Socialism and intrafirm asset allocation

We rely on a survey of Swiss firms to document deviation from first-best for reasons of internal 'fairness' when allicating resources. This 'socialist' practice is more widespread in smaller than in larger firms. It ignores the reputation and past performance of the managers who apply for dunding, but takes into account their hierarchical position and their past use of resources. Socialism is only partially explained by concerns about empire building and managerial optimism, and it is not meant to benefit shareholders.

Board Overlap, Seat Accumulation and Share Prices

We examine the board overlap among firms listed in Switzerland. Collusion, managerial entrenchment, and financial participation cannot explain it. The overlap appears to be induced by banks and by the accumulation of seats by the most popular directors. We also document that seat accumulation is negatively related to firm value, possibly because of the conflicts of interest that multiple directorships induce and the time constraints directors face. Contrary to popular beliefs, however, the directors of traded firms do not generally hold more than one mandate in other traded firms. They do hold multiple seats in non-traded firms.

What Does the Market Learn from Stock Offering Revisions?

We examine the disclosure of size revisions of seasoned stock offerings to see what information revisions impart to investros. Revisions could deliver firm-originated infoirmation, which discloses something managers know about the firm. Alternatively, they could disseminate market-originated information, which is information market participants have but which is not conveyed until trading takes place. Our results reject the notion that revisions reveal firm-originated news. Instead, the results are consistent with the market-originated news hypothesis and suggest a mechanism that investros and underwriters use to learn about the demand for an offering.

Postacquisition performance of acquiring firms

We investigate whether negative postacquisition stock-price performance of acquiring firms is a genuine phenomenon or a statistical artifact. Using a comprehensive sample of domestic acquisitions in the 1966-1986 period, we show that acquiring firms underperform a control portfolio only during the three years but not five years following the acquisition. There is evidence of negative performance in the second and third postacquisition years, but that performance occurs mainly in the 1960s and 1970s, and disappears in the 1980s. Thus, especially in the later years, the postacquisition years do not provide convincing evidence of wasteful corporate acquisitions, or strong evidence that contradicts market efficiency.

Corporate acquisitions by listed firms: the experience of a comprehensive sample

The sample used includes tender offers, mergers, acquisitions of privately held corporations, and comprehensive acquisitions of other firms' assets. According to the results, the majority of bid announcements prompt significant stock price increases, especially when controlling for partial anticipation problems and relative acquisition size. Furthermore, there is little evidence that firms that engage in "bad" acquisitions are more likely to be taken over.

Integrated care programmes for adults with chronic conditions: a meta-review.

OBJECTIVE To review systematic reviews and meta-analyses of integrated care programmes in chronically ill patients, with a focus on methodological quality, elements of integration assessed and effects reported. DESIGN Meta-review of systematic reviews and meta-analyses identified in Medline (1946-March 2012), Embase (1980-March 2012), CINHAL (1981-March 2012) and the Cochrane Library of Systematic Reviews (issue 1, 2012). MAIN OUTCOME MEASURES Methodological quality assessed by the 11-item Assessment of Multiple Systematic Reviews (AMSTAR) checklist; elements of integration assessed using a published list of 10 key principles of integration; effects on patient-centred outcomes, process quality, use of healthcare and costs. RESULTS Twenty-seven systematic reviews were identified; conditions included chronic heart failure (CHF; 12 reviews), diabetes mellitus (DM; seven reviews), chronic obstructive pulmonary disease (COPD; seven reviews) and asthma (five reviews). The median number of AMSTAR checklist items met was five: few reviewers searched for unpublished literature or described the primary studies and interventions in detail. Most reviews covered comprehensive services across the care continuum or standardization of care through inter-professional teams, but organizational culture, governance structure or financial management were rarely assessed. A majority of reviews found beneficial effects of integration, including reduced hospital admissions and re-admissions (in CHF and DM), improved adherence to treatment guidelines (DM, COPD and asthma) or quality of life (DM). Few reviews showed reductions in costs. CONCLUSIONS Systematic reviews of integrated care programmes were of mixed quality, assessed only some components of integration of care, and showed consistent benefits for some outcomes but not others.

The impact of 1995--1996 health sector reforms in the effectiveness of malaria control program in the state of Orissa, India

Malaria poses a significant public health problem worldwide. The World Health Organization indicates that approximately 40% of the world's population and almost 85% of the population from the South–East Asian region is at risk of contracting malaria. India being the most populous country in the region, contributes the highest number of malaria cases and deaths attributed to malaria. Orissa is the state that has the highest number of malaria cases and deaths attributable to malaria. A secondary data analysis was carried out to evaluate the effectiveness of the World bank-assisted Malaria Action Program in the state of Orissa under the health sector reforms of 1995-96. The secondary analysis utilized the government of India's National Anti Malaria Management Information System's (NAMMIS) surveillance data and the National Family Health Survey (NFHS–I and NFHS–II) datasets to compare the malaria mortality and morbidity in the state between 1992-93 and 1998-99. Results revealed no effect of the intervention and indicated an increase of 2.18 times in malaria mortality between 1992-1999 and an increase of 1.53 times in malaria morbidity between 1992-93 and 1998-99 in the state. The difference in the age-adjusted malaria morbidity in the state between the time periods of 1992-93 and 1998-99 proved to be highly significant (t = 4.29 df=16, p<. 0005) whereas the difference between the increase of age-adjusted malaria morbidity during 1992-93 and 1998-99 between Orissa (with intervention) and Bihar (no intervention) proved to be non significant (t=.0471 df=16, p<.50). Factors such as underutilization of World Bank funds for the malaria control program, inadequate health care infrastructure, structural adjustment problems, poor management, poor financial management, parasite resistance to anti-malarial drugs, inadequate supply of drugs and staff shortages may have contributed to the failure of the program in the state.^

