bluuebunny/crossref_metadata_2025 huggingface dataset:
Broker ID transparency and price impact of trades: evidence from the Korean Exchange
Authors: Pham Thu Phuong
Published: January 2015

Purpose

– The purpose of this paper is to examine the changes in the price impact of trades in the major Korean stock market following the introduction of disclosure to all traders of the top five brokers on the buy-side and the top five brokers on the sell-side of trades in real time for each stock in the KOSDAQ market.

Design/methodology/approach

– The paper uses several alternative metrics for the price impact of trades. The study applies estimation methodology that accounts for the potential endogeneity of other market quality proxies, which are used as control variables in price impact regressions, by utilizing two-stage-least-square methods with fixed effect specification.

Findings

– This study finds that the permanent price impact (information effect) of both buyer- and seller-initiated trades increases, which indicates that information is disseminated quicker in a transparent market. Uninformed trades have a larger permanent price impact than informed trades on both the buy and sell sides. The liquidity price effects are found to be mixed for buys and sells.

Research limitations/implications

– The study supports the current policy of the Korean Exchange to publicly display the five most active broker IDs on both the buy and sell sides, as it attracts both informed and liquidity traders, leading to faster price discovery in a more transparent market. However, a future study which analyzes the change in the market quality in both local markets would provide a complete picture of the effects of the policy.

Originality/value

– Earlier studies documenting the effect of broker ID disclosure on market quality used effective spreads, market depth or order book imbalance as market quality measures. This study contributes to the existing literature by examining the changes in direct measures of the private information effect and liquidity effect of trades in a stock market – the Korean Stock Exchange – when the other part of the exchange (the KOSDAQ stock market) shifts to public broker ID transparency at the same transparency level.
The effects of a tax dividend cut on payout policies: Canadian evidence
Authors: Deslandes Manon , Landry Suzanne , Fortin Anne
Published: January 2015

Purpose

– The purpose of this paper is to examine whether the significant dividend tax rate reduction for individual investors in Canada in 2006 affected firms’ payout policies.

Design/methodology/approach

– Using regression models, the authors examine the impact of the 2006 dividend tax cut on dividends and share repurchases in Canadian listed firms from 2003 to 2008. The authors also ran a multinomial logit regression to examine choices between payout policies.

Findings

– Following the tax cut, firms increased their dividend payouts, with larger increases for firms in which shareholders benefited from the reduced tax rate. However, the 2006 tax cut appears to have had no negative effect on distributions through share repurchases. After the 2006 dividend tax cut, firms owned by shareholders subject to dividend taxes were more likely to use a combination of distribution mechanisms than share repurchases only, dividends only, or no payouts.

Practical implications

– Shareholders’ tax preferences are an important factor for firms to consider when designing payout distribution policies. Following the 2006 dividend tax cut, firms increased their dividend payouts.

Social implications

– The findings provide tax regulators with insight into how firms react to tax reform. They suggest that firms adapt their payout policy in the face of: a noteworthy dividend tax cut (6.2 per cent); a dividend tax cut that does not encourage tax arbitrage; and a dividend tax cut that does not economically favour dividend payment over share repurchases.

Originality/value

– The paper considers the 2006 dividend tax rate cut in Canada, which presents a number of significant features that allow capturing the effect of a tax cut on payout policies.
Are controlling shareholders extracting private benefits from European public acquisitions?
Authors: Thraya Mohamed Firas
Published: January 2015

Purpose

– The purpose of this paper is to examine the incentives of controlling shareholders in the market for corporate control. The author investigates the takeover premiums paid by a sample of European acquiring firms with voting rights structures that are highly concentrated. The results show a positive relationship between takeover premiums and the bidder’s concentration of both voting rights and excess voting rights over cash-flow rights. The author argues that with higher levels of entrenchment, takeover premiums reflect the private benefits of control which controlling shareholders in bidding firms seek to extract from a public transaction.

Design/methodology/approach

– This paper uses cross-sectional regression analyses to examine the relationship between takeover premiums and the extent to which bidding firm shareholders exert control as well as the arrangement which underlie this. The sample is composed by 210 deals. The data are collected from various databases (Thomson Financial’s Mergers and Acquisition; Faccio and Lang’s (2002); Datastream/Worldscope, LexisNexis).

Findings

– The premium paid in European M&A transactions is affected by the level of ownership exerted by the controlling shareholder. The results show premiums are positively and significantly associated with higher levels of voting rights, as well as, the level of separation of ownership and control when controlling shareholder ownership is low. Pyramiding structure seems to be the means of separation the most associated with takeover premiums.

Research limitations/implications

– This paper can be improved by other specifications. First, it would be interesting to analyze premiums paid by firms with dispersed ownership structure and to compare these premiums with those paid by firms with controlling shareholders. Second, the author suggests to examine whether a controlling shareholder occupy the seat of a CEO or a chairman. In these cases, the author assumes that the controlling shareholder can benefit from more discretion and can extract more private benefits. Third, the author suggests extending the sample period to 2007 at least to include the sixth wave. This wave was even more significant than the high-tech wave and has not been studied much. In these cases, the author assumes that the controlling shareholder can benefit from more discretion and can extract more private benefits.

