Dividend policy and the volatility of common stocks

Jonathan Barron Baskin

200 citations0/0 files storedThe Journal of Portfolio Management

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Financial Markets and Investment Strategies Corporate Finance and Governance Retinal Diseases and Treatments

Abstract

Background/Aims Prospective data on switching anti-vascular endothelial growth factors in patients with neovascular age-related macular degeneration (nAMD) who have previously shown no/partial response are limited. This prospective study assessed the effect of switching from aflibercept to ranibizumab on anatomical and functional outcomes in patients with persistent/recurrent disease activity. Methods SAFARI (NCT02161575) was a 6-month, prospective, single-arm study conducted in the UK and Germany. Patients, meeting strict eligibility criteria for one of two subgroups (primary treatment failure or suboptimal treatment response), received 3 monthly intravitreal ranibizumab injections (0.5 mg). Thereafter, ranibizumab was administered pro re nata at monthly visits. The primary endpoint was change from baseline (CfB) to day 90 in central subfield retinal thickness (CSRT). Best-corrected visual acuity (BCVA) and retinal morphology parameters were assessed. Results One hundred patients were enrolled (primary treatment failure, 1; suboptimal treatment response, 99). In the overall population, there was a significant CfB in median CSRT of −30.75 µm (95% CI −59.50,–20.50; p<0.0001) to day 90. Improvements were also observed in other quantitative and qualitative optical coherence tomography parameters. In Early Treatment Diabetic Retinopathy Study letters assessed by category, 55% and 59% of patients gained 0–≥15 letters versus baseline at day 90 and day 180, respectively. However, mean improvements in BCVA (CfB) to each time point were small (≤2 letters). No new safety signals were identified. Conclusion Switching from aflibercept to ranibizumab led to a significant improvement in CSRT, with ~60% experiencing stabilised/improved BCVA. Therefore, patients with nAMD who have shown a suboptimal response to aflibercept may benefit from switching to ranibizumab.

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References

1984Corporate financing and investment decisions when firms have information that investors do not have 1961Dividend Policy, Growth, and the Valuation of Shares 1981The relationship between return and market value of common stocks 1952Portfolio Selection 1985Dividend Policy under Asymmetric Information 1982GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS 1986Does the Stock Market Rationally Reflect Fundamental Values?1983The Impact of Initiating Dividend Payments on Shareholders' Wealth

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2018Learning from History: Volatility and Financial Crises 2014Home country institutional environments and foreign expansion of emerging market firms 2012The Impact of Dividend Policy on Share Price Volatility in the Malaysian Stock Market 1996Dividend policy and stock price volatility: Australian evidence 2015Analysis of Factors Affecting Share Prices: The Case of Bahrain Stock Exchange 2014

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