bluuebunny/crossref_metadata_2025 huggingface dataset:
Enhancement of motor imagery‐related cortical activation during first‐person observation measured by functional near‐infrared spectroscopy
Authors: Kobashi Nagisa , Holper Lisa , Scholkmann Felix , Kiper Daniel , Eng Kynan
Published: April 2012

It is known that activity in secondary motor areas during observation of human limbs performing actions is affected by the observer’s viewpoint, with first‐person views generally leading to stronger activation. However, previous neuroimaging studies have displayed limbs in front of the observer, providing an offset view of the limbs without a truly first‐person viewpoint. It is unknown to what extent these pseudo‐first‐person viewpoints have affected the results published to date. In this experiment, we used a horizontal two‐dimensional mirrored display that places virtual limbs at the correct egocentric position relative to the observer. We compared subjects using the mirrored and conventional displays while recording over the premotor cortex with functional near‐infrared spectroscopy. Subjects watched a first‐person view of virtual arms grasping incoming balls on‐screen; they were instructed to either imagine the virtual arm as their own [motor imagery during observation (MIO)] or to execute the movements [motor execution (ME)]. With repeated‐measures anova, the hemoglobin difference as a direct index of cortical oxygenation revealed significant main effects of the factors hemisphere (P = 0.005) and condition (P ≤ 0.001) with significant post hoc differences between MIO‐mirror and MIO‐conventional (P = 0.024). These results suggest that the horizontal mirrored display provides a more accurate first‐person view, enhancing subjects’ ability to perform motor imagery during observation. Our results may have implications for future experimental designs involving motor imagery, and may also have applications in video gaming and virtual reality therapy, such as for patients following stroke.
Biodiversity, metabolism and applications of acidophilic sulfur‐metabolizing microorganisms
Authors: Dopson Mark , Johnson D. Barrie
Published: April 2012

Extremely acidic, sulfur‐rich environments can be natural, such as solfatara fields in geothermal and volcanic areas, or anthropogenic, such as acid mine drainage waters. Many species of acidophilic bacteria and archaea are known to be involved in redox transformations of sulfur, using elemental sulfur and inorganic sulfur compounds as electron donors or acceptors in reactions involving between one and eight electrons. This minireview describes the nature and origins of acidic, sulfur‐rich environments, the biodiversity of sulfur‐metabolizing acidophiles, and how sulfur is metabolized and assimilated by acidophiles under aerobic and anaerobic conditions. Finally, existing and developing technologies that harness the abilities of sulfur‐oxidizing and sulfate‐reducing acidophiles to extract and capture metals, and to remediate sulfur‐polluted waste waters are outlined.
Phylogenetic relationships in the subfamily Psychodinae (Diptera, Psychodidae)
Authors: Espíndola Anahí , Buerki Sven , Jacquier Anouchka , Ježek Jan , Alvarez Nadir
Published: April 2012

Espíndola, A., Buerki, S., Jacquier, A., Ježek, J. & Alvarez, N. (2012). Phylogenetic relationships in the subfamily Psychodinae (Diptera, Psychodidae). —Zoologica Scripta,41, 489–498.

Thanks to recent advances in molecular systematics, our knowledge of phylogenetic relationships within the order Diptera has dramatically improved. However, relationships at lower taxonomic levels remain poorly investigated in several neglected groups, such as the highly diversified moth‐fly subfamily Psychodinae (Lower Diptera), which occurs in numerous terrestrial ecosystems. In this study, we aimed to understand the phylogenetic relationships among 52 Palearctic taxa from all currently known Palearctic tribes and subtribes of this subfamily, based on mitochondrial DNA. Our results demonstrate that in light of the classical systematics of Psychodinae, none of the tribessensuJežek orsensuVaillant is monophyletic, whereas at least five of the 12 sampled genera were not monophyletic. The results presented in this study provide a valuable backbone for future work aiming at identifying morphological synapomorphies to propose a new tribal classification.
Early Sartre on Freedom and Ethics
Authors: Poellner Peter
Published: April 2012

This paper offers a revisionary interpretation ofSartre's early views on human freedom.Sartre articulates a subtle account of a fundamental sense of human freedom as autonomy, in terms of human consciousness being bothreasons‐responsiveand in a distinctive senseself‐determining. The aspects ofSartre's theory of human freedom that underpin his early ethics are shown to be based on his phenomenological analysis of consciousness as, in its fundamental mode of self‐presence, not an object in the world (Section 1). Sartre has a multi‐level theory of the reasons‐sensitivity of consciousness. At one level, consciousness's being alive to reasons is a matter of the affective perception of values and disvalues as features of phenomenal objects (Section 2). This part of his theory, a development ofScheler's, is, however, situated within a broader phenomenological analysis resulting in the claim that theultimatereasons acknowledged by consciousness neither are nor justifiably could be values adequately presentable as intentional objects. Consciousness's ultimate reasons are, in this sense, not given by the world but by itself (Section 3). Section 4 reconstructs and assessesSartre's argument that consciousness cannot rationally have an ultimate end other than self‐transparent (‘authentic’) freedom itself.
Evidence‐based recommendations on topical treatment and phototherapy of psoriasis: systematic review and expert opinion of a panel of dermatologists
Authors: Paul C. , Gallini A. , Archier E. , Castela E. , Devaux S. , Aractingi S. , Aubin F. , Bachelez H. , Cribier B. , Joly P. , Jullien D. , Le Maître M. , Misery L. , Richard M.‐A. , Ortonne J.‐P.
Published: April 2012

Background  Although topical treatments and phototherapy are available for more than 40 years, there is a paucity of evidence‐based recommendations regarding their use.

