bluuebunny/crossref_metadata_2025 huggingface dataset:
TIME VARIATIONS IN RISK PREMIA, VOLATILITY, AND REWARD‐TO‐VOLATILITY
Authors: Li Yuming
Published: August 2014

In this paper I relate the risk premia in the stock and bond markets to the conditional volatility of returns and time‐varying reward‐to‐volatility variables. I find that the relation between the expected returns on the stocks and bonds and the volatility of returns is time varying. I provide an approach for evaluating the relative importance of the time‐varying volatility of returns and reward‐to‐volatility variables to explain the predictability of risk premia for stock and bond returns. I show that changing reward‐to‐volatility variables explain more predictable variation in the risk premia for stocks and bonds than changing volatility of returns.
INFORMATION ASYMMETRY, MANAGEMENT CONTROL, AND METHOD OF PAYMENT IN ACQUISITIONS
Authors: Yook Ken C. , Gangopadhyay Partha , McCabe George M.
Published: August 2014

We examine the information asymmetry hypothesis and the management control hypothesis by examining the relation between insider trading and insider holdings to the choice of payment method in acquisitions. Our results indicate that both insider ownership and insider trading are significantly related to payment method. These results provide additional evidence for both the management control theory and the asymmetric information theory in the choice of payment method in acquisitions. Furthermore, we find a significant relation between insider trading activity and the market reaction to the announcement of acquisitions. We conclude that information asymmetry exists in the takeover market and that it influences the payment method decision.
MARKET VOLATILITY AND PERVERSE TIMING PERFORMANCE OF MUTUAL FUND MANAGERS
Authors: Volkman David A.
Published: August 2014

Prompted by the recent volatility in equity markets, I investigate performance evaluation methods and the mutual fund managers' ability to select undervalued investments and time major market movements during the high‐market‐volatility period of the 1980s. Specifically, I examine mutual fund managers' stock‐selection and market‐timing abilities by employing a five‐factor risk‐adjusted model based on Carhart's four‐factor loading model and Bhattacharya and Pfleiderer's quadratic timing model adjusted for perverse timing behavior. Individually, some managers persistently affect fund performance through the selection of undervalued investments, however, at the expense of timing performance. In addition, funds that demonstrate an ability to time major market movements showed persistence in timing performance before and after the October market crash of 1987.
A STATE‐SPACE APPROACH TO ESTIMATE AND TEST MULTIFACTOR COX‐INGERSOLL‐ROSS MODELS OF THE TERM STRUCTURE
Authors: Geyer Alois L. J. , Pichler Stefan
Published: August 2014

The objective of this paper is to estimate and test multifactor versions of the Cox‐Ingersoll‐Ross (CIR) model of the nominal term structure of interest rates. The proposed state‐space approach integrates time series and cross‐sectional aspects of the CIR model, is consistent with the underlying economic model, and can use information from all available points of the term structure. We recover estimates of the underlying factors that are consistent with the assumptions about the stochastic processes and compare them with factors obtained from standard factor analysis. We perform thorough diagnostic checking and thereby provide new evidence regarding conclusions about the adequacy of the CIR model. We present empirical results for U.S. Treasury market data. Although the specification of multifactor CIR models is sufficiently flexible for the shape of the term structure, we find strong evidence against the adequacy of the CIR model.
MARKET INTERPRETATION OF ISO 9000 REGISTRATION
Authors: Docking Diane Scott , Dowen Richard J.
Published: August 2014

Since 1990, many U.S. firms have registered under the provisions of the ISO 9000 standard. Meeting the qualifications of this registration requires considerable time and money. To this point, the justification has been put in terms of management commitment to quality, cost reduction, or opening new markets, particularly international markets. We contribute by examining the reaction of the firms' stock price to the announcement of ISO 9000 registration. We find that for the smallest firms, ISO 9000 registration is regarded as positive information by investors. We also find that the market reaction to ISO 9000 registration is sensitive to the signing of the Maastricht Treaty in 1992.
INTEREST RATE PARITY AND THE BEHAVIOR OF THE BID‐ASK SPREAD
Authors: Louis Henock , Blenman Lloyd P. , Thatcher Janet S.
Published: August 2014

We use a stochastic frontier regression model to test interest rate parity (IRP) with bid‐ ask spreads for the Belgian franc, the Deutschmark, and the Swiss franc. The forward markets tested have become efficient in the sense that IRP holds well. The bounds provided by IRP do not appear to be binding, however. We provide evidence that in spite of the overall goodness of fit of the model, the arbitrage margins are sometimes violated, implying possible arbitrage opportunities. The percentage bid‐ask spread is consistently higher for the Belgian franc than for the Deutschmark and the Swiss franc. Spreads are increasing functions of the time to maturity and volatility. Spread‐size clustering is more severe than price‐level clustering and appears to be inversely related to volatility and positively related to the trading volume. We find no evidence of significant calendar‐day effects on spread size.
RISK PREFERENCES AND INFORMATION FLOWS IN RACETRACK BETTING MARKETS
Authors: Rhoda Kenneth L. , Olson Gerard T. , Rappaport Jack M.
Published: August 2014

