Venture capital meets contract theory: risky claims or formal control?

This paper develops a theory of the joint allocation of formal control and cash-flow rights in venture capital deals. We argue that when the need for investor support calls for very high-powered outside claims, entrepreneurs should optimally retain formal control in order to avoid excessive interference. Hence, we predict that risky claims should be be negatively correlated to control rights, both along the life of a start-up and across deals. This challenges the idea that risky claims should a ways be associated to more formal control, and is in line with contractual terms increasingly used in venture capital, in corporate venturing and in partnership deals between biotech start-ups and large drug companies. The paper provides a theoretical explanation to some puzzling evidence documented in Gompers (1997) and Kaplan and Stromberg (2000), namely the inclusion in venture capital contracts of contingencies that trigger both a reduction in VC control and the conversion! of her preferred stocks into common stocks.

Recidiva de distrofias estromales corneales tras queratoplastia

Objectiu: valorar l'índex de recidiva simple o recidiva clínicament significativa dels diferents tipus de distròfies estromals anteriors en empelts corneals després cirurgia de queratoplàstia. Material i mètodes: S'ha realitzat una revisió retrospectiva del 1954 al 2008 al Centre d'Oftalmologia Barraquer, identificant a tots els pacients diagnosticats de distròfia corneal estromal anterior i de la membrana de Bowman (Distròfia de Reis Bücklers, Distròfia Granular, Distròfia reticular, distròfia macular) que han estat intervinguts de queratoplàstia penetrant (QP) o queratoplàstia laminar (QL). S'han utilitzat estadístics descriptius i la funció de supervivència amb les corbes de Kaplan Meier per dur a terme l'anàlisi de la mostra. Resultats: La mostra total del nostre estudi ha estat de 109 ulls de 66 pacients amb distròfies estromals anteriors operats de queratoplàstia: 8 casos de distròfies de la capa de Bowman (6 ulls amb CDRB o CDB-I (distròfia de Reis Bücklers), i 2 ulls amb CDTB o CDB-I (distròfia de Thiel Behnke)), 19 casos de distròfies granulars (CDG), 53 casos de distròfia de lattice (CDL) i 29 casos de distròfia macular (CDM). Amb un llarg de temps de seguiment (75-180 mesos de mitjana), la recurrència simple ha estat del 33% dels casos de CDRB amb 46 mesos de temps mitjà de supervivència, del 58, 8% dels casos de CDG amb 74.6 mesos de supervivència, el 41'5% de les CDL amb 106 mesos de supervivència i en el 10% dels casos amb CDM amb 96 mesos de temps mitjà de supervivència. La recurrència clínicament significativa es va manifestar en la seva majoria en els casos de CDL i CDG amb un temps mitjà de supervivència de 127.6 mesos i 124.1 mesos respectivament. El símptoma principal d'aquestes manifestacions clíniques va ser la disminució de la AV. Conclusió: La queratoplàstia penetrant és un tractament clàssic eficaç per als casos de distròfies estromals anteriors simptomàtics, amb opacitats profundes en l'estroma o fracàs previ d'altres teràpies menys invasives com la PTK. Com és d'esperar, per la seva origen genètic, l'aparició de recurrència de la distròfia després del trasplantament existeix i s'incrementa amb el major temps de seguiment. La tendència d'aquesta recidiva és a presentar inicialment en el pla cornial epitelial i requereix un llarg temps d'evolució per fer-se simptomàtica, especialment en els casos de CDG, CDL i CDM.

