Valuation implications of pharmaceutical companies' R&D regulatory approval notifications

This paper examines shareholder wealth effects surrounding applications to, and approvals by, the United States Food and Drug Administration (FDA) for firms listed on the New York (NYSE) and London (LSE) stock exchanges. Applications to the FDA for drug approvals significantly increase shareholder wealth for NYSE firms only. The increase is driven by applications for enhancements to existing drugs, with the market anticipating the application, thus suggesting information leakage. FDA approvals also significantly increase shareholder wealth in both markets. However, there is no evidence of information leakage and the significant post-event abnormal returns support the attention-grabbing hypothesis. Enhanced drug approvals are value-relevant for both markets, which highlights the contribution of real-options to firm value

Increased sensitivity and discrimination in screening through an immobilized-resin microbiological assay method

Problems with present bioactive microbial product screening techniques include low sensitivity and insufficient discrimination capabilities. These problems are addressed by our new immobilized-resin microbiological assay. This technique concentrates bioactive samples on macroporous polymeric resins that are immobilized in hydrogel beads. These beads are then subjected to elution in the wells of an agar diffusion microbiological assay medium. With a strong base anion exchanger, the sensitivity to ampicillin of the β-lactam-supersensitive Escherichia coli mutant ESS-22-31 was increased 10-fold. Similar increases in sensitivity were obtained in the detection of streptomycin using a weak acid cation exchanger with Bacillus subtilis and for cycloheximide by a neutral resin and Saccharomyces cerevisiae NRRL-Y-139. A judicious choice of resin type and eluent permitted a selective sensitivity increase based on the charge or hydrophobic nature of the desired product. This selectivity imparts a discrimination capability to the technique.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/47948/1/10295_2005_Article_BF01569546.pd

Reducing the environmental impact of surgery on a global scale: systematic review and co-prioritization with healthcare workers in 132 countries

Background Healthcare cannot achieve net-zero carbon without addressing operating theatres. The aim of this study was to prioritize feasible interventions to reduce the environmental impact of operating theatres. Methods This study adopted a four-phase Delphi consensus co-prioritization methodology. In phase 1, a systematic review of published interventions and global consultation of perioperative healthcare professionals were used to longlist interventions. In phase 2, iterative thematic analysis consolidated comparable interventions into a shortlist. In phase 3, the shortlist was co-prioritized based on patient and clinician views on acceptability, feasibility, and safety. In phase 4, ranked lists of interventions were presented by their relevance to high-income countries and low–middle-income countries. Results In phase 1, 43 interventions were identified, which had low uptake in practice according to 3042 professionals globally. In phase 2, a shortlist of 15 intervention domains was generated. In phase 3, interventions were deemed acceptable for more than 90 per cent of patients except for reducing general anaesthesia (84 per cent) and re-sterilization of ‘single-use’ consumables (86 per cent). In phase 4, the top three shortlisted interventions for high-income countries were: introducing recycling; reducing use of anaesthetic gases; and appropriate clinical waste processing. In phase 4, the top three shortlisted interventions for low–middle-income countries were: introducing reusable surgical devices; reducing use of consumables; and reducing the use of general anaesthesia. Conclusion This is a step toward environmentally sustainable operating environments with actionable interventions applicable to both high– and low–middle–income countries

The impact of equity option listing on underlying cash market securities in the UK

SIGLEAvailable from British Library Document Supply Centre-DSC:DXN033063 / BLDSC - British Library Document Supply CentreGBUnited Kingdo

Do benchmark African equity indices exhibit the stylized facts?

This paper investigates if benchmark African equity indices exhibit the stylized facts reported for financial time series returns. The returns distributions of the Africa All-Share, Large, Medium and Small Company Indices were found to be leptokurtotic, had fat-tails, over time experienced volatility clustering and exhibited long memory in volatility. Both the All-Share and Large Company Indices were found to exhibit leverage effects. In contrast, positive shocks had a greater impact on future volatility for the Small Company Index which implies a reverse leverage effect. This finding could reflect a bull/bubble market for small capitalisation stocks in Africa

The market's reaction to the announcement of the appointment of non-executive directors to the boards of UK retailing firms

Available from British Library Document Supply Centre-DSC:5381.63652(99/3) / BLDSC - British Library Document Supply CentreSIGLEGBUnited Kingdo