We document a curvilinear relation between credit ratings and acquisitions. Acquisitions first increase and then decrease as ratings improve, with a high around the A− threshold. The increase at low rating levels is accompanied by lower announcement returns. Acquisitions have a negative impact on future ratings for highly-rated firms, and a positive impact for firms with low ratings, even after controlling for all the characteristics potentially influenced by the transaction. These results indicate that credit ratings exert substantial influence on the acquisition process, and that rating agencies pay particular attention to acquisitions when deciding on the creditworthiness of firms
The main objective in the treatment of pemphigus vulgaris is to control the disease, prevent relapses, and avoid adverse events associated with the prolonged use of steroids and immunosuppressive agents. Systemic corticosteroids remain the gold standard treatment for pemphigus vulgaris. Azathioprine and mycophenolate mofetil are the first line of steroid-sparing treatment. Rituximab is extremely effective in recalcitrant pemphigus, when other treatments fail to control the disease. The European Dermatology Forum recommends tapering prednisolone by 25% every 2 weeks after the consolidation phase, and a 5 mg reduction every 4 weeks when the dose is reduced to <20 mg. If the patient relapses, options include increasing steroids back to the previous dose, adding an immunosuppressant if using steroid monotherapy, or replacing a first-line immunosuppressant by another if already on combination therapy.
A new approach to the treatment of COPD includes controlling inflammation because of its important role in exacerbation of the disease. Recently, roflumilast has been added as a therapeutic option for COPD. Roflumilast is an oral phosphodiesterase-4 inhibitor that targets inflammatory cells involved in triggering exacerbations of COPD. The objective of the current study was to evaluate roflumilast for its contribution to phagocytic activity in COPD patients.