Resección hepática por hepatocarcinoma: estudio comparativo entre pacientes de edad avanzada y edad joven

Introducción: El manejo quirúrgico de ciertas malignidades en el paciente anciano crea preocupación sobre la posibilidad de realizar cirugías agresivas y sus resultados. Este es el caso del paciente anciano con carcinoma hepatocelular donde se pueden suscitar difíciles decisiones terapéuticas. Comparamos los resultados obtenidos entre pacientes mayores y menores de 70 años de edad. Material y Métodos: Se realizaron 36 resecciones hepáticas curativas para tratar cáncer hepatocelular. Dividimos nuestra población en dos grupos (14 pacientes &70 y 22 mayores o igual a 70 años de edad) y comparamos su morbimortalidad, periodo libre de enfermedad y sobrevida global utilizando curvas de Kaplan Meir y prueba de Log rank. Además buscamos factores de mal pronósticos en la población. Resultados: Ambos grupos son similares en cuanto al estado pre-operatorio. El tiempo quirúrgico, tipo de procedimiento, estancia hospitalaria y morbimortalidad fueron similares. La sobrevida global para los pacientes jóvenes y seniles a 3 y 5 años fue 85,7% vs. 68,7% y 47,6% vs. 60% respectivamente (p=0,813). El periodo libre de enfermedad a 3 y 5 años fue de 69,3% vs. 35,2% y 39,6% vs. 23,4% respectivamente (p=0,539). El análisis multivariado reveló la enfermedad multicéntrica y la alfa-feto-protein elevada como factores pronósticos independientes de una sobrevida libre de enfermedad y global más cortos. Conclusión: Los pacientes mayores de 70 años con carcinoma hepatocelular deben ser manejados en una manera similar a pacientes más jóvenes. Hay que tomar en cuenta factores de mal pronóstico como la multicentricidad y alfa-feto-proteína elevadas.

Capturing and Organizing Prior Student Learning with the OCW Backpack

The purpose of this paper is to present an approach for students to have non-traditional learning assessed for credit and introduce a tool that facilitates this process. The OCW Backpack system can connect self-learners with KNEXT assessment services to obtain college credit for prior learning. An ex post facto study based on historical data collected over the past two years at Kaplan University (KU) is presented to validate the portfolio assessment process. Cumulative GPA was compared for students who received experiential credit for learning derived from personal or professional experience with a matched sample of students with no experiential learning credits. The study found that students who received experiential credits perform better than the matched sample students on GPA. The findings validate the KU portfolio assessment process. Additionally, the results support the capability of the OCW Backpack to capture the critical information necessary to evaluate non-traditional learning for university credit.

Vasopressina, un nou biomarcador en insuficiència cardíaca.

Introducció. Les concentracions plasmàtiques dels pèptids natriürètics són biomarcadors útils en el diagnòstic i en el maneig de la insuficiència cardíaca (IC). L’objectiu de l’estudi va consistir en avaluar un nou biomarcador, la vasopressina, per predir la mortalitat i el reingrés a mig termini dels pacients que ingressen per IC aguda. Mètodes. Des del novembre de 2004 fins setembre de 2010 s’estudien de forma prospectiva el pacients que ingressen al Servei de Cardiologia per IC aguda i es distribueixen en dos grups: grup 1, pacients amb nivells baixos de vasopressina ( ≤ 2’9 pg/mL) i grup 2, pacients amb nivells alts de vasopressina (  2’9 pg/mL). Es realitza una anàlisi multivariada de Cox i es construeixen corbes de Kaplan-Meier. Resultats. S’inclouen 322 pacients, amb una mediana de seguiment de 14,6 mesos. Els pacients del grup 1 presenten una major supervivència als 12 i 24 mesos del 93% i 72% respecte els pacients del grup 2 que és del 75% i 61% amb una HR 2.90 (IC 95%: 1.47-5.75, p=0.002), respectivament. Tanmateix s’aprecia una major supervivència cardiovascular en els pacients del grup 1 (97% vs. 87% al 12 mesos i de 87% vs. 75% als 24 mesos) amb HR 2.72 (IC 95%: 1.97 – 6.73, p&0.031). Un 56% i 29% dels pacients del grup 1 estaven lliures de reingrés als 12 i 24 mesos, respectivament, versus el 49% i el 21% del grup 2 amb una HR 1.48 (IC 95%: 1.04 – 2.11, p&0.02). Igualment pel primer reingrés per IC , el 71% i 46% del grup 1 respecte del 60% i 39% del grup 2 als 12 i 24 mesos, respectivament (HR 1.57 (IC 95%: 1.03 – 2.41, p&0.038). Conclusions. Els nivells alts de vasopressina en pacients amb insuficiència cardíaca aguda estabilitzats són un predictor independent de mortalitat i de reingressos als 12 i 24 mesos de seguiment.