Racetrack betting markets provide a unique environment to study risk preferences of investors. In this paper, we define the effects of different risk preferences on the subjective and objective probabilities of winning at racetracks. Our results indicate that up to three groups of bettors participate in these markets: risk loving, risk averse with an entertainment value in their utility functions, and risk averse with superior information or analytical ability. We find that information flows from the tote board concerning the three groups' behavior may be used to earn abnormal and possibly positive returns.
ASSET‐ALLOCATION DECISIONS WHEN RISK IS CHANGING
Authors: Sheedy Elizabeth , Trevor Robert , Wood Justin
Published: August 2014

Various risk estimation methods have been proposed in response to evidence that risk is changing. We investigate the effect of alternative risk‐estimation methods in the context of asset‐allocation decisions that seek to minimize portfolio risk. The risk measures considered include the traditional fixed‐window method, exponential smoothing, and GARCH. Our findings confirm that the choice of risk measure can make a significant difference to the efficiency of asset‐allocation decisions and therefore to investment outcomes and fund rankings. We find that the traditional fixed‐window method is rarely optimal and that measures that account for volatility clustering are generally preferable.
THE LONG‐RUN PERFORMANCE OF COMPANIES THAT WITHDRAW SEASONED EQUITY OFFERINGS
Authors: Alderson Michael J. , Betker Brian L.
Published: August 2014

We examine the long‐run stock price and operating performance of companies that withdraw seasoned equity offerings (SEOs). Firms that withdraw an offering provide an opportunity to examine whether markets fully adjust to the information conveyed when managers announce the intent to issue shares, independent of any agency problems that might be intensified by the completion of the offering. As in completed seasoned equity offerings, long‐horizon event‐time operating and stock price performance in sample firms is substantially lower than what is observed among control firms. Underperformance is also observed in an equally weighted calendar‐time analysis. Results are consistent with overpricing among small firms that attempt, but then withdraw, SEOs.
BETA, SIZE, RISK, AND RETURN
Authors: Downs Thomas W. , Ingram Robert W.
Published: August 2014

We relate the cross‐section of stock returns to firm size, beta, and total risk. We find that as extreme monthly security returns are censored from the data, the significance level decreases rapidly for the size variable and increases for beta and total risk. An analysis of up and down markets reaffirms our findings. Consequently, average returns relate positively with beta, negatively with total risk, and not at all with firm size. We infer that investors willingly accept a lower average return on high‐total‐risk investments as the trade‐off for buying a chance at an extreme positive return.

JEL classification: G1.
THE EFFECT OF CEO TENURE ON THE RELATION BETWEEN FIRM PERFORMANCE AND TURNOVER
Authors: Allgood Sam , Farrell Kathleen A.
Published: August 2014

We analyze the effect of CEO tenure on the relation between firm performance and forced turnover. We find that the performance‐forced turnover relation is conditional on CEO tenure. Our results suggest a constant negative relation between firm performance and forced turnover throughout an inside CEO's tenure. Founders are entrenched early in their careers but held accountable for firm performance later in their careers. We find evidence that outside hires experience a probationary period, followed by a period of apparent entrenchment during their intermediate years that weakens later in their tenure.

JEL classification: G34, J63.
BOOK REVIEW
Authors: Grundy Bruce D.
Published: August 2014

Pricing and Hedging of Derivative Securities, by Lars Tyge Nielsen. Oxford University Press, 1999, 444 pages; suggested retail price $55.
EFFECT OF FEDERAL RESERVE POLICIES ON BANK EQUITY RETURNS
Authors: Madura Jeff , Schnusenberg Oliver
Published: August 2014

We investigate the reaction of bank equity returns to changes in the relevant Federal Reserve (Fed) policy tool, which is the federal funds rate during periods of interest rate targeting and the discount rate during periods of reserves targeting. Three policy periods from 1974 to 1996 are investigated. We find that bank equity returns are inversely related to changes in the relevant Fed policy tool and that the degree of sensitivity of bank equity returns is conditioned on the direction of the change in the Fed policy tool. Also, we find that values of larger commercial banks and low‐capital‐ratio commercial banks are more exposed to changes in the relevant Fed policy tool.

JEL classification: G11, G12, G14.
CLIENTELE TRADING IN RESPONSE TO PUBLISHED INFORMATION: EVIDENCE FROM THE DARTBOARD COLUMN
Authors: Pruitt Stephen W. , Van Ness Bonnie F. , Van Ness Robert A.
Published: August 2014

We present an analysis of clientele trading effects in response to the widespread dissemination of public information. Employing analyst recommendations published in the Wall Street Journal's Dartboard column as the informational stimulus and the NYSE's trades and quotes (TAQ) transactions database as the data resource, we document that investors in different trading clienteles exhibit dramatically different trading responses to identical innovations in the informational environment.
NONNESTED PROCEDURES IN ECONOMETRIC TESTS OF ASSET PRICING THEORIES
Authors: Elyasiani Elyas , Nasseh Alireza
Published: August 2014

In this paper nonnested tests are used to contrast the performance of the capital asset pricing (CAPM) and consumption capital asset pricing (CCAPM) theories in describing the U.S. stock market. The procedures employed include the N‐test, the NT‐test, the W‐test, the J‐test, and the Encompassing test. The tests are carried out using data on firms as well as portfolios based on beta, capitalization, and Standard Industrial Classification codes. The findings indicate that although during 1973–82 the CAPM dominates the CCAPM, during 1978–87 the results are mixed, and during 1983–92 the CCAPM dominates. The finding in favor of the CCAPM in 1983–92 conflicts with much of the existing literature, which favors the CAPM.
EXECUTIVE PAY AND THE DISCLOSURE ENVIRONMENT: CANADIAN EVIDENCE
Authors: Park Yun W. , Nelson Toni , Huson Mark R.
Published: August 2014

We examine the economic consequences of the Ontario Securities Commission's requirement that firms disclose details of executive pay in proxy statements. Before 1993, Canadian firms only reported executive compensation in the aggregate. We predict the increased availability of compensation information will force boards of directors to compete in the managerial labor market by offering higher pay. We also predict public pressure on boards of directors to justify the level of executive pay will result in increased weight on incentive pay. The data support these hypotheses. We also document that pay‐performance sensitivity has increased.

