ФІНАНСОВІ ВАЖЕЛІ M&A В УПРАВЛІННІ ВАРТІСТЮ БІЗНЕСУ

The article aims at generalizing the development trend of the M & A market by various sectors of the Ukrainian economy. The volatility of the business environment, the aggravation of competition, the instability of the financial sector of the economy lead to search for alternative strategies for the efficient management of the company value through which domestic enterprises could transform their activities by creating additional market value of the business. Technologically, mergers and acquisitions are associated with direct and indirect financial levers, the analysis of which affects the final management decision on corporate transformation. The assets of companies and their value, size of liabilities, total shareholder return before and after mergers and acquisitions are crucial in justifying the transaction. In this regard, the proposed strategies that lead to the formation of the company value, were grouped according to the objectives of their transformation. The authors have researched the influence of financial levers of mergers and acquisitions upon the choice of such strategies. The article calculates the efficiency indicators of mergers and acquisitions transactions, such as TSR and TBR. It also claims that for today the investment attractive spheres are those of agro-industry, telecommunications, banking sector, oil and gas industry, real estate and construction. They have high average values of total return on equity and overall profitability of business, which are significant financial leverage for mergers and acquisitions. Transactions with high-tech companies, as well as transport and infrastructure enterprises, are not yet widespread in Ukraine. The study made it possible to conclude that the mentioned sectors are highly potential for the economy carrying advanced technologies and business models.Результатом статьи стало обобщение тенденций развития рынка слияний и поглощений по секторам экономики Украины. Предложены стратегии, которые приводят к формированию стоимости компании, и сгруппированы по целям трансформации. Исследовано влияние финансовых рычагов слияния и поглощения на выбор такой стратегии. В статье рассчитаны средние значения показателей общей акционерной отдачи и прибыльности бизнеса Украины. Установлено, что слияния и поглощения высокотехнологичных компаний, транспортных и инфраструктурных предприятий недостаточно распространены в Украине. Исследование позволило сделать вывод о наличии потенциала указанных секторов экономики, как носителей перспективных технологий и бизнес-моделей.Результатом статті стало узагальнення тенденції розвитку ринку злиттів і поглинань за секторами економіки України. Мінливість бізнес-середовища, загострення конкурентної боротьби, нестабільність фінансового сектору економіки призводять до пошуку альтернативних стратегій з метою ефективного управління вартістю компанії, завдяки яким вітчизняні підприємства можуть трансформувати свою діяльність, створивши додаткову ринкову вартість бізнесу. Технологічно процеси злиття і поглинання пов’язані з прямими та непрямими фінансовими важелями, аналіз яких впливає на остаточне управлінське рішення щодо корпоративної трансформації. Активи компаній та їх вартість, розміри зобов’язань, загальна акціонерна віддача до та після злиття і поглинання мають вирішальне значення при обґрунтуванні угоди. Запропоновано стратегії, які призводять до формування вартості компанії, і згруповані за цілями трансформації. Досліджено вплив фінансових важелів злиття і поглинання на вибір такої стратегії. У статті розраховано середні значення показників загальної акціонерної віддачі та прибутковості бізнесу України. Доведено, що на сьогоднішній день привабливими інвестиційними галузями є агропромисловість, телекомунікації, банківський сектор, нафтогазова промисловість, нерухомість та будівництво. Вони мають високі середні значення  загальної акціонерної віддачі та загальної прибутковості бізнесу, що є суттєвими фінансовими важелями злиття і поглинань. Встановлено, що злиття і поглинання  високотехнологічних компаній, транспортних та інфраструктурних підприємств  недостатньо поширене в Україні. Дослідження дозволило зробити висновок про наявність потенціалу зазначених секторів економіки, як носіїв перспективних технологій і бізнес-моделей

