bluuebunny/crossref_metadata_2025 huggingface dataset:
Poison Put Bonds: An Analysis of Their Economic Role
Authors: COOK DOUGLAS O. , EASTERWOOD JOHN C.
Published: April 2012

This article examines the effect of issuing debt with and without “poison put” covenants on outstanding debt and equity claims for the period 1988 to 1989. The analysis shows that “poison put” covenants affect stockholders negatively and outstanding bondholders positively, while debt issued without such covenants has no effect. The study also finds a negative relationship between stock and bond returns for firms issuing poison put debt. These results are consistent with a “mutual interest hypothesis,” which suggests that the issuance of poison put debt protects managers and, coincidentally, bondholders, at the expense of stockholders.
The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis
Authors: MEGGINSON WILLIAM L. , NASH ROBERT C. , VAN RANDENBORGH MATTHIAS
Published: April 2012

This study compares the pre and postprivatization financial and operating performance of 61 companies from 18 countries and 32 industries that experience full or partial privatization through public share offerings during the period 1961 to 1990. Our results document strong performance improvements, achieved surprisingly without sacrificing employment security. Specifically, after being privatized, firms increase real sales, become more profitable, increase their capital investment spending, improve their operating efficiency, and increase their work forces. Furthermore, these companies significantly lower their debt levels and increase dividend payout. Finally, we document significant changes in the size and composition of corporate boards of directors after privatization.
On Cointegration and Exchange Rate Dynamics
Authors: DIEBOLD FRANCIS X. , GARDEAZABAL JAVIER , YILMAZ KAMIL
Published: April 2012

Baillie and Bollerslev (1989) have recently argued that nominal dollar spot exchange rates are cointegrated. Here we examine an immediate implication of their finding, namely, that cointegration implies an error‐correction representation yielding forecasts superior to those from a martingale benchmark, in light of a large earlier literature highlighting the predictive superiority of the martingale. In an out‐of‐sample forecasting exercise, we find the martingale model to be superior. We then perform a battery of improved cointegration tests and find that the evidence for cointegration is much less strong than previously thought, a result consistent with the outcome of the forecasting exercise.
Survival
Authors: BROWN STEPHEN J. , GOETZMANN WILLIAM N. , ROSS STEPHEN A.
Published: April 2012

Empirical analysis of rates of return in finance implicitly condition on the security surviving into the sample. We investigate the implications of such conditioning on the time series of rates of return. In general this conditioning induces a spurious relationship between observed return and total risk for those securities that survive to be included in the sample. This result has immediate implications for the equity premium puzzle. We show how these results apply to other outstanding problems of empirical finance. Long‐term autocorrelation studies focus on the statistical relation between successive holding period returns, where the holding period is of possibly extensive duration. If the equity market survives, then we find that average return in the beginning is higher than average return near the end of the time period. For this reason, statistical measures of long‐term dependence are typically biased towards the rejection of a random walk. The result also has implications for event studies. There is a strong association between the magnitude of an earnings announcement and the postannouncement performance of the equity. This might be explained in part as an artefact of the stock price performance of firms in financial distress that survive an earnings announcement. The final example considers stock split studies. In this analysis we implicitly exclude securities whose price on announcement is less than the prior average stock price. We apply our results to this case, and find that the condition that the security forms part of our positive stock split sample suffices to explain the upward trend in event‐related cumulated excess return in the preannouncement period.
One Security, Many Markets: Determining the Contributions to Price Discovery
Authors: HASBROUCK JOEL
Published: April 2012

When homogeneous or closely‐linked securities trade in multiple markets, it is often of interest to determine where price discovery (the incorporation of new information) occurs. This article suggests an econometric approach based on an implicit unobservable efficient price common to all markets. The information share associated with a particular market is defined as the proportional contribution of that market's innovations to the innovation in the common efficient price. Applied to quotes for the thirty Dow stocks, the technique suggests that the preponderance of the price discovery takes place at the New York Stock Exchange (NYSE) (a median 92.7 percent information share).
Time‐Varying Expected Returns in International Bond Markets
Authors: ILMANEN ANTTI
Published: April 2012

This article examines the predictable variation in long‐maturity government bond returns in six countries. A small set of global instruments can forecast 4 to 12 percent of monthly variation in excess bond returns. The predictable variation is statistically and economically significant. Moreover, expected excess bond returns are highly correlated across countries. A model with one global risk factor and constant conditional betas can explain international bond return predictability if the risk factor is proxied by the world excess bond return, but not if it is proxied by the world excess stock return.
Testing the Expectations Hypothesis on the Term Structure of Volatilities in Foreign Exchange Options
Authors: CAMPA JOSÉ MANUEL , CHANG P. H. KEVIN
Published: April 2012

This article tests the expectations hypothesis in the term structure of volatilities in foreign exchange options. In particular, it addresses whether long‐dated volatility quotes are consistent with expected future short‐dated volatility quotes, assuming rational expectations. For options observed daily from December 1, 1989 to August 31, 1992 on dollar exchange rates against the pound, mark, yen, and Swiss franc, we are unable to reject the expectations hypothesis in the great majority of cases. The current spread between long‐ and short‐dated volatility rates proves to be a significant predictor of the direction of future short‐dated rates.
The Maturity Structure of Corporate Debt
Authors: BARCLAY MICHAEL J. , SMITH CLIFFORD W.
Published: April 2012

