ESG did not immunize stocks during the COVID-19 crisis, but investments in intangible assets did.

Environmental, social and governance ("ESG") scores have been widely touted as indicators of share price resilience during the COVID-19 crisis. Contrary to this conventional wisdom, we present robust evidence that once industry affiliation, market-based measures of risk and accounting-based measures of performance, financial position and intangibles investments have been controlled for, ESG offers no such positive explanatory power for returns during the COVID crisis. Specifically, ESG is insignificant in fully specified returns regressions for each of the Q1 2020 COVID market crisis period and for the full COVID year of 2020. By contrast, a measure of the firm's stock of investments in internally generated intangible assets is an economically and statistically significant positive determinant of returns during each of the Q1 market implosion and full 2020 COVID year periods. Our results are robust to alternative measures of returns, as well as for using Refinitiv, Refinitiv II and MSCI data to capture ESG performance. We conclude that ESG did not immunize stocks during the COVID-19 crisis, but those investments in intangible assets did.

Cervical kyphosis trapezius sign: a new sign for an old pathology.

OBJECTIVE: Cervical kyphosis may develop in patients with a variety of conditions. It commonly occurs following cervical spine surgery. To our knowledge, no specific physical examination finding in patients with cervical kyphosis has been previously described. It has been our observation that patients with symptomatic cervical kyphosis often have prominent, taut, and painful trapezius muscles. We coined the term cervical kyphosis trapezius sign (CKTS). This article describes the use of this sign as a clinical marker for management and outcome assessment. METHODS: We retrospectively analyzed the files of symptomatic cervical kyphosis patients who have been treated by the senior author (E.C.B.) and have been photographed. We also quantified the reliability and accuracy of CKTS by presenting clinical photographs to health care providers. RESULTS: Fifteen patients fulfilled the inclusion criteria. All patients had preoperative photographs of their neck that showed the CKTS. Six patients were treated conservatively and nine underwent surgical correction. Mean follow-up for surgical cases was 14.7 months. Postoperative neck photographs demonstrated a normalization of the prominent and painful trapezius muscle in each case. When examining the reliability of CKTS, we found overall interobserver reliability to be 0.671 with an intraobserver reliability of 0.678. CONCLUSION: CKTS is a simple, objective, and potentially clinically useful indicator of cervical kyphotic deformity. Resolution of CKTS postoperatively had an associated high rate of pain relief. Therefore, the presence of CKTS in a symptomatic patient with cervical kyphosis is a potential indicator for surgical correction of the deformity.

Pregnancy after anterior spinal surgery: fertility, cesarean-section rate, and the use of neuraxial anesthesia.

BACKGROUND CONTEXT: Previous publications have reported results with respect to functional outcome and sexual function in young women after traumatic injuries to the pelvis. It is well known that anterior spinal surgery has the possibility of causing reproductive dysfunction in men. Little has been described concerning deleterious effects of anterior spinal surgery in women of childbearing age. PURPOSE: The purpose of the study was to determine the fertility, cesarean section rate, and the use of neuraxial anesthesia in a population of women of childbearing age who have undergone anterior spinal surgery. STUDY DESIGN/SETTING: This was a retrospective chart review combined with a telephone questionnaire of the patients who had undergone anterior spinal surgery by a single orthopedic surgeon. METHODS: Demographic data were collected from hospital and office records. Patients were asked if they had tried to become pregnant, if their pregnancy had come to term, the use of spinal or epidural anesthesia for that labor and delivery, and the type of delivery. RESULTS: Seventy-nine potential subjects were identified and 67 patients were contacted to determine their fertility status. Ninteen patients had tried to become pregnant after their anterior spinal surgery. All patients who reported that they tried to become pregnant were successful at having a child. Seven of the 19 women had children who were born by cesarean section (37%). Only two patients received an epidural as analgesia for their delivery. CONCLUSIONS: Although the cesarean-section rate appears high, it is consistent with the current obstetrical trends. Anesthesiologists appear less inclined to offer neuraxial anesthesia to a population which has undergone anterior spinal surgery.

Effect of kyphoplasty on survival after vertebral compression fractures.

BACKGROUND: A growing population of patients with osteoporosis and fragility fractures has developed. Fragility fractures, including vertebral compression fractures, have been associated with increased mortality. Early operative interventions for patients sustaining hip fractures have been found to reduce mortality. PURPOSE: To determine if kyphoplasty improves survival after vertebral compression fractures. STUDY DESIGN: A retrospective chart review of all kyphoplasty procedures performed by the same orthopedic surgeon between June 2000 and June 2004 and a review of patients receiving nonoperative care consisting of oral analgesia and an orthosis during the same time period were conducted. PATIENT SAMPLE: Patients seen by a single surgeon for an osteoporotic vertebral body fracture. OUTCOME MEASURES: The primary outcome measured was patient death within the study time period. METHODS: Data from both groups were tabulated and analyzed for statistical differences by Student t test and chi-squared analysis. Kaplan-Meier curves comparing age, medical comorbidity, and surgical intervention were constructed. Log-rank test was used to analyze the survival curves. RESULTS: Of the 94 patients who elected for kyphoplasty, 38 patients were deceased at the close of the current study which ended in September 2006, whereas 26 of the 90 patients who elected for conservative therapy had died. Student t test revealed a significant age difference between patients treated with kyphoplasty and those who were treated nonoperatively (p=.0002). Chi-squared analysis revealed a significant difference between the two populations with respect to Charlson score (p=.050) but no statistical difference between the two populations with respect to ASA (p=.81) or gender (p=.1207). Kaplan-Meier curves were constructed to independently assess the influence of age, medical comorbidity, and kyphoplasty on survival. A significant relationship was detected by log-rank test for age (p=.0172), ASA (p=.0497), and Charlson score (p=.0015) but not treatment with kyphoplasty (p=.1037). An age-adjusted mortality rate was calculated and was found to be 35.3 per 1,000 patient-years for the conservative treatment population and 40.1 for the surgical population. A multivariate analysis comparing age, comorbidity, and surgical treatment with survival did not detect a statistical relationship. CONCLUSION: Kyphoplasty did not seem to effect the survival of patients with a vertebral compression fracture.