Objectives  The aim of this work was to develop evidence‐based recommendations on topical treatments and phototherapy in psoriasis for daily clinical use.

Methods  A scientific committee selected clinically relevant questions on efficacy and safety of topical agents and phototherapy in psoriasis. This selection was made using the Delphi method. A systematic literature search was performed in Medline, Embase and the Cochrane Library. The articles selected for analysis were reviewed and the level of evidence was appraised according to the Oxford Levels of Evidence. An Expert consensus meeting took place in June 2011, including 42 dermatologists. Recommendations for use of topical treatments and phototherapy were made during interactive workshops where the evidence was presented and discussed. Agreement among participants was assessed on a 10‐point scale. The participants systematically assessed the impact of the recommendations on clinical practice.

Results  A total of 3555 references were identified, among which 312 articles were included in the systematic reviews. Three recommendations were issued on phototherapy including both PUVA and narrow‐band UVB. The recommendations related to administration schedule, clearance rate and risk of side‐effects. The mean agreement between participants was good varying from 8.5 to 9.5. Six recommendations were issued on topical treatments focusing on administration schedule, clearance rate, risk of side‐effects, cost‐effectiveness and measures to improve treatment adherence. The mean agreement between participants varied from 7.3 to 9.9.

Conclusions  These recommendations for the use of topical agents and phototherapy in psoriasis are evidence‐based and supported by a panel of dermatologists. The next step will be to disseminate these recommendations and assess the opinion of physicians who were not involved in generating the recommendations.
Bullying or violence during training and the risk of dropout from the eldercare sector 2 years later
Authors: Hogh Annie , Giver Hanne , Hannerz Harald , Pedersen Betina Holbæk
Published: April 2012

Background:  The proportion of old people in need of care is growing rapidly in most western societies, and there is a rising demand for qualified eldercare workers in the years to come. Hence, solutions to high turnover in the eldercare sector are becoming increasingly important.

Aim:  To test whether bullying, violence and/or threats of violence (violence) among health care trainees are predictors of subsequent dropout from the eldercare sector 2 years after graduation from college.

Methods:  A questionnaire was given to all health care trainees in Denmark approximately 2 weeks before their graduation in 2004. Female respondents (N = 5000) were followed in national employment registers to see whether they had dropped out of the eldercare sector by the end of 2006. Logistic regression was used to model the outcome.

Results:  Among the respondents, 5.5% had been bullied during the training period, 9.1% had been subjected to violence. Hereof, 1% reported exposure to both bullying and violence. At follow‐up, 37% had dropped out of the eldercare sector. The odds of dropout were significantly associated with bullying, OR = 1.39 (95% CI: 1.08–1.79), but not with violence, OR = 0.89 (95% CI: 0.72–1.09).

Conclusion:  Being bullied while in training as a health care worker is a predictor of subsequent dropout from the eldercare sector.
CHILDHOOD DIET: A CLOSER EXAMINATION OF THE EVIDENCE FROM DENTAL TISSUES USING STABLE ISOTOPE ANALYSIS OF INCREMENTAL HUMAN DENTINE*
Authors: BEAUMONT J. , GLEDHILL A. , LEE‐THORP J. , MONTGOMERY J.
Published: April 2012

Incremental dentine analysis utilizes tissue that does not remodel and that permits comparison, at the same age, of those who survived infancy with those who did not at high temporal resolution. Here, we present a pilot study of teeth from a 19th‐century cemetery in London, comparing the merits of two methods of obtaining dentine increments for subsequent isotope determination. Covariation in δ13C and δ15N values suggests that even small variations have a physiological basis. We show that high‐resolution intra‐dentine isotope profiles can pinpoint short‐duration events such as dietary change or nutritional deprivation in the juvenile years of life.
Induction of senescence in cancer cells by the G‐quadruplex stabilizer, BMVC4, is independent of its telomerase inhibitory activity
Authors: Huang Fong‐Chun , Chang Cheng‐Chung , Wang Jing‐Min , Chang Ta‐Chau , Lin Jing‐Jer
Published: April 2012

BACKGROUND AND PURPOSE Telomerase is the enzyme responsible for extending G‐strand telomeric DNA and represents a promising target for treatment of neoplasia. Inhibition of telomerase can be achieved by stabilization of G‐quadruplex DNA structures. Here, we characterize the cellular effects of a novel G‐quadruplex stabilizing compound, 3,6‐bis(4‐methyl‐2‐vinylpyrazinium iodine) carbazole (BMVC4).

EXPERIMENTAL APPROACH The cellular effects of BMVC4 were characterized in both telomerase‐positive and alternative lengthening of telomeres (ALT) cancer cells. The molecular mechanism of how BMVC4 induced senescence is also addressed.

