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307. Global patient outcomes after elective surgery: prospective cohort study in 27 low-, middle- and high-income countries The International Surgical Outcomes Study group

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Ahmad, T, Bouwman, RA, Grigoras, I, Aldecoa, C, Hofer, C, Hoeft, A, Holt, P, Fleisher, LA, Buhre, W, Pearse, RM, Ferguson, Marissa, MacMahon, Michael, Shulman, Mark, Cherian, Ritchie, Currow, Helen, Kanathiban, Kathirgamanathan, Gillespie, David, Pathmanathan, Edward, Phillips, Katherine, Reynolds, Jenifer, Rowley, Joanne, Douglas, Jeanene, Kerridge, Ross, Garg, Sameer, Bennett, Michael, Jain, Megha, Alcock, David, Terblanche, Nico, Cotter, Rochelle, Leslie, Kate, Stewart, Marcelle, Zingerle, Nicolette, Clyde, Antony, Hambidge, Oliver, Rehak, Adam, Cotterell, Sharon, Huynh, Wilson Binh Quan, McCulloch, Timothy, Ben-Menachem, Erez, Egan, Thomas, Cope, Jennifer, Halliwell, Richard, Fellinger, Paul, Haisjackl, Markus, Haselberger, Simone, Holaubek, Caroline, Lichtenegger, Paul, Scherz, Florian, Schmid, Werner, Hoffer, Franz, Cakova, Veronika, Eichwalder, Andreas, Fischbach, Norbert, Klug, Reinhold, Schneider, Elisabeth, Vesely, Martin, Wickenhauser, Reinhart, Grubmueller, Karl Gernot, Leitgeb, Marion, Lang, Friedrich, Toro, Nancy, Bauer, Marlene, Laengle, Friedrich, Haberl, Claudia, Mayrhofer, Thomas, Trybus, Christoph, Buerkle, Christian, Forstner, Karin, Germann, Reinhard, Rinoesl, Harald, Schindler, Elke, Trampitsch, Ernst, Bogner, Gerhard, Dankl, Daniel, Duenser, Martin, Fritsch, Gerhard, Gradwohl-Matis, Ilse, Hartmann, Andreas, Hoelzenbein, Thomas, Jaeger, Tarkan, Landauer, Franz, Lindl, Gregor, Lux, Michael, Steindl, Johannes, Stundner, Ottokar, Szabo, Christian, Bidgoli, Jawad, Verdoodt, Hans, Forget, Patrice, Kahn, David, Lois, Fernande, Momeni, Mona, Pregardien, Caroline, Pospiech, Audrey, Steyaert, Arnaud, Veevaete, Laurent, De Kegel, Dirk, De Jongh, Karen, Foubert, Luc, Smitz, Carine, Vercauteren, Marcel, Poelaert, Jan, Van Mossevelde, Veerle, Abeloos, Jacques, Bouchez, Stefaan, Coppens, Marc, De Baerdemaeker, Luc, Deblaere, Isabel, De Bruyne, Ann, De Hert, Stefan, Fonck, Kristine, Heyse, Bjorn, Jacobs, Tom, Lapage, Koen, Moerman, Anneliese, Neckebroek, Martine, Parashchanka, Aliaksandra, Roels, Nathalie, Van Den Eynde, Nancy, Vandenheuvel, Michaël, van Limmen, Jurgen, Vanluchene, Ann, Vanpeteghem, Caroline, Wouters, Patrick, WYFFELS, PIET, Huygens, Christel, Vandenbempt, Punitha, Van de Velde, Marc, Dylst, Dimitri, Janssen, Bruno, Schreurs, Evelien, Aleixo, Fabia Berganton, Candido, Keulle, Batista, Hugo Dias, Guimaraes, Mario, Guizeline, Jaqueline, Hoffmann, Joao, Lobo, Suzana, Marques Lobo, Francisco Ricardo, Nascimento, Vinicius, Nishiyama, Katia, Pazetto, Lucas, Souza, Daniela, Rodrigues, Rodrigo Souza, Vilela dos Santos, Ana Maria, Jardim, Jaquelline, Sa Malbouisson, Luiz Marcelo, Silva, Joao, do Nascimento Junior, Paulo, Baio, Thalissa Herminia, Pereira de Castro, Gabriel Isaac, Watanabe Oliveira, Henri Roger, Amendola, Cristina Prata, Cardoso, Gutemberg, Ortega, Daniela, Brotto, Ana Flavia, De Oliveira, Mirella Cristine, Rea-Neto, Alvaro, Dias, Fernando, Travi, Maria Eduarda, Zerman, Luiza, Azambuja, Pedro, Knibel, Marcos Freitas, Martins, Antonio, Almeida, William, Neder Neto, Calim, Tardelli, Maria Angela, Caser, Eliana, Machado, Marcio, Aguzzoli, Crisitiano, Baldisserotto, Sergio, Tabajara, Fernanda Beck, Bettega, Fernanda, Rodrigues Junior, La Hore Correa, de Gasperi, Julia, Faina, Lais, Nolasco, Marcos Farias, da Costa Fischer, Bruna Ferreira, de Campos Ferreira, Mariana Fosch, Hartmann, Cristina, Kliemann, Marta, Ribeiro, Gustavo Luis Hubert, Fraga, Julia Merladete, Netto, Thiago Motta, Pozza, Laura Valduga, Wendling, Paulo Rafael, Azevedo, Caroline, Garcia, Juliana, Lopes, Marcel, Maia, Bernardo, Maselli, Paula, Melo, Ralph, Mendes, Weslley, Neves, Matheus, Ney, Jacqueline, Piras, Claudio, Applewhaite, Christopher, Carr, Adrienne, Chow, Lorraine, Duttchen, Kaylene, Foglia, Julena, Greene, Michael, Hinther, Ashley, Houston, Kendra, McCormick, Thomas Jared, Mikhayel, Jennifer, Montasser, Sam, Ragan, Alex, Suen, Andrew, Woolsey, Adrianna, Yu, Hai Chuan, Funk, Duane, Kowalski, Stephen, Legaspi, Regina, McDonald, Heather, Siddiqui, Faisal, Pridham, Jeremy, Rowe, Bernadette, Sampson, Sonia, Thiessen, Barton, Zbitnew, Geoff, Bernard, Andre, George, Ronald, Jones, Philip, Moor, Rita, Siddiqui, Naveed, Wolfer, Alexandra, Tran, Diem, Winch, Denyse, Dobson, Gary, McCormick, Thomas, Montasser, Osama, Hall, Richard, Baghirzada, Leyla, Curley, Gerard, Dai, Si Yuan, Hare, Gregory, Lee, Esther, Shastri, Uma, Tsui, Albert, Yagnik, Anmol, Alvares, Danielle, Choi, Stephen, Dwyer, Heather, Flores, Kathrina, McCartney, Colin, Somascanthan, Priya, Beattie, Scott, Carroll, Jo, Pazmino-Canizares, Janneth, Wijeysundera, Duminda, Ami, Noam, Chan, Vincent, Perlas, Anahi, Argue, Ruth, Huang, Yang, Lavis, Katie, Mayson, Kelly, Cao, Ying, Gao, Hong, Hu, Tingju, Lv, Jie, Yang, Jian, Yang, Yang, Zhong, Yi, Zhou, Jing, Zou, Xiaohua, He, Miao, Li, Xiaoying, Luo, Dihuan, Wang, Haiying, Yu, Tian, Chen, Liyong, Wang, Lijun, Cai, Yunfei, Cao, Zhongming, Li, Yanling, Lian, Jiaxin, Sun, Haiyun, Wang, Sheng, Wang, Zhipeng, Wang, Kenru, Zhu, Yi, Du, Xindan, Fan, Hao, Fu, Yunbin, Huang, Lixia, Huang, Yanming, Hwan, Haifang, Luo, Hong, Qu, Pi-Sheng, Tao, Fan, Wang, Zhen, Wang, Guoxiang, Wang, Shun, Zhang, Yan, Zhang, Xiaolin, Chen, Chao, Wang, Weixing, Liu, Zhengyuan, Fan, Lihua, Tang, Jing, Chen, Yijun, Chen, Yongjie, Han, Yangyang, Huang, Changshun, Liang, Guojin, Shen, Jing, Wang, Jun, Yang, Qiuhong, Zhen, Jungang, Zhou, Haidong, Chen, Junping, Chen, Zhang, Li, Xiaoyu, Meng, Bo, Ye, Haiwang, Zhang, Xiaoyan, Bi, Yanbing, Cao, Jianqiao, Guo, Fengying, Lin, Hong, Liu, Yang, Lv, Meng, Shi, Pengcai, Song, Xiumei, Sun, Chuanyu, Sun, Yongtao, Wang, Yuelan, Wang, Shenhui, Zhang, Min, Chen, Rong, Hou, Jiabao, Leng, Yan, Meng, Qing-tao, Qian, Li, Shen, Zi-ying, Xia, Zhong-yuan, Xue, Rui, Zhang, Yuan, Zhao, Bo, Zhou, Xian-jin, Chen, Qiang, Guo, Huinan, Guo, Yongqing, Qi, Yuehong, Wang, Zhi, Wei, Jianfeng, Zhang, Weiwei, Zheng, Lina, Bao, Qi, Chen, Yaqiu, Chen, Yijiao, Fei, Yue, Hu, Nianqiang, Hu, Xuming, Lei, Min, Li, Xiaoqin, Lv, Xiaocui, Miao, Fangfang, Ouyang, Lingling, Qian, Lu, Shen, Conyu, Sun, Yu, Wang, Yuting, Wang, Dong, Wu, Chao, Xu, Liyuan, Yuan, Jiaqi, Zhang, Lina, Zhang, Huan, Zhang, Yapping, Zhao, Jinning, Zhao, Chong, Zhao, Lei, Zheng, Tianzhao, Zhou, Dachun, Zhou, Haiyan, Zhou, Ce, Lu, Kaizhi, Zhao, Ting, He, Changlin, Chen, Hong, Chen, Shasha, Cheng, Baoli, He, Jie, Jin, Lin, Li, Caixia, Li, Hui, Pan, Yuanming, Shi, Yugang, Wen, Xiao