'Hedge Funds: Stock Pickers or Managers?

For decades, corporate managers have criticised analysts, fund managers, hedge fund managers and private equity professionals for telling them how to run their business, wihout having had the necessary experience. Now hedge fund activists are regularly suggesting operational decisions, and in some cases even in areas traditionally reserved for management. ‘Activism has gone from being frowned upon, something that marks you out as a rogue or maverick, to almost socially responsible.’1 These hedge funds may have become an accepted part of the governance universe but are they actually adding value? Recent studies have answered this question in the affirmative, but what if those companies picked out by hedge funds for their attention were already on their way to outperformance? The observed outperformance may not be due to a hedge fund’s ability to contribute to value creation but a mere reflection of their stock picking abilities. The difficulty is in identifying those companies that would have made typical hedge fund targets but which were not actually targeted, i.e. build an appropriate group of comparable companies. We have developed a statistical model to identify just these companies

Allocative Efficiency of Internal Capital Markets: Evidence from Equity Carve-outs by Diversified Firms

We examine whether equity carve-outs (ECOs) lead to improvements in the functioning of the internal capital markets (ICM) of diversified firms. Divestments, including spin-offs, sell-offs and ECOs, can be employed by firms to improve allocative efficiency. Equity carve-outs, unlike spin-offs and sell-offs, leave the parent’s ICM intact but provide the opportunity to enhance internal and external corporate governance mechanisms. Using a US sample of 354 ECOs completed between 1980 and 2013, we find that the allocative efficiency of parents is augmented significantly following ECOs. This increase in allocative efficiency is driven by improvements in the governance characteristics of parent companies

ETHNO-BOTANICAL CLAIMS COLLECTED FROM TRIBAL AND RURAL PEOPLE OF KADAPA DISTRICT, ANDHRA PRADESH

The main aim of the study is to collect the ethnobotanical claims on therapeutic actions of twenty-seven (27) plant species belonging to Fourteen (14) families of angiosperms; practicing by tribal and rural people of Kadapa district, Andhra Pradesh. The study was directed in the tribal villages and provincial regions like; Badvel, Balapalli, Chitvel, Guvvala cheruvu, Kukkaladhoddi, Lankamalai, Mamandur, Palakonda hills, Pulivendula, Rajampeta, Rayachoti and Settipalli in Kadapa District. The governed tribal populations in these regions are Yanadhi accompanied by Yerukula, Nakkala, and Sugalis. Tribal and rural people of the investigated areas have been applying all these plant materials in the form of ash, boiled, crude, curry, decoction etc. for treating 27 disease conditions like; anorexia, bilious affections, piles, burning sensation in the stomach, cold and cough, dandruff, dental diseases, diarrhoea, dyspepsia, redness of eye, facial paralysis, fever, fissures, cracks, flatulence, haemorrhage, hair loss, indigestion, intestinal ulcers, loss of libido, migraine, pains, swellings etc. The botanical name, family name, habit, habitat, part(s) used, flowering and fruiting time, the name of the diseases against which the plants are used and mode of administration with dosage for most of the claims is discussed in detail. The provided information could be used to find new medications of natural origin by the systematic research on pharmacological and clinical trials

Feasibility of utilising address card system for obtaining accurate address of patients under programme conditions

An addresscard, one on which patient's home address is asked to be recorded by a person knowing for sure the patient's address, was investigated for acceptability and efficiency, in two Government hospitals located in semiurban areas and six Primary Health Centres located in rural areas in North Arcot district. In all 394 address-cards were given to the patients from the eight centres, of which 374 were returned with the address filled in, showing an acceptability rate of 95%. In all, 373 Type A letters were then posted to these addresscard addresses in respect of which acknowledgment cards were received back from 306 (82%) patients. For 140 patients, the recorded addresses were found to be the same as on the addresscard and the treatment card: In the remaining 233, there was some difference between the two addresses. Type B letters were then posted to the 233 patients at their treatment card address. No definite information was available regarding the receipt of one or both types of letters in respect of 80 patients; so, an attempt was made to visit these patients in their homes to find out the fate of these letters. Of these, no information could be collected in 9 patients. Out of 224 patients for whom information regarding the receipt of letter was available, 143 (64%) patients received both letters and 16 (7%) received neither Type A nor Type B letter. Twenty one (9%) had probably or definitely not received the Type A letter, but had received the Type B letter. Forty four (20%) had definitely or probably not received the Type B letter, but had received the Type A letter

