93 research outputs found

    Corporate Political Strategies and Return Predictability

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    We assess whether observable corporate political strategies can serve as channels of value relevant political information flow into stock prices and form the basis for profitable return predictability strategies. We document that returns of politically connected firms’ stocks lead those of their non-connected peers, suggesting that information shocks associated with new policies and other political developments become evident first in the stock prices of firms that pursue political strategies and then, with delay, in those of similar non-connected firms

    Policy Uncertainty and the Dual Role of Corporate Political Strategies

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    Firms use active political strategies not only to mitigate uncertainty emanating from legislative activity, but also to enhance their growth opportunities. We find that a firm\u27s systematic risk (beta) can be hedged away by employing various political strategies involving the presence of former politicians on corporate boards of directors, contributions to political campaigns, and corporate lobbying activities. The hedging effect is greater when firms operate in more uncertain industries. In addition, active political strategies are associated with greater firm heterogeneity and make real options more value relevant as potential drivers of competitive advantages in uncertain environments

    Flexible ultraviolet and ambient light sensor based on nanomaterial network fabricated by using selective and localized wet-chemical reactions

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    We report ZnO nanowire- and TiO_2 nanotube-based light sensors on flexible polymer substrates fabricated by localized hydrothermal synthesis and liquid phase deposition (LPD). This method realized simple and cost-effective in situ synthesis and integration of one-dimensional ZnO and TiO_2 nanomaterials. The fabricated sensor devices with ZnO nanowires and TiO_2 nanotubes show very high sensitivity and quick response to the ultraviolet (UV) and ambient light, respectively. In addition, our direct synthesis and integration method result in mechanical robustness under external loading such as static and cyclic bending because of the strong bonding between the nanomaterial and the electrode. By controlling the reaction time of the LPD process, the Ti/Zn ratio could be simply modulated and the spectral sensitivity to the light in the UV to visible range could be controlled

    Localized Liquid-Phase Synthesis of Porous SnO_2 Nanotubes on MEMS Platform for Low Power, High Performance Gas Sensors

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    We have developed highly sensitive, low-power gas sensors through the novel integration method of porous SnO_2 nanotubes (NTs) on a micro-electro-mechanical-systems (MEMS) platform. As a template material, ZnO nanowires (NWs) were directly synthesized on beam-shaped, suspended microheaters through an in situ localized hydrothermal reaction induced by local thermal energy around the Joule-heated area. Also, the liquid-phase deposition process enabled the formation of a porous SnO_2 thin film on the surface of ZnO NWs and simultaneous etching of the ZnO core, eventually to generate porous SnO_2 NTs. Because of the localized synthesis of SnO_2 NTs on the suspended microheater, very low power for the gas sensor operation (<6 mW) has been realized. Moreover, the sensing performance (e.g., sensitivity and response time) of synthesized SnO_2 NTs was dramatically enhanced compared to that of ZnO NWs. In addition, the sensing performance was further improved by forming SnO_2–ZnO hybrid nanostructures due to the heterojunction effect

    Consent for withholding life-sustaining treatment in cancer patients: a retrospective comparative analysis before and after the enforcement of the Life Extension Medical Decision law

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    Abstract Background The Life Extension Medical Decision law enacted on February 4, 2018 in South Korea was the first to consider the suspension of futile life-sustaining treatment, and its enactment caused a big controversy in Korean society. However, no study has evaluated whether the actual implementation of life-sustaining treatment has decreased after the enforcement of this law. This study aimed to compare the provision of patient consent before and after the enforcement of this law among cancer patients who visited a tertiary university hospital's emergency room to understand the effects of this law on the clinical care of cancer patients. Methods This retrospective single cohort study included advanced cancer patients aged over 19 years who visited the emergency room of a tertiary university hospital. The two study periods were as follows: from February 2017 to January 2018 (before) and from May 2018 to April 2019 (after). The primary outcome was the length of hospital stay. The consent rates to perform cardiopulmonary resuscitation (CPR), intubation, continuous renal replacement therapy (CRRT), and intensive care unit (ICU) admission were the secondary outcomes. Results The length of hospital stay decreased after the law was enforced from 4 to 2 days (p = 0.001). The rates of direct transfers to secondary hospitals and nursing hospitals increased from 8.2 to 21.2% (p = 0.001) and from 1.0 to 9.7%, respectively (p < 0.001). The consent rate for admission to the ICU decreased from 6.7 to 2.3% (p = 0.032). For CPR and CRRT, the consent rates decreased from 1.0 to 0.0% and from 13.9 to 8.8%, respectively, but the differences were not significant (p = 0.226 and p = 0.109, respectively). Conclusion After the enforcement of the Life Extension Medical Decision law, the length of stay in the tertiary university hospital decreased in patients who established their life-sustaining treatment plans in the emergency room. Moreover, the rate of consent for ICU admission decreased

    Comparative Influences of Precipitation and River Stage on Groundwater Levels in Near-River Areas

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    The sustainable performance of foundations of various urban buildings and infrastructures is strongly affected by groundwater level (GWL), as GWL causes changes in the stress state within soil. In the present study, the components affecting GWL were investigated, focusing on the effects of precipitation and river stage. These components were analyzed using a six-year database established for hydrological and groundwater monitoring data. Five study regions for which daily measured precipitation, river stage, and GWL data were available were compared. Different periods of precipitation, geographical characteristics, and local surface conditions were considered in the analysis. The results indicated that key influence components on GWL are different depending on the hydrological, geological, and geographical characteristics of the target regions. River stage had the strongest influence on GWL in urban areas near large rivers with a high ratio of paved surface. In rural areas, where the paved surface area ratio and soil permeability were low, the moving average showed a closer correlation to GWL than river stage. A moving average-based method to predict GWL variation with time was proposed for regions with a low ratio of paved surface area and low permeability soils

    Predisposing Factors and Neurologic Outcomes of Patients with Elevated Serum Amylase and/or Lipase after Out-of-Hospital Cardiac Arrest: A Retrospective Cohort Study

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    This study investigated the patient outcomes, incidence, and predisposing factors of elevated pancreatic enzyme levels after OHCA. We conducted a retrospective cohort study of patients treated with targeted temperature management (TTM) after out-of-hospital cardiac arrest (OHCA). Elevation of pancreatic enzyme levels was defined as serum amylase or lipase levels that were at least three times the upper limit of normal. The factors associated with elevated pancreatic enzyme levels and their association with neurologic outcomes and mortality 28 days after OHCA were analyzed. Among the 355 patients, 166 (46.8%) patients developed elevated pancreatic enzyme levels. In the multivariable analysis (odds ratio, 95% confidence interval), initial shockable rhythm (0.62, 0.39&ndash;0.98, p = 0.04), time from collapse to return of spontaneous circulation (1.02, 1.01&ndash;1.04, p &lt; 0.001), and history of coronary artery disease (1.7, 1.01&ndash;2.87, p = 0.046) were associated with elevated pancreatic enzyme levels. After adjusting for confounding factors, elevated pancreatic enzyme levels were associated with neurologic outcomes (5.44, 3.35&ndash;8.83, p &lt; 0.001) and mortality (3.74, 2.39&ndash;5.86, p &lt; 0.001). Increased pancreatic enzyme levels are common in patients treated with TTM after OHCA and are associated with unfavorable neurologic outcomes and mortality at 28 days after OHCA
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