KEY RESULTS BMVC4‐treated cancer cells showed typical senescence phenotypes. BMVC4 induced senescence in both ALT and telomerase‐overexpressing cells, suggesting that telomere shortening through telomerase inhibition might not be the cause for senescence. A large fraction of DNA damage foci was not localized to telomeres in BMVC4‐treated cells and BMVC4 suppressed c‐myc expression through stabilizing the G‐quadruplex structure located at its promoter. These results indicated that the cellular targets of BMVC4 were not limited to telomeres. Further analyses showed that BMVC4 induced DNA breaks and activation of ataxia telangiectasia‐mutated mediated DNA damage response pathway.

CONCLUSIONS AND IMPLICATIONS BMVC4, a G‐quadruplex stabilizer, induced senescence by activation of pathways of response to DNA damage that was independent of its telomerase inhibitory activity. Thus, BMVC4 has the potential to be developed as a chemotherapeutic agent against both telomerase positive and ALT cancer cells.
Comparative neuropharmacology of three psychostimulant cathinone derivatives: butylone, mephedrone and methylone
Authors: López‐Arnau Raul , Martínez‐Clemente Jose , Pubill David , Escubedo Elena , Camarasa Jorge
Published: April 2012

BACKGROUND AND PURPOSE Here, we have compared the neurochemical profile of three new cathinones, butylone, mephedrone and methylone, in terms of their potential to inhibit plasmalemmal and vesicular monoamine transporters. Their interaction with 5‐HT and dopamine receptors and their psychostimulant effect was also studied.

EXPERIMENTAL APPROACH Locomotor activity was recorded in mice following different doses of cathinones. Monoamine uptake assays were performed in purified rat synaptosomes. Radioligand‐binding assays were carried out to assess the affinity of these compounds for monoamine transporters or receptors.

KEY RESULTS Butylone, mephedrone and methylone (5–25 mg·kg−1) caused hyperlocomotion, which was prevented with ketanserin or haloperidol. Methylone was the most potent compound inhibiting both [3H]5‐HT and [3H]dopamine uptake with IC50 values that correlate with its affinity for dopamine and 5‐HT transporter. Mephedrone was found to be the cathinone derivative with highest affinity for vesicular monoamine transporter‐2 causing the inhibition of dopamine uptake. The affinity of cathinones for 5‐HT2A receptors was similar to that of MDMA.

CONCLUSIONS AND IMPLICATIONS Butylone and methylone induced hyperlocomotion through activating 5‐HT2A receptors and increasing extra‐cellular dopamine. They inhibited 5‐HT and dopamine uptake by competing with substrate. Methylone was the most potent 5‐HT and dopamine uptake inhibitor and its effect partly persisted after withdrawal. Mephedrone‐induced hyperlocomotion was dependent on endogenous 5‐HT. Vesicular content played a key role in the effect of mephedrone, especially for 5‐HT uptake inhibition. The potency of mephedrone in inhibiting noradrenaline uptake suggests a sympathetic effect of this cathinone.
tDCS‐Induced Analgesia and Electrical Fields in Pain‐Related Neural Networks in Chronic Migraine
Authors: DaSilva Alexandre F. , Mendonca Mariana E. , Zaghi Soroush , Lopes Mariana , DosSantos Marcos Fabio , Spierings Egilius L. , Bajwa Zahid , Datta Abhishek , Bikson Marom , Fregni Felipe
Published: April 2012

Objective.— We investigated in a sham‐controlled trial the analgesic effects of a 4‐week treatment of transcranial direct current stimulation (tDCS) over the primary motor cortex in chronic migraine. In addition, using a high‐resolution tDCS computational model, we analyzed the current flow (electric field) through brain regions associated with pain perception and modulation.

Methods.— Thirteen patients with chronic migraine were randomized to receive 10 sessions of active or sham tDCS for 20 minutes with 2 mA over 4 weeks. Data were collected during baseline, treatment and follow‐up. For the tDCS computational analysis, we adapted a high‐resolution individualized model incorporating accurate segmentation of cortical and subcortical structures of interest.

Results.— There was a significant interaction term (time vs group) for the main outcome (pain intensity) and for the length of migraine episodes (ANOVA, P < .05 for both analyses). Post‐hoc analysis showed a significant improvement in the follow‐up period for the active tDCS group only. Our computational modeling studies predicted electric current flow in multiple cortical and subcortical regions associated with migraine pathophysiology. Significant electric fields were generated, not only in targeted cortical regions but also in the insula, cingulate cortex, thalamus, and brainstem regions.

Conclusions.— Our findings give preliminary evidence that patients with chronic migraine have a positive, but delayed, response to anodal tDCS of the primary motor cortex. These effects may be related to electrical currents induced in pain‐related cortical and subcortical regions.
Habituation to Pain in “Medication Overuse Headache”: A CO2 Laser‐Evoked Potential Study
Authors: Ferraro Diana , Vollono Catello , Miliucci Roberto , Virdis Daniela , De Armas Liala , Pazzaglia Costanza , Le Pera Domenica , Tarantino Samuela , Balestri Martina , Di Trapani Girolamo , Valeriani Massimiliano
Published: April 2012

(Headache 2012;52:792‐807)

Objective.— Our aim was to investigate CO2 laser‐evoked potential (LEP) habituation to experimental pain in a group of patients affected by medication‐overuse headache, with a history of episodic migraine becoming chronic, before and after treatment, consisting in acute medication withdrawal and a preventive treatment cycle.

