Where Is the Risk in Value? Evidence From a Market-to-Book Decomposition

We study the value premium using a multiples-based market-to-book decomposition of RhodesKropf, Robinson and Viswanathan (2005). The market-to-value component drives all of the value strategy return, while the value-to-book component exhibits no return predictability in either portfolio sorts or firm-level regressions. Existing results linking market-to-book to operating leverage, duration, exposure to investment-specific technology shocks, and analysts’ risk ratings derive from the unpriced value-to-book component. In contrast, results on expectation errors, limits to arbitrage, and certain types of cash flow risk and consumption risk exposure are due to the market-to-value component. Overall, our evidence casts doubt on several value premium theories

Daily volume, intraday and overnight returns for volatility prediction: profitability or accuracy?

This article presents a comprehensive analysis of the relative ability of three information sets—daily trading volume, intraday returns and overnight returns—to predict equity volatility. We investigate the extent to which statistical accuracy of one-day-ahead forecasts translates into economic gains for technical traders. Various profitability criteria and utility-based switching fees indicate that the largest gains stem from combining historical daily returns with volume information. Using common statistical loss functions, the largest degree of predictive power is found instead in intraday returns. Our analysis thus reinforces the view that statistical significance does not have a direct mapping onto economic value. As a byproduct, we show that buying the stock when the forecasted volatility is extremely high appears largely profitable, suggesting a strong return-risk relationship in turbulent conditions

The Influence of a Firms\u27 Business Strategy on the Downside Risk of Earnings, Accruals and Cash Flow

This study examines whether a firm\u27s business strategy is an underlying determinant of downside risk in accounting earnings and its components. Based on organizational theory we predict that firms following an innovative prospector strategy exhibit lower profitability tendencies than firms following a cost-oriented defender strategy. Further, we anticipate that these strategies are asymmetrically positioned towards environmental uncertainty, with defenders focusing their efforts to efficiency, cost control, and minimizing exposure to downside risk, whereas prospectors direct their resources to flexibility, innovation, and maximizing the growth potential through aggressive expansion to new product markets. We find that prospectors are indeed less profitable than defenders. We also demonstrate that prospectors have greater total and downside earnings risk. Finally, we decompose earnings into accruals and cash flow and show that the higher exposure of prospectors to earnings downside risk is driven by the cash flow component rather than the accrual component. Collectively, our results suggest that considering how strategy interacts with financial reporting attributes is a useful way for evaluating a firms\u27 risk profile

ВЛИЯНИЕ АНТИГИСТАМИННЫХ ПРЕПАРАТОВ ВТОРОГО ПОКОЛЕНИЯ НА КОГНИТИВНЫЕ ФУНКЦИИ ДЕТЕЙ С ПОЛЛИНОЗОМ

Relevance. Allergic pathology in particular, a hay fever, can lead to decrease in cognitive functions at children. Earlier it was established that antihistamine preparations of I generation influence cognitive functions of patients. Тhe patients with this nosology receive for a longtime courses of antihistamine preparations of II generation, so the analysis of influence of different AH preparations of II generation on cognitive activity of children with a hay fever is necessary. Purpose. Studying of influence of II generation antihistamine preparations in a complex with the specific allergen immunotherapy on cognitive functions at children with a hay fever. Patients and methods. Using the psychophysiological computer complex «Psihomat» the condition of cognitive functions was established. In total the 81 child with a hey fever were investigated. The persons under consideration were divided on subgroups depending on antihistamine which they received. For the patients in the main group of investigation the cognitive functions have been studied in 3 points. Results. The patients had changes in the attention and psychomotor activity more often, than in other conitive activity. It is not obtained distinct data on characteristic contribution of antihistamine preparations of a second generation in improvement of cognitive activity as a whole at complex treatment of hay fever with specific allergen immunotherapy. Antihistamine preparations (desloratidine and cetirizine) are improved by indexes of visual and space perception at children with a hay fever. From the 3 antihistamine preparations the cetirizine has the most carried out positive effect concerning the psiho-motoric activity in the combined ASIT. Conclusion. Padding express researches in the field are necessary for receiving the definite answers to problem questions. Актуальность. Аллергическая патология, в частности поллиноз, может приводить к снижению когнитивных функций у детей. Так же ранее было установлено, что антигистаминные препараты I поколения влияют на когнитивные функции пациентов. Так как пациенты с данной нозологией достаточно длительно получают курсы антигистаминных препаратов II поколения, необходим анализ их влияния на когнитивную деятельность детей с поллинозом. Цель исследования. Изучение влияния антигистаминных препаратов II поколения в комплексе с аллергенспецифической иммунотерапией (АСИТ) на когнитивные функции у детей с поллинозом. Пациенты и методы. С помощью психофизиологического компьютерного комплекса «Психомат» определено состояние когнитивных функций у 81 ребенка с диагнозом «Поллиноз». Обследуемые были разделены на подгруппы в зависимости от антигистаминного препарата, который получали. Пациентам приводилось исследование когнитивных функций в 3 точках. Результаты. Детализация когнитивных нарушений при поллинозе в стадии ремиссии показала, что у пациентов несколько чаще нарушены произвольное внимание и психомоторная деятельность. Не получено отчетливых данных о собственном вкладе антигистаминных препаратов II поколения в улучшение когнитивной деятельности в целом при комплексном с АСИТ лечении поллинозов. Антигистаминные препараты (дезлоратадин и цетиризин) улучшают показатели зрительно-пространственного восприятия у детей с поллинозом. Цетиризин обладает лучшим пролонгированным положительным эффектом в отношении психомоторной деятельности в комбинированной терапии с АСИТ. Заключение. Необходимы дополнительные специальные исследования в данной области для получения однозначных ответов на проблемные вопросы.

