bluuebunny/crossref_metadata_2025 huggingface dataset:
Profiling white-collar crime: evidence from German-speaking countries
Authors: Füss Roland , Hecker Achim
Published: February 2017

White-collar crime is a notable phenomenon attending economic activity. But although both prominent individual cases and more systematic statistics on claims indicate a considerable and pressing problem, rather little is known about particular types of offenses, patterns of response, situational contexts, or offender profiles. Nor is much known about which instruments effectively prevent and fight white-collar crime. Utilizing an extensive dataset of 329 organizations and over 400 case descriptions from Germany, Austria and Switzerland, this analysis offers a first detailed inquiry into the relevance and characteristics as well as prevention and redress of five basic kinds of white-collar crime: corruption, fraud, theft, anti-competition, and money laundering. In addition to an explication of overarching commonalities and specific differences, we strive to show that these five types can furthermore be reorganized into two differing classes that are each internally rather homogenous. This finding is of great relevance and importance to effective strategies for preventing and countering white-collar crime
Improving governance leads to improved corporate communication
Authors: Ho Poh-Ling , Tower Gregory , Barako Dulacha G.
Published: February 2017

Significant changes and reforms have been initiated around the world and in a Malaysian context with the aim of enhancing corporate governance and transparency. The nature of these regulatory reforms clearly impacted on firm management’s incentives to disclose information voluntarily. This study empirically examines the influence of corporate governance structure on voluntary disclosure practices of Malaysian listed firms from 1996 to 2001. This important timeframe encompasses the time period before the Asian Financial Crisis and the aftermath of regulatory reforms such as the revamped KLSE Listing Requirement released in 2001, widely recognized as a major milestone in Malaysian corporate governance reform through the enhanced corporate disclosure. Our findings show that the extent of voluntary communication is generally low, albeit showing an increase from 1996 to 2001. There is an increase in the number of corporate governance characteristics adopted by firms, suggesting firms exhibiting an improvement in the corporate governance structure. While corporate governance structure is not a significant explanatory variable in 1996, our results suggest that a firm’s corporate governance structure has a significantly positive impact on voluntary disclosure in 2001. Large companies voluntarily disclose more information in both years. The implications are that a greater focus on corporate governance is resulting in an increase in transparency in the Malaysian setting. Corporate change is generating better corporate communication
What role do financial institutions play in the growth of family firms? A puzzle from the Italian market
Authors: Caselli Stefano , Giovannini Renato
Published: February 2017

Through an analysis of 54 family firms, all displaying excellent growth over a 5-year period, two hypotheses have been examined concerning the role that financial institutions play in the development of this type of enterprise. The first addresses the existence of different paths for financial growth; the second centers on the presence of numerous models for relationships with financial institutions. Empirical evidence proves that family firms follow paths for financial growth and use models for their relationships with financial institutions that differ in structural terms. From these results, indications can be formulated regarding the expected effects on financial institutions and family firms. Moreover, new research streams clearly emerge which lay the groundwork for further study
A corporate governance study on Italian family firms
Authors: Colarossi Fabrizio , Giorgino Marco , Steri Roberto , Viviani Diego
Published: February 2017

In this paper we investigate three corporate governance issues in 30 Italian family firms: (i) the orientation either to the Agency Theory or to the Stewardship Theory; (ii) the board of directors’ composition; (iii) the ability to involve nonfamily individuals in the company’s management and governance (Openness Index) and the decision-making quality (Extension Index) and we analyze empirical results through a cluster analysis by following the Gubitta and Gianecchini’s approach (2002). Our conclusion suggests that (i) small Italian family firms’ corporate governance systems seem to be consistent with the guidelines suggested by the Stewardship Theory and (ii) Italian family firms’ boards are characterized by a relevant presence of family members.
“Governance” premium? Evidences from the nine emerging markets of Asia
Authors: Wang Chien-An , Lin Lin , Li Ming-Yuan
Published: February 2017

This paper hypothesizes the relationships of corporate governance, firm performance, and cost of capital, using the firm-level sample from the nine emerging markets of Asia in 2001 and 2002. Our empirical results confirmed the relationship between the corporate governance and firm performance, measured by the stock return and the rate return on asset, is not significant. Evidence implied that the stock return of emerging markets may be largely influenced by unknown but irrational factors, and their accounting reports of the companies listed in such stock exchange are not trustworthy due to window-dressing. The fundamental value and the value of corporate governance are thus not incorporated into the re-evaluation of the prices of the related stocks. However, empirical evidence also indicated that the firms with better corporate governance can reduce their costs of capital in a defensive manner, realized when a raise of fund is required.
Ownership structure, technology transfer and firm performance
Authors: Hobdari Bersant , Sinani Evis
Published: February 2017

