bluuebunny/crossref_metadata_2025 huggingface dataset:
Labour and Petty Production
Authors: Harriss‐White Barbara
Published: August 2014

One of many fracture zones in the right‐less workforce is between wage labour, disguised wage labour (DWL) and petty commodity production (PCP) — between the formal and real subsumption of labour to capital. When the polar classes of capitalism leave much lying between them under conditions of generalized commodity production and circulation, where expansion is driven by multiplication of tiny units of production and trade rather than, or as well as, accumulation, what is to be done? In response to Saumyajit Bhattacharya's charge (in this issue) that the discourse used to explore PCP can support the de‐legitimation of labour politics, this essay examines the definitions of, evidence for, and interpretation of DWL and PCP in the Indian case. It then addresses the theoretical and practical importance of PCP, its persistence, problems of its legal status and its politics.
Anodal motor cortex stimulation paired with movement repetition increases anterograde interference but not savings
Authors: Leow Li‐Ann , Hammond Geoff , de Rugy Aymar
Published: August 2014

Retention of motor adaptation is evident in savings, where initial learning improves subsequent learning, and anterograde interference, where initial learning impairs subsequent learning. Previously, we proposed that use‐dependent movement biases induced by movement repetition contribute to anterograde interference, but not to savings. Here, we evaluate this proposal by limiting or extending movement repetition while stimulating the motor cortex (M1) with anodal transcranial direct current stimulation (tDCS), a brain stimulation technique known to increase use‐dependent plasticity when applied during movement repetition. Participants first adapted to a counterclockwise rotation of visual feedback imposed either abruptly (extended repetition) or gradually (limited repetition) in a first block (A1), during which either sham or anodal tDCS (2 mA) was applied over M1. Anterograde interference was then assessed in a second block (B) with a clockwise rotation, and savings in a third block (A2) with a counterclockwise rotation. Anodal M1 tDCS elicited more anterograde interference than sham stimulation with extended but not with limited movement repetition. Conversely, anodal M1 tDCS did not affect savings with either limited or extended repetition of the adapted movement. Crucially, the effect of anodal M1 tDCS on anterograde interference did not require large errors evoked by an abrupt perturbation schedule, as anodal M1 tDCS combined with extended movement repetition within a gradual perturbation schedule similarly increased anterograde interference but not savings. These findings demonstrate that use‐dependent plasticity contributes to anterograde interference but not to savings.
Tolerance and Social Facilitation in the Foraging Behaviour of Free‐Ranging Crows (Corvus corone corone; C. c. cornix)
Authors: Miller Rachael , Schiestl Martina , Whiten Andrew , Schwab Christine , Bugnyar Thomas
Published: August 2014

Social foraging provides animals with opportunities to gain knowledge about available food. Studies indicate that animals are influenced by social context during exploration and are able to learn socially. Carrion and hooded crows, which are opportunistic generalists with flexible social systems, have so far received little focus in this area. We combined observational and experimental approaches to investigate social interactions during foraging and social influences on crow behaviour within a free‐ranging population at Vienna Zoo, which included 115 individually marked crows. We expected the crows to be tolerant of conspecifics during foraging due to high food abundance. We predicted that social context would enhance familiar object exploration, as well as a specific foraging strategy: predation by crows on other species. We found that crows were highly tolerant of one another, as reflected by their high rates of cofeeding – where they fed directly beside conspecific(s) – relative to affiliative or agonistic interactions. Evidence for social facilitation – when the observer's behaviour is affected by the mere presence of a model – was found in both object exploration and predation behaviour. Specifically, crows touched the objects more frequently when others were present (whilst only approaching the objects when alone), and conspecifics were present more frequently during predation events involving the high‐risk target species. Evidence for enhancement during object exploration – where the observer's attention is drawn to a place or object by a model's actions – was not confirmed in this context. Our results highlight the role played by the presence of conspecifics across different contexts: natural foraging behaviour, familiar object exploration and a specific foraging strategy. To our knowledge, this is one of the first corvid studies aimed at teasing apart specific social influence and learning mechanisms in the field. These crows therefore make promising candidates for studying social learning and its consequences under naturalistic conditions.
Evolutionary perspectives on wildlife disease: concepts and applications
Authors: Vander Wal Eric , Garant Dany , Pelletier Fanie
Published: August 2014