Hong, Wu, Shuijing, Xie, Guohao, Zhang, Kai, Zhao, Bing, Lu, Xianfu, Chen, Feifei, Liang, Qisheng, Lin, Xuewu, Ling, Yunzhi, Liu, Gang, Tao, Jing, Yang, Lu, Zhou, Jialong, Chen, Fumei, Cheng, Zhonggui, Dai, Hanying, Feng, Yunlin, Hou, Benchao, Gong, Haixia, Hu, Chun Hua, Huang, Haijin, Huang, Jian, Jiang, Zhangjie, Li, Mengyuan, Lin, Jiamei, Liu, Mei, Liu, Weicheng, Liu, Zhen, Liu, Zhiyi, Luo, Foquan, Ma, Longxian, Min, Jia, Shi, Xiaoyun, Song, Zhiping, Wan, Xianwen, Xiong, Yingfen, Xu, Lin, Yang, Shuangjia, Zhang, Qin, Zhang, 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Zheng, Jing, Yan, Tang, Na, Wu, Jie, Yuan, Dajiang, Zhang, Ruilin, Zhao, Xiaoying, Li, Yuhong, Bai, Hui-Ping, Liu, Chun-Xiao, Liu, Fei-Fei, Ren, Wei, Wang, Xiu-Li, Xu, Guan-Jie, Hu, Na, Li, Bo, Ou, Yangwen, Tang, Yongzhong, Yao, Shanglong, Zhang, Shihai, Kong, Cui-Cui, Liu, Bei, Wang, Tianlong, Xiao, Wei, Lu, Bo, Xia, Yanfei, Zhou, Jiali, Cai, Fang, Chen, Pushan, Hu, Shuangfei, Wang, Hongfa, Xu, Qiong, Hu, Liu, Jing, Liang, Li, Bin, Liu, Qiang, Liu, Yuejiang, Lu, Xinjian, Peng, Zhen Dan, Qiu, Xiaodong, Ren, Quan, Tong, Youliang, Wang, Jin, Wen, Yazhou, Wu, Qiong, Xia, Jiangyan, Xie, Jue, Xiong, Xiapei, Xu, Shixia, Yang, Tianqin, Ye, Hui, Yin, Ning, Yuan, Jing, Zeng, Qiuting, Zhang, Baoling, Zheng, Kang, Cang, Jing, Chen, Shiyu, Fan, Yu, Fu, Shuying, Ge, Xiaodong, Guo, Baolei, Huang, Wenhui, Jiang, Linghui, Jiang, Xinmei, Liu, Yi, Pan, Yan, Ren, Yun, Shan, Qi, Wang, Jiaxing, Wang, Fei, Wu, Chi, Zhang, Xiaoguang, Christiansen, Ida Cecilie, Granum, Simon Norgaard, Rasmussen, Bodil Steen, 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Li, Wing Sze, Chu, Hiu Man, Koo, Emily Gar Yee, Lam, Chi Cheong Joe, Cheng, Ka Ho, Lam, Tracy, Chu, Susanna, Lam, Wing yan, Wong, Kin Wai Kevin, Kwok, Dilys, Hung, Ching Yue Janice, Chan, Wai Kit Jacky, Wong, Wing Lam, Chung, Chun Kwong Eric, Ma, Shu Kai, Kaushik, Shuchi, Shah, Bhagyesh, Shah, Dhiren, Shah, Sanjay, Ar, Praburaj, Muthuchellappan, Radhakrishnan, Agarwal, Vandana, Divatia, Jigeeshu, Kulkarni, Atul, Mishra, Sanghamitra, Nimje, Ganesh, Pande, Swati, Savarkar, Sukhada, Shrivastava, Aditi, Thomas, Martin, Yegnaram, Shashikant, Hidayatullah, Rahmat, Chandra, Susilo, Tantri, Aida, Puar, Nasman, Niman, Sumara, Indra, Imai, Hamzah, Zulkarnain, Yuliana, Annika, Abidin, Ucu Nurhadiat, Dursin, Ade Nurkacan, Kurnia, Andri, Susanti, Ade, Handayani, Dini, Alit, Mahaalit Aribawa, Arya, Aryabiantara, Senapathi, Tjokorda Gde Agung, Utara, Utara Hartawan, Wid, Widnyana Made, Wima, Semarawima, Wir, Wiryana Made, Jehosua, Brillyan, Kaunang, Jonathan, Lantang, Eka Yudha, Najoan, Rini, 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Lee, Hooi Sean, Sukawi, Ismawaty, Woon, Yuan Liang, Hadi, Husni Zaeem Abd, Azam, Ummi Azmira Ahmad, Alias, Abdul Hafiz, Kesut, Saiful Aizar, Lee, Jun May, Ooi, Dar Vin, Sulaiman, Hetty Ayuni, Lih, Tengku Alini Tengku, Mansor, Marzida, Veerakumaran, Jeyaganesh, Luna, Pastor, Rojas, Eder, Resendiz, Gerardo Esteban Alvarez, Zapata, Darcy Danitza Mari, Lopez, Julio Cesar Jesus Aguilar, Flores, Armando Adolfo Alvarez, Amador, Juan Carlos Bravo, Avila, Erendira Jocelin Dominguez, Aquino, Laura Patricia Gonzalez, Rodriguez, Ricardo Lopez, Landa, Mariana Torres, Urias, Emma, Hollmann, Markus, Hulst, Abraham, Preckel, Osne Kirzner Benedikt, Koopman-van Gemert, Ankie, Bouwman, Arthur, Buise, Marc, Tolenaar, Noortje, Weber, Eric, de Fretes, Jennifer, Houweling, Peter, Ormskerk, Patricia, Van Bommel, Jasper, Buhre, Wolfgang, Lance, Marcus, Smit-Fun, Valerie, van Zundert, Tom, Baas, Peter, de Boer, Hans Donald, Sprakel, Joost, Elferink-Vonk, Renske, Noordzij, Peter, van Zeggeren, Laura, Brand, Bastiaan, Spanjersberg, Rob, ten Bokkel-Andela, Janneke, Numan, Sandra, van Klei, Wilton, van Zaane, Bas, Boer, Christa, van Duivenvoorde, Yoni, Hering, Jens Peter, van Rossum, Sylvia, Zonneveldt, Harry, Campbell, Doug, Hoare, Siobhan, Santa, Sahayam, Ali, Marlynn, Allen, Sara Jane, Beavis, Vanessa, Bell, Rachel, Campbell, Douglas, Choi, Hyun-min David, Drake, Matthew, Farrell, Helen, Hayes, Katia, Higgie, Kushlin, Holmes, Kerry, Jenkins, Nicole, Kim, Chang Joon, Kim, Steven, Law, Kiew Chai, McAllister, Davina, Park, Karen, Pedersen, Karen, Pfeifer, Leesa, Pozaroszczyk, Anna, Salmond, Timothy, Steynor, Martin, Tan, Michael, Short, Tim, Waymouth, Ellen, Ab Rahman, Ahmad Sufian, Armstrong, John, Dudson, Rosie, Jenkins, Nia, Nilakant, Jayashree, Richard, Seigne, Virdi, Pardeep, Dixon, Liane, Donohue, Roana, Farrow, Mehreen, Kennedy, Ross, Marissa, Henderson, McKellow, Margie, Nicola, Delany, Pascoe, Rebecca, Roberts, Stephen John, Rowell, George, Sumner, Matthew, Templer, Paul, 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Steve, Faulds, Matthew, Harris, Meredyth, Kelly, Carrie, Nicol, Scott, Pearson, Sally Anne, Chukkambotla, Srikanth, Andrew, Alyson, Attrill, Elizabeth, Campbell, Graham, Datson, Amanda, Fouracres, Anna, Graterol, Juan, Graves, Lynne, Hong, Bosun, Ishimaru, Alexander, Karthikeyan, Arvind, King, Helen, Lawson, Tom, Lee, Gregory, Lyons, Saoirse, Hall, Andrew Macalister, Mathoulin, Sophie, Mcintyre, Eilidh, Mclaughlin, Danny, Mulcahy, Kathleen, Paddle, Jonathan, Ratcliffe, Anna, Robbins, James, Sung, Weilin, Tayo, Adeoluwa, Trembath, Lisa, Venugopal, Suneetha, Walker, Robert, Wigmore, Geoffrey, Boereboom, Catherine, Downes, Charlotte, Humphries, Ryan, Melbourne, Susan, Smith, Coral, Tou, Samson, Ullah, Shafa, Batchelor, Nick, Boxall, Leigh, Broomby, Rupert, Deen, Tariq, Hellewell, Alistair, Helliwell, Laurence, Hutchings, Melanie, Hutchins, David, Keenan, Samantha, Mackie, Donna, Potter, Alison, Smith, Frances, Stone, Lucy, Thorpe, Kevin, Wassall, Richard, Woodgate, Andrew, Baillie, Shelley, Campbell, Tara, James, Sarah, King, Chris, de Araujo, Daniela Marques, Martin, Daniel, Morkane, Clare, Neely, Julia, Rajendram, Rajkumar, Burton, Megan, James, Kathryn, Keevil, Edward, Minik, Orsolya, Morgan, Jenna, Musgrave, Anna, Rajanna, Harish, Roberts, Tracey, Szakmany, Tamas, Adamson, Michael, Jumbe, Sandra, Kendall, Jennie, Muthuswamy, Mohan