АНАЛІЗ ВІДМІННОСТЕЙ РЕГІОНАЛЬНОГО РОЗВИТКУ В УМОВАХ СОЦІАЛЬНОЇ КРИЗИ В УКРАЇНІ

The article proposes an approach to assessing the level of the social crisis in Ukraine, based on the use of expert assessment, factor analysis and cluster analysis. The authors identify the factors that most influence the crisis processes in Ukrainian society, namely: living standards, unemployment, the ecological situation in Ukraine, political instability, corrupt authorities, social security and economic situation. For the analysis of the social crisis in the regions expert data and statistical data were used which allowed to identify a more adequate and realistic state of affairs. On the basis of the factors that form the social crisis in the regions, the classification of regions of Ukraine of the group with high, medium and low level of social crisis has been carried out. This analysis will allow to affect the state of development of social processes in the regions with the implementation of programs of socio–economic development.В статье предложен подход к оценке уровня социального кризиса в Украине, основанный на использовании методов экспертной оценки, факторного и кластерного анализа. Авторами выявлены факторы, наиболее влияющие на кризисные процессы в украинском обществе, а именно: уровень жизни, уровень безработицы, экологическая ситуация в Украине, политическая нестабильность, коррумпированность власти, социальная безопасность и материальное положение. Для анализа социального кризиса в регионах были использованы данные, полученные экспертным путем, и статистические данные, что позволило определить более адекватную и реальную оценку состояния вещей. На основе факторов, формирующих социальный кризис в регионах, осуществлена классификация регионов Украины на группы с высоким, средним и низким уровнем социального кризиса. Проведенный анализ позволит учитывать состояние развития социальных процессов в регионах при внедрении программ социально–экономического развития.У статті запропоновано підхід до оцінки рівня соціальної кризи в Україні, що базується на використанні методів експертного оцінювання, факторного та кластерного аналізу. Авторами виявлено фактори, що найбільше впливають на кризові процеси в українському суспільстві, а саме: рівень життя, рівень безробіття, екологічна ситуація в Україні, політична нестабільність, корумпованість влади, соціальна безпека та матеріальне становище. Для аналізу соціальної кризи в регіонах було використано дані, отримані експертним шляхом, та статистичні дані, що дозволило визначити більш адекватну і реальну оцінку стану речей. На основі факторів, які формують соціальну кризу в регіонах, здійснено класифікацію регіонів України на групи з високим, середнім та низьким рівнем соціальної кризи. Здійснений аналіз дозволить враховувати стан розвитку соціальних процесів у регіонах при впровадженні програм соціально–економічного розвитку

Long-term safety and efficacy of subcutaneous immunoglobulin IgPro20 in CIDP PATH extension study

Objective To investigate the long-term safety and efficacy of weekly subcutaneous IgPro20 (Hizentra, CSL Behring) in chronic inflammatory demyelinating polyneuropathy (CIDP). Methods In a 48-week open-label prospective extension study to the PATH study, patients were initially started on 0.2 g/kg or on 0.4 g/kg weekly and-if clinically stable-switched to 0.2 g/kg weekly after 24 weeks. Upon CIDP relapse on the 0.2 g/kg dose, 0.4 g/kg was (re)initiated. CIDP relapse was defined as a deterioration by at least 1 point in the total adjusted Inflammatory Neuropathy Cause and Treatment score. Results Eighty-two patients were enrolled. Sixty-two patients initially received 0.4 g/kg, 20 patients 0.2 g/kg weekly. Seventy-two received both doses during the study. Sixty-six patients (81%) completed the 48-week study duration. Overall relapse rates were 10% in 0.4 g/kg-treated patients and 48% in 0.2 g/kg-treated patients. After dose reduction from 0.4 to 0.2 g/kg, 51% (27/53) of patients relapsed, of whom 92% (24 of 26) improved after reinitiation of the 0.4 g/kg dose. Two-thirds of patients (19/28) who completed the PATH study without relapse remained relapse-free on the 0.2 g/kg dose after dose reduction in the extension study. Sixty-two patients had adverse events (AEs) (76%), of which most were mild or moderate with no related serious AEs. Conclusions Subcutaneous treatment with IgPro20 provided long-term benefit at both 0.4 and 0.2 g/kg weekly doses with lower relapse rates on the higher dose. Long-term dosing should be individualized to find the most appropriate dose in a given patient. Classification of evidence This study provides Class IV evidence that for patients with CIDP, long-term treatment with SCIG beyond 24 weeks is safe and efficacious.Peer reviewe

Primary prevention of the main dental diseases in children at different stages of orthodontic treatment with bracket systems

