On the Determinants of Underwriting in Swedish Equity Offerings

This thesis studies the choice of floatation method using a dataset based on 703 public offerings in Sweden between 2006 and 2017. A logistic model is utilised to study the determinants of underwriting, an ordinary least square model to estimate the direct cost of floatation, and the cost of underwriting is estimated using the Heckman sample selection model. The results are generally aligned with existing research and suggest that underwriters are providers of signalling in equity offerings, but are for our sample to be considered imperfect in providing certification. In contrast to existing beliefs of shareholder takeup, the likelihood of underwriting is increasing in expected shareholder takeup from subscription precommitments. Our explanation for this is bilateral. On the one side, we argue that risk averse firms can ensure successful offerings by using a combination of subscription precommitments and underwriting. On the other side, we reason that high subscription precommitments indicate concentrations of large shareholders. Accordingly, we propose that underwriting in these equity offerings may be a result of agency problems between shareholders. Furthermore, a rights issue paradox is insinuated in the Swedish equity market. However, we limit our inference to mere indications as opposed to definite conclusions, and emphasise that an estimation of the indirect costs is needed to assert the presence of such paradox. Finally, we find that there are economies of scale of underwriting and that the cost of underwriting is decreasing in the insured share in the equity offering.This thesis studies the choice of floatation method using a dataset based on 703 public offerings in Sweden between 2006 and 2017. A logistic model is utilised to study the determinants of underwriting, an ordinary least square model to estimate the direct cost of floatation, and the cost of underwriting is estimated using the Heckman sample selection model. The results are generally aligned with existing research and suggest that underwriters are providers of signalling in equity offerings, but are for our sample to be considered imperfect in providing certification. In contrast to existing beliefs of shareholder takeup, the likelihood of underwriting is increasing in expected shareholder takeup from subscription precommitments. Our explanation for this is bilateral. On the one side, we argue that risk averse firms can ensure successful offerings by using a combination of subscription precommitments and underwriting. On the other side, we reason that high subscription precommitments indicate concentrations of large shareholders. Accordingly, we propose that underwriting in these equity offerings may be a result of agency problems between shareholders. Furthermore, a rights issue paradox is insinuated in the Swedish equity market. However, we limit our inference to mere indications as opposed to definite conclusions, and emphasise that an estimation of the indirect costs is needed to assert the presence of such paradox. Finally, we find that there are economies of scale of underwriting and that the cost of underwriting is decreasing in the insured share in the equity offering

Mapping length of inpatient treatment duration and year-wise relapse rates in eating disordered populations in a well-defined Western-European healthcare region across 1998–2020

Objectives: Updated international guideline recommendations for AN inpatient care rely on expert opinions/observational evidence and promote extended inpatient stays, warranting investigation using higher-level ecological evidence. Methods: The study was conducted according to Guidelines for Accurate and Transparent Health Estimates Reporting (GATHER). Data encompassing 13,885 ED inpatients (5336 adolescents and 8549 adults) was retrieved from Swedish public health registries. Variables analyzed included (1) ED inpatient care opportunities, (2) unique number of ED inpatients and (3) mean length of ED-related inpatient stays in age groups 15–19 and 20–88+, across 1998–2020. Results: Mean length of inpatient stays was inversely correlated to relapse to ED-related inpatient care within the same year (p < 0.001, R-squaredadj = 0.5216 and p < 0.00001, R-squaredadj = 0.5090, in the 15–19 and 20–88+ age groups, respectively), independent of number of ED inpatients treated within a year in both age groups. Extending mean adolescent inpatient duration from 35 to 45 days was associated with a ∼30% reduction in the year-wise relapse rate. Conclusions: Mean length of ED-related inpatient treatment stays was associated with reduced relapses to inpatient care within the same year, which could be interpreted as support for recommendations to include a stabilization phase in inpatient ED treatment

Anorexia Nervosa With Comorbid Severe Depression : A Systematic Scoping Review of Brain Stimulation Treatments

Major depressive disorder (MDD) is highly prevalent in individuals with anorexia nervosa (AN) and is a predictor of greater clinical severity. However, there is a limited amount of evidence supporting the use of psychotropic medications for its management. A systematic scoping review was conducted to assess the current literature on brain stimulation treatments for AN with comorbid MDD, with a specific focus on MDD treatment response and weight restoration. This review was conducted according to Preferred Reporting Items for Systematic Reviews and Meta-Analyses guidelines, and the PubMed, PsycInfo, and MEDLINE databases were searched until July 2022 using specific key words related to AN and brain stimulation treatments. A total of 373 citations were identified, and 49 treatment studies that met the inclusion criteria were included in the review. The initial evidence suggests that electroconvulsive therapy, repetitive transcranial magnetic stimulation, and deep-brain stimulation may be effective in managing comorbid MDD in AN. Emerging evidence suggests that transcranial direct current stimulation may have a positive effect on body mass index in individuals with severe to extreme AN. However, there is a need for the development of better measurement techniques for assessing the severity of depression in the context of AN. Controlled trials that are adequately designed to account for these limitations are highly warranted for deep-brain stimulation, electroconvulsive therapy, and repetitive transcranial magnetic stimulation and hold promise for providing clinically meaningful results