Applications of the bootstrap to survival analysis

En este trabajo se revisan algunas de las aplicaciones clásicas del bootstrap al análisis de la supervivencia. Se consideran en primer lugar el estimador bootstrap de la varianza y el estimador de la mediana corregido para el sesgo del estimador de Kaplan-Meier de la función de supervivencia. A continuación se consideran algunos aspectos mas recientes, tales como métodos para construir bandas de confianza para el estimador de la funcidn de supervivencia y contrastes aproximados para la comparación de funciones de supervivencia. En ambas situaciones el bootstrap resulta de gran utilidad para la aproximación de 10s valores críticos necesarios.

Predictors of death among patients who completed tuberculosis treatment: a population-based cohort study.

Background: Mortality among patients who complete tuberculosis (TB) treatment is still high among vulnerable populations. The objective of the study was to identify the probability of death and its predictive factors in a cohort of successfully treated TB patients. Methods: A population-based retrospective longitudinal study was performed in Barcelona, Spain. All patients who successfully completed TB treatment with culture-confirmation and available drug susceptibility testing between 1995 1997 were retrospectively followed-up until December 31, 2005 by the Barcelona TB Control Program. Socio-demographic, clinical, microbiological and treatment variables were examined. Mortality, TB Program and AIDS registries were reviewed. Kaplan-Meier and a Cox regression methods with time-dependent covariates were used for the survival analysis, calculating the hazard ratio (HR) with 95% confidence intervals (CI). Results: Among the 762 included patients, the median age was 36 years, 520 (68.2%) were male, 178 (23.4%) HIV-infected, and 208 (27.3%) were alcohol abusers. Of the 134 (17.6%) injecting drug users (IDU), 123 (91.8%) were HIV-infected. A total of 30 (3.9%) recurrences and 173 deaths (22.7%) occurred (mortality rate: 3.4/100 person-years of follow-up). The predictors of death were: age between 4160 years old (HR: 3.5; CI:2.15.7), age greater than 60 years (HR: 14.6; CI:8.924), alcohol abuse (HR: 1.7; CI:1.22.4) and HIV-infected IDU (HR: 7.9; CI:4.713.3). Conclusions: The mortality rate among TB patients who completed treatment is associated with vulnerable populations such as the elderly, alcohol abusers, and HIV-infected IDU. We therefore need to fight against poverty, and promote and develop interventions and social policies directed towards these populations to improve their survival.

Análisis de la esperanza de vida libre de discapacidad a lo largo de la biografía: de la madurez a la vejez

Objetivo: determinar en qué etapas del curso de vida previo a los setenta años se acortan las expectativas de vida en salud. Método: análisis longitudinal retrospectivo. La población a estudio es una cohorte de 1286 individuos de entre 70 y 74 años de edad que viven en áreas metropolitanas no institucionalizados. La discapacidad se mide mediante el desarrollo de las actividades instrumentales de la vida diaria (AIVD) y las actividades básicas de la vida diaria (ABVD). Se calculan las esperanzas de vida libre de discapacidad y la probabilidades de supervivencia mediante Kaplan-Meier Resultados: La incidencia de discapacidad básica se incrementó a partir del tramo de 50 a 54 años acelerándose progresivamente hasta los 65-69 años donde la probabilidad de padecer discapacidad instrumental fue ligeramente superior en hombres que en mujeres (0,23 en hombres versus 0,19 en mujeres). La supervivencia sin discapacidad de las mujeres fue peor que la de los hombres tanto para cualquier tipo de discapacidad (LogRank = 5,80; p = 0,016) como para la discapacidad básica (LogRank = 4,315; p = 0,038). Conclusiones: se pone de manifiesto el importante peso que para la autonomía de la población masculina de estas edades tiene la falta de habilidad instrumental para cuestiones domésticas. Además, las mujeres ostentan un peor pronóstico de supervivencia sin discapacidad tanto para cualquier tipo de discapacidad como para la discapacidad básica. Para ambos sexos, desde los 40 hasta los 60 años de edad, hay un ligero descenso de la supervivencia sin discapacidad. A partir de esta edad, el descenso se acelera notablemente.

