The Coevolution of Finance and Property Rights: Evidence from Transition Economies

The transition from communism to capitalism was necessarily accompanied by a sudden and abrupt increase in the financialization of society. This increase occurred in an environment that, even now, still has little experience with or expertise in financialization. Given that financialization occurred simultaneously with the growth and evolution of other political and economic institutions, the question arises: What was the effect on these other nascent institutions like property rights? This article empirically analyzes the relationship between financialization and property rights in transition countries. Using a unique monthly database of twenty transition countries over a period from 1989 to 2012, this article finds that the influence of financialization depends on which definition of “financialization” is used. In particular, increases in basic financial intermediation improved property rights. However, higher-order “financialization,” proxied here by the size of capital markets and the wages in the financial sector, appeared to have a negative impact on the development of broad-based property rights in transition

Evaluation of Floorpan Tearing and Cable Splices for Cable Barrier Systems

This research effort consisted of two objectives related to components of a prototype cable barrier system. The first objective was to mitigate the potential for vehicle floorpan tearing by modifying the cable guardrail posts. A bogie vehicle was equipped with a simulated floorpan designed to replicate the height, thickness, and strength of the floorpan of a Kia Rio vehicle. Baseline testing demonstrated that the top of the Midwest Weak Post (MWP) would contact, and crease the simulated floorpan, which matched the damage observed in actual full-scale vehicle crash tests. Once the test setup provided the desired results, various post configurations were tested including S3x5.7 (S76x8.4) posts, MWPs with edge rounding, MWPs with steel plate edge protectors, and MWPs with weakening holes/slots. Three different weakening patterns were evaluated: ¾-in. (19-mm) diameter hole; three ⅜-in. (10-mm) diameter holes; and ⅜-in. x 1⅛-in. (10-mm x 29-mm) slots. All three weakening patterns showed the ability to reduce the propensity for floorpan tearing. However, additional bogie testing of the posts resulted in significant reductions in strong-axis strength for the latter two weakening patterns. The ¾-in. (19-mm) diameter hole resulted in a 10 percent reduction in strong-axis bending strength, and thus, was recommended for further evaluation through full-scale vehicle crash testing. The second objective was to investigate the structural capacity of other cable splice hardware that would reduce the propensity for vehicle snag and sheet metal tearing. A review of existing hardware was conducted to identify possible couplers. Next, three component tests were conducted to evaluate two models of Bennett Bolt Works mechanical couplers. Test results for the new coupler, model no. CGBBWTH, showed promise, however the targeted failure strength of 39 kips (174 kN) was not satisfied for either the new coupler, model no. CGBBWTH, or current coupler, model no. CGBBHT. There is potential that the couplers used in test no. BBNC-3 sustained damage in previous testing which would make them susceptible to premature failure, therefore further testing and evaluation of both coupler models will be necessary to gain a better understanding of their strengths and durability

Friedrich Hayek and his visits to Chile

F. A. Hayek took two trips to Chile, the first in 1977, the second in 1981. The visits were controversial. On the first trip he met with General Augusto Pinochet, who had led a coup that overthrew Salvador Allende in 1973. During his 1981 visit, Hayek gave interviews that were published in the Chilean newspaper El Mercurio and in which he discussed authoritarian regimes and the problem of unlimited democracy. After each trip, he complained that the western press had painted an unfair picture of the economic situation under the Pinochet regime. Drawing on archival material, interviews, and past research, we provide a full account of this controversial episode in Hayek’s life

Adding 6 months of androgen deprivation therapy to postoperative radiotherapy for prostate cancer: a comparison of short-course versus no androgen deprivation therapy in the RADICALS-HD randomised controlled trial

Background Previous evidence indicates that adjuvant, short-course androgen deprivation therapy (ADT) improves metastasis-free survival when given with primary radiotherapy for intermediate-risk and high-risk localised prostate cancer. However, the value of ADT with postoperative radiotherapy after radical prostatectomy is unclear. Methods RADICALS-HD was an international randomised controlled trial to test the efficacy of ADT used in combination with postoperative radiotherapy for prostate cancer. Key eligibility criteria were indication for radiotherapy after radical prostatectomy for prostate cancer, prostate-specific antigen less than 5 ng/mL, absence of metastatic disease, and written consent. Participants were randomly assigned (1:1) to radiotherapy alone (no ADT) or radiotherapy with 6 months of ADT (short-course ADT), using monthly subcutaneous gonadotropin-releasing hormone analogue injections, daily oral bicalutamide monotherapy 150 mg, or monthly subcutaneous degarelix. Randomisation was done centrally through minimisation with a random element, stratified by Gleason score, positive margins, radiotherapy timing, planned radiotherapy schedule, and planned type of ADT, in a computerised system. The allocated treatment was not masked. The primary outcome measure was metastasis-free survival, defined as distant metastasis arising from prostate cancer or death from any cause. Standard survival analysis methods were used, accounting for randomisation stratification factors. The trial had 80% power with two-sided α of 5% to detect an absolute increase in 10-year metastasis-free survival from 80% to 86% (hazard ratio [HR] 0·67). Analyses followed the intention-to-treat principle. The trial is registered with the ISRCTN registry, ISRCTN40814031, and ClinicalTrials.gov, NCT00541047. Findings Between Nov 22, 2007, and June 29, 2015, 1480 patients (median age 66 years [IQR 61–69]) were randomly assigned to receive no ADT (n=737) or short-course ADT (n=743) in addition to postoperative radiotherapy at 121 centres in Canada, Denmark, Ireland, and the UK. With a median follow-up of 9·0 years (IQR 7·1–10·1), metastasis-free survival events were reported for 268 participants (142 in the no ADT group and 126 in the short-course ADT group; HR 0·886 [95% CI 0·688–1·140], p=0·35). 10-year metastasis-free survival was 79·2% (95% CI 75·4–82·5) in the no ADT group and 80·4% (76·6–83·6) in the short-course ADT group. Toxicity of grade 3 or higher was reported for 121 (17%) of 737 participants in the no ADT group and 100 (14%) of 743 in the short-course ADT group (p=0·15), with no treatment-related deaths. Interpretation Metastatic disease is uncommon following postoperative bed radiotherapy after radical prostatectomy. Adding 6 months of ADT to this radiotherapy did not improve metastasis-free survival compared with no ADT. These findings do not support the use of short-course ADT with postoperative radiotherapy in this patient population

