Miracle-dz/UniFAR-FTUs huggingface dataset:
Corporate Governance and Dividend Smoothing: Evidence from Pakistani Listed Banks

Manuscript type: Research paper Research aims: This paper empirically examines the effects of ownership and board structure on dividend smoothing in Pakistani listed banks between 2006 and 2014. Design/Methodology/Approach: This study employs random Tobit regression to analyse the effects of ownership and board structure on dividend smoothing. It also applies principal component analysis (PCA) to develop a corporate governance index. Research findings: The findings indicate that Pakistani banks with concentrated and foreign ownership, small size audit committee and less independent boards, exhibit higher levels of dividend smoothing. Interestingly, the study finds Pakistani banks having a joint position of CEO and chairperson, demonstrate lesser dividend smoothing. The study concludes that increasing dividends is an alternative monitoring mechanism for shareholders who are enclosed within a weak corporate governance environment such as Pakistan. Theoretical contribution/Originality: This study contributes to previous literature on corporate governance and dividend smoothing by investigating the role of the boards and the ownership structure. It also fills the research gap by investigating the impact of corporate governance on dividend smoothing by using the CG-Index. Practitioner/Policy implications: The findings of this study offer practical implications for payout and corporate governance policies. Higher information asymmetry and regulatory requirements, low shareholders’ rights and weak corporate governance environment make dividend smoothing another tool for safeguarding the interest of minority shareholders in Pakistani listed banks. Currently, regulators in Pakistan are only focusing on corporate governance mechanism as a means of protecting shareholders. This study recommends that smooth dividends can serve as an additional instrument to help safeguard the minority shareholders’ interest from expropriation. Research limitation: The findings of this study may not be generalised due to the small sample size. Keywords: Dividend Smoothing, Corporate Governance, Tobit Regression, Principal Component Analysis, PakistanJEL Classification: G350, G300, C24, C19
Temporal arteritis and Chlamydia pneumoniae: failure to detect the organism by polymerase chain reaction in ninety cases and ninety controls.

OBJECTIVE To examine the reported correlation between the presence of Chlamydia pneumoniae in temporal artery biopsy specimens and the diagnosis of temporal arteritis (TA). METHODS Among 90 possible cases of TA identified at our institution between 1968 and 2000, 79 of the positive biopsy specimens (88%) demonstrated giant cells and the other 11 cases (12%) had other histopathologic features compatible with TA; by chart review, all 90 patients were confirmed to have met the American College of Rheumatology classification criteria for TA. Controls had negative temporal artery biopsy specimens during the same 32-year time period and their postbiopsy disease courses were not compatible with TA. Controls were matched with each case by sex, year of biopsy, and age within 10 years. The biopsy specimens from all cases and controls were reevaluated and readings were confirmed in a masked manner by an experienced eye pathologist. Polymerase chain reaction (PCR) analyses for C pneumoniae were performed on the 180 samples using 2 different sets of PCR primers (which target 2 different genes). A primer set targeting the ompA gene (CP1-CP2/CPC-CPD) was used to perform a nested PCR, followed by confirmation of the findings with primers targeting the 16S ribosomal RNA (rRNA) gene (Cpn90/Cpn91) in a touchdown-enzyme time-release PCR. We used positive and negative controls, as well as controls made from infected and noninfected HEp-2 cells, suspended in a formalin-fixed, paraffin-embedded matrix. RESULTS Seventy-six percent of the 180 cases and controls were women. The mean age of the cases was 72.0 years (range 53-90), and that of the controls was 70.4 years (range 51-86). Eighty percent of the control samples were obtained by temporal artery biopsy performed within 1 year of the biopsies performed on the matched cases. Using the CP1-CP2/CPC-CPD primer set, only 1 TA case sample (1% of all case samples) was positive for the ompA gene. One control sample was also positive using these primers. With the Cpn90/Cpn91 primers, none of the cases and none of the controls were positive for the 16S rRNA gene. CONCLUSION The results of this study using sensitive and specific PCR analyses do not support a role for C pneumoniae in the pathogenesis of TA.
Rehabilitation after arthroscopic rotator cuff repair: current concepts review and evidence-based guidelines.

