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    What do market participants learn from share repurchases? Evidence from a return decomposition

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    This paper analyzes cash flow and cost of capital dynamics around share repurchase announcements of publicly traded US firms by decomposing stock returns into news related to cash flows and discount rates. After repurchase announcements, the cost of capital decreases significantly, while cash flows do not change. The decrease in the cost of capital is largest for firms that appear underpriced. These firms also experience the highest long-term returns after repurchase announcements. The findings suggest that market participants learn about a temporary overestimation of the cost of capital when firms announce share repurchases

    The Relationship Between Prescribed Ratings of Perceived Exertion and Force Production in Repeated Isometric Contractions.

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    Ratings of perceived exertion (RPE) are frequently used to monitor and prescribe exercise intensity. However, studies examining the shape and robustness of how feelings of effort map onto objective outputs are limited and report inconsistent results. To address this, we investigated whether (1) producing isometric forces according to RPE levels reliably leads to differences in force output, (2) if feelings of effort map linearly or non-linearly onto force output, and (3) if this mapping is robust when visual feedback and social facilitation are present. In a counterbalanced repeated measures design, N = 26 participants performed isometric handgrip contractions prescribed by ten levels of the Borg CR-10 scale. They did so either with or without the availability of concurrent visual feedback regarding their force production, and in the presence or absence of another person performing the same task simultaneously. We found that subjects reliably produced different force outputs that corresponded to each RPE level. Furthermore, concurrent visual feedback led to a linearization of force output, while in the absence of feedback, the produced forces could also be described by quadratic and cubic functions. Exploratory post-hoc analyses revealed that participants perceived moderate RPE levels to be more challenging to produce. By shedding light on the dynamic nature of the mapping between RPE and objective performance, our findings provide helpful insights regarding the utility of RPE scales

    Exploring historical changes in mountain river hydrodynamics induced by human impact.

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    During the 20th-century many mountain rivers in Europe were subjected to intensive human impacts which substantially modified their channel morphology. How these changes affected river hydrodynamics and response to floods remains uncertain. In this work, we perform hydraulic modelling using data from archival aerial photos to explore relations between hydraulic parameters of floods and human-induced channel incision occurring on the Czarny Dunajec River (Polish Carpathians) between 1964 and 2012. Data on vertical position of the channel used for two-dimensional modelling of flood flows were extracted (as Digital Elevation Models DEMs) from archival aerial photos from 1964 and 1983 and ALS (Airborne Laser Skanning)-derived DEM from 2012. Water depth, flow velocity, bed shear stress, and sediment critical diameter were modelled for four flood scenarios (2-year, 5-year, 20-year, and 50-year floods) as well as the extent of flooded area and additionally the grain size of channel sediment was calculated. The values of water depth, flow velocity, bed shear stress and sediment critical diameter increased significantly between 1964 and 1983, especially for 20-year and 50-year floods. Only the flow velocity within the floodplain zone did not increase for the two largest flood scenarios due to the expansion of riparian forest in the second half of the twentieth century. The increase in flow rate was accompanied by a progressive reduction of the extent of flooded area, especially between 1964 and 1983, as well as by increase in mean grain size of channel sediment. Between 1983 and 2012 changes in hydraulic parameters were less pronounced, and coarser and well packed channel sediment dominated on the river bed. Our work demonstrates that reconstruction of past river hydrodynamics, rather than river state at time horizons, can give essential insights into functioning of the river channel and floodplain during the intensification of human impacts after 1950s

    Butor transaréal

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    Si les études «transaréales» (transareale Studien) ont été développées sur l’impulsion du critique allemand Ottmar Ette à partir de l’Université de Potsdam, l’œuvre de Butor s’est ingéniée dans Le Génie du lieu à figurer les relations culturelles entre les diverses aires culturelles. Cet article porte sur une comparaison entre les entreprises de Michel Butor et d’Ottmar Ette, dont il souligne les points de divergence, mais aussi de convergence et de complémentarité.

    Hospital- and Ventilator-associated Pneumonia early after Lung Transplantation: a prospective Study on Incidence, Pathogen Origin and Outcome.