ФОРМИРОВАНИЕ ТУАЛЕТНЫХ НАВЫКОВ У ДЕТЕЙ ИЗ СЕМЕЙ ОБЩЕЙ ПОПУЛЯЦИИ И СЕМЕЙ С ВЫСОКИМ СОЦИАЛЬНО-ЭКОНОМИЧЕСКИМ СТАТУСОМ. СРАВНИТЕЛЬНОЕ ИССЛЕДОВАНИЕ

Goal: to compare the main parameters of toilet skills formation in between children of the common population and those from families with a high social and economic status. Methods: 1068 parents with children 2–5 years of age were questioned using a specially developed questionnaire. Results: 1012 children from the common population (CP) and 56 children from families with a relatively high economic and social status (RHESS) were studied. The average age at the beginning of toilet training appeared to be the same 15,17 ± 0,23 months (CP) and 15,6 ± 0,8 months (RHESS). In the CP group 29.5% of parents started toilet training before their children reached the age of 1 year — which is twice more often than in the RHESS group. The RHESS children finish toilet training approx. 1.9 months earlier. The overall training turned out to be shorter in the RHESS group by more than 2 months: 10,5 ± 0,6 against 12,88 ± 0,41 months (р < 0,05). Serious differences were discovered in the teaching methods: parents from the CP group are more inclined towards forced placement of the child onto the pot and to more active actions demonstrating at the same time more variety in methodology, while in the RHESS group the methodology is more homogeneous with techniques oriented at the child’s choice and a moderate parental activity are dominating. Conclusion. The methods of child toilet training in families with a high economic and social status is different from those most popular in the general population. The training in the RHESS group is slightly faster and is concluded earlier.  Цель исследования: сравнение основных параметров формирования навыков туалета у детей из семей общей популяции и детей из семей с высоким социально-экономическим статусом. Методы. Проведено анкетирование 1068 родителей детей в возрасте от 2 до 5 лет с помощью специально разработанного опросника. Результаты. Всего обследовано 1012 детей общей популяции (ОП) и 56 детей из семей с относительно высоким социально-экономическим статусом (ВСЭС). Средний возраст детей к моменту начала обучения навыкам туалета в группах оказался одинаковым: 15,17 ± 0,23 мес (группа ОП) и 15,6 ± 0,8 мес (группа ВСЭС). В группе ОП обучение в возрасте ребенка до 1 года жизни начинало 29,5% родителей ― в два раза чаще, чем в группе ВСЭС. Дети из группы высокого социально-экономического статуса завершают обучение примерно на 1,9 мес раньше. Средняя продолжительность обучения туалетным навыкам от самых первых попыток обучения до полного освоения туалетных навыков в группе ВСЭС оказалась более чем на 2 мес короче, чем в группе ОП: 10,5 ± 0,6 против 12,88 ± 0,41 мес (р < 0,05). Выявлены существенные различия в методологии обучения: родители группы ОП более привержены к принудительным высаживаниям ребенка на горшок и более активным действиям при большей вариабельности методологии, тогда как в группе ВСЭС методология более однородна и доминируют техники, ориентированные на выбор ребенка и умеренную активность родительских действий в основной стадии обучения. Заключение. Методология обучения детей навыкам туалета в семьях с высоким социально-экономическим статусом отличается от наиболее популярных в общей популяции. Обучение туалетным навыкам в группе ВСЭС несколько быстрее и завершается также несколько ранее.

Elective Cancer Surgery in COVID-19-Free Surgical Pathways During the SARS-CoV-2 Pandemic: An International, Multicenter, Comparative Cohort Study.