We provide an empirical examination of the determinants of corporate debt maturity. Our evidence offers strong support for the contracting‐cost hypothesis. Firms that have few growth options, are large, or are regulated have more long‐term debt in their capital structure. We find little evidence that firms use the maturity structure of their debt to signal information to the market. The evidence is consistent, however, with the hypothesis that firms with larger information asymmetries issue more short‐term debt. We find no evidence that taxes affect debt maturity.
Debt Financing under Asymmetric Information
Authors: GOSWAMI GAUTAM , NOE THOMAS , REBELLO MICHAEL
Published: April 2012

We analyze the optimal design of debt maturity, coupon payments, and dividend payout restrictions under asymmetric information. We show that, if the asymmetry of information is concentrated around long‐term cash flows, firms finance with coupon‐bearing long‐term debt that partially restricts dividend payments. If the asymmetry of information is concentrated around near‐term cash flows and there exists considerable refinancing risk, firms finance with coupon‐bearing long‐term debt that does not restrict dividend payments. Finally, if the asymmetry of information is uniformly distributed across dates, firms finance with short‐term debt.
Postbankruptcy Performance and Management Turnover
Authors: HOTCHKISS EDITH SHWALB
Published: April 2012

This article examines the performance of 197 public companies that emerged from Chapter 11. Over 40 percent of the sample firms continue to experience operating losses in the three years following bankruptcy; 32 percent reenter bankruptcy or privately restructure their debt. The continued involvement of prebankruptcy management in the restructuring process is strongly associated with poor post‐bankruptcy performance. The substantial number of firms emerging from Chapter 11 that are not viable or need further restructuring provides little evidence that the process effectively rehabilitates distressed firms and is consistent with the view that there are economically important biases toward continuation of unprofitable firms.
Pricing Derivatives on Financial Securities Subject to Credit Risk
Authors: JARROW ROBERT A. , TURNBULL STUART M.
Published: April 2012

This article provides a new methodology for pricing and hedging derivative securities involving credit risk. Two types of credit risks are considered. The first is where the asset underlying the derivative security may default. The second is where the writer of the derivative security may default. We apply the foreign currency analogy of Jarrow and Turnbull (1991) to decompose the dollar payoff from a risky security into a certain payoff and a “spot exchange rate.” Arbitrage‐free valuation techniques are then employed. This methodology can be applied to corporate debt and over the counter derivatives, such as swaps and caps.
Information Quality, Performance Measurement, and Security Demand in Rational Expectations Economies
Authors: NOE THOMAS H. , RAMAMURTIE BUDDHAVARAPU SAILESH
Published: April 2012

The relationship between asset demand and information quality in rational expectations economies is analyzed. First we derive a number of new summary descriptive statistics that measure four basic characteristics of investment style: asset selection, market timing, aggressiveness, and specialization. Then we relate these statistics to the divergence between a given investor's information structure and the market average information structure. Finally, we demonstrate that informational differentials can be identified, and consistently estimated, using ordinary least squares, from the time‐series of observed asset demand.
Good News, Bad News, Volatility, and Betas
Authors: BRAUN PHILLIP A. , NELSON DANIEL B. , SUNIER ALAIN M.
Published: April 2012

We investigate the conditional covariances of stock returns using bivariate exponential ARCH (EGARCH) models. These models allow market volatility, portfolio‐specific volatility, and beta to respond asymmetrically to positive and negative market and portfolio returns, i.e., “leverage” effects. Using monthly data, we find strong evidence of conditional heteroskedasticity in both market and non‐market components of returns, and weaker evidence of time‐varying conditional betas. Surprisingly while leverage effects appear strong in the market component of volatility, they are absent in conditional betas and weak and/or inconsistent in nonmarket sources of risk.
An Empirical Analysis of the Limit Order Book and the Order Flow in the Paris Bourse
Authors: BIAIS BRUNO , HILLION PIERRE , SPATT CHESTER
Published: April 2012

As a centralized, computerized, limit order market, the Paris Bourse is particularly appropriate for studying the interaction between the order book and order flow. Descriptive methods capture the richness of the data and distinctive aspects of the market structure. Order flow is concentrated near the quote, while the depth of the book is somewhat larger at nearby valuations. We analyze the supply and demand of liquidity. For example, thin books elicit orders and thick books result in trades. To gain price and time priority, investors quickly place orders within the quotes when the depth at the quotes or the spread is large. Consistent with information effects, downward (upward) shifts in both bid and ask quotes occur after large sales (purchases).
Does the Liquidity of a Debt Issue Increase with Its Size? Evidence from the Corporate Bond and Medium‐Term Note Markets
Authors: CRABBE LELAND E. , TURNER CHRISTOPHER M.
Published: April 2012

To investigate the liquidity of large issues, this study tests for yield differences between corporate bonds and medium‐term notes (MTNs). In the sample, MTNs have an average issue size of $4 million, compared with $265 million for bonds. Among MTNs that have the same issuance date, the same maturity date, and the same corporate issuer, we find no relation between size and yields. Moreover, bonds and MTNs have statistically equivalent yields. Thus, rather than suggesting that large issues have greater liquidity, these findings indicate that large and small securities issued by the same borrower are close substitutes.
Measuring Fund Strategy and Performance in Changing Economic Conditions
Authors: FERSON WAYNE E. , SCHADT RUDI W.
Published: April 2012

