The Effects of Corporate Bonds on Employment: Early Evidence from Greece

This study investigates the impact of corporate bonds issued by Greek listed firms on employment. Even though external financing and the effects on employment has been studied in the literature, we extend the existing literature by focusing for the first time on the specific role of corporate bonds on employment. We have collected all the relevant papers on this line of the literature and concisely report them in a table format and then use them in analyzing our results. Our empirical analysis is based on a panel dataset from 2001 to 2014 and we examine the effect of corporate bonds in the pre and post period of the Greek economic crisis, in which the banking system is vulnerable and unable to provide financing to the firms. The results suggest that corporate bonds have a positive effect on employment in the pre-crisis sample, denoting that firms hire employees and proceed to investment choices. On the contrary, during the recession, corporate bonds have a negative effect on employment. Firms reduce their costs and try to control their debt obligations by issuing corporate bonds

Implementation of Guidelines for the Management of Arterial Hypertension. The Impulsion Study

This study assessed the effects of a pilot best practice implementation enhancement program on the control of hypertension. We enrolled 697 consecutive known hypertensive patients with other vascular risk factors but free from overt vascular disease. There was no “control” group because it was considered unethical to deprive high-risk patients from “best medical treatment”. Following a baseline visit, previously trained physicians aimed to improve adherence to lifestyle measures and drug treatment for hypertension and other vascular risk factors. Both at baseline and at study completion (after 6 months), a 1-page form was completed showing if patients achieved treatment targets. If not, the reasons why were recorded. This program enhanced compliance with lifestyle measures and increased the use of evidence-based medication. There was a substantial increase in the number of patients who achieved treatment targets for blood pressure (p<0.0001) and other vascular risk factors. In non-diabetic patients (n=585), estimated vascular risk (PROCAM risk engine) was significantly reduced by 41% (p<0.0001). There was also a 12% reduction in vascular risk according to the Framingham risk engine but this did not achieve significance (p=0.07). In conclusion, this is the first study to increase adherence to multiple interventions in hypertensive patients on an outpatient basis, both in primary care and teaching hospitals. Simple, relatively low cost measures (e.g. educating physicians and patients, distributing printed guidelines/brochures and completing a 1-page form) motivated both physicians and patients to achieve multiple treatment goals. Further work is needed to establish if the improvement observed is sustained. [ClinicalTrials.gov NCT00416611]

H επίδραση των εταιρικών ομολόγων στην απασχόληση

This study investigates the impact of corporate bonds issued by Greek listed firms on employment. Even though external financing and the effects on employment has been studied in the literature, we extend the existing literature by focusing for the first time on the specific role of corporate bonds on employment. We have collected all the relevant papers on this line of the literature and concisely report them in a table format and then use them in analyzing our results. Our empirical analysis is based on a panel dataset from 2001 to 2014 and we examine the effect of corporate bonds in the pre and post period of the Greek economic crisis, in which the banking system is vulnerable and unable to provide financing to the firms. The results suggest that corporate bonds have a positive effect on employment in the pre-crisis sample, denoting that firms hire employees and proceed to investment choices. On the contrary, during the recession, corporate bonds have a negative effect on employment. Firms reduce their costs and try to control their debt obligations by issuing corporate bonds. Investments on the other hand had a positive impact in both samples, which means that the implementation of an investment plan, increased labor force.Αυτή η μελέτη διερευνά την επίδραση των εταιρικών ομολόγων που εκδίδονται από ελληνικές εισηγμένες εταιρείες στην απασχόληση. Παρόλο που η εξωτερική χρηματοδότηση και οι επιπτώσεις στην απασχόληση έχουν μελετηθεί εκτενώς στη βιβλιογραφία, επεκτείνουμε την υπάρχουσα έρευνα εστιάζοντας για πρώτη φορά στον ειδικό ρόλο των εταιρικών ομολόγων στην απασχόληση. Συλλέξαμε όλα τα σχετικά επιστημονικά άρθρα και μοντέλα που αφορούν την εξωτερική χρηματοδότηση, τα αναφέρουμε συνοπτικά σε μορφή πίνακα και στη συνέχεια τα χρησιμοποιούμε για την ανάλυση των αποτελεσμάτων μας. Η εμπειρική μας ανάλυση βασίζεται σε ένα σύνολο δεδομένων πάνελ από το 2001 έως το 2014 και εξετάζουμε την επίδραση των εταιρικών ομολόγων πριν και μετά την περίοδο της ελληνικής οικονομικής κρίσης, στην οποία το τραπεζικό σύστημα είναι ευάλωτο και δεν μπορεί να προσφέρει χρηματοδότηση στις επιχειρήσεις. Τα αποτελέσματα δείχνουν ότι τα εταιρικά ομόλογα έχουν θετική επίδραση στην απασχόληση στο δείγμα πριν από την κρίση, υποδηλώνοντας ότι οι εταιρείες προσλαμβάνουν υπαλλήλους και προχωρούν σε επενδυτικές επιλογές. Αντίθετα, κατά τη διάρκεια της ύφεσης, τα εταιρικά ομόλογα έχουν αρνητική επίδραση στην απασχόληση. Οι επιχειρήσεις μειώνουν το κόστος τους και προσπαθούν να ελέγξουν τις δανειακές τους υποχρεώσεις με την έκδοση εταιρικών ομολόγων. Οι επενδύσεις από την άλλη είχαν θετικό πρόσημο και στα δύο δείγματα, που σημαίνει ότι η υλοποίηση επενδυτικού πλάνου, αύξανε την απασχόληση

Thyroid cancer surgery during the coronavirus disease 2019 pandemic: perioperative management and oncological and anatomical considerations

The coronavirus disease 2019 (COVID-19) pandemic has changed many aspects of our everyday lives and medical practice, including oncology treatment; thyroid cancer surgery is not an exception. The reported number of fine-needle aspirations performed during the first semester of 2020 was significantly reduced. Poorly differentiated, medullary and anaplastic thyroid tumors are considered important indications for immediate surgical intervention. By contrast, most well-differentiated carcinomas present slow growth, and thus surgery can be deferred for a short period of time during which patients are under active surveillance. Thyroid surgeries have decreased during the COVID-19 pandemic. Furthermore, prior to any intervention, negative COVID-19 status – with the use of a nasopharyngeal swab and reverse transcription PCR assay as the gold standard and chest CT scan as a complementary modality in some cases – must be confirmed to achieve a COVID-free pathway. Thorough preoperative assessment regarding both oncological and anatomical aspects should be performed to identify optimal timing for safe management

Thyroid cancer surgery during the coronavirus disease 2019 pandemic: perioperative management and oncological and anatomical considerations

The coronavirus disease 2019 (COVID-19) pandemic has changed many aspects of our everyday lives and medical practice, including oncology treatment; thyroid cancer surgery is not an exception. The reported number of fine-needle aspirations performed during the first semester of 2020 was significantly reduced. Poorly differentiated, medullary and anaplastic thyroid tumors are considered important indications for immediate surgical intervention. By contrast, most well-differentiated carcinomas present slow growth, and thus surgery can be deferred for a short period of time during which patients are under active surveillance. Thyroid surgeries have decreased during the COVID-19 pandemic. Furthermore, prior to any intervention, negative COVID-19 status - with the use of a nasopharyngeal swab and reverse transcription PCR assay as the gold standard and chest CT scan as a complementary modality in some cases - must be confirmed to achieve a COVID-free pathway. Thorough preoperative assessment regarding both oncological and anatomical aspects should be performed to identify optimal timing for safe management