Univariate Parametric Survival Analysis using GS-distributions

The GS-distribution is a family of distributions that provide an accurate representation of any unimodal univariate continuous distribution. In this contribution we explore the utility of this family as a general model in survival analysis. We show that the survival function based on the GS-distribution is able to provide a model for univariate survival data and that appropriate estimates can be obtained. We develop some hypotheses tests that can be used for checking the underlying survival model and for comparing the survival of different groups.

Cell-Cell interaction in erythropoiesis: role of human monocytes

Erythroid burst forming units (BFU-E) are proliferative cells present in peripheral blood and bone marrow which may be precursors of the erythroid colony forming cell found in the bone marrow. To examine the possible role of monocyte-macrophages in the modulation of erythropoiesis, the effect of monocytes on peripheral blood BFU-E proliferation in response to erythropoietin was investigated in the plasma clot culture system. Peripheral blood mononuclear cells from normal human donors were separated into four fractions. Fraction-I cells were obtained from the interface of Ficoll-Hypaque gradients (20-30% monocytes; 60-80% lymphocytes); fraction-II cells were fraction-I cells that were nonadherent to plastic (2-10% monocytes; 90-98% lymphocytes); fraction-III cells were obtained by incubation of fraction-II cells with carbonyl iron followed by Ficoll-Hypaque centrifugation (>99% lymphocytes); and fraction-IV cells represented the adherent population of fraction-II cells released from the plastic by lidocaine (>95% monocytes). When cells from these fractions were cultured in the presence of erythropoietin, the number of BFU-E-derived colonies was inversely proportional to the number of monocytes present (r = ¿0.96, P < 0.001). The suppressive effect of monocytes on BFU-E proliferation was confirmed by admixing autologous purified monocytes (fraction-IV cells) with fraction-III cells. Monocyte concentrations of ¿20% completely suppressed BFU-E activity. Reduction in the number of plated BFU-E by monocyte dilution could not account for these findings: a 15% reduction in the number of fraction-III cells plated resulted in only a 15% reduction in colony formation. These results indicate that monocyte-macrophages may play a significant role in the regulation of erythropoiesis and be involved in the pathogenesis of the hypoproliferative anemias associated with infection and certain neoplasia in which increased monocyte activity and monopoiesis also occur.

Thrombin-receptor antagonist vorapaxar in acute coronary syndromes

Background: Vorapaxar is a new oral protease-activated-receptor 1 (PAR-1) antagonist that inhibits thrombin-induced platelet activation. Methods: In this multinational, double-blind, randomized trial, we compared vorapaxar with placebo in 12,944 patients who had acute coronary syndromes without ST-segment elevation. The primary end point was a composite of death from cardiovascular causes, myocardial infarction, stroke, recurrent ischemia with rehospitalization, or urgent coronary revascularization. RESULTS: Follow-up in the trial was terminated early after a safety review. After a median follow-up of 502 days (interquartile range, 349 to 667), the primary end point occurred in 1031 of 6473 patients receiving vorapaxar versus 1102 of 6471 patients receiving placebo (Kaplan-Meier 2-year rate, 18.5% vs. 19.9%; hazard ratio, 0.92; 95% confidence interval [CI], 0.85 to 1.01; P = 0.07). A composite of death from cardiovascular causes, myocardial infarction, or stroke occurred in 822 patients in the vorapaxar group versus 910 in the placebo group (14.7% and 16.4%, respectively; hazard ratio, 0.89; 95% CI, 0.81 to 0.98; P = 0.02). Rates of moderate and severe bleeding were 7.2% in the vorapaxar group and 5.2% in the placebo group (hazard ratio, 1.35; 95% CI, 1.16 to 1.58; P<0.001). Intracranial hemorrhage rates were 1.1% and 0.2%, respectively (hazard ratio, 3.39; 95% CI, 1.78 to 6.45; P<0.001). Rates of nonhemorrhagic adverse events were similar in the two groups. Conclusions: In patients with acute coronary syndromes, the addition of vorapaxar to standard therapy did not significantly reduce the primary composite end point but significantly increased the risk of major bleeding, including intracranial hemorrhage. (Funded by Merck; TRACER ClinicalTrials.gov number, NCT00527943.)