Originality/value

– Previous studies show that the premium reflects the private benefits of control in privately negotiated transactions (mainly block transactions). In the present study, the author shows that the premium can also reflect private benefits in public merger transactions.
Solving strategy for unintended criticism in online space
Authors: Chung Sunghun
Published: January 2015

Purpose

– The purpose of this paper is to examine how information load, consumers’ regulatory focus, and prior attitudes interact to influence consumers’ response to firm crisis in the context of online discussion forum. By doing this, this study presents the solving strategy for unintended criticism in online space.

Design/methodology/approach

– Based on selective exposure and regulatory focus theory, the author proposes that consumers’ regulatory focus and prior attitudes toward a focal firm influence the relationship between information load and selective exposure phenomenon. The data for this study are obtained from an experimental research design. Data were collected from 165 college students who have an experience with an online discussion forum.

Findings

– The author finds that selective exposure is likely to occur when information load is high (vs low). More importantly, this selective exposure is influenced by regulatory focus. Prevention-focussed consumers with favorable (vs unfavorable) prior attitudes toward the target firm tend to evaluate it less favorably, whereas promotion-focussed consumers with unfavorable (vs favorable) prior attitudes are likely to evaluate it more favorably when information load is high.

Originality/value

– Evidence is found that consumers’ regulatory focus moderates the effect of information quantity on confirmatory information search, and induces different response strategies to firm crisis information.
Predictors of inconsistent responding in web surveys
Authors: Akbulut Yavuz
Published: January 2015

Purpose

– The purpose of this paper is to investigate the antecedents of inconsistent responding in web surveys. Consistency of responses to personal information questions and scale items were compared, and the influence of perceived social support, social appearance anxiety, academic self-efficacy and social networking habits on inconsistent responding was examined.

Design/methodology/approach

– A gaming application on Facebook was used to collect data. A repeated-measures design was conducted with 806 respondents in two online survey administrations. After inconsistent responses provided by the same nicknames were identified, consistent and inconsistent respondents were compared with regard to their responding patterns and research variables.

Findings

– Findings revealed that 45.7 percent of participants misreported their personal information such as age, educational status and gender. Participants were relatively consistent in their responses to attitude scales. Perceived social support led to inconsistent responding whereas social appearance anxiety and academic self-efficacy was not influential in response patterns. A binary logistic regression revealed that perceived family support, number of Facebook friends and Facebook use duration successfully distinguished inconsistent respondents from consistent respondents.

Research limitations/implications

– The sample frame has several limitations insofar as the study only addressed a unique gaming application on Facebook. Thus, unique interactive characteristics of the current context may have altered the nature of responding.

Practical implications

– Practitioners should not rely on the personal information provided by online survey respondents to conduct parametric tests, whereas responses to online attitude scales seemed relatively consistent.

Originality/value

– The principal contribution of the paper is that findings have provided insights into the current status of response patterns in online survey administrations. In addition, the paper highlights the importance of individual variables which influence the consistency of responses.
Inflation hedging and protection characteristics of infrastructure and real estate assets
Authors: Wurstbauer Daniel , Schäfers Wolfgang
Published: January 2015

Purpose

– Similar to real estate, infrastructure investments are regarded as providing a good inflation hedge and inflation protection. However, the empirical literature on infrastructure and inflation is scarce. Therefore, the purpose of this paper is to investigate the short- and long-term inflation-hedging characteristics, as well as the inflation protection associated with infrastructure and real estate assets.

Design/methodology/approach

– Based on a unique data set for direct infrastructure performance, a listed infrastructure index, common direct and listed real estate indices, the authors test for short- and long-term inflation-hedging characteristics of these assets in the USA from 1991-2013. The authors employ the traditional Fama and Schwert (1977) framework, as well as Engle and Granger (1987) co-integration tests. Granger causality tests are further conducted, so as to gain insight into the short-run dynamics. Finally, shortfall risk measures are applied to investigate the inflation protection characteristics of the different assets over increasingly long investment horizons.

Findings

– The empirical results indicate that in the short run, only direct infrastructure provides a partial hedge against inflation. However, co-integration tests suggest that all series have a long-run co-movement with inflation, implying a long-term hedge. The causality tests reveal reverse unidirectional causality – while real estate asset returns are Granger-caused by inflation, infrastructure asset returns seem to cause inflation. These findings further confirm that both assets represent a distinct asset class. Ultimately, direct infrastructure investments exhibit the most desirable inflation protection characteristics among the set of assets.

Research limitations/implications

– This study only presents results based on a composite direct infrastructure index, as no sub-indices for sub-sectors are available yet.

Practical implications

– Investors seeking assets that are sensitive to inflation and mitigate inflation risk should consider direct infrastructure investments in their asset allocation strategy.