JEL classification: G30
ORGANIZATIONAL ARCHITECTURE AND CORPORATE FINANCE
Authors: Smith Clifford W.
Published: August 2014

Author's Note

This article is based on remarks I gave at the 2000 meeting of the Southern Finance Association (SFA). I was extraordinarily flattered to be named Distinguished Scholar for 2000 by the SFA; I would like to thank the members and officers of the association for this award. As an SFA board member, I participated in establishing the Distinguished Scholar program. The original idea was to broaden participation in SFA by more of the profession's senior researchers. Last year I believe we chose the ideal person for the inaugural award, Professor Richard Roll of UCLA. But I must admit that I felt somewhat awkward in accepting the award this year. Although I certainly appreciate having my work recognized, I have attended SFA meetings regularly over the last quarter century. They afford a wonderful opportunity to renew valued friendships (some going back to graduate school) and revisit my southern roots. So this award is quite special for me, even if I do not consider myself its ideal recipient.
IS THERE A SIGNALING EFFECT OF UNDERWRITER REPUTATION?
Authors: Helou Abe , Park Gonyung
Published: August 2014

In this article we examine the effect of underwriter reputation on the abnormal return due to an announcement to issue seasoned new equity. After controlling for other factors that relate asymmetric information to abnormal returns, underwriter reputation still significantly reduces the magnitude of the negative announcement effect. We also develop a procedure to extract a signaling component from the measure of underwriter reputation. We show that the signaling component of underwriter reputation positively and significantly affects abnormal returns. This result supports the notion that issuing firms use underwriter reputation as an effective instrument to signal that their stocks are not overvalued.

JEL classification: D82, G24, G30
FINANCING DECISIONS AND SIGNALING BY PARTIALLY ACQUIRED FIRMS
Authors: Akhigbe Aigbe , Madura Jeff , Spencer Carol
Published: August 2014

It is well documented that financing decisions by firms can signal valuable information about that firm. Our goal is to determine whether financing decisions by firms can signal valuable information about large stakeholders who have a substantial investment in those firms. In particular, we focus on financing decisions by firms after they had been partially acquired to determine whether these decisions signaled information that affected the values of their corresponding partial acquirers. We find that some financing policies by partially acquired firms may not only signal valuable information about themselves, but may also signal valuable information about their corresponding partial acquirers. We also find that the magnitude of the signal for the partially acquired firm that enacts a financing policy is dependent on the degree of monitoring imposed by the respective partial acquirer.

JEL classification: G14, G34
FOREIGN OWNERSHIP RESTRICTIONS AND MARKET SEGMENTATION IN CHINA'S STOCK MARKETS
Authors: Chen G. M. , Lee Bong‐Soo , Rui Oliver
Published: August 2014

We study market segmentation in China's stock markets, in which local firms issue two classes of shares: class A shares available only to Chinese citizens and class B shares available only to foreign citizens. Significant stock price discounts are documented for class B shares. We find that the price difference is primarily due to illiquid B‐share markets. Relatively illiquid B‐share stocks have a higher expected return and are priced lower to compensate investors for increased trading costs. However, between the two classes of shares, B‐share prices tend to move more closely with market fundamentals than do A‐share prices. Therefore, we find A‐share premiums rather than B‐share discounts in China's markets.

JEL classification: G15
VENTURE CAPITAL AND IPO LOCKUP EXPIRATION: AN EMPIRICAL ANALYSIS
Authors: Bradley Daniel J. , Jordan Bradford D. , Yi Ha‐Chin , Roten Ivan C.
Published: August 2014

Most initial public offerings (IPOs) feature “lockup” agreements, which bar insiders from selling the stock for a set period following the IPO, usually 180 days. We examine stock price behavior in the period surrounding lockup expiration for a sample of 2,529 firms from 1988 to 1997. We find that lockup expirations are, on average, associated with significant and negative abnormal returns, but the losses are concentrated in firms with venture capital backing. For the venture‐capital‐backed group, the largest losses occur for high‐tech firms and firms with the greatest post‐IPO stock price increases, the largest relative trading volume in the period surrounding expiration, and the highest quality underwriters.

JEL classification: G14, G24
STOCK PRICES AND INFLATION
Authors: Anari Ali , Kolari James
Published: August 2014

Numerous empirical studies establish that inflation has a negative short‐run effect on stock returns but few studies report a positive, long‐run Fisher effect for stock returns. Using stock price and goods price data from six industrial countries, we show that long‐run Fisher elasticities of stock prices with respect to goods prices exceed unity and range from 1.04 to 1.65, which tends to support the Fisher effect. We also find that the time path of the response of stock prices to a shock in goods prices exhibits an initial negative response, which turns positive over longer horizons. These results help reconcile previous short‐run and long‐run empirical evidence on stock returns and inflation. Also, they reveal that stock prices have a long memory with respect to inflation shocks, such that investors should expect stocks to be a good inflation hedge over a long holding period.