This paper contributes to the literature on corporate governance by providing evidence on the importance of owner identity on technology transfer from foreign firms. To this end we use a panel of Estonian firms for 1993-2002 and employ panel data techniques to avoid endogeneity and sample selection bias. We find that across different ownership groups only domestic outsiders benefit from spillovers of technology transfer. However, a large technology gap with foreign firms motivates all local firms to use their existing technology more efficiently and as such successfully cope with the increased open market competition. Furthermore, because of rent seeking and/or asset striping behavior insider owned firms, face financial constraints, and as such cannot invest in new technology as much as domestic outsider owned firms.
The value-relevance of corporate governance: Australian evidence
Authors: Whelan Catherine
Published: February 2017

This study provides stakeholders with an understanding of the effectiveness of corporate governance practices by demonstrating the link between corporate governance and firm valuation. It is proposed that the presence of good corporate governance practices enhances the reliability of financial statement information, thereby increasing the market’s reliance on this information to value the firm. The specific focus of this research is to determine the impact of corporate governance practices on the value-relevance of earnings and the book value of equity as reported in a firm’s financial statements. Results indicate that corporate governance is not value-relevant in its own right. However, good corporate governance practices enhance the value-relevance of earnings but reduce the value-relevance of the book value of equity.
Internal governance mechanisms, agency problems and family ownership: Evidence from Australia
Authors: Setia-Atmaja Lukas
Published: February 2017

This paper investigates whether family firms use dividends, board composition and debt to expropriate the wealth of minority shareholders or to mitigate agency problems. Utilising panel data on a sample of publicly traded firms in Australia over the period 2000-2005, this study provides evidence that family firms pay optimal and higher levels of dividends and debt compared with their non-family counterparts. The study also finds that family firms have significantly lower proportions of independent directors on the board, but this is consistent with the optimal (value maximization) use of board composition. These results provide evidence that family firms mitigate rather than exacerbate moral hazard problems between owners and minority shareholders in Australia. This study adds to the very limited research into the relationship between family ownership and corporate governance mechanisms in Australia.
Who is the ultimate master of contractual, regulatory, discretionary and residual cash flows? An answer from the standpoint of corporate governance
Authors: Apreda Rodolfo
Published: February 2017

This paper sets forth a framework of analysis that links contractual, discretionary, regulatory and residual cash flows with decision rights over them. To attain this purpose, firstly we introduce the standard incremental cash flow model, underlying its main limitations. Secondly, we move on bringing to light cash flows to senior management and directors, as well as the so-often neglected investment portfolio. Next, we settle down to what we are going to call the compact cash flow model that comprises five building blocks, namely those arising out of assets, those addressed to owners, creditors, managers and directors, and lastly the company’s investment portfolio. Afterwards, contractual, discretionary, regulatory and residual cash flows are enlarged upon. Last of all, we focus on decision rights over every constituent of each building block. This issue carries weight in Corporate Governance since stakeholders who claim or exercise decision rights, also could trespass on the rules of the game, becoming better off to the expense and damage of other stakeholders.
Using digit analysis to evaluate financial reporting risk in the enterprise risk management process
Authors: Daniel Shirley J. , Guan Liming , Wendell John P.
Published: February 2017

Boards of Directors and their audit committees are responsible for the oversight of risk management for the enterprise. Because entities are being asked by rating agencies to more explicitly describe their enterprise risk management processes, boards and management will be well served to employ risk management tools to efficiently and effectively assist them in identifying areas of higher financial reporting risk. Studies using digit pattern analysis of earnings have consistently found that reported earnings are subject to misstatements due to inappropriate rounding. Recent actions by regulators make it clear that such misstatements, even when relatively small in magnitude, are unacceptable. This article provides guidelines and a new tool for preventing and detecting such misstatements.
The effects of the bank holding equity of the firm: from a moral hazard perspective
Authors: Qiu Buhui
Published: February 2017

After the repeal of the Glass-Steagall Act in 1999, commercial banks are allowed to hold equity in firms. The current financial crisis also helps make banks universal in the US. This paper investigates the effects of the bank’s equity holding of the firm from a moral hazard perspective. The bank’s equity holding of the firm is shown to help mitigate the conflicts between the firm’s shareholders and debtholders. However, it also creates another moral hazard problem, namely, the bank as an institutional shareholder can collude with the firm manager to pursue perks from project return. Without this moral hazard problem, the bank’s optimal equity holding of the firm is shown to be at the point where its share of the firm’s equity equals its share of the firm’s debt. With this moral hazard problem being taken into consideration, the bank’s optimal equity holding should be less than its debt share in the firm. Otherwise, the bank will force the firm to pursue overly risky projects. If asymmetric information is introduced into the model, the bank’s equity holding becomes a signal to the outside debtholders, thus should be capped above by a certain level. Thus, the paper shows that regulations still need to be imposed on banks’ equity holding in firms.
The impact of financing decision, dividend policy, and corporate ownership on firm performance at presence or absence of growth opportunity: A panel data approach, evidence from Kuala Lumpur stock exchange
Authors: Ali Ahmed Huson Joher
Published: February 2017

