Timing of Convertible Debt Financing and Investment

In this paper, we examine the optimal investment policy of the firm which is financed by issuing equity, straight debt and convertible debt. We extend the model in Mauer and Sarkar (2005) over financing with convertible debt. We examine two different investment policies that maximize the equity value and the firm value and show the agency cost as the difference between each policy value. Furthermore, we investigate how the issuance of convertible debt affects investment.

Efficacy and Safety of Once-daily Oxybutynin Patch in Patients with Overactive Bladder Who had Experienced Adverse Reactions Caused by Oral Antimuscarinic Drugs

Objectives：To evaluate the efficacy and safety of once-daily oxybutynin patch for overactive bladder (OAB) patients not tolerating oral antimuscarinic drugs. Methods：We prospectively investigated 43 OAB patients treated with once-daily oxybutynin patches for dry mouth and constipation due to oral antimuscarinic drugs. Results：Oxybutynin patch treatment for 8 weeks significantly improved the visual analogue scale scores for dry mouth and constipation；total score and subscore (mean number of urgency episodes and daily micturitions) for OAB symptoms；and King’s Health Questionnaire scores for social limitations, emotions and sleep/energy (P＝0.016 and 0.001；0.008, 0.041 and 0.015；and 0.007, 0.003 and 0.026, respectively). The 3-day frequency volume chart showed significant improvement in hours of undisturbed sleep（P＝0.011）. Eight patients had adverse reactions at the application site and withdrew from the study, while others only developed mild erythema and pruritus. Conclusions：Oxybutynin patch reduces adverse reactions caused by oral antimuscarinic drugs

Efficacy of Tadalafil Add-on Treatment for Men with Lower Urinary Tract Symptoms Refractory to Alpha-1 Adrenoceptor Blockers

Introduction：To evaluate the efficacy and safety of once daily phosphodiesterase type 5 inhibitor(PDE5i) tadalafil as an add-on treatment for men with lower urinary tract symptoms suggestive of benign prostatic hyperplasia（BPH/LUTS）refractory to an alpha 1-blocker（a1-blocker）. Materials and Methods：This study enrolled men aged ＞50 years with BPH/LUTS and erectile dysfunction(ED) that were refractory to ＞3 months of a1-blocker. We defined “refractory” as an international prostate symptoms score (IPSS) of ＞8 and a maximum flow rate (Qmax) ＜15 despite in no space take of an a1-blocker. Patients with contraindications to phosphodiesterase-5 inhibitors；those with symptoms of other diseases that were difficult to differentiate from BPH/LUTS；and those with postvoid residual of ＞100 ml were excluded. Eligible patients received added-on treatment with tadalafil 5 mg/day for 12 weeks. Results：Tadalafil add-on treatment significantly improved the IPSS parameters in terms of total score（P＜0.001）, subscore for storage（P＝0.001）, subscore for voiding（P＜0.001）, and quality of life（P＝0.002）. The 3-day frequency volume chart showed significant improvements in mean number of daily nocturnal micturations（P＝0.002）, nocturnal polyuria index（P＝0.001）, and hours of undisturbed sleep（P＝0.006）. Five patients dropped out because of an adverse event：two with a headache, two with dizziness and one with dyspepsia. There were no serious adverse events. Conclusion：Tadalafil add-on treatment was effective for patients with BPH/LUTS and ED that were resistant to a1-blockers