Costs of publicly provided maternity services in Rosario, Argentina

This material is posted here with permission of the publishers, Instituto Nacional de Salud Pública. Internal or personal use of this material is permitted. However, permission to reprint/republish this material must be obtained from the Publisher.Objective. This study estimates the costs of maternal health services in Rosario, Argentina. Material and Methods. The rovider costs (US$1999) of antenatal care, a normal vaginal delivery and a caesarean section, were evaluated retrospectively in two municipal hospitals. The cost of an antenatal visit was evaluated in two health centres and the patient costs associated with the visit were evaluated in a hospital and a health centre. Results. The average cost per hospital day is$114.62. The average cost of a caesarean section ($525.57) is five times greater than that of a normal vaginal delivery ($105.61). A normal delivery costs less at the general hospital and a c-section less at the aternity hospital. The average cost of an antenatal visit is $31.10. The provider cost is lower at the health centre than at the hospital. Personnel accounted for 72-94$4.70. Direct costs are minimal compared to indirect costs of travel and waiting time. Conclusions. These results suggest the potential for increasing the efficiency of resource use by promoting antenatal care visits at the primary level. Women could also benefit from reduced travel and waiting time. Similar benefits could accrue to the provider by encouraging normal delivery at general hospitals, and complicated deliveries at specialised maternity hospitals.Josephine Borghi is funded by the Department for International Development through the Maternal Health Programme at the London School of Hygiene and Tropical Medicine. This project was conducted for and funded by the Human Reproduction Programme at WHO, Geneva

Visible Cascade Higgs Decays to Four Photons at Hadron Colliders

The presence of a new singlet scalar particle a can open up new decay channels for the Higgs boson, through cascades of the form h -> 2a -> X, possibly making discovery through standard model channels impossible. If a is CP-odd, its decay products are particularly sensitive to physics beyond the standard model. Quantum effects from heavy fields can naturally make gluonic decay, a -> 2g, the dominant decay mode, resulting in a h -> 4 g decay which is difficult to observe at hadron colliders, and is allowed by LEP for m_h > 82 GeV. However, there are usually associated decays with photons, either h -> 2g 2gamma or h -> 4gamma, which are more promising. The decay h -> 2g 2gamma only allows discovery of the a particle and not the Higgs whereas h -> 4gamma is a clean channel that can discover both particles. We determine what branching ratios are required for discovery at LHC and find that with 300 fb^-1 of luminosity, a branching ratio of order 10^-4 is sufficient for a large region of Higgs masses. Due to a lower expected luminosity of ~ 8 fb^-1, discovery at the Tevatron requires more than 5 x 10^-3 in branching ratio.Comment: 6 pages, 2 color figures, revtex4 forma

Optical monitoring system

Instrument can measure optical transmission, reflectance, and scattering. This information can be used to identify changes in optical properties or deviations from required optical standards. Device consists of monochromatic source, photo detector, transfer mirror, and hemiellipsoid. System might be used to measure optical properties of thin film

Nu sub 1 plus nu sub 3 combination band of SO2

The infrared-active vibration-rotation combination band nu sub 1 + nu sub 3 of sulfur dioxide was measured with moderately high spectral resolution. Quantum number identifications of spectral lines were made by comparison with theoretically computed spectra which include the effects of centrifugal distortion. Relative line intensities were also calculated. The band center for nu sub 1 + nu sub 3 was determined to be 2499.60 + or - 0.10/cm

Fundamental bands of S(32)O2(16)

The infrared-active vibration-rotation fundamentals of sulfur dioxide were measured with moderately high spectral resolution. Quantum number assignments were made for spectral lines from J = O to 57, by comparison with theoretically computed spectra which include the effects of centrifugal distortion. The following values for the band centers were determined: nu sub 1 = 1151.65 + or - 0.10/cm, nu sub 2 = 517.75 + or - 0.10/cm, and nu sub 3 = 1362.00 + or - 0.10/cm. Intensities of the observed lines have also been computed. Dipole moment derivatives were obtained