JEL Classification:G12
WITHDRAWN SPIN‐OFFS: AN EMPIRICAL ANALYSIS
Authors: Alli Kasim , Ramírez Gabriel G. , Yung Kenneth K.
Published: August 2014

We examine market reaction to corporate spin‐offs that are eventually withdrawn. These spin‐offs do not experience the significant positive share price response reported for spin‐offs generally. The overall market reaction to both the initial spin‐off announcement and the withdrawal announcement is not significant. When a reason is provided for withdrawing a spin‐off, there is a significant positive market reaction; otherwise, there is a significant negative reaction. Firms that withdraw a spin‐off without stating a reason experience significant deterioration in industry‐adjusted operating performance in the three years following the withdrawal. These results indicate the market can anticipate the viability of withdrawn spin‐offs at the time of the initial announcement.

JEL classification: G34
Improving the Productivity of Bread Wheat by Good Management Practices under Terminal Drought
Authors: Farooq S. , Shahid M. , Khan M. B. , Hussain M. , Farooq M.
Published: August 2014

Drought‐induced damages in crop plants are ranked at top amid all losses instigated by diverse abiotic stresses. Terminal drought (drought at reproductive phase) has emerged as a severe threat to the productivity of wheat crop. Different seed enhancement techniques, genotypes and distribution of crop plants in different spacings have been explored individually to mitigate these losses; however, their interaction has rarely been tested in improving drought resistance in wheat. This study was conducted to evaluate the potential role of different seed enhancement techniques and row spacings in mitigating the adversities of terminal drought in two wheat cultivars during two consecutive growing seasons of 2010–2011 and 2011–2012. Seeds of wheat cultivars Lasani‐2008 (medium statured) and Triple Dwarf‐1 (dwarf height) soaked in water (hydropriming) or CaCl2 (osmopriming) were sown in 20‐, 25‐ and 30‐cm spaced rows; just before heading, the soil moisture was maintained at 100 % field capacity (well watered) or 50 % field capacity (terminal drought) till maturity. Terminal drought significantly reduced the yield and related traits compared with well‐watered crop; however, osmopriming improved the crop performance under terminal drought. Among different row spacings, wheat sown in 20‐cm spaced rows performed better during both years of study. Wheat cultivar Lasani‐2008 performed better than cultivar Triple Dwarf‐1 under both well‐watered and stress conditions. Maximum net returns and benefit–cost ratio were recorded from osmoprimed seeds of cultivar Lasani‐2008 sown in 20‐cm spaced rows under well‐watered condition. Nonetheless, osmoprimed seeds of cultivar Lasani‐2008 sown in 20‐cm spaced rows were better able to produce good yield under terminal drought.
Model of Oxidation‐Induced Fiber Fracture in SiC/SiC Composites
Authors: Xu Wenbo , Zok Frank W. , McMeeking Robert M.
Published: August 2014

Stress rupture of SiC/SiC composites at intermediate temperatures in oxidizing environments is the result of a series of internal chemical and thermomechanical processes that lead to premature, localized fiber fracture. This article presents analytical models for two potentially critical steps in this process. The first involves the generation of tensile stresses in the fibers due to SiO2 scale formation (following removal of fiber coatings) and the associated reduction in the applied stress required for fiber fracture. The second occurs once the gaps produced by coating removal are filled with oxide and subsequent oxidation occurs subject to the constraints imposed by the matrix crack faces. In this domain, the failure model is couched in terms of the stress intensification within the fibers caused by constrained oxidation. The models incorporate the combined kinetic effects of oxide growth and viscous flow. The competing effects of increased oxidation rate and accelerated stress relaxation with increasing temperature on fiber stress feature prominently in the results. The results suggest that, in dry air environments, the highest risk of fiber fracture occurs at temperatures in the range 840°C–940°C. In this range, the oxide scales grow at appreciable rates yet the resulting growth stresses cannot be mitigated sufficiently rapidly by viscous flow.
Effect of CeO2 on the Glass Structure of Sodium Germanate Glasses
Authors: Alvarado‐Rivera Josefina , Rodríguez‐Carvajal David A. , Acosta‐Enríquez Milka del C. , Manzanares‐Martínez María B. , Álvarez Enrique , Lozada‐Morales Rosendo , Díaz Gerardo C. , de Leon Aned , Zayas María E.
Published: August 2014

Germanate glasses have potential applications as optical fibers. Materials doped with rare earth ions are good candidates for optical, lasing, and magnetic applications. Based on the ternary system, CeO2–Na2O–GeO2 a series of six glasses were fabricated using powder fusion, and varying the Na2O content from 0 to 45 mol%, and a CeO2 content constant at 3 mol%. The glasses were analyzed by FT‐IR, Raman and X‐ray photoelectron (XPS) spectroscopies to obtain information about the glass structure, cerium oxidation's state and how it is introduced in the glass network. FT‐IR and Raman spectra revealed the presence of GeO6 and GeO4 groups as well as Q2 and Q3 units in the glasses with alkali low content. XPS spectra analysis revealed that the cerium ions were reduced from Ce4+ to Ce3+. The nonbonding to total oxygen ratio was estimated from the curve fitting of the O 1s core level spectra. Density and elastic parameters showed a nonlineal tendency in the change of the physical properties as a function of Na2O content. Finally, photoluminescence spectroscopy confirmed the presence of Ce3+ ions. The characteristic 4f → 5d electronic transitions at 360 nm were detected, when a 280 nm excitation line of pulsed laser was used as excitation source.
The effect of a transforming care initiative on patient outcomes in acute surgical units: a time series study
Authors: Burston Sarah , Chaboyer Wendy , Gillespie Brigid , Carroll Roxanne
Published: August 2014

Aim

To examine the relationship between the implementation of a transforming care initiative and two patient outcomes, inpatient falls and hospital acquired pressure ulcers.