PURPOSE To provide an overview of the characteristics and timing of rotator cuff healing and provide an update on treatments used in rehabilitation of rotator cuff repairs. The authors' protocol of choice, used within a large sports medicine rehabilitation center, is presented and the rationale behind its implementation is discussed. BACKGROUND If initial nonsurgical treatment of a rotator cuff tear fails, surgical repair is often the next line of treatment. It is evident that a successful outcome after surgical rotator cuff repair is as much dependent on surgical technique as it is on rehabilitation. To this end, rehabilitation protocols have proven challenging to both the orthopaedic surgeon and the involved physical therapist. Instead of being based on scientific rationale, traditionally most rehabilitation protocols are solely based on clinical experience and expert opinion. METHODS A review of currently available literature on rehabilitation after arthroscopic rotator cuff tear repair on PUBMED / MEDLINE and EMBASE databases was performed to illustrate the available evidence behind various postoperative treatment modalities. RESULTS There is little high-level scientific evidence available to support or contest current postoperative rotator cuff rehabilitation protocols. Most existing protocols are based on clinical experience with modest incorporation of scientific data. CONCLUSION Little scientific evidence is available to guide the timing of postsurgical rotator cuff rehabilitation. To this end, expert opinion and clinical experience remains a large facet of rehabilitation protocols. This review describes a rotator cuff rehabilitation protocol that incorporates currently available scientific literature guiding rehabilitation.
Postoperative adjuvant radiotherapy is associated with improved survival in hepatocellular carcinoma with microvascular invasion

Purpose Limited studies have compared the efficacy of postoperative adjuvant therapies in HCC patients with microvascular invasion (MVI). In this study we assess the efficacy of postoperative adjuvant conservative therapy (CT), trans-catheter arterial chemoembolization (TACE) and radiotherapy (RT) in HCC patients with MVI. Results Kaplan-Meier survival analysis revealed that patients in the RT group have significantly improved RFS (RT vs TACE: p = 0.011; RT vs CT: p < 0.001) and OS (RT vs. TACE: p = 0.034; RT vs CT: P < 0.001) compared to TACE and CT groups. Further, subgroup analysis based on the degree of MVI and surgical margin width showed that patients with narrow surgical margin have significantly longer RFS and OS after adjuvant RT than the TACE and CT, independent of degree of MVI. Multivariate analysis indicated that MVI classification is the independent prognostic factor associated with RFS and OS. Materials and Methods Between July 2008 and December 2015, 136 HCC patients with MVI were divided into three groups according to their adjuvant therapies. Survival outcomes namely relapse-free survival (RFS) and overall survival (OS) of the three groups were analyzed. Conclusions Adjuvant radiotherapy following hepatectomy could result in better survival outcomes for HCC patients with MVI than TACE or CT.
The global crisis and equity market contagion DIW

We analyze the transmission of the financial crisis of 2007 to 2009 to 415 country-industry equity portfolios. We use a factor model to predict crisis returns, defining unexplained increases in factor loadings and residual correlations as indicative of contagion. While we find evidence of contagion from the U.S. and the global financial sector, the effects are small. By contrast, there has been substantial contagion from domestic markets to individual domestic portfolios, with its severity inversely related to the quality of countries’ economic fundamentals. This confirms the “wake-up call” hypothesis, with markets focusing more on country-specific characteristics during the crisis. JEL No.: F3, G14, G15
Carcinoembryonic Antigen (CEA) Inhibits NK Killing via Interaction with CEA-Related Cell Adhesion Molecule 11