PURPOSE: As cancer surgery restarts after the first COVID-19 wave, health care providers urgently require data to determine where elective surgery is best performed. This study aimed to determine whether COVID-19-free surgical pathways were associated with lower postoperative pulmonary complication rates compared with hospitals with no defined pathway. PATIENTS AND METHODS: This international, multicenter cohort study included patients who underwent elective surgery for 10 solid cancer types without preoperative suspicion of SARS-CoV-2. Participating hospitals included patients from local emergence of SARS-CoV-2 until April 19, 2020. At the time of surgery, hospitals were defined as having a COVID-19-free surgical pathway (complete segregation of the operating theater, critical care, and inpatient ward areas) or no defined pathway (incomplete or no segregation, areas shared with patients with COVID-19). The primary outcome was 30-day postoperative pulmonary complications (pneumonia, acute respiratory distress syndrome, unexpected ventilation). RESULTS: Of 9,171 patients from 447 hospitals in 55 countries, 2,481 were operated on in COVID-19-free surgical pathways. Patients who underwent surgery within COVID-19-free surgical pathways were younger with fewer comorbidities than those in hospitals with no defined pathway but with similar proportions of major surgery. After adjustment, pulmonary complication rates were lower with COVID-19-free surgical pathways (2.2% v 4.9%; adjusted odds ratio [aOR], 0.62; 95% CI, 0.44 to 0.86). This was consistent in sensitivity analyses for low-risk patients (American Society of Anesthesiologists grade 1/2), propensity score-matched models, and patients with negative SARS-CoV-2 preoperative tests. The postoperative SARS-CoV-2 infection rate was also lower in COVID-19-free surgical pathways (2.1% v 3.6%; aOR, 0.53; 95% CI, 0.36 to 0.76). CONCLUSION: Within available resources, dedicated COVID-19-free surgical pathways should be established to provide safe elective cancer surgery during current and before future SARS-CoV-2 outbreaks

Elective cancer surgery in COVID-19-free surgical pathways during the SARS-CoV-2 pandemic: An international, multicenter, comparative cohort study

PURPOSE As cancer surgery restarts after the first COVID-19 wave, health care providers urgently require data to determine where elective surgery is best performed. This study aimed to determine whether COVID-19–free surgical pathways were associated with lower postoperative pulmonary complication rates compared with hospitals with no defined pathway. PATIENTS AND METHODS This international, multicenter cohort study included patients who underwent elective surgery for 10 solid cancer types without preoperative suspicion of SARS-CoV-2. Participating hospitals included patients from local emergence of SARS-CoV-2 until April 19, 2020. At the time of surgery, hospitals were defined as having a COVID-19–free surgical pathway (complete segregation of the operating theater, critical care, and inpatient ward areas) or no defined pathway (incomplete or no segregation, areas shared with patients with COVID-19). The primary outcome was 30-day postoperative pulmonary complications (pneumonia, acute respiratory distress syndrome, unexpected ventilation). RESULTS Of 9,171 patients from 447 hospitals in 55 countries, 2,481 were operated on in COVID-19–free surgical pathways. Patients who underwent surgery within COVID-19–free surgical pathways were younger with fewer comorbidities than those in hospitals with no defined pathway but with similar proportions of major surgery. After adjustment, pulmonary complication rates were lower with COVID-19–free surgical pathways (2.2% v 4.9%; adjusted odds ratio [aOR], 0.62; 95% CI, 0.44 to 0.86). This was consistent in sensitivity analyses for low-risk patients (American Society of Anesthesiologists grade 1/2), propensity score–matched models, and patients with negative SARS-CoV-2 preoperative tests. The postoperative SARS-CoV-2 infection rate was also lower in COVID-19–free surgical pathways (2.1% v 3.6%; aOR, 0.53; 95% CI, 0.36 to 0.76). CONCLUSION Within available resources, dedicated COVID-19–free surgical pathways should be established to provide safe elective cancer surgery during current and before future SARS-CoV-2 outbreaks

СОВРЕМЕННЫЕ АСПЕКТЫ ИЗУЧЕНИЯ КОГНИТИВНОЙ СФЕРЫ В РАЗВИТИИ РЕБЕНКА

The article gives scientific data on the development of cognitive brain functions in children in relation to their clinical significance and application: variants and regularities of development in normal state, pathology and at their boundary; pathological development of cognitive performance; origination and transformation of main symptoms and syndromes of cognitive disorders. Prospective and applied in the Center scientific approaches to diagnostics and treatment of cognitive disorders taking into consideration their development in age dynamics are given in detail. A complex of measures on the improvement of cognitive health in children and adolescents in the Russian Federation is suggested on the analysis results.В статье приводятся научные данные о развитии когнитивных функций мозга у детей сквозь призму их клинической значимости и применения: варианты и закономерности развития в норме, патологии и на их границе; патологическое развитие когнитивной деятельности; зарождение и трансформация основных симптомов и синдромов когнитивных нарушений. Подробно приводятся перспективные и применяемые в Центре научные подходы к диагностике и лечению когнитивных нарушений с учетом их развития в возрастной динамике. По результатам анализа предлагается комплекс мероприятий по улучшению когнитивного здоровья детей и подростков в Российской Федерации.