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This paper is divided into two parts: a description of the topography of ethical judgement in psychiatric settings is followed by an ethnographic account of some ethical dilemmas and disputes associated with the treatment of combat-related posttraumatic stress disorder (ptsd).

Die internationale Portefeuille-Diversifikation gilt seit langer Zeit als Möglichkeit für einen Investor; das Risiko seines Aktienportefeuilles zu reduzieren. Die zunehmende Globalisierung und Abhängigkeit der einzelnen nationalen Märkte untereinander läßt jedoch befürchten, daß diese Anlagestrategie kaum noch Vorteile bringt. Dieser Aufsatz soll untersuchen, ob eine internationale Portefeuille-Diversifikation aus deutscher Sicht noch sinnvoll erscheint.

The most widely accepted option pricing model, derived by Black and Scholes (B-S), studies single priced options. Nevertheless, it has important implications for the relative pricing of compound call options. Compound options are two or more option contracts on a given security with different striking prices but with each expiring on the same day. Studying the relative pricing of compound options provides insight into the efficiency of generally accepted option pricing models. Comparing prices of compound options enables us to analyze factors in option pricing that would remain hidden in studies of single options. We are not primarily concerned with efficiency of option pricing, although some of our results may bear on this issue. Our primary concerns are: (1) to determine the implications of the B-S model for compound options and (2) to explain compound option prices by a number of variables, and thus come to conclusions about option pricing generally. We found difficulty with the B-S model when attempting to explain the relative pricing of compound options. Further, from empirical tests, we found that the most important factor in explaining the relative pricing of compound options is the relative degree of leverage which is operative between the various components of a compound option set.

(1967). The Performance of Common Stocks Subsequent to Repurchase. Financial Analysts Journal: Vol. 23, No. 5, pp. 117-121.

(1969). Financial, Operating and Security Market Parameters of Repurchasing. Financial Analysts Journal: Vol. 25, No. 4, pp. 123-128.

In The Lancet Psychiatry, Filip Fransson and colleagues 1 have undertaken an in-depth examination of kidney function in people treated with lithium in two large representative cohorts in Sweden. 1 In more than 2200 participants, the authors compared individuals with bipolar disorder or schizoaffective disorder with the general population, finding that lithium was associated with steeper declines in estimated glomerular filtration rate (eGFR) and was found to contribute to chronic kidney disease. First, the authors found a steeper eGFR decline in patients than in controls, with this difference seemingly explained by lithium use. Lithium use was associated with an additional eGFR deterioration of 0·54mL/min/1·73m2 per year treated (R2=0·37). However, the effect of lithium on eGFR showed high interindividual variation, and this pattern was only significant for people taking lithium for more than 10 years. Of 22 chronic kidney disease cases, ten (45%) were definitively caused by lithium, with five (23%) partially attributable to lithium, and seven (32%) not attributable. Of cases not attributable to lithium, four (57%) had not been exposed to lithium, and two (67%) of the three who were exposed had lithium incorrectly recorded as the cause of chronic kidney disease on their medical records. Wrongful attribution of chronic kidney disease as being lithium induced is concerning, as this appears to occur routinely, albeit infrequently.

Dr. Franck is Professor of International Investment and Trade at Syracuse University. He was Dean of Robert College in Istanbul, Turkey for several years before assuming his current post. He is a contributor to World Business Systems, edited by Jean Boddewyn. Dr. Young is Associate Professor of Finance at Syracuse University. He taught at the Baruch School of Business of the City College of New York before assuming his current post. He is coauthor of The Repurchase of Common Stock.

In 1968, a record number of 276 companies listed on the New York and American Stock Exchanges split their shares or made a stock distribution of at least 20%. The previous all-time high was 193 in 1966 (compared to only 151 in 1967). The recent decline in economic activity and corporate profits has also motivated some managements to omit their cash dividends and make stock distributions instead. The trend toward greater stock distributions calls attention to the importance of the accounting treatment for such transactions. In chapter 7B of its Accounting Research Bulletin No. 43,1 the AICPA distinguishes common stock distributions which should be considered stock dividends from those which should be considered stock splits. The AICPA guideline is that distributions below 20% to 25% should ordinarily be recorded as dividends, while those above this range should ordinarily be recorded as splits.2 This division supposedly meets the different purposes of stock dividends and stock splits and is based on observations of market price action related to stock dividends and stock splits. The purpose of this paper is to report on one type of statistical test which might be used to verify the 20-25% guideline.