Creditor Rights and R&D Expenditures

Manuscript Type: Empirical Research Question?Issue: This study examines the impact of creditor rights on R&D intensity (R&D/total assets). We argue that managers in countries with strong creditor rights have more incentives to reduce cash flow risk and therefore limit expenditures on R&D more than managers located in countries with weak creditor rights. Research Findings/Insights: Using a sample of over 21,000 firms from 41 countries, our research is one of the first to document that strong creditor rights are indeed associated with reduced R&D intensity. This negative relationship is observed in market‐based countries, but not in bank‐based countries. Moreover, the results show that the negative effect of creditor rights on R&D intensity is usually stronger (more negative) for firms facing or near financial distress. We observe that the determinants for R&D intensity consist of both country and firm level variables and firm level variables appear to be more important in explaining the variance of R&D intensity. Theoretical/Academic Implications: This study documents an important link between creditor rights and R&D intensity. Our empirical procedure specifically accounts for the fact that R&D intensity and debt are likely to be jointly determined. Practitioner/Policy Implications: This research is important to policy makers interested in understanding the determinants of firms\u27 R&D intensity. In particular, our study suggests a possible harmful effect of strong creditor rights, namely the possibility that R&D intensity will be lowered

Creditor Rights, Country Governance, and Corporate Cash Holdings

This study examines the impact of creditor rights on cash holdings using a sample of firms from 48 countries. We argue that creditor rights affect the willingness of lenders to provide credit, which in turn affects the need for internal liquidity and cash holdings. Consistent with this, we find that corporate cash holdings decline with the strength of creditor rights. We also find that this relation depends on the quality of country governance. Among well-governed countries, firms hold less cash as creditor rights strengthen. In contrast, cash holdings increase with creditor rights in poorly governed countries. In these countries, it appears that the fear of expropriation motivates creditors with stronger rights to require higher levels of cash holding by borrowers

An Investigation of the Relationship between Professional Learning Community Practices and Student Achievement in an Eastern Canadian School Board

Abstract The participants in this study were teachers and students of a large school district located on the east coast of Canada. We distributed surveys to 1514 teachers across 84 schools with1423 usable surveys having been completed for a return rate of 94%. At the time of the second data collection, three years later, 78 schools with a total of 1574 teachers agreed to participate. Teachers’ perceptions of their schools as professional learning communities were assessed using 32 items in a 5-point Likert format. The responses to the 2006 survey were factor analyzed using ML estimation. A number of different factor structures were tested, including a single factor model and a second-order factor analysis. In spite of a heavy emphasis by school board leaders and the collaborative development, introduction, and implementation of PLC practices before and during the study period, no significant measurable effect on student learning was identified. While this particular study reports only the relationship between PLC practice usage and reading achievement, Hurley, Sheppard, and Seifert are also investigating two other areas of efficacy in this line of study; one that investigates the relationship with high school Mathematics achievement and one that examines school size and student achievement as mediated by PLC practic

Discontinuation of treatment of schizophrenic patients is driven by poor symptom response: a pooled post-hoc analysis of four atypical antipsychotic drugs

BACKGROUND: Stopping antipsychotic treatment can interrupt improvement and exacerbate the illness. The reasons for discontinuing treatment during controlled clinical trials were analyzed to explore this phenomenon. METHODS: A post-hoc, pooled analysis was made of 4 randomized, double-blind clinical trials, 24–28 weeks in duration, involving 1627 patients with schizophrenia or a related disorder. Analyses combined all the atypical antipsychotic treatment groups in the studies. RESULTS: The majority of patients (53%) stopped their treatment at an early stage. Poor psychiatric response along with worsening symptoms was the most frequently given reason for discontinuing the course (36%), which was substantially more common than discontinuation due to poor tolerability of the medication (12%). This phenomenon was corroborated by less improvement in patients who discontinued treatment compared with those who completed, based on the PANSS total scores. Discontinuation due to poor response was, apparently, more predominantly linked to patient perception than to physicians' conclusions alone (80% vs. 20%). Discontinuation due to patient perception of poor response appeared to occur particularly early in the course of treatment. Patients who discontinued due to poor toleration of the medication responded in a more comparable manner with completers. CONCLUSION: Discontinuing treatment may lead to exacerbation of symptoms, undermining therapeutic progress. In these studies, poor response to treatment and worsening of underlying psychiatric symptoms, and to a lesser extent, intolerability to medication were the primary contributors to treatment being discontinued. Our findings suggest that adherence may be enhanced by effective symptom control, as objectively measured and as subjectively perceived. Such strategies may improve patients' willingness to undertake long-term therapy and increase the likelihood of a better prognosis

Sexual dysfunction in patients with schizophrenia treated with conventional antipsychotics or risperidone