The aim of this paper is to analyze the impact of a company’s level of financing policy, dividend policy and corporate structure on firm performance measured by Tobin Q of Malaysian-listed at the presence or absence of growth opportunities. The study uses panel based regression approach to address whether or not policy variable such as dividend, leverage and corporate structure play differently in explaining the market based firm performance once firm faces growth opportunities or absence of growth opportunities. The analysis is based on a sample of 100 Composite Index components Companies on Kuala Lumpur stock exchange over a period of 4 years, from 1999 to 2002. Findings suggest that firm debt policy affect firm performance differently once firm face presence or absence of growth opportunities. The relationships are unique for each scenario. Once the firm faces no growth opportunities, increase in corporate debt has adverse effect on firm performance. In contrast, firms, which face growth opportunities, resorting external funding provide a multiplier effect on firm performance. While corporate dividend policy seems to be indifferent for the firms which face growth or no growth opportunities, but provide a greater explanation for the potential impact on firm performance implying that dividend policy remain most stable in Malaysian capital market which is valued by corporate investors. Corporate structure proxies by managerial ownership may not provide any meaningful explanation for firm performance over the analysis period. However, firms based both on domestic and multinational ownership provides strong explanation for firm performance once firms face no growth opportunity. Hence this study provides new lights on issue of corporate structure on firm’s performance.
The effect of the South African market concentration on portfolio performance
Authors: van Heerden Jakobus Daniël , Saunderson Sonja
Published: February 2017

Portfolio risk is mainly a function of portfolio concentration and covariance between the assets in a portfolio. This study shows that South Africa experiences a high level of market concentration and that assets with large weights in the FTSE/JSE All Share Index (ALSI) have large covariances with each other. Together these two phenomena suggest that a high level of portfolio risk can be expected. Active portfolio managers in South African generally attempt to decrease portfolio concentration by deviating from the benchmark‟s weighting structure in order to decrease their portfolio risk. The effect of such a portfolio construction process on the measurement of relative performance, where the ALSI is used as the benchmark, was investigated by means of a simulation process. The results indicated that during times when those shares with larger weights in the index perform well, the probability of outperforming the ALSI is very small, while the probability of outperforming the ALSI during times when those same shares perform poorly is very high. These findings suggest that investors need to be educated about the bias regarding relative performance measurement using broad market indices, while alternative or additional methods of performance measurement need to be investigated to minimise this bias.
Information signaling and ownership transition – value effects of share issue privatizations
Authors: Ahnefeld Martin , Mietzner Mark , Roediger Tobias , Schiereck Dirk
Published: February 2017

Privatizations are commonly associated with an increase in efficiency due to a stronger focus on profit maximization and less agency conflicts because the management does not have to serve political objectives anymore. This paper discusses whether SIPs generate positive announcement returns because of increased efficiency after the ownership transition. We apply a market model event-study methodology based on a sample of 134 SIPs in the 1979-2003 period. We identify significantly negative CAARs between -0.125% and -1.766% and find that firm and offering size, the proportion of secondary shares issued within the SIP as well as the market environment have a negative impact on announcement returns. In contrast, the negative CAARs are less distinctive for enterprises that had prior SIPs.
CEO duality and firm performance - an endogenous issue
Authors: Chen Chia-Wei , Lin Jang Shee Barry , Yi Bingsheng
Published: February 2017

Whether dual CEO leadership structure is better for corporations is one of the most hotly debated issues in corporate finance. This paper uses a recent data to re-examine the relationship between CEO duality and firm performance, controlling for other important variables such as firm characteristics, ownership structure, CEO compensation, and agency costs. We find a recent trend of increased number of firms converting from dual to non-dual CEO structure. However, our empirical results do not show a significant relationship between CEO duality and firm performance nor improvement in firm performance after change in leadership structure. We find evidence of endogeneity, and we attribute the insignificance of the relationship between CEO duality and firm performance to the possibility that CEO duality is endogenously and optimally determined given firm characteristic and ownership structure.
Ownership and control of Italian banks: A short inquiry into the roots of the current context
Authors: Giani Leonardo
Published: February 2017

This work does a short inquiry into the past experience of the Italian banking law and the ownership structure of the Italian credit industry. The inquiry is especially focused on the role played by culture and other historical events (e.g. political ones) in shaping the Italian economic framework. In other words, this paper wants to trace a short and descriptive outline of the evolution of the Italian banks‟ ownership structure in order to show how political and social factors counted in determining the present features of the system.
Filling the gaps in the legislative framework for audit committees of listed companies in Nigeria
Authors: Bolodeoku Ige Omotayo
Published: February 2017

This article examines the legal framework in Nigeria for audit committees, identifies and discusses the various gaps in the framework, which, the article argues, may undermine the committees’ effectiveness. The article argues that the Nigerian legal framework, which classifies the audit committee as a committee of the company rather than of the board, mandates shareholders’ representatives on the committee and forbids the committee’s members from receiving remuneration, may create more problems for the committee’s effectiveness. The article proposes reforms of the framework in light of global developments in this area
Composition of supervisory committees in Trinidad and Tobago credit unions
Authors: R. Bowrin Anthony , Ramnanan John
Published: February 2017

