Earnout financing in the financial services industry

This paper explores the effects of earnout contracts used in US financial services M&A. We use propensity score matching (PSM) to address selection bias issues with regard to the endogeneity of the decision of financial institutions to use such contracts. We find that the use of earnout contracts leads to significantly higher acquirer abnormal returns (short- and long-run) compared to counterpart acquisitions (control deals) which do not use such contracts. The larger the size of the deferred (earnout) payment, as a fraction of the total transaction value, the higher the acquirers' gains in the short- and long-run. Both acquirer short- and long-run gains increase when the management team of the target institution is retained in the post-acquisition period

The burden of mental health in lymphatic filariasis.

BACKGROUND Neglected Tropical Diseases (NTDs) afflict around one billion individuals in the poorest parts of the world with many more at risk. Lymphatic filariasis is one of the most prevalent of the infections and causes significant morbidity in those who suffer the clinical conditions, particularly lymphedema and hydrocele. Depressive illness has been recognised as a prevalent disability in those with the disease because of the stigmatising nature of the condition. No estimates of the burden of depressive illness of any neglected tropical disease have been undertaken to date despite the recognition that such diseases have major consequences for mental health not only for patients but also their caregivers. METHODS We developed a mathematical model to calculate the burden of Disability- Adjusted Life Years (DALY) attributable to depressive illness in lymphatic filariasis and that of their caregivers using standard methods for calculating DALYs. Estimates of numbers with clinical disease was based on published estimates in 2012 and the numbers with depressive illness from the available literature. RESULTS We calculated that the burden of depressive illness in filariasis patients was 5.09 million disability-adjusted life years (DALYs) and 229,537 DALYs attributable to their caregivers. These figures are around twice that of 2.78 million DALYs attributed to filariasis by the Global Burden of Disease study of 2010. CONCLUSIONS Lymphatic filariasis and other neglected tropical diseases, notably Buruli Ulcer, cutaneous leishmaniasis, leprosy, yaws, onchocerciasis and trachoma cause significant co morbidity associated with mental illness in patients. Studies to assess the prevalence of the burden of this co-morbidity should be incorporated into any future assessment of the Global Burden of neglected tropical diseases. The prevalence of depressive illness in caregivers who support those who suffer from these conditions is required. Such assessments are critical for neglected tropical diseases which have such a huge global prevalence and thus will contribute a significant burden of co-morbidity attributable to mental illness

A Trial of a 7-Valent Pneumococcal Conjugate Vaccine in HIV-Infected Adults.

BACKGROUND: Streptococcus pneumoniae is a leading and serious coinfection in adults with human immunodeficiency virus (HIV) infection, particularly in Africa. Prevention of this disease by vaccination with the current 23-valent polysaccharide vaccine is suboptimal. Protein conjugate vaccines offer a further option for protection, but data on their clinical efficacy in adults are needed. METHODS: In this double-blind, randomized, placebo-controlled clinical efficacy trial, we studied the efficacy of a 7-valent conjugate pneumococcal vaccine in predominantly HIV-infected Malawian adolescents and adults who had recovered from documented invasive pneumococcal disease. Two doses of vaccine were given 4 weeks apart. The primary end point was a further episode of pneumococcal infection caused by vaccine serotypes or serotype 6A. RESULTS: From February 2003 through October 2007, we followed 496 patients (of whom 44% were male and 88% were HIV-seropositive) for 798 person-years of observation. There were 67 episodes of pneumococcal disease in 52 patients, all in the HIV-infected subgroup. In 24 patients, there were 19 episodes that were caused by vaccine serotypes and 5 episodes that were caused by the 6A serotype. Of these episodes, 5 occurred in the vaccine group and 19 in the placebo group, for a vaccine efficacy of 74% (95% confidence interval [CI], 30 to 90). There were 73 deaths from any cause in the vaccine group and 63 in the placebo group (hazard ratio in the vaccine group, 1.18; 95% CI, 0.84 to 1.66). The number of serious adverse events within 14 days after vaccination was significantly lower in the vaccine group than in the placebo group (3 vs. 17, P=0.002), and the number of minor adverse events was significantly higher in the vaccine group (41 vs. 13, P=0.003). CONCLUSIONS: The 7-valent pneumococcal conjugate vaccine protected HIV-infected adults from recurrent pneumococcal infection caused by vaccine serotypes or serotype 6A. (Current Controlled Trials number, ISRCTN54494731.) Copyright 2010 Massachusetts Medical Society

Pharmacokinetics of Antituberculosis Drugs in HIV-Positive and HIV-Negative Adults in Malawi