Originality/value

– This is the first study to examine the ability of direct infrastructure to assess inflation risk.
Landlord and Tenant Act 1954: time for a change?
Authors: Dowden Malcolm John
Published: January 2015

Purpose

– This legal update examines recent decisions on the security of tenure given by Landlord and Tenant Act 1954 to business tenants, and asks whether it is time to revisit or remove a piece of legislation that was drafted to deal with the consequences of war damage and short supply of commercial premises during the 1950s. It highlights the narrow, technical rules and distinctions that make little sense to commercial parties. The paper aims to discuss these issues.

Design/methodology/approach

– The paper considers recent court rulings in the light of the original purpose of the Landlord and Tenant Act 1954, focusing on provisions that were reformed in 1969-reflect changes in market conditions since the immediate post-Second World War period.

Findings

– Narrow, technical rules and exceptions carry considerable risks for commercial landlords and may not be appropriate or necessary in current market conditions.

Research limitations/implications

– The paper examines only a recent selection of court rulings, but highlights the potentially harsh impact on commercial landlords of legislation designed to protect tenant interests in market conditions radically different from those prevailing some 60 years after its enactment.

Practical implications

– With no immediate prospect of reform, the paper highlights the need for landlords to adhere closely to the precise technical requirements of the Act.

Originality/value

– The paper is based on the author’s reading and analysis of recent Court of Appeal rulings.
Organisational culture and the creation of brand identity: retail food branding in new markets
Authors: Rashid Sabrina , Ghose Kamal
Published: January 2015

Purpose

– The purpose of this paper is to explore the relationship between organizational culture and brand identity in the retail food and beverage industry and also to explore how independent retail coffee shops and cafes build their brands. The evolution of coffee drinking in many new markets is following a pattern similar to the one witnessed in New Zealand.

Design/methodology/approach

– A qualitative approach using semi-structured interviews, field notes, photographs and empirical material was carried out with 15 independent coffee shops and nine franchise coffee shops in Christchurch, New Zealand. In total five different approaches were adopted to provide diverse observations to compliment every angle of the research setting by using triangulation.

Findings

– The findings from this research reveal that an appropriate brand name helps to ease the process of brand identity creation. The personality of the market leader strongly influences organizational culture, and a constant flow of updated business intelligence plays an important role in creating a distinctive brand identity. Internal marketing and personal values are key to constructing internal culture while the acculturation process plays an important role in developing internal culture and building brand identity.

Research limitations/implications

– Difficulty in getting participants was a major limitation because many employees/owners declined to take part in the research due to the nature of their work which required full attention to serve customers when the outlet is operating.

Originality/value

– In previous years, research has focused on interaction between the organization and their customers (Hoeffler, 2003). This study extends previous research by investigating the internal culture of the organization and its relation to brand identity building within the organization.
An analysis of the viability of micro health takaful in Malaysia
Authors: Htay Sheila Nu Nu , Sadzali Nur Shazwani , Amin Hanudin
Published: January 2015

Purpose

– This research aims to examine the viability of micro-health takaful in Malaysia. Current practices in the takaful industry in Malaysia reveal that takaful operators (TOs) are keen on offering products that are affordable for middle- to high-income people. However, the concept of takaful is based on mutual help, and, hence, it is believed that TOs should offer products affordable by the poor and lower income people.

Design/methodology/approach

– To achieve this objective, the interest of the poor to participate in this product is examined by sending the questionnaire. In addition, TOs were approached to understand why micro-health takaful products have not been offered as yet. The regulator was also interviewed to gauge whether the government is supportive of this scheme.

Findings

– From the survey, it was noted that the poor people are interested to participate in such a scheme. However, most of them are only willing to contribute about RM5 per month, while some of the respondents, especially, zakat recipients are unable to afford to pay at all. The zakat authority when interviewed stated they were unable to contribute on behalf of the zakat recipients. To a certain extent, zakat authority is required to obtain an approval from the National Fatwa Council with regard to that issue. The regulator views that the micro takaful is still in an experimental stage. From the perspective of TOs, it might be viable if the product is offered as part of the corporate social responsibility, rather than by individual operators. Therefore, it could be summed up that micro-health takaful will be viable if and only if TOs collectively offer it as a part of their corporate social responsibility, and it must be subsidized by the zakat or waqf authorities.

Research limitations/implications

– Particularly, this study only considers a limited geography in Malaysia to understand the viability of micro-health. On the same note, the current focus of the study is on micro-health takaful in which it has not tapped other potential micro takaful products.

Originality/value

– This study is a pioneering effort in understanding the viability of the micro health takaful in Malaysia.
Agency and stewardship attitudes of chief financial officers in private companies
Authors: Hiebl Martin R. W.
Published: January 2015

Purpose

– This paper aims to explore the differing attitudes of salaried chief financial officers (CFOs) that can be associated with agency theory and stewardship theory. CFO attitudes are investigated because CFOs typically face additional agency conflict in their roles as overseers of the financial and accounting functions that are responsible for the production of numerical information used as a basis for incentive compensation.

Design/methodology/approach

– A qualitative field study of 14 large privately held Austrian manufacturing companies was conducted. The findings rely on information retrieved from 18 semi-structured interviews conducted with individuals from these companies.