Background.— One of the main features of LEPs in migraineurs is a lower habituation to repetitive noxious stimuli during the interictal phase.

Methods.— LEPs were recorded to stimulation of both the right hand and the right perioral region in 14 patients and in 14 healthy subjects. The habituation of both the N1 and the vertex N2/P2 components was assessed by measuring the LEP amplitude changes across 3 consecutive repetitions of 30 trials each.

Results.— In the 8 patients who had clinically improved after treatment, the N2/P2 amplitude habituation was significantly higher after treatment than before treatment following both hand (F = 43.2, P < .0001) and face stimulation (F = 6.9, P = .01). In these patients, the N2/P2 amplitude habituation after treatment was not different from that obtained in healthy controls (P = .18 and P = .73 for hand and face stimulation, respectively). On the contrary, in the patients who did not improve, the N2/P2 amplitude still showed reduced habituation after both hand (F = 3.1, P = .08) and face (F = 0.7, P = .4) stimulation.

Conclusion.— The deficient habituation of the vertex N2/P2 complex was partly restored after successful treatment of medication‐overuse headache, reflecting a modification in pain‐processing pathways.
In Vitro Evaluation of Shear Bond Strength and Mode of Failure of the Interface between an Indirect Composite Bonded to Fiber‐Reinforced Composite Substructures
Authors: Antonopoulou Athina , Papadopoulos Triantafillos , Hatzikyriakos Andreas
Published: April 2012

Purpose: Failures of fixed partial dentures (FPDs) fabricated with fiber‐reinforced composites (FRCs) have been attributed to veneering fractures. The aim of the present study was to investigate the shear bond strength and mode of failure between an indirect composite and FRC substructures.

Material and Methods: SR Adoro indirect composite was bonded to the following substructures: (a) flat surface made of unidirectional glass fibers (group A), (b) retentive sticks made of unidirectional glass fibers (group B), (c) flat surface made of fiber net (group C), (d) retentive sticks made of fiber net (group D), (e) nickel‐chromium dental alloy (control, group E). For every group, 13 specimens were fabricated. All specimens were hydrothermocycled (5000 cycles, 5°C/30sec, and 55°C/30sec). A bond test was performed in a testing machine at a 0.5 mm/min crosshead speed according to ISO 10477. The failure mode was determined by examination of the fractured surfaces under an optical microscope. Selected specimens were examined with scanning electron microscope and with energy dispersive spectroscopy for compositional determination. The morphology (flat‐sticks) and the type (unidirectional‐net) of fibers on the bond strength were estimated.

Results: The mean shear bond strength was significantly different between groups E and A (p= 0.044), and groups A and B (p= 0.010). All FRC specimens showed cohesive failure. Group E showed predominantly adhesive failure. The bond strength was higher when sticks or fiber nets were used.

Conclusions: Fiber nets and retentive sticks increase the shear bond strength between FRCs and indirect composite. Clinical implications: In FPDs, the morphology and type of FRC substructures might influence the shear bond strength between the FRC substructure and the indirect veneering composite. With the proper design of these substructures, the number of veneering fractures may be decreased.
Gaussian Estimation of Single‐Factor Continuous Time Models of The Term Structure of Interest Rates
Authors: NOWMAN K. B.
Published: April 2012

This article presents the first application in finance of recently developed methods for the Gaussian estimation of continuous time dynamic models. A range of one factor continuous time models of the short‐term interest rate are estimated using a discrete time model and compared to a recent discrete approximation used by Chan, Karolyi, Longstaff, and Sanders (1992a, hereafter CKLS). Whereas the volatility of short‐term rates is highly sensitive to the level of rates in the United States, it is not in the United Kingdom.
Testing Market Efficiency: Evidence From The NFL Sports Betting Market
Authors: GRAY PHILIP K. , GRAY STEPHEN F.
Published: April 2012

This article examines the efficiency of the National Football League (NFL) betting market. The standard ordinary least squares (OLS) regression methodology is replaced by a probit model. This circumvents potential econometric problems, and allows us to implement more sophisticated betting strategies where bets are placed only when there is a relatively high probability of success. In‐sample tests indicate that probit‐based betting strategies generate statistically significant profits. Whereas the profitability of a number of these betting strategies is confirmed by out‐of‐sample testing, there is some inconsistency among the remaining out‐of‐sample predictions. Our results also suggest that widely documented inefficiencies in this market tend to dissipate over time.
Measuring Mutual Fund Performance with Characteristic‐Based Benchmarks
Authors: DANIEL KENT , GRINBLATT MARK , TITMAN SHERIDAN , WERMERS RUSS
Published: April 2012

This article develops and applies new measures of portfolio performance which use benchmarks based on the characteristics of stocks held by the portfolios that are evaluated. Specifically, the benchmarks are constructed from the returns of 125 passive portfolios that are matched with stocks held in the evaluated portfolio on the basis of the market capitalization, book‐to‐market, and prior‐year return characteristics of those stocks. Based on these benchmarks, “Characteristic Timing” and “Characteristic Selectivity” measures are developed that detect, respectively, whether portfolio managers successfully time their portfolio weightings on these characteristics and whether managers can select stocks that outperform the average stock having the same characteristics. We apply these measures to a new database of mutual fund holdings covering over 2500 equity funds from 1975 to 1994. Our results show that mutual funds, particularly aggressive‐growth funds, exhibit some selectivity ability, but that funds exhibit no characteristic timing ability.
Options on Leveraged Equity: Theory and Empirical Tests
Authors: TOFT KLAUS BJERRE , PRUCYK BRIAN
Published: April 2012

