Dividend Policy and Ownership Structure: Evidence from the Casablanca Stock Exchange

This study investigates the effect of the ownershipstructure on dividend policies for firms listed at the Casablancastock exchange. Two aspects of the ownership structure are used,the first is the ownership concentration and the second is theidentity of the largest shareholders. A panel data analysis isperformed to examine the relationship between the dividendpolicy and the ownership structure in this emerging market forthe period between 2004 and 2010. Results show that two formsof ownership identity influence negatively the dividend policy offirms listed. In fact, when the identity of the largest shareholderis either an industrial company or a family, the level ofdistributed dividends is decreased. Furthermore, findings showthat there is no impact of ownership concentration on dividendpolicies for firms listed at the Casablanca Stock Exchange

The Impact of Media Independence On Firm Performance: A Panel Data Analysis From Emerging Markets

Can media have any influence on firm performance? Do firms in countries with more independent media perform better than firms with less independent media? This paper seeks to answer these questions by documenting the relationship between media independence and firm performance in emerging markets. Using a dataset from twenty seven emerging markets, we show significantly better performance of firms headquartered in countries with relatively more independent media than firms headquartered in countries with relatively less independent media during the period between 2007 and 2011. We argue that independent media reduces information asymmetries for stock market participants. Consequently, it is more difficult for managers to expropriate, thereby improving performance of firms. Our results indicate that media can play a substitute role for traditional governance mechanisms in emerging markets

Corporate Social Responsibility Policy And Brand Value

In this paper, we document that corporate social responsibility (CSR) has a negative effect on brand value. Our results show that this negative relationship exists only in firms where investor interest and visibility is high. We show that the negative impact of CSR policies is experienced by firms with high analyst following, larger size, and high earnings. We argue that markets consider CSR activities as a form of corporate charity with no expectations of positive returns. As a result, CSR activities are unnecessary costs incurred by firms. These costs result is adversely affecting current and expected financial performances. Given that current and expected financial performances are important determinants of brand value, firms with more visible CSR activities experience decline in brand values. We also show that certain components of CSR policy – firms who audit their CSR report from external auditors, brands of firms who report their global CSR activities, and brands of firms who publish a separate CSR report – exert more negative influence on brand values than the other components. All of these components are also related to increasing visibility of CSR activities

Modeling and Optimization of Bobbin Friction Stir Welding for AA6061-T6 alloy Utilizing Response Surface Methodology

اللحام بالخلط الاحتكاكي نوع (bobbin) نوع خاص من اللحام بالخلط الاحتكاكي. تهدف هذه الدراسة الى عمل نماذج تجريبية من خلال علاقات رياضية بين عوامل اللحام و الخواص الميكانيكية لوصلات اللحام لسبيكة المنيوم (AA6061-T6) تم لحامها بأداة لحام نوع (bobbin) و أيجاد عوامل اللحام المثالية. مديات للسرعة الدورانية هو (340-930 دورة/دقيقة) ولسرعة اللحام هو (40-200 ملم/دقيقة) والتي استخدمت كعوامل ادخال للحصول على تأثيرها على  الاستطالة، مقاومة الشد و اقصى قوة انحناء بوصفها الاستجابات الرئيسية. هذه النماذج اسست على منهجية الاستجابة السطحية (RSM) في برنامج التصميم التجريبي "الاصدار العاشر". باستعمال تحليل التباين (ANOVA) تم التأكد من صلاحيتها. هذه النماذج اظهرت بانه عند زيادة سرعة اللحام او السرعة الدورانية فأن الاستطالة، مقاومة الشد و قوة الانحناء القصوى تصل الى اقصى قيمة في البداية ومن ثم تقل. كانت عوامل اللحام المثالية هي(623.949 دورة/دقيقة) للسرعة الدورانية و (128.795 ملم/دقيقة) للخطية مع استطالة (6.33%) و مقاومة شد (204 ميكا باسكال) و أقصى قوة انحناء (6.216 كيلو نيوتن). وجد توافق جيد بين النتائج المتحصلة من النماذج الرياضية والتجريبية عند العوامل المثالية بمستوى ثقة 95%.Bobbin friction stir welding (BFSW) is special kind of friction stir welding. This investigation aims to develop empirical models through mathematical relationships between the welding process parameters and mechanical properties of Aluminum alloy AA6061-T6 welded joint created by using bobbin tool and to find the optimum welding parameters. The welding speed range (40-200 mm/min) and rotational speed range (340-930 rpm) were utilized (as the used input factors) to find their effects on elongation, tensile strength and maximum bending force as the main responses.  These models were built using Design of Experiment (DOE) software ‘version 10’ with Response Surface Methodology (RSM) technique. The models adequacy were tested via the (ANOVA) analysis. The obtained models appeared that as the welding speed or rotational speed increases, the elongation, tensile strength and maximum bending force of the welded joint firstly rise to a maximum value and then drop. The optimum welding parameters were rotational speed (623.949 rpm) and welding speed (128.795 mm/min) with (6.33%), (204 MPa) and (6.216 KN) of elongation, tensile strength and maximum bending force, respectively. A proper harmonization was obtained between the models predicted results and the optimized ones with actual trial with 95% level of confidence

