Long-run performance of initial public offerings: The evidence for Switzerland

We estimate the underpricing and long-run performance of Swiss initial public offerings (IPOs) from 1983 to 2000. The average market adjusted initial return is 34.97%. To examine the long-run performance of Swiss IPOs, we compute buy-and-hold abnormal returns, skewness-adjusted wealth ratios, and cumulative abnormal returns using 120 months of secondary market returns. In contrast to previous findings for the U.S. and Germany, we do not find strong evidence for a distinct IPO effect. We attribute long-run underperformance to the fact that IPO firms tend to be small firms. It virtually vanishes when we use a small capitalization index as a benchmark. In spite of distinct economic implications and statistical properties, our basic results are similar for all performance measures applied.

Effect of initial treatment strategy on survival of patients with advanced-stage Hodgkin's lymphoma: a systematic review and network meta-analysis

BACKGROUND Several treatment strategies are available for adults with advanced-stage Hodgkin's lymphoma, but studies assessing two alternative standards of care-increased dose bleomycin, etoposide, doxorubicin, cyclophosphamide, vincristine, procarbazine, and prednisone (BEACOPPescalated), and doxorubicin, bleomycin, vinblastine, and dacarbazine (ABVD)-were not powered to test differences in overall survival. To guide treatment decisions in this population of patients, we did a systematic review and network meta-analysis to identify the best initial treatment strategy. METHODS We searched the Cochrane Library, Medline, and conference proceedings for randomised controlled trials published between January, 1980, and June, 2013, that assessed overall survival in patients with advanced-stage Hodgkin's lymphoma given BEACOPPbaseline, BEACOPPescalated, BEACOPP variants, ABVD, cyclophosphamide (mechlorethamine), vincristine, procarbazine, and prednisone (C[M]OPP), hybrid or alternating chemotherapy regimens with ABVD as the backbone (eg, COPP/ABVD, MOPP/ABVD), or doxorubicin, vinblastine, mechlorethamine, vincristine, bleomycin, etoposide, and prednisone combined with radiation therapy (the Stanford V regimen). We assessed studies for eligibility, extracted data, and assessed their quality. We then pooled the data and used a Bayesian random-effects model to combine direct comparisons with indirect evidence. We also reconstructed individual patient survival data from published Kaplan-Meier curves and did standard random-effects Poisson regression. Results are reported relative to ABVD. The primary outcome was overall survival. FINDINGS We screened 2055 records and identified 75 papers covering 14 eligible trials that assessed 11 different regimens in 9993 patients, providing 59 651 patient-years of follow-up. 1189 patients died, and the median follow-up was 5·9 years (IQR 4·9-6·7). Included studies were of high methodological quality, and between-trial heterogeneity was negligible (τ(2)=0·01). Overall survival was highest in patients who received six cycles of BEACOPPescalated (HR 0·38, 95% credibility interval [CrI] 0·20-0·75). Compared with a 5 year survival of 88% for ABVD, the survival benefit for six cycles of BEACOPPescalated is 7% (95% CrI 3-10)-ie, a 5 year survival of 95%. Reconstructed individual survival data showed that, at 5 years, BEACOPPescalated has a 10% (95% CI 3-15) advantage over ABVD in overall survival. INTERPRETATION Six cycles of BEACOPPescalated significantly improves overall survival compared with ABVD and other regimens, and thus we recommend this treatment strategy as standard of care for patients with access to the appropriate supportive care.

The effectiveness of laceback ligatures during initial orthodontic alignment: a systematic review and meta-analysis

Lacebacks may be used to limit unwanted incisor proclination during initial orthodontic alignment; however, their use has not met with universal approval. This systematic review aims to appraise the evidence in relation to the effectiveness of lacebacks in controlling incisor position during initial alignment. Electronic database searches of published literature (MEDLINE via Ovid, Cochrane Central Register of Controlled Trials, LILACS, and IBECS) and unpublished literature were performed. Search terms used included randomized controlled trial, controlled clinical trial, random allocation, double blind method, orthodontics, and laceback. Data were extracted using custom forms. Risk of bias assessment was made using the Cochrane Collaboration risk of bias tool. The quality of the evidence was also assessed using GRADE. Mean differences in incisor inclination and antero-posterior changes in incisor and molar position during alignment were calculated. Two studies involving 97 participants were found to be at low risk of bias and were included in the quantitative synthesis. The random effects meta-analysis demonstrated that the use of lacebacks was associated with 0.5 mm greater posterior movement of the incisors during alignment; this finding was of limited clinical importance and statistically non-significant [95 per cent confidence interval (CI): -1.25, 0.25, P = 0.19]. Little difference (0.46 mm) was also found between laceback and non-laceback groups with regards to mesial molar movement (95 per cent CI: -0.33, 1.24, P = 0.26). According to the GRADE assessment, the overall quality of evidence relating to the use of lacebacks was high. There is no evidence to support the use of lacebacks for the control of the sagittal position of the incisors during initial orthodontic alignment.