Duration of androgen deprivation therapy with postoperative radiotherapy for prostate cancer: a comparison of long-course versus short-course androgen deprivation therapy in the RADICALS-HD randomised trial

Background Previous evidence supports androgen deprivation therapy (ADT) with primary radiotherapy as initial treatment for intermediate-risk and high-risk localised prostate cancer. However, the use and optimal duration of ADT with postoperative radiotherapy after radical prostatectomy remains uncertain. Methods RADICALS-HD was a randomised controlled trial of ADT duration within the RADICALS protocol. Here, we report on the comparison of short-course versus long-course ADT. Key eligibility criteria were indication for radiotherapy after previous radical prostatectomy for prostate cancer, prostate-specific antigen less than 5 ng/mL, absence of metastatic disease, and written consent. Participants were randomly assigned (1:1) to add 6 months of ADT (short-course ADT) or 24 months of ADT (long-course ADT) to radiotherapy, using subcutaneous gonadotrophin-releasing hormone analogue (monthly in the short-course ADT group and 3-monthly in the long-course ADT group), daily oral bicalutamide monotherapy 150 mg, or monthly subcutaneous degarelix. Randomisation was done centrally through minimisation with a random element, stratified by Gleason score, positive margins, radiotherapy timing, planned radiotherapy schedule, and planned type of ADT, in a computerised system. The allocated treatment was not masked. The primary outcome measure was metastasis-free survival, defined as metastasis arising from prostate cancer or death from any cause. The comparison had more than 80% power with two-sided α of 5% to detect an absolute increase in 10-year metastasis-free survival from 75% to 81% (hazard ratio [HR] 0·72). Standard time-to-event analyses were used. Analyses followed intention-to-treat principle. The trial is registered with the ISRCTN registry, ISRCTN40814031, and ClinicalTrials.gov , NCT00541047 . Findings Between Jan 30, 2008, and July 7, 2015, 1523 patients (median age 65 years, IQR 60–69) were randomly assigned to receive short-course ADT (n=761) or long-course ADT (n=762) in addition to postoperative radiotherapy at 138 centres in Canada, Denmark, Ireland, and the UK. With a median follow-up of 8·9 years (7·0–10·0), 313 metastasis-free survival events were reported overall (174 in the short-course ADT group and 139 in the long-course ADT group; HR 0·773 [95% CI 0·612–0·975]; p=0·029). 10-year metastasis-free survival was 71·9% (95% CI 67·6–75·7) in the short-course ADT group and 78·1% (74·2–81·5) in the long-course ADT group. Toxicity of grade 3 or higher was reported for 105 (14%) of 753 participants in the short-course ADT group and 142 (19%) of 757 participants in the long-course ADT group (p=0·025), with no treatment-related deaths. Interpretation Compared with adding 6 months of ADT, adding 24 months of ADT improved metastasis-free survival in people receiving postoperative radiotherapy. For individuals who can accept the additional duration of adverse effects, long-course ADT should be offered with postoperative radiotherapy. Funding Cancer Research UK, UK Research and Innovation (formerly Medical Research Council), and Canadian Cancer Society

Evaluation of Floorpan Tearing and Cable Splices for Cable Barrier Systems

This research effort consisted of two objectives related to components of a prototype cable barrier system. The first objective was to mitigate the potential for vehicle floorpan tearing by modifying the cable guardrail posts. A bogie vehicle was equipped with a simulated floorpan designed to replicate the height, thickness, and strength of the floorpan of a Kia Rio vehicle. Baseline testing demonstrated that the top of the Midwest Weak Post (MWP) would contact, and crease the simulated floorpan, which matched the damage observed in actual full-scale vehicle crash tests. Once the test setup provided the desired results, various post configurations were tested including S3x5.7 (S76x8.4) posts, MWPs with edge rounding, MWPs with steel plate edge protectors, and MWPs with weakening holes/slots. Three different weakening patterns were evaluated: ¾-in. (19-mm) diameter hole; three ⅜-in. (10-mm) diameter holes; and ⅜-in. x 1⅛-in. (10-mm x 29-mm) slots. All three weakening patterns showed the ability to reduce the propensity for floorpan tearing. However, additional bogie testing of the posts resulted in significant reductions in strong-axis strength for the latter two weakening patterns. The ¾-in. (19-mm) diameter hole resulted in a 10 percent reduction in strong-axis bending strength, and thus, was recommended for further evaluation through full-scale vehicle crash testing. The second objective was to investigate the structural capacity of other cable splice hardware that would reduce the propensity for vehicle snag and sheet metal tearing. A review of existing hardware was conducted to identify possible couplers. Next, three component tests were conducted to evaluate two models of Bennett Bolt Works mechanical couplers. Test results for the new coupler, model no. CGBBWTH, showed promise, however the targeted failure strength of 39 kips (174 kN) was not satisfied for either the new coupler, model no. CGBBWTH, or current coupler, model no. CGBBHT. There is potential that the couplers used in test no. BBNC-3 sustained damage in previous testing which would make them susceptible to premature failure, therefore further testing and evaluation of both coupler models will be necessary to gain a better understanding of their strengths and durability