Babu, Anderson, Charlotte, Cruikshanks, Andrew, Wrench, Ian, Zeidan, Lisa, Ardern, Diane, Harris, Benjamin, Hellstrom, Johanna, Martin, Jane, Thomas, Richard, Varsani, Nimu, Brown, Caroline Wrey, Docherty, Philip, Gillies, Michael, McGregor, Euan, Usher, Helen, Craig, Jayne, Smith, Andrew, Ahmad, Tahania, Bodger, Phoebe, Creary, Thais, Everingham, Kirsty, Fowler, Alexander, Hewson, Russ, Ijuo, Eke, Januszewska, Marta, Jones, Timothy, Kantsedikas, Ilya, Lahiri, Sumitra, McLean, Aaron Lawson, Niebrzegowska, Edyta, Phull, Mandeep, Wang, Difei, Wickboldt, Nadine, Baldwin, Jacqueline, Doyle, Donna, Mcmullan, Sean, Oladapo, Michelle, Owen, Thomas, Williams, Alexandra, Daniel, Hull, Gregory, Peter, Husain, Tauqeer, Kirk-Bayley, Justin, Mathers, Edward, Montague, Laura, Harper, Mark, White, Stuart, Jack, James, Ridley, Carrie, Avis, Joanne, Cook, Tim, Dali-Kemmery, Lola, Kerslake, Ian, Lambourne, Victoria, Pearson, Annabel, Boyd, Christine, Callaghan, Mark, Lawson, Cathy, McCrossan, Roopa, Nesbitt, Vanessa, O'connor, Laura, Scott, Julia, Sinclair, Rhona, Farid, Nahla, Morgese, Ciro, Bhatia, Kailash, Karmarkar, Swati, Ahmed, Jamil, Branagan, Graham, Hutton, Monica, Swain, Andrew, Brookes, Jamie, Cornell, Jonathan, Dolan, Rachael, Hulme, Jonathan, van Vuuren, Amanda Jansen, Jowitt, Tom, Kalashetty, Gunasheela, Lloyd, Fran, Patel, Kiran, Sherwood, Nicholas, Brown, Lynne, Chandler, Ben, Deighton, Kerry, Emma, Temlett, Haunch, Kirsty, Cheeseman, Michelle, Dent, Kathy, Garg, Sanjeev, Gray, Carol, Hood, Marion, Jones, Dawn, Juj, Joanne, Rao, Roshan, Walker, Tara, Al Anizi, Mashel, Cheah, Clarissa, Cheing, Yushio, Coutinho, Francisco, Gondo, Prisca, Hadebe, Bernard, Hove, Mazvangu Onie, khader, Ahamed, Krishnachetty, Bobby, Rhodes, Karen, Sokhi, Jagdish, Baker, Katie-Anne, Bertram, Wendy, Looseley, Alex, Mouton, Ronelle, Hanna, George, Arnold, Glenn, Arya, Shobhit, Balfoussia, Danai, Baxter, Linden, Harris, James, Jones, Craig, Knaggs, Alison, Markar, Sheraz, Perera, Anisha, Scott, Alasdair, Shida, Asako, Sirha, Ravneet, Wright, Sally, Frost, Victoria, Gray, Catherine, Andrews, Emma, Arrandale, Lindsay, Barrett, Stephen, Cifra, Elna, Cooper, Mariese, Dragnea, Dragos, Elna, Cifra, Maclean, Jennifer, Meier, Sonja, Milliken, Donald, Munns, Christopher, Ratanshi, Nadir, Ramessur, Suneil, Salvana, Abegail, Watson, Anthony, Ali, Hani, Campbell, Gill, Critchley, Rebecca, Endersby, Simon, Hicks, Catherine, Liddle, Alison, Pass, Marc, Ritchie, Charlotte, Thomas, Charlotte, Too, Lingxi, Welsh, Sarah, Gill, Talvinder, Johnson, Joanne, Reed, Joanne, Davis, Edward, Papadopoullos, Sam, Attwood, Clare, Biffen, Andrew, Boulton, Kerenza, Gray, Sophie, Hay, David, Mills, Sarah, Montgomery, Jane, Riddell, Rory, Simpson, James, Bhardwaj, Neeraj, Paul, Elaine, Uwubamwen, Nosakhare, Alexander, Maini, Arrich, James, Arumugam, Swarna, Blackwood, Douglas, Boggiano, Victoria, Brown, Robyn, Chan, Yik Lam, Chatterjee, Devnandan, Chhabra, Ashok, Christian, Rachel, Costelloe, Hannah, Matthewman, Madeline Coxwell, Dalton, Emma, Darko, Julia, Davari, Maria, Dave, Tejal, Deacon, Matthew, Deepak, Shantal, Edmond, Holly, Ellis, Jessica, El-Sayed, Ahmed, Eneje, Philip, English, Rose, Ewe, Renee, Foers, William, Franklin, John, Gallego, Laura, Garrett, Emily, Goldberg, Olivia, Goss, Harry, Greaves, Rosanna, Harris, Rudy, Hennings, Charles, Jones, Eleanor, Kamali, Nelson, Kokkinos, Naomi, Lewis, Carys, Lignos, Leda, Malgapo, Evaleen Victoria, Malik, Rizwana, Milne, Andrew, Mulligan, John-Patrick, Nicklin, Philippa, Palipane, Natasha, Parsons, Thomas, Piper, Rebecca, Prakash, Rohan, Ramesh, Byron, Rasip, Sarah, Reading, Jacob, Rela, Mariam, Reyes, Anna, Stephens, Robert, Rooms, Martin, Shah, Karishma, Simons, Henry, Solanki, Shalil, Spowart, Emma, Stevens, Amy, Thomas, Christopher, Waggett, Helena, Yassaee, Arrash, Kennedy, Anthony, Scott, Sara, Somanath, Sameer, Berg, Andrew, Hernandez, Miguel, Nanda, Rajesh, Tank, Ghanshyambhai, Wilson, Natalie, Wilson, Debbie, Al-Soudaine, Yassr, Baldwin, Matthew, Cornish, Julie, Davies, Zoe, Davies, Leigh, Edwards, Marc, Frewer, Natasha, Gallard, Sian, Glasbey, James, Harries, Rhiannon, Hopkins, Luke, Kim, Taeyang, Koompirochana, Vilavan, Lawson, Simon, Lewis, Megan, Makzal, Zaid, Scourfield, Sarah, Ahmad, Yousra, Bates, Sarah, Blackwell, Clare, Bryant, Helen, Collins, Hannah, Coulter, Suzanne, Cruickshank, Ross, Daniel, Sonya, Daubeny, Thomas, Edwards, Mark, Golder, Kim, Hawkins, Lesley, Helen, Bryant, Hinxman, Honor, Levett, Denny, Salmon, Karen, Seaward, Leanne, Skinner, Ben, Tyrell, Bryony, Wadams, Beverley, Walsgrove, Joseph, Dickson, Jane, Constantin, Kathryn, Karen, Markwell, O'Brien, Peter, O'Donohoe, Lynn, Payne, Hannah, Sundayi, Saul, Walker, Elaine, Brooke, Jenny, Cardy, Jon, Humphreys, Sally, Kessack, Laura, Kubitzek, Christiane, Kumar, Suhas, Cotterill, Donna, Hodzovic, Emil, Hosdurga, Gurunath, Miles, Edward, Saunders, Glenn, Campbell, Marta, Chan, Peter, Jemmett, Kim, Raj, Ashok, Naik, Aditi, Oshowo, Ayo, Ramamoorthy, Rajarajan, Shah, Nimesh, Sylvan, Axel, Blyth, Katharine, Burtenshaw, Andrew, Freeman, David, Johnson, Emily, Lo, Philip, Martin, Terry, Plunkett, Emma, Wollaston, Julie, Allison, Joanna, Carroll, Christine, Craw, Nicholas, Craw, Sarah, Pitt-Kerby, Tressy, Rowland-Axe, Rebecca, Spurdle, Katie, McDonald, Andrew, Simon, Davies, Sinha, Vivek, Smith, Thomas, Banner-Goodspeed, Valerie, Boone, Myles, Campbell, Kathleen, Lu, Fengxin, Scannell, Joseph, Sobol, Julia, Balajonda, Naraida, Clemmons, Karen, Conde, Carlos, Elgasim, Magdi, Funk, Bonita, Hall, Roger, Hopkins, Thomas, Olaleye, Omowunmi, Omer, Omer, Pender, Michelle, Porto, Angelo, Stevens, Alice, Waweru, Peter, Yeh, Erlinda, Bodansky, Daniella, Evans, Adam, Kleopoulos, Steven, Maril, Robert, Mathney, Edward, Sanchez, Angela, Tinuoye, Elizabeth, Bateman, Brian, Eng, Kristen, Jiang, Ning, Ladha, Karim, Needleman, Joseph, Chen, Lee-lynn, Lane, Rondall, Robinowitz, David, Ghushe, Neil, Irshad, Mariam, O'Connor, John, Patel, Samir, Takemoto, Steven, Wallace, Art, Mazzeffi, Michael, Rock, Peter, Wallace, Karin, Zhu, Xiaomao, Chua, Pandora, Fleisher, Lee, Mattera, Matthew, Sharar, Rebecca, Thilen, Stephan, Treggiari, Miriam, Morgan, Angela, Sofjan, Iwan, Subramaniam, Kathirvel, Avidan, Michael, Maybrier, Hannah, Muench, Maxwell, and Wildes, Troy