Effects of Initial Body Condition, Frame Size and Concentration of Dietary Energy on Carcass Value of Finished Steers

Yearling steers were sorted into four groups based on hip height and fat cover at the start of the finishing period. Each group of sorted steers was fed diets containing 0.59 or 0.64 Mcal NEg per pound of diet. The value of each carcass was determined by use of the Oklahoma State University Boxed Beef Calculator. Sorting to increase hip height decreased the percentage of Choice carcasses and fat cover, increased ribeye area, and had no effect on carcass weight or yield grades 1 and 2. Sorting to decrease initial fat cover decreased carcass weight, carcass fat cover, and percentage of choice carcasses and increased the proportion of yield grades 1 and 2 carcasses. Concentration of energy in the finishing diet had no effect on carcass measurements. Increasing the percentage of yield grades 1 and 2 carcasses did not result in increased economic value of the carcasses when quality grades were lower and when there was a wide spread between Choice and Select carcasses, as occurred in 1996. With less spread between Choice and Select, as in 1997, sorting the cattle to increase yield grades 1 and 2 resulted in increased value, especially for close-trim boxed beef. The results of this study emphasize the importance of knowing how carcasses will grade before selecting a valuebased market for selling cattle.

Effects of Initial Fat Thickness, Hip Height, and Concentration of Dietary Energy on Growth of Area of the Longissimus dorsi Muscle and Subcutaneous Fat of Yearling Steers

Steers were sorted into four groups based on hip height and fat cover at the start of the finishing period. Each group of sorted steers was fed diets containing 0.59 or 0.64 Mcal NEg per lb. of diet dry matter. Steers with less initial fat cover (0.08 in.) compared with those with more (0.17) had less carcass fat cover 103 days later. The steers with less fat cover accumulated fat at a faster rate, but this was not apparent prior to 80 days. Accretion of fat was best predicted by an exponential growth equation, and was not affected by the two concentrations of energy fed in this study. Steers with greater initial height accumulated fat cover at a slower rate than shorter steers. This difference was interpreted to mean that large-frame steers accumulate subcutaneous fat at a slower rate than medium-frame steers. Increase in area of the ribeye was best described by a linear equation. Initial fat cover, hip height, and concentrations of energy in the diet did not affect rate of growth of this muscle. Predicting carcass fat cover from the initial ultrasound measurement of fat thickness found 46 of the 51 carcasses with less than 0.4 in. of fat cover. Twelve carcasses predicted to have less than 0.4 in. of fat cover had more than 0.4 in. Five carcasses predicted to have more than 0.4 in. actually had less than that. Accurate initial measurements of initial fat thickness with ultrasound might be a useful measurement to sort cattle for specific marketing grids.

Effects of Initial Body Condition, Frame Size and Concentration of Dietary Energy on Performance of Finishing Steers

Steers were sorted into four groups based on hip height and fat cover at the start of the finishing period. Each group of sorted steers was fed a diet containing 0.59 or 0.64 Mcal NEg per pound of diet. Steers with less initial fat cover (.08 in.) gained slightly faster, consumed less feed, and therefore tended to be more efficient than steers with greater finish (.16 in.). Steers fed the lower-energy diet consumed more feed, gained similarly, and were less efficient than steers fed the higher-energy diet. The NRC computer model to evaluate beef cattle diets underpredicted performance of cattle in this experiment, but accurately predicted the differences in gain and feed efficiency observed between the leaner and fatter steers and between the two diets. In this study, the shorter steers (49.4 vs 52.2 in. initial height at the hip) gained faster with slightly greater feed intake and the same feed conversion.

Initial clinical experience with the Coherex FlatStent™ and FlatStent™ EF PFO closure system for in-tunnel PFO closure: Results of the Coherex-EU study

OBJECTIVE The Coherex-EU Study evaluated the safety and efficacy of PFO closure utilizing novel in-tunnel PFO closure devices. BACKGROUND Transcatheter closure of patent foramen ovale (PFO) followed the development of transcatheter closure devices designed to patch atrial septal defects (ASDs). The Coherex FlatStent™ and FlatStent™ EF devices were designed specifically to treat PFO anatomy. METHODS A total of 95 patients with a clinical indication for PFO closure were enrolled in a prospective, multicenter first in man study at six clinical sites. Thirty-six patients received the first-generation FlatStent study device, and 57 patients received the second-generation FlatStent EF study device, which was modified based on clinical experience during the first 38 cases. Two patients enrolled to receive the first generation did not receive a device. RESULTS At 6 months post-procedure, 45% (17/38) of the intention-to-treat (ITT) cohort receiving the first-generation FlatStent device had complete closure, 26% (10/38) had a trivial residual shunt, and 29% (11/38) had a moderate to large residual shunt. In the ITT cohort receiving the second-generation FlatStent EF device, 76% (43/57) had complete closure, 12% (7/57) had a trivial shunt, and 12% had a moderate to large shunt. Five major adverse events occurred, all without sequelae. CONCLUSION This initial study of the Coherex FlatStent/FlatStent EF PFO Closure System demonstrated the potential for in-tunnel PFO closure. The in-tunnel Coherex FlatStent EF may offer an alternative to septal repair devices for PFO closure in appropriately selected patients; however, further investigation will be necessary to establish the best use of this device.

Assessing Initial Conditions for Chloride Transport Across Low- permeability Argillaceous Rocks, Wellenberg, Switzerland

Information about fluid evolution and solute transport in a low-permeability metamorphic rock sequence has been obtained by comparing chloride concentrations and chlorine isotope ratios of pore water, groundwater, and fluid inclusions. The similarity of d37Cl values in fluid inclusions and groundwater suggests a closed-system evolution during the metamorphic overprint, and signatures established at this time appear to form the initial conditions for chloride transport after exhumation of the rock sequence.