Why Companies Go Private in Emerging Markets? Evidence from Poland

In recent years the number of going private transactions has sharply increased in emerging markets. The purpose of this study is to establish the financial characteristics of companies that have gone private using a dataset comprising of Polish companies. We use a probit model to distinguish the difference between firms that went private and companies that did not. We find that the probability of going private grew with a rise in the concentration of foreign ownership, an increase in the relative level of free cash flows, a decrease in the level of long term debt, and a decrease in the liquidity of share trading. The results obtained are important both for investors wishing to identify entities characterized by a high likelihood of going private and for governmental authorities evaluating the methods and rationality of privatization mature state- owned enterprises.Going Private, free cash flow, information asymmetry, ownership structure, emerging markets

Divestments in Banking. Preliminary Evidence on the Role of External Factors

Divestment constitutes an important method of corporate restructuring. Despite this fact, the banking literature on divestment is very limited. In this text, we try to remediate partially to the shortcomings of the existing literature by examining empirically the role of external factors. Using a large sample of 313 transactions, we have established that parent companies originate from countries with relatively high accumulated wealth, slow GDP growth, stable macroeconomic situation and dominant bank intermediation in financial system. The acquirers in turn come from poorer countries with faster economic growth and relatively more market-oriented financial systems. Those results broadly conform with the predictions of three hypotheses formulated in the text, namely the weak performance hypothesis, the corporate governance hypothesis and the rebalancing hypothesis

CT angiography for the detection of cerebral aneurysms : an analysis of 436 verified cases

Background: The aim of the study was to evaluate the clinical value of computed tomography angiography (CTA) in patients suspected of cerebral aneurysms based on 436 verified cases, which is the largest CTA series in the world literature apart from multicenter studies. Material/Methods: The authors analyzed retrospectively the results of CTA performed with the use of a single-slice CT unit in 436 consecutive patients with suspicion of cerebral aneurysms during five years and compared them with cerebral angiography and/or surgical findings. Results: CTA revealed 369 cerebral aneurysms in 309 patients. There were 21 (4.8%) false negative and 14 (3.2%) false positive results. The false positives involved unclear cases (small aneurysms vs. vascular loop) and the false negatives concerned small aneurysms (£3 mm), mostly on the internal carotid artery and multiple aneurysms. The overall efficiency results were: sensitivity 94.4%, specificity 97.3%, accuracy 96.1%, positive predictive value 96.2%, and negative predictive value 96.0%. The highest accuracy was found for middle cerebral artery aneurysms (97.6%), followed by the vertebro-basilar system (96.6%), anterior communicating artery complex (96.5%), and internal carotid artery (93.6%) aneurysms. The sensitivity was 100% for aneurysms >5 mm, 96.7% for aneurysms 3-5 mm, and 77.8% for aneurysms £3 mm. Among 316 patients who were treated surgically, an operation was performed only on the basis of CTA in 264 cases (83.5%). Conclusions: CTA is a minimally invasive neuroimaging method of high diagnostic efficiency and should be a primary vascular examination in patients with suspicion of aneurysm allowing, in most cases, avoidance of invasive cerebral angiography

Czynnik wzrostu śródbłonka naczyniowego i jego receptory w ścianie żylaków kończyn

Background. Disturbances in the regulation of vessel wall homeostasis are a potential factor initiating varicose vein development. Vascular endothelial growth factor A (VEGF-A) may play a hypothetic role in this process. The aim of the study was to evaluate mRNA expression and protein content of VEGF-A and its receptors (VEGF R1, VEGF R2) in varicose veins and varicose veins complicated by thrombophlebitis. Material and methods. Walls of varicose veins and varicose veins complicated by thrombophlebitis were the studied material. Walls of normal saphenous veins, which were harvested from patients with chronic limb ischaemia undergoing infrainguinal by-pass grafting, were the control material. The RT-PCR method was employed to assess mRNA expression of VEGF-A and its receptors, whereas the ELISA method was used to evaluate contents of VEGF-A and its receptors. Results. VEGF-A and VEGF R2 mRNA expression is increased, whereas VEGF R1 mRNA expression is unchanged in the wall of varicose veins in comparison with the wall of normal ones. VEGF-A and VEGF R1 mRNA expression is increased in the wall of varicose veins complicated by thrombophlebitis in comparison with walls of normal and varicose veins. VEGF R2 mRNA expression is also increased in the wall of varicose veins complicated by thrombophlebitis in comparison with control veins, but it is comparable to that in the wall of varicose veins. Changes in mRNA expression are correlated with appropriate changes in protein contents of VEGF-A, VEGF R1, and VEGF R2. Conclusions. The demonstrated changes in mRNA expression, as well as in the contents of VEGF-A, VEGF R1, and VEGF R2, in the wall of varicose veins may be accepted as one of the reasons for the clinical symptoms of the disease and can predispose to its progression. Acta Angiol 2011; 17, 2: 141–149Wstęp. Zaburzenia regulacji homeostazy ściany naczyniowej są potencjalnym czynnikiem inicjującym rozwój żylaków kończyn. Hipotetyczną rolę w tym procesie może odgrywać czynnik wzrostu śródbłonka naczyniowego A (VEGF-A). Celem pracy była ocena ekspresji mRNA i zawartości VEGF-A oraz jego receptorów (VEGF R1, VEGF R2) w ścianie żylaków niepowikłanych i żylaków powikłanych zakrzepowym zapaleniem. Materiał i metody. Materiałem badanym były ściany żylaków niepowikłanych i żylaków w stanie zakrzepowego zapalenia. Materiałem kontrolnym były ściany prawidłowych żył odpiszczelowych, pobrane od chorych na przewlekłe niedokrwienie kończyn, u których wykonano zabieg pomostowania udowo-podkolanowego. Na podstawie metody reakcji polimerazy łańcuchowej w połączeniu z odwrotną transkrypcją (RT-PCR) oceniono ekspresję mRNA VEGF-A i jego receptorów, natomiast wykorzystując metodę ELISA, zbadano zawartość VEGF-A i jego receptorów. Wyniki. W ścianie żylaków w porównaniu ze ścianą żył prawidłowych ekspresja VEGF-A mRNA oraz VEGF R2 mRNA jest większa, podczas gdy ekspresja VEGF R1 mRNA nie ulega istotnym zmianom. W ścianie żylaków powikłanych zakrzepowym zapaleniem ekspresja VEGF-A mRNA i VEGF R1 mRNA jest większa w porównaniu ze ścianą żył prawidłowych i ścianą żylaków niepowikłanych. Natomiast ekspresja VEGF R2 mRNA jest również większa niż w ścianie żył prawidłowych, ale porównywalna z ekspresją w ścianie żylaków niepowikłanych. Zmianom w ekspresji mRNA odpowiadają zmiany w zawartości białka VEGF-A, VEGF R1 i VEGF R2 w ścianie żylnej. Wnioski. Wykazane zmiany w ekspresji mRNA i zawartości VEGF-A, VEGF R1 i VEGF R2 w ścianie żylaków kończyn mogą być jedną z przyczyn objawów klinicznych choroby oraz predysponować do jej postępu. Acta Angiol 2011; 17, 2: 141–14