The NK killing activity is regulated by activating and inhibitory NK receptors. All of the activating ligands identified so far are either viral or stress-induced proteins. The class I MHC proteins are the ligands for most of the inhibitory NK receptors. However, in the past few years, several receptors have been identified that are able to inhibit NK killing independently of class I MHC recognition. We have previously demonstrated the existence of a novel inhibitory mechanism of NK cell cytotoxicity mediated by the homophilic carcinoembryonic Ag (CEA)-related cell adhesion molecule 1 (CEACAM1) interactions. In this study, we demonstrate that CEACAM1 also interacts heterophilically with the CEA protein. Importantly, we show that these heterophilic interactions of CEA and CEACAM1 inhibit the killing by NK cells. Because CEA is expressed on a wide range of carcinomas and commonly used as tumor marker, these results represent a novel role for the CEA protein enabling the escape of tumor cells from NK-mediated killing. We further characterize, for the first time, the CEACAM1-CEA interactions. Using functional and binding assays, we demonstrate that the N domains of CEACAM1 and CEA are crucial but not sufficient for both the CEACAM1-CEACAM1 homophilic and CEACAM1-CEA heterophilic interactions. Finally, we suggest that the involvement of additional domains beside the N domain in the heterophilic and homophilic interactions is important for regulating the balance between cis and trans interactions.
Nitric oxide-modulating agents for gastrointestinal disorders

Almost 20 years after the identification of the biological role of nitric oxide (NO), the full therapeutic potential of novel agents that mimic the activity of NO or interfere with its synthesis has yet to be realised for utilities involving the gastrointestinal tract. New utilities for classical NO donors, which were used as vasodilators for decades, in the treatment of motility disorders have been explored and a product for treating anal fissure was recently launched. New classes of compounds incorporating a NO-donating moiety into standard non-steroidal anti-inflammatory drugs, the NO–non-steroidal anti-inflammatory drugs (NO–NSAIDs) or COX-inhibiting nitric oxide donors (CINODs) have also been developed. These have been shown to exhibit reduced gastrointestinal injury in experimental models, and reports on their efficacy and safety in Phase I and II studies are now available. Modulation of the inducible NO synthase isoform that generates excessive NO that can lead to subsequent cytotoxic moieties, such as peroxynitrite, may have therapeutic possibilities in a range of inflammatory diseases of the gut. Likewise, agents that promote the decomposition of peroxynitrite or removal of its other component, superoxide, may also prove to be of use. Further targets for pharmaceutical exploitation are likely to come from both genomic and molecular insights into the processes that regulate the NO system.
Component(s) of Sendai virus that can induce interferon in mouse spleen cells

To identify the active component of Sendai virus that induces interferon in mouse spleen cells, infectious and noninfectious viruses, envelope particles derived from them, and isolated hemagglutinin-neuraminidase (HN) glycoproteins were examined for interferon induction. The interaction between membranous structures containing Sendai virus HN glycoprotein and the receptors on the cell surface was shown to be sufficient for interferon induction in mouse spleen cells, suggesting that the actual inducer of interferon in mouse spleen cells is the HN glycoprotein of Sendai virus. When mouse spleen cells were stimulated in vitro with Sendai virus grown in eggs or LLC-MK2 cells or with membranous structures containing glycoproteins obtained from these viruses, interferon could be detected in the culture fluid. Furthermore, isolated HN glycoprotein per se could induce interferon in the cells. A linear correlation was found between the titer of interferon induced and the hemagglutinating activity of the membranous structure containing the HN glycoprotein. It was concluded from these findings that HN glycoprotein was the active component of Sendai virus responsible for interferon induction in mouse spleen cells and that viral RNA and F glycoprotein were not required. The results also showed that the interaction between HN glycoprotein and receptors on the cell surface triggered production of type I interferon (IFN-alpha and IFN-beta). Although when Sendai virus was incubated at 56 degrees C for 5 min it lost its hemolytic and hemagglutinating activities, it induced a considerable amount of interferon in the culture fluid of mouse spleen cells. The interferon-inducing ability of heat-inactivated virus could be absorbed with mouse spleen cells but not with sheep erythrocytes or mouse erythrocytes, indicating that the inactivated virus retained ability to bind to mouse lymphoid cells.
Impact Of Owners’ Education And Work Experience On The Growth Of Handicraft Smes In Pakistan