We develop an option pricing model for calls and puts written on leveraged equity in an economy with corporate taxes and bankruptcy costs. The model explains implied Black‐Scholes volatility biases by relating them to the firm's structural characteristics such as leverage and debt covenants. We test the model by comparing predicted pricing biases with biases observed in a large cross‐section of firms with liquid exchange traded option contracts. Our empirical study detects leverage related pricing biases. The magnitudes of these biases correspond to those predicted by our model. We also find significant pricing biases for firms financed primarily by short‐term debt. This supports our model because short‐term debt introduces net‐worth hurdles similar to net‐worth covenants.
A Nonparametric Model of Term Structure Dynamics and the Market Price of Interest Rate Risk
Authors: STANTON RICHARD
Published: April 2012

This article presents a technique for nonparametrically estimating continuous‐time diffusion processes that are observed at discrete intervals. We illustrate the methodology by using daily three and six month Treasury Bill data, from January 1965 to July 1995, to estimate the drift and diffusion of the short rate, and the market price of interest rate risk. While the estimated diffusion is similar to that estimated by Chan, Karolyi, Longstaff, and Sanders (1992), there is evidence of substantial nonlinearity in the drift. This is close to zero for low and medium interest rates, but mean reversion increases sharply at higher interest rates.
Special Repo Rates: An Empirical Analysis
Authors: JORDAN BRADFORD D. , JORDAN SUSAN D.
Published: April 2012

Duffie (1996) examines the theoretical impact of repo “specials” on the prices of Treasury securities and concludes that, all else the same, an issue on special will carry a higher price than an otherwise identical issue. We examine this hypothesis and find strong evidence in support of it. We also examine whether the liquidity premium associated with “on‐the‐run” issues is due to repo specialness and find evidence of a distinct effect. Finally, we investigate whether auction tightness and percentage awarded to dealers are related to subsequent specialness and find that both variables àre generally significant.
Speculation Duopoly with Agreement to Disagree: Can Overconfidence Survive the Market Test?
Authors: KYLE ALBERT S. , WANG F. ALBERT
Published: April 2012

In a duopoly model of informed speculation, we show that overconfidence may strictly dominate rationality since an overconfident trader may not only generate higher expected profit and utility than his rational opponent, but also higher than if he were also rational. This occurs because overconfidence acts like a commitment device in a standard Cournot duopoly. As a result, for some parameter values the Nash equilibrium of a two‐fund game is a Prisoner's Dilemma in which both funds hire overconfident managers. Thus, overconfidence can persist and survive in the long run.
A New Look at the Monday Effect
Authors: WANG KO , LI YUMING , ERICKSON JOHN
Published: April 2012

It is well documented that expected stock returns vary with the day‐of‐the‐week (the Monday or weekend effect). In this article we show that the well‐known Monday effect occurs primarily in the last two weeks (fourth and fifth weeks) of the month. In addition, the mean Monday return of the first three weeks of the month is not significantly different from zero. This result holds for most of the subperiods during the 1962–1993 sampling period and for various stock return indexes. The monthly effect reported by Ariel (1987) and Lakonishok and Smidt (1988) cannot fully explain this phenomenon.
Endogenous Borrowing Constraints With Incomplete Markets
Authors: ZHANG HAROLD H.
Published: April 2012

This article develops ways to endogenize the borrowing constraints used in a class of computable incomplete markets models. We allow the constraints to depend on an investor's characteristics such as time preference, risk aversion, and income streams. The proposed constraint can be interpreted as a borrowing limit within which an investor has no incentive to default. Using a numerical algorithm, we find that for an array of structural parameters, the endogenous borrowing constraints can be much less stringent than the ad hoc borrowing constraints adopted by the existing studies.
The Limits of Arbitrage
Authors: Shleifer Andrei , Vishny Robert W.
Published: April 2012

Textbook arbitrage in financial markets requires no capital and entails no risk. In reality, almost all arbitrage requires capital, and is typically risky. Moreover, professional arbitrage is conducted by a relatively small number of highly specialized investors using other people's capital. Such professional arbitrage has a number of interesting implications for security pricing, including the possibility that arbitrage becomes ineffective in extreme circumstances, when prices diverge far from fundamental values. The model also suggests where anomalies in financial markets are likely to appear, and why arbitrage fails to eliminate them.
Internal Capital Markets and the Competition for Corporate Resources
Authors: STEIN JEREMY C.
Published: April 2012

This article examines the role of corporate headquarters in allocating scarce resources to competing projects in an internal capital market. Unlike a bank, headquarters has control rights that enable it to engage in “winner‐picking”—the practice of actively shifting funds from one project to another. By doing a good job in the winner‐picking dimension, headquarters can create value even when it cannot help at all to relax overall firm‐wide credit constraints. The model implies that internal capital markets may sometimes function more efficiently when headquarters oversees a small and focused set of projects.
Quotes, Order Flow, and Price Discovery
Authors: BLUME MARSHALL E. , GOLDSTEIN MICHAEL A.
Published: April 2012

