Really “Lost in translation”? The economic consequences of issuing an annual report in English

In this paper, we investigate the economic consequences of using English as an external reporting language for firms from non- English speaking countries. We use a difference-indifferences technique to estimate the effect of language. We use a sample of 166 firms that start publishing an annual report in English in addition to an annual report in their local language. We benchmark these firms to a sample of control firms defined via a propensity score matching procedure to control for endogeneity in the choice of the reporting language. We show that information asymmetry (measured as the bid-ask spread) is reduced, analyst following is enlarged and a greater investor base (measured as a higher number of foreign investors) is attracted. Our findings suggest that language per se may contribute to an increase in market efficiency by providing information accessible to more market participants.rapport annuel, conséquences économiques, traduction, anglais, fourchette de prix, suivi des analystes, actionnariat étranger, différences dans les différences, score de propension.

Coronal Line Emission from NLS1s

We discuss the optical coronal line spectra observed for a sample of 19 Narrow-Line Seyfert 1 galaxies. We find no correlation between the coronal line strength and the soft X-ray power-law index derived from ROSAT PSPC data. There is a trend for broader coronal lines to have larger equivalent widths. In addition, a strong trend is found between line width and velocity relative to the NLR. This trend is interpreted in terms of a decelerating outflow, originating close to the nucleus.Comment: Contributed talk presented at the Joint MPE,AIP,ESO workshop on NLS1s, Bad Honnef, Dec. 1999, to appear in New Astronomy Reviews; also available at http://wave.xray.mpe.mpg.de/conferences/nls1-worksho

Fokus Brasilien - Vor den Wahlen am 3. Oktober 2010

Project finance is a financing arrangement for projects, and it is characterised by the creation of a legally independent project company financed with non- or limited recourse loans. It is observed that the popularity of project finance is increasing in the recent decades, despite of the impact of Asian financial crisis. Especially in emerging markets, project finance is very common among the public-private partnership projects. It is possible that project finance yields some benefits in project management that other forms of funding are not able to provide. This research aims to explore the impacts of project finance on the risk management of projects, as well as the mechanisms of the effects of various factors on project risk management. The research starts with a quantitative analysis which consists of project data from 32 projects in recent years. The regression analysis on these quantitative data reveals that factors such as the separation of legal entity and existence of third-party guarantees can effectively reduce the borrowing rates of the projects. The borrowing rates, expressed in terms of credit spreads over LIBOR, are regarded as a proxy for the overall risk level of the projects. The qualitative section which involves five structured interviews further explores the relationships of the attributes of project finance on project risk management. The interviewees largely agrees on the effects of the separation of legal entity, non- or limited recourse loans, and the existence of third-party guarantees in managing political and country risks, business risks, and principal-agency risks. The involvement of a larger number of stakeholders in the projects enable the project to enhance its risk management ability by gaining external expertise and knowledge, influences on government policies, and more importantly, closer supervisions on project activities. Apart from revealing the important features of project finance, and the potential benefits it may yield on project risk management, the effectiveness of these features are also discussed. The study also examines the relationships between these features and the common risk factors which may affect all projects. Some recommendations to enhance the benefits of project finance and reduce the associated transaction costs are made based on this study

Using the AdVac® vaccine manufacturing platform for rapid response to infectious disease outbreaks

In the last decade, we have seen several examples of new or existing infectious diseases that rapidly developed into epidemics with devastating effects and sometimes high mortality. In order to combat these threats and to be prepared for future epidemics, it is essential to develop and produce vaccines against these pathogens. A lesson that can be learned from the recent Ebola epidemic in Western Afrika is that speed at which vaccines are developed is essential. A flexible and robust manufacturing platform can play a vital role in meeting the pressing timelines. At Janssen vaccines, we have developed a drug substance manufacturing platform based on AdVac® and PerC6® technology. This platform is able to handle significant variations that are associated with the production of different vaccine candidates while maintaining a consistent quality of the end product. Furthermore, the platform process is fast, low-footprint, high yield and cost-effective. The platform nature allows for quick incorporation of new vaccine candidates into our manufacturing pipeline with minimal time required for development and with fast and smooth technology transfers between development and GMP manufacturing, since experience, equipment, documentation, analytical methods can be efficiently leveraged between candidates. In this presentation, we will demonstrate the value of the AdVac® manufacturing platform for the prevention and combating of rapidly emerging epidemics of infectious diseases

Brasiliens Aufstieg : mit Hindernissen

Wohl kaum ein anderer Staat der Welt hat in den vergangenen Jahren einen solchen Zuwachs an internationaler Aufmerksamkeit verzeichnen können wie Brasilien. Der Reichtum an Bodenschätzen, eine florierende Landwirtschaft und ein starker Binnenmarkt ziehen ausländische Investoren in großer Zahl an. 16 Jahre mit vergleichsweise guter Regierungsführung sorgen für politische Stabilität. Und dennoch gibt es erhebliche Defizite, die Brasiliens so unvermeidlich erscheinenden Aufstieg hemmen. Wenn das Land ernsthaft zum „global player“ werden will, muss in den kommenden Jahren an ihrer Beseitigung gearbeitet werden

Zu wenig wirtschaftliche Freiheit : Indonesiens Mühen mit der Korruptionsbekämpfung

Statt sich in ihren wirtschaftlichen Erfolgen sonnen zu können, leidet die Regierung von Präsident Susilo Bambang Yudhoyono unter Korruptionsskandalen wie derzeit dem Fall des bisherigen Schatzmeisters der regierenden Partei der Demokraten, Muhamed Nazaruddin. Neben juristischen, politischen und kulturellen Ursachen liegt die Korruptionsanfälligkeit Indonesiens im Mangel an wirtschaftlicher Freiheit begründet. Er öffnet Bestechung und Bestechlichkeit Tür und Tor, ohne dass dieser Zusammenhang angemessen artikuliert würde

A Pharmacist-Led, Patient-Centered Program Incorporating Motivational Interviewing for Behavior Change to Improve Adherence Rates and Star Ratings in a Medicare Plan.

INTRODUCTION:The Medicare 5-star quality rating system was designed to drive improvements in Medicare quality and to increase accountability among Medicare plans. Medicare star ratings provide significant bonuses for plans that improve medication adherence. Envolve's pharmacy division, Envolve Pharmacy Solutions, which provides services for Medicare Advantage Prescription Drug plans, developed an in-house medication therapy management (MTM) program to improve adherence rates and subsequent star ratings. As part of this program, Envolve invested in motivational interviewing (MI) as a means to improve adherence to antihypertensives, antihyperlipidemics, and antidiabetics but recognized the need for additional staff training to ensure pharmacist success with MI techniques. Thus, Envolve engaged a consultant to help train pharmacists and evaluate the program. This best practices article describes the implementation of an MI program and subsequent changes in patient adherence and star ratings. PROGRAM DESCRIPTION:A pharmacist-led, patient-centered adherence program incorporating MI for behavior change was developed and implemented at Envolve. The program used didactic learning, coaching and skills assessments, and a train-the-trainer (TtT) intervention. This approach resulted in improved adherence rates in all 3 therapeutic classes immediately. In addition, a quality improvement process was incorporated to evaluate the improvements in adherence with this new program over 24 months. OBSERVATIONS:Key findings of the program are as follows: (a) the program increased adherence rates 5-9 percentage points (chi-square tests for all plans and drug classes measured, P < 0.05) over 5 years and improved Medicare star ratings by 1-2 stars; (b) there is a need for support of pharmacy MTM managers to ensure continued success of the program; and (c) there is value in a TtT program for managers that allows them to provide continuous evaluation and feedback to staff for improvement. IMPLICATIONS:Each year, as the Medicare star ratings system matures and plans are held more accountable for improving adherence measures, high star ratings become more difficult to attain. This MI TtT program for pharmacists allows for rapid cycle change in response to these challenges. DISCLOSURES:Funding was provided by Envolve Pharmacy Solutions, which contracted with the University of California, San Francisco (UCSF), School of Pharmacy for the development and implementation of the motivational interviewing and train-the-trainer programs described in this best practices article. Spears, Erkens, and Misquitta are employees of Envolve Pharmacy Solutions. Stebbins and Cutler are faculty in the Department of Clinical Pharmacy at the UCSF School of Pharmacy, who were contracted through Envolve Pharmacy Solutions to provide consulting services for this best practice

Adaptive Non-Linear Pattern Matching Automata

Efficient pattern matching is fundamental for practical term rewrite engines. By preprocessing the given patterns into a finite deterministic automaton the matching patterns can be decided in a single traversal of the relevant parts of the input term. Most automaton-based techniques are restricted to linear patterns, where each variable occurs at most once, and require an additional post-processing step to check so-called variable consistency. However, we can show that interleaving the variable consistency and pattern matching phases can reduce the number of required steps to find a match all matches. Therefore, we take the existing adaptive pattern matching automata as introduced by Sekar et al and extend it these with consistency checks. We prove that the resulting deterministic pattern matching automaton is correct, and show that its evaluation depth is can be shorter than two-phase approaches

Expression of inflammation-related genes is associated with adipose tissue location in horses

Background : In humans, adipose tissue (AT) originating from different depots shows varying gene expression profiles. In horses, the risk of certain metabolic disorders may also be influenced by the impact of specific AT depots. Macrophage infiltration in human and rat AT is considered to be a source of inflammatory changes. In horses, this relationship has not been extensively studied yet. Reverse transcription quantitative real-time polymerase chain reaction (RT-qPCR), a useful method to evaluate differences in mRNA expression across different tissues, can be used to evaluate differences between equine AT depots. For a correct interpretation of the RT-qPCR results, expression data have to be normalized by the use of validated reference genes. The main objectives of this study were to compare mRNA expression of inflammation-related genes, as well as adipocyte morphology and number between different equine AT depots; and in addition, to investigate the presence of antigen presenting cells in equine AT and any potential relationship with adipokine mRNA expression. Results : In this study, the mRNA expression of inflammation-related genes (leptin, chemokine ligand 5, interleukin 1β, interleukin 6, interleukin 10, adiponectin, matrix metalloproteinase 2, and superoxide dismutase 2) and candidate reference gene stability was investigated in 8 different AT depots collected from the nuchal, abdominal (mesenteric, retroperitoneal, and peri-renal) and subcutaneous (tail head and loin) AT region. By using GeNorm analysis, HPRT1, RPL32, and GAPDH were found to be the most stable genes in equine AT. The mRNA expression of leptin, chemokine ligand 5, interleukin 10, interleukin 1β, adiponectin, and matrix metalloproteinase 2 significantly differed across AT depots (P 0.05). Adipocyte area and number of antigen presenting cells per adipocyte significantly differed between AT depots (P < 0.05). Conclusions : Adipose tissue location was associated with differences in mRNA expression of inflammation-related genes. This depot-specific difference in mRNA expression suggests that the overall inflammatory status of horses could be partially determined by the relative proportion of the different AT depots