Limited data address the impact of HIV co-infection on the pharmacokinetics of anti-tuberculosis drugs in Sub-Saharan Africa. 47 Malawian adults underwent rich pharmacokinetic sampling at 0-0.5-1-2-3-4-6-8 and 24 hours post-dose. 51% were male; mean age was 34 years. 65% were HIV-positive with a mean CD4 count of 268 cells/μL. Anti-tuberculosis drugs were administered as fixed-dose combinations (rifampicin150mg/isoniazid75mg/pyrazinamide400mg/ethambutol275mg) according to recommended weight bands. Plasma drug concentrations were determined by high-performance liquid chromatography (rifampicin and pyrazinamide) or liquid chromatography-mass spectrometry (isoniazid and ethambutol). Data were analysed by non-compartmental methods and analysis of variance of log-transformed summary parameters. Pharmacokinetic parameters were: rifampicin Cmax 4.129 (2.474-5.596)μg/mL, AUC0-24 21.32 (13.57-28.60)μg/mL*h, half-life 2.45 (1.86-3.08)h; isoniazid Cmax 3.97 (2.979-4.544)μg/mL, AUC0-24 22.5 (14.75-34.59)μg/mL*h, half-life 3.93 (3.18-4.73)h.; pyrazinamide Cmax 34.21 (30.00-41.60)μg/mL, AUC0-24 386.6 (320.0-463.7)μg/mL*h, half-life 6.821 (5.71-8.042)h; ethambutol Cmax 2.278 (1.694-3.098)μg/mL, AUC0-24 20.41 (16.18-26.27)μg/mL*h, half-life 7.507 (6.517-8.696)h. Isoniazid PK data analysis suggested that around two-thirds were slow acetylators. Dose, weight and weight-adjusted dose were not significant predictors of PK exposure probably due to weight-banded dosing. In this first pharmacokinetic study of tuberculosis drugs in Malawian adults, measures of pharmacokinetic exposure were comparable with other studies for all first line drugs except for rifampicin, for which Cmax and AUC0-24 were notably lower. Contrary to some earlier observations, HIV status did not significantly affect AUC of any of the drugs. Increasing the dose of rifampicin could be beneficial in African adults, irrespective of HIV status. Current co-trimoxazole prophylaxis was associated with an increase in half-life of isoniazid of 41% (p=0.022). Possible competitive interactions between isoniazid and sulphamethoxazole mediated by the N-acetyltransferase pathway should therefore be explored further

Late Ordovician to early Silurian acritarchs from the Qusaiba-1 shallow core hole, central Saudi Arabia

Well-preserved acritarchs are documented from Upper Ordovician and lower Silurian sections in the Qusaiba-1 shallow core hole of central Saudi Arabia. Sixty-nine genera comprising 68 named species and 62 forms under open nomenclature were recorded from forty core samples. At the base of the Upper Ordovician and lower Silurian succession in Qusaiba-1 is the Quwarah Member of the Qasim Formation. This is overlain by glacio-marine deposits of the Sarah Formation, which are overlain in turn by the Qusaiba Member of the Qalibah Formation. Four distinct acritarch assemblages are informally numbered 1 to 4 from the base of the core upwards. Assemblage 1 is from the Quwarah Member, and is independently dated by Chitinozoa as being late Katian to early Hirnantian in age (Late Ordovician). The assemblage contains a number of new species, plus species reported from low-latitude Late Ordovician Laurentia and Baltica as well as the Gondwanan margin. Assemblage 2 is from a glacitectonite at the base of the Sarah Formation and is early Hirnantian in age. Assemblage 3, from the Baq'a Shale Member of the Sarah Formation, is also Hirnantian in age and is characterized by a stratigraphically admixed Ordovician palynoflora. Assemblage 4 is restricted to three samples from the Qusaiba Member in the lowermost part of the Qalibah Formation and is dated as Rhuddanian (earliest Silurian). The highest of the three samples that comprise Assemblage 4 is from the same level as a gamma ray peak at 254.8 ft. Reworking of Middle Ordovician forms is evident in Assemblage 3 and is attributed to processes of glacial erosion and resedimentation during glacial melting. Reworked specimens are probably from the Hanadir Member and possibly also the Kahfah Member of the Qasim Formation. The extent of later Ordovician reworking in Assemblage 3, for example reworking from the Quwarah Member, is unclear. However, given that glacial erosion extended to levels below the Quwarah Member, Late Ordovician palynomorphs present in Assemblage 3 might also be reworked. The extent of any reworking in assemblages 1 and 2 is uncertain. There is no evidence for reworking in Assemblage 4. Two new acritarch genera, five new species and one new combination are proposed: Dorsennidium polorum (Miller and Eames, 1982) comb. nov., Falavia magniretifera gen. et sp. nov., Inflatarium trilobatum gen. et sp. nov., Nexosarium mansouri sp. nov., Orthosphaeridium orthogonium sp. nov. and Tunisphaeridium bicaudatum sp. nov. Samples from the same set were used for chitinozoan, scolecodont and miospore studies (this volume). Eurypterid and graptolite remains are also presen

Profile: The Kilifi Health and Demographic Surveillance System (KHDSS).