The use of predetermined variables to represent public information and time‐variation has produced new insights about asset pricing models, but the literature on mutual fund performance has not exploited these insights. This paper advocates conditional performance evaluation in which the relevant expectations are conditioned on public information variables. We modify several classical performance measures to this end and find that the predetermined variables are both statistically and economically significant. Conditioning on public information controls for biases in traditional market timing models and makes the average performance of the mutual funds in our sample look better.
Oil and the Stock Markets
Authors: JONES CHARLES M. , KAUL GAUTAM
Published: April 2012

We test whether the reaction of international stock markets to oil shocks can be justified by current and future changes in real cash flows and/or changes in expected returns. We find that in the postwar period, the reaction of United States and Canadian stock prices to oil shocks can be completely accounted for by the impact of these shocks on real cash flows alone. In contrast, in both the United Kingdom and Japan, innovations in oil prices appear to cause larger changes in stock prices than can be justified by subsequent changes in real cash flows or by changing expected returns.
Call and Continuous Trading Mechanisms Under Asymmetric Information: An Experimental Investigation
Authors: SCHNITZLEIN CHARLES R.
Published: April 2012

I examine the relative performance of call and continuous auctions under asymmetric information by manipulating trading rules and information sets in laboratory asset markets. I find significant differences in an environment that extends the Kyle (1985) framework to permit the exogenous liquidity trading motive to have a natural economic interpretation. The adverse selection costs incurred by noise traders are significantly lower under the call auction, despite no significant reduction in average price efficiency. This result suggests that discussions of the costs and benefits of insider trading should take place within the context of a specific trading mechanism.
An Empirical Investigation of Short‐Selling Activity Prior to Seasoned Equity Offerings
Authors: SAFIEDDINE ASSEM , WILHELM WILLIAM J.
Published: April 2012

We investigate the nature and magnitude of short‐selling activity around seasoned equity offerings, the relation between short‐selling activity and issue discounts, and the consequences of the Securities and Exchange Commission (SEC's) adoption of Rule 10b‐21 in response to concerns about manipulative short‐selling practices. Seasoned offerings are characterized by abnormally high levels of short selling and option open interest. Higher levels of such activity are related to lower expected proceeds from the issuance of new shares. Where it could not be circumvented, Rule 10b‐21 appears to have curbed short‐selling activity and reduced issue discounts.
Swap Rates and Credit Quality
Authors: DUFFIE DARRELL , HUANG MING
Published: April 2012

This article presents a model for valuing claims subject to default by both contracting parties, such as swaps and forwards. With counterparties of different default risk, the promised cash flows of a swap are discounted by a switching discount rate that, at any given state and time, is equal to the discount rate of the counterparty for whom the swap is currently out of the money (that is, a liability). The impact of credit‐risk asymmetry and of netting is presented through both theory and numerical examples, which include interest rate and currency swaps.
The Value of Diversification During the Conglomerate Merger Wave
Authors: SERVAES HENRI
Published: April 2012

The current trend toward corporate focus reverses the diversification trend of the late 1960s and early 1970s. This article examines the value of diversification when many corporations started to diversify. I find no evidence that diversified companies were valued at a premium over single segment firms during the 1960s and 1970s. On the contrary, there was a large diversification discount during the 1960s, but this discount declined to zero during the 1970s. Insider ownership was negatively related to diversification during the 1960s, but when the diversification discount declined, firms with high insider ownership were the first to diversify.
Liquidity, Information, and Infrequently Traded Stocks
Authors: EASLEY DAVID , KIEFER NICHOLAS M. , O'HARA MAUREEN , PAPERMAN JOSEPH B.
Published: April 2012

This article investigates whether differences in information‐based trading can explain observed differences in spreads for active and infrequently traded stocks. Using a new empirical technique, we estimate the risk of information‐based trading for a sample of New York Stock Exchange (NYSE) listed stocks. We use the information in trade data to determine how frequently new information occurs, the composition of trading when it does, and the depth of the market for different volume‐decile stocks. Our most important empirical result is that the probability of information‐based trading is lower for high volume stocks. Using regressions, we provide evidence of the economic importance of information‐based trading on spreads.
Earnings Announcements and the Components of the Bid‐Ask Spread
Authors: KRINSKY ITZHAK , LEE JASON
Published: April 2012

This study investigates the behavior of the components of the bid‐ask spread around earnings announcements. We find that the adverse selection cost component significantly increases surrounding the announcements, while the inventory holding and order processing components significantly decline during the same periods. Our results suggest that the directional change in the total bid‐ask spread depends on the relative magnitudes of the changes in these three components. Specifically, the decreases in inventory holding costs and order processing costs imply that earnings announcements may have an insignificant impact on the total bid‐ask spread, even when they result in increased information asymmetry.
The Conditional CAPM and the Cross‐Section of Expected Returns
Authors: JAGANNATHAN RAVI , WANG ZHENYU
Published: April 2012