Nitroimidazoles: Part XVII. 5-Aminoimidazoles

2-Benzoyl-1-methyl-5-nitroimidazole (I) undergoes-reduction over Raney nickel catalysed to the amine (2), which is transformed into the p-chIorobenzamide (3), the acylthioureas (4 and 6) and the sulphonylthiourea (5). Alkaline hydrolysis of 4 affords the thiourea (7), Hydrogenation of the p-nitrobenzayl analogue (10) of 1 and condensation of the product with dimeihylformamide dimethylacetal leads to the bis-amidine (II). Catalytic reduction of the nitrosulphone (12) affords unstable 2-methanesulphonyl-1-methyI-S-aminoimidazole (13) forming stable acyl derivatives (14a-g) and thioureas U5a and 15b). Reaction of 13 with p-nitrobenzaldehydc furnishes in low yield an anomalous product considered to be 19, which probably results via the benzylidene-bisimidazole(16)and the tricyclic condensed pyridines(17and 18). 2-Meihunesulphinyl-1-metbyl-5-aminoimidazole arising from the nitro derivative (20a) is characterised as the acylthioureas (20b and 20c). Likewise the reduction product of 1-methylsulphonyl-3-(1-methyl-5-nitro-2-imidazoly])-2-irnidazolidinone (21a) has been isolated as the acetyl derivative (21b)

A study of patients 'lost' from short course chemotherapy under district tuberculosis programme

A study was undertaken in North Arcot and Raichur districts in South India to find out the reasons for patients getting ‘lost’ from short course chemotherapy. There were 545 (40%) patients ‘lost’ from treatment in North Arcot during 14 months and 219 (46%) in Raichur during 72 months. Approximately half of the ‘lost’ patients from both the districts discontinued treatment within two months from the start of treatment. Due to inadequate or incorrect address, 84 (15%) and 26 (13%) patients could not be traced at North Arcot and Raichur, respectively. Reasons could not be elicited from 39 (7%) and 16 (7%) patients, respectively, as they had migrated. Eighty-two (15%) from North Arcot and 33 (15%) from Raichur had died. For 55 (10%) patients from North Arcot and 15 (7%) from Raichur treatment had been changed. Twenty -three (4%) from North Arcot had actually completed their treatment at a different Peripheral Health Institution. Reasons for stopping treatment were obtained from 262 (48%) and 127 (58%) patients, respectively, from the two districts. Abatement of symptoms (19%, 35%), adverse reactions (22%, 13%), outstation trips (22%, 2%), lack of faith in diagnosis and treatment (10%, 27%) and taking private treatment (9%, 32%) were some of the reasons given by the patients Interviewed respectively from these two districts . Some of the patients gave more than one reason

Nitroimidazoles: Part X. Spectral studies on isojmeric-1 -substituted 4-& 5-nitroimidazoles and some 2-nitromidazoles

Chemical shifts of C-4 in series - a of 1 -substituted 5-nitroimidazoles fall within a narrow range of 130-133 ppm and those of C-5 in isomeric 4-nitro compounds (series-b) at 120-124 ppm, offering a method for distinguishing between isomeric pairs. An additional diagnostic method utilises the observation that for series-b, the signal due to C-5 has extra multiplicity due to three-bond coupling with protons of the group on N-1, which C-4 in series-a does not exhibit. DMSO induced chemical shifts for C-5 H in series-b (δ5 DMSO-d6-δ5 CDC13) are much larger than those for C-4H in series-a and are useful aids for structure assignment. Mass spectra of the l-alkyl-5-nitroimidazoles (series-a) generally show fragments due to loss of OH, which are mostly absent in series-b; the loss of N02 is also more intense in the former than in the latter. The phenomena are traced to participation by the alkyl group at position-1. Acid and alkali induced shifts in water and EtOH UV spectra of a variety of nitroimidazoles are described and discussed l-A.lkyl-5-nitroimidazoles undergo hypsochromic shifts in 0.1/V H2S04 more readily than the 4-nitro-isomers. On silica gel plates, compounds of series-a generally move faster than those of series-b. The melting points of the 5-nitroimidazoles are as a rule lower than those of the 4-nitro counterparts