This paper provides an assessment of the competence and independence of members of the supervisory committee (SC) of Trinidad and Tobago (T&T) Credit Unions (CUs), and examines factors that are associated with SC chairpersons’ competence and independence. Most of the information used in the paper was collected by conducting structured interviews with the immediate-past chairperson of the supervisory committees of 58 T&T CUs. The results of the analysis indicate that the overall level of financial literacy, financial expertise and independence among SC chairpersons was relatively low. The SC chairpersons of community-based CUs tended to be significantly more financially literate than their counterparts in organizationally-based CUs. Also, the results suggest that the independence of SC chairpersons varied negatively with CU Size.
Rights issues, private benefits and negative-NPV investments
Authors: Meoli Michele , Paleari Stefano , Urga Giovanni
Published: February 2017

This paper discusses the use of rights issues when interest conflicts between controlling shareholders and minorities exist, due to the existence of private benefits that the former can extract from the value of listed company. While the literature considers the issue of pre-emptive rights as an essential tool to protect minorities from expropriation, we propose that pre-emptive rights are used to enforce the subscription of seasoned equity issues. We define an abuse condition as the case when a controlling shareholder choose discretionally an issuing price, granting a discount with respect to the market price, and "enforce" minorities to undertake a negative-NPV investment. Minorities do so because they are minimizing an exit cost that is greater than zero. As the rights issue never fails under these conditions, we define this phenomenon as "enforced subscription". This model fits the Italian legal framework and many other international contexts where rights issues are dominant. We report the case of Alitalia’s rights issue in 2005 as a typical example of "enforcement at work". As rights issues at a high discount often involve an abuse of power by the controlling shareholders, we argue that their use should be carefully regulated.
Ownership structure and corporate performance: Australian evidence
Authors: Fishman Julian , Gannon Gerard , Vinning Russell
Published: February 2017

This paper seeks to analyse the relationship between ownership structure and corporate performance for fifty firms listed on the Australian Stock Exchange during 2002-2003. The study initially tests a two equation model similar to that in the existing literature, but is distinguished from prior literature by subsequently reclassifying leverage. By categorising leverage as an endogenous variable, an examination of the relationship between ownership and performance is undertaken through ordinary least squares and two stage least squares analysis of a three equation econometric model. Interestingly, empirical results illustrate the fact that managerial ownership impacts negatively on firm performance which is consistent with the management entrenchment hypothesis
Organisation change and its impact on Australian building societies’ performance.
Authors: Thomson Dianne
Published: February 2017

The paper examines the relation between changing ownership structure and performance of Australian building societies. An analysis and discussion of the theories of organizational development and change is undertaken to explore the mutual building societies’ motivation for change. The financial performance measures, provided by financial ratios of the major mutual building societies in Australia, are examined to assess the behavior of building societies under different governance structures in the 1980s and 1990s. The theoretical and empirical literature has suggested that mutual deposit-taking institutions should have lower profitability and higher operating expenses than their publicly listed counterparts. Accounting ratios are observed over time to investigate if governance change in mutual deposit-taking organizations accounted for any discernable differences in profitability and cost efficiency pre- and post- demutualization. The study finds support for the contention that demutualized building societies will have higher profitability and lower costs than their mutual counterparts. The study is confined to investigation of the six largest building societies that undertook the demutualization process. It could be extended to the entire building society sector. The results have implications for investors, managers and ‘owners’ of firms that retain their mutual structure, suggesting the demutualization will benefit these groups. There is no study that compares mutual deposit-taking institutions pre- and post-conversion in Australia
Corporate governance and the dynamics of ownership of German firms between 1997 and 2007
Authors: Schwetzler Bernhard , Sperling Marco O.
Published: February 2017

La Porta et al. (1999) find that countries with weak corporate governance tend to have higher ownership concentration than countries with legal systems that protect shareholders well. Changes in the quality of corporate governance are often followed by adjustments in ownership structure. On a sample of first layer as well as ultimate ownership (10% and 20% cut-off threshold) data for 11 years between 1997 and 2007 for German firms listed in the DAX, we examine the dynamics of ownership structure. We find that ownership concentration strongly declined. Further, foreign financial institutions became an important investor group with an increase of average stake from 0.4% in 1997 to 9.1% in 2007. We conclude that the quality of corporate governance increased and the Germany capital market became more open during that period.
Implications of insolvency laws on firms’ governance. An analysis from the relationships with creditors in France
Authors: Levratto Nadine
Published: February 2017

This paper aims at showing that ex post consequences of insolvency law are not the only one visible after a judge states that the amount of equity is not enough to repay all the debts. On the opposite, the judicial system that defines bankruptcy shapes the relationship between a firm and its stakeholders among which lenders play a specific role. Thus, the expectations of failure that are generally considered from a pure statistic point of view have to be enriched by the introduction of legal elements to understand fully the strategic behavior of lenders and borrowers. Such is the point we want to present here taking the French case. Section 1 reminds that insolvency law is not only a tool implemented and improved to maximize creditors’ wealth but also to protect others stakeholders. Having state this multiplicity of goals, section 2 shows the influence of insolvency laws on bank-borrowers relationships according to the institutional context. Section 3 considers insolvency law as a governance device that structures the need of information and behavior of creditors in the firm’s ordinary life. We conclude reminding that if that law matters in crisis but also as a milestone economic actors refer to determine their preferred situation.
Corporate governance, bankruptcy law and firms’ debt financing under uncertainty
Authors: Funchal Bruno , Caio Galdi Fernando , Coimbra Paulo C.
Published: February 2017

This paper examines the relationship between corporate governance level and the bankruptcy law to such debt variables as firms’ cost of debt and amount of debt under uncertainty (in the Knight´s sense). First we find that the better the corporate governance and the harsher bankruptcy law, the lower the cost of debt. Second, we find that better governance and a harsher bankruptcy laws have a positive effect on debt. As consequence, firms increase their set of investment projects financed by creditors. Finally, uncertainty has a negative effect on terms of debt (higher interest rate and smaller set of financed investment projects) and such effect is stronger for firms with worse corporate governance and for economies with a bankruptcy law that is lenient to debtors.
The boards functional emphasis - a contingency approach
Authors: Collin Sven-Olof Yrjö
Published: February 2017

The understanding of the board of a corporation and its behavior is limited, despite the board’s societal importance. We present a contingency approach to the board’s functional emphasis, considering a fourth function in addition to monitoring, decision making, and service or resource provision. The additional function is conflict resolution (or principal identification). The approach contrasts with mainstream research by assuming that the firm is a nexus of investments, avoiding the empirical assumption that the shareholder is the sole principal. We derive propositions that are not restricted to any empirical category of a corporation, and address praxis implications for managing functional disharmony.
Corporate governance, board responsibilities, and financial performance: The National Bank of Australia
Authors: Jain Ameeta , Thomson Dianne
Published: February 2017

This paper examines board responsibilities and accountability by management and Board of Directors in relation to the National Australia Bank’s (NABs) performance. The NAB, an international financial service provider within the top thirty most profitable banks in the world, is compared with the Australian major banks. The evidence suggests that NABs poor performance was consistent with a lack of accountability, poor corporate governance and board dysfunction associated with fraudulent currency trading and the subsequent AUD360 million foreign currency losses. The NAB’s performance is investigated by utilizing accounting-based measures of profitability and cost efficiency as proxies for performance. Following the foreign currency trading losses in 2004 the NAB under-performed the other major Australian banks in terms of profits, cost to income ratio and growth in assets. In terms of profitability and cost efficiency NAB had the lowest ROE and ROA with a 19.7% fall in net profit and the highest cost to income ratio of 57.4% of any of the five largest banks. This case study provides an Australian example of poor corporate governance and suggests that financial institutions and regulators can learn from the NAB’s experience. Failure to have top-down accountability can have significant impact on over-all performance, profitability and reputation. In particular, it suggests that management and Boards need to review their risk management procedures and regulators need to be more pro-active in their prudential oversight of financial institutions.
People With Chronic Neck Pain Walk With a Stiffer Spine
Authors: Falla Deborah , Gizzi Leonardo , Parsa Hesam , Dieterich Angela , Petzke Frank
Published: February 2017

Study Design

Controlled laboratory study, case-control design.

Objective

To evaluate spine kinematics and gait characteristics in people with nonspecific chronic neck pain.

Background

People with chronic neck pain present with a number of sensorimotor and biomechanical alterations, yet little is known about the influence of neck pain on gait and motions of the spine during gait.

Methods

People with chronic nonspecific neck pain and age- and sex-matched asymptomatic controls walked on a treadmill at 3 different speeds (self-selected, 3 km/h, and 5 km/h), either with their head in a neutral position or rotated 30°. Tridimensional motion capture was employed to quantify body kinematics. Neck and trunk rotations were derived from the difference between the transverse plane component of the head and thorax and thorax and pelvis angles to provide an indication of neck and trunk rotation during gait.

Results

Overall, the patient group showed shorter stride length compared to the control group (P<.001). Moreover, the patients with neck pain showed smaller trunk rotations (P<.001), regardless of the condition or speed. The difference in the amount of trunk rotation between groups became larger for the conditions of walking with the head rotated.

Conclusion

People with chronic neck pain walk with reduced trunk rotation, especially when challenged by walking with their head positioned in rotation. Reduced rotation of the trunk during gait may have long-term consequences on spinal health. J Orthop Sports Phys Ther 2017;47(4):268–277. Epub 3 Feb 2017. doi:10.2519/jospt.2017.6768
Trunk Muscle Characteristics of the Multifidi, Erector Spinae, Psoas, and Quadratus Lumborum in Older Adults With and Without Chronic Low Back Pain
Authors: Sions J. Megan , Elliott James M. , Pohlig Ryan T. , Hicks Gregory E.
Published: February 2017

Study Design

Cross-sectional study.