Hong Liu-Seifert1, Bruce J Kinon1, Christopher J Tennant2, Jennifer Sniadecki1, Jan Volavka31Lilly Research Laboratories, Eli Lilly and Company, Lilly Corporate Center, Indianapolis, IN, USA; 2CJT Biomedical Consulting, South Lake Tahoe, CA, USA; 3New York University, New York, NY, USAObjective: To better understand sexual dysfunction in patients with schizophrenia and its associations with prolactin and reproductive hormones.Methods: This was a secondary analysis of an open-label, one-day study (N = 402). The primary objective of the study was to assess the prevalence of hyperprolactinemia in patients with schizophrenia who had been treated with conventional antipsychotics or risperidone. Other atypical antipsychotics available at the time of the study were not included due to a more favorable prolactin profile.Results: The majority of patients (59% of females and 60% of males) reported impairment of sexual function. In postmenopausal females, risk of impaired sexual interest was increased by 31% for every 10 ng/ml increase in prolactin (p = 0.035). In males, lower testosterone was associated with higher prolactin (p < 0.001) and with orgasmic (p = 0.004) and ejaculatory dysfunction (p = 0.028).Conclusion: These findings suggest that hyperprolactinemia may be associated with sexual dysfunction. They also provide more information on the relationships between prolactin, reproductive hormones, and sexual dysfunction. Sexual dysfunction is an understudied yet important consideration in the treatment of schizophrenia. More attention is warranted in this area as it may provide opportunities for improved quality of life and adherence to treatment for patients.Keywords: sexual dysfunction, schizophrenia, hyperprolactinemia, antipsychotics, risperidon

A comparative study of sleep and diurnal patterns in house mouse (Mus musculus) and spiny mouse (Acomys cahirinus)

Most published sleep studies use three species: human, house mouse, or Norway rat. The degree to which data from these species captures variability in mammalian sleep remains unclear. To gain insight into mammalian sleep diversity, we examined sleep architecture in the spiny basal murid rodent Acomys cahirinus. First, we used a piezoelectric system validated for Mus musculus to monitor sleep in both species. We also included wild M. musculus to control for alterations generated by laboratory-reared conditions for M. musculus. Using this comparative framework, we found that A. cahirinus, lab M. musculus, and wild M. musculus were primarily nocturnal, but exhibited distinct behavioral patterns. Although the activity of A. cahirinus increased sharply at dark onset, it decreased sharply just two hours later under group and individual housing conditions. To further characterize sleep patterns and sleep-related variables, we set up EEG/EMG and video recordings and found that A. cahirinus sleep significantly more than M. musculus, exhibit nearly three times more REM, and sleep almost exclusively with their eyes open. The observed differences in A. cahirinus sleep architecture raise questions about the evolutionary drivers of sleep behavior

A Comparative Study of Sleep and Diurnal Patterns in House Mouse (\u3cem\u3eMus musculus\u3c/em\u3e) and Spiny Mouse (\u3cem\u3eAcomys cahirinus\u3c/em\u3e)

Most published sleep studies use three species: human, house mouse, or Norway rat. The degree to which data from these species captures variability in mammalian sleep remains unclear. To gain insight into mammalian sleep diversity, we examined sleep architecture in the spiny basal murid rodent Acomys cahirinus. First, we used a piezoelectric system validated for Mus musculus to monitor sleep in both species. We also included wild M. musculus to control for alterations generated by laboratory-reared conditions for M. musculus. Using this comparative framework, we found that A. cahirinus, lab M. musculus, and wild M. musculus were primarily nocturnal, but exhibited distinct behavioral patterns. Although the activity of A. cahirinus increased sharply at dark onset, it decreased sharply just two hours later under group and individual housing conditions. To further characterize sleep patterns and sleep-related variables, we set up EEG/EMG and video recordings and found that A. cahirinus sleep significantly more than M. musculus, exhibit nearly three times more REM, and sleep almost exclusively with their eyes open. The observed differences in A. cahirinus sleep architecture raise questions about the evolutionary drivers of sleep behavior

Multi Megawatt Power System Analysis Report

Missions to the outer planets or to near-by planets requiring short times and/or increased payload carrying capability will benefit from nuclear power. A concept study was undertaken to evaluate options for a multi-megawatt power source for nuclear electric propulsion. The nominal electric power requirement was set at 15 MWe with an assumed mission profile of 120 days at full power, 60 days in hot standby, and another 120 days of full power, repeated several times for 7 years of service. Of the numerous options considered, two that appeared to have the greatest promise were a gas-cooled reactor based on the NERVA Derivative design, operating a closed cycle Brayton power conversion system; and a molten lithium-cooled reactor based on SP-100 technology, driving a boiling potassium Rankine power conversion system. This study examined the relative merits of these two systems, seeking to optimize the specific mass. Conclusions were that either concept appeared capable of approaching the specific mass goal of 3-5 kg/kWe estimated to be needed for this class of mission, though neither could be realized without substantial development in reactor fuels technology, thermal radiator mass efficiency, and power conversion and distribution electronics and systems capable of operating at high temperatures. Though the gas-Brayton systems showed an apparent advantage in specific mass, differences in the degree of conservatism inherent in the models used suggests expectations for the two approaches may be similar. Brayton systems eliminate the need to deal with two-phase flows in the microgravity environment of space

An analysis of children's plays for material suitable for use in oral reading

Thesis (M.A.)--Boston Universit