Economic Crises and the Integration of Law and Finance: The Impact of Volatility Spikes

The 2008 financial crisis raised puzzles important for understanding how the capital market prices common stocks and in turn, for the intersection between law and finance. During the crisis, there was a dramatic five-fold spike, across all industries, in “idio­syncratic risk”—the volatility of individual-firm share prices after adjustment for movements in the market as a whole. This phenomenon is not limited to the most recent financial crisis. This Article uses an empirical review to show that a dramatic spike in idiosyncratic risk has occurred with every major downturn from the 1920s through the recent financial crisis. It canvasses three possible explanations for this phenomenon. Thereafter, this Article explores the implications of these crisis-induced volatility spikes for certain legal issues that depend analytically on valuation methodology and hence are affected by volatility: using event studies to determine materiality and loss causation in fraud-on-the-market securities litigation, determining materiality in cases involving claims of both insider trading and misstatements or omissions in registered public offerings, and deter­mining the extent of deference given to a corporate board that rejects an acquisition offer at a premium above the pre-offer market price. This analysis shows that the conventional use of event studies during periods of economic-crisis-induced volatility spikes results in understating the number of occasions when a corporate misstatement can be shown to have had a meaningful impact on a firm’s stock price. Relatedly, the analysis suggests that during crisis times, insiders have substantially more opportunities to profit from trading on the nonpublic information that they possess and issuers conducting offerings have more opportunities to sell securities at an inflated price. Analysis shows that trying to cure this problem by lowering the standard of what is considered statistically significant is as likely to be socially harmful as socially beneficial. These conclusions counsel that the best response to the reduced effectiveness of private litigation as a deterrent to securities law violations during crisis times is to provide additional resources to SEC enforcement. Lastly, with respect to Delaware courts’ recognition of “substantive coercion” as a justification for target-corporation deploy­ment of takeover defenses—arguably a dubious justification in normal times—crisis-induced idiosyncratic-risk spikes provide an unusually plausible claim that target shareholders may indeed make a mistake in tendering into a hostile offer. Analysis of the timing of the spikes in recent cases, however, shows that the claim is tenuous even in these circumstances

Idiosyncratic Risk During Economic Downturns: Implications for the Use of Event Studies in Securities Litigation

We reported in a recent paper that during the 2008-09 financial crisis, for the average firm, idiosyncratic risk, as measured by variance, increased by five-fold. This finding is important for securities litigation because idiosyncratic risk plays a central role in event study methodology. Event studies are commonly used in securities litigation to determine materiality and loss causation. Many bits of news affect an issuer’s share price at the time of a corporate disclosure that is the subject of litigation. Because of this, even if an issuer’s market–adjusted price changes at the time of the disclosure, one cannot determine with certainty whether the disclosure itself had any effect on price. An event study is used to make a probabilistic assessment of whether in fact it did. Use of event studies generates a certain rate of Type I errors (disclosures that had no actual effect on price being identified as having had an effect) and a certain rate of Type II errors (disclosures that had an actual effect not being identified as such). This paper sets out a simple model of the tradeoff between these Type I and Type II errors. The model is used to establish three fundamental points. First, an economic crisis can radically worsen this tradeoff by making it much more difficult to catch a disclosure of a certain size without introducing more Type I errors. Second, during crisis periods a relaxation of this standard (and hence an increase in the acceptable rate of Type I errors) may actually decrease Type II errors by less than it would in normal times. We prove that whether the decrease is greater or smaller in crisis times depends on whether the disclosure’s actual impact on price is more or less negative than a definable crossover point. Third, whether relaxation of the standard in troubled times would increase or decrease social welfare is ambiguous. It depends on distribution of potentially actionable disclosures in terms of their actual impact on price and the social costs and social benefits of imposing liability for disclosures of each given level of actual negative impact on price