Objective

To determine whether there are differences in trunk muscle characteristics between older adults with and without chronic low back pain (LBP), while controlling for age, sex, and body mass index.

Background

Muscle support for the trunk is provided by the multifidi, erector spinae, psoas, and quadratus lumborum. Trunk muscle characteristics may be altered with aging and/or chronic LBP. To date, most trunk muscle research has been conducted among younger adults. Given age-related muscle changes, such as reduced size and increased intramuscular fat, studies are needed in older adults, including those comparing older adults with and without LBP.

Methods

One hundred two older adults with (n = 53) and without (n = 49) chronic LBP were included. Cross-sectional area (CSA) measurements were taken by tracing inside the fascial borders on magnetic resonance images. Pixel intensity summaries were obtained to compute muscle-to-fat indices and relative muscle CSA, that is, CSA void of fat. Right/left averages for levels L2 through L5 were determined. Mixed-design analyses of covariance were used to test for differences between groups, based on LBP presence and sex, across levels (P≤.05).

Results

Older adults with LBP had a greater average multifidus muscle-to-fat index (0.51 versus 0.49) and smaller average erector spinae relative muscle CSA (8.56 cm2 versus 9.26 cm2) when compared to control participants without LBP. No interactions between LBP status and average muscle characteristics were found for the psoas or quadratus lumborum (P>.05).

Conclusion

Up to 54% of older adult trunk muscle CSA may be fat. Women have smaller muscles and greater intramuscular fat (at lower spinal levels) than men. J Orthop Sports Phys Ther 2017;47(3):173–179. Epub 3 Feb 2017. doi:10.2519/jospt.2017.7002
Dry Needling Combined With Physical Therapy in Patients With Chronic Postsurgical Pain Following Total Knee Arthroplasty: A Case Series
Authors: Núñez-Cortés Rodrigo , Cruz-Montecinos Carlos , Vásquez-Rosel Álvaro , Paredes-Molina Orlando , Cuesta-Vargas Antonio
Published: February 2017

Study Design

Case series.

Background

This case series describes a combined program of dry needling and therapeutic exercise in a small group of patients with persistent pain following total knee arthroplasty (TKA).

Case Description

Fourteen patients who underwent TKA had persistent postsurgical pain and myofascial trigger points that were nonresponsive to treatment with conventional physical therapy and/or medication. The patients received a weekly dry needling treatment in combination with therapeutic exercises for 4 weeks. Pain perception was assessed preintervention and postintervention with a visual analog scale and function was assessed with the Western Ontario and McMaster Universities Osteoarthritis Index, 6-minute walk test, timed up-and-go test, 30-second chair-stand test, and knee joint range of motion.

Outcomes

After TKA, the patients had a mean ± SD symptom duration of 6.3 ± 3.1 months. Subsequent to dry needling, patients reported a significant mean ± SD decrease in pain intensity from 55.6 ± 6.6 to 19.3 ± 5.6 (P<.001) and improvements in Western Ontario and McMaster Universities Osteoarthritis Index scores from 10.1 ± 0.8 to 4.9 ± 1.0 for pain (P<.001), from 5.3 ± 0.4 to 2.4 ± 1.2 for stiffness (P<.001), and from 36.7 ± 2.0 to 20.1 ± 3.2 for function (P<.001). Knee flexion increased from a mean ± SD of 82.7° ± 5.2° to 93.3° ± 4.3° (P<.001), and joint extension improved from 15.8° ± 2.9° to 5.3° ± 2.4° (P<.05). The 6-minute walk test also showed improvement in postintervention values from a mean ± SD of 391.4 ± 23.7 to 424.7 ± 28.4 m (P<.05).

Discussion

After dry needling combined with therapeutic exercises, patients who had chronic pain following TKA showed clinically significant improvements in pain, range of motion, function, and myofascial trigger points. Future randomized clinical trials should further investigate the effectiveness of this protocol under similar conditions.

Level of Evidence

Therapy, level 4. J Orthop Sports Phys Ther 2017;47(3):209–216. Epub 3 Feb 2017. doi:10.2519/jospt.2017.7089
The Effectiveness of Trigger Point Dry Needling for Musculoskeletal Conditions by Physical Therapists: A Systematic Review and Meta-analysis
Authors: Gattie Eric , Cleland Joshua A. , Snodgrass Suzanne
Published: February 2017

Study Design

Systematic review and meta-analysis.

Background

An increasing number of physical therapists in the United States and throughout the world are using dry needling to treat musculoskeletal pain.

Objective

To examine the short- and long-term effectiveness of dry needling delivered by a physical therapist for any musculoskeletal pain condition.

Methods

Electronic databases were searched. Eligible randomized controlled trials included those with human subjects who had musculoskeletal conditions that were treated with dry needling performed by a physical therapist, compared with a control or other intervention. The overall quality of the evidence was assessed using the Grading of Recommendations Assessment, Development and Evaluation.

