Matched-pair analysis of endovascular versus open surgical repair of abdominal aortic aneurysms in young patients at low risk

PURPOSE: To compare clinical outcomes of endovascular and open aortic repair of abdominal aortic aneurysms (AAAs) in young patients at low risk. It was hypothesized that endovascular aneurysm repair (EVAR) compares favorably with open aneurysm repair (OAR) in these patients. MATERIALS AND METHODS: Twenty-five patients aged 65 years or younger with a low perioperative surgical risk profile underwent EVAR at a single institution between April 1994 and May 2007 (23 men; mean age, 62 years+/-2.8). A sex- and risk-matched control group of 25 consecutive patients aged 65 years or younger who underwent OAR was used as a control group (23 men; mean age, 59 years+/-3.9). Patient outcomes and complications were classified according to Society of Vascular Surgery/International Society for Cardiovascular Surgery reporting standards. RESULTS: Mean follow-up times were 7.1 years+/-3.2 after EVAR and 5.9 years+/-1.8 after OAR (P=.1020). Total complication rates were 20% after EVAR and 52% after OAR (P=.0378), and all complications were mild or moderate. Mean intensive care unit times were 0.2 days+/-0.4 after EVAR and 1.1 days+/-0.4 after OAR (P<.0001) and mean lengths of hospital stay were 2.3 days+/-1.0 after EVAR and 5.0 days+/-2.1 after OAR (P<.0001). Cumulative rates of long-term patient survival did not differ between EVAR and OAR (P=.144). No AAA-related deaths or aortoiliac ruptures occurred during follow-up for EVAR and OAR. In addition, no surgical conversions were necessary in EVAR recipients. Cumulative rates of freedom from secondary procedures were not significantly different between the EVAR and OAR groups (P=.418). Within a multivariable Cox proportional-hazards analysis adjusted for patient age, maximum AAA diameter, and cardiac risk score, all-cause mortality rates (odds ratio [OR], 0.125; 95% CI, 0.010-1.493; P=.100) and need for secondary procedures (OR, 5.014; 95% CI, 0.325-77.410; P=.537) were not different between EVAR and OAR. CONCLUSIONS: Results from this observational study indicate that EVAR offers a favorable alternative to OAR in young patients at low risk.

Financial Cooperation in East Asia

This paper addresses the rationale for financial cooperation in East Asia. It begins by giving a brief review of developments after the Asian currency crisis, and argues that enhancing regional financial cooperation both quantitatively and qualitatively will require: (1) upgrading surveillance capabilities in the region, and (2) creating a clear division of labor between regional institutions and the IMF. It also mentions the issue of membership and the background forces that have led to the duplication of similar forums in East Asia. Although the concern over crisis management is the central issue in East Asian financial cooperation, other issues such as exchange rate policy coordination and fostering regional capital markets are discussed as well.

Activity based costing, time-driven activity based costing and lean accounting: differences among three accounting systems' approach to manufacturing

Choosing an appropriate accounting system for manufacturing has always been a challenge for managers. In this article we try to compare three accounting systems designed since 1980 to address problems of traditional accounting system. In the first place we are going to present a short overview on background and definition of three accounting systems: Activity Based costing, Time-Driven Activity Based Costing and Lean Accounting. Comparisons are made based on the three basic roles of information generated by accounting systems: financial reporting, decision making, and operational control and improvement. The analysis in this paper reveals how decisions are made over the value stream in the companies using Lean Accounting while decisions under the ABC Accounting system are taken at individual product level, and finally we will show how TD-ABC covers both product and process levels for decision making. In addition, this paper shows the importance of nonfinancial measures for operational control and improvement under the Lean Accounting and TD-ABC methods whereas ABC relies mostly on financial measures in this context.