Wildlife disease has the potential to cause significant ecological, socioeconomic, and health impacts. As a result, all tools available need to be employed when host–pathogen dynamics merit conservation or management interventions. Evolutionary principles, such as evolutionary history, phenotypic and genetic variation, and selection, have the potential to unravel many of the complex ecological realities of infectious disease in the wild. Despite this, their application to wildlife disease ecology and management remains in its infancy. In this article, we outline the impetus behind applying evolutionary principles to disease ecology and management issues in the wild. We then introduce articles from this special issue on Evolutionary Perspectives on Wildlife Disease: Concepts and Applications, outlining how each is exemplar of a practical wildlife disease challenge that can be enlightened by applied evolution. Ultimately, we aim to bring new insights to wildlife disease ecology and its management using tools and techniques commonly employed in evolutionary ecology.
Seasonally different response of photosynthetic activity to daytime and night‐time warming in the Northern Hemisphere
Authors: Tan Jianguang , Piao Shilong , Chen Anping , Zeng Zhenzhong , Ciais Philippe , Janssens Ivan A. , Mao Jiafu , Myneni Ranga B , Peng Shushi , Peñuelas Josep , Shi Xiaoying , Vicca Sara
Published: August 2014

Over the last century the Northern Hemisphere has experienced rapid climate warming, but this warming has not been evenly distributed seasonally, as well as diurnally. The implications of such seasonal and diurnal heterogeneous warming on regional and global vegetation photosynthetic activity, however, are still poorly understood. Here, we investigated for different seasons how photosynthetic activity of vegetation correlates with changes in seasonal daytime and night‐time temperature across the Northern Hemisphere (>30°N), using Normalized Difference Vegetation Index (NDVI) data from 1982 to 2011 obtained from the Advanced Very High Resolution Radiometer (AVHRR). Our analysis revealed some striking seasonal differences in the response of NDVI to changes in day‐ vs. night‐time temperatures. For instance, while higher daytime temperature (Tmax) is generally associated with higher NDVI values across the boreal zone, the area exhibiting a statistically significant positive correlation between Tmax and NDVI is much larger in spring (41% of area in boreal zone – total area 12.6 × 106 km2) than in summer and autumn (14% and 9%, respectively). In contrast to the predominantly positive response of boreal ecosystems to changes in Tmax, increases in Tmax tended to negatively influence vegetation growth in temperate dry regions, particularly during summer. Changes in night‐time temperature (Tmin) correlated negatively with autumnal NDVI in most of the Northern Hemisphere, but had a positive effect on spring and summer NDVI in most temperate regions (e.g., Central North America and Central Asia). Such divergent covariance between the photosynthetic activity of Northern Hemispheric vegetation and day‐ and night‐time temperature changes among different seasons and climate zones suggests a changing dominance of ecophysiological processes across time and space. Understanding the seasonally different responses of vegetation photosynthetic activity to diurnal temperature changes, which have not been captured by current land surface models, is important for improving the performance of next generation regional and global coupled vegetation‐climate models.
Dentition, nutritional status and adequacy of dietary intake among older residents in assisted living facilities
Authors: Saarela Riitta K.T. , Lindroos Eeva , Soini Helena , Hiltunen Kaija , Muurinen Seija , Suominen Merja H. , Pitkälä Kaisu H.
Published: August 2014

Objective

We examined the relationships between dentition, nutritional status and dietary intakes of energy, protein and micronutrients among older people in assisted living facilities in Helsinki.

