The international diversification of banks and the value of their cross-border M&A advice

__Abstract__ We examine the impact of the international diversification by banks on the value of their advice provided in cross-border merger and acquisition transactions by studying bidder returns and deal performance following 1,708 cross-border M&A deals. We find that bidders engaging a more internationally diversified financial advisor face lower stock price and synergy returns, worse deal operating performance, and slower deal completion. We show that these negative effects of diversification can be mitigated by involvement in financing or country-specific available capacity of the advisor. [version: December 2013

The effect of cross listing on management forecast specificity and accuracy in the Netherlands

Abstract: We investigate management forecasts by Dutch firms in relation to cross listings by these firms in the US or the UK. Cross listings are associated with legal and reputational bonding, since firms with a cross listing in the US or the UK face greater legal liability exposure and closer scrutiny by financial intermediaries than do non-cross-listed firms. As a result, after obtaining the cross listing, these firms face greater potential costs of misrepresenting information. Our findings suggest that cross listing in a stricter environment influences management forecasts in terms of management forecast specificity, accuracy, and conservativeness in two opposite directions: although cross-listed firms make smaller forecast errors, their forecasts are less precise and more conservative. Our analysis of shareholder wealth effects shows that the net effect of the cross listing is positive upon the announcement of a management forecast

Corporate Governance and Acquisitions: Acquirer Wealth Effects in the Netherlands

We examine 865 acquisitions by Dutch industrial firms over the period 1993–2004. Theoretical work based on principal–agent problems predicts that managers of exchange-listed corporations may pursue ac

Students’ personal professional theories in competence-based vocational education: the construction of personal knowledge through internalisation and socialisation

Schaap, H., De Bruijn, E., Van der Schaaf, M. F., & Kirschner, P. A. (2009). Students' personal professional theories in competence-based vocational education: the construction of personal knowledge through internalisation and socialisation. Journal of Vocational Education & Training, 61(4), 481-494.Competence-based vocational education is based on a constructivist learning paradigm, where the development of students’ personal professional knowledge is emphasised. However, there is a lack of insight into how students construct their own professional knowledge and what the content and nature of personal professional knowledge is. This article elaborates the concept Personal Professional Theory (PPT): a personal knowledge base in which professional knowledge and beliefs are internalised. PPTs are built upon a combination of declarative and procedural knowledge and are stored in the long-term memory. Furthermore, knowledge in PPTs refers to compiled knowledge which can be specified and applied to different professional situations. These PPTs develop through an interrelated process of internalisation and socialisation, in which students grow into the existing body of shared knowledge and collective norms, values and beliefs of professionals of an occupational domain. It is concluded that the elaboration of PPTs can be used to stimulate and monitor personal professional knowledge development in vocational education, but further research into the content and nature of PPTs is required

The demand for corporate financial reporting: A survey among financial analysts

Abstract: We examine financial analysts’ views on corporate financial reporting issues by means of a survey among 306 analysts and interviews among 21 analysts and compare their views with that of CFOs. Since CFOs believe that meeting or beating analysts’ forecasts and managing earnings to achieve this benchmark can enhance firm value, examining analysts’ perspectives on these actions improves our understanding on whether CFOs’ beliefs are rational or heuristic. Our findings suggest that CFOs’ beliefs tend to be rational regarding their focus on earnings and their views on earnings management and smoothing. The main reason is that analysts have difficulty in unraveling certain types of earnings management in a specific firm even though they anticipate earnings management in general. Yet, CFOs are heuristic in their optimism about the consequences of managing earnings, which potentially has negative implications for the value of their firm

Tumor immune escape in acute myeloid leukemia: Class II-associated invariant chain peptide expression as result of deficient antigen presentation

In this overview, we discuss the role of class II-associated invariant chain peptide (CLIP) in acute myeloid leukemia (AML), one of the few tumors expressing HLA class II. The clinical impact, function and regulation of CLIP expression on leukemic cells is addressed, indicating its potential as immunotherapeutic target in AML

Training for the future

Aim The aim of this prospective study was to examine the association between behavioural problems and medical and psychological outcomes in clinically treated children and adolescents with asthma. Methods Patients (n=134) were recruited from two high-altitude asthma clinics in Switzerland and one asthma clinic in the Netherlands. Outcome measures were Asthma Control Test (ACT), Paediatric Asthma Quality of Life Questionnaire (PAQLQ(S)), forced expiratory volume in 1sec (FEV1) and fractional concentration of exhaled nitric oxide (FeNO). Parents completed the Child Behaviour Checklist (CBCL) (predictor variable). Data were collected at the start and end of treatment. Multiple regression analysis was used while adjusting for demographic variables, clinic and length of stay. Results More severe internalizing behavioural problems were associated with less improvement of total quality of life (t=2.26, p=0.03) and the domains symptoms (t=2.04, p=0.04) and emotions (t=2.3, p=0.02) after clinical treatment. Behavioural problems were not associated with a change of lung function measurements (FEV1 and FeNO) and asthma control (ACT) during treatment. Conclusion A focus of healthcare professionals on the treatment of internalizing behavioural problems may optimize the quality of life in clinically treated youth with asthma

Hidden genetic variation in LCA9-associated congenital blindness explained by 5′UTR mutations and copy-number variations of NMNAT1

Leber congenital amaurosis (LCA) is a severe autosomal-recessive retinal dystrophy leading to congenital blindness. A recently identified LCA gene is NMNAT1, located in the LCA9 locus. Although most mutations in blindness genes are coding variations, there is accumulating evidence for hidden noncoding defects or structural variations (SVs). The starting point of this study was an LCA9-associated consanguineous family in which no coding mutations were found in the LCA9 region. Exploring the untranslated regions of NMNAT1 revealed a novel homozygous 5'UTR variant, c.-70A>T. Moreover, an adjacent 5'UTR variant, c.-69C>T, was identified in a second consanguineous family displaying a similar phenotype. Both 5'UTR variants resulted in decreased NMNAT1 mRNA abundance in patients' lymphocytes, and caused decreased luciferase activity in human retinal pigment epithelial RPE-1 cells. Second, we unraveled pseudohomozygosity of a coding NMNAT1 mutation in two unrelated LCA patients by the identification of two distinct heterozygous partial NMNAT1 deletions. Molecular characterization of the breakpoint junctions revealed a complex Alu-rich genomic architecture. Our study uncovered hidden genetic variation in NMNAT1-associated LCA and emphasized a shift from coding to noncoding regulatory mutations and repeat-mediated SVs in the molecular pathogenesis of heterogeneous recessive disorders such as hereditary blindness