Thèse numérisée par la Division de la gestion de documents et des archives de l'Université de Montréal

Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal

本研究主要探討生技產業公開說明書之風險因子揭露對首次公開發行公司5年內的獲利能力做研究，想得知風險因子的揭露是否會影響公司獲利時間的長短。本研究以美國生技產業首次公開發行公司為研究對象，樣本期間為1997年至2012年。 許多文獻指出越來越多公司在尚未獲利前即先行上市，但公司未來的前景及獲利能力卻充滿高度的不確定性，而透過資訊的揭露可使該不確定性下降，因透過揭露，投資者可以了解公司營運狀況及表現，對公司價值能做較正確之判斷， 此時願意提供資金給公司營運，充足的資金使公司未來獲利機會上升。 本研究參考過去文獻，建立資訊揭露的四級指標加上風險因子所揭露的項目多寡，系統性地衡量生技公司公開說明書之風險因子，並以存活分析檢測假說。實證結果顯示：風險因子的內容描述越著重在某些特定資訊，例如：顧客資訊、重要員工資訊、量化資訊的表達、公司未來不確定性、財務需求時，公司未來獲利能力機會大增，而當更進一步的探究時，又發現對顧客資訊和量化資訊的表達越具體，越詳細時，也會使公司未來獲利機會上升。 / This study investigates whether disclosure of risk factors in the prospectus will influence the probability of the biotech firms to attain profitability. Data is collected for biotech companies of U.S IPOs issued from1997 to2012 as the research sample. Many extant empirical evidences indicate that the proportion of firms going public prior to achieving profitability has been increasing over time. There is considerable uncertainty regarding the long-term economic viability of these firms at the time of going public. Disclosures in the prospector may mitigate the effects of ex-ante uncertainty about firm’s value, and disclosures are potentially important means for management to communicate firm performance and governance to outside investors. Therefore, firms can raise more money by disclosing more information in IPO prospectors, because more information reperesent lower uncertainty between investors and firms.This study uses risk factors in the prospectus as concern issue and expects that the quantity of risk factors and the content or description of risk factors will influence the uncertainty and would mitigate investors’ concern. Referring to past literature, this study builds four-class index for disclosure score and uses two classifications of risk factors to systematically measure risk factors in the prospectus. The empirical results show that a biotech IPO with more information or some specific information of risk factors, like disclosures of main customers and key employees, will experience good performance after IPO. In addition, more detail descriptions in quantitative risk factors and customers’ information contributed to better performance in the future. In conclusion, disclosure of risk factors in the prospectus are related to firms’ probability of profitability after IPO as expected.

La posición socioeconómica y la práctica de actividad física (AF), como estilo de vida, son dos determinantes que influyen en la salud individual y poblacional. En esta tesis se ha analizado la relación y la tendencia en el periodo 1995-2005 de estos dos determinantes con los factores de riesgo cardiovascular (FRCV) y el riesgo de infarto agudo de miocardio (IAM). Se han utilizado datos de tres estudios transversales de base poblacional (1995-2000-2005) realizados en la población de Girona y que incluyen más de 9.000 individuos y datos de un estudio caso-control que incluye más de 1.000 casos de IAM y 1.000 controles. Se ha demostrado que las clases sociales menos favorecidas tienen mayor prevalencia de FRCV, no obstante, las diferencias entre clases en relación al conocimiento, tratamiento y control de los FRCV clásicos que existían en 1995, han desaparecido. Sin embargo, las diferencias entre clases están aumentando durante el periodo analizado respecto a los estilos de vida (tabaquismo, sobrepeso/obesidad y sedentarismo). En relación a la práctica de AF, la prevalencia de sedentarismo ha disminuido de 1995 a 2005. La edad, el género femenino y la clase social menos favorecida se asocian con mayor prevalencia. Al analizar la relación dosis-respuesta de la AF y la salud cardiovascular, se ha observado que la AF ligera no se asocia con un mejor perfil de FRCV pero si con menor riesgo de IAM en mayores de 64 años. La AF moderada-intensa mejora los perfiles de los FRCV con un beneficio máximo en 600-700 MET•minuto/semana y disminuye el riesgo de IAM con un beneficio máximo en 1.500-2.000 MET•minuto/semana. / Socioeconomic status and physical activity practice (PA) (as lifestyle) are two major factors in individual and population health. In this thesis, we analyzed the relationship and the trend in the period 1995-2005 of both two determinants with cardiovascular risk factors and myocardial infarction risk. We used data from three independent population-based cross-sectional studies performed in Girona across 1995-2005 period with 9,546 individuals and data from population based age- and sex-matched case-control study with 1,000 cases and 1,000 controls. This thesis shows that the lower social classes have higher prevalence of cardiovascular risk factors, however, differences in awareness, treatment and control of classical cardiovascular risk factors between groups have disappeared and the disparities in healthy lifestyles between groups are widening. The prevalence of sedentary lifestyle has decreased in the period. Age, female gender and lower educational level were associated with a higher prevalence of physical inactivity. Light intensity PA reduced myocardial infarction risk in subjects older than 64 years and moderate-high intensity PA were associated with a better cardiovascular risk factors profile with a maximum benefit around 600-700 MET・min/week and also with a lower myocardial infarction risk with a maximum benefit around 1500-2000 MET・min/week.