Modelo de gestión de la responsabilidad social para las empresas del sector petrolero venezolano

El presente trabajo tiene como objetivo diseñar un modelo de gestión de responsabilidad social sustentado en estándares internacionales para las empresas del sector petrolero venezolano. Esta investigación no se suscribe a un modelo epistémico en particular, como forma parcializada de ver la realidad. Por el contrario, se realizó un abordaje holístico de la investigación, entendiendo el evento de estudio, la gestión de la responsabilidad social, como un evento integrado por distintas visiones de la relación empresa – sociedad. La holística se refiere a una tendencia que permite entender la realidad desde el punto de vista de las múltiples interacciones que la caracterizan. Corresponde a una actitud integradora como también a una teoría explicativa que se orienta hacia una comprensión contextual de los procesos, de los protagonistas y de los eventos. Desde la concepción holística se determinó que la investigación es de tipo proyectiva. Este tipo de investigación propone soluciones a una situación determinada a partir de un proceso de indagación. Implica describir, comparar, explicar y proponer alternativas de cambios, lo que da lugar a los estadios de investigación. En cuanto al diseño de la investigación, aplicando el ciclo holístico, se tiene un diseño que es univariable, transeccional contemporáneo y de fuente mixta. Univariable, porque se enfoca en la gestión de responsabilidad social. Transeccional contemporáneo, porque el evento se estudia en la actualidad y se realiza una sola medición de los datos. De fuente mixta, porque en los estadios descriptivo y explicativo se aplica un diseño de campo, al recolectar los datos directamente en las empresas objeto de estudio, mientras que para los estadios analítico y comparativo se aplica un diseño documental. Las técnicas de recolección de la información estuvieron constituidas por fuentes primarias provenientes de la observación directa, la revisión documental y la aplicación de un cuestionario estructurado tipo escala Likert. El análisis de los datos comprendió el análisis estadístico descriptivo, la estimación de la fiabilidad y el análisis de coeficientes de correlación y análisis de ruta, a través del software estadístico SPSS v.19.0 y AMOS v.20. En los estadios descriptivo y explicativo se estudió la gestión de la responsabilidad social en las empresas del sector petrolero. Los resultados indicaron que las empresas del sector petrolero actúan bajo los lineamientos trazados en el Plan de Desarrollo Nacional y de acuerdo con las políticas, directrices, planes y estrategias para el sector de los hidrocarburos, dictadas por el Ministerio de Energía y Petróleo. También incluyen el compromiso social y la política ambiental en su filosofía de gestión. Tienen en su estructura organizacional una gerencia de desarrollo social que gestiona la responsabilidad social. Las actividades de inversión social se presentan poco estructuradas y en ocasiones se improvisan ya que atienden a los lineamientos políticos del Estado y no a una política interna de sostenibilidad del negocio petrolero. En cuanto a la integralidad de la gestión las empresas no consideran la responsabilidad social en todas las áreas, por lo que deben ampliar su concepción de una gestión responsable, redefiniendo estructuras, estrategias y procesos, con una orientación hacia una gestión sustentable. En cuanto a los estadios analítico y comparativo aplicados al estudio de las guías y estándares internacionales de responsabilidad social, se determinó que en términos de la integralidad de la gestión las iniciativas que destacan son: en cuanto a los principios, las directrices para empresas multinacionales según la OCDE y el Libro Verde de la Unión Europea. En relación con las guías de implementación y control, el Global Reporting Initiative y la norma ISO 26000. Y en cuanto a los sistemas de gestión el Sistema de Gestión Ética y Responsable (SGE 21) y el Sistema de Gestión de Responsabilidad Social IQNET SR10. Finalmente se diseñó una estructura para la gestión integral de responsabilidad social basada en los estándares internacionales y en el concepto de desarrollo sostenible. Por tanto abarca el desarrollo social, el equilibrio ecológico y el crecimiento económico, lo que permite un desarrollo sinérgico. La originalidad del enfoque consistió en la comprensión de la investigación desde una concepción holística, que permitió la integración de las teorías que tratan el tema de la responsabilidad social a través de un abordaje estructurado. ABSTRACT The present research aims to design a model of social responsibility management underpinned by international standards for companies in the Venezuelan oil sector. This research is not framed in a particular epistemic model as a biased way of looking at reality. Instead, a holistic approach to the research was conducted, understanding the event under study, the management of social responsibility as an event composed of different views of the relationship between corporation and society. The term holistic refers to a trend in understanding the reality from the point of view of the multiple interactions that characterize it. It corresponds to an integrative as well as an explanatory theory that is oriented towards a contextual understanding of the processes, of the participants and of the events. From the holistic conception it was determined that this research is of a projective type. The research proposes solutions to a given situation from a process of inquiry. It implies describing, comparing, explaining and proposing alternative changes, which results in the different research stages. Regarding the research design, applying the holistic cycle, an univariate, contemporary cross-sectional and mixed source design is obtained. It is univariate, because it focuses on the management of social responsibility. It is contemporary cross-sectional, because the event is studied in the present time and a single measurement of data is performed. It relies on mixed source, because in the descriptive and explanatory stages a field design is applied when collecting data directly from the companies under study, while for the analytical and comparative stages applies a documentary design is applied. The data collection techniques were constituted by primary sources from direct observation, document review and the implementation of a structured Likert scale questionnaire. The data analysis comprised descriptive statistical analysis, reliability estimates and analysis of correlation and the path analysis through the SPSS v.19.0 and AMOS V.20 statistical software. In the descriptive and explanatory stages social responsibility management in the oil sector companies was studied. The results indicated that the oil companies operate under the guidelines outlined in the National Development Plan and in accordance with the policies, guidelines, plans and strategies for the hydrocarbons sector, issued by the Ministry of Energy and Petroleum. They also include the social commitment and the environmental policy in their management philosophy. They have in their organizational structure a social development management which deals with social responsibility. Corporate social investment is presented poorly structured and is sometimes improvised since they follow the policy guidelines of the state and not the internal sustainability policy of the oil business. As for the integrity of management companies they do not consider social responsibility in all areas, so they need to expand their conception of responsible management, redefining structures, strategies and processes, with a focus on sustainable management. As for the analytical and comparative stages applied to the study of international guidelines and standards of social responsibility, it was determined that, in terms of the comprehensiveness of management, the initiatives that stand out are the following: With respect to principles, the guidelines for multinational enterprises as indicated by OECD and the Green Paper of the European Union. Regarding the implementation and control guides, the Global Reporting Initiative and the ISO 26000 standard are relevant. And as for management systems the Ethics and Responsible Management System (SGE 21) and the IQNet SR10 Social responsibility management system have to be considered. Finally a framework for the comprehensive management of social responsibility based on international standards and the concept of sustainable development was designed. Hence, social development, ecological balance and economic growth are included allowing therefore a synergistic development. The originality of this approach is the understanding of research in a holistic way, which allows the integration of theories that address the issue of social responsibility through a structured approximation.