Findings

– The findings reveal a number of contextual factors that influence stewardship and agency attitudes of salaried CFOs. CFOs, who mainly report formally to owners, perceive more control in the hands of the owners. Short-term management appointments appear to facilitate agency-like behavior, whereas the existence of owner–managers and the typical CFO's maturity in terms of age and wealth seem to nurture stewardship behavior.

Research limitations/implications

– Further (quantitative) research is needed to corroborate the findings in this study, which are derived from a qualitative research approach. Further research on agency and stewardship behavior should also include the view of principal with respect to agent actions, as this paper shows that principal opinion strongly affects the way agents perceive control.

Practical implications

– The findings suggest that the behavior of company owners can influence and change a manager's agency or stewardship attitude. Owners who desire a culture of stewardship should set long-term goals and facilitate long-term management appointments. Moreover, owners can lower a manager's perceived level of owner control by adopting an active role in management.

Originality/value

– This paper is the first to analyze stewardship and agency attitude of salaried CFOs in privately held companies. It, therefore, adds to the current literature on the role of the CFO, as well as to the literature on governance issues in privately held firms.
Federalism Dreaming? Re‐imagining the Governance of Australian Landscapes
Authors: Althaus Catherine , Morrison T.H.
Published: January 2015

We propose a re‐imagining of Australian federalism in response to the White Paper on Reform of the Australian Federation. We acknowledge the unique nature and existing strengths and challenges confronting the Australian federation. In so doing we argue the value of listening to the history of the land in connection with its people and bringing landscape lessons into federation calculations moving forward. The distinctiveness of our federalism dreaming is distinguished from traditional calls for regionalism or regionalization.
The Governance Effect of the Media's News Dissemination Role: Evidence from Insider Trading
Authors: DAI LILI , PARWADA JERRY T. , ZHANG BOHUI
Published: January 2015

We investigate whether the media plays a role in corporate governance by disseminating news. Using a comprehensive data set of corporate and insider news coverage for the 2001–2012 period, we show that the media reduces insiders’ future trading profits by disseminating news on prior insiders’ trades available from regulatory filings. We find support for three economic mechanisms underlying the disciplining effect of news dissemination: the reduction of information asymmetry, concerns regarding litigation risk, and the impact on insiders’ personal wealth and reputation. Our findings provide new insights into the real effect of news dissemination.
Effect of Ohmic Heating of Soymilk on Urease Inactivation and Kinetic Analysis in Holding Time
Authors: Li Fa‐De , Chen Chen , Ren Jie , Wang Ranran , Wu Peng
Published: January 2015

To verify the effect of the ohmic heating on the urease activity in the soymilk, the ohmic heating methods with the different electrical field conditions (the frequency and the voltage ranging from 50 to 10 kHz and from 160 to 220 V, respectively) were employed. The results showed that if the value of the urease activity measured with the quantitative spectrophotometry method was lower than 16.8 IU, the urease activity measured with the qualitative method was negative. The urease activity of the sample ohmically heated was significantly lower than that of the sample conventionally heated (P < 0.01) at the same target temperature. It was concluded that the electrical field enhanced the urease inactivation. In addition, the inactivation kinetics of the urease in the soymilk could be described with a biphasic model during holding time at a target temperature. Thus, it was concluded that the urease in the soymilk would contain 2 isoenzymes, one is the thermolabile fraction, the other the thermostable fraction, and that the thermostable isoenzyme could not be completely inactivated when the holding time increased, whether the soymilk was cooked with the conventional method or with the ohmic heating method. Therefore, the electric field had no effect on the inactivation of the thermostable isoenzyme of the urease.
Detection and Quantification of 4(5)‐Methylimidazole in Cooked Meat
Authors: Karim Faris , Smith J. Scott
Published: January 2015

4(5)‐Methylimidazole (4‐MeI) is a nitrogen‐containing heterocyclic compound found in class III and IV ammoniated caramel colors, a group of additives widely used in the food industry. A suspected carcinogen and neurotoxin and efforts are underway to limit its presence in foods. Several methods have been developed to detect and quantitate 4‐MeI in different food matrices, including roasted coffee, beer, soft drinks, and soy sauce; however, no methods are available to measure 4‐MeI in cooked meat and meat products containing lipids and high levels of interfering nitrogen compounds, such as amino acids and peptides. A rapid method using 0.1 M sodium acetate buffer (pH 5) as an extraction solvent followed by derivatization with isobutylchloroformate and gas chromatograph mass‐spectrometry was developed to quantify 4‐MeI in cooked meat products with added caramel colors containing 4‐MeI. Selected ion monitoring mode was used to monitor 4‐MeI ions fragments. In the 8 commercial meat products tested, 4‐MeI levels ranged from 0.041 to 1.015 mg/kg, with recovery of 94.76% to 103.94%. In addition, a matrix‐matched calibration performed by analyzing a spiked cooked meat sample indicated no significant difference (P > 0.05), which means the meat matrix had no effect on the developed method. This method proved useful in analyzing 4‐MeI in meat products with added caramel color containing 4‐MeI.
Factors affecting the use of fauna underpasses by bandicoots and bobtail lizards
Authors: Chambers B. , Bencini R.
Published: January 2015

