Suchergebnisse

Purpose
– This paper aims to propose a method of forecasting the level of informed trading at merger announcements by permitting liquidity traders to adjust their trading based upon signals from informed traders. Informed traders typically take advantage of their knowledge of forthcoming mergers by trading heavily at announcement. For cash mergers, they respond to a positive signal by purchasing stock, and for stock mergers, they respond to a negative signal by selling stock. In response, exchanges (market makers) set wider spreads (charge higher transaction fees) for informed buyers. Uninformed traders are subject to such excessive fees unless they can accurately predict the period during which such fees are charged.


Design/methodology/approach
– This paper proposes a technique by which uninformed traders may make predictions by creating a vector autoregressive framework that links informed and liquidity trading through price changes.


Findings
– For cash mergers, transaction fees remained excessive for days −1 to +1. For stock mergers, fees remained high on days −1 to +1, started declining on days 2 and 3, and vanished on days 4 and 5.


Research limitations/implications
– Most theoretical models of informed trading have viewed informed trading and liquidity trading as tangentially linked. This study finds a direct link between these two trading activities.


Practical implications
– Uninformed traders may wish to limit their trading until after day +1 for both types of mergers.


Originality/value
– This paper defines the time period during which transactions costs for traders are at the maximum level. Short sellers have more information about the direction of stock movements and may sell during days of informed selling set forth by this study and repurchase stock afterwards.

The article explores social capital and culturally responsive leadership theories as a means tounderstand and bridge differences that arise in diverse educational settings for public school leaders.Issues explored include those related to the educational histories and cultural heritages that studentsand stakeholders bring with them to the educational setting. More specifically, the article illuminateshow the merging of social capital and culturally responsive leadership theories as a conceptualframework for leadership can lead to not only student achievement, but also positive social networkingand relationships among school leaders, teachers, and students. Emphasis is placed on the notionthat in order for school leaders to close the achievement gap, they must first close the opportunity gap.

A brief history of American Indian business /Charles F. Harrington --Embracing cultural tradition: historic business activity by Native people in the western United States /Joseph Scott Gladstone --American Indian entrepreneurship /Charles F. Harrington, Carolyn Birmingham, and Daniel Stewart --Business strategy: building competitive advantage in American Indian firms /Daniel Stewart --The business law of the third sovereign: legal aspects of doing business in Indian country /Gavin Clarkson --Legal forms of organization /Amy Klemm Verbos --Tribal finance and economic development: the fight against economic leakage /Gavin Clarkson --High-stakes negotiation: Indian gaming and tribal-state compacts /Gavin Clarkson and James K. Sebenius --American Indian leadership practices /Stephanie Lee Black and Carolyn Birmingham --Business ethics and Native American values /Carma M. Claw, Amy Klemm Verbos, and Grace Ann Rosile --Coyote learns to manage a health program /Joseph Scott Gladstone --A Native American values-infused approach to human resources /Matthew S. Rodgers and Shad Morris --Service management for Native American customers /Deanna M. Kennedy, Denise Bill, Rachael Meares, and Iisaaksiichaa (Good Ladd) Ross Braine --Native Americans and marketing: a paradoxical relationship /Stephanie Lawson Brooks and Cara Peters.

Acknowledgements The authors acknowledge Dr. Dilyara Lauer and Heide Lueck for the excellent technical support with the administration of drugs, collection of brains and sectioning of brain tissue for immunohistochemistry. Funding This work was funded by TauRx Therapeutics Ltd., Singapore. Z. C. was funded by the Erasmus+ programme of the European Union. ; Peer reviewed ; Publisher PDF

Funding Information: Funding and additional information—This work was supported by EMPIR programme in Research Project 15HLT02 ReMiND cofinanced by the Participating States and the European Union's Horizon 2020 research and innovation programme (to N. L.). Work was also supported by WisTa Laboratories Ltd. (to V. M., D. L., M. M., C. R. H., G. R., C. M. W., F. T., and K. S.). Conflict of interest—This work was sponsored by WisTa Laboratories Ltd., an affiliate of TauRx Therapeutics Ltd. C. R. H. and C. M. W. are employees and officers of TauRx Therapeutics Ltd. ; Peer reviewed ; Publisher PDF

BackgroundLeuco-methylthioninium bis(hydromethanesulfonate; LMTM), a stable reduced form of the methylthioninium moiety, acts as a selective inhibitor of tau protein aggregation both in vitro and in transgenic mouse models. Methylthioninium chloride has previously shown potential efficacy as monotherapy in patients with Alzheimer's disease. We aimed to determine whether LMTM was safe and effective in modifying disease progression in patients with mild to moderate Alzheimer's disease.MethodsWe did a 15-month, randomised, controlled double-blind, parallel-group trial at 115 academic centres and private research clinics in 16 countries in Europe, North America, Asia, and Russia with patients younger than 90 years with mild to moderate Alzheimer's disease. Patients concomitantly using other medicines for Alzheimer's disease were permitted to be included because we considered it infeasible not to allow their inclusion; however, patients using medicines carrying warnings of methaemoglobinaemia were excluded because the oxidised form of methylthioninium in high doses has been shown to induce this condition. We randomly assigned participants (3:3:4) to 75 mg LMTM twice a day, 125 mg LMTM twice a day, or control (4 mg LMTM twice a day to maintain blinding with respect to urine or faecal discolouration) administered as oral tablets. We did the randomisation with an interactive web response system using 600 blocks of length ten, and stratified patients by severity of disease, global region, whether they were concomitantly using Alzheimer's disease-labelled medications, and site PET capability. Participants, their study partners (generally carers), and all assessors were masked to treatment assignment throughout the study. The coprimary outcomes were progression on the Alzheimer's Disease Assessment Scale-Cognitive Subscale (ADAS-Cog) and the Alzheimer's Disease Co-operative Study-Activities of Daily Living Inventory (ADCS-ADL) scales from baseline assessed at week 65 in the modified intention-to-treat population. This trial is registered with Clinicaltrials.gov (NCT01689246) and the European Union Clinical Trials Registry (2012-002866-11).FindingsBetween Jan 29, 2013, and June 26, 2014, we recruited and randomly assigned 891 participants to treatment (357 to control, 268 to 75 mg LMTM twice a day, and 266 to 125 mg LMTM twice a day). The prespecified primary analyses did not show any treatment benefit at either of the doses tested for the coprimary outcomes (change in ADAS-Cog score compared with control [n=354, 6·32, 95% CI 5·31-7·34]: 75 mg LMTM twice a day [n=257] -0·02, -1·60 to 1·56, p=0·9834, 125 mg LMTM twice a day [n=250] -0·43, -2·06 to 1·20, p=0·9323; change in ADCS-ADL score compared with control [-8·22, 95% CI -9·63 to -6·82]: 75 mg LMTM twice a day -0·93, -3·12 to 1·26, p=0·8659; 125 mg LMTM twice a day -0·34, -2·61 to 1·93, p=0·9479). Gastrointestinal and urinary effects were the most common adverse events with both high doses of LMTM, and the most common causes for discontinuation. Non-clinically significant dose-dependent reductions in haemoglobin concentrations were the most common laboratory abnormality. Amyloid-related imaging abnormalities were noted in less than 1% (8/885) of participants.InterpretationThe primary analysis for this study was negative, and the results do not suggest benefit of LMTM as an add-on treatment for patients with mild to moderate Alzheimer's disease. Findings from a recently completed 18-month trial of patients with mild Alzheimer's disease will be reported soon.FundingTauRx Therapeutics.