Prediction of RECRUITment In randomized clinical Trials (RECRUIT-IT)— : —rationale and design for an international collaborative study

Funding: BK has received a project specific grant from the University of Basel to realize this project. In addition, this study is supported by the Swiss National Science Foundation (grant 320030_149496/1) and the Gottfried and Julia Bangerter-Rhyner Foundation. The provided work by BG, JHL, CW, and JY has been supported by the National Cancer Institute Cancer Centre Support Grant P30 CA168524 and used BISR core. The Health Services Research Unit, University of Aberdeen, receives core funding from the Chief Scientist Office of the Scottish Government Health Directorates. DC is supported by a Research Chair from the Canadian Institute for Health Research. The mentioned funding sources have no role in the design and conduct of the study; the collection, management, analysis, and interpretation of the data; the preparation, review, or approval of the manuscript; or the decision to submit the manuscript for publication.Peer reviewedPublisher PD

A Survey of the European IPO Market. CEPS ECMI Research Reports No. 2, 18 August 2006

Based on a sample of 15 European countries, this survey analyses various features of the European IPO (Initial Public Offering) market over the period from 1995 to 2004: listing requirements, IPO-mechanism choices, performance and secondary market liquidity. First, the comparison of national primary market regulations, in spite of the commonly observed segmentation between Main, Parallel and New Markets, shows a wide diversity in listing requirements and reveals that the primary market’s mechanisms are almost always monitored by investment banks, which then control the initial pricing and allocation of new issues. The examination of issuers’ practices looks at the increase in the different types of IPO mechanisms in the late nineties and the widespread use of the book-building mechanism nowadays. Second, our empirical analysis of IPO short-term and long-term performance confirms, with a few exceptions, widely recognised patterns, but also show discrepancies between countries, periods, sector and primary listing mechanisms. The average initial underpricing amounts to 22% over our pan-European sample and is observed at various levels in each of the 15 countries of the sample. Empirical evidence on long-term performance is less clear. Results are not benchmark-dependent but sometimes differ from one measurement method to another. However, in line with previous studies, significant underperformance is found at the 3-year horizon with all methodologies and in all countries, except Greece and Portugal. Finally, using a sample of IPOs launched on Euronext between 1995 and 2004, our study examines the relationship between initial returns and post-listing liquidity in the short and in the long-run. We support the ‘illiquidity-compensation hypothesis’. Initial underpricing is positively linked to information asymmetry in the after-market. It produces higher turnover immediately after the IPO but has no effect on trading volumes after the first year of trading, so that this liquidity effect cannot be put down to ownership structure but is more likely attributable to the interest underpriced stocks generate

Nudges for responsible finance? A survey of interventions targeted at financial decision making

In a comprehensive review, we investigate how nudges can help financial decisionmakers allocate funds according to ethical considerations to promote sustainable development. We begin by identifying the main nudge frameworks and highlighting their many similarities, including the use of default options, making information more salient, and manipulating the framing of incentives. While nudges have been used in personal finance primarily to promote saving for retirement or avoiding credit card debt, they can also encourage socially responsible investment (SRI). We propose potential nudges in SRI and provide a primer on nudge implementation by reviewing methods for selecting effective nudges and ensuring their ethical acceptability

Contribution de l'analyse financiere a l'analyse strategique

Available at INIST (FR), Document Supply Service, under shelf-number : DO 2624 / INIST-CNRS - Institut de l'Information Scientifique et TechniqueSIGLEFRFranc

Seasoned equity issues in a closely held market : evidence from France

SIGLEAvailable from INIST (FR), Document Supply Service, under shelf-number : DO 6359 / INIST-CNRS - Institut de l'Information Scientifique et TechniqueFRFranc