Subjects
surgery, postoperative care/methods, cohort studies, operative/mortality, data, postoperative care/statistics and numerical, Medicine and Health Sciences, critical care/utilisation, surgical procedures
Abstract

Background: As global initiatives increase patient access to surgical treatments, there remains a need to understand the adverse effects of surgery and define appropriate levels of perioperative care. Methods: We designed a prospective international 7-day cohort study of outcomes following elective adult inpatient surgery in 27 countries. The primary outcome was in-hospital complications. Secondary outcomes were death following a complication (failure to rescue) and death in hospital. Process measures were admission to critical care immediately after surgery or to treat a complication and duration of hospital stay. A single definition of critical care was used for all countries. Results: A total of 474 hospitals in 19 high-, 7 middle- and 1 low-income country were included in the primary analysis. Data included 44 814 patients with amedian hospital stay of 4 (range 2-7) days. A total of 7508 patients (16.8%) developed one or more postoperative complication and 207 died (0.5%). The overall mortality among patients who developed complications was 2.8%. Mortality following complications ranged from 2.4% for pulmonary embolism to 43.9% for cardiac arrest. A total of 4360 (9.7%) patients were admitted to a critical care unit as routine immediately after surgery, of whom 2198 (50.4%) developed a complication, with 105 (2.4%) deaths. A total of 1233 patients (16.4%) were admitted to a critical care unit to treat complications, with 119 (9.7%) deaths. Despite lower baseline risk, outcomes were similar in low- and middle-income compared with high-income countries. Conclusions: Poor patient outcomes are common after inpatient surgery. Global initiatives to increase access to surgical treatments should also address the need for safe perioperative care.