Nitroimidazoles: Part IX. Addition of diazomethane to 1-methyl-5-nitro-2-acylamino- & 2-Sulphonamidoimidazoles & to 2-Dichloracetamido-5-nitrothiazole

1-Methyl-2-dichloracetamido-5-nitroimidazole (3) undergoes an anomalous reaction with diazomethane to give imidazo(4,5-c)pyrazoJes (8) and (9). the reaction proceeding by the initial formation of 2-dichIoracetylimino-l.3-dimethyl-4-nitroimidazoline (6). cycloaddition of diazomethane to the nitroethylene bond in (6), elimination of nitrous acid from the adduct leading to imidazopyrazole(7) and subsequent alkylation of 7 at either of the two pyrazole nitrogen centres. Two less frequently encountered byproducts are 5 arising from the expected N-methyldichloracetamide(4)and the ring-opened amidine (12). The formation of 12 from 6 is rationalized. I -Methyl-2-p-toluenesulphonamido-5-nitroimidazole( 14) undergoes a similar reaction with diazomethane to form in addition to the exo(15)-and endo(16)-N-methyl derivatives, imidazopyrazoles (17, 18 and 20) by cycloaddition of diazomethane to 16. Two N -methyl carbamoyl derivatives (19) and (21) of 17 are byproducts of the reaction, arising from 17 by interaction with methyl isocyanate contaminating diazomethane. and have been prepared from it by deliberate treatment with methyl isocyanate. Two further byproducts, the imidazoline (22) and the related amidoxime(23) resulted from addition of methanol to nitroimidazoline (16) to form 24 followed by standard transformations. The cycloaddition reaction is shown to be a general one, by isolation of thiazolopyrazoles (27 and 28) by treating 2-dichloracetylamino-5-nitrothiazole (26) with diazomethane. Extensive use of 13C NMR spectroscopy has helped structural assignments, in particular, in differentiating isometric pairs, 8, 9; 15, 16: 18, 20; and 27, 28. Further, it is of diagnostic value in providing insight into the tautomeric nature of 3 (as 3a), 7 (as 7a). 14 (us 14b) and 17 as (I7a)

Nitroimidazoles: Part XI. Some Halonitro- & dinitroimidazoles

Methylation of 2-chloro-4-nitroimidazole (6), obtained from imidazole in four steps, either with dimethyl sulphate or with diazomethane affords a mixture of 2-chloro-l-methyl-5-nitroimidazole (10) and the 4-nitro-isomer (7). The corresponding dinitro compounds 11 and 8 are formed in the methylation of 2,4-dinitroimidazole (5), 8 being converted to 7 by the action of POCl3. Reaction of 10 with the sodium salt of N-methanesulphonyl-2-imidazolidinone provides the potent amoebicide, 1-methylsulphonyl-3-(1-methyl-5-nitroimidazol-2-yl)-2-imidazolidinone (2). The isomer 14 is synthesised from 7 in low yield. Ethylation of 5 leads to preponderant N-alkylation, providing a mixture of l-ethyldinitroimidazoles (9) and (12), but a small amount of N,C-diethyl derivative 15 is also obtained. The formation of 15 from 5 is rationalised. The diiodination product of imidazole is shown to be 4,5-diiodoimidazole (19), nitric acid transforming it to 4-iodo-5-nitroimidazole (20). Methylation of 20 affords a mixture of isomeric 1 -methyliodonitro derivatives (21) and (22). The structures of 21 and 22 are established by 13C NMR data as well as by conversion into morpholine derivatives 26 and 24 respectively which also arise from 1-methylchloronitroimidazoles (25) and (23). A mechanism is proposed for the reported conversion of 5 into 4-chloro-5-nitroimidazole (32) in boiling 2-chloroethanol