Results

The initial search returned 218 articles. After screening, 13 were included. Physiotherapy Evidence Database quality scale scores ranged from 4 to 9 (out of a maximum score of 10), with a median score of 7. Eight meta-analyses were performed. In the immediate to 12-week follow-up period, studies provided evidence that dry needling may decrease pain and increase pressure pain threshold when compared to control/sham or other treatment. At 6 to 12 months, dry needling was favored for decreasing pain, but the treatment effect was not statistically significant. Dry needling, when compared to control/sham treatment, provides a statistically significant effect on functional outcomes, but not when compared to other treatments.

Conclusion

Very low-quality to moderate-quality evidence suggests that dry needling performed by physical therapists is more effective than no treatment, sham dry needling, and other treatments for reducing pain and improving pressure pain threshold in patients presenting with musculoskeletal pain in the immediate to 12-week follow-up period. Low-quality evidence suggests superior outcomes with dry needling for functional outcomes when compared to no treatment or sham needling. However, no difference in functional outcomes exists when compared to other physical therapy treatments. Evidence of long-term benefit of dry needling is currently lacking.

Level of Evidence

Therapy, level 1a. J Orthop Sports Phys Ther 2017;47(3):133–149. Epub 3 Feb 2017. doi:10.2519/jospt.2017.7096
SPECIFIC ANTIBODY RESPONSE IN BACKYARD CHICKENS TO NEWCASTLE DISEASE THERMOSTABLE LIVE VACCINE
Authors: Baksi S. , Puwar P. , Rao N. , Khan M.
Published: February 2017

Newcastledisease (ND) is widely known poultry disease all over the world. It causes high economic losses even in backyard poultry. The purpose of present study was to estimate specific antibody response of backyard poultry chickens to thermostable vaccine of ND. Presence of antibodies before vaccination was determined by haemagglutination-inhibition (HI) test and vaccine was inoculated intraoccularly to birds of vaccinated group. Blood was withdrawn at regular intervals up to 4 months and generation of specific antibodies to the ND antigen was measured by HI test. The results showed significant increase in antibody titre at 28 days time in vaccinated birds and decrease was found after three months of vaccination in the birds. The study suggests that it is necessary to follow vaccination schedule in the backyard chickens, as they are highly susceptible to ND.
PREVALENCE OF REPEAT BREEDING AND ITS EFFECTIVE TREATMENT IN COWS AT SELECTED AREAS OF BANGLADESH
Authors: Asaduzzaman K. M. , Bhuiyan M. M. U. , Rahman M. M. , Bhattacharjee J.
Published: February 2017

The objectives of the study were to determine the prevalence of repeat breeding and its associated risk factors in cows at selected areas of Bangladesh followed by determination of an effective treatment regime for those cows. Data were collected by interviewing the owner of the cows from 172 farms having 1524 breedable cows located at one Upazila of Mymensingh, Chittagong, Khulna, Satkhira, Bogra and Dhaka districts. A total of 122 repeat breeding cows were treated and randomly distributed into 5 experimental groups for different treatment regimes. The treatment regimes were (i) single AI with injection of 500 µg of gonadorelin, (ii) intra uterine infusion of 4.0 million i.u. penicillin daily for 3 days followed by single AI at next estrus, (iii) same time AI with double doses of semen, (iv) two times AI at 8 hours interval and (v) single AI without any intervention (used as control group). Information was collected for all treated cows for returning to estrus at 20-22 days post-AI. If the cow did not return to estrus at 20-22 days post-AI, the cows were examined for pregnancy by per rectal palpation of genital tract at 60-90 days post-AI. The pregnancy of the treated cows was used as the indicator of success of each treatment regime. The overall prevalence of repeat breeding in cows was 11.5%. The breed of cows, herd BCS and farm size influenced the prevalence of repeat breeding in cows. The age, parity, BCS and milk yield influenced the occurrence of repeat breeding in individual cows. The significantly higher proportion of cows recovered when AI was done using double doses of semen (52.8%) or single AI was done with GnRH administration (51.9%) than no intervention control (30.4%). In conclusion, repeat breeding cows may be inseminated with double doses of semen or with single AI with GnRH administration for improvement of conception.
EFFICACY OF IVERMECTIN AGAINST GASTROINTESTINAL NEMATODIASIS AND ECTOPARASITES IN CROSSBRED CATTLE IN BANGLADESH
Authors: Ahammed M. , Ali M. A. , Ehsan M. A. , Mostafa M.
Published: February 2017