The construction of fauna underpasses is becoming increasingly common in road construction projects. However, factors that affect their use by native fauna in Australia are still largely unknown. We monitored 10 fauna underpasses for 13 months to determine factors affecting their use by southern brown bandicoots Isoodon obesulus fusciventer and western bobtail lizards Tiliqua rugosa rugosa. We trapped around each underpass five times to determine the size of the populations of these two species. Bandicoots and bobtail lizards were marked with passive implant transponders (PIT) and PIT readers and motion‐activated infrared cameras recorded the number of crossings and the number of individuals that used each underpass. For bandicoots the mean weekly frequency of use corrected for population size and the proportion of the marked population that used each underpass were modelled against factors hypothesized to impact underpass use using generalized linear models. These were underpass length, cross‐sectional area, vegetation cover at the entrances, presence or absence of logs and branches in the underpass (furniture), use by introduced predators and time since construction. Underpass length was negatively correlated with the frequency of use by bandicoots and time since construction was negatively correlated with the proportion of the population that used the underpasses. For western bobtail lizards none of the factors tested were strongly correlated with the frequency of use, or the proportion of the population that used the underpass. Based on these results, we recommend that the length of underpasses be kept to a minimum, possibly through the use of vegetated median strips allowing shorter underpasses to connect habitat on either side of the road. This would likely result in greater use than one long underpass spanning the entire width of the road.
Decreased circulating neopterin is associated with increased arterial elasticity: a beneficial role of periodontal treatment
Authors: Ren J , Chen Y‐B , Zhang Y‐Y , Zhou Q‐B , Chen S , Yang J‐Y , Tao J
Published: January 2015

Background

The aim of this study was to evaluate the effect of periodontal treatment on arterial elasticity and circulating neopterin in patients with moderate to severe periodontitis in a Chinese population.

Methods

One hundred and eight patients with moderate to severe periodontitis were eligible to take part in the study and were randomized into two groups. The treatment group received intensive periodontal treatment, while the control group received control periodontal treatment. All parameters, including brachial‐ankle pulse wave velocity (baPWV), ankle brachial index (ABI), serum neopterin (NP), high‐sensitivity C‐reactive protein (hs‐CRP), Interleukin‐6 (IL‐6), were evaluated before treatment and 1 month after treatment.

Results

The parameters including NP, hs‐CRP, IL‐6 and baPWV decreased significantly after 1 month in the treatment group (p < 0.05 for all comparisons) but not in the control group (p > 0.05). There was no significant difference in the change of ABI between the two groups (p = 0.231). A positive correlation was found between the decreased circulating NP and increased arterial elasticity in the treatment group (r = 0.947, p < 0.001).

Conclusions

This study demonstrates for the first time that the fall in circulating NP induced by periodontal treatment contributes to increased arterial elasticity in patients with moderate and severe periodontitis.
Climate and agricultural risk: measuring the effect of ENSO on U.S. crop insurance
Authors: Tack Jesse B. , Ubilava David
Published: January 2015

Predictive models of climatic phenomena can aid in insurance program design and decision making. Extreme weather outcomes have been linked to the El Niño Southern Oscillation (ENSO), which globally impacts agricultural production. This study demonstrates that extreme ENSO events alter cotton yield distributions in the Southeastern United States. These impacts translate into economically meaningful effects on crop insurance premium rates. Commercial insurers can use publicly available information to determine if government‐set premium rates are mispriced, and in turn extract economic rents via the federally mandated Standard Reinsurance Agreement. By ceding underpriced policies in El Niño and La Niña years, we find that private insurance companies can reduce paid indemnities by 10–15% on average.
Trends in infant mortality rates in Hungary between 1963 and 2012
Authors: Nyári Csaba , Nyári Tibor András , McNally Richard J. Q.
Published: January 2015

Aim

This study investigated annual and seasonal death trends for infants of <1 year of age in Hungary between 1963 and 2012 and analysed commonly accepted risk factors.

Methods

Data on the numbers of live births and infant deaths were obtained from the published nationwide population register. Negative binomial regression was applied to investigate the yearly trends in rates and also the effect of possible risk factors – low birthweight, maternal education and sex – on infant mortality. Cyclic trends were investigated using logistic regression.

Results

Annual infant mortality declined significantly (p < 0.001) from 42.9 to 4.9 per 1000 live births per year during the study period and significantly increased (p < 0.001) in the low birthweight group and lower maternal education groups. A significant (p < 0.001) cyclic trend in mortality was revealed, with a peak in deaths in late February for all infants and a double peak, in May and November, in the group of cases who died during the early neonatal period.