Background

Patients continue to experience harm in hospitals from adverse events such as inpatient falls and hospital acquired pressure ulcers. These and other patient safety concerns led to transforming care initiatives.

Design

This cohort study used historical controls and a time series design. The setting was two surgical units of an acute care hospital; 7125 patients discharged from these units between July 2008–December 2010 were included. Those patients discharged during the initial 3 months of implementation were excluded. Several interventions were adopted as part of the transforming care initiative such as bedside handover and bedside whiteboards. Coded administrative data were accessed to identify patients who had experienced a fall or acquired a pressure ulcer during their hospital stay. Statistical process control was used to identify changes in outcomes over time.

Results

The findings demonstrated variation in the proportion of patients experiencing a fall in both units and for the proportion of patients acquiring a pressure ulcer in one unit, following implementation.

Conclusion

These results demonstrate that implementing a transforming care initiative may have some influence on the quality and safety of patient care as measured by patient falls and pressure ulcers but findings varied. Further research is required to gain an understanding of the inconsistency of the impact of these initiatives across all clinical contexts.
The epidemiology of skin care provided by nurses at home: a multicentre prevalence study
Authors: Kottner Jan , Boronat Xavier , Blume‐Peytavi Ulrike , Lahmann Nils , Suhr Ralf
Published: August 2014

Aims

The aim of this study was to estimate the frequencies and patterns of skin care and applied skin care products in the home care nursing setting in Germany.

Background

Skin care belongs to the core activities of nursing practice. Especially in aged and long‐term care settings, clients are vulnerable to various skin conditions. Dry skin is one of the most prevalent problems. Using mild skin cleansers and the regular application of moisturizing leave‐on products is recommended. Until today, there are no quantitative empirical data about nursing skin care practice at home in the community.

Design

A multicentre cross‐sectional study was conducted in July 2012.

Methods

Home care clients from the German home care nursing setting were randomly selected. Instructed nurse raters performed the data collection using standardized forms. Variables included demographics, skin care needs and skin caring activities.

Results

Approximately 60% of home care clients received skin care interventions. The majority were washed and two‐thirds received a leave‐on product once daily. There was large heterogeneity in cleansing and skin care product use. Most often the product labels were unknown or product types were selected haphazardly.

Conclusion

Skin care interventions play a significant role in home care and nurses have a considerable responsibility for skin health. Skin care provided does not meet recent recommendations. The importance of targeted skin cleansing and care might be underestimated. There are a confusing variety of skin care products available and often the labels provide little information regarding the ingredients or guidance about how they affect skin health.
Investigating the evolutionary assembly of a Mediterranean biodiversity hotspot: deep phylogenetic signal in the distribution of eudicots across elevational belts
Authors: Molina‐Venegas Rafael , Aparicio Abelardo , Slingsby Jasper A. , Lavergne Sébastien , Arroyo Juan
Published: August 2014

Aim

To reconstruct the historical assembly of the eudicot flora of Mediterranean sierras by examining compositional (CBD), phylogenetic (PBD) and functional (FBD) beta diversity between elevational belts among disjunct mountain ranges (sierras), and relating these measures of turnover to environmental and geographical distances.

Location

Baetic ranges, Andalusia, southern Spain.

Methods

We compiled eudicot species and subspecies (‘entities’) checklists for three elevational belts within each of eight sierras of Andalusia (‘sites’) and tested for non‐random patterns of PBD and FBD of all entities and of endemic entities separately among sites between and within sierras. Multiple regression on distance matrices was used to determine the respective contribution of climate, lithology and geographical distance to CBD, PBD and FBD. Finally, we decomposed PBD into the turnover and nestedness components of beta diversity, and quantified the phylogenetic diversity (PD) within sites.

Results

The observed PBD and FBD among elevational belts within sierras for all entities were generally higher than expected based on their respective null distributions, whereas CBD among elevational belts within sierras was similar or even lower than between sierras. In contrast, the observed PBD and FBD for endemics were non‐significant in most of the comparisons. Temperature‐related variables best explained patterns of CBD, PBD and FBD for all entities, whereas lithology and geographical distance were the main drivers of endemic CBD. The observed PBD among elevational belts within sierras was mainly attributable to differences in PD rather than ‘true’ turnover.

Main conclusions

There is strong structuring of plant lineages along elevational gradients in the Baetic range, probably due to habitat filtering acting on life forms and character syndromes that show strong phylogenetic signal. The differentiation of the endemic flora that contributed to the emergence of this western Mediterranean biodiversity hotspot was probably driven by geographical isolation and/or by repeated specialization to contrasting lithologies.
Estimates and multivariable risk assessment of gingival recession in the population of adults from Porto Alegre, Brazil
Authors: Rios Fernando S. , Costa Ricardo S. A. , Moura Mauricio S. , Jardim Juliana J. , Maltz Marisa , Haas Alex N.
Published: August 2014

Aim

To describe estimates and determine risk indicators of gingival recession in the urban population of Porto Alegre, Brazil.