Most empirical studies of the static CAPM assume that betas remain constant over time and that the return on the value‐weighted portfolio of all stocks is a proxy for the return on aggregate wealth. The general consensus is that the static CAPM is unable to explain satisfactorily the cross‐section of average returns on stocks. We assume that the CAPM holds in a conditional sense, i.e., betas and the market risk premium vary over time. We include the return on human capital when measuring the return on aggregate wealth. Our specification performs well in explaining the cross‐section of average returns.
Multifactor Explanations of Asset Pricing Anomalies
Authors: FAMA EUGENE F. , FRENCH KENNETH R.
Published: April 2012

Previous work shows that average returns on common stocks are related to firm characteristics like size, earnings/price, cash flow/price, book‐to‐market equity, past sales growth, long‐term past return, and short‐term past return. Because these patterns in average returns apparently are not explained by the CAPM, they are called anomalies. We find that, except for the continuation of short‐term returns, the anomalies largely disappear in a three‐factor model. Our results are consistent with rational ICAPM or APT asset pricing, but we also consider irrational pricing and data problems as possible explanations.
Return Volatility and Trading Volume: An Information Flow Interpretation of Stochastic Volatility
Authors: ANDERSEN TORBEN G.
Published: April 2012

The paper develops an empirical return volatility‐trading volume model from a microstructure framework in which informational asymmetries and liquidity needs motivate trade in response to information arrivals. The resulting system modifies the so‐called “Mixture of Distribution Hypothesis” (MDH). The dynamic features are governed by the information flow, modeled as a stochastic volatility process, and generalize standard ARCH specifications. Specification tests support the modified MDH representation and show that it vastly outperforms the standard MDH. The findings suggest that the model may be useful for analysis of the economic factors behind the observed volatility clustering in returns.
Capital Requirements, Monetary Policy, and Aggregate Bank Lending: Theory and Empirical Evidence
Authors: THAKOR ANJAN V.
Published: April 2012

Capital requirements linked solely to credit risk are shown to increase equilibrium credit rationing and lower aggregate lending. The model predicts that the bank's decision to lend will cause an abnormal runup in the borrower's stock price and that this reaction will be greater the more capital‐constrained the bank. I provide empirical support for this prediction. The model explains the recent inability of the Federal Reserve to stimulate bank lending by increasing the money supply. I show that increasing the money supply can either raise or lower lending when capital requirements are linked only to credit risk.
A Simple Nonparametric Approach to Derivative Security Valuation
Authors: STUTZER MICHAEL
Published: April 2012

Canonical valuation uses historical time series to predict the probability distribution of the discounted value of primary assets' discounted prices plus accumulated dividends at any future date. Then the axiomatically‐rationalized maximum entropy principle is used to estimate risk‐neutral (equivalent martingale) probabilities that correctly price the primary assets, as well as any predesignated subset of derivative securities whose payoffs occur at this date. Valuation of other derivative securities proceeds by calculation of its discounted, risk‐neutral expected value. Both simulation and empirical evidence suggest that canonical valuation has merit.
Expectations and the Cross‐Section of Stock Returns
Authors: LA PORTA RAFAEL
Published: April 2012

Previous research has shown that stocks with low prices relative to book value, cash flow, earnings, or dividends (that is, value stocks) earn high returns. Value stocks may earn high returns because they are more risky. Alternatively, systematic errors in expectations may explain the high returns earned by value stocks. I test for the existence of systematic errors using survey data on forecasts by stock market analysts. I show that investment strategies that seek to exploit errors in analysts' forecasts earn superior returns because expectations about future growth in earnings are too extreme.
Tests of the Relations Among Marketwide Factors, Firm‐Specific Variables, and Stock Returns Using a Conditional Asset Pricing Model
Authors: HE JIA , KAN RAYMOND , NG LILIAN , ZHANG CHU
Published: April 2012

In this article we generalize Harvey's (1989) empirical specification of conditional asset pricing models to allow for both time‐varying covariances between stock returns and marketwide factors and time‐varying reward‐to‐covariabilities. The model is then applied to examine the effects of firm size and book‐to‐market equity ratios. We find that the traditional asset pricing model with commonly used factors can only explain a small portion of the stock returns predicted by firm size and book‐to‐market equity ratios. The results indicate that allowing time‐varying covariances and time‐varying reward‐to‐covariabilities does little to salvage the traditional asset pricing models.
Acute hemodialysis complications in end‐stage renal disease patients: The burden and implications for the under‐resourced Sub‐Saharan African health systems
Authors: Kaze Francois Folefack , Ashuntantang Gloria , Kengne Andre Pascal , Hassan Aboubakar , Halle Marie Patrice , Muna Wallinjom
Published: April 2012