Aim. Evaluation of the effective preventive methods of dental caries in children with dentoalveolar anomalies. Methods. Orthodontic treatment was received by 50 children aged 12-14 years with dentoalveolar anomalies who were treated by an orthodontist using ligature bracket and who had a compensated form of dental caries before the beginning of the hardware treatment. In the first group of children (control, 25 subjects) professional oral hygiene twice a year was followed by the coating of all teeth with fluoride. Children of the second group (25 subjects) after professional oral hygiene twice a year had their teeth covered with tooth enamel around brackets with Clinpro XT Varnish (3M ESPE) material containing fluorine, calcium and phosphate compounds. Dental examination every three months included assessment of oral hygiene and the state of the gums, the presence of carious defects, fillings and removed teeth, followed by the calculation of the main dental indices. Results. On the basis of studies of the dental status in children undergoing orthodontic treatment using brackets, the main dental indices such as DCF (decay/missing/filled), complex periodontal index, papillary-marginal-alveolar index were characterized at the stages of treatment. The analysis of the recorded values was performed in the comparison groups for each research method and the main statistically significant differences were identified. The study revealed that children from group 2 had positive dynamics of the state of periodontium within 18 months: the value of papillary-marginal-alveolar index among children from group 2 decreased by 5.4 times, the value of complex periodontal index decreased by 3.5 times. Children from group 2 had a significantly lower incidence of caries compared to the control group after 18 months of remineralizing therapy: the increase of complex periodontal index among children receiving orthodontic treatment with Clinpro XT Varnish coverage twice a year was only 1.42±0.16, incidence of caries of teeth surface reduced by 55%. Conclusion. On the basis of these studies, a comparative characteristics of the dental indices was performed at the stages of treatment using the brackets, depending on the used primary preventive measures; dental status of children at the stages of orthodontic treatment have their features: special oral hygiene tools should be guided by hygiene indices and complemented by remineralizing drugs

Neuropeptide AF and FF modulation of adipocyte metabolism. Primary insights from functional genomics and effects on beta-adrenergic responsiveness.

The presence of a neuropeptide AF and FF receptor (NPFF-R2) mRNA in human adipose tissue (Elshourbagy, N. A., Ames, R. S., Fitzgerald, L. R., Foley, J. J., Chambers, J. K., Szekeres, P. G., Evans, N. A., Schmidt, D. B., Buckley, P. T., Dytko, G. M., Murdock, P. R., Tan, K. B., Shabon, U., Nuthulaganti, P., Wang, D. Y., Wilson, S., Bergsma, D. J., and Sarau, H. M. (2000) J. Biol. Chem. 275, 25965-25971) suggested these peptides, principally recognized for their pain modulating effects, may also impact on adipocyte metabolism, an aspect that has not been explored previously. Our aim was thus to obtain more insights into the actions of these peptides on adipocytes, an approach initially undertaken with a functional genomic assay. First we showed that 3T3-L1 adipocytes express both NPFF-R1 and NPFF-R2 transcripts, and that NPAF binds adipocyte membranes with a nanomolar affinity as assessed by surface plasmon resonance technology. Then, and following a 24-h treatment with NPFF or NPAF (1 microm), we have measured using real-time quantitative reverse transcriptase-PCR the mRNA steady state levels of already well characterized genes involved in key pathways of adipose metabolism. Among the 45 genes tested, few were modulated by NPFF ( approximately 10%) and a larger number by NPAF ( approximately 27%). Interestingly, NPAF increased the mRNA levels of beta2- and beta3-adrenergic receptors (AR), and to a lesser extent those of beta1-ARs. These variations in catecholamine receptor mRNAs correlated with a clear induction in the density of beta2- and beta3-AR proteins, and in the potency of beta-AR subtype-selective agonists to stimulate adenylyl cyclase activity. Altogether, these data show that NPFF-R1 and NPFF-R2 are functionally present in adipocytes and suggest that besides their well described pain modulation effects, NPAF and to a lesser extent NPFF, may have a global impact on body energy storage and utilization

Optimization of the photon path length probability density function-simultaneous (PPDF-S) method and evaluation of CO 2 retrieval performance under dense aerosol conditions

The photon path length probability density function-simultaneous (PPDF-S) algorithm is effective for retrieving column-averaged concentrations of carbon dioxide (XCO 2 ) and methane (XCH 4 ) from Greenhouse gases Observing Satellite (GOSAT) spectra in Short Wavelength InfraRed (SWIR). Using this method, light-path modification attributable to light reflection/scattering by atmospheric clouds/aerosols is represented by the modification of atmospheric transmittance according to PPDF parameters. We optimized PPDF parameters for a more accurate XCO 2 retrieval under aerosol dense conditions based on simulation studies for various aerosol types and surface albedos. We found a more appropriate value of PPDF parameters referring to the vertical profile of CO 2 concentration as a measure of a stable solution. The results show that the constraint condition of a PPDF parameter that represents the light reflectance effect by aerosols is sufficiently weak to affect XCO 2 adversely. By optimizing the constraint, it was possible to obtain a stable solution of XCO 2 . The new optimization was applied to retrieval analysis of the GOSAT data measured in Western Siberia. First, we assumed clear sky conditions and retrieved XCO 2 from GOSAT data obtained near Yekaterinburg in the target area. The retrieved XCO 2 was validated through a comparison with ground-based Fourier Transform Spectrometer (FTS) measurements made at the Yekaterinburg observation site. The validation results showed that the retrieval accuracy was reasonable. Next, we applied the optimized method to dense aerosol conditions when biomass burning was active. The results demonstrated that optimization enabled retrieval, even under smoky conditions, and that the total number of retrieved data increased by about 70%. Furthermore, the results of the simulation studies and the GOSAT data analysis suggest that atmospheric aerosol types that affected CO 2 analysis are identifiable by the PPDF parameter value. We expect that we will be able to suggest a further improved algorithm after the atmospheric aerosol types are identified. © 2019 by the authors. Licensee MDPI, Basel, Switzerland.Russian Science Foundation: 18-11-00024Acknowledgments: The v3.0 ACOS/OCO-2 absorption coefficient (ABSCO) tables, used for the calculation of gas absorption coefficients, were provided by NASA and the ACOS/OCO-2 project. Vyacheslav Zakharov, Konstantin Gribanov, and Nikita Rokotyan thank the Russian Science Foundation for support of their research under the framework of grant 18-11-00024