Conclusion

This Hungarian study suggests that there was a significant seasonal effect on neonatal and infant mortality at the end of winter between 1963 and 2012. We speculate that this may have been related to respiratory infections.
Neonatal hydrocortisone therapy does not have a serious suppressive effect on the later function of the hypothalamus–pituitary–adrenal axis
Authors: Takayanagi Toshimitsu , Matsuo Koji , Egashira Tomoko , Mizukami Tomoko
Published: January 2015

Aim

This study investigated whether providing extremely low birthweight (ELBW) infants with a large amount of hydrocortisone had a serious suppressive effect on the later function of the hypothalamus–pituitary–adrenal (HPA) axis.

Methods

We evaluated the function of the HPA axis in 58 ELBW infants receiving 9.0 ± 7.2 mg/kg of intravenous and 68.1 ± 34.1 mg/kg of oral hydrocortisone using a human corticotropin‐releasing hormone stimulation test. The mean age at investigation was 12.0 ± 5.2 months. The response was judged to be normal when the maximum to minimum ratio of the plasma adrenocorticotropic hormone (ACTH) concentration was >2, the peak value of the serum cortisol concentration was >552 nmol/L, or the increment was >193 nmol/L than baseline concentration.

Results

Of the 58 infants studied, 51 (88%) displayed a normal response to both the ACTH and cortisol secretion and seven infants (12%) who were judged to be poor responders exhibited a peak cortisol value of >386 nmol/L without any episode of adrenal insufficiency.

Conclusion

Providing ELBW infants with a daily low dose of long‐term hydrocortisone therapy should not lead to a serious suppressive effect on the later function of the HPA axis, regardless of the administration method.
Toll‐like receptor 2 subfamily gene polymorphisms are associated with Bacillus Calmette‐Guérin osteitis following newborn vaccination
Authors: Pöyhönen Laura , Nuolivirta Kirsi , Vuononvirta Juho , Kröger Liisa , Huhtala Heini , Mertsola Jussi , He Qiushui , Korppi Matti
Published: January 2015

Aim

Toll‐like receptor (TLR) 1, 2, 6 and 10, the TLR2 subfamily, are known to be associated with immunity against tuberculosis. We evaluated whether polymorphisms in genes encoding TLR1, TLR2 and TLR6 were associated with osteitis in infants who received the Bacillus Calmette‐Guérin (BCG) vaccination soon after birth.

Methods

Blood samples from 132 adults aged 21–49 who had BCG osteitis in early childhood were analysed in a controlled study for TLR1 T1805G (rs5743618), TLR2 G2258A (rs5743708) and TLR6 C745T (rs5743810) gene single nucleotide polymorphisms.

Results

The frequencies of the variant genotypes differed between the cases and controls: 11.4% versus 5.7% for TLR2 G2258A (p = 0.033) and 77.3% versus 61.6% for TLR6 C745T (p = 0.001). The TLR2 and TLR6 variant genotypes were associated with a higher risk of BCG osteitis, with adjusted odds ratios (aOR) of 2.154 (95%CI 1.026–4.521) and 1.907 (95%CI 1.183–3.075), respectively. The frequency of the TLR1 T1805G variant genotype was 19.7% in the cases and 33.6% in the controls (p = 0.003). The TLR1 variant genotype was associated with a lower risk of BCG osteitis (aOR 0.554, 95%CI 0.336–0.911).

Conclusion

Gene polymorphisms that regulate the function of the TLR2 subfamily play a role in the development of BCG osteitis in vaccinated infants.
A role for the extracellular matrix component hyaluronan in kidney dysfunction during ACE‐inhibitor fetopathy
Authors: Hansell P. , Palm F.
Published: January 2015

Despite data showing that inhibitors of the renin‐angiotensin system increase the risks of fetal morbidity and dysfunctionality later in life, their use during pregnancy has increased. The fetopathy induced by angiotensin converting enzyme (ACE) inhibitors is characterized by anuria, hypotension and growth restriction, but can also be associated with pulmonary hypoplasia. In the kidney, this fetopathy includes atrophy of the medulla, reduced number of glomeruli, developmental lesions of tubules and vessels, tubulointerstitial inflammation and extracellular matrix accumulation. Although angiotensin II (Ang II) inhibition during nephrogenesis interferes with normal growth and development, this review will focus on effects of the heavily accumulated matrix component hyaluronan (HA). An important mechanism of HA accumulation during nephrogenesis is disruption of its normal reduction as a consequence of lack of Ang II activation of hyaluronidase. Hyaluronan has very large water‐attracting properties and is pro‐inflammatory when fragmented. The ensuing inflammation and interstitial oedema affect kidney function. Hyaluronan is colocalized with CD44 overexpression and infiltrating immune cells. These properties make HA a plausible contributor to the observed structural and functional kidney defects associated with the fetopathy. Available data support an involvement of HA in kidney dysfunction of the foetus and during adulthood due to the physico‐chemical characteristics of HA. No clinical treatment for HA accumulation exists. Treatment with the HA‐degrading enzyme hyaluronidase and an HA synthesis inhibitor has been tested successfully in experimental models in the kidney, heart and pancreas. Reduced HA accumulation to reduce interstitial oedema and inflammation may improve organ function, but this concept needs to be tested in a controlled study before causal relationships can be established.
Effects of clay on fat necrosis and carcass characteristics in Japanese Black steers
Authors: Oka Akio , Iwamoto Eiji , Tatsuda Ken
Published: January 2015