Efeitos da adoção obrigatória das IFRS sobre a qualidade do ambiente informacional: a relevância dos fatores institucionais

O estudo investiga os efeitos da adoção obrigatória das IFRS sobre a qualidade do ambiente informacional e confirma a hipótese de que os incentivos econômicos associados aos fatores institucionais são mais relevantes do que os padrões contábeis para explicar a qualidade do ambiente informacional. Foi utilizada uma amostra de 15 países que não passaram por reformas significativas na estrutura de enforcement legal, proporcionando uma estratégia de identificação econométrica mais robusta. Os países analisados adotaram as IFRS em momentos diferentes a partir de 2006. Foram utilizadas quatro métricas de qualidade dos accruals e três métricas de performance dos analistas para operacionalizar a variável dependente qualidade do ambiente informacional. Além disso, foram utilizadas como variáveis mediadoras diversas características institucionais com potencial de afetar os incentivos à elaboração e divulgação de demonstrações financeiras. Os resultados indicam que a adoção obrigatória das IFRS afetou de forma negativa a qualidade dos accruals e a performance dos analistas. No entanto, esses resultados são contingentes à qualidade da infraestrutura institucional da jurisdição que adotou as IFRS como modelo contábil obrigatório. Os efeitos das IFRS foram significativamente mais positivos (ou menos negativos) para os países com origem legal common law, estrutura de enforcement legal mais forte, mercado de capitais mais desenvolvido, menor diferença entre padrões contábeis locais e padrões internacionais, maior grau de liberdade econômica, menor corrupção percebida e instituições mais sólidas. Foram realizados testes de robustez para verificar a sensibilidade desses resultados. Os resultados permaneceram qualitativamente iguais após serem aplicados diferentes critérios de amostragem, controlados os efeitos da crise financeira de 2008 e levado em conta o possível efeito aprendizado dos responsáveis pela elaboração e análise das demonstrações financeiras no primeiro ano de adoção. O estudo contribui com a literatura da área de contabilidade financeira e com os órgãos reguladores da indústria contábil ao fornecer evidências de que a adoção obrigatória das IFRS, quando não acompanhada por reformas econômicas e institucionais, não causará os benefícios informacionais esperados