Background

Poor dentition is associated with malnutrition. Less is known about how dentition is associated with detailed nutrient intakes in institutionalised older people.

Materials and methods

This cross‐sectional study assessed 343 participants (mean age 83 years). Dentition was assessed by trained ward nurses and divided into edentulous participants without dentures (group 1), edentulous participants with removable dentures (group 2) and those with any natural teeth (group 3). Nutritional status was assessed by Mini Nutritional Assessment (MNA). The energy, protein and nutrient intakes were calculated from detailed 1‐day food diaries and compared with the recommendations of the Finnish National Nutrition Council as a measure of dietary adequacy. Assessment included also participants' cognitive and functional status.

Results

Of the participants, 8.2, 39.1 and 52.8% were in groups 1, 2 and 3, respectively. Altogether 22% were malnourished according to MNA. Group 1 had the poorest nutritional status. A large proportion of participants consumed less than the recommended amounts of energy, protein or micronutrients. Half of the participants consumed <60 g/day of protein. The intake of protein was significantly lower in group 1 than in other two groups.

Conclusion

Malnutrition and inadequate protein intake were very common and associated with dentition among older people with multiple disabilities in assisted living facilities. Assessment of dental status should be part of good nutritional care in long‐term care.
Low‐temperature catalytic CO2 hydrogenation with geological quantities of ruthenium: a possible abiotic CH4 source in chromitite‐rich serpentinized rocks
Authors: Etiope G. , Ionescu A.
Published: August 2014

Metal‐catalysed CO2 hydrogenation is considered a source of methane in serpentinized (hydrated) igneous rocks and a fundamental abiotic process germane to the origin of life. Iron, nickel, chromium and cobalt are the catalysts typically employed in hydrothermal simulation experiments to obtain methane at temperatures >200°C. However, land‐based present‐day serpentinization and abiotic gas apparently develop below 100°C, down to approximately 40–50°C. Here, we document considerable methane production in thirteen CO2 hydrogenation experiments performed in a closed dry system, from 20 to 90°C and atmospheric pressure, over 0.9–122 days, using concentrations of non‐pretreated ruthenium equivalent to those occurring in chromitites in ophiolites or igneous complexes (from 0.4 to 76 mg of Ru, equivalent to the amount occurring approximately in 0.4–760 kg of chromitite). Methane production increased with time and temperature, reaching approximately 87 mg CH4 per gram of Ru after 30 days (2.9 mgCH4/gru/day) at 90°C. At room temperature, CH4 production rate was approximately three orders of magnitude lower (0.003 mgCH4/gru/day). We report the first stable carbon and hydrogen isotope ratios of abiotic CH4 generated below 100°C. Using initial δ13CCO2 of ‐40‰, we obtained room temperature δ13CCH4 values as 13C depleted as −142‰. With time and temperature, the C‐isotope separation between CO2 and CH4 decreased significantly and the final δ13CCH4 values approached that of initial δ13CCO2. The presence of minor amounts of C2‐C6 hydrocarbons is consistent with observations in natural settings. Comparative experiments at the same temperatures with iron and nichel catalysts did not generate CH4. Ru‐enriched chromitites could potentially generate methane at low temperatures on Earth and on other planets.
Status of prevalence study on multimorbidity of chronic disease in China: Systematic review
Authors: Hu Xiaolan , Huang Juan , Lv Yaqi , Li Guangxi , Peng Xiaoxia
Published: August 2014