The general purpose of this study is to investigate factors that positively affect growth in the small and medium size enterprises (SMEs). Preliminary research highlighted the fact that few (if any), past studies had focused on the owners of SMEs and in particular if educational attainment and work experience had had any effect upon business growth. The author had a particular interest in Pakistani SMEs and coming from Sindh, was interested in investigating these factors in Handicraft SMEs currently operating/located in Hyderabad, as (despite being significant local employers), handicraft SMEs in the Hyderabad region have (due to sociopolitical and socio-economic reasons), long been neglected by local and regional government. In this study (after undertaking secondary research and following the literature review stage), the author concluded that a face-to-face structured interview with the owners of SMEs in the handicrafts sector, combined with a short questionnaire approach to data collection, would yield the best results given the limited budget and short timeframe. The results of this (albeit small-scale and limited) study, indicate that there was indeed some evidence of a positive link between the level of education (as well as the experience), of Hyderabad SME owners and business growth. At the very least, this highlights the need for further study, whilst at the same time making Hyderabad’s policy-makers aware of the potential benefits of investing in educational support for owners of local SMEs. ____________________
Tolerance to repeat exposure of inhaled endotoxin: an observation in healthy humans

To the Editors: We read with interest the articles on endotoxin research in the May issue of the European Respiratory Journal . The editorial by Bals 1 aptly raised the yet unanswered questions concerning the timing (acute versus chronic) and doses of inhaled endotoxin relevant to health and disease, and the questions of whether the outcome of such exposure is always detrimental. To this end, we wish to add our own preliminary observation of the possibility of tolerance to repeat exposure of inhaled lipopolysaccharide (LPS) in healthy nonatopic humans at 4 weeks. In a double-blind, crossover study, eight healthy human subjects were randomised to receiving either a single inhaled dose of 50 µg salmeterol or placebo prior to being challenged with a 15-µg dose of Escherichia …
Blockade of CD28-B7, But Not CD40-CD154, Prevents Costimulation of Allogeneic Porcine and Xenogeneic Human Anti-Porcine T Cell Responses1

Despite increasing use of swine in transplantation research, the ability to block costimulation of allogeneic T cell responses has not been demonstrated in swine, and the effects of costimulatory blockade on xenogeneic human anti-porcine T cell responses are also not clear. We have compared the in vitro effects of anti-human CD154 mAb and human CTLA4IgG4 on allogeneic pig T cell responses and xenogeneic human anti-pig T cell responses. Both anti-CD154 mAb and CTLA4IgG4 cross-reacted on pig cells. While anti-CD154 mAb and CTLA4IgG4 both inhibited the primary allogeneic pig MLRs, CTLA4IgG4 (7.88 μg/ml) was considerably more inhibitory than anti-CD154 mAb (100 μg/ml) at optimal doses. Anti-CD154 mAb inhibited the production of IFN-γ by 75%, but did not inhibit IL-10 production, while CTLA4IgG4 completely inhibited the production of both IFN-γ and IL-10. In secondary allogeneic pig MLRs, CTLA4IgG4, but not anti-CD154 mAb, induced Ag-specific T cell anergy. CTLAIgG4 completely blocked the indirect pathway of allorecognition, while anti-CD154 mAb blocked the indirect response by approximately 50%. The generation of porcine CTLs was inhibited by CTLA4IgG4, but not by anti-CD154 mAb. Human anti-porcine xenogeneic MLRs were blocked by CTLA4IgG4, but only minimally by anti-CD154 mAb. Finally, CTLA4IgG4 prevented secondary xenogeneic human anti-porcine T cell responses. These data indicate that blockade of the B7-CD28 pathway was more effective than blockade of the CD40-CD154 pathway in inhibiting allogeneic pig T cell responses and xenogeneic human anti-pig T cell responses in vitro. These findings have implications for inhibiting cell-mediated immune responses in pig-to-human xenotransplantation.
ANALYSIS OF THE EFFECT OF RETURN ON ASSETS, EARNINGS PER SHARE, INFLATION RATE, AND INTEREST RATE ON STOCK RETURN: A CASE STUDY OF SOE BANKING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE

One of the means for medium and long-term investments is the capital market. Capital market is the most effective means for investors to invest in profits. This research aims to analyze the effect of changes in Return on Assets (ROA), Earnings per Share (EPS), Inflation Rate, and Interest Rate on stock return in SOE banks listed on the Indonesia Stock Exchange within the research period of 2012-2016. This research uses secondary data. The research population is the financial statements of 4 Persero Banks including PT Bank Negara Indonesia Tbk, PT Bank Rakyat Indonesia Tbk, PT Bank Mandiri Tbk, and PT Bank Tabungan Negara Tbk within the research period of 5 years from 2012 to 2016. Research sampling was conducted using the purposive sampling method. The data analysis was carried out using classical assumption test, multiple linear regression analysis, t-test, and Ftest with the help of SPSS 19. The research findings showed that the Interest Rate partially has a significant effect on Stock Return. Meanwhile, ROA, EPS, and Inflation Rate partially do not have a significant effect on Stock Return. Moreover, simultaneously ROA, EPS, Inflation Rate and Interest Rate have a significant effect on Stock Return.
Low Vocal Pitch Preference Drives First Impressions Irrespective of Context in Male Voices but Not in Female Voices

Vocal pitch has been found to influence judgments of perceived trustworthiness and dominance from a novel voice. However, the majority of findings arise from using only male voices and in context-specific scenarios. In two experiments, we first explore the influence of average vocal pitch on first-impression judgments of perceived trustworthiness and dominance, before establishing the existence of an overall preference for high or low pitch across genders. In Experiment 1, pairs of high- and low-pitched temporally reversed recordings of male and female vocal utterances were presented in a two-alternative forced-choice task. Results revealed a tendency to select the low-pitched voice over the high-pitched voice as more trustworthy, for both genders, and more dominant, for male voices only. Experiment 2 tested an overall preference for low-pitched voices, and whether judgments were modulated by speech content, using forward and reversed speech to manipulate context. Results revealed an overall preference for low pitch, irrespective of direction of speech, in male voices only. No such overall preference was found for female voices. We propose that an overall preference for low pitch is a default prior in male voices irrespective of context, whereas pitch preferences in female voices are more context- and situation-dependent. The present study confirms the important role of vocal pitch in the formation of first-impression personality judgments and advances understanding of the impact of context on pitch preferences across genders.
The use of oral fertility drugs in the treatment of unexplained infertility: why the recommendations are wrong!

DOI:10.1097/GCO.0000000000000085 monly encountered in the modern reproductive endocrinology and infertility practice. It often proves frustrating to the patient in that there is no specific, identifiable problem at which treatment can be directed. Instead, a number of empiric therapies have been developed to treat these couples [1]. Among such treatments is the use of oral ovulationinduction drugs. Empiric treatment with clomiphene citrate and, more recently, letrozole, has been a popular first-line approach with many gynecologists, reproductive endocrinologists, and even family physicians. However, recent recommendations have discouraged this practice. The Cochrane Collaboration, in a 2010 systematic review and meta-analysis, states that ‘there is no evidence of clinical benefit of clomiphene citrate for unexplained infertility’ [2]. Similarly, a 2013 Committee Opinion from the American Society for Reproductive Medicine (ASRM) states that on the basis of available evidence, empiric use of clomiphene with intercourse in the treatment of unexplained infertility is no better than expectant management and should be discouraged [3]. These recommendations, although originating from well respected sources, are wrong! The reasons why they are incorrect illustrate problems and limitations of many randomized trials and systematic reviews. When designing a high-quality study, it is important to ask and then answer the correct question. It is also imperative to have an adequate sample size. Finally, it is essential to completely delve into and analyze existing data versus taking simple outcome measures at face value. The editorial will closely examine the existing data and illustrate why oral ovulation induction medications, even in the absence of intrauterine insemination (IUI), are of value in the treatment of unexplained infertility. I will also provide conditions which appear to be necessary to achieve this efficacy, as well as a blueprint for future studies to address this topic. The reason for subfertility in the patient with unexplained infertility is, by definition, unknown.