The European Study of Cohorts for Air Pollution Effects (ESCAPE) project was designed to assess the long-term exposure of the population to air pollution and to investigate exposure–response relationships and thresholds for a number of adverse health outcomes (). Our objective was to estimate the association between long-term exposure to ambient air pollution, especially PM mass, black carbon, and nitrogen oxides, and the incidence of stroke in 11 European cohorts. A companion paper focusing on incident coronary events has been recently published ().
Katsouyanni K, Schwartz J, Spix C, Touloumi G, Zmirou D, Zanobetti A, et al. 1996. Short term effects of air pollution on health: a European approach using epidemiologic time series data: the APHEA protocol. J Epidemiol Community Health 50 (
suppl 1):S12–S18, .
The present study confirmed the consolidated epidemiological evidence on the short-term effects of PM and gases on mortality (; ). We estimated 1.46% (95% CI 0.95–1.96) and 1.75% (95% CI 0.87–2.64) increased mortality per 10-μg/m3 increase in lag 0–5 PM10 and PM2.5, respectively. A recent study of mortality in southern European countries reported slightly stronger effect estimates for 10-μg/m3 increases in PM10 and PM2.5 than corresponding estimates for other European countries or the U.S. (; ).We estimated relatively strong associations with NO2 over a 6-d period, with an estimated increase in nonaccidental mortality of 3.03%. This estimate is consistent with other Italian multicity studies that applied the same exposure contrast (; ; ) and larger than those in other geographical settings. A systematic review collected results from Europe and the U.S. () and estimated a pooled increased risk in short-term, natural mortality of 0.71% (0.43–1.00) for 10 μg/m3 NO2 (lag 0).
U.S. companies are often criticized for being overly short-term oriented. This paper documents that those criticisms have a long history, going back at least thirty-five years. The paper then considers the implications of sustained short-termism for corporate profits, venture capital investments and returns, private equity investments and returns, and corporate valuations. The paper finds little long-term evidence that is consistent with the predictions of the short-term critics.