Materials and Methods

A representative sample of 1023 adults 35 years and older was obtained using a multistage probability sampling strategy. A structured questionnaire was applied and a clinical examination was performed at four sites of all teeth present. Complex survey commands were used for the estimation of gingival recession (GR) and during risk assessment.

Results

GR ≥1 mm affected 99.7% of subjects. The percentage of subjects with ≥1 tooth with GR ≥3 mm and ≥5 mm was 75.4% and 40.7%, respectively. 67.6%, 27.8% and 9.5% of teeth per subject showed GR ≥1 mm, ≥3 mm and ≥5 mm, respectively. Older age, male gender, smoking exposure, poor self‐reported oral hygiene, history of periodontal treatment and high percentage of calculus were significant risk indicators for GR found after multivariable risk assessment. When buccal GR was analysed separately, only gender, age, smoking and high education were significant risk indicators for GR, whereas variables related to oral hygiene were not associated.

Conclusion

GR is highly prevalent in this Brazilian population. Preventive strategies for GR may target a variety of socio‐demographic, behavioural and clinical risk indicators.
Potential synergistic anti‐tumor activity between lenalidomide and sorafenib in hepatocellular carcinoma
Authors: Ou Da‐Liang , Chang Chun‐Jung , Jeng Yung‐Ming , Lin Yi‐Jang , Lin Zhong‐Zhe , Gandhi Anita K , Liao Sheng‐Chieh , Huang Zi‐Ming , Hsu Chiun , Cheng Ann‐Lii
Published: August 2014

Background and Aim

The immune modulatory drug lenalidomide has shown promising anti‐tumor activity in a clinical trial of patients with advanced hepatocellular carcinoma (HCC). The present study explored whether lenalidomide can enhance the anti‐tumor activity of sorafenib, the standard molecular targeted therapy for HCC.

Methods

The anti‐tumor efficacy of single‐agent or combination treatment was measured by change in tumor volume and animal survival using an orthotopic liver cancer model. Distribution of T‐cell subpopulations in tumor‐infiltrating lymphocytes (TILs) and splenocytes derived from tumor‐implanted mice was measured by flow cytometry. Depletion of relevant T‐cell subpopulations or cytokines was done by co‐administration of relevant antibodies with study drug treatment. Tumor cell apoptosis and tumor angiogenesis were measured by transferase deoxytidyl uridine end labeling assay and immunohistochemical study, respectively.

Results

Combination of sorafenib and lenalidomide produced significant synergistic anti‐tumor efficacy in terms of tumor growth delay and animal survival. This synergistic effect was associated with a significant increase in interferon‐γ expressing CD8+ lymphocytes in TILs and a significantly higher number of granzyme‐ or perforin‐expressing CD8+ T cells, compared with vehicle‐ or single‐agent treatment groups. Combination treatment significantly increased apoptotic tumor cells and vascular normalization in tumor tissue. The synergistic anti‐tumor effect was abolished after CD8 depletion.

Conclusions

Lenalidomide can enhance the anti‐tumor effects of sorafenib in HCC through its immune modulatory effects, and CD8+ TILs play an important role in the anti‐tumor synergism.
Developmental changes in cognitive and behavioural functioning of adolescents with fragile‐X syndrome
Authors: Frolli A. , Piscopo S. , Conson M.
Published: August 2014

Background

Individuals with fragile‐X syndrome exhibit developmental delay, hyperexcitation and social anxiety; they also show lack of attention and hyperactivity. Few studies have investigated whether levels of functioning change with increasing age. Here, we explored developmental changes across adolescence in the cognitive and behavioural profile of individuals with fragile‐X syndrome. To this scope, we assessed intellectual functioning, adaptive behaviour, autistic symptomatology, behavioural problems (e.g. hyperactivity/lack of attention) and strengths (prosocial behaviours).

Method

Thirty‐six participants underwent standardised outcome measures (i.e. the Wechsler Intelligence Scales‐Revised, the Childhood Autism Rating Scale, the Vineland Adaptive Behavior Scales, and the Strengths and Difficulty Questionnaire) in three time points (Time 1: 9–11; Time 2: 11–13, and Time 3: 13–15 years).

Results

Verbal IQ improved across time, whereas Nonverbal IQ declined and Full Scale IQ was quite unchanged. Autism ratings decreased; communication and social aspects of adaptive behaviour also enhanced. Finally, elevated levels of hyperactivity/lack of attention at Time 1 significantly improved across the three time points, whereas emotional symptoms, behavioural difficulties, problems with peers and prosocial behaviours remained stable over time.