Validation of skeletal muscle mass assessment at the level of the third cervical vertebra in patients with head and neck cancer

Background: Low skeletal muscle mass (SMM) is associated with adverse outcomes. SMM is often assessed at the third lumbar vertebra (L3) on abdominal imaging. Abdominal imaging is not routinely performed in patients with head and neck cancer (HNC). We aim to validate SMM measurement at the level of the third cervical vertebra (C3) on head and neck imaging. Material and methods: Patients with pre-treatment whole-body computed tomography (CT) between 2010 and 2018 were included. Cross-sectional muscle area (CSMA) was manually delineated at the level of C3 and L3. Correlation coefficients and intraclass correlation coefficients (ICCs) were calculated. Cohen's kappa was used to assess the reliability of identifying a patient with low SMM. Results: Two hundred patients were included. Correlation between CSMA at the level of C3 and L3 was good (r = 0.75, p < 0.01). Using a multivariate formula to estimate CSMA at L3, including gender, age, and weight, correlation improved (r = 0.82, p < 0.01). The agreement between estimated and actual CSMA at L3 was good (ICC 0.78, p < 0.01). There was moderate agreement in the identification of patients with low SMM based on the estimated lumbar skeletal muscle mass index (LSMI) and actual LSMI (Cohen's κ: 0.57, 95%CI 0.45–0.69). Conclusions: CSMA at C3 correlates well with CSMA at L3. There is moderate agreement in the identification of patients with low SMM based on the estimated lumbar SMI (based on measurement at C3) and actual LSMI

Long-term safety and efficacy of subcutaneous immunoglobulin IgPro20 in CIDP PATH extension study

PATH study group.[Objective] To investigate the long-term safety and efficacy of weekly subcutaneous IgPro20 (Hizentra, CSL Behring) in chronic inflammatory demyelinating polyneuropathy (CIDP).[Methods] In a 48-week open-label prospective extension study to the PATH study, patients were initially started on 0.2 g/kg or on 0.4 g/kg weekly and—if clinically stable—switched to 0.2 g/kg weekly after 24 weeks. Upon CIDP relapse on the 0.2 g/kg dose, 0.4 g/kg was (re)initiated. CIDP relapse was defined as a deterioration by at least 1 point in the total adjusted Inflammatory Neuropathy Cause and Treatment score.[Results] Eighty-two patients were enrolled. Sixty-two patients initially received 0.4 g/kg, 20 patients 0.2 g/kg weekly. Seventy-two received both doses during the study. Sixty-six patients (81%) completed the 48-week study duration. Overall relapse rates were 10% in 0.4 g/kg–treated patients and 48% in 0.2 g/kg–treated patients. After dose reduction from 0.4 to 0.2 g/kg, 51% (27/53) of patients relapsed, of whom 92% (24 of 26) improved after reinitiation of the 0.4 g/kg dose. Two-thirds of patients (19/28) who completed the PATH study without relapse remained relapse-free on the 0.2 g/kg dose after dose reduction in the extension study. Sixty-two patients had adverse events (AEs) (76%), of which most were mild or moderate with no related serious AEs.[Conclusions] Subcutaneous treatment with IgPro20 provided long-term benefit at both 0.4 and 0.2 g/kg weekly doses with lower relapse rates on the higher dose. Long-term dosing should be individualized to find the most appropriate dose in a given patient. Classification of evidence This study provides Class IV evidence that for patients with CIDP, long-term treatment with SCIG beyond 24 weeks is safe and efficacious.This study was supported by CSL Behring