Predicting Acute Kidney Injury at Hospital Re-entry Using High-dimensional Electronic Health Record Data

Acute Kidney Injury (AKI), a sudden decline in kidney function, is associated with increased mortality, morbidity, length of stay, and hospital cost. Since AKI is sometimes preventable, there is great interest in prediction. Most existing studies consider all patients and therefore restrict to features available in the first hours of hospitalization. Here, the focus is instead on rehospitalized patients, a cohort in which rich longitudinal features from prior hospitalizations can be analyzed. Our objective is to provide a risk score directly at hospital re-entry. Gradient boosting, penalized logistic regression (with and without stability selection), and a recurrent neural network are trained on two years of adult inpatient EHR data (3,387 attributes for 34,505 patients who generated 90,013 training samples with 5,618 cases and 84,395 controls). Predictions are internally evaluated with 50 iterations of 5-fold grouped cross-validation with special emphasis on calibration, an analysis of which is performed at the patient as well as hospitalization level. Error is assessed with respect to diagnosis, race, age, gender, AKI identification method, and hospital utilization. In an additional experiment, the regularization penalty is severely increased to induce parsimony and interpretability. Predictors identified for rehospitalized patients are also reported with a special analysis of medications that might be modifiable risk factors. Insights from this study might be used to construct a predictive tool for AKI in rehospitalized patients. An accurate estimate of AKI risk at hospital entry might serve as a prior for an admitting provider or another predictive algorithm.Comment: In revisio

Properties of Healthcare Teaming Networks as a Function of Network Construction Algorithms

Network models of healthcare systems can be used to examine how providers collaborate, communicate, refer patients to each other. Most healthcare service network models have been constructed from patient claims data, using billing claims to link patients with providers. The data sets can be quite large, making standard methods for network construction computationally challenging and thus requiring the use of alternate construction algorithms. While these alternate methods have seen increasing use in generating healthcare networks, there is little to no literature comparing the differences in the structural properties of the generated networks. To address this issue, we compared the properties of healthcare networks constructed using different algorithms and the 2013 Medicare Part B outpatient claims data. Three different algorithms were compared: binning, sliding frame, and trace-route. Unipartite networks linking either providers or healthcare organizations by shared patients were built using each method. We found that each algorithm produced networks with substantially different topological properties. Provider networks adhered to a power law, and organization networks to a power law with exponential cutoff. Censoring networks to exclude edges with less than 11 shared patients, a common de-identification practice for healthcare network data, markedly reduced edge numbers and greatly altered measures of vertex prominence such as the betweenness centrality. We identified patterns in the distance patients travel between network providers, and most strikingly between providers in the Northeast United States and Florida. We conclude that the choice of network construction algorithm is critical for healthcare network analysis, and discuss the implications for selecting the algorithm best suited to the type of analysis to be performed.Comment: With links to comprehensive, high resolution figures and networks via figshare.co

Molecular characterization of the human kidney interstitium in health and disease

The gene expression signature of the human kidney interstitium is incompletely understood. The cortical interstitium (excluding tubules, glomeruli, and vessels) in reference nephrectomies (N = 9) and diabetic kidney biopsy specimens (N = 6) was laser microdissected (LMD) and sequenced. Samples underwent RNA sequencing. Gene signatures were deconvolved using single nuclear RNA sequencing (snRNAseq) data derived from overlapping specimens. Interstitial LMD transcriptomics uncovered previously unidentified markers including KISS1, validated with in situ hybridization. LMD transcriptomics and snRNAseq revealed strong correlation of gene expression within corresponding kidney regions. Relevant enriched interstitial pathways included G-protein coupled receptor. binding and collagen biosynthesis. The diabetic interstitium was enriched for extracellular matrix organization and small-molecule catabolism. Cell type markers with unchanged expression (NOTCH3, EGFR, and HEG1) and those down-regulated in diabetic nephropathy (MYH11, LUM, and CCDC3) were identified. LMD transcriptomics complements snRNAseq; together, they facilitate mapping of interstitial marker genes to aid interpretation of pathophysiology in precision medicine studies