It is imperative to provide a more uniform method to improve the validity of prevalence studies on multimorbidity. However, the status of prevalence studies on multimorbidity of chronic disease is still yet to be confirmed in China. The objective of the present systematic review was to evaluate the variance across prevalence studies and to explore possible explanations for variations in China. Published literature was obtained from four databases. The studies that described the prevalence of multimorbidity on chronic disease based on the general population were considered. We assessed the risk of bias by a preplanned checklist referring to STROBE (Strengthening the Reporting of Observational Studies in Epidemiology). The heterogeneity among eligible studies was estimated by I2 statistic and P‐value using MetaAnalyst software. Nine studies were eligible for this systematic review. The prevalence of multimorbidity among the population aged 60 years or more ranged from 6.4% (95% CI 5.1–8.0) to 76.5% (95%CI 73.6–79.2). However, just two of nine studies could be judged as having a low risk of bias. It was shown that key items introducing the risk of bias included inconsistent sampling method, lacking of uniform measure indices and data source based on self‐report. Heterogeneity test showed I2 = 50% (P < 0.001), which showed there was substantial variation among individual studies. Therefore, only a narrative summary rather than meta‐analysis was carried out. Marked methodology heterogeneity exists among prevalence studies on multimorbidity. Suggested methodological aspects that should be considered in future studies include sampling method, measure indices of multimorbidity and data source. Geriatr Gerontol Int 2015; 15: 1–10.
Relations between low temperature tolerance and color changes in fall and spring seasons of zoysiagrass (Zoysia japonica Steud.)
Authors: Jia Yunqi , Wang Yunwen , Zhou He , Tian Jin
Published: August 2014

Zoysiagrass (Zoysia spp.) is warm season grass used for lawns, golf courses and athletic fields. Although it has better low temperature tolerance compared to other warm season grasses, its longer dormant period than cool season grasses prevents its wide usage in transitional and cooler climate zones. This study analyzed the relationships among low temperature tolerance, green color changes during the fall and spring and the dormant period length among seven Zoysia japonica Steud. cultivars and accessions: two cultivars, four Chinese accessions and one Japanese accession. A relationship between low temperature tolerance and color changes due to dormancy and re‐greening up was examined. Plant samples from the tested Z. japonica were cooled to between −8 and −16°C to measure the lethal temperatures at which 50% of plants died (LT50). These LT50 ranged from −7.3 to −10.1°C, with Lanyin No. 3 having the poorest low temperature tolerance. In the field, the color changes from green to brown for the whole plant in the fall and from brown to green in the spring occurred within 15–20 days as determined by digital analysis from fall 2008 to spring 2010. The fall colors changes (going dormant) on November 8, 2008 and November 7, 2009 were positively correlated with the LT50 (r = 0.824 and 0.823, respectively). The spring colors changes (green‐up) on April 24, 2009 and May 19, 2010 were negatively correlated with the LT50 in both 2009 (r = −0.878) and 2010 (r = −0.869). The dormant period length in 2008–2009 was positively correlated (r = 0.765) with the LT50. This study demonstrated that Z. japonica with poor low temperature tolerance has better green‬‬ retention in the fall but less green color in the spring‬‬. Furthermore, Z. japonica, which became dormant later underwent green up later and had a longer dormant period, mainly due to slower green up in spring.‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬
Injectable Sumatriptan for Cyclic Vomiting Syndrome in Adults: A Case Series
Authors: Calhoun Anne H. , Pruitt Amy P.
Published: August 2014

Objective

To better familiarize the reader with a migraine‐related disorder, cyclic vomiting syndrome (CVS) in adults, and to discuss its diagnosis and treatment.

Background

CVS is a profoundly disabling disorder characterized by recurrent, stereotypic episodes of incapacitating nausea and vomiting, separated by completely asymptomatic intervals. CVS episodes tend to start at the same time of day, persist for the same duration, and present with the same intensity and associated symptoms. Most patients experience prodromal symptoms and can identify triggers that precipitate attacks, such as menstruation, lack of sleep, certain foods, physical exertion, and stress. The prevalence of CVS in adults is unknown, but since its occurrence in this age group has been little recognized, patients typically experience lengthy delay in diagnosis or misdiagnosis.

Method

Literature review, case reports, and discussion.

Results

Given genetic links of CVS to migraine, as well as its comorbidity, typical migraine triggers, and response to similar acute and preventive medications, CVS likely represents a disorder on the migraine spectrum.