Twenty 10‐month‐old Japanese Black steers were used to evaluate the effects of clay on fat necrosis and carcass characteristics. Ten steers (Clay group) were fed the clay (50 g/day) during 10–30 months of age. The other 10 steers (Control group) were not fed it. There was no significant difference in body weight or average daily gain between the two groups (P > 0.05). The occurrence of fat necrotic mass in the Clay group (30%) was lower (P < 0.05) than that in the Control group (90%) at slaughter. The size of necrotic masses in the Clay group was smaller (P < 0.05) than that in the Control group. There was no significant difference in the marbling score, beef color, Longissimus muscle area or subcutaneous fat thickness between the two groups. These results suggest that the clay prevented the occurrence of fat necrosis and did not affect the carcass characteristics in Japanese Black steers.
Bringing Up the Bodies: Psyche–Soma, Body Awareness and Feeling At Ease
Authors: Music Graham
Published: January 2015

This paper looks at how difficult early experiences can give rise to defences in which patients rely excessively on their minds, or on bodily activity, having little faith in good reliable objects, internal or external, and little capacity for relaxation and just being. Links are made between Winnicott's theories about mind and psyche–soma and Porges' more recent ideas about vagal tone and the parasympathetic nervous system. These ideas are illustrated with a number of clinical examples of patients who were distrustful of others and who were out of touch with their bodily states. Attention is paid to the need to become more ‘body aware’ in our clinical technique, and questions are asked as to how we might manage this.
Introduction
Authors: Caldwell Lesley
Published: January 2015

The half‐day conference in 2014 at which the following papers were presented was held as part of the Interdisciplinary Programme of the Psychoanalysis Unit at University College London, to mark the 70th anniversary of the series of 10 scientific meetings known as the Controversial Discussions held in the British Psychoanalytical Society between 1942 and 1944 (King and Steiner, 1991). The conference and its papers now published here aimed to develop further the detailed histories made available by King and Steiner together with their relevance for contemporary clinicians. The extraordinary resource provided by the gathering of the documents relating not only to scientific controversies, but to the training of candidates, institutional decision making, and the nexus of power relations in psychoanalytic institutes is a profound scholarly contribution for all concerned with the future of psychoanalysis and the place of its past in that future.
C1 inhibitor deficiency: 2014 United Kingdom consensus document
Authors: Longhurst H J , Tarzi M D , Ashworth F , Bethune C , Cale C , Dempster J , Gompels M , Jolles S , Seneviratne S , Symons C , Price A , Edgar D
Published: January 2015

C1 inhibitor deficiency is a rare disorder manifesting with recurrent attacks of disabling and potentially life-threatening angioedema. Here we present an updated 2014 United Kingdom consensus document for the management of C1 inhibitor-deficient patients, representing a joint venture between the United Kingdom Primary Immunodeficiency Network and Hereditary Angioedema UK. To develop the consensus, we assembled a multi-disciplinary steering group of clinicians, nurses and a patient representative. This steering group first met in 2012, developing a total of 48 recommendations across 11 themes. The statements were distributed to relevant clinicians and a representative group of patients to be scored for agreement on a Likert scale. All 48 statements achieved a high degree of consensus, indicating strong alignment of opinion. The recommendations have evolved significantly since the 2005 document, with particularly notable developments including an improved evidence base to guide dosing and indications for acute treatment, greater emphasis on home therapy for acute attacks and a strong focus on service organization.
High interindividual variability in the CD4/CD8 T cell ratio and natalizumab concentration levels in the cerebrospinal fluid of patients with multiple sclerosis
Authors: Harrer A , Pilz G , Wipfler P , Oppermann K , Sellner J , Hitzl W , Haschke-Becher E , Afazel S , Rispens T , van der Kleij D , Trinka E , Kraus J
Published: January 2015

Strongly decreased leucocyte counts and a reduced CD4/CD8 T cell ratio in the cerebrospinal fluid (CSF) of natalizumab (NZB)-treated multiple sclerosis (MS) patients may have implications on central nervous (CNS) immune surveillance. With regard to NZB-associated progressive multi-focal leucoencephalopathy, we aimed at delineating a relationship between free NZB, cell-bound NZB, adhesion molecule (AM) expression and the treatment-associated shift in the CSF T cell ratio. Peripheral blood (PB) and CSF T cells from 15 NZB-treated MS patients, and CSF T cells from 10 patients with non-inflammatory neurological diseases and five newly diagnosed MS patients were studied. Intercellular adhesion molecule-1 (ICAM-1), leucocyte function antigen-1 (LFA-1), very late activation antigen-4 (VLA-4), NZB saturation levels, and T cell ratios were analysed by flow cytometry. NZB concentrations were measured by enzyme-linked immunosorbent assay (ELISA). Lower NZB saturation levels (P < 0·02) and a higher surface expression of ICAM-1 and LFA-1 (P < 0·001) were observed on CSF CD8 T cells. CSF T cell ratios (0·3–2·1) and NZB concentrations (0·01–0·42 µg/ml) showed a pronounced interindividual variance. A correlation between free NZB, cell-bound NZB or AM expression levels and the CSF T cell ratio was not found. Extremely low NZB concentrations and a normalized CSF T cell ratio were observed in one case. The differential NZB saturation and AM expression of CSF CD8 T cells may contribute to their relative enrichment in the CSF. The reduced CSF T cell ratio appeared sensitive to steady-state NZB levels, as normalization occurred quickly. The latter may be important concerning a fast reconstitution of CNS immune surveillance.
Duration of post‐traumatic amnesia as a predictor of functional outcome in school‐age children: a systematic review
Authors: Briggs Rachel , Brookes Naomi , Tate Robyn , Lah Suncica
Published: January 2015