The goal of this article is to examine the impact of 1975 Congressional mandate to integrate the trading of NYSE‐listed stocks. The conclusions are: most of the time, the New York Stock Exchange (NYSE) quote matches or determines the best displayed quote, and the NYSE is the most frequent initiator of quote changes. Non‐NYSE markets attract a significant portion of their volume when they are posting inferior bids or offers, indicating they obtain order flow for other reasons, such as “payment for order flow.” Yet, when a non‐NYSE market does post a better bid or offer, it does attract additional order flow.
Marketable Incentive Contracts and Capital Structure Relevance
Authors: GARVEY GERALD T.
Published: April 2012

This article investigates the claim that debt finance can increase firm value by curtailing managers' access to “free cash flow.” We first show that incentive contracts that tie the managers' pay to stockholder wealth are often a superior solution to the free cash flow problem. We then consider the possibility that the manager can trade on secondary capital markets. Liquid secondary markets are shown to undermine management incentive schemes and, in many cases, to restore the value of debt finance in controlling the free cash flow problem.
Strategic Debt Service
Authors: MELLA‐BARRAL PIERRE , PERRAUDIN WILLIAM
Published: April 2012

When firms experience financial distress, equity holders may act strategically, forcing concessions from debtholders and paying less than the originally‐contracted interest payments. This article incorporates strategic debt service in a standard, continuous time asset pricing model, developing simple closed‐form expressions for debt and equity values. We find that strategic debt service can account for a substantial proportion of the premium on risky corporate debt. We analyze the efficiency implications of strategic debt service, showing that it can eliminate both direct bankruptcy costs and agency costs of debt.
Assessing Specification Errors in Stochastic Discount Factor Models
Authors: HANSEN LARS PETER , JAGANNATHAN RAVI
Published: April 2012

In this article we develop alternative ways to compare asset pricing models when it is understood that their implied stochastic discount factors do not price all portfolios correctly. Unlike comparisons based on statistics associated with null hypotheses that models are correct, our measures of model performance do not reward variability of discount factor proxies. One of our measures is designed to exploit fully the implications of arbitrage‐free pricing of derivative claims. We demonstrate empirically the usefulness of our methods in assessing some alternative stochastic factor models that have been proposed in asset pricing literature.
On Stock Market Returns and Monetary Policy
Authors: THORBECKE WILLEM
Published: April 2012

Financial economists have long debated whether monetary policy is neutral. This article addresses this question by examining how stock return data respond to monetary policy shocks. Monetary policy is measured by innovations in the federal funds rate and nonborrowed reserves, by narrative indicators, and by an event study of Federal Reserve policy changes. In every case the evidence indicates that expansionary policy increases ex‐post stock returns. Results from estimating a multi‐factor model also indicate that exposure to monetary policy increases an asset's ex‐ante return.
A Survey of Corporate Governance
Authors: Shleifer Andrei , Vishny Robert W.
Published: April 2012

This article surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world.
Equilibrium Valuation of Foreign Exchange Claims
Authors: BAKSHI GURDIP S. , CHEN ZHIWU
Published: April 2012

This article studies the equilibrium valuation of foreign exchange contingent claims. Within a continuous‐time Lucas (1982) two‐country model, exchange rates, interest rates and, in particular, factor risk prices are all endogenously and jointly determined. This guarantees the internal consistency of these price processes with a general equilibrium. In the same model, closed‐form valuation formulas are presented for currency options and currency futures options. Common to these formulas is that stochastic volatility and stochastic interest rates are admitted. Hedge ratios and other comparative statics are also provided analytically. It is shown that most existing currency option models are included as special cases.
Good News for Value Stocks: Further Evidence on Market Efficiency
Authors: PORTA RAFAEL LA , LAKONISHOK JOSEF , SHLEIFER ANDREI , VISHNY ROBERT
Published: April 2012

This article examines the hypothesis that the superior return to so‐called value stocks is the result of expectational errors made by investors. We study stock price reactions around earnings announcements for value and glamour stocks over a 5‐year period after portfolio formation. The announcement returns suggest that a significant portion of the return difference between value and glamour stocks is attributable to earnings surprises that are systematically more positive for value stocks. The evidence is inconsistent with a risk‐based explanation for the return differential.
Predictors of steal syndrome in hemodialysis patients
Authors: Rocha Ana , Silva Fernanda , Queirós José , Malheiro Jorge , Cabrita António
Published: April 2012

Steal syndrome is a feared complication of dialysis vascular access in a population becoming older and frailer. The aim of this study was to determine the predictor factors of steal syndrome. All proximal arteriovenous fistulas (AVFs), patent at day 30, inserted between January 2008 and December 2009 were studied. Data on age, gender, diabetes mellitus (DM) status, presence of coronary or peripheral artery disease, date of initiation of renal replacement therapy, date of access construction, localization, type of anastomosis, previous interventions, and outcome for AVF and patients were analyzed. There were 324 AVFs placed into 309 individual patients. The mean age was 66.7 ± 15.3 years, and the majority (53.7%) of the patients was male. Mean follow‐up of all 324 fistulas was 18.6 ± 8.5 months. During follow‐up, steal syndrome occurred in 26 (8%) of the AVFs. Univariate analysis revealed correlations between steal syndrome and DM (P = 0.002), brachiomedian fistulas (P = 0.016), and side‐to‐side (STS) anastomosis (P = 0.003). However, in multivariate analysis, the presence of DM, STS anastomosis, and female gender were found to be the independent risk factors. The strongest predictive factor was DM (odds ratio: 6.7; 95% confidence interval: 2.5–17.9). Being diabetic is the factor most predictive of having steal syndrome. In diabetic women, with a proximal access, it seems preferable to construct fistulas with end‐to‐side anastomosis to minimize the risk.
Capacitance Enhancement of Doped Barium Titanate Dielectrics and Multilayer Ceramic Capacitors by a Post‐Sintering Thermo‐Mechanical Treatment
Authors: Guillon Olivier , Chang Jaemyung , Schaab Silke , Kang Suk‐Joong L.
Published: April 2012