Bóle kręgosłupa w schorzeniach reumatycznych

W praktyce lekarza reumatologa bóle kręgosłupa należą do najczęstszych dolegliwości zgłaszanych przez chorych. Większość przypadków bólu ma charakter mechaniczny i trudną do ustalenia przyczynę; ustępują samoistnie w czasie 2–6 tygodni. Około 5% bólów kręgosłupa wiąże się z chorobą układową, przewlekłym zapaleniem czy poważnym uszkodzeniem struktur kręgosłupa. Jest wiele objawów alarmujących, nasuwających podejrzenie tych przyczyn. W niniejszej pracy przedstawiono przegląd najczęstszych układowych przyczyn bólów kręgosłupa, do których należą spondyloartropatie seronegatywne, reumatoidalne zapalenie stawów, zapalenie krążka międzykręgowego w przebiegu zakażenia, osteoporozę i inne. Polski Przegląd Neurologiczny 2010; 6 (2): 75–8

The effects of foreign and government ownership on bank lending behavior during a crisis in Central and Eastern Europe

We examine whether foreign-owned and government-owned banks in Central and Eastern Europe reacted differently during a domestic systematic banking crisis and the global financial crisis of 2008. Our panel dataset comprises data on more than 400 banks for the period 1994- 2010. Our analysis shows that foreign banks provided credit during domestic banking crises in host countries, while government-owned banks contracted. In contrast, foreign-owned banks reduced their credit base during the global financial crisis, while government-owned banks expanded. Consequently, our results show that foreign-owned banks may contribute to financial stability during domestic crisis episodes, but also increase the risk of importing instability from abroad during a crisis in their home markets. However, government-owned banks may substitute for foreign-owned banks and hinder the transmission of international shocks. Thus, our results indicate that a mixed banking sector consisting of foreign-owned and government-owned banks is most advisable

The Effects of Foreign and Government Ownership on Bank Lending Behavior During a Crisis in Central and Eastern Europe

We examine whether foreign-owned and government-owned banks in Central and Eastern Europe reacted differently during a domestic systematic banking crisis and the global financial crisis of 2008. Our panel dataset comprises data on more than 400 banks for the period 1994- 2010. Our analysis shows that foreign banks provided credit during domestic banking crises in host countries, while government-owned banks contracted. In contrast, foreign-owned banks reduced their credit base during the global financial crisis, while government-owned banks expanded. Consequently, our results show that foreign-owned banks may contribute to financial stability during domestic crisis episodes, but also increase the risk of importing instability from abroad during a crisis in their home markets. However, government-owned banks may substitute for foreign-owned banks and hinder the transmission of international shocks. Thus, our results indicate that a mixed banking sector consisting of foreign-owned and government-owned banks is most advisable

The effects of foreign and government ownership on bank lending behavior during a crisis in Central and Eastern Europe

We examine whether foreign-owned and government-owned banks in Central and Eastern Europe reacted differently during a domestic systematic banking crisis and the global financial crisis of 2008. Our panel dataset comprises data on more than 400 banks for the period 1994- 2010. Our analysis shows that foreign banks provided credit during domestic banking crises in host countries, while government-owned banks contracted. In contrast, foreign-owned banks reduced their credit base during the global financial crisis, while government-owned banks expanded. Consequently, our results show that foreign-owned banks may contribute to financial stability during domestic crisis episodes, but also increase the risk of importing instability from abroad during a crisis in their home markets. However, government-owned banks may substitute for foreign-owned banks and hinder the transmission of international shocks. Thus, our results indicate that a mixed banking sector consisting of foreign-owned and government-owned banks is most advisable