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    BACKGROUND Hospital- (HAP) and ventilator-associated pneumonia (VAP) are important complications early (<30 days) after lung transplantation (LT). However, current incidence, associated factors and outcomes are not well reported. METHODS LT recipients transplanted at our institution (07/2019-01/2020 and 10/2021-11/2022) were prospectively included. We assessed incidence and presentation of pneumonia and evaluated the impact of associated factors using regression models. In addition, we evaluated molecular relatedness of respiratory pathogens collected peri-transplant and at pneumonia occurrence using pulsed-field-gel-electrophoresis (PFGE). RESULTS In the first 30 days post-LT, 25/270 (9.3%) recipients were diagnosed with pneumonia (68% [17/25] VAP; 32% [8/25] HAP). Median time to pneumonia was 11 days (IQR 7-13). 49% (132/270) of donor and 16% (44/270) of recipient respiratory peri-transplant cultures were positive. However, pathogens associated with pneumonia were not genetically related to either donor or recipient cultures at transplant, as determined by PFGE.Diagnosed pulmonary hypertension (HR 4.42, 95% CI 1.62-12.08) and immunosuppression use (HR 2.87, 95% CI 1.30-6.56) were pre-transplant factors associated with pneumonia.Pneumonia occurrence was associated with longer hospital stay (HR 5.44, 95% CI 2.22-13.37) and VAP with longer ICU stay (HR 4.31, 95% CI: 1.73-10.75) within the first 30 days post-transplant; 30- and 90-day mortality were similar. CONCLUSIONS Prospectively assessed early pneumonia incidence occurred in around 10% of LT. Populations at increased risk for pneumonia occurrence include LT with pre-transplant pulmonary hypertension and pre-transplant immunosuppression. Pneumonia was associated with increased healthcare use, highlighting the need for further improvements by preferentially targeting higher-risk patients

    Auditory complications among childhood cancer survivors and health-related quality of life: a PanCareLIFE study.

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    PURPOSE Auditory complications are potential side effects from childhood cancer treatment. Yet, limited evidence exists about the impact of auditory complications-particularly tinnitus-on health-related quality of life (HRQoL) among childhood cancer survivors (CCS). We determined the prevalence of hearing loss and tinnitus in the European PanCareLIFE cohort of CCS and examined its effect on HRQoL. METHODS We included CCS from four European countries who were diagnosed at age ≤ 18 years; survived ≥ 5 years; and aged 25-44 years at study. We assessed HRQoL (Short Form 36), hearing loss, and tinnitus using questionnaires. We used multivariable linear regression to examine associations between these two auditory complications and HRQoL adjusting for socio-demographic and clinical factors. RESULTS Our study population consisted of 6,318 CCS (53% female; median age at cancer diagnosis 9 years interquartile range [IQR] 5-13 years) with median age at survey of 31 years (IQR 28-35 years). Prevalence was 7.5% (476/6,318; confidence interval [CI]: 6.9-8.2) for hearing loss and 7.6% (127/1,668; CI: 6.4-9.0) for tinnitus. CCS with hearing loss had impaired physical (coefficient [coef.] -4.3, CI: -7.0 to -1.6) and mental (coef. -3.2, CI: -5.5 to -0.8) HRQoL when compared with CCS with normal hearing. Tinnitus was associated with impaired physical (coef. -8.2, CI: -11.8 to -4.7) and mental (coef. -5.9, CI: -8.8 to -3.1) HRQoL. CONCLUSION We observed reduced HRQoL among CCS with hearing loss and tinnitus. Our findings indicate timely treatment of hearing loss and tinnitus may contribute to quality of life of survivors. IMPLICATIONS FOR CANCER SURVIVORS CCS who experience auditory complications should be counseled about possible therapeutic and supportive measures during follow-up care

    Authoritarian Othering Back and Feminist Subversion: Rethinking Transnational Feminism in Russia and Serbia

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    This article examines the effect of rising authoritarianism on Russian and Serbian feminists. In both cases, regimes rely on what I term “Othering back.” Using “gender ideology” as a proxy for Western imperialism, they reappropriate postcolonial frames to reject democratization and human rights. In such a context, the critical argument that transnational feminism is an exercise of Western Othering to reify power relations no longer resonates with feminists on the ground. To them it dangerously resonates with their own regime’s discourse. The article first traces how the regimes conduct authoritarian Othering back. Based on interpretive discourse analysis, applied to sixty-nine interviews, it then shows how Russian and Serbian feminists make sense of this political environment and the new strategies they derive from their interpretation: the need for discursive subversion that articulates alternative imaginaries of transnational feminism that cannot be reappropriated by the regime

    Panel stacking is a threat to consensus statement validity.

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    Consensus statements can be very influential in medicine and public health. Some of these statements use systematic evidence synthesis but others fail on this front. Many consensus statements use panels of experts to deduce perceived consensus through Delphi processes. We argue that stacking of panel members towards one particular position or narrative is a major threat, especially in absence of systematic evidence review. Stacking may involve financial conflicts of interest, but non-financial conflicts of strong advocacy can also cause major bias. Given their emerging importance, we describe here how such consensus statements may be misleading, by analysing in depth a recent high-impact Delphi consensus statement on COVID-19 recommendations as a case example. We demonstrate that many of the selected panel members and at least 35% of the core panel members had advocated towards COVID-19 elimination (zero-COVID) during the pandemic and were leading members of aggressive advocacy groups. These advocacy conflicts were not declared in the Delphi consensus publication, with rare exceptions. Therefore, we propose that consensus statements should always require rigorous evidence synthesis and maximal transparency on potential biases towards advocacy or lobbyist groups to be valid. While advocacy can have many important functions, its biased impact on consensus panels should be carefully avoided

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