Throughout their business life cycle, firms may experience financial distress. Successful emergence from such distress is important to their multiple stakeholders. Using a sample of publicly listed firms in China that emerged from Special Treatment (an indicator of delisting risk), we focus on the key actions such firms take prior to emergence, namely, fixing the core of the business and earnings management. We examine how these actions are associated with sustainable emergence, which we define as emergence from Special Treatment without reentry in the next 5 years. Consistent with the expectation that shortcut fixes to problems do not yield a long-term solution, we find that repairing the core of the business by improving operating efficiency is positively associated with sustainable emergence, whereas earnings management is negatively associated with it. We also find that the positive (negative) association between fixing the core (earnings management) and sustainable emergence is pronounced only for state-owned enterprises. Our article adds to the limited literature that examines issues related to distressed firms’ sustainable turnaround.

Nasopharyngeal carcinoma (NPC) patients with parapharyngeal space (PPS) involvement are routinely given boost irradiation in Hong Kong. The current technique that employs a single field has many limitations in terms of dose distribution. This study is aimed to compare the dose distribution between the newly designed 3-dimensional conformal radiotherapy (3DCRT) and conventional techniques for the boost treatment of PPS so as to determine the more optimal treatment.Fifteen NPC patients with unilateral PPS involvement were recruited. Their CT images were loaded into the FOCUS planning system for treatment planning. The planning target volume (PTV) and seven organs at risk (OARs) including the spinal cord, brain stem, optic chiasm, mandible, temporal lobe, temporo-mandibular (TM) joint and lens were outlined for dose assessment. The conventional and 3DCRT plans were then generated for each patient and the dose distributions were compared using dose parameters derived from the dose volume histograms (DVHs).The 3DCRT technique provides better target coverage and significantly better dose to the planning target volume than the conventional technique. The 3DCRT treatment plans gives better sparing of the ipsilateral TM joints, mandible and lens, but it is less effective to spare spinal cord, brain stem, optic chiasm and temporal lobe. Nevertheless, the total doses to these OARs remain within the clinically defined thresholds and are clinically acceptable.