By the year 2025, it is anticipated that over 300 million individuals world wide will have type 2 diabetes, with a projected increase from 84 to 288 million (170%) in developing countries and from 51 to 72 million (42%) in developed countries. Diabetes leads to a markedly increased risk of heart disease and renal failure and to expensive and debilitating retinopathy and neuropathy. Cognitive decline is also increased. As there is accumulating evidence of the beneficial effects of moderate carbohydrate, low fat dietary patterns compared to high carbohydrate diets, this thesis will focus on the effects of moderate carbohydrate high protein dietary patterns (total carbohydrate: protein: fat ratio of 40%:34%:26%) on glycemic control, risk factors for macrovascular disease and cognitive function. Information on two key areas in type 2 diabetes will be presented, 1. Acute effects of dietary patterns, moderately carbohydrate restricted and high in protein on glucose levels assessed using continuous glucose monitoring systems (CGMS) with verification of these results through a small repeat study. 2. Chronic effects of energy restricted dietary patterns, moderately carbohydrate restricted and high in protein on glucose levels, HbA1c, cognitive function, cardiovascular disease (CVD) risk markers and renal function. In the acute study, we recruited 23 subjects with type 2 diabetes. The participants were randomized to each of 4, 3-day interventions in a cross over design with a 4 day wash out period in which the carbohydrates were distributed differently at each meal; carbohydrates evenly distributed across the day, or carbohydrates loaded at breakfast, lunch or dinner. Glucose levels were continuously measured using CGMS. Outcomes were assessed by postprandial peak glucose (Gmax), time spent above 12 mmol/L (T>12) and total area under the glucose curve (AUC20). The intervention showed that an even distribution of carbohydrates did not optimise blood glucose control, whereas carbohydrates loaded at the lunch time meal provided the most favourable postprandial profile. To verify these results we conducted a repeat study. Six of the previous participants accepted the invitation to return and complete the even distribution arm of the study after a 20 week time lag. The intervention showed that although HbA1c, fasting blood glucose (FBG), AUC, exercise and ambient temperature remained constant there was a significant effect of change in sunlight hours on Gmax, suggesting an effect of sunlight. To assess the chronic effects of energy restricted dietary patterns on the determinants of HbA1c, cognitive function, CVD risk markers and renal function under conditions of weight loss, we recruited 82 participants with type 2 diabetes. These participants were randomised to one of two high protein energy restricted dietary patterns that differed in cholesterol content, for a 12 week period, in a parallel design. A sub group of these participants completed cognitive function testing with (n=34) or without (n=17) CGMS at baseline and at 8 weeks. After 8 weeks of the intervention the determinants of HbA1c under conditions of energy restriction were evaluated. The intervention showed the change in FBG accounted for most of the variance in change in HbA1c, but % energy reduction also contributed independently of FBG. Both energy restricted high protein diets equally improved glycemic control, particularly T>12, AUC, HbA1c and FBG. Fifty one participants completed cognitive testing to evaluate the effect of weight loss and blood glucose control on cognition. Cognitive function was not altered by time, diet, baseline lipid levels. Working memory was predicted by FBG. Short term memory was predicted by FBG, Gmax and AUC24. Sixty five participants completed 12 weeks of the intervention to assess CVD risk markers and renal function. Renal function was maintained and CV markers improved on both dietary patterns, with greatest improvement in HDL-C observed in the group consuming a high protein, energy restricted dietary pattern, high in dietary cholesterol. In conclusion, in the context of a high protein, carbohydrate restricted dietary pattern, cognitive function and renal function did not change, while glycemia and CV risk profiles improved with weight loss over the short term. Under conditions of energy balance diurnal glucose profiles were optimal when the carbohydrates were loaded in the lunch meal. / http://proxy.library.adelaide.edu.au/login?url= http://library.adelaide.edu.au/cgi-bin/Pwebrecon.cgi?BBID=1342253 / Thesis (Ph.D.) - University of Adelaide, School of Molecular and Biomedical Science, 2008