Incidence, prevalence and clinical significance of abnormal hematological indices in compensated cirrhosis.

Background & Aims: Patients with cirrhosis develop abnormal hematologic indices (HI) from multiple factors, including hypersplenism. We aimed to analyze the sequence of events and determine whether abnormal HI has prog-nostic significance. Methods: We analyzed a database of 213 subjects with compensated cirrhosis without esopha-geal varices. Subjects were followed for approximately 9 years until the development of varices or variceal bleeding or completion of the study; 84 subjects developed varices. Abnormal HI was defined as anemia at baseline (hemoglo-bin,<13.5 g/dL for men and 11.5 g/dL for women), leuko-penia (white blood cell counts,<4000/mm 3 ), or thrombo-cytopenia (platelet counts, < 150,000/mm 3 ). The primary end points were death or transplant surgery. Results: Most subjects had thrombocytopenia at baseline. Kaplan-Meier analysis showed that leukopenia occurred by 30 months (95% confidence interval, 18.5-53.6), and anemia occurred by 39.6 months (95% confidence interval, 24.1-49.9). Baseline thrombocytopenia (P .0191) and leukope-nia (P.0383) were predictors of death or transplant, after adjusting for baseline hepatic venous pressure gradient (HVPG), and Child-Pugh scores. After a median of 5 years,a significant difference in death or transplant, mortality,and clinical decompensation was observed in patients who had leukopenia combined with thrombocytopenia at base- line compared with patients with normal HI (P < .0001). HVPG correlated with hemoglobin and white blood cell count (hemoglobin, r 0.35, P < .0001; white blood cell count, r 0.31, P < .0001). Conclusions: Thrombocy-topenia is the most common and first abnormal HI to occurin patients with cirrhosis, followed by leukopenia and anemia. A combination of leukopenia and thrombocytopenia at baselin predicted increased morbidity and mortality.

Aspectos ambientales implicados en la construcción de la identidad en una muestra de adolescentes de la Universidad Intercultural de Chiapas

The general aim of this paper is to explore and illustrate the role of the physical and psychological surrounding in narrative making ofthe personal identity. A qualitative study is put forward. It consists of a reduced version of the autobiographical multi-methodology(Bagnoli, 2004). That has been applied to a sample of six students of the Universidad Intercultural de Chiapas. The specific goals are: a) to illustrate, through citations obtained from interviews and graphical material, the theoretical concepts of attachment to theplace (Pol, 2002; Vidal y colaboradores, 2004) and community sense (Kim y Kaplan, 2004); and b) to detect the most relevantfactors of such concepts manifested in the students. Data was analyzed through the Atlas.ti computer program, version 5.0 (Muñoz, 2005). The findings suggest that sense of connection and participation in the community (action - transformation) has been observed as the most significant factors in our studied sample

Predictors of psychiatric hospitalization during 6 months of maintenance treatment with olanzapine long-acting injection: post hoc analysis of a randomized, double-blind study.