Conclusion

These findings revealed specific developmental changes in cognitive and behavioural functioning of individuals with fragile‐X syndrome, likely related to a progressive maturation of brain systems devoted to attentional control.
CONTRIBUTIONS OF THE GATT/WTO TO GLOBAL ECONOMIC WELFARE: EMPIRICAL EVIDENCE
Authors: Anderson Kym
Published: August 2014

This paper surveys estimates of the value of the GATT/WTO's contributions to global welfare through providing a forum for negotiating reductions in policy‐induced distortions to trade flows, including through the process of accession by new members. After reviewing measures of the price‐distorting effects of trade‐related policies, it assesses estimates from global simulation models of the welfare effects of trade liberalizations prior to the WTO's Doha round, including the net benefits and transfers associated with implementing the Uruguay Round agreement on trade‐related intellectual property rights, and then reviews estimates of the potential welfare effects of a Doha round agreement to cut tariffs and subsidies. Econometric estimates of past trade and related effects of the GATT/WTO are then examined, before turning to estimates of the benefits of WTO accession and of potential benefits from WTO‐sponsored trade facilitation. The paper concludes that while it remains difficult to attribute reforms directly to the GATT/WTO, the overall body of evidence presented supports the economic profession's consensus that this institution has contributed substantially to global economic welfare.
First‐trimester screening biochemical markers (free beta‐subunit human chorionic gonadotropin, pregnancy‐associated plasma protein‐A) and risk of early fetal loss
Authors: Valbuena Henar , Ramis Jordi , Sagalá Juan , Sánchez Mª Ángeles , Aulesa Carlos
Published: August 2014

Aim

The aim of this work was to assess the risk of early fetal loss (first trimester of pregnancy, 8–13 weeks of gestation) using the results of first‐trimester screening (FTS) biochemical markers independently and combined.

Methods

FTS results of 152 women who suffered early fetal loss were compared to a control group of 150 women with normal pregnancy outcomes. FTS biochemical markers were measured with a Delfia Xpress 6000 analyzer and biochemical risks for Down's and Edward's syndromes were calculated using Prenatal‐Lifecycle version 3.0 software. Marker levels were standardized by calculating the gestational‐specific multiple of the medians (MoM), further adjusted by maternal age, maternal weight, cigarette consumption and pre‐existing type 1 diabetes mellitus. Receiver–operator curves were built to evaluate each marker and its combination.

Results

Our results show that values of biochemical risk of t21 of more than 1 in 310 have a poor sensitivity to predict early fetal loss (31.4%) with a positive predictive value (PPV) for fetal loss of 67.7%. Values of pregnancy‐associated plasma protein A (PAPP‐A) MoM of less than 0.48 show a sensitivity of 62.1% and a PPV of 84.5% for early fetal loss; whereas for free β‐human chorionic gonadotropin, values of MoM of less than 0.44 have a sensitivity of 66.4% with a PPV of 85.3%. A novel algorithm, consisting in the multiplication of both markers, shows for values of less than 0.48 a sensitivity of 83.1%, a specificity of 78.7% and a PPV of 77.1%.

Conclusion

Combined analysis of PAPP‐A and free β‐hCG appears to be a potential candidate to predict early fetal loss.
Correlation between ovarian chocolate cyst and serum carbohydrate antigen 125 level and the effect of ultrasound‐guided interventional sclerotherapy on serum carbohydrate antigen 125 level
Authors: Wang Si‐Ming , Cai Huai‐Qiu , Dong Xiao‐Qiu , Fan Qiu‐Lan , Wang Lu‐Lu , Shao Xiao‐Hui , Zhang Li‐Wei
Published: August 2014

Aim

This study was to investigate the correlation between ovarian chocolate cysts and serum carbohydrate antigen (CA)‐125 levels and to demonstrate the effect of ultrasound‐guided interventional sclerotherapy (UGIS) on serum CA‐125 levels.

Methods

Based on the serum CA‐125 level, as determined by chemiluminescence detection prior to UGIS, 105 patients with ovarian chocolate cysts were divided into the normal group (CA‐125 ≤ 35 U/mL, 45 patients) and the abnormal group (35 U/mL < CA‐125 ≤ 200 U/mL, 60 patients). There were six clinical indicators including age, disease duration, dysmenorrhea history, child‐bearing history, abortion history and surgical history. The ultrasonography characteristics were cyst diameter, cyst wall thickness and the side on which the cyst occurred. The correlations between serum CA‐125 levels pretreatment and the clinical indicators and ultrasonography characteristics was analyzed. The serum CA‐125 levels pretreatment, 3 months post‐treatment and 6 months post‐treatment were compared.

Results

The pretreatment serum CA‐125 levels of the 105 patients positively correlated with disease duration (r = 0.3932, P = 0.0040), dysmenorrhea history (r = 0.2351, P = 0.0111), cyst diameter (r = 0.3415, P < 0.0001) and cyst wall thickness (r = 0.4263, P < 0.0001). Compared with the pretreatment level, the mean serum CA‐125 level in the abnormal group at 3 months post‐treatment was significantly lower (P < 0.01), and at 6 months post‐treatment, the mean serum CA‐125 level had decreased to a normal level (P < 0.01).

Conclusion

UGIS significantly decreased abnormal serum CA‐125 levels in patients with ovarian chocolate cysts.
Endometrial stem/progenitor cells
Authors: Maruyama Tetsuo
Published: August 2014

Human endometrium regenerates and regresses with each menstrual cycle under hormonal control throughout a woman's reproductive life. The cyclical regeneration and remodeling potentials allude to the existence of stem/progenitor cells in the endometrium. There is increasing evidence that human endometrium contains small numbers of stem‐like cells capable of self‐renewal, multiple differentiation and tissue reconstitution. Although the precise identity of endometrial stem/progenitor cells remains elusive, these cells are thought to play pivotal role(s) in the physiological remodeling and regeneration of the human endometrium and also in the pathogenesis of endometrium‐associated diseases, such as endometriosis.
Ultrasound‐guided excision of rectus abdominis muscle endometriosis
Authors: Coccia Maria Elisabetta , Rizzello Francesca , Nannini Sara , Cozzolino Mauro , Capezzuoli Tommaso , Castiglione Francesca
Published: August 2014