Little is known about the challenges of routine renal replacement therapy in Sub‐Saharan Africa. We investigated the fatal and nonfatal acute hemodialysis (HD) complications in patients with end‐stage renal disease (ESRD) in two main dialysis centers in Cameroon. 1000 consecutive HD sessions incurred over a 4‐month period by 129 patients (96 men, 74%) with ESRD, receiving two weekly HD sessions of 4 hours each, were considered. Personal and clinical profiles before, during, and within 24 hours after HD sessions were used to diagnose complications. Participants were aged 7 to 80 years (mean 46 years). In all, 452 acute complications were recorded in 411 (41%) of the 1000 HD sessions. Of the 11 types of complications, hypotension (25%), muscular cramps (22%), hypertensive crisis (14%), pruritus (10%), and fever (7%) were the most frequent. Three hundred and six complications (67.7%) occurred during understaffed nighttime. The vascular access was the main bleeding site with 64%. Being diabetic and ultrafiltration rate >1000 mL/h were associated with hypotension and muscle cramps. The shorter duration in dialysis was associated with the risk of bleeding and the disequilibrium syndrome while longer duration was associated with muscle cramps. Four deaths (three from bleeding and one from disequilibrium syndrome) occurred, all during nighttime. Nearly half of dialysis sessions in these settings are associated with acute complications, some of which are fatal. Those complications occurred mostly during understaffed periods. Urgent strategies are needed to quickly solve the human capital crisis in the health care sector.
Densification Behavior and Thermal Properties of Hafnium Diboride with the Addition of Boron Carbides
Authors: Brown‐Shaklee Harlan J. , Fahrenholtz William G. , Hilmas Greg E.
Published: April 2012

Densification behavior and thermal properties of hot‐pressed HfB2–BxC particulate composites were studied. Boron carbide powders were synthesized throughout the homogeneity range (B4.3C–B˜10C) and beyond the carbon‐saturated (B3C) and boron‐saturated (B12C) limits for use as sintering additives in HfB2. Changes in the densification behavior of HfB2 were observed with changes in the B/C ratio of the boron carbide sintering additive. The most effective sintering additives were either the carbon or boron saturated boron carbides which produced composites with the highest relative densities. The improved densification behavior was caused by a combination of removal of surface oxides due to chemical reactivity and changes in the B‐ or Hf‐vacancy concentration in the HfB2 matrix phase. Thermal conductivities of the ceramics were only affected slightly by boron carbide stoichiometry. Thermal conductivities of HfB2 with 10 mol% additions of boron carbides ranged from 114 to 131 W·(m·K)−1 at room temperature and from 87 to 93 W·(m·K)−1 at 1000°C. Measureable changes in composite thermal conductivity with composition were attributed to slight differences in hot‐pressed densities that resulted from different boron carbide B/C stoichiometries.
Gamete donors’ motivation in a Swedish national sample: is there any ambivalence? A descriptive study
Authors: SVANBERG AGNETA SKOOG , LAMPIC CLAUDIA , GEIJERWALL ANN‐LOUISE , GUDMUNDSSON JOHANNES , KARLSTRÖM PER‐OLOF , SOLENSTEN NILS‐GUNNAR , SYDSJÖ GUNILLA
Published: April 2012

Objective. To study donors’ motivation and ambivalence before donation of gametes. Design. Cross‐sectional study. Setting. Seven Swedish university hospital clinics. Sample. Of the 220 eligible oocyte donors and 156 eligible sperm donors who were approached, 181 (82%) oocyte donors and 119 (76%) sperm donors agreed to participate. Methods. Gamete donors completed a questionnaire in the clinic prior to the donation. Main outcome measures. Motives and ambivalence towards donation. Results. In general, gamete donors donated for altruistic reasons (95%). A greater percentage of oocyte than sperm donors had a personal experience of biological children, which motivated them to donate (65 vs. 32%). A greater percentage of sperm donors compared with oocyte donors were curious about their own fertility (24 vs. 9%), and they also believed that they were contributing what they regarded as their own good genes to other couples (45 vs. 20%). Prior to donation, potential sperm donors were more ambivalent towards donating than were oocyte donors (39 and 21%, p < 0.001). Conclusions. The motives to donate gametes are mainly altruistic. We conclude that men and women differ in their view towards donating gametes. Sperm donors had a higher degree of ambivalent feelings towards donation than oocyte donors.
Identification of cases with adverse neonatal outcome monitored by cardiotocography versus ST analysis: secondary analysis of a randomized trial
Authors: WESTERHUIS MICHELLE E.M.H. , PORATH MARTINA M. , BECKER JEROEN H. , VAN DEN AKKER ELINE S.A. , VAN BEEK ERIK , VAN DESSEL HENDRIKUS J.H.M. , DROGTROP ADDY P. , VAN GEIJN HERMAN P. , GRAZIOSI GIUSEPPI C.M. , GROENENDAAL FLORIS , VAN LITH JAN M.M. , MOL BEN WILLEM J. , MOONS KAREL G.M. , NIJHUIS JAN G. , OEI SWAN G. , OOSTERBAAN HERMAN P. , RIJNDERS ROBBERT J.P. , SCHUITEMAKER NICO W.E. , WIJNBERGER LIA D.E. , WILLEKES CHRISTINE , WOUTERS MAURICE G.A.J. , VISSER GERARD H.A. , KWEE ANNEKE
Published: April 2012

Objective. To evaluate whether correct adherence to clinical guidelines might have led to prevention of cases with adverse neonatal outcome. Design. Secondary analysis of cases with adverse outcome in a multicenter randomized clinical trial. Setting. Nine Dutch hospitals. Population. Pregnant women with a term singleton fetus in cephalic position. Methods. Data were obtained from a randomized trial that compared monitoring by STAN® (index group) with cardiotocography (control group). In both trial arms, three observers independently assessed the fetal surveillance results in all cases with adverse neonatal outcome, to determine whether an indication for intervention was present, based on current clinical guidelines. Main outcome measures. Adverse neonatal outcome cases fulfilled one or more of the following criteria: (i) metabolic acidosis in umbilical cord artery (pH < 7.05 and base deficit in extracellular fluid >12 mmol/L); (ii) umbilical cord artery pH < 7.00; (iii) perinatal death; and/or (iv) signs of moderate or severe hypoxic ischemic encephalopathy. Results. We studied 5681 women, of whom 61 (1.1%) had an adverse outcome (26 index; 35 control). In these women, the number of performed operative deliveries for fetal distress was 18 (69.2%) and 16 (45.7%), respectively. Reassessment of all 61 cases showed that there was a fetal indication to intervene in 23 (88.5%) and 19 (57.6%) cases, respectively. In 13 (50.0%) vs. 11 (33.3%) cases, respectively, this indication occurred more than 20 min before the time of delivery, meaning that these adverse outcomes could possibly have been prevented. Conclusions. In our trial, more strict adherence to clinical guidelines could have led to additional identification and prevention of adverse outcome.
Clinical utility of a novel colorimetric chair side test for oral malodour
Authors: Dadamio Jesica , Van Tornout Marie , Vancauwenberghe Frederique , Federico Rodolfo , Dekeyser Christel , Quirynen Marc
Published: April 2012

Abstract

Aim

The aim of this study was to evaluate the utility of a simple colorimetric chair side test detecting amines in saliva as an adjunct test in the oral malodour diagnosis.

Material and Methods

Non‐stimulated saliva samples were collected from 100 volunteers with different degrees of oral malodour. The amount of amines detected by the test was estimated clinically (colorimetric test), confirmed semi quantitatively in the laboratory (standard addition method) and consequently compared with (i) the organoleptic score (OLS); (ii) the volatile sulphur compounds (VSCs) levels (OralChroma™) and (iii) the amount of amines detected by means of gas chromatography – mass spectroscopy.

Results

The chair side test correlated well (Spearman correlation coefficient: 0.46–0.77), with the OLS, the level of VSCs, and the amines determined by using gas chromatography – mass spectroscopy. The results of the new test for patients with and without oral malodour were significantly different (Mann–Whitney U‐test, p < 0.0001). The sensitivity, specificity, and positive and negative predictive value of this chair side test were similar to those of the VSCs evaluations.

Conclusions

These results support the “fit for purpose” of the new chair side test as adjunctive diagnostic tool for oral malodour.
Association between education level and dentition status in Japanese adults: Japan public health center‐based oral health study
Authors: Ueno Masayuki , Ohara Satoko , Inoue Manami , Tsugane Shoichiro , Kawaguchi Yoko
Published: April 2012

Objectives

The aim of this study was to examine whether there is an educational gradient in dentition status among Japanese adults who are under the universal public health insurance system.

Methods

Subjects were 1201 community residents aged 55–75 years as of May 2005 who completed a self‐administered questionnaire and had a standard clinical oral examination. Analysis focused on the association of three education levels (junior high school, senior high school, and any college or higher education) with dentition status.

Results

The proportion of subjects with 20 or more teeth (P < 0.001), number of teeth present (P = 0.037), number of filled teeth (P = 0.016), and two types of functional tooth units (FTUs): FTUs with natural teeth (n‐FTUs) (P < 0.001) and FTUs with natural teeth and artificial teeth on implant‐supported and fixed prostheses (nif‐FTUs) (P < 0.001) were significantly associated with education level after adjusting for confounders. The significant trend of these values in dental indexes indicated a poorer dentition status with a lower education level.

Conclusions

The results suggest that the level of education has an independent impact on dentition status in a group of Japanese adults, even after taking into account oral health‐related factors. Therefore, providing appropriate oral health information from an early age within a compulsory school education program appears necessary to enhance health literacy and lessen the inequalities in dental health by educational level.
Impact of the Hall technique for preformed metal crown placement on undergraduate paediatric dentistry experience
Authors: Gilchrist F. , Morgan A. G. , Farman M. , Rodd H. D.
Published: April 2012

The Hall technique, a novel method of placing preformed metal crowns (PMCs) without local anaesthesia or tooth preparation, was introduced to our undergraduate dental curriculum in 2009. This study aimed to describe student experience of, and attitudes towards, PMCs before and after exposure to this new technique. Clinical data were extracted from student logbooks to determine the number of PMCs placed for cohorts graduating in 2005 (n = 55), 2009 (n = 61) and 2010 (n = 75). Five focus groups were also conducted with 29 final‐year dental students. Students graduating in 2005, 2009 and 2010 had placed a mean (range) of 0.03 (0–1), 0.63 (0–5) and 1.15 (0–9) PMCs, respectively. The proportion of students who had placed a PMC increased significantly from only 1.9% in 2005 to 75% in 2010 (P < 0.05, ANOVA). Students reported some positive experiences of the Hall technique. However, concern over perceived lack of future clinical support, an anticipated increase in time and financial pressures, and the ease of use of glass‐ionomer cement as an alternative were described as potential barriers to PMC use. Findings suggest that the introduction of the Hall technique has had a marked impact on the use of PMCs as a treatment modality for carious primary teeth.
Anti‐ageing effects of alpha‐naphthoflavone on normal and UVB‐irradiated human skin fibroblasts
Authors: Liao Po‐Lin , Li Ching‐Hao , Chang Cheng‐Yi , Lu Siang‐Rong , Lin Cheng‐Hui , Tse Ling‐Shan , Cheng Yu‐Wen
Published: April 2012

Ageing is a complex and multifactorial process resulting in several functional and aesthetic changes to the skin. We found that α‐Naphthoflavone (α‐NF) concentration‐dependently induced pro‐collagen type I protein expression and inhibited MMP‐1 protein expression, in both normal and UVB‐irradiated cells. SB431542 and SIS3 – inhibitors of TGF‐β and Smad3, respectively – significantly alleviate α‐NF‐caused response of MMP‐1 and pro‐collagen. LY294002 (PI3K inhibitor) can reverse α‐NF‐induced ERK, Akt, Smad‐3 activation, pro‐collagen synthesis and α‐NF‐suppressed AP‐1 activation. PD (ERK inhibitor) was not involved in pro‐collagen generation and MMP‐1 inhibition. We concluded that α‐NF promotes pro‐collagen production and inhibits MMP‐1 expression via the activation of a PI3K/Akt/Smad‐3 pathway in normal and UVB‐irradiated human skin fibroblasts, while TGF‐β may play an important role in transducing this pathway. These results suggest that α‐NF, a natural plant product, has the potential to become a novel anti‐ageing skin application.
Why adductor magnus muscle is large: The function based on muscle morphology in cadavers
Authors: Takizawa M. , Suzuki D. , Ito H. , Fujimiya M. , Uchiyama E.
Published: April 2012

The aim of this study was to examine anatomical properties of the adductor magnus through a detailed classification, and to hypothesize its function and size to gather enough information about morphology. Ten cadaveric specimens of the adductor magnus were used. The muscle was separated into four portios (AM1–AM4) based on the courses of the corresponding perforating arteries, and its volume, muscle length, muscle fiber length and physiological cross‐sectional area were assessed. The architectural characteristics of these four portions of the adductor magnus were then classified with the aid of principal component analysis. The results led us into demarcating the most proximal part of the adductor magnus (AM1) from the remaining parts (AM2, AM3, and AM4). Classification of the adductor magnus in terms of architectural characteristics differed from the more traditional anatomical distinction. The AM2, AM3, and AM4, having longer muscle fiber lengths than the AM1, appear to be designed as displacers for moving the thigh through a large range of motion. The AM1 appears instead to be oriented principally toward stabilizing the hip joint. The large mass of the adductor magnus should thus be regarded as a complex of functionally differentiable muscle portions.
Effects of prolonged and maintenance strength training on force production, walking, and balance in aging women and men
Authors: Holviala J. , Häkkinen A. , Alen M. , Sallinen J. , Kraemer W. , Häkkinen K.
Published: April 2012

To examine effects of 21‐week twice/week strength training (ST) period followed by an additional 21‐week twice or once/week ST period on force production, walking and balance in aging people. Seventy‐two women (58 ± 7 years; W) and 63 (58 ± 6 years) men (M) were randomized for the first 21‐week ST period: STW and STM, control (C) CW and CM. Training participants were randomized for the second 21‐week ST period: once/week STWx1 and STMx1, twice/week STWx2 and STMx2. LegPress, isometric leg extension rate of force development (RFD), walking time, and balance. First 21‐week ST period: leg press, RFD, balance, and walking improved significantly in STW and STM. Second 21‐week ST period: leg press first increased in STMx1 and STMx2, and then decreased to the level of 21 weeks in STMx2 and remained unchanged in STWx2 and decreased in STWx1 and STMx1. Walking and balance improved significantly in STWx1 and STWx2. A progressive 21‐week ST period twice/week in aging people can lead to large improvements in maximal strength, walking time, and balance in both genders. A further strength training period with the same amount of training may maintain the strength gains, whereas balance and walking may be maintained with less training.
Secretory Leukocyte Protease Inhibitor Binds to Neisseria gonorrhoeae Outer Membrane Opacity Protein and is Bactericidal
Authors: Cooper Morris D. , Roberts Melissa H. , Barauskas Ona L. , Jarvis Gary A.
Published: April 2012

Problem

Secretory leukocyte protease inhibitor (SLPI) is an innate immune peptide present on the genitourinary tract mucosa that has antimicrobial activity. In this study, we investigated the interaction of SLPI with
Neisseria gonorrhoeae.

Method of study

ELISA and far‐Western blots were used to analyze binding of SLPI to gonococci. The binding site for SLPI was identified by tryptic digests and mass spectrometry. Antimicrobial activity of SLPI for gonococci was determined using bactericidal assays. SLPI protein levels in cell supernatants were measured by ELISA, and SLPI mRNA levels were assessed by quantitative RT‐PCR.

Results

SLPI bound directly to the gonococcal Opa protein and was bactericidal. Epithelial cells from the reproductive tract constitutively expressed SLPI at different levels. Gonococcal infection of cells did not affect SLPI expression.

Conclusion

We conclude that SLPI is bactericidal for gonococci and is expressed by reproductive tract epithelial cells and thus is likely to play a role in the pathogenesis of gonococcal infection.
Molecular characterization of fungal populations on the tongue dorsum of institutionalized elderly adults
Authors: Li H , Takeshita T , Furuta M , Tomioka M , Shibata Y , Shimazaki Y , Makimura K , Yamashita Y
Published: April 2012

Oral Diseases (2012) 18, 771–777

Objectives:  To characterize the global composition of oral fungal populations in frail elderly adults and to investigate the relationship with their health status.

Materials and methods:  We investigated the fungal populations on the tongue dorsum in 291 institutionalized elderly adults by molecular PCR‐based techniques using internal transcribed spacer regions of nuclear ribosomal DNA.

Results:  Quantitative PCR analysis showed that fungi were present on the tongue dorsum of 128 subjects at ≥104 CFU per sample, and 35 of them exceeded 105 CFU per sample. Length heterogeneity‐PCR analysis and nucleotide sequence determinations showed that Candida albicans was most frequently detected in those subjects with fungi at ≥104 CFU per sample (105 subjects), followed by Candida dubliniensis (78), Malassezia restricta (57), and Candida tropicalis (45). Statistical analysis revealed that those subjects with ≥105 CFU of fungi other than C. albicans per sample had an increased risk of fever (≥7 febrile days per 12 months) compared with subjects with <105 CFU per sample, after adjustment for other fever‐associated confounding factors.

Conclusions:  These data demonstrate that the oral cavity of the elderly is inhabited by a diverse array of fungi not limited to typical Candida species and they suggest that the diversity in distribution is associated with health status.
Gingivitis and plaque scores of 8‐ to 11‐year‐old Burmese children following participation in a 2‐year school‐based toothbrushing programme
Authors: Rosema NAM , van Palenstein Helderman WH , Van der Weijden GA
Published: April 2012

To cite this article:   Int J Dent Hygiene 10, 2012; 163–168  DOI: 10.1111/j.1601‐5037.2012.00553.x  Rosema NAM, van Palenstein Helderman WH, van der Weijden GA. Gingivitis and plaque scores of 8‐ to 11‐year‐old Burmese children following participation in a 2‐year school‐based toothbrushing (SBTB) programme.

Aim:  The present study assessed whether gingivitis and plaque scores of 8‐ to 11‐year‐old school children who participated in a SBTB programme for 2 years were lower than those of children who did not participate in the programme.

Material and methods:  The present study was performed using an examiner‐blind, parallel group design and was performed in Burma (Myanmar) in 2006. Three of the five schools where daily SBTB programmes took place after lunch and which were performed under teacher supervision were randomly selected; three non‐participating schools (non‐SBTB) from the same area were assigned as controls. Twenty‐five children per school were examined for gingivitis (bleeding on marginal probing) and plaque (Quigley & Hein).

Results:  In total, 150 8‐ to 11‐year‐old children participated, with 75 children in either group. The test group (SBTB) exhibited an overall mean bleeding score of 0.76. For the control group (non‐SBTB), this score was 0.83. With respect to the overall mean plaque scores, the test group exhibited a score of 2.93, whereas the control group exhibited a score of 2.91. No statistically significant differences between the test and the control group were observed.

Conclusion:  The present study did not reveal a statistically significant effect of daily SBTB programmes in 8‐ to 11‐year‐old school children with respect to gingivitis and plaque scores.
RADIOGRAPHIC AND SCINTIGRAPHIC EVALUATION OF THE THIRD CARPAL BONE OF CONTROL HORSES AND HORSES WITH CARPAL LAMENESS
Authors: Simon Valerie , Dyson Sue J.
Published: April 2012

We compared the radiographic and scintigraphic findings in the third carpal bone of horses performing different work disciplines and investigated their relationship with lameness. Horses had undergone carpal radiography including acquisition of a dorsoproximal‐dorsodistal oblique (DPr‐DDiO) image of the distal row of carpal bones and/or scintigraphic examination of the carpi. Cause of lameness, breed, age, and work discipline were recorded. Increased opacity in the third carpal bone was graded, ratio of radiopharmaceutical uptake calculated objectively, and increased radiopharmaceutical uptake graded subjectively. Relationships between radiographic, scintigraphic, and clinical findings were assessed statistically. Increased opacity in the third carpal bone (P = 0.003) and ratio of radiopharmaceutical uptake (P = 0.015) were associated with the work discipline. Increased opacity in the third carpal bone was associated with both increased radiopharmaceutical uptake grade (P = 0.002;rs = 0.59) and ratio of radiopharmaceutical uptake (P = 0.013;rs = 0.46). Increased radiopharmaceutical uptake and increased opacity in the third carpal bone were not always observed concurrently. Lameness related to the middle carpal joint was associated with increased opacity (P < 0.001), ratio of radiopharmaceutical uptake (P = 0.037), and increased radiopharmaceutical uptake grade (P < 0.001). Radiographic and scintigraphic abnormalities were observed in horses performing all disciplines, indicating that high‑speed exercise may not be the only factor determining the development of osseous disease in the third carpal bone. Both increased opacity and increased radiopharmaceutical uptake were more likely to be seen in horses with lameness related to the middle carpal joint than in horses with other sources of pain.