Published
2016

309. Does majority voting improve board accountability?

Author

Choi, Stephen J., Fisch, Jill E., Kahan, Marcel, and Rock, Edward B.

Subjects
ddc:330
Abstract

Directors have traditionally been elected by a plurality of the votes cast. This means that in uncontested elections, a candidate who receives even a single vote is elected. Proponents of “shareholder democracy” have advocated a shift to a majority voting rule in which a candidate must receive a majority of the votes cast to be elected. Over the past decade, they have been successful, and the shift to majority voting has been one of the most popular and successful governance reforms. Yet critics are skeptical as to whether majority voting improves board accountability. Tellingly, directors of companies with majority voting rarely fail to receive majority approval – even more rarely than directors of companies with plurality voting. Even when such directors fail to receive majority approval, they are unlikely to be forced to leave the board. This poses a puzzle: why do firms switch to majority voting and what effect does the switch have, if any, on director behavior? We empirically examine the adoption and impact of a majority voting rule using a sample of uncontested director elections from 2007 to 2013. We test and find partial support for four hypotheses that could explain why directors of majority voting firms so rarely fail to receive majority support: selection; deterrence/accountability; electioneering by firms; and restraint by shareholders. Our results further suggest that the reasons for and effects of adopting majority voting may differ between early and later adopters. We find that early adopters of majority voting were more shareholder-responsive than other firms even before they adopted majority voting. These firms seem to have adopted majority voting voluntarily, and the adoption of majority voting has made little difference in their responsiveness to shareholders responsiveness going forward. By contrast, for late adopters, we find no evidence that they were more shareholder-responsive than other firms before they adopted majority voting, but strong evidence that they became more responsive after adopting majority voting. Differences between early and late adopters can have important implications for understanding the spread of corporate governance reforms and evaluating their effects on firms. Reform advocates, rather than targeting the firms that, by their measures, are most in need of reform, instead seem to have targeted the firms that are already most responsive. They may then have used the widespread adoption of majority voting to create pressure on the nonadopting firms. Empirical studies of the effects of governance changes thus need to be sensitive to the possibility that early adopters and late adopters of reforms differ from each other and that the reforms may have different effects on these two groups of firms.

Published
2016

310. Nanofluids: from vision to reality through research

Author

Ping Cheng, Choi, Steve, Jaluria, Yogesh, Dongqing Li, Norris, Pamela, Tzou, Robert D.Y., and Choi, Stephen U.S.

Subjects
Nanoparticles -- Thermal properties, Coolant -- Research, Engineering and manufacturing industries, Science and technology
Published
2009

311. ZRSR2overexpression is a frequent and early event in castration-resistant prostate cancer development

Author

He, Haiqing, Hao, Jun, Dong, Xin, Wang, Yu, Xue, Hui, Qu, Sifeng, Choi, Stephen Yiu Chuen, Ci, Xinpei, Wang, Yong, Wu, Rebecca, Shi, Mingchen, Zhao, Xiaokun, Collins, Colin, Lin, Dong, and Wang, Yuzhuo

Abstract

Background: Androgen deprivation therapy (ADT) remains the leading systemic therapy for locally advanced and metastatic prostate cancers (PCa). While a majority of PCa patients initially respond to ADT, the durability of response is variable and most patients will eventually develop incurable castration-resistant prostate cancer (CRPC). Our research objective is to identify potential early driver genes responsible for CRPC development. Methods: We have developed a unique panel of hormone-naïve PCa (HNPC) patient-derived xenograft (PDX) models at the Living Tumor Laboratory. The PDXs provide a unique platform for driver gene discovery as they allow for the analysis of differentially expressed genes via transcriptomic profiling at various time points after mouse host castration. In the present study, we focused on genes with expression changes shortly after castration but before CRPC has fully developed. These are likely to be potential early drivers of CRPC development. Such genes were further validated for their clinical relevance using data from PCa patient databases. ZRSR2was identified as a top gene candidate and selected for further functional studies. Results: ZRSR2is significantly upregulated in our PDX models during the early phases of CRPC development after mouse host castration and remains consistently high in fully developed CRPC PDX models. Moreover, high ZRSR2expression is also observed in clinical CRPC samples. Importantly, elevated ZRSR2in PCa samples is correlated with poor patient treatment outcomes. ZRSR2knockdown reduced PCa cell proliferation and delayed cell cycle progression at least partially through inhibition of the Cyclin D1 (CCND1) pathway. Conclusion: Using our unique HNPC PDX models that develop into CRPC after host castration, we identified ZRSR2as a potential early driver of CRPC development.

Published
2021
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319. Metabolic heterogeneity signature of primary treatment-naïve prostate cancer

Author

Lin, Dong, primary, Ettinger, Susan L., additional, Qu, Sifeng, additional, Xue, Hui, additional, Nabavi, Noushin, additional, Chuen Choi, Stephen Yiu, additional, Bell, Robert H., additional, Mo, Fan, additional, Haegert, Anne M., additional, Gout, Peter W., additional, Fleshner, Neil, additional, Gleave, Martin E., additional, Pollak, Michael, additional, Collins, Colin C., additional, and Wang, Yuzhuo, additional

Published
2017
Full Text
View/download PDF

329. Assessing regulatory responses to securities market globalization.

Author

Choi, Stephen J.