We report a rare case of rectus abdominis muscle endometriosis excised under ultrasound guidance. A 36‐year‐old woman came to our observation presenting an abdominal nodule located in the right side of the umbilical area. Ultrasound of the abdominal wall showed two hypoechogenic nodules in the context of the right rectus abdominis muscle and a fine‐needle aspiration, performed under ultrasound guidance, confirmed the diagnosis of endometriosis. The patient underwent surgical excision of the lesions. Intraoperative localization was performed through ultrasonography. In our case, the diagnosis was essentially based on ultrasound scan. Computed tomography and magnetic resonance imaging were not performed. A high‐resolution ultrasound is a simple, inexpensive and safe method and is sufficient for indicating surgery. Furthermore, the use of intraoperative ultrasound allowed adequate margins of excision.
Apelin levels are higher in obese patients with endometrial cancer
Authors: Altinkaya S. Ozlem , Nergiz Sümeyra , Küçük Mert , Yüksel Hasan
Published: August 2014

Aim

The aim of the present study was to evaluate serum concentrations of apelin, a newly discovered adipocytokine, in relation with tumor markers, metabolic profile and clinicopathologic features of patients with endometrial cancer.

Material and Methods

A total of 46 women with endometrial cancer and 44 controls were eligible for the study. Clinicopathologic features and metabolic profile as well as apelin‐36 levels were evaluated in each subject.

Results

Women with endometrial cancer exhibited higher serum concentrations of apelin levels than controls (215.1 ± 59.8 pg/mL vs 177.3 ± 55.2 pg/mL, P = 0.002). Apelin levels were significantly correlated positively with body mass index, fasting insulin levels and homeostasis model assessment index (P < 0.05). When patients were further divided into obese (body mass index ≥ 30) and non‐obese women, apelin levels remained higher in women with endometrial cancer in the obese group (P = 0.006, 243.5 ± 49.2 pg/mL vs 200.5 ± 52.7 pg/mL, respectively); whereas these levels were similar in the non‐obese group (P = 0.879, 161.9 ± 37.5 pg/mL vs 159.6 ± 51.3, respectively). After adjustment for all possible confounding factors, age, apelin levels > 160 pg/mL, and diabetes mellitus were found to be associated with risk of endometrial cancer.

Conclusion

The data of the present study suggest that higher levels of circulating apelin are associated with an increased risk of developing endometrial cancer in obese women.
Obesity as a causal risk factor for deep venous thrombosis: a Mendelian randomization study
Authors: Klovaite J. , Benn M. , Nordestgaard B. G.
Published: August 2014

Objective

To test the hypothesis that obesity is causally associated with deep venous thrombosis (DVT).

Design

A Mendelian randomization design.

Setting

The Copenhagen General Population Study and the Copenhagen City Heart Study combined.

Subjects

Body mass index (BMI) measurements were available for 87 574 individuals of Danish descent from the adult general population. All subjects completed questionnaires and were genotyped for the FTO rs9939609 variant.

Main outcome measure

First events of DVT with or without pulmonary embolism (PE).

Analysis

The results were assessed using Cox regression, instrumental variable analysis and Poisson regression.

Results

Observationally, the risk of DVT increased with increasing BMI (P‐trend < 0.0001). The multivariable‐adjusted hazard ratio [95% confidence interval (CI)] for DVT was 1.3 (1.1–1.6) in overweight, 1.8 (1.4–2.2) in moderately obese and 3.4 (2.6–4.6) in severely obese compared with normal‐weight individuals. For DVT complicated by PE, corresponding hazard ratios (95% CI) were 1.2 (0.8–1.8), 2.1 (1.3–3.5) and 5.1 (2.8–9.2). FTO AA versus TT genotype was associated with a 2.4% increase in BMI with hazard ratios (95% CI) of 1.09 (0.95–1.25) for DVT and 1.54 (1.12–2.10) for DVT complicated by PE. In instrumental variable analysis, the causal odds ratio (95% CI) for an increase in BMI of 1 kg m−2 was 1.13 (0.92–1.39) for DVT alone and 1.86 (1.14–3.02) for DVT complicated by PE. The absolute 10‐year risk of DVT in a high‐risk group (i.e. those aged >60 years and homozygous for Factor V Leiden) was 35% in obese individuals and 18% in normal‐weight individuals.

Conclusion

A strong observational association between obesity and DVT with or without PE, supported by a direct genetic association between the obesity‐specific locus FTO and DVT with PE, implies that obesity is likely to be causally associated with DVT.
Formal and Informal Corruption Environments and Multinational Enterprise Social Irresponsibility
Authors: Keig Dawn L. , Brouthers Lance Eliot , Marshall Victor B.
Published: August 2014

Using an institutional theory framework we theorize, hypothesize, and empirically show that higher levels of formal and informal corruption environments found in a firm's operating portfolio are related to higher levels of corporate social irresponsibility (CSiR). Failing to consider corruption's informal dimension leads to potentially false perceptions about a multinational enterprise's (MNE) operating environment, particularly when the formal dimension is low but the informal corruption dimension is high, as is the case in about one third of our sample. Including the informal corruption environment component provides additional explanatory power over the formal corruption environment alone in predicting CSiR and yields a superior understanding of both the formal and informal dimensions of the corruption institutional environment's influence on corporate social irresponsibility levels of MNEs. Managerial implications and future research directions are discussed.