation, proportion of familial history of retinoblastoma, and tumor stage and metastasis. Results: The cohort included 4351 new patients from 153 countries; the median age at diagnosis was 30.5 (interquartile range, 18.3-45.9) months, and 1976 patients (45.4%) were female. Most patients (n = 3685 [84.7%]) were from low- and middle-income countries (LMICs). Globally, the most common indication for referral was leukocoria (n = 2638 [62.8%]), followed by strabismus (n = 429 [10.2%]) and proptosis (n = 309 [7.4%]). Patients from high-income countries (HICs) were diagnosed at a median age of 14.1 months, with 656 of 666 (98.5%) patients having intraocular retinoblastoma and 2 (0.3%) having metastasis. Patients from low-income countries were diagnosed at a median age of 30.5 months, with 256 of 521 (49.1%) having extraocular retinoblastoma and 94 of 498 (18.9%) having metastasis. Lower national income level was associated with older presentation age, higher proportion of locally advanced disease and distant metastasis, and smaller proportion of familial history of retinoblastoma. Advanced disease at diagnosis was more common in LMICs even after adjusting for age (odds ratio for low-income countries vs upper-middle-income countries and HICs, 17.92 [95% CI, 12.94-24.80], and for lower-middle-income countries vs upper-middle-income countries and HICs, 5.74 [95% CI, 4.30-7.68]). Conclusions and Relevance: This study is estimated to have included more than half of all new retinoblastoma cases worldwide in 2017. Children from LMICs, where the main global retinoblastoma burden lies, presented at an older age with more advanced disease and demonstrated a smaller proportion of familial history of retinoblastoma, likely because many do not reach a childbearing age. Given that retinoblastoma is curable, these data are concerning and mandate intervention at national and international levels. Further studies are needed to investigate factors, other than age at presentation, that may be associated with advanced disease in LMICs