Aim

In adults, duration of post‐traumatic amnesia (PTA) is a powerful early predictor of functional outcomes in traumatic brain injury. The aim of this work was to assess the predictive validity of PTA duration for outcomes in children (6–18y).

Method

PsycINFO, MEDLINE, Web of Science, and Embase were searched for papers published to January 2014. Ten studies met inclusion criteria: they used standardized instruments to assess PTA and functional outcomes, and examined relationships between the two. Outcomes were classified according to (1) the International Classification of Functioning, Disability and Health (ICF) core sets for neurological conditions for post‐acute care and (2) global functioning and quality of life. Methodological quality was rated for each study.

Results

The search identified 10 studies of moderate mean quality (M=11.8 out of 18). Longer PTA duration related to worse functional outcomes: global functioning and in the two ICF categories (‘body function’, ‘activities and participation’). Relationships between PTA duration and quality of life and the ICF category of ‘body structure’ were not examined. PTA duration was, in 46 out of 60 (76.67%) instances, a stronger predictor of outcomes than other indices of injury severity.

Conclusion

Longer PTA duration is a valid predictor of worse outcomes in school‐age children. Thus, PTA should be routinely assessed in children after traumatic brain injury.
Transparent Reporting of a Multivariable Prediction Model for Individual Prognosis or Diagnosis (TRIPOD): the TRIPOD Statement
Authors: Collins G. S. , Reitsma J. B. , Altman D. G. , Moons K. G. M.
Published: January 2015

Prediction models are developed to aid healthcare providers in estimating the probability or risk that a specific disease or condition is present (diagnostic models) or that a specific event will occur in the future (prognostic models), to inform their decision‐making. However, the overwhelming evidence shows that the quality of reporting of prediction model studies is poor. Only with full and clear reporting of information on all aspects of a prediction model can risk of bias and potential usefulness of prediction models be adequately assessed. The Transparent Reporting of a multivariable prediction model for Individual Prognosis or Diagnosis (TRIPOD) initiative developed a set of recommendations for the reporting of studies developing, validating or updating a prediction model, whether for diagnostic or prognostic purposes. This article describes how the TRIPOD Statement was developed. An extensive list of items based on a review of the literature was created, which was reduced after a web‐based survey and revised during a 3‐day meeting in June 2011 with methodologists, healthcare professionals and journal editors. The list was refined during several meetings of the steering group and in e‐mail discussions with the wider group of TRIPOD contributors. The resulting TRIPOD Statement is a checklist of 22 items, deemed essential for transparent reporting of a prediction model study. The TRIPOD Statement aims to improve the transparency of the reporting of a prediction model study, regardless of the study methods used. The TRIPOD Statement is best used in conjunction with the TRIPOD explanation and elaboration document. To aid the editorial process and readers of prediction model studies, it is recommended that authors include a completed checklist in their submission (also available at www.tripod-statement.org).
Gender differences in patients with first‐episode psychosis in the Singapore Early Psychosis Intervention Programme
Authors: Pang Shirlene , Subramaniam Mythily , Abdin Edimansyah , Poon Lye Yin , Chong Siow Ann , Verma Swapna
Published: January 2015

Aims

This study aimed to identify the gender differences among multi‐ethnic, Asian patients with first‐episode psychosis attending the Early Psychosis Intervention Programme (EPIP) in Singapore.

Methods

Data for this study were derived from 533 (258 female, 275 male) patients aged 16–41 years old in the EPIP database. Socio‐demographic data, Positive and Negative Syndrome Scale for schizophrenia (PANSS) and Global Assessment of Functioning (GAF) scores at baseline, 3 months, 6 months and 1 year were obtained.

Results

Significant gender differences were identified in terms of age, marital status, referral source, PANSS scores, GAF scores, remission and recovery over 1 year in the cohort. At service entry, female participants were older, more likely to be married and more likely to be referred from general practitioner/polyclinics (P < 0.0001). They showed better improvement over 1 year in PANSS positive, PANSS total, GAF disability and GAF total scores.

Conclusions

Overall, female participants in this sample show better improvement than male participants. They showed a better course of illness over 1 year with one‐third (33.3%) of female participants achieving recovery compared with approximately a quarter (23.6%) of male participants.