Enhancing European Cooperation in Financial Supervision and Crisis Management. ACES Working Papers, August 2009

To overcome the regulatory pitfalls, regulatory capacity and resources in financial markets governance need to be enhanced, not only at national but also at global levels. In order to shed light on policy issues and agendas in international financial policy cooperation, this paper focuses on the case of European financial integration and regulations. The analysis of policy developments at the European level in coordinating differing national interests, supervisory systems, and practices among EU member states highlights fundamental elements of global financial regulatory cooperation.

National standards organizations : supplement to the global market survey series.

"April 1983."

Official U.S. and international financing institutions : a guide for exporters and investors.

Mode of access: Internet.

Balancing Cooperation and Competition: A New in Era in U.S.-China Relations

Created as part of the 2016 Jackson School for International Studies SIS 495: Task Force.

Social indicators and comparisons of living standards

Construction of an international index of standards of living, incorporating social indicators and economic output, typically involves scaling and weighting procedures that lack welfare-economic foundations. Revealed preference axioms can be used to make quality-of-life comparisons if we can estimate the representative household's production technology for the social indicators. This method is applied to comparisons of gross domestic product (GDP) and life expectancy for 58 countries. Neither GDP rankings, nor the rankings of the Human Development Index (HDI), are consistent with the partial ordering of revealed preference. A method of constructing a utility-consistent index incorporating both consumption and life expectancy is suggested. (C) 2003 Elsevier Science B.V. All rights reserved.

Transplanting Anglo-American accounting oversight boards to a diverse institutional context

The introduction of accounting and auditing oversight boards (OBs) has been promoted on a global scale as a key component of the international financial architecture that has emerged over the past two decades. Such institutions, modeled on the Anglo-American tradition, are domestically organized and embedded within distinctively diverse institutional contexts. Their role is to ease agency problems, improve the quality of financial reporting, and help provide stability in the global financial system. We employ an institutional approach, located within the broader political economy framework of global capitalism, to examine the establishment and operation of the new regulatory regime in Greece. Greece, a member of the European Union, exhibits characteristics of a "delegative" democracy, i.e. a traditionally weak institutionalization, reform (in)capacity problems and a clientelistic political system. Our case study shows that the formation and operation of the newly-established system of oversight is conditioned by local political and economic constraints and, thus, does not automatically translate into concrete benefits for the quality of financial reporting. We also draw attention to the structural mismatch between a progressing globalized financial integration and the fragmented nature of the system of oversight, and illustrate that OBs' independence from local governments is an important but neglected issue.

A conceptual framework of accounting policy choice under SSAP 20

Purpose - To provide a framework of accounting policy choice associated with the timing of adoption of the UK Statement of Standard Accounting Practice (SSAP) No. 20, "Foreign Currency Translation". The conceptual framework describes the accounting policy choices that firms face in a setting that is influenced by: their financial characteristics; the flexible foreign exchange rates; and the stock market response to accounting decisions. Design/methodology/approach - Following the positive accounting theory context, this paper puts into a framework the motives and choices of UK firms with regard to the adoption or deferment of the adoption of SSAP 20. The paper utilises the theoretical and empirical findings of previous studies to form and substantiate the conceptual framework. Given the UK foreign exchange setting, the framework identifies the initial stage: lack of regulation and flexibility in financial reporting; the intermediate stage: accounting policy choice; and the final stage: accounting choice and policy review. Findings - There are situations where accounting regulation contrasts with the needs and business objectives of firms and vice-versa. Thus, firms may delay the adoption up to the point where the increase in political costs can just be tolerated. Overall, the study infers that firms might have chosen to defer the adoption of SSAP 20 until they reach a certain corporate goal, or the adverse impact (if any) of the accounting change on firms' financial numbers is minimal. Thus, the determination of the timing of the adoption is a matter which is subject to the objectives of the managers in association with the market and economic conditions. The paper suggests that the flexibility in financial reporting, which may enhance the scope for income-smoothing, can be mitigated by the appropriate standardisation of accounting practice. Research limitations/implications - First, the study encompassed a period when firms and investors were less sophisticated users of financial information. Second, it is difficult to ascertain the decisions that firms would have taken, had the pound appreciated over the period of adoption and had the firms incurred translation losses rather than translation gains. Originality/value - This paper is useful to accounting standards setters, professional accountants, academics and investors. The study can give the accounting standard-setting bodies useful information when they prepare a change in the accounting regulation or set an appropriate date for the implementation of an accounting standard. The paper provides significant insight about the behaviour of firms and the associated impacts of financial markets and regulation on the decision-making process of firms. The framework aims to assist the market and other authorities to reduce information asymmetry and to reinforce the efficiency of the market. © Emerald Group Publishing Limited.

