Evaluation of the Parentline Plus helpline: key findings

This report describes an evaluation of the Parentline helpline, carried out in 2006. It builds on the findings of an earlier evaluation, conducted by the authors between August 2002 and March 2003. The current evalaution focused on callers' perceptions of the helpline service, in order to determine whether the characteristics of callers using the service, and their reported perceptions of using the helpline, differed from callers interviewed in the original evaluation four years ago. More broadly, the evaluation aimed to inform the future development of Parentline services, by gathering detailed information on the extend to which callers' perceived needs were met by the universal helpline service

Banking Relationships and Access to Equity Capital Markets: Evidence from Japan’s Main Bank System

We study the role of banking relationships in IPO underwriting using a sample of 484 Japanese IPOs. Among other issues, we consider whether bank relationships lead to increased access to public equity markets, especially for smaller, lesser-known firms. When a firm in Japan goes public, it can engage an investment bank that is related through a common main bank, or can select an alternative investment bank. The main bank relationship can be an efficient way for the investment bank to acquire information generated by the main bank, but may give rise to conflicts of interest. We use data from two different investment banking regimes in Japan (a hybrid auction-method regime and a book-building regime) and find that main bank relationships give small issuers increased access to equity capital markets, but that issuers of large IPOs switch to non-related investment banks that are capable of managing large offerings. While we find evidence that investment banks seek to exploit bargaining power with related issuers, we also find that issuers respond to expected high issue cost by switching to non-related investment banks. The net result is that total issue costs through related and non-related investment banks are similar. With respect to aftermarket performance and use of offer proceeds, we find no evidence of conflict of interest or self-dealing for either the main bank or the investment bank.Main Bank; Banking Relationships; Capital Market Access; IPOs; Underwriting; Japanese Economy

New Venture Opportunity Cost of Capital and Financial Contracting

Investments in new ventures involve financial contracts between an entrepreneur and outside investors. Investors, such as venture capital firms, represent well-diversified investors. In contrast, the entrepreneur must commit a substantial fraction of human and financial capital to the venture. Consequently, the entrepreneur's required rate of return depends on total risk, in the context of the entrepreneur’s other assets. In this paper, we use the Capital Asset Pricing Model as an approximation of the asset pricing model used by well-diversified investors. Accordingly, the entrepreneur faces the risk-return tradeoff of the CAPM as the opportunity cost of holding an under-diversified portfolio that includes investment in the venture. We model the required rate of return of the entrepreneur, assuming investment in the venture is one of two assets in the portfolio and that the other is the market portfolio. We explore opportunities for value creation when the parties to a financial contract have different costs of bearing risk. We also present empirical data on factors relevant to new venture cost of capital estimation.

The SEC's "Fair Value" Standard for Mutual Fund Investment in Restricted Shares and Other Illiquid Securities

Mutual funds generally do not invest in venture capital, private equity, or restricted shares of public companies. Consequently, individuals who desire to invest in such securities are unable to do so through diversified mutual funds. In this paper, we identify public policies and regulations that discourage mutual fund involvement in the markets for illiquid equity. We also present evidence that changes in SEC policy caused mutual funds to retreat from investing in illiquid equity. Under the Investment Company Act of l940, the SEC requires mutual fund boards to determine and report the “fair value” of their investments in restricted shares and other illiquid equity claims. The SEC interprets fair value to mean value in current sale. Under the Investment Company Act, fair value reporting is a “certification” standard that presumes investors rely on the value representations of the fund board and its auditors. We consider whether alternatives to certification and current sale valuation could reduce barriers to mutual fund investment, without exposing individuals who invest in mutual funds to excessive risk or potential manipulation. To assess the effects of public policies, we analyze recent efforts of the SEC to apply the fair-value standard and examine court decisions arising from subsequent litigation. We also analyze the financial economics literature concerning discounts for illiquidity and the implications for valuing restricted shares. The paper concludes with a discussion of policy alternatives, including allowing funds to rely more on “transparency” in lieu of certification and allowing funds more latitude in determining and reporting the values of their illiquid securities.

Cauliflower

This publication is part of the Create Better Health Guide to Eating Fresh Fruits and Vegetables and includes information on selecting, preparing, cooking, and storing cauliflower

Target Identification

Identifying potential and druggable targets for developing new drugs is the first major step for curing a disease, which includes the understanding of the cellular, molecular, biochemical complexities associated with a specific disease. The classical hypothesis of ‘one gene, one drug, one disease’ in the drug discovery paradigm may have contributed to the low success rate in drug development. Using AI and related technologies in the target identification process allows scientists and pharmaceutical companies to really explore all the available evidence to better understand a disease and its underlying biology. Our team has focused on target identification, with growing amounts of data supporting early decision making

In Vivo Experiment

in vivo lead discovery/lead optimization is an important stage using animal models of disease to assess the target mechanism of action, efficacy, safety profiling, unpredicted toxicity and further investigation of the drug metabolism and pharmacokinetics (DMPK) properties. Compared to in vivo screening, in vivo testing is better suited for observing the overall effects of an experiment on a living subject. In addition, whole-organism in vivo screening holds several advantages to small molecule discovery for its target agonistic and holistic. The in vivo experiments of drug discovery give convincing evidence for preclinical trials at the physiological level