Subjects
Globalization -- Analysis, Securities -- Analysis
Abstract

The globalization of securities markets has resulted in a rapid increase in securities transactions that cut across the national borders of more than one country. Individual country regulators can no [...]

Published
2001

330. Polynomials whose reducibility is related to the Goldbach conjecture

Author

Borwein, Peter B., Choi, Stephen K. K., Martin, Greg, and Samuels, Charles L.

Subjects
Mathematics - Number Theory, 11A41 (Primary), FOS: Mathematics, Number Theory (math.NT)
Abstract

We introduce a collection of polynomials $F_N$, associated to each positive integer $N$, whose divisibility properties yield a reformulation of the Goldbach conjecture. While this reformulation certainly does not lead to a resolution of the conjecture, it does suggest two natural generalizations for which we provide some numerical evidence. As these polynomials $F_N$ are independently interesting, we further explore their basic properties, giving, among other things, asymptotic estimates on the growth of their coefficients.

Published
2014

331. Two inequalities on the areal Mahler measure

Author

Choi, Stephen K. K. and Samuels, Charles L.

Subjects
11C08, 11G50 (Primary), Mathematics - Number Theory, FOS: Mathematics, Number Theory (math.NT)
Abstract

Recent work of Pritsker defines and studies an areal version of the Mahler measure. We further explore this function with a particular focus on the case where its value is small, as this is most relevant to Lehmer's conjecture. In this situation, we provide improvements to two inequalities established in Pritsker's original paper.

Published
2014

332. Establishing a New Stock Market for Shareholder Value Oriented Firms in Korea

Author

Choi, Stephen, Choi, Stephen, Choi, Stephen, and Choi, Stephen

Abstract

We propose introducing more competition into the design and implementation of investor protection in Korea. Our proposal in Korea is to start small. We focus on the possibility of giving firms in Korea greater choice within the existing regulatory regime. As an initial (and obtainable) goal we propose taking an approach similar to that pursued by the Brazilian Stock Exchange (Bovespa) to establish a new voluntary section for firms satisfying global corporate governance standards on the Korean Stock Exchange (KSE). Another option would be to go the seemingly opposite direction and allow some firms to opt out of any domestic regulation and instead to follow the regulatory regime of a foreign country (putting these firms in their own section of the stock market and enhancing the level of enforcement of foreign regulators through the assistance of Korean regulators). Such an approach would allow firms the ability to choose for themselves - within limits - the level of investor protections they desire (through a listing on a foreign exchange). Firms already with large and entrenched controlling shareholders or managers and a dispersed pool of minority investors will probably not take advantage of the ability to opt into a higher level of corporate governance. Instead, our suggested reforms will assist primarily newer companies seeking to raise funds from the public capital markets for the first time. Also, even among more established firms, a small, yet growing, number of firms under professional management may be interested in moving into a more advanced section of the KSE. Indirectly, we predict that feedback effects through the creation of a new investor-protection environment (with accompanying norms and institutions) will affect the rest of Korea's capital markets.

Published
2004

333. Do the Merits Matter Less After the Private Securities Litigation Reform Act?

Author

Choi, Stephen, Choi, Stephen, Choi, Stephen, and Choi, Stephen

Abstract

The paper provides evidence on the impact of the Private Securities Litigation Reform Act of 1995 (PSLRA) by examining a sample of initial public offerings from 1990 to 1999 facing a mix of Section 11 and Rule10b-5 antifraud claims. Others have provided evidence that the PSLRA increased the significance of merit-related factors in determining the incidence and outcomes of securities fraud class actions. The increase in the importance of merit-related factors, however, is consistent with two possible hypotheses. First, the PSLRA may have reduced solely the incidence of nuisance litigation. Second, the PSLRA may have reduced the incidence of both nuisance litigation as well as a subset of the pre-PSLRA meritorious claims where the additional costs imposed by the PSLRA made such claims unprofitable from the perspective of plaintiffs' attorneys. This paper tests between these hypotheses and provides evidence that meritorious claims lacking obvious "hard evidence" indicia of fraud (an accounting restatement or SEC action) (a) are less likely to be filed post-PSLRA and (b) face a greater likelihood of receiving a dismissal or low-value settlement in the post-PSLRA period. In determining the welfare implications of blocking frivolous suits, policymakers should therefore consider the negative impact of the PSLRA in also discouraging a significant fraction of meritorious litigation.

Published
2004

334. A Framework for the Regulation of Securities Market Intermediaries

Author

Choi, Stephen, Choi, Stephen, Choi, Stephen, and Choi, Stephen

Abstract

This Essay examines the role of private institutions in promoting strong securities markets. Recent scandals in the United States highlight both the importance and the fallibility of the securities market intermediary institutions to which investors typically turn for protection, such as auditors, analysts, and proxy advisory firms. From the perspective of investor welfare, this Essay discusses the various forms of institution failure and the efficacy of recently promulgated reforms. First, the paper provides a taxonomy of the various forms of securities market intermediary institution failure. Second, the essay compares the failings of the market against the fallibility of regulators. Not all regulations are the same - a series of possible interventions into the securities market exists ranging from merit regulation at one extreme to the provision of optional investor education materials at the other. Some forms of market failures require less intervention (with a corresponding reduced cost of regulatory error and capture). Lawmakers often regulate first and ask questions later, ignoring both the potential downsides of regulation as well as the possibility of market-based alternative solutions to market failures. The presence of market-based solutions allows regulators to intervene less stringently into markets, leaving the market with some degree of choice in how to address particular intermediary defects.

Published
2004

335. The Evidence on Securities Class Actions

Author

Choi, Stephen, Choi, Stephen, Choi, Stephen, and Choi, Stephen

Abstract

This article examines the theoretical issues and surveys the evidence on the desirability of securities class actions. Class actions offer the promise of energizing private enforcement of the securities laws, including in particular antifraud liability. For shareholders of large, publicly-held corporations, the individual benefits of pursuing a fraud action are often outweighed by the considerable costs of litigation. Without a class action, many potential fraud lawsuits may simply not get litigated. Nonetheless, the article explores three related problems with class actions: (a) the problem of frivolous suits (and the need to allow meritorious suits); (b) the lack of incentives on the part of plaintiffs' attorneys to focus on smaller companies; and (c) the agency problem between plaintiffs' attorneys and the plaintiff class. The article then assesses the existing evidence from the United States (in particular on the impact of the Private Securities Litigation Reform Act of 1995) in addressing these problems and proposes future avenues for research. Understanding the impact of class actions is important not only for the U.S. but also for countries considering the adoption of a U.S.-style securities class action system. As an example, the article discusses whether securities class actions would be beneficial in South Korea, a country with a smaller capital market and fewer large companies compared with the United States.