BACKGROUND: Hospitalization is a costly and distressing event associated with relapse during schizophrenia treatment. No information is available on the predictors of psychiatric hospitalization during maintenance treatment with olanzapine long-acting injection (olanzapine-LAI) or how the risk of hospitalization differs between olanzapine-LAI and oral olanzapine. This study aimed to identify the predictors of psychiatric hospitalization during maintenance treatment with olanzapine-LAI and assessed four parameters: hospitalization prevalence, incidence rate, duration, and the time to first hospitalization. Olanzapine-LAI was also compared with a sub-therapeutic dose of olanzapine-LAI and with oral olanzapine. METHODS: This was a post hoc exploratory analysis of data from a randomized, double-blind study comparing the safety and efficacy of olanzapine-LAI (pooled active depot groups: 405 mg/4 weeks, 300 mg/2 weeks, and 150 mg/2 weeks) with oral olanzapine and sub-therapeutic olanzapine-LAI (45 mg/4 weeks) during 6 months' maintenance treatment of clinically stable schizophrenia outpatients (n=1064). The four psychiatric hospitalization parameters were analyzed for each treatment group. Within the olanzapine-LAI group, patients with and without hospitalization were compared on baseline characteristics. Logistic regression and Cox's proportional hazards models were used to identify the best predictors of hospitalization. Comparisons between the treatment groups employed descriptive statistics, the Kaplan-Meier estimator and Cox's proportional hazards models. RESULTS: Psychiatric hospitalization was best predicted by suicide threats in the 12 months before baseline and by prior hospitalization. Compared with sub-therapeutic olanzapine-LAI, olanzapine-LAI was associated with a significantly lower hospitalization rate (5.2% versus 11.1%, p < 0.01), a lower mean number of hospitalizations (0.1 versus 0.2, p = 0.01), a shorter mean duration of hospitalization (1.5 days versus 2.9 days, p < 0.01), and a similar median time to first hospitalization (35 versus 60 days, p = 0.48). Olanzapine-LAI did not differ significantly from oral olanzapine on the studied hospitalization parameters. CONCLUSIONS: In clinically stable schizophrenia outpatients receiving olanzapine-LAI maintenance treatment, psychiatric hospitalization was best predicted by a history of suicide threats and prior psychiatric hospitalization. Olanzapine-LAI was associated with a significantly lower incidence of psychiatric hospitalization and shorter duration of hospitalization compared with sub-therapeutic olanzapine-LAI. Olanzapine-LAI did not differ significantly from oral olanzapine on hospitalization parameters.

Clinical consequences of switching from olanzapine to risperidone and vice versa in outpatients with schizophrenia: 36-month results from the worldwide schizophrenia outpatients health outcomes (W-SOHO) study

BACKGROUND: With many atypical antipsychotics now available in the market, it has become a common clinical practice to switch between atypical agents as a means of achieving the best clinical outcomes. This study aimed to examine the impact of switching from olanzapine to risperidone and vice versa on clinical status and tolerability outcomes in outpatients with schizophrenia in a naturalistic setting. METHODS: W-SOHO was a 3-year observational study that involved over 17,000 outpatients with schizophrenia from 37 countries worldwide. The present post hoc study focused on the subgroup of patients who started taking olanzapine at baseline and subsequently made the first switch to risperidone (n=162) and vice versa (n=136). Clinical status was assessed at the visit when the first switch was made (i.e. before switching) and after switching. Logistic regression models examined the impact of medication switch on tolerability outcomes, and linear regression models assessed the association between medication switch and change in the Clinical Global Impression-Schizophrenia (CGI-SCH) overall score or change in weight. In addition, Kaplan-Meier survival curves and Cox-proportional hazards models were used to analyze the time to medication switch as well as time to relapse (symptom worsening as assessed by the CGI-SCH scale or hospitalization). RESULTS: 48% and 39% of patients switching to olanzapine and risperidone, respectively, remained on the medication without further switches (p=0.019). Patients switching to olanzapine were significantly less likely to experience relapse (hazard ratio: 3.43, 95% CI: 1.43, 8.26), extrapyramidal symptoms (odds ratio [OR]: 4.02, 95% CI: 1.49, 10.89) and amenorrhea/galactorrhea (OR: 8.99, 95% CI: 2.30, 35.13). No significant difference in weight change was, however, found between the two groups. While the CGI-SCH overall score improved in both groups after switching, there was a significantly greater change in those who switched to olanzapine (difference of 0.29 points, p=0.013). CONCLUSION: Our study showed that patients who switched from risperidone to olanzapine were likely to experience a more favorable treatment course than those who switched from olanzapine to risperidone. Given the nature of observational study design and small sample size, additional studies are warranted.