Prognostic indicators and outcomes of hospitalised COVID-19 patients with neurological disease: An individual patient data meta-analysis

BACKGROUND: Neurological COVID-19 disease has been reported widely, but published studies often lack information on neurological outcomes and prognostic risk factors. We aimed to describe the spectrum of neurological disease in hospitalised COVID-19 patients; characterise clinical outcomes; and investigate factors associated with a poor outcome. METHODS: We conducted an individual patient data (IPD) meta-analysis of hospitalised patients with neurological COVID-19 disease, using standard case definitions. We invited authors of studies from the first pandemic wave, plus clinicians in the Global COVID-Neuro Network with unpublished data, to contribute. We analysed features associated with poor outcome (moderate to severe disability or death, 3 to 6 on the modified Rankin Scale) using multivariable models. RESULTS: We included 83 studies (31 unpublished) providing IPD for 1979 patients with COVID-19 and acute new-onset neurological disease. Encephalopathy (978 [49%] patients) and cerebrovascular events (506 [26%]) were the most common diagnoses. Respiratory and systemic symptoms preceded neurological features in 93% of patients; one third developed neurological disease after hospital admission. A poor outcome was more common in patients with cerebrovascular events (76% [95% CI 67-82]), than encephalopathy (54% [42-65]). Intensive care use was high (38% [35-41]) overall, and also greater in the cerebrovascular patients. In the cerebrovascular, but not encephalopathic patients, risk factors for poor outcome included breathlessness on admission and elevated D-dimer. Overall, 30-day mortality was 30% [27-32]. The hazard of death was comparatively lower for patients in the WHO European region. INTERPRETATION: Neurological COVID-19 disease poses a considerable burden in terms of disease outcomes and use of hospital resources from prolonged intensive care and inpatient admission; preliminary data suggest these may differ according to WHO regions and country income levels. The different risk factors for encephalopathy and stroke suggest different disease mechanisms which may be amenable to intervention, especially in those who develop neurological symptoms after hospital admission

Laparoscopy in management of appendicitis in high-, middle-, and low-income countries: a multicenter, prospective, cohort study.

BACKGROUND: Appendicitis is the most common abdominal surgical emergency worldwide. Differences between high- and low-income settings in the availability of laparoscopic appendectomy, alternative management choices, and outcomes are poorly described. The aim was to identify variation in surgical management and outcomes of appendicitis within low-, middle-, and high-Human Development Index (HDI) countries worldwide. METHODS: This is a multicenter, international prospective cohort study. Consecutive sampling of patients undergoing emergency appendectomy over 6 months was conducted. Follow-up lasted 30 days. RESULTS: 4546 patients from 52 countries underwent appendectomy (2499 high-, 1540 middle-, and 507 low-HDI groups). Surgical site infection (SSI) rates were higher in low-HDI (OR 2.57, 95% CI 1.33-4.99, p = 0.005) but not middle-HDI countries (OR 1.38, 95% CI 0.76-2.52, p = 0.291), compared with high-HDI countries after adjustment. A laparoscopic approach was common in high-HDI countries (1693/2499, 67.7%), but infrequent in low-HDI (41/507, 8.1%) and middle-HDI (132/1540, 8.6%) groups. After accounting for case-mix, laparoscopy was still associated with fewer overall complications (OR 0.55, 95% CI 0.42-0.71, p < 0.001) and SSIs (OR 0.22, 95% CI 0.14-0.33, p < 0.001). In propensity-score matched groups within low-/middle-HDI countries, laparoscopy was still associated with fewer overall complications (OR 0.23 95% CI 0.11-0.44) and SSI (OR 0.21 95% CI 0.09-0.45). CONCLUSION: A laparoscopic approach is associated with better outcomes and availability appears to differ by country HDI. Despite the profound clinical, operational, and financial barriers to its widespread introduction, laparoscopy could significantly improve outcomes for patients in low-resource environments. TRIAL REGISTRATION: NCT02179112