The experiment was carried out to determine the efficacy of Ivermectin (Ivomec® S/C Formulation) against gastrointestinal nematodiasis and ectoparasites including stephanofilaria on crossbred cattle, to determine the effect of drug on certain hematological parameters like hemoglobin (Hb) content, packed cell volume (PCV) and erythrocyte sedimentation rate (ESR)in crossbred cattle and to determine the effect of the drug on live weight. A total of 100 cattle were selected randomly and examined for presence of both endo and ectoparasites including stephanofilaria. Gastrointestinal nematodiasis were detected by examination of fecal samples and ectoparasites as well as stephanofilaria were detected by physical examination. Out of 100 cattle, 20 were found to suffer from both endo and ectoparasites. These 20 cattle were selected finally for the research work. Then these cattle were divided into two groups, group A (treated group, n=15) and group B (control group, n=5). Ivermectin was injected subcutaneously to the cattle of group A @ 200µm/kg body weight (1ml/50 kg body weight). The therapeutic efficacy of the drug against gastrointestinal nematodiasis was determined by investigation of fecal egg count reduction and the efficacy was 100% against the common nematodes in crossbred cattle on day 7, 14, 21 and 28 of post treatment period. Ticks within a markable area (25 square inches) were counted on day 0 and lice infestation was marked as infected on day 0. Ivermectin showed 100% effectiveness at the 7, 14, 21 and 28 day of post treatment period against both tick and lice infestation. The efficacy of the drug against stephanofilariasis (humpsore) was determined by reduction of diameter of the sore on the day 14, 42 and 56 of post treatment period. All the sores were completely healed up by the 56 days. During the study of hematological parameters it was seen that Hb and PCV were increased whereas ESR values were decreased on post treatment days. In this study the mean live weight of the cattle of treated group was increased after treatment with ivermectin and increased body weight was 5.13% on the 28th day of post treatment period. From the above findings it may be concluded that ivermectin was 100% effective against gastrointestinal nematodes common in crossbred cattle. Effectiveness of the drug against external parasites was 100%. In this study hematological parameters were changed significantly after treatment with ivermectin, body weight of animal treated with ivermectin was increased and no adverse effect of the drug was found in this study.
SEROPREVALENCE AND RISK FACTORS ASSOCIATED WITH NEOSPORA CANINUM IN DAIRY CATTLE OF WESTERN DAIRY POCKET AREA IN CHITWAN DISTRICT OF NEPAL
Authors: Yadav G. P. , Manadhar S. , Karna A. K. , Acharya K. P. , Maharjan D. , Singh D. K.
Published: February 2017

Dairy industry is growing in Nepaland western dairy pocket area is the main milk producing area in Chitwan district. This study was carried out to determine the seroprevalence and risk factors associated with N. caninum in western dairy pocket area in Chitwan district of Nepal. A cross-sectional study was conducted from April 2014 to July 2014 among the small holder dairy farms, and out of 2188 animals from different sampling villages, 186 (8.5%) animals were randomly selected. Individual blood samples (5-10 ml) were collected and screened for N. caninum antibodies by ELISA test kit. The study showed that apparent overall prevalence of N. caninum to be 4.84% and true prevalence, 4.07%. The prevalence varied from a low of 0% to a high of 13.16% in various VDCs. The prevalence rates among Holstein-Friesian cross and Jersey cross Cattle were 6.94% and 3.51% respectively. The seroprevalence of N. caninum was found to be 16.13% and 2.5% in animals with and without history of abortion respectively, showed statistically significant different (p value <0.05). Similarly, prevalence were 13.64% and 3.66% in animals with and without presence of dog respectively and 8.5%, 3.39% and 0% in the  animals of age group of 3-5 years, 1-3 years and above 5 years respectively, showed statistically non-significant association (p value <0.05). This study shows that N. caninum is associated with abortion in dairy cattle of Chitwan region. The study may contribute the base line data of N. caninum in Nepal for future preventive strategy for stake-holders and government.
ISOLATION AND PREVALENCE OF ESCHERICHIA COLI IN WILD ANIMALS AT THE NATIONAL ZOOLOGICAL GARDEN JOS, NIGERIA
Authors: Oludairo O. O. , Kwaga J. K. P. , Dzikwi A. A. , Kabir J.
Published: February 2017

There had been reports of infectious diarrhea leading to death of wild animals at the National Zoological Garden Jos, Nigeria which could possibly be due to E. coli. The presence of the zoonotic infection puts the animals, staff, visitors and the general public at risk of contracting the bacteria which could lead to death of wildlife, economic losses, wildlife conservation issues, human sickness, expenditure on treatments or death of man or animals. The record of surveillance of E. coli in Nigeria is limited. The study sought to determine the presence and prevalence of E. coli in the zoo. 160 faecal samples were collected over a period of three months and analysed for E. coli using the conventional biochemical tests and confirmation was done using the Microbact GNB 12E. Seventy seven (48.1%) isolates showed reactions presumptive of E. coli after the conventional biochemical tests while 58 (36.3%) were confirmed after testing with Microbact GNB 12E. The confirmed isolates were from primates 18, carnivores 5, herbivores 5, birds 28, and reptiles 2. There was a statistically significant association (p<0.05) between the different classes of animals and the isolation of E. coli. There was also a statistically significant association (p<0.05) between the occurrence of E. coli and months of sample collection. The occurrence and high prevalence of E. coli implies the organism could be the cause of infectious diarrhoea and death in the zoo, while staff and as many as visit the zoo are at risk of contracting the organisms from the animals or other contaminated objects which could lead to human death and  epidemics.