A comparison of techniques for forecasting utilization of Veterans Affairs hospitals

This study demonstrated that accurate, short-term forecasts of Veterans Affairs (VA) hospital utilization can be made using the Patient Treatment File (PTF), the inpatient discharge database of the VA. Accurate, short-term forecasts of two years or less can reduce required inventory levels, improve allocation of resources, and are essential for better financial management. These are all necessary achievements in an era of cost-containment.^ Six years of non-psychiatric discharge records were extracted from the PTF and used to calculate four indicators of VA hospital utilization: average length of stay, discharge rate, multi-stay rate (a measure of readmissions) and days of care provided. National and regional levels of these indicators were described and compared for fiscal year 1984 (FY84) to FY89 inclusive.^ Using the observed levels of utilization for the 48 months between FY84 and FY87, five techniques were used to forecast monthly levels of utilization for FY88 and FY89. Forecasts were compared to the observed levels of utilization for these years. Monthly forecasts were also produced for FY90 and FY91.^ Forecasts for days of care provided were not produced. Current inpatients with very long lengths of stay contribute a substantial amount of this indicator and it cannot be accurately calculated.^ During the six year period between FY84 and FY89, average length of stay declined substantially, nationally and regionally. The discharge rate was relatively stable, while the multi-stay rate increased slightly during this period. FY90 and FY91 forecasts show a continued decline in the average length of stay, while the discharge rate is forecast to decline slightly and the multi-stay rate is forecast to increase very slightly.^ Over a 24 month ahead period, all three indicators were forecast within a 10 percent average monthly error. The 12-month ahead forecast errors were slightly lower. Average length of stay was less easily forecast, while the multi-stay rate was the easiest indicator to forecast.^ No single technique performed significantly better as determined by the Mean Absolute Percent Error, a standard measure of error. However, Autoregressive Integrated Moving Average (ARIMA) models performed well overall and are recommended for short-term forecasting of VA hospital utilization. ^

Funcionarios y políticas sobre el territorio en la Provincia de Buenos Aires : El Departamento de Ingenieros, 1875-1913

En esta ponencia estudiamos la conformación del Departamento de Ingenieros, sus múltiples atribuciones y los cambios que se fueron sucediendo entre su creación en 1875 y su supresión en 1913, un período fundamental para la provincia porque se trata de la época de las últimas entregas de tierra pública (más de 4 millones de hectáreas) y de los infructuosos intentos por controlar las inundaciones en la zona productiva ya ocupada. Nos interesa determinar la relación entre la toma de decisiones, la gestión técnica y económica, los cambios en la política y la economía bonaerense. Estudiamos las relaciones entre las distintas especialidades de la ingeniería y la agrimensura que llevaron a la conformación del Departamento de Ingenieros con muchas más atribuciones, entre las que se encuentran las que tenía el Departamento Topográfico. La creciente especialización de los saberes, evidentemente, estaba impactando no solamente en la disciplina, sino que se expresaba en la especificidad de las agencias estatales, que se iban complejizando para poder abarcar el cúmulo de intereses del estado y de la sociedad civil en torno al territorio

Funcionarios y políticas sobre el territorio en la Provincia de Buenos Aires : El Departamento de Ingenieros, 1875-1913

En esta ponencia estudiamos la conformación del Departamento de Ingenieros, sus múltiples atribuciones y los cambios que se fueron sucediendo entre su creación en 1875 y su supresión en 1913, un período fundamental para la provincia porque se trata de la época de las últimas entregas de tierra pública (más de 4 millones de hectáreas) y de los infructuosos intentos por controlar las inundaciones en la zona productiva ya ocupada. Nos interesa determinar la relación entre la toma de decisiones, la gestión técnica y económica, los cambios en la política y la economía bonaerense. Estudiamos las relaciones entre las distintas especialidades de la ingeniería y la agrimensura que llevaron a la conformación del Departamento de Ingenieros con muchas más atribuciones, entre las que se encuentran las que tenía el Departamento Topográfico. La creciente especialización de los saberes, evidentemente, estaba impactando no solamente en la disciplina, sino que se expresaba en la especificidad de las agencias estatales, que se iban complejizando para poder abarcar el cúmulo de intereses del estado y de la sociedad civil en torno al territorio

Funcionarios y políticas sobre el territorio en la Provincia de Buenos Aires : El Departamento de Ingenieros, 1875-1913

En esta ponencia estudiamos la conformación del Departamento de Ingenieros, sus múltiples atribuciones y los cambios que se fueron sucediendo entre su creación en 1875 y su supresión en 1913, un período fundamental para la provincia porque se trata de la época de las últimas entregas de tierra pública (más de 4 millones de hectáreas) y de los infructuosos intentos por controlar las inundaciones en la zona productiva ya ocupada. Nos interesa determinar la relación entre la toma de decisiones, la gestión técnica y económica, los cambios en la política y la economía bonaerense. Estudiamos las relaciones entre las distintas especialidades de la ingeniería y la agrimensura que llevaron a la conformación del Departamento de Ingenieros con muchas más atribuciones, entre las que se encuentran las que tenía el Departamento Topográfico. La creciente especialización de los saberes, evidentemente, estaba impactando no solamente en la disciplina, sino que se expresaba en la especificidad de las agencias estatales, que se iban complejizando para poder abarcar el cúmulo de intereses del estado y de la sociedad civil en torno al territorio