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This paper studies the long-term consequences of actions induced by vesting equity, a measure of short-term incentives. Vesting equity is positively associated with the probability of a firm repurchasing shares, the amount of shares repurchased, and the probability of the firm announcing a merger or acquisition (M&A). However, it is also associated with more negative long-term returns over the 2-3 years following repurchases and 4 years following M&A, as well as future M&A goodwill impairment. These results are inconsistent with CEOs buying underpriced stock or companies to maximize long-run shareholder value, but consistent with these actions being used to boost the short-term stock price and thus equity sale proceeds. CEOs sell their own stock shortly after using company money to buy the firm’s stock, also inconsistent with repurchases being motivated by undervaluation.

AIM This study was designed to investigate the longitudinal effect of participating in a self-management program (SMP) on renal function control in patients receiving hemodialysis. METHODS This randomized controlled trial enrolled a total of 58 patients at the hemodialysis center of a teaching hospital in Taiwan. The control group (n = 30) received the usual care and the experimental group (n = 28) received a 4-week SMP intervention. The results of the follow-up on the longitudinal data at 3, 6, and 9 months showed that the renal function indices, potassium and phosphorus levels, and interdialytic weight gain were significantly better than at the pre-test for the experimental group. RESULTS In terms of the interaction between group and time, the potassium level dropped significantly below the pre-test value only after 3 months (B = -0.31, SE = 0.15, p = .044), suggesting that the post-test potassium level had significantly decreased after 3 months. In terms of the interaction between group and time, the phosphorus level dropped significantly below the pre-test value only after 6 months (B = -0.53, SE = 0.28, p = .050), suggesting that the post-test phosphorus level significantly decreased after 6 months. Finally, the intervention could effectively control the weight change between dialysis sessions for up to 9 months (B = -1.34, SE = 0.30, p

This paper investigates the relation between stock liquidity and firm performance. The study shows that firms with liquid stocks have better performance as measured by the firm market-to-book ratio. This result is robust to the inclusion of industry or firm fixed effects, a control for idiosyncratic risk, a control for endogenous liquidity using two-stage least squares, and the use of alternative measures of liquidity. To identify the causal effect of liquidity on firm performance, we study an exogenous shock to liquidity—the decimalization of stock trading—and show that the increase in liquidity around decimalization improves firm performance. The causes of liquidity's beneficial effect are investigated: Liquidity increases the information content of market prices and of performance-sensitive managerial compensation. Finally, momentum trading, analyst coverage, investor overreaction, and the effect of liquidity on discount rates or expected returns do not appear to drive the results.

Aims. The study aims to compare changes over time among three study groups on the primary outcome, pain, as well as on the secondary outcomes, other symptoms, activities of daily living function, sport and recreation function, knee-related quality of life, knee range of motions and the six-minute walk test and to investigate whether aquatic exercises would be superior compared with land exercise on pain reduction. Background. Osteoarthritis is a prevalent musculoskeletal disorder. Appropriate exercise may prevent osteoarthritis-associated disabilities and increase life quality. To date, research that compares the effects of different types of exercise for knee osteoarthritis has been limited. Design. The study is a randomised trial. Methods. Eighty-four participants with knee osteoarthritis were recruited from local community centres. Participants were randomly assigned to the control, aquatic or land-based exercise group. Exercise in both groups ran for 60 minutes, three times a week for 12 weeks. Data were collected at baseline, week 6 and week 12 during 2006–2007. The instruments included the Knee Injury and Osteoarthritis Outcome Score, a standard plastic goniometer and the six-minute walk test. Generalised estimation equations were used to compare changes over time among groups for key outcomes. Results. Results showed statistically significant group-by-time interactions in pain, symptoms, sport/recreation and knee-related quality of life dimensions of Knee Injury and Osteoarthritis Outcome Score, knee range of motions and the six-minute walk test. However, the aquatic group did not show any significant difference from the land group at both weeks 12 and 6. Conclusions. Both aquatic and land-based exercise programmes are effective in reducing pain, improving knee range of motions, six-minute walk test and knee-related quality of life in people with knee osteoarthritis. The aquatic exercise is not superior to land-based exercise in pain reduction. Relevance to clinical practice. Similar outcomes could be possible with the two programmes. Health care professionals may consider suggesting well-designed aquatic or land-based exercise classes for patients with osteoarthritis, based on their preferences and convenience.

The study aims to compare changes over time among three study groups on the primary outcome, pain, as well as on the secondary outcomes, other symptoms, activities of daily living function, sport and recreation function, knee-related quality of life, knee range of motions and the six-minute walk test and to investigate whether aquatic exercises would be superior compared with land exercise on pain reduction.Osteoarthritis is a prevalent musculoskeletal disorder. Appropriate exercise may prevent osteoarthritis-associated disabilities and increase life quality. To date, research that compares the effects of different types of exercise for knee osteoarthritis has been limited.The study is a randomised trial.Eighty-four participants with knee osteoarthritis were recruited from local community centres. Participants were randomly assigned to the control, aquatic or land-based exercise group. Exercise in both groups ran for 60 minutes, three times a week for 12 weeks. Data were collected at baseline, week 6 and week 12 during 2006-2007. The instruments included the Knee Injury and Osteoarthritis Outcome Score, a standard plastic goniometer and the six-minute walk test. Generalised estimation equations were used to compare changes over time among groups for key outcomes.Results showed statistically significant group-by-time interactions in pain, symptoms, sport/recreation and knee-related quality of life dimensions of Knee Injury and Osteoarthritis Outcome Score, knee range of motions and the six-minute walk test. However, the aquatic group did not show any significant difference from the land group at both weeks 12 and 6.Both aquatic and land-based exercise programmes are effective in reducing pain, improving knee range of motions, six-minute walk test and knee-related quality of life in people with knee osteoarthritis. The aquatic exercise is not superior to land-based exercise in pain reduction.Similar outcomes could be possible with the two programmes. Health care professionals may consider suggesting well-designed aquatic or land-based exercise classes for patients with osteoarthritis, based on their preferences and convenience.