High capacitance of miniaturized multilayer ceramic capacitors (MLCCs) is of great interest from both academic and industrial points of view. Because of the limited number of suitable materials (possessing high permittivity and low losses), the capacitance of MLCCs may be enhanced by modifying the capacitor geometry (i.e., by reducing the layer thicknesses or increasing the internal electrodes‧ area) and by optimizing the thermal schedule during processing. In this study, we describe a post‐sintering thermo‐mechanical treatment to increase the capacitance of dielectrics and MLCCs. A uniaxial mechanical load was applied during the cooling from either below or above the Curie temperature to room temperature. After load release, the permittivity permanently increased at room temperature by ~8%–11% after a stress of 20 MPa had been applied. The configuration of the ferroelectric domains and the residual stress may be responsible for this improvement.
Can Multiple Biases Occur in a Single Situation? Evidence From Media Bias Research
Authors: BABAD ELISHA , PEER EYAL , BENAYOUN YEHONATAN
Published: April 2012

This study explored multiple biases—the possibility that different biases would concurrently occur in a given situation, and each would exert its influence independently on people's judgments. The study focused on media bias through nonverbal (NV) behavior, where viewers judged an interviewed politician after they viewed the interview with a nonverbally friendly or hostile interviewer. In a meta‐analysis of several replications, 2 independent biases were found: media bias (viewers rated the interviewee more favorably when the interviewer's NV behavior was friendlier); and halo effect (viewers rated the interviewee according to the degree that they personally liked him). Regression analyses indicated that these 2 biases operated independently and additively on viewers' judgments. Implications for the study of multiple biases are discussed.
Implicit Consumer Animosity: A Primary Validation1
Authors: CAI HUAJIAN , FANG XIANG , YANG ZHILIN , SONG HAIRONG
Published: April 2012

The present study validated implicit animosity as a unique determinant of consumer behavior in the context of Chinese animosity toward Japan. The Implicit Association Test (IAT) was employed to measure implicit Chinese animosity toward Japan. The results showed that (a) implicit animosity was distinct from consumer ethnocentrism; (b) implicit animosity was significantly correlated with war animosity, but not with economic animosity; and (c) implicit animosity exerted negative impacts on purchase intention, independent of explicit animosity, consumer ethnocentrism, and product judgment. Taken together, these findings provide initial evidence of discriminant, convergent, and predictive validity for implicit animosity, highlighting the importance of taking implicit animosity into account in future animosity research.
Bone healing around titanium implants in two rat colitis models
Authors: Kuchler Ulrike , Luvizuto Eloa R. , Muñoz Fernando , Hofbauer Julia , Watzek Georg , Gruber Reinhard
Published: April 2012

Objective

Crohn's disease is a chronic inflammatory process that has recently been associated with a higher risk of early implant failure. Herein we provide information on the impact of colitis on peri‐implant bone formation using preclinical models of chemically induced colitis.

Methods

Colitis was induced by intrarectal instillation of 2,4,6‐trinitro‐benzene‐sulfonic‐acid (TNBS). Colitis was also induced by feeding rats dextran‐sodium‐sulfate (DSS) in drinking water. One week after disease induction, titanium miniscrews were inserted into the tibia. Four weeks after implantation, peri‐implant bone volume per tissue volume (BV/TV) and bone‐to‐implant contacts (BIC) were determined by histomorphometric analysis.

Results

Cortical histomorphometric parameters were similar in the control (n = 10), DSS (n = 10) and TNBS (n = 8) groups. Cortical BV/TV was 92.2 ± 3.7%, 92.0 ± 3.0% and 92.6 ± 2.7%. Cortical BIC was 81.3 ± 8.8%, 83.2 ± 8.4% and 84.0 ± 7.0%, respectively. No significant differences were observed when comparing the medullary BV/TV and BIC (19.5 ± 6.4%, 16.2 ± 5.6% and 15.4 ± 9.0%) and (48.8 ± 12.9%, 49.2 ± 6.2 and 41.9 ± 11.7%), respectively. Successful induction of colitis was confirmed by loss of body weight and colon morphology.

Conclusions

The results suggest bone regeneration around implants is not impaired in chemically induced colitis models. Considering that Crohn's disease can affect any part of the gastrointestinal tract including the mouth, our model only partially reflects the clinical situation.
Relationship of kinds of seed dormancy with habitat and life history in theSouthernKalahari flora
Authors: Kos Martijn , Baskin Carol C. , Baskin Jerry M.
Published: April 2012

Questions

Is kind of seed dormancy important in environmental filtering at the local scale? Are there differences among kinds of seed dormancy in life‐history traits like seed mass and adult life span?