Leisure behavior of youth with short stature, delayed puberty and diabetes mellitus.

There is some evidence to suggest that adolescents with endocrinological disorders such as short stature (SS), delayed puberty (DP), or diabetes mellitus (DM) may display significant social or psychological problems. The purpose of our study was to examine the leisure behaviors and experiences of these adolescents. Of the 178 adolescents (all of whom had an endocrinological problem) 83 were male and 91 were female. We found the leisure behaviors and experiences of adolescents with SS, DP and DM (the group) were similar to adolescents with other endocrine disorders (comparison group) and to several other non-clinical groups (controls). The group spent the same amount of time in leisure activity as the comparison group. The characteristics of the group's leisure time in regard to boredom, self-determination, self-competence or parental control was the same as the comparison group and minimally different from the control groups. There were no differences among SS, DP, DM or comparison group in degree to which they were 'bothered' by their condition or the recency of the discovery of their condition. Neither botheredness nor recency were related to leisure time characteristics. Recency of the discovery of their endocrine problem was almost significantly related to increased parental control (p<0.062) which was slightly greater for those diagnosed with SS, DP and DM (p<0.080) than in the comparison group. Leisure time activity and behavior of adolescents with SS, DP, and DM was the same as that in other non-clinical adolescents and adolescents with other endocrine disorders.

Factors influencing physicians' reported use of anticoagulation therapy in nonvalvular atrial fibrillation: a cross-sectional survey.

BACKGROUND: Some elderly patients with nonvalvular atrial fibrillation (NVAF) who might benefit from warfarin therapy do not receive it. OBJECTIVE: The goal of this cross-sectional study was to identify physicians' attitudes and beliefs that are associated with their reported use of warfarin in case scenarios. METHODS: A self-administered survey was mailed to a cross-section of general internists randomly selected from a national pool of physicians in the American Medical Association Masterfile. Fourteen clinical vignettes were used, incorporating various comorbid conditions and risk factors for either major bleeding episode or embolic cerebrovascular accident (CVA). The outcome measure was the number of case vignettes for which warfarin was recommended. RESULTS: A total of 142 completed surveys (33% of 426 eligible respondents; 109 men, and 32 women [1 respondent did not provide gender]; mean [SD] age, 45 [10] years) were received. The median number of case vignettes for which warfarin was recommended was 10 (interquartile range, 8-12). We found no relationship between the perceived benefits of warfarin and its use in the case vignettes. However, the perceived risk for warfarin associated hemorrhage was strongly associated with reported warfarin use (P < 0.001). The physicians in our sample provided estimates of the annual rate of warfarin-associated intracerebral hemorrhage that were >10-fold higher than literature-based estimates, and physicians providing higher risk estimates tended to use warfarin less often. On multivariate logistic regression, physicians who recommended warfarin use in more vignettes were less likely to report anticipated regret of committing an error of omission (ischemic CVA in an untreated NVAF patient) (P < 0.001) or a loss-aversive risk preference (P = 0.027), and had a lower perceived annual risk for hemorrhage with warfarin (P < 0.001). Physician age, sex, primary mechanism of reimbursement, academic appointment, and the NVAF patient volume all were unrelated to warfarin use. CONCLUSIONS: Although the decision to use warfarin in NVAF was not driven by the perceived benefit, the perceived risks strongly affected warfarin use. Response bias is a potential limitation, but our data strongly suggest that physicians' attitudes toward anticipated regret and risk aversion can impact on their treatment recommendations.

Alterations in airway inflammation and lung function during corticosteroid therapy for atopic asthma.

INTRODUCTION: Although corticosteroid therapy for asthma improves lung function and reduces airway inflammation, the relation between these two events is unclear. This article investigates associations between changes in bronchial inflammation and lung function during high-dose inhaled corticosteroid therapy for asthma. METHODS: Nine subjects with atopic asthma received high-dose inhaled fluticasone propionate (FP), 2,000 microg/d for 8 weeks. Fiberoptic bronchoscopy with endobronchial biopsies, spirometry, and histamine provocation challenge were performed on each subject at baseline, after 2 weeks, and again after 8 weeks of therapy. Spearman rank correlation coefficients between changes in parameters of bronchial inflammation and lung function were computed. RESULTS: As expected, significant down-regulation of airway inflammation and improvements in lung function were observed after both short-term and long-term therapy with high-dose inhaled FP. During corticosteroid therapy, changes in lymphocyte and macrophage numbers in bronchial biopsy specimens were closely correlated. Changes in EG1+ eosinophils were associated with changes in EG2+ eosinophils after 8 weeks of therapy. Although changes in airway inflammation and changes in lung function were not closely associated after 2 weeks of therapy, changes in eosinophils (EG1) in bronchial biopsy specimens correlated with changes in bronchodilator response (r = 0.77, p = 0.016) after 8 weeks of therapy. CONCLUSION: In patients with atopic asthma, changes in bronchial eosinophils and lung function during steroid therapy are closely related but do not occur simultaneously.