By the year 2025, it is anticipated that over 300 million individuals world wide will have type 2 diabetes, with a projected increase from 84 to 288 million (170%) in developing countries and from 51 to 72 million (42%) in developed countries. Diabetes leads to a markedly increased risk of heart disease and renal failure and to expensive and debilitating retinopathy and neuropathy. Cognitive decline is also increased. As there is accumulating evidence of the beneficial effects of moderate carbohydrate, low fat dietary patterns compared to high carbohydrate diets, this thesis will focus on the effects of moderate carbohydrate high protein dietary patterns (total carbohydrate: protein: fat ratio of 40%:34%:26%) on glycemic control, risk factors for macrovascular disease and cognitive function. Information on two key areas in type 2 diabetes will be presented, 1. Acute effects of dietary patterns, moderately carbohydrate restricted and high in protein on glucose levels assessed using continuous glucose monitoring systems (CGMS) with verification of these results through a small repeat study. 2. Chronic effects of energy restricted dietary patterns, moderately carbohydrate restricted and high in protein on glucose levels, HbA1c, cognitive function, cardiovascular disease (CVD) risk markers and renal function. In the acute study, we recruited 23 subjects with type 2 diabetes. The participants were randomized to each of 4, 3-day interventions in a cross over design with a 4 day wash out period in which the carbohydrates were distributed differently at each meal; carbohydrates evenly distributed across the day, or carbohydrates loaded at breakfast, lunch or dinner. Glucose levels were continuously measured using CGMS. Outcomes were assessed by postprandial peak glucose (Gmax), time spent above 12 mmol/L (T>12) and total area under the glucose curve (AUC20). The intervention showed that an even distribution of carbohydrates did not optimise blood glucose control, whereas carbohydrates loaded at the lunch time meal provided the most favourable postprandial profile. To verify these results we conducted a repeat study. Six of the previous participants accepted the invitation to return and complete the even distribution arm of the study after a 20 week time lag. The intervention showed that although HbA1c, fasting blood glucose (FBG), AUC, exercise and ambient temperature remained constant there was a significant effect of change in sunlight hours on Gmax, suggesting an effect of sunlight. To assess the chronic effects of energy restricted dietary patterns on the determinants of HbA1c, cognitive function, CVD risk markers and renal function under conditions of weight loss, we recruited 82 participants with type 2 diabetes. These participants were randomised to one of two high protein energy restricted dietary patterns that differed in cholesterol content, for a 12 week period, in a parallel design. A sub group of these participants completed cognitive function testing with (n=34) or without (n=17) CGMS at baseline and at 8 weeks. After 8 weeks of the intervention the determinants of HbA1c under conditions of energy restriction were evaluated. The intervention showed the change in FBG accounted for most of the variance in change in HbA1c, but % energy reduction also contributed independently of FBG. Both energy restricted high protein diets equally improved glycemic control, particularly T>12, AUC, HbA1c and FBG. Fifty one participants completed cognitive testing to evaluate the effect of weight loss and blood glucose control on cognition. Cognitive function was not altered by time, diet, baseline lipid levels. Working memory was predicted by FBG. Short term memory was predicted by FBG, Gmax and AUC24. Sixty five participants completed 12 weeks of the intervention to assess CVD risk markers and renal function. Renal function was maintained and CV markers improved on both dietary patterns, with greatest improvement in HDL-C observed in the group consuming a high protein, energy restricted dietary pattern, high in dietary cholesterol. In conclusion, in the context of a high protein, carbohydrate restricted dietary pattern, cognitive function and renal function did not change, while glycemia and CV risk profiles improved with weight loss over the short term. Under conditions of energy balance diurnal glucose profiles were optimal when the carbohydrates were loaded in the lunch meal. / http://proxy.library.adelaide.edu.au/login?url= http://library.adelaide.edu.au/cgi-bin/Pwebrecon.cgi?BBID=1342253 / Thesis (Ph.D.) - University of Adelaide, School of Molecular and Biomedical Science, 2008

Diss. (sammanfattning) Umeå : Umeå universitet, 2010.