Conclusion

Adult CVS is not only highly comorbid with migraine, but it responds to migraine preventives, and in some cases to injectable sumatriptan even in the absence of headache.
Retrospective imaging audit and cost analysis of medical oncology inpatients admitted to Westmead Hospital
Authors: Gupta S. , Taylor N. , Selvakumar D. , Harnett P. R. , Wilcken N. , Lee C. I.
Published: August 2014

Background

Cancer patients often require complex and expensive admissions necessitating multiple investigations. We conducted an audit of cost of imaging performed on medical oncology inpatients in a teaching hospital in New South Wales.

Aims

Our overall aim was to assess cost and appropriateness of imaging studies in inpatients.

Methods

Data were collected on 219 consecutive evaluable inpatients admitted to Westmead Hospital (August–October 2012). A panel of oncology doctors assessed cost and appropriateness of imaging.

Results

The total expenditure for the cohort was $106 488.15 over 624 investigations (range: 0–26, median: two per admission). Of this sum, $8881.91 (8%) was deemed inappropriate. The most frequently ordered test was chest X‐ray (251). Imaging cost per admission was $0–2478 (range), $324.95 (median), $486.99 (mean). Cost trended to increase with age of patient ($186.40 (18–40), $477.22 (41–65), $489.50 (66–75), $575.33 (>75) ). Mean cost was higher for patients treated with palliative ($493.98) vs curative ($307.59) intent. Mean cost was higher for patients consulted by palliative care and other subspecialties. There was variation of average cost by discharge destination – other hospital ($262.23), palliative care unit ($334.08), home ($480.84) and death ($769.93). Although imaging ordered was deemed overwhelmingly clinically appropriate, approximately $35 000/year is spent on inappropriate tests, mostly due to duplication or scans that could have been performed as an outpatient.

Conclusion

Our audit supports that the current spending patterns on imaging within our department is predominantly appropriate and necessary. Duplication and expenditure may be reduced by improving electronic access from the ward to outpatient scan results.
ALTERNATIVE MORTGAGE INSTRUMENTS: COMPARISONS AND A PROPOSAL
Authors: Harris John M.
Published: August 2014

Personal income growth since 1950 has been similar to increases in housing prices. In recent years, however, increases in interest rates due to inflation have prevented many individuals from purchasing a home. In this paper, a framework of analysis based on variable coefficient difference equations is presented and used to evaluate a number of alternative mortgage instruments. As an extension of this analysis, a superior mortgage is proposed. Simulations are presented that quantify the advantages of this new mortgage.
AN IMPLICIT CLIENTELE TEST OF THE RELATIONSHIP BETWEEN TAXATION AND CAPITAL STRUCTURE
Authors: Grier Paul , Strebel Paul
Published: August 2014

This paper presents a test for the existence of high and low tax bracket debt clienteles. The test generates some evidence consistent with the implication of debt clientele theory that over time, firms' debt ratios should vary with the relative tax incentives for investors to hold debt. The results, however, do not support the existence of extreme financial leverage clienteles. Rather they are consistent with an incomplete equity market: low tax bracket investors hold the stock of highly levered firms and high tax bracket investors hold the stock of the low leverage firms.
THE EFFECT OF RATE CASES ON PUBLIC UTILITY STOCK RETURNS
Authors: Davidson Wallace N.
Published: August 2014

Public utility rate cases are economic events because they affect the intrinsic value of the utility. This paper examines the effect of rate cases on public utility stock returns. “Average” rate cases do not appear to affect the utilities' value, but “above‐average” and “below‐average” settlements cause positive or negative adjustments, respectively.
THE VALUE IMPACTS OF CAPITAL ADEQUACY REGULATION AND STOCHASTIC DEPOSITS
Authors: Brauer Greggory A.
Published: August 2014

