Carole Print

Family‐controlled businesses and shareholder value

Purpose – The paper aims to extend the understanding of the value of quoted family‐controlled businesses (FCBs) and fill gaps in existing research by comparing the performance of such businesses with comparable non‐FCBs.Design/methodology/approach – The research approach adopted compared the share price performance of nine quoted FCBs with nine comparable non‐FCBs, utilising a range of variables designed to consider performance from a shareholder value perspective.Findings – On the basis of the sample, the paper provides insights on the extent of the shareholder value that FCBs provide, indicating that this may be greater than for non‐FCBs.Research limitations/implications – The sample size could be considered a limitation – however, it could be considered that the subdivision by size and industry group mitigates against distortions.Practical implications – The paper has practical implications for investors in considering the ownership dynamics of businesses.Originality/value – The paper contributes to th...

The flaws of securitisation

The recent financial crisis highlights the problems that could arise when risk is mispriced and conflicts of interest are not managed properly. Regulators and public opinion blame modern capital markets for what happened, but there is actually nothing new or mysterious about this crisis. The problem lied in the packaging and transferring of risk through securitisation, where embedded conflicts of interest helped spread the mispricing of risk throughout the world. This paper describes key aspects of the securitisation process, provides real-world examples of typical transactions, highlights the main areas of conflicts of interest and outlines lessons for the future.

Effetto dei fabbisogni terapeutici sesso ed età correlati sui costi di prescrizione nella medicina generale

SummaryBackgroundThe primary objective of this study was to derive cost comparators for the fourteen Anatomical Therapeutic Chemical (ATC) classes of drugs at first level, based on age-sex related weightings. Our aim was to develop an accurate analysis method of prescribing patterns in general practice and to be able to explain individual variations in prescribing costs based on the age/sex distribution of the population and individual clinical needs.MethodsIndividual cost data were collected for 3,175,691 subjects living in three different Italian regions (Lombardy, situated in the North, Marche in the Centre and Basilicata in the South). The observation period was 12 months (September 2004–August 2005).ResultsThe analysis by ATC classes showed large variations in prescribing costs for the different age groups in each of the ATC classes for both sexes, and, in some instances, wide differences in prescribing costs by gender. The largest cost difference between age groups, for both males and females, was seen in drugs for the cardiovascular system. Antibiotics revealed a difference from the general pattern with more prescriptions in the youngest age groups compared to other ATC classes. Large differences between sexes were observed in the older age groups in drugs used for the respiratory system. The ASSET sample was a robust proxy of the actual public spending by ATC, while the therapeutic group age/sex related weightings were unable to explain the large individual variations in individual prescribing costs.ConclusionThe outcomes of this study are apparently discordant with the conclusions of the limited published literature on prescribing analysis in general practice, suggesting that the ability to make more accurate comparisons of prescribing rates, especially in individual therapeutic groups, should help to provide a more sensitive measure when estimating prescribing costs. The ASSET model confirmed the validity of demographic adjusted models to quantify the impact of ageing population in terms of resources needed to satisfy long term population prescribing needs. The ASSET age/sex weightings of total prescribing costs should be used as a guide, not as the ultimate determinant, for an equitable allocation of prescribing resources in conjunction with historic utilisation and cost data.

Effect of Age and Sex Related Therapeutic Needs on General Practices' Prescribing Cost: The ASSET (Age/Sex Standardised Estimates of Treatment) Research Model

The primary objective of this study was to derive cost comparators for the fourteen Anatomical Therapeutic Chemical (ATC) classes of drugs at first level, based on age-sex related weightings. It was hoped to develop an accurate method of analysing prescribing patterns in general practice and to be able to explain individual variations in prescribing cost based on the age/sex distribution of the population and individual clinical needs. Individual cost data were collected for 3,175,691 subjects living in three different regions of Italy (Lombardy, situated in the north, Marche in the centre and Basilicata in the south). The observation period was 12 months (September 2004 - August 2005).The analysis by ATC class showed large variations in prescribing costs for the different age groups in each of the ATC classes for both sexes, and, in some instances, wide differences in prescribing costs by sexes. The largest cost difference between age groups, for both males and females occurred in drugs used for the cardiovascular system. Antibiotics revealed a difference from the general pattern with more prescribing occurring in the youngest age groups compared to other ATC classes. Large differences between the sexes were observed in the older age groups in drugs used for the respiratory system.The ASSET model was a robust proxy of the actual public spending by ATC, while the therapeutic group age/sex related weightings were unable to explain the large individual variations in individual prescribing costs.The ASSET model confirmed the validity of demographic adjusted models to quantify the impact of ageing population in terms of resources needed to satisfy long term population prescribing needs. The ASSET age/sex weightings of total prescribing costs should be used as a guide, not as the ultimate determinant, for an equitable allocation of prescribing resources in conjunction with historic utilisation and cost data.

Real Investment Options: A Case Illustration

Despite the apparent relevance of Real Options to business decisions, it has had limited impact generally. One problem frequently expressed is that options theory is regarded as being notoriously arcane and many discussions that go beyond the conceptual level get trapped in the mathematics. This is unfortunate because Real Options are best understood as a way of thinking and need to be positioned correctly alongside an approach that creates coherent stories about possible future outcomes, which is the territory of scenario analysis.

Knowledge-Based Governance Can Improve the Elderly Population's Equity of Access to Public Pharmaceutical Funding: The ASSET (Age/Sex Standardised Estimates of Treatment) Research Model

Ageing and technological change play a major role in the governance of healthcare resources, with cohorts living longer and consuming increasing amounts of intensive, previously unavailable treatments. Equity of access to pharmaceutical treatment on the basis of clinical need alone remains the central principle of the public healthcare system, raising the issue of an equitable distribution of resources in proportion to the population needs. The primary objective of this study was to discuss the adoption of a knowledge-based capitation model (ASSET, Age/Sex Standardised Estimates of Treatment) and its implications for healthcare policy makers. The ASSET model confirmed the validity of demographic adjusted models to quantify the impact of ageing population in terms of resources needed to satisfy long-term population prescribing needs. The ASSET weightings should be used as a guide, not as the ultimate determinant, for an equitable allocation of prescribing resources in conjunction with historic utilisation and cost data.