scholarly journals Does Regulatory Jurisdiction Affect the Quality of Investment-Adviser Regulation?

2019 ◽  
Vol 109 (10) ◽  
pp. 3681-3712 ◽  
Author(s):  
Ben Charoenwong ◽  
Alan Kwan ◽  
Tarik Umar

The Dodd-Frank Act shifted regulatory jurisdiction over “ midsize” investment advisers from the SEC to state-securities regulators. Client complaints against midsize advisers increased relative to those continuing under SEC oversight by 30 to 40 percent of the unconditional probability. Complaints increasingly cited fiduciary violations and rose more where state regulators had fewer resources. Advisers responding more to weaker oversight had past complaints, were located farther from regulators, faced less competition, had more conflicts of interest, and served primarily less-sophisticated clients. Our results inform optimal regulatory design in markets with informational asymmetries and search frictions. (JEL G24, G28, K22, L51, L84)

2012 ◽  
Vol 19 (4) ◽  
pp. 674-681 ◽  
Author(s):  
Lisa Cosgrove ◽  
Harold J. Bursztajn ◽  
Deborah R. Erlich ◽  
Emily E. Wheeler ◽  
Allen F. Shaughnessy

2013 ◽  
Vol 108 (11) ◽  
pp. 1686-1693 ◽  
Author(s):  
Joseph D Feuerstein ◽  
Anne E Gifford ◽  
Mona Akbari ◽  
Jonathan Goldman ◽  
Daniel A Leffler ◽  
...  

2016 ◽  
Vol 5 (1) ◽  
pp. 9-10 ◽  
Author(s):  
Kerstin Stenius

Stenius, K. (2016). Addiction journals and the management of conflicts of interest. The International Journal Of Alcohol And Drug Research, 5(1), 9-10. doi:http://dx.doi.org/10.7895/ijadr.v5i1.233Scientific journals are crucial for a critical and open exchange of new research findings and as guardians of the quality of science. Today, as policy makers increasingly justify decision-making with references to scientific evidence, and research articles form the basis for evidence for specific measures, journals also have an indirect responsibility for how political decisions will be shaped.


Blood ◽  
2019 ◽  
Vol 134 (Supplement_1) ◽  
pp. 1159-1159
Author(s):  
Fernanda Leite ◽  
Ângela Leite ◽  
Sara Ferreira ◽  
Jorge Coutinho

Introduction: Among patients receiving vitamin K antagonists (VKA) therapy, maintenance of an international normalized ratio (INR) in the therapeutic range is essential for treatment efficacy and safety. This requires regular monitoring and appropriate dose adjustment. It has been reported that anticoagulation clinics should aim for a time in therapeutic range (TTR) between 70-80% to optimize benefit and minimize the risk of adverse events. Previously (in a study between September 2006 and June 2012), we have reported that patients with longer INR recall interval (4-8 weeks) showed no decrease of monitoring quality and that it would be safe to increase time between measurements. Aim: Since actual recommendations for improving TTR include shortening INR recall interval (Lip et al. 2018) we aimed to evaluate the quality of anticoagulation monitoring after having increased time between measurements beyond the 4-8 weeks recall interval. Methodology: We retrospectively analyzed 37931 appointments of 6 consecutive years (July 2012 to July 2018) corresponding to 1587 patients that are regularly followed up at an outpatient Anticoagulation Clinic of a central hospital under anticoagulation for at least 8 weeks, using TTR determined by Rosendaal method. Patients were divided according to target INR in three groups: Group 1 with target INR 2-3, including 1430 patients corresponding to 30743 appointments with mean age 69±15 years (mean±SD), majority (46.4%) with atrial fibrillation (AF); Group 2 with target INR 2.5-3.5, including 125 patients corresponding to 5439 appointments with mean age 67±12 years, majority (85.6%) with mechanical heart valves; Group 3 with target INR 3-4, including 32 patients corresponding to 1749 appointments with mean age 62±14 years, majority (62.5%) with antiphospholipid syndrome. Descriptive statistics (mean, standard deviation, minimum, maximum, chi-square), inferential statistics (t-test, A-Nova and effect sizes) tests and correlations were performed. Results: The 1587 patient population, 50.5% male, mean age of 68±17 years and 90.1% in Group 1, showed a mortality of 18%. A point-biserial correlation was run to determine the relationship between mortality and gender, age, INR group and diagnostic. Mortality was correlated with diagnosis (57.2% with AF) (rpb = -.071, n = 1587, p = .004), male gender (60%) (rpb = -.089, n = 1587, p <.001) and age (75±12) (rpb = .175, n= 1587, p<.001) but not with INR group (rpb = -.017, n = 1587, p = .499). Indeed, between groups mortality was not different [Χ2(2)=.492; p=.782; φ=.018] nor mean age [F(2, 1584)=2.588; p=.078; η2=.003], but gender distribution was unequal [Χ2(2)= 10.815; p=.004; φ=.083] with male predominating in Group 1 (51.9%) and female in Group 2 (60.8%) and 3 (65.6%). Patients in Group 1, corresponding to 90.1% of the total population, had TTR of 72%, patients in Group 2 had TTR of 69% and patients in Group 3 had TTR of 60%. Comparatively to the previous study (2006-2012), we noticed a significant decrease in patient population / appointments size (2087/ 61988) (p <.001) with a decrease of TTR in Group 1 (1927 patients) (83%) and Group 2 (120 patients) (74%) but a TTR increase in Group 3 (40 patients) (54%) (p <.001). Conclusions and Discussion: More than 90% of the population under VKA treatment showed effective TTR which may infer safety in increasing INR recall interval. The TTR decrease with a smaller population may be explained by the introduction of direct oral anticoagulants in patients with less comorbidities. The increase of TTR in patients with higher INR target suggests a better management of patients under VKA therapy that is actually the only choice for challenging patients. Disclosures No relevant conflicts of interest to declare.


2018 ◽  
Vol 19 (2) ◽  
pp. 16-18
Author(s):  
Elaine Greenberg

Purpose This paper aims to explain the U.S. Securities and Exchange Commission’s (SEC’s) recent Share Class Selection Disclosure (SCSD) Initiative, which offers potentially favorable settlement terms to investment advisers who self-report to the SEC’s Enforcement Division violations of the federal securities laws relating to certain mutual fund share class selection issues and to discuss factors for consideration by investment advisers regarding their possible participation in this initiative. Design/methodology/approach This paper discusses the conditions and terms of the SEC’s SCSD Initiative, the SEC’s focus on conflicts of interest associated with mutual fund share class selection, the applicable law, the complex nature of these issues and the factors that investment advisers should consider in determining whether to participate in the initiative. Findings The assessment of the facts and the evaluation and analysis of the issues may be both time-consuming and complex. Firms need to carefully consider whether the potential benefits of self-reporting outweigh any possible downsides, including the potential collateral consequences that an SEC enforcement action may have on their business operations. Originality/value This paper contains valuable information about a recent SEC Enforcement Initiative and provides practical guidance from experienced securities counsel.


2020 ◽  
pp. 335-356
Author(s):  
Arthur E. Wilmarth Jr.

A new Glass-Steagall Act would break up universal banks and end the conflicts of interest that prevent universal banks from acting as objective lenders and impartial investment advisers. It would produce a more stable and resilient financial system by reestablishing structural buffers to prevent contagion between the banking system and other financial sectors. It would improve market discipline by preventing banks from transferring their safety net subsidies to affiliates engaged in capital markets activities. It would shrink the shadow banking system by prohibiting nonbanks from issuing short-term financial claims that function as deposit substitutes. It would remove the dangerous influence that large financial conglomerates exercise over our political and regulatory systems. It would end the current situation in which our financial system and our economy are held hostage to the survival of universal banks and large shadow banks. It would restore our banking system and financial markets to their proper roles as servants—not masters—of nonfinancial business firms and consumers.


2018 ◽  
Vol 31 (Supplement_1) ◽  
pp. 31-31
Author(s):  
Henriikka Hietaniemi ◽  
Ilkka Ilonen ◽  
Juha Kauppi ◽  
Saana Andersson ◽  
Jari Räsänen

Abstract Background Our objective was to analyze the results of laparoscopic giant paraesophageal hernia (GPEH) repair in tertiary hospital setting. The main endpoints were recurrence of the hernia, postoperative quality of life, symptoms and satisfaction with the operation. To assess radiographical recurrence we used computerized tomography imaging, which has not been used in previous studies. Methods We identified all non-emergent giant (more than 30% of stomach in the chest) esophageal hernia repairs in our hospital from medical records. The patients were sent standardized 15D health-related quality of life and Gastroesophageal reflux disease (GERD-HRQL) questionnaires. Patients who gave their consent were assigned to a non-contrast computerized tomography (CT)-study to assess radiographical recurrence. Results Altogether 165 patients were reviewed. 74% of the patients were female, with a mean age of 67. 1 patient (0.6%) had died perioperatively. Complications were reported in 28 patients (17%). 10 patients (6.1%) had to undergo reoperation within 30 days. 7 patients (5.9%) were dissatisfied with the operation. 66% had an excellent result on GERD-HRQL. 4 patients had a major recurrent hernia in CT, but the radiographic findings did not correlate with symptoms. The mean D15 score was 0853 for our patients and 0896 for the age-adjusted control population (P &lt; 0001). Conclusion The complication rate was comparable to previous studies. Perioperative mortality was low, significant radiographical recurrences were rare and only few patients were dissatisfied with the result. However the overall quality of life of the study group was slightly below age-adjusted population average. Disclosure All authors have declared no conflicts of interest.


2018 ◽  
Vol 31 (Supplement_1) ◽  
pp. 187-187
Author(s):  
Lauren O Connell ◽  
Mary Coleman ◽  
Natalia Kharyntiuk ◽  
Thomas Walsh

Abstract Background: Background Neoadjuvant chemoradiotherapy (naCRT) for upper gastrointestinal malignancies induces a pathological complete response (pCR) in 25–85% of patients, depending on disease stage and regimen chosen. All patients with a pCR will have a clinical complete response (cCR). Avoidance of surgery is desirable where feasible, as operative intervention entails morbidity and mortality risks and a reduction in lifelong health related quality of life (HRQoL). Pursuant on a policy of permitting selected patients with a cCR to opt for surveillance, this study aims to compare the QoL of patients who chose surveillance over adjuvant surgery following a cCR to naCRT. Methods: Methods One hundred and fourteen patients participated in the study. These comprised 4 groups; Group 1 (n = 31) were healthy controls; Group 2 (n = 26) had chemoradiotherapy only; Group 3 (n = 31) had oesophagectomy post naCRT and Group 4(n = 26) had gastrectomy alone. A novel 33 point questionnaire assessing 5 functional domains was completed focusing on symptoms of antro-pyloric function, respiratory reflux and post-vagotomy symptoms, as well as a previously validated questionnaire instrument for purposes of comparison and external validation. The data was aggregated to produce a total score ranging from 20–93 with 20 representing the least symptomatic. Results: Results Mean(± sd) overall QoL scores were significantly better in patients avoiding resection (28.9 ± 4.5) vs oesophagectomy (32.3 ± 58. P = 0.042) and vs gastrectomy(33.19 ± 5.9, P = 0.004. Scores did not differ between patients undergoing oesophagectomy or gastrectomy (P = 0.889). Oesophagectomy was associated with a trend towards increased reflux-related respiratory symptoms (7.3 ± 2.2 vs 6.5 ± 1.9; P = 0.396) while gastrectomy patients reported more symptoms related to vagotomy (1.82 ± 0.9 vs 1.4 ± 0.6; P = 0.438) and early dumping (8.2 ± 1.4 vs 7.1 ± 1.7; P = 0.239). The mean score for the control group administered the novel questionnaire was 20.74, approaching the lowest possible score of 20. This was significantly lower than any of the scores recorded for the treatment groups (P = < 0.001). Conclusion: Discussion A strategy of active surveillance in complete responders to neoadjuvant chemoradiotherapy is rewarded with a superior quality of life than in those undergoing surgery. Disclosure All authors have declared no conflicts of interest.


2018 ◽  
Vol 73 ◽  
pp. 09014
Author(s):  
Sunu Astuti Retno ◽  
Maros Asra'i

Public consultation is an appropriate means for engaging the public in policy-making and opening up opportunities for every citizen to have their option in following various governance processes. The collaboration of government and citizens as a form of public consultation is a process of strengthening the capacity to build sustainable cooperation among various interest groups. The benefits of collaboration are reducing conflicts of interest and improving the quality of policies. Deliberative democracy is a democratic concept which is based on a mechanism of discussion and prioritizing dialogic ways as a foundation of public consultation. Deliberative democracy allows citizens to discuss public issues and provide lessons to government to act democratically and get legitimation to important issues. DPRD as a legislative body that has the obligation to accommodate the aspirations of the community as the embodiment of public consultation implemented in the recess time. The qualitative research method used in the Bungo district case study showed that the recess period had not been fully utilized. DPRD had not been able to respond to the needs of the community so it was found that the development done in Bungo Regency is not as needed.


2020 ◽  
Vol 35 (1) ◽  
pp. 100-116 ◽  
Author(s):  
M B Ratna ◽  
S Bhattacharya ◽  
B Abdulrahim ◽  
D J McLernon

Abstract STUDY QUESTION What are the best-quality clinical prediction models in IVF (including ICSI) treatment to inform clinicians and their patients of their chance of success? SUMMARY ANSWER The review recommends the McLernon post-treatment model for predicting the cumulative chance of live birth over and up to six complete cycles of IVF. WHAT IS KNOWN ALREADY Prediction models in IVF have not found widespread use in routine clinical practice. This could be due to their limited predictive accuracy and clinical utility. A previous systematic review of IVF prediction models, published a decade ago and which has never been updated, did not assess the methodological quality of existing models nor provided recommendations for the best-quality models for use in clinical practice. STUDY DESIGN, SIZE, DURATION The electronic databases OVID MEDLINE, OVID EMBASE and Cochrane library were searched systematically for primary articles published from 1978 to January 2019 using search terms on the development and/or validation (internal and external) of models in predicting pregnancy or live birth. No language or any other restrictions were applied. PARTICIPANTS/MATERIALS, SETTING, METHODS The PRISMA flowchart was used for the inclusion of studies after screening. All studies reporting on the development and/or validation of IVF prediction models were included. Articles reporting on women who had any treatment elements involving donor eggs or sperm and surrogacy were excluded. The CHARMS checklist was used to extract and critically appraise the methodological quality of the included articles. We evaluated models’ performance by assessing their c-statistics and plots of calibration in studies and assessed correct reporting by calculating the percentage of the TRIPOD 22 checklist items met in each study. MAIN RESULTS AND THE ROLE OF CHANCE We identified 33 publications reporting on 35 prediction models. Seventeen articles had been published since the last systematic review. The quality of models has improved over time with regard to clinical relevance, methodological rigour and utility. The percentage of TRIPOD score for all included studies ranged from 29 to 95%, and the c-statistics of all externally validated studies ranged between 0.55 and 0.77. Most of the models predicted the chance of pregnancy/live birth for a single fresh cycle. Six models aimed to predict the chance of pregnancy/live birth per individual treatment cycle, and three predicted more clinically relevant outcomes such as cumulative pregnancy/live birth. The McLernon (pre- and post-treatment) models predict the cumulative chance of live birth over multiple complete cycles of IVF per woman where a complete cycle includes all fresh and frozen embryo transfers from the same episode of ovarian stimulation. McLernon models were developed using national UK data and had the highest TRIPOD score, and the post-treatment model performed best on external validation. LIMITATIONS, REASONS FOR CAUTION To assess the reporting quality of all included studies, we used the TRIPOD checklist, but many of the earlier IVF prediction models were developed and validated before the formal TRIPOD reporting was published in 2015. It should also be noted that two of the authors of this systematic review are authors of the McLernon model article. However, we feel we have conducted our review and made our recommendations using a fair and transparent systematic approach. WIDER IMPLICATIONS OF THE FINDINGS This study provides a comprehensive picture of the evolving quality of IVF prediction models. Clinicians should use the most appropriate model to suit their patients’ needs. We recommend the McLernon post-treatment model as a counselling tool to inform couples of their predicted chance of success over and up to six complete cycles. However, it requires further external validation to assess applicability in countries with different IVF practices and policies. STUDY FUNDING/COMPETING INTEREST(S) The study was funded by the Elphinstone Scholarship Scheme and the Assisted Reproduction Unit, University of Aberdeen. Both D.J.M. and S.B. are authors of the McLernon model article and S.B. is Editor in Chief of Human Reproduction Open. They have completed and submitted the ICMJE forms for Disclosure of potential Conflicts of Interest. The other co-authors have no conflicts of interest to declare. REGISTRATION NUMBER N/A


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