The relationship between a bank's soundness and the set of factors evaluated by supervisory agencies is so complex that the regulation of certain factors might have unintended consequences. This paper demonstrates that, ceteris paribus, binding capital adequacy regulation in the presence of stochastic deposits both reduces the expected future value of a bank and increases the uncertainty of that bank's future value. The uncertainty conclusion is not inconsistent with the notion of a decrease in the probability of financial distress as equity is substituted for debt; it involves an altogether different uncertainty and one that has heretofore not been recognized in either the theory of the banking firm or the literature of capital adequacy.
SELECTIVE HEDGING OF BANK ASSETS WITH TREASURY BILL FUTURES CONTRACTS
Authors: Koppenhaver G. D.
Published: August 2014

The recent volatility of interest rates, the associated profit pressures imposed on banks, and the surge in the development of new contracts have stimulated a desire to understand and apply financial futures hedging to banking operations. This paper models interest rate futures contracts in a theory of bank behavior to illustrate the hedging of bank loans as well as government securities. The model predicts the hedge will be greater (1) the greater the expected rise in interest rates and (2) the greater the effect of disintermediation on bank deposits. A simulation of the financial futures trading strategy is reported for banks of various asset sizes using data from the Eleventh Federal Reserve District. Depending on bank risk aversion and interest rate expectations, hedging the bank's total interest rate exposure with T‐bill futures reduces the variability of unhedged profits by 80 percent.
AN EMPIRICAL TEST OF THE ARBITRAGE PRICING THEORY
Authors: Pari Robert A. , Chen Son‐Nan
Published: August 2014

This paper provides an ex‐post analysis of a multifactor return‐generating model using the factor scores obtained from a common factor analysis of industry‐based portfolios. For the 1975–1980 time period, the correlations among common stock returns can be adequately explained by a three‐factor model. Furthermore, ex post, at least three factors are priced in the stock market. A brief economic interpretation of the proposed common factor is also presented.
THE RESPONSE OF FORWARD EXCHANGE RATES TO INTEREST RATE FORECASTING ERRORS
Authors: Kaen Fred R. , Simos Evangelos O. , Hachey George A.
Published: August 2014

This paper examines the effects of interest rate news on changes in forward foreign exchange rates. Virtually none of the errors in forecasting forward exchange rates are explained by interest rate forecasting errors. The results are consistent with a conjecture that the forward exchange rate is not an estimate of the expected spot exchange rate.
SYNERGY, DIVERSIFICATION, AND INCENTIVE EFFECTS OF CORPORATE MERGER ON BONDHOLDER WEALTH: SOME EVIDENCE
Authors: Settle John W. , Petry Glenn H. , Hsia Chi‐Cheng
Published: August 2014

The theory relating to the effects of a merger on the wealth of bondholders implies countervailing results. On the one hand, bondholders might share the benefits of operating synergies and diversification with shareholders. On the other hand, they might suffer from an incentive effect—the expropriation by the shareholders. Studies by Kim and McConnell (1977) and Asquith and Kim (1982) find that the wealth of bondholders is not significantly affected by conglomerate mergers. Using a more inclusive sample and a different methodology, this study finds that the wealth of bondholders is affected positively by merger, which implies synergies to bondholders and/or a diversification effect. Furthermore, an incentive effect would be inferred if leverage were increased substantially after merger and if the size of the increase were inversely related to bondholder gains. Since neither of these events is observed, this study finds no evidence for an incentive effect.
YIELD STRUCTURE OF TAXABLE VS. NONTAXABLE BONDS
Authors: Kim Moon , Booth Geoffrey
Published: August 2014

In his 1976 presidential address to the American Finance Association, Miller shows that the equilibrium marginal personal tax rate on riskless bond income is equal to the marginal corporate tax rate. In the presence of risk, he and, subsequently, others suggest that the theoretical equilibrium occurs when the personal tax rate is less than the corporate tax rate. This study investigates empirically these relationships by examining the yield ratio of nontaxable to taxable debt at various risk levels. Both the riskless and risk propositions are confirