Opaque Governance, Special Purpose Vehicles, and the Preacher's Waiver

This paper argues that special purpose vehicles, SPVs, are two-edged financial constructs whose bad edge consists in conveying opaque governance, whereas its good one amounts to interesting financial engineering. Firstly, the notion of opaque governance is highlighted, to focus next on SPVs and their governance. Afterwards, the paper delves into collateralized debt obligations and their facilitators, the offshore locations. Last, the failing role of some regulators and gatekeepers is emphasized with the purpose of setting up new measures to prevent them from claiming the Preacher's waiver

The galaxy population of the complex cluster system Abell 3921

Context. We present a spectrophotometric analysis of the galaxy population in the area of the merging cluster Abell 3921 at z = 0.093. Aims: We investigate the impact of the complex cluster environment on galaxy properties such as morphology or star formation rate. Methods: We combine multi-object spectroscopy from the two-degree field (2dF) spectrograph with optical imaging taken with the ESO Wide Field Imager. We carried out a redshift analysis and determine cluster velocity dispersions using biweight statistics. Applying a Dressler-Shectman test we sought evidence of cluster substructure. Cluster and field galaxies were investigated with respect to [OII] and H{$α$} equivalent width, star formation rate, and morphological descriptors, such as concentration index and Gini coefficient. We studied these cluster galaxy properties as a function of clustercentric distance and investigated the spatial distribution of various galaxy types. Results: Applying the Dressler-Shectman test, we find a third component (A3921-C) in addition to the two main subclusters (A3921-A and A3921-B) that are already known. The re-determined mass ratio between the main components A and B is ~{}2:1. Similar to previous studies of galaxy clusters, we find that a large fraction of the disk galaxies close to the cluster core show no detectable star formation. These are likely systems that are quenched due to ram pressure stripping. Interestingly, we also find quenched spirals at rather large distances of 3-4 Mpc from the cluster core. Conclusions: A3921-C might be a group of galaxies falling onto the main cluster components. We speculate that the unexpected population of quenched spirals at large clustercentric radii in A3921-A and A3921-B might be an effect of the ongoing cluster merger: shocks in the ICM might give rise to enhanced ram pressure stripping and at least in part be the cause for the quenching of star formation. These quenched spirals might be an intermediate stage in the morphological transformation of field spirals into cluster S0s. Table 5 is only available at the CDS via anonymous ftp to http://cdsarc.u-strasbg.fr (ftp://130.79.128.5) or via http://cdsarc.u-strasbg.fr/viz-bin/qcat?J/A+A/557/A62Galaxie

A Clinical Approach to the Governance of Conflict-Systems

Whereas a clinical approach to organizations has a well-deserved predicament, narrowing down such viewpoint to governance issues in organizations shows that there has been, so far, an almost complete neglect of this field of enquiry, on which this paper intends to make a contribution. Firstly, the basics of the clinical approach will be expanded on, moving on next to conflicts of interests. Afterwards, we are going to feature organizations as conflict systems. Next, the clinical approach will be applied to conflicts of interests among stockholders, directors, managers, creditors, and other stakeholders, drawing up from this context of analysis consequential elements of diagnosis and treatment for distinctive ailments pervading the governance of organizations

Determination of reference intervals for urinary steroid profiling using a newly validated GC-MS/MS method

Background: Urinary steroid profiling (USP) is a powerful diagnostic tool to asses disorders of steroidogenesis. Preanalytical factors such as age, sex and use of oral contraceptive pills (OCP) may affect steroid hormone synthesis and metabolism. In general, USP reference intervals are not adjusted for these variables. In this study we aimed to establish such reference intervals using a newly-developed and validated gas chromatography with tandem mass spectrometry detection method (GC-MS/MS). Methods: Two hundred and forty healthy subjects aged 20-79 years, stratified into six consecutive decade groups each containing 20 males and 20 females, were included. None of the subjects used medications. In addition, 40 women aged 20-39 years using OCP were selected. A GC-MS/MS assay, using hydrolysis, solid phase extraction and double derivatization, was extensively validated and applied for determining USP reference intervals. Results: Androgen metabolite excretion declined with age in both men and women. Cortisol metabolite excretion remained constant during life in both sexes but increased in women 70-79 years of age. Progesterone metabolite excretion peaked in 30-39-year-old women and declined afterwards. Women using OCP had lower excretions of androgen metabolites, progesterone metabolites and cortisol metabolites. Method validation results met prerequisites and revealed the robustness of the GC-MS/ MS method. Conclusions: We developed a new GC-MS/MS method for USP which is applicable for high throughput analysis. Widely applicable age and sex specific reference intervals for 33 metabolites and their diagnostic ratios have been defined. In addition to age and gender, USP reference intervals should be adjusted for OCP use

The Statute of Governance: A Pivotal Linkage between Principles of Governance and Corporate Practices

This paper puts forward an innovative construct called the Statute of Governance, by which a company can foster and enhance its corporate governance. The paper argues that it is not enough to list some principles of governance and a set of related good practices, as the Australian Stock Exchange has done, albeit it comprises the best available guidelines for the time being. We contend, however, that a step further should be taken, consisting of a Statute of Governance designed and passed by the Board, voted through by stockholders, and enacted by the management. Such statute is a pivotal linkage between principles and good practices, because it becomes enforceable from within the company itself, as the basic by-law concerning corporate governance

Completion pancreatectomy or a pancreas-preserving procedure during relaparotomy for pancreatic fistula after pancreatoduodenectomy:a multicentre cohort study and meta-analysis

Background: Despite the fact that primary percutaneous catheter drainage has become standard practice, some patients with pancreatic fistula after pancreatoduodenectomy ultimately undergo a relaparotomy. The aim of this study was to compare completion pancreatectomy with a pancreas-preserving procedure in patients undergoing relaparotomy for pancreatic fistula after pancreatoduodenectomy.Methods: This retrospective cohort study of nine institutions included patients who underwent relaparotomy for pancreatic fistula after pancreatoduodenectomy from 2005-2018. Furthermore, a systematic review and meta-analysis were performed according to the PRISMA guidelines.Results: From 4877 patients undergoing pancreatoduodenectomy, 786 (16 per cent) developed a pancreatic fistula grade B/C and 162 (3 per cent) underwent a relaparotomy for pancreatic fistula. Of these patients, 36 (22 per cent) underwent a completion pancreatectomy and 126 (78 per cent) a pancreas-preserving procedure. Mortality was higher after completion pancreatectomy (20 (56 per cent) versus 40 patients (32 per cent); P=0.009), which remained after adjusting for sex, age, BMI, ASA score, previous reintervention, and organ failure in the 24h before relaparotomy (adjusted odds ratio 2.55, 95 per cent c.i. 1.07 to 6.08). The proportion of additional reinterventions was not different between groups (23 (64 per cent) versus 84 patients (67 per cent); P=0.756). The meta-analysis including 33 studies evaluating 745 patients, confirmed the association between completion pancreatectomy and mortality (Mantel-Haenszel random-effects model: odds ratio 1.99, 95 per cent c.i. 1.03 to 3.84).Conclusion: Based on the current data, a pancreas-preserving procedure seems preferable to completion pancreatectomy in patients in whom a relaparotomy is deemed necessary for pancreatic fistula after pancreatoduodenectomy.Surgical oncolog

Pancreatic resection in the pediatric, adolescent and young adult population:nationwide analysis on complications

Background: The aim of this study was to determine pancreatic surgery specific short- and long-term complications of pediatric, adolescent and young adult (PAYA) patients who underwent pancreatic resection, as compared to a comparator cohort of adults. Methods: A nationwide retrospective cohort study was performed in PAYA patients who underwent pancreatic resection between 2007 and 2016. PAYA was defined as all patients <40 years at time of surgery. Pancreatic surgery-specific complications were assessed according to international definitions and textbook outcome was determined. Results: A total of 230 patients were included in the PAYA cohort (112 distal pancreatectomies, 99 pancreatoduodenectomies), and 2526 patients in the comparator cohort. For pancreatoduodenectomy, severe morbidity (29.3% vs. 28.6%; P = 0.881), in-hospital mortality (1% vs. 4%; P = 0.179) and textbook outcome (62% vs. 58%; P = 0.572) were comparable between the PAYA and the comparator cohort. These outcomes were also similar for distal pancreatectomy. After pancreatoduodenectomy, new-onset diabetes mellitus (8% vs. 16%) and exocrine pancreatic insufficiency (27% vs. 73%) were lower in the PAYA cohort when compared to adult literature. Conclusion: Pancreatic surgery-specific complications were comparable with patients ≥40 years. Development of endocrine and exocrine insufficiency in PAYA patients who underwent pancreatoduodenectomy, however, was substantially lower compared to adult literature

Detection, Treatment, and Survival of Pancreatic Cancer Recurrence in the Netherlands A Nationwide Analysis

OBJECTIVE: To evaluate whether detection of recurrent pancreatic ductal adenocarcinoma (PDAC) in an early, asymptomatic stage increases the number of patients receiving additional treatment, subsequently improving survival. SUMMARY OF BACKGROUND DATA: International guidelines disagree on the value of standardized postoperative surveillance for early detection and treatment of PDAC recurrence. METHODS: A nationwide, observational cohort study was performed including all patients who underwent PDAC resection (2014-2016). Prospective baseline and perioperative data were retrieved from the Dutch Pancreatic Cancer Audit. Data on follow-up, treatment, and survival were collected retrospectively. Overall survival (OS) was evaluated using multivariable Cox regression analysis, before and after propensity-score matching, stratified for patients with symptomatic and asymptomatic recurrence. RESULTS: Eight hundred thirty-six patients with a median follow-up of 37 months (interquartile range 30-48) were analyzed. Of those, 670 patients (80%) developed PDAC recurrence after a median follow-up of 10 months (interquartile range 5-17). Additional treatment was performed in 159/511 patients (31%) with symptomatic recurrence versus 77/159 (48%) asymptomatic patients (P < 0.001). After propensity-score matching on lymph node ratio, adjuvant therapy, disease-free survival, and recurrence site, additional treatment was independently associated with improved OS for both symptomatic patients [hazard ratio 0.53 (95% confidence interval 0.42-0.67); P < 0.001] and asymptomatic patients [hazard ratio 0.45 (95% confidence interval 0.29-0.70); P < 0.001]. CONCLUSIONS: Additional treatment of PDAC recurrence was independently associated with improved OS, with asymptomatic patients having a higher probability to receive recurrence treatment. Therefore, standardized postoperative surveillance aiming to detect PDAC recurrence before the onset of symptoms has the potential to improve survival. This provides a rationale for prospective studies on standardized surveillance after PDAC resection

Controlled Radical Polymerization of Vinyl Acetate Mediated by a Bis(imino)pyridine Vanadium Complex

Source type: Prin