The Kilifi Health and Demographic Surveillance System (KHDSS), located on the Indian Ocean coast of Kenya, was established in 2000 as a record of births, pregnancies, migration events and deaths and is maintained by 4-monthly household visits. The study area was selected to capture the majority of patients admitted to Kilifi District Hospital. The KHDSS has 260 000 residents and the hospital admits 4400 paediatric patients and 3400 adult patients per year. At the hospital, morbidity events are linked in real time by a computer search of the population register. Linked surveillance was extended to KHDSS vaccine clinics in 2008. KHDSS data have been used to define the incidence of hospital presentation with childhood infectious diseases (e.g. rotavirus diarrhoea, pneumococcal disease), to test the association between genetic risk factors (e.g. thalassaemia and sickle cell disease) and infectious diseases, to define the community prevalence of chronic diseases (e.g. epilepsy), to evaluate access to health care and to calculate the operational effectiveness of major public health interventions (e.g. conjugate Haemophilus influenzae type b vaccine). Rapport with residents is maintained through an active programme of community engagement. A system of collaborative engagement exists for sharing data on survival, morbidity, socio-economic status and vaccine coverage

Phytoplankton dynamics from the Cambrian Explosion to the onset of the Great Ordovician Biodiversification Event: a review of Cambrian acritarch diversity

Most early Palaeozoic acritarchs are thought to represent a part of the marine phytoplankton and so constituted a significant element at the base of the marine trophic chain during the ‘Cambrian Explosion’ and the subsequent ‘Great Ordovician Biodiversification Event.’ Cambrian acritarch occurrences have been recorded in a great number of studies. In this paper, published data on Cambrian acritarchs are assembled in order to reconstruct taxonomic diversity trends that can be compared with the biodiversity of marine invertebrates. We compile a database and calculate various diversity indices at global and regional (i.e. Gondwana or Baltica) scales. The stratigraphic bins applied are at the level of the ten Cambrian stages, or of fourteen commonly used biozones in a somewhat higher resolved scheme. Our results show marked differences between palaeogeographical regions. They also indicate limitations of the data and a potential sampling bias, as the taxonomic diversity indices of species are significantly correlated with the number of studies per stratigraphic bin. The total and normalized diversities of genera are not affected in the same way. The normalized genus diversity curves show a slow but irregular rise over the course of the Cambrian. These also are the least biased. A radiation of species and to a lesser extent of genera in the ‘lower’ Cambrian Series 2 appears to mirror the ‘Cambrian Explosion’ of metazoans. This radiation, not evident on Gondwana, is followed by a prominent low in species diversity in the upper Series 3 and lower Furongian. Highest diversities are reached globally, and on both Baltica and Gondwana, in the uppermost Cambrian Stage 10, more precisely in the Peltura trilobite Zone, preceding a substantial phase of acritarch species extinction below and at the Cambrian/Ordovician boundary. Nearly all the genera present in Stage 10 survived into the Ordovician. The forms that emerged during the Cambrian therefore became the foundation for the more rapid radiation of acritarchs during the ‘Great Ordovician Biodiversification Event’

Decoding neuronal ensembles in the human hippocampus

BACKGROUND: The hippocampus underpins our ability to navigate, to form and recollect memories, and to imagine future experiences. How activity across millions of hippocampal neurons supports these functions is a fundamental question in neuroscience, wherein the size, sparseness, and organization of the hippocampal neural code are debated. RESULTS: Here, by using multivariate pattern classification and high spatial resolution functional MRI, we decoded activity across the population of neurons in the human medial temporal lobe while participants navigated in a virtual reality environment. Remarkably, we could accurately predict the position of an individual within this environment solely from the pattern of activity in his hippocampus even when visual input and task were held constant. Moreover, we observed a dissociation between responses in the hippocampus and parahippocampal gyrus, suggesting that they play differing roles in navigation. CONCLUSIONS: These results show that highly abstracted representations of space are expressed in the human hippocampus. Furthermore, our findings have implications for understanding the hippocampal population code and suggest that, contrary to current consensus, neuronal ensembles representing place memories must be large and have an anisotropic structure

The palaeobiogeographical spread of the acritarch Veryhachium in the Early and Middle Ordovician and its impact on biostratigraphical applications

The genus Veryhachium Deunff, 1954, is one of the most frequently documented acritarch genera, being recorded from the Early Ordovician to the Neogene. Detailed investigations show that Veryhachium species first appeared near the South Pole in the earliest part of the Tremadocian (Early Ordovician). The genus was present at high palaeolatitudes (generally>60° S) on the Gondwanan margin during the Tremadocian before spreading to lower palaeolatitudes on the Gondwanan margin and other palaeocontinents (Avalonia and Baltica) during the Floian. It became cosmopolitan in the Middle and Late Ordovician. Although useful for distinguishing Ordovician from Cambrian strata, the diachronous first appearance data of Veryhachium morphotypes mean that they should be used with caution for long-distance correlation