Background: ST-elevation acute myocardial infarction (STEMI) represents one of the leading causes of death. The time of STEMI onset has a circadian rhythm with a peak during diurnal hours, and the occurrence of STEMI follows a seasonal pattern with a salient peak of cases in the winter months and a marked reduction of cases in the summer months. Scholars investigated the reason behind the winter peak, suggesting that environmental and climatic factors concur in STEMI pathogenesis, but no studies have investigated whether the circadian rhythm is modified with the seasonal pattern, in particular during the summer reduction in STEMI occurrence. Methods and Results: Here, we provide a multiethnic and multination epidemiological study (from both hemispheres at different latitudes, n=2270 cases) that investigates whether the circadian variation of STEMI onset is altered in the summer season. The main finding is that the difference between numbers of diurnal (6:00 to 18:00) and nocturnal (18:00 to 6:00) STEMI is markedly decreased in the summer season, and this is a prodrome of a complex mechanism according to which the circadian rhythm of STEMI time onset seems season dependent. Conclusions: The “summer shift” of STEMI to the nocturnal interval is consistent across different populations, and the sunshine duration (a measure related to cloudiness and solar irradiance) underpins this season-dependent circadian perturbation. Vitamin D, which in our results seems correlated with this summer shift, is also primarily regulated by the sunshine duration, and future studies should investigate their joint role in the mechanisms of STEMI etiogenesis.

Exploring the resilience construct is highly relevant for the field of learning disabilities. Resilience is a dynamic process of adaptation that involves interactions between a range of risk and protective factors. This research presents recent learning disability and resilience literature, focussing on the risk and protective factors in the lives of those with learning difficulties. Children with a learning disability often have associated emotional, behavioural and social difficulties that may become major obstacles to positive future outcomes. Historically little attention has been paid to the experiences of mothers of children with a learning disability and how the mother-child relationship may or may not foster the development of resilience in the learning disabled child. This research explores the issue within a qualitative framework / Educational Studies / M. Ed. (Guidance and Counselling)

Submitted by Yugo Watari (ywatari@gmail.com) on 2017-09-19T16:23:48Z No. of bitstreams: 1 main.pdf: 2611498 bytes, checksum: 1f50a4c20e7433334a4e2b45acd23424 (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2017-09-19T16:31:51Z (GMT) No. of bitstreams: 1 main.pdf: 2611498 bytes, checksum: 1f50a4c20e7433334a4e2b45acd23424 (MD5) / Made available in DSpace on 2017-09-19T17:31:18Z (GMT). No. of bitstreams: 1 main.pdf: 2611498 bytes, checksum: 1f50a4c20e7433334a4e2b45acd23424 (MD5) Previous issue date: 2017-08-21 / We approach portfolio construction with risk based allocation, using volatility as the measure of risk, and applying to the stock markets. We start by obtaining generic risk factors based on the approach of Fama&French; and them we decompose the volatility in risk contributions of those generic risk factors. Differing from previous works, instead of allocating in indexes that represent the generic risk factors, we allocate at the asset level, in hopes that this will lead to reproducing the effects of inveting on those indexes, which brings additional complexity to the problem. This was motivated by investors not always having access to invest in theses indexes. Finally, for the purpose of illustration, we apply the metodology to the brazilian stock markets, selecting as risk factors, the five Fama&French risk factors. We obtain portfolios with the desired risk contributions, but as we look in to the weights of each risk factor, there is alocations of weights in the risk factors not related to those of Fama&French, even though the risk contributions are neutralized. We argue that these allocations are preventing from obtaining exposures to the distinct characteristics of each Fama&French risk factor. / A construção de portfólios, ou seja, a definição da composição de uma carteira de ativos, é abordada, nesse trabalho, pela ótica da alocação baseada em contribuições do risco, medida via volatilidade, aplicada a uma carteira de ações. O objetivo é a construção de portfolios, via as contribuições de riscos; para isto construímos fatores de riscos genéricos baseados na abordagem de Fama&French; na sequência aplicamos uma metodologia para distribuir a volatilidade como contribuições de risco destes fatores genéricos. Diferentemente de outros trabalhos, ao invés de alocar em índices que representem estes fatores de riscos genéricos, alocamos diretamente nos ativos na expectativa de conseguirmos reproduzir o efeito de investir nestes índices, o que traz uma complexidade adicional. Esta abordagem foi motivada por nem sempre termos acesso à investir nesses índices. Finalmente, a título de ilustração, a metodologia foi aplicada ao mercado brasileiro de ações, em particular utilizando os fatores do modelo Fama&French de 5 fatores. Obtivemos portfolios com as contribuições de riscos desejadas em relação aos fatores de Fama&French, mas ao se analisar a alocação dos pesos dos fatores de riscos sobre os portfolios obtidos, verificamos que são alocados pesos a fatores que não estão relacionados aos de Fama&French, apesar das contribuições de risco destas estarem neutralizadas. E por fim argumentamos que estas alocações evitam a captura das características distintas de cada fator que gostaríamos de reproduzir.