Location

Southern Kalahari (Botswana,Namibia andSouthAfrica).

Methods

Using mainly literature data, we determined kind of dormancy for each species in the SouthernKalahari flora and combined this data set with data on seed mass, life form and soil texture. Soil sand content was used as an environmental gradient because the risks associated with seedling establishment increase with soil sand content and would favour seed dormancy as a bet‐hedging strategy. Also, the rapid descent of water in very sandy soils may exclude species with morphological (MD) or morphophysiological (MPD) dormancy that require relatively long moist periods for dormancy breaking. Multinomial logistic regression and phylogenetically independent contrasts were applied to determine relationships of kind of dormancy with life‐history variables and soil texture.

Results

The proportion of species with some kind of seed dormancy was not correlated with soil sand content. However, the proportion of species withMDorMPDdecreased with increasing sand content, and proportion of species with some kind of dormancy decreased with increasing seed mass and life span. Life form and seed mass, but not soil sand content, had significant effects in a multinomial regression model predicting the presence of kind of dormancy. With increasing seed mass, the probability of a species having physical dormancy (PY) increased relative to the probability of having physiological dormancy (PD). With an increase in life span, the probability of a species lacking dormancy increased relative to the probability of havingPD.

Conclusions

We found little evidence that kind of seed dormancy plays a direct role in environmental filtering. Our results suggest that traits related to dormancy do not evolve independently and are part of a syndrome of co‐adapted plant traits.
CcpA forms complexes with CodY and RpoA in Bacillus subtilis
Authors: Wünsche Andrea , Hammer Elke , Bartholomae Maike , Völker Uwe , Burkovski Andreas , Seidel Gerald , Hillen Wolfgang
Published: April 2012

The Bacillus subtilis catabolite control protein A (CcpA) is a global transcriptional regulator that is controlled by interactions with the phosphoproteins histidine‐containing protein (HPr)Ser46P and the catabolite responsive HPr (Crh)Ser46P and with low molecular weight effectors, depending on the availability of preferred carbon sources such as glucose. Distinct point mutations in CcpA abolish the regulation of some but not all target genes, suggesting additional interactions of CcpA. Therefore, in vivo crosslinking and MS were applied to identify CcpA complexes active in repression and activation. To compensate for an excess of promoters only repressed by CcpA, this experiment was accomplished with cells using multiple copies of the activated ackA promoter. Among the identified proteins HPr, RNA polymerase subunits and the global regulator transcriptional pleiotropic repressor (CodY) were observed. Bacterial two‐hybrid assays combining each RNA polymerase subunit with CcpA localized CcpA binding at the α‐subunit of the RNA polymerase (RpoA). In vivo crosslinking combined with immunoblot analyses revealed CcpA–RpoA complexes in cultures with or without glucose, whereas CcpA–HPr and CcpA–CodY complexes occurred only or predominantly in cultures with glucose. Surface plasmon resonance analyses confirmed the binding of CcpA to the N‐terminal domain (αNTD) and C‐terminal domain (αCTD) of RpoA, as well as to CodY. Furthermore, interactions of CodY with the αNTD and the αCTD were detected by surface plasmon resonance. The KD values of complexes of CcpA or CodY with the αNTD or the αCTD are in the range 5–8 μm. CcpA and CodY form a loose complex with a KD of 60 μm. These data were combined to propose a model for a transcription initiation complex at the ackA promoter.

Structured digital abstract

 A list of the large number of protein‐protein interactions described in this article is available via the MINT article ID MINT‐8367262
Traditional Chinese medicine for pressure ulcer: a meta‐analysis
Authors: Zhang Qin‐Hong , Sun Zhong‐Ren , Yue Jin‐Huan , Ren Xue , Qiu Li‐Bo , Lv Xiao‐Lin , Du Wei
Published: April 2012

To assess the effect of Traditional Chinese Medicine (TCM) [Chinese herbal medicine ointment (CHMO), acupuncture and moxibustion] on pressure ulcer. In this study, we searched MEDLINE, EMBASE, CENTER, CBM, CNKI, WAN FANG and VIP for articles published from database inception up to 4 April 2011. We included randomised controlled trials (RCTs), which compared the effects of TCM with other interventions. We assessed the methodological quality of these trials using Cochrane risk of bias criteria. Ten of 565 potentially relevant trails that enrolled a total of 893 patients met our inclusion criteria. All the included RCTs only used CHMO intervention, because acupuncture and moxibustion trials failed to meet the inclusive criteria. A meta‐analysis showed beneficial effects of CHMO for pressure ulcer compared with other treatments on the total effective rate [risk ratio (RR): 1·28; 95% confidence interval (CI): 1·20–1·36; P = 0·53; I2 = 0%), curative ratio (RR: 2·02; 95% CI: 1·73–2·35; P = 0·11; I2 = 37%) and inefficiency rate (RR: 0·16; 95% CI: 0·02–0·80; P = 0·84; I2 = 0%). However, the funnel plot indicated that there was publication bias in this study. The evidence that CHMO is effective for pressure ulcer is encouraging, but due to several caveats, not conclusive. Therefore, more rigorous studies seem warranted.