FDA Drug Approvals: Time Is Money!

We investigated the stock price behavior of public pharmaceutical and biotechnology companies upon approval of a drug by the Food and Drug Administration (FDA). Using event study methodology, we examine the reaction caused by the approval, seperating it from the asset price movements caused by other factors such as market and industry effects. The results are then used to validate the model developed in this article as an alternative to the explanations given by Sharma and Lacey (2004). The results of this study support the Efficient Market Hypothesis, i.e. that the market reacts to the new information quickly and clearly

A multidisciplinary review essay of Francisco Cantú’s book "The Line Becomes a River: Dispatches from the Border", Vintage, London, 2019

What makes this review essay on Francisco Cantúʼs bestselling book on the US-Mexican border regimes uniquely thought-provoking – and, in equal measure, challenging – is the diversity of the disciplines involved and their relationship to the subject matter. Our working groupʼs aim has been to analyze notions of ›subjectivation‹, that is, the process of becoming a subject in relation to practices of vigilance. Thus, our working group explored what different disciplines can gain from reflecting on and analyzing the same text and which aspects of it they consider particularly relevant to ongoing debates on vigilance and subjectivation. What kind of subtexts are brought to light by these divergent readings and what aspects do some disciplines stress that others would not have noticed in such detail

Fundamental Valuation of Extra-Financial Information

We augment seminal models based on Ohlson (1995) by integrating the value impact of ratings related to three different extra-financial categories, i. e. corporate governance, human capital, and innovation capital. By integrating extra-financial information in valuation models, we examine whether current market values can be better estimated and future stock performance better predicted when considering this information. For a sample of large Euro-pean public firms, we find that a model including human capital information and analysts’ earnings forecasts best explains current stock prices. Our model based on human capital in-formation (without analysts’ forecasts) best identifies under- and overvalued companies

Carbon Ion irradiation in the treatment of grossly incomplete or unresectable malignant peripheral nerve sheaths tumors: acute toxicity and preliminary outcome

Background: To report our early experience with carbon ion irradiation in the treatment of gross residual or unresectable malignant peripheral nerve sheath tumors (MPNST). Methods: We retrospectively analysed 11 patients (pts) with MPNST, who have been treated with carbon ion irradiation (C12) at our institution between 2010 and 2013. All pts had measurable gross disease at the initiation of radiation treatment. Median age was 47 years (29-79). Tumors were mainly located in the pelvic/sacral (5 pts) and sinunasal/orbital region (5 pts). 5 pts presented already in recurrent situation, 3 pts had been previously irradiated, and in 3 pts MPNST were neurofibromatosis type 1 (NF1) associated. Median cumulative dose was 60 GyE. Treatment was carried out either as a combination of IMRT plus C12 boost (4 pts) or C12 only (7 pts). Results: Median follow-up was 17 months (3-31 months). We observed 3 local progressions, translating into estimated 1- and 2-year local control rates of 65%. One patient developed distant failure, resulting in estimated 1- and 2-year PFS rates of 56%. Two patients have died, therefore the estimated 1- and 2-year OS rates are 75%. Acute radiation related toxicities were generally mild, no grade 3 side effects were observed. Severe late toxicity (grade 3) was scored in 2 patients (trismus, wound healing delays). Conclusion: Carbon ion irradiation yields very promising short term local control and overall survival rates with low morbidity in patients suffering from gross residual or unresectable malignant peripheral nerve sheath tumors and should be further investigated in a prospective trial

Strukturdaten des Naturkostfachhandels: Erhebung des Status quo und Aufbau eines Instrumentariums zur kontinuierlichen Strukturbeschreibung des Bio-Marktsegmentes Naturkostfachhandel

Der spezialisierte Naturkosthandel stellt in Deutschland traditionell einen wichtigen Absatzkanal für Öko-Lebensmittel dar. Zu Beginn des zweijährigen Projektes im Dezember 2009 lagen zu den Strukturen der Branche keine vollständigen und abgesicherten Daten vor. Dies galt insbesondere für den Naturkosteinzelhandel, aber auch den Naturkostgroßhandel. Es bestand eine relativ hohe Marktintransparenz. Vor diesem Hintergrund zielte das Vorhaben zunächst auf die Erhebung der Grundgesamtheit des Naturkosteinzelhandels ab. Zum Oktober 2010 wurden 2.346 Naturfachgeschäfte ermittelt. Aus der Grundgesamtheit wurde eine repräsentative Stichprobe von 319 Geschäften für die Durchführung von Face-to-Face-Interviews gezogen. Im Ergebnis lagen auswertbare Daten von 254 Geschäften vor, die detaillierte Auskünfte über u. a. Verkaufsflächen, Umsätze, Sortimentsstrukturen und Bezugsquellen der Einzelhändler ermöglichen. Zur Analyse der Großhandelsstrukturen wurden rund 131 Großhändler und Hersteller, die den Naturkosteinzelhandel direkt beliefern, telefonisch kontaktiert und nach bestimmten Kriterien befragt. Mit einer weitergehenden schriftlichen Befragung konnten auswertbare Ergebnisse von 28 Unternehmen erzielt werden, die erstmals vertiefte Einblicke in Umsätze sowie die Umsatzanteile verschiedener Kundengruppen und Sortimente geben. Auf der Grundlage der erhobenen Daten wurde ein Verfahren zur Hochrechnung des Marktvolumens der Naturkostbranche erarbeitet. Dazu wurden sechs verschiedene Varianten getestet und diskutiert. Die letztlich ausgewählte Variante kommt zu dem Ergebnis, dass das Marktvolumen des Naturkostfachhandels im Jahr 2009 1,77 Milliarden Euro betrug. Abschließend wurden mögliche Varianten für eine Datenfortschreibung (Strukturdaten und Hochrechnung des Marktvolumens) diskutiert. Dieses erfolgte sowohl auf der Basis der im Projekt erhobenen Daten als auch auf der Basis von bestehenden Datenquellen, die Teile der Naturkostbranche im Rahmen von Stichproben abbilden

Effect of strain on surface diffusion and nucleation

The influence of strain on diffusion and nucleation has been studied by means of scanning tunneling microscopy and effective-medium theory for Ag self-diffusion on strained and unstrained (111) surfaces. Experimentally, the diffusion barrier is observed to be substantially lower on a pseudomorphic Ag monolayer on Pt(111), 60 meV, compared to that on Ag(111), 97 meV. The calculations show that this strong effect is due to the 4.2% compressive strain of the Ag monolayer on Pt. It is shown that in general isotropic two-dimensional strain as well as its relief via dislocations have a drastic effect on surface diffusion and nucleation in heteroepitaxy and are thus of significance for the film morphology in the kinetic growth regime