Published
2004

336. Choosing the Next Supreme Court Justice: An Empirical Ranking of Judicial Performance

Author

Choi, Stephen, Choi, Stephen, Choi, Stephen, and Choi, Stephen

Abstract

The judicial appointments process has grown increasingly frustrating in recent years. Both sides claim that their candidates are the "most meritorious" and yet there is seldom any discussion of what constitutes merit. Instead, the discussion moves immediately to the candidates' likely positions on hot-button political issues like abortion, gun control, and the death penalty. One side (these days, the Republicans) claims that it is proposing certain candidates based on merit, while the other (the Democrats) claims that the real reason for pushing those candidates is their ideology and, in particular, their likely votes on certain key hot-button issues. With one side arguing merit and the other side arguing ideology, the two sides talk past each other and the end result is often an impasse. To get past the impasse, we propose placing judges in a tournament based on relatively objective measures of judicial merit and productivity. A tournament allows the public to test the politicians' claims of merit. Being able to test those claims helps make transparent the occasions on which the real debate is over ideology. It is harder to disguise a purely ideological candidate as the best from a "merit" standpoint when the candidate performs poorly relative to many other judges based on objective factors. Once merit-based arguments have been isolated (or at least reduced in scope) to factors related to the tournament, it should be possible to have a transparent and meaningful debate over ideology.The Article runs such a tournament using data on opinions authored by active federal circuit court judges from one common time period: the beginning of 1998 to the end of 2000. The focus on a common time period helps put judges in the tournament on a level playing field. We then generate a series of measures of merit focusing on (a) productivity, (b) opinion quality, and (c) judicial independence. While not perfect, our measures interject a greater focus on merit in the current nominati

Published
2004

337. Innovation in Boilerplate Contracts: An Empirical Examination of Sovereign Bonds

Author

Choi, Stephen, Choi, Stephen, Gulati, Mitu, Choi, Stephen, Choi, Stephen, and Gulati, Mitu

Abstract

Network externalities may lead contracting parties to stay with a "standardized" term despite preferences for another term. Using a dataset of sovereign bond offerings from 1995 to early 2004, we test the importance of standardization for the modification provisions relating to payment terms. We provide evidence that (a) standardization may lead parties to adopt provisions not necessarily out of preference and (b) standards, nonetheless, may change. The process of change, however, is not necessarily quick or straightforward. In the sovereign bond context, change came by way of an "interpretive shock". Contracts with modification provisions requiring the unanimous consent of bondholders (UACs) suddenly became vulnerable to change with less than unanimous approval through the unexpected use of exit consents. After the shock, sovereigns and investors did not initially react with a significant shift in contract terms. However, we provide evidence that after this initial lull (once investors and sovereign gained experience on the value of allowing modification of payment terms with less than unanimous consent), large shifts in contract terms followed, moving sovereign bond contracts even further away from UACs toward collective action clauses (CACs). We also report evidence that issuer's attorneys dealing with a high volume of sovereign offerings were the driving factor behind this delayed large shift in contract terms.

Published
2004

339. Behavioral Economics and the SEC

Author

Choi, Stephen J., Choi, Stephen J., Pritchard, A. C., Choi, Stephen J., Choi, Stephen J., and Pritchard, A. C.

Abstract

Investors face myriad investment alternatives and seemingly limitless information concerning those alternatives. Not surprisingly, many commentators contend that investors frequently fall short of the ideal investor posited by the rational actor model. Investors are plagued with a variety of behavioral biases (such as, among others, the hindsight bias, the availability bias, loss aversion, and overconfidence). Even securities market institutions and intermediaries may suffer from biases, led astray by groupthink and overconfidence.The question remains whether regulators should focus on such biases in formulating policy. An omnipotent regulatory decisionmaker would certainly improve on flawed investor decisionmaking. The alternative we face, however, is a behaviorally flawed regulator, the Securities and Exchange Commission (SEQ. Several behavioral biases may plague SEC regulators including overconfidence, the confirmation bias, framing effects, and groupthink. While structural solutions are possible to reduce biases within the agency, we argue that such solutions are only partially effective in correcting these biases.Instead of attempting to determine when the behavioral biases of regulators outweigh those within the market, we take a different tactic. Because behaviorally flawed (and possibly self interested) regulators themselves will decide whether market based biases outweigh regulatory biases, we propose a framework for assessing such regulatory intervention. Our framework varies along two dimensions. The more monopolistic the regulator (such as the SEC), the greater is the presumption against intervention to correct for biases in the market. Monopolistic regulatory agencies provide a fertile environment for behavioral biases to flourish. Second, the more regulations supplant market decisionmaking, the greater is the presumption against such regulations. Market supplanting regulations are particularly prone to entrenchment, making reversal difficult

Published
2003

340. Who Would Win a Tournament of Judges

Author

Choi, Stephen, Choi, Stephen, Gulati, Mitu, Choi, Stephen, Choi, Stephen, and Gulati, Mitu

Abstract

The impetus for the Article was frustration with the current judicial appointments process. Both sides claim that their candidates are the "most meritorious," and yet there is seldom any real discussion regarding merit (or even what should constitute merit). Instead, the discussion moves almost immediately to the candidates' likely positions on a set of hot button political issues like abortion, gun control, and the death penalty. One side (these days, the Republicans) claims that it is proposing certain candidates based on merit, while the other (the Democrats) claims that the real reason for pushing those candidates is their ideology and, in particular, their likely votes on certain key hot button issues. With one side arguing merit and the other side arguing ideology, the two sides talk past each other and the end result is often an impasse. To get past the impasse, we propose placing judges in a tournament based on relatively objective measures of judicial merit and productivity. A tournament allows the public to test the politicians' claims of merit. Being able to test those claims helps make transparent when the real debate is over ideology. It is harder to disguise a purely ideological candidate as the best from a "merit" standpoint when the candidate performs poorly relative to many other judges based on objective factors. Indeed, once merit-based arguments have been isolated (or at least reduced in scope) to factors related to the tournament, it should be possible to have a transparent and meaningful debate over ideology.The Article runs such a tournament using data on opinions authored by active federal circuit court judges from one common time period: the beginning of 1998 to the end of 2000. The focus on a common time period helps put judges in the tournament on a level playing field. We then generate a series of plausible measures of merit focusing on (a) productivity, (b) opinion quality, and (c) judicial independence. While not perfect, our measures d

Published
2003

341. Law, Finance and Path Dependence: Developing Strong Securities Markets

Author

Choi, Stephen, Choi, Stephen, Choi, Stephen, and Choi, Stephen

Abstract

The Article surveys the growing law and finance literature providing evidence that legal protections for minority investors (and accompanying private and public institutions) correlate with various indices of financial development. Evidence in particular exists that countries with a common law origin enjoy both strong levels of investor protection as well as superior financial performance compared with civil law origin countries. Correlation does not mean causation, however. The Article examines the evidence related to whether the legal regime in fact causes financial development. Even if the legal regime does in fact cause such development, a question remains: How to generate investor-friendly legal regimes. Evidence on the efficacy of top-down reforms, including the transplant of laws from one regime to another, is examined. As an alternative, the Article puts forth the hypothesis that increased competition (whether product market, capital market, or regulatory competition) may have a greater ability to generate lasting changes in a country's legal environment to the benefit of investors and overall welfare.

Published
2002

343. Playing Favorites with Shareholders

Author

Choi, Stephen, Choi, Stephen, Choi, Stephen, and Choi, Stephen

Abstract

Many scholars agree that a robust market for corporate control provides a critical check on managerial opportunism within public corporations. Even prior to a tender offer, the specter of a takeover provides a powerful mechanism for aligning the incentives of managers and shareholders. Conventional wisdom, therefore, views with suspicion any practice that retards the takeover threat looming over managers who perform poorly. One such practice that has garnered particular attention of late is managerial "favoritism" towards influential block shareholders. Favoritism can take any number of forms, ranging from preferential stock subscriptions, to selective information disclosure, to outright cash payments. But regardless of its form, the argument goes, favoritism is potentially harmful to firm value, as it co-opts one of the most plausible monitors of management. Thus, many argue that corporate law should proscribe (or at least discourage) all forms of favoritism towards block shareholders. In this Article, we question whether the case for prohibiting favoritism is as compelling as conventional wisdom suggests. Our arguments are both practical and conceptual. From a practical standpoint, we raise doubts as to whether piecemeal regulation is even capable of curtailing favoritism writ large, rather than simply relocating it to less verifiable (and less efficient) domains. From a conceptual standpoint, we argue that permitting favoritism would likely enhance outsiders incentives to form a large block in order to extract patronage. Predicting this enhanced incentive, a rational manager would have to choose ex ante between (1) acquiescing to a division of her control benefits with outsiders; or (2) imposing significant constraints on her own self-dealing so as to deter the initial formation of any block. Using a game-theoretic model, we demonstrate that under many plausible circumstances, managers would prefer the latter option to the former. Consequently, playing favorites

Published
2002

344. Internalizing Outsider Trading

Author

Choi, Stephen, Choi, Stephen, Choi, Stephen, and Choi, Stephen

Abstract

The law takes a laissez faire approach toward the efforts of most investors in the securities markets to obtain an information advantage and trade based on this advantage. Indeed, the misappropriation theory of insider trading liability has the effect of assigning trading rights in the securities of a firm (the "traded firm") to the source of material, non-public information. When the source of the information is outside the traded firm?say, a stock analyst or an industry rival?trading on such information is clearly legal if the source consents. The outside trader, however, is often not well placed to decide whether such trading is socially beneficial, internalizing most of the benefits of such trading but not most of its costs. Coasean bargaining is not likely to solve the problem because the traded firm (whose shareholders' predominantly bear the costs of such trading) faces large transaction costs of identifying and bargaining with the undefined and potentially replenishing class of such outside traders. Our thesis is that it is more efficient to allow the traded firm to control whether particular types of informed trading takes place. Under our proposed regime, firms would have the right to impose ex ante restrictions against outsider trading on their stock on the basis of material, non-public information. Reassigning to the traded firm the right to control whether informed outsider trading occurs gives the initial trading decision to a party that internalizes much more of the costs of such trading and therefore is more likely to filter out socially inefficient trades. Reassigning the outsider trading right is also more likely to facilitate Coasean bargaining, because it is easier for potential outside traders to identify the traded firm than it is for the traded firm to identify the potential outside traders. Finally, reassigning the outsider trading right to the traded firm is more consistent with property-rights based notions of just deserts. The outside trad

Published
2001

345. Proxy Issue Proposals: Impact of the 1992 SEC Proxy Reforms

Author

Choi, Stephen, Choi, Stephen, Choi, Stephen, and Choi, Stephen

Abstract

This article assesses the impact of the 1992 SEC reforms that enhanced the ability of share-holders to communicate during a proxy contest. Utilizing a sample of 361 shareholder-sponsored corporate governance issue proposals from 1991 to 1995, the article finds that the mean percentage of total outstanding votes cast in favor of an issue proposal declined sig-nificantly post-reform. As explanation, the article furnishes evidence that certain sponsors interested in their own private agenda rather than general shareholder welfare exploited more fully the proxy mechanism post-reform; controlling for the composition of sponsors, the proxy reforms generated no significant change in the for-vote outcome of issue proposals. The article concludes instead that the reforms resulted in a shift in the composition of issue proposals targets toward companies relatively less vulnerable to such proposals pre-reform.

Published
2001

346. A Defense of Shareholder Favoritism

Author

Choi, Stephen, Choi, Stephen, Choi, Stephen, and Choi, Stephen

Abstract

This paper considers the efficiency implications of managerial "favoritism" towards block shareholders of public corporations. While favoritism can take any number of forms (including the payment of green-mail, diversion of opportunities, selective information disclosure, and the like), each may have the effect (if not the intent) of securing a block shareholder's loyalty in order to entrench management. Accordingly, the practice of making side payments is commonly perceived to be contrary to other shareholders' interests and, more generally, inefficient. In contrast to this received wisdom, we argue that when viewed ex ante, permissible acts of patronage toward block shareholders may play an important efficiency role that benefits all shareholders alike. We demonstrate that the prospect of having to share rents with a third party may itself have a deterrent effect on managerial self-dealing - an off-equilibrium benefit that would not be readily apparent if one looked only at instances where favoritism actually occurs in practice.

Published
2001

347. Selective Disclosures in the Public Capital Markets

Author

Choi, Stephen, Choi, Stephen, Choi, Stephen, and Choi, Stephen

Abstract

Publicly-traded corporations contain a wealth of non-public material information. Insider trading prohibitions limit the ability of corporate insiders to profit from this information advantage through trades in their own corporations' securities. Some may view the SEC's recently promulgated Regulation FD as complementary to restrictions on insider trading, limiting the ability of firms to confer on outsiders a similar inside information advantage through selective disclosures. The employment of selective disclosures to favor outside investors and analysts, nonetheless, may provide a number of benefits to all shareholders of a corporation. Selective disclosures, for example, may help subsidize the formation of blocks of shares that help monitor managers for agency problems. Selective disclosures also may provide firms a low-cost and flexible means of conveying even confidential information indirectly into the capital markets. The Article contends that the real risk of selective disclosures lies with the potential for managers to co-opt such disclosures for their own opportunistic endeavors. Regulation FD, however, represents an untailored and overly broad response to the risk of opportunism. Instead, the Article sets forth a number of more tailored regulatory responses that allow firms to provide selective disclosures in situations where overall shareholder welfare is enhanced while curtailing more opportunistic uses. Prepared for the Dykstra Corporate Governance Symposium at the University of California, Davis School of Law (2001).

Published
2001

348. Assessing the Cost of Regulatory Protection: Evidence on the Decision to Sell Securities Outside the United States

Author

Choi, Stephen, Choi, Stephen, Choi, Stephen, and Choi, Stephen

Abstract

This paper examines the factors that affect the decision of U.S. companies to issue securities off-shore compared with inside the United States. Utilizing a data set of 1,444 domestic private placements and offshore offerings from 1993 to 1997, the paper reports that firms that experienced a private securities fraud lawsuit in the past resort to foreign sources of capital more frequently. Similarly, companies in standard industrial classification groups that are targeted more often with private securities fraud litigation are also more likely to issue securities offshore than to conduct domestic private placements. Not all issuers, however, choose to exit the U.S. regime. The paper employs past experience with a SEC investigation as a proxy for the amount of risk that the issuer may pose to investors. Issuers with private securities fraud litigation experience that also encountered a past SEC investigation are more likely to raise capital through a domestic offering, consistent with the hypothesis that some issuers choose to raise capital in the United States when the bonding and signaling value of the U.S. legal liability regime outweighs the costs associated with antifraud liability.

Published
2001

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