The Information Content of Equity Block Trades on the Warsaw Stock Exchange: Conventional and Bootstrap Approaches

This paper focuses on the Polish stock market by analysing the information content of 95 equity block trade transactions executed on shares of companies constituting the WIG20 index. A normalized conventional approach and a bootstrap approach are used to draw inferences. These approaches make use of a multivariate regression model with two explanatory variables: a market return and a dummy variable for the event. Resampling allows construction of an empirical distribution of the normalized test statistic. The outcomes obtained from the application of a normalized conventional approach as well as a bootstrap approach are in line and confirm that equity block trade transactions carry an important signal to investors. Significant abnormal positive (negative) returns are associated with the execution of the equity block trades, the prices of which are higher (lower) than the closing prices 2 days before the execution of the equity block trade transactions. Copyright © 2015 John Wiley & Sons, Ltd.     

Somatic mosaic IDH1 and IDH2 mutations are associated with enchondroma and spindle cell hemangioma in Ollier disease and Maffucci syndrome

Ollier disease and Maffucci syndrome are non-hereditary skeletal disorders characterized by multiple enchondromas (Ollier disease) combined with spindle cell hemangiomas (Maffucci syndrome). We report somatic heterozygous mutations in IDH1 (c.394C>T encoding an R132C substitution and c.395G>A encoding an R132H substitution) or IDH2 (c.516G>C encoding R172S) in 87% of enchondromas (benign cartilage tumors) and in 70% of spindle cell hemangiomas (benign vascular lesions). In total, 35 of 43 (81%) subjects with Ollier disease and 10 of 13 (77%) with Maffucci syndrome carried IDH1 (98%) or IDH2 (2%) mutations in their tumors. Fourteen of 16 subjects had identical mutations in separate lesions. Immunohistochemistry to detect mutant IDH1 R132H protein suggested intraneoplastic and somatic mosaicism. IDH1 mutations in cartilage tumors were associated with hypermethylation and downregulated expression of several genes. Mutations were also found in 40% of solitary central cartilaginous tumors and in four chondrosarcoma cell lines, which will enable functional studies to assess the role of IDH1 and IDH2 mutations in tumor formation.