How does the leniency of personal bankruptcy law affect entrepreneurship in EU countries?

Several studies examined how some characteristics of personal bankruptcy laws influenced entrepreneurial developments during the last two decades. Our main objective is to analyze the association between self-employment and the leniency of the personal bankruptcy systems in 24 EU countries. Unlike previous studies, we measure differences and changes in the leniency of the regulations with a composite index that incorporates 35 variables. Based on a cross-country database of self-employment ratios and various control variables spanning the years 2000 to 2019, we apply a panel regression model. We find that the implementation of new regulations and reforms in personal bankruptcy legislation in more lenient directions positively correlates with entrepreneurial developments measured by self-employment rates. This is more significant in the group of countries where the eligibility criteria for entrepreneurs are not constrained. We find a one-year negative time-lag effect and conclude that strong anticipation of the law for a more lenient system can immediately change the risk-reward profile, and thereby influence entrepreneurship before implementing the actual reform. An important policy implication is that a major reform in regulation or the first implementation of conservative legislation has the same order of magnitude of effect on promoting entrepreneurship as other public policy reforms of similar purpose.

A novel approach to the treatment of benign prostatic hyperplasia.

OBJECTIVE: To assess the clinical efficacy and safety of the combined alpha1- and postsynaptic alpha2-blocker GYKI-16084 compared to placebo during a 28-day active treatment of patients with benign prostatic hyperplasia (BPH). PATIENTS AND METHODS: After a 28-day placebo run-in phase, 7.5 and 15 mg GYKI-16084 or placebo were administered twice daily for 28 days to patients with BPH in a randomized single-blind Phase II study. Efficacy was primarily determined by changes in the American Urological Association (AUA) symptom scores and maximum urinary flow (Q(max)), while safety was assessed by orthostatic changes and adverse-event profile. A simplified International Index of Erectile Function questionnaire was used to assess effects on erectile function. RESULTS: Data from 63 patients were evaluated; the decrease in the AUA score during the active phase was greater in the 15 mg group (-6.05, -32.7%) than in the placebo (-4.3, 22.7%) or 7.5 mg (-3.55, -19.5%) groups. Q(max) improved in both active treatment groups (+3.3 and +2.16 mL for the 7.5 and 15 mg groups, respectively) compared to placebo (+1.29 mL). None of the drug-related adverse events associated with selective alpha1-blockers were reported. CONCLUSION: The combined alpha1- and postsynaptically selective alpha2-blocker GYKI-16084 significantly improved the AUA symptom scores and increased Q(max) in patients with BPH, without inducing any adverse reaction, orthostatic changes or erectile dysfunction.