Measuring and assessing the effects and extent of international bond market integration

We review briefly the literature on international financial integration, especially as it pertains to bond market integration. This contextualizes the review we than provide of a number of papers contained in a special issue of this Journal. © 2005 Elsevier B.V. All rights reserved.

Impression management, myth creation and fabrication in private social and environmental reporting:insights from Erving Goffman

This paper explores the nature of private social and environmental reporting (SER). From interviews with UK institutional investors, we show that both investors and investees employ Goffmanesque, staged impression management as a means of creating and disseminating a dual myth of social and environmental accountability. The interviewees' utterances unveil private meetings imbued with theatrical verbal and physical impression management. Most of the time, the investors' shared awareness of reality belongs to a Goffmanesque frame whereby they accept no intentionality, misrepresentation or fabrication, believing instead that the 'performers' (investees) are not intending to deceive them. A shared perception that social and environmental considerations are subordinated to financial issues renders private SER an empty encounter characterised as a relationship-building exercise with seldom any impact on investment decision-making. Investors spoke of occasional instances of fabrication but these were insufficient to break the frame of dual myth creation. They only identified a handful of instances where intentional misrepresentation had been significant enough to alter their reality and behaviour. Only in the most extreme cases of fabrication and lying did the staged meeting break frame and become a genuine occasion of accountability, where investors demanded greater transparency, further meetings and at the extreme, divested shares. We conclude that the frontstage, ritualistic impression management in private SER is inconsistent with backstage activities within financial institutions where private financial reporting is prioritised. The investors appeared to be in a double bind whereby they devoted resources to private SER but were simultaneously aware that these efforts may be at best subordinated, at worst ignored, rendering private SER a predominantly cosmetic, theatrical and empty exercise. © 2013 Elsevier Ltd.

A globális pénzügyi központok világgazdasági szerepének változásai (The changing role of global financial centres in the world economy)

A pénzügyi központok jelentős mértékben hozzájárulhatnak a bankok nemzetköziesedéséhez. A világgazdaság története során már évszázadokkal ezelőtt létrejött a nemzetközi pénzügyi központok többsége, amelyek szerepe és súlya folytonosan változott. A vezető globális pénzügyi központokban általában mindenféle pénzügyi művelet végrehajtható, intenzíven egy helyre koncentrálódnak a pénzügyi-üzleti műveletek és tranzakciók. Az 1990-es évekre még jellemző globális triád – amit New York, London és Tokió alkotott – napjainkra már megszűnt. A globális pénzügyi központok szerepét a 2010-es években London és New York képes betölteni. Kérdéses azonban, hogy az ázsiai térségben globális pénzügyi központtá válhat-e Hong Kong, esetleg Szingapúr. _____ Financial centres significantly contribute to the internationalization of the banks. Most of the international financial centres were founded centuries ago, but their roles and magnitudes have always changed. All kinds of financial operations can be carried out in the leading global financial centres, and a wide scale of financial operations and transactions concentrate in these places. The dominance of the global triad of New York, London and Tokyo of the 1990s, has recently ended. Only two main financial centres, London and New York, can unambiguously fulfil the role of the global financial centres in the 2010s. However, it is questionable whether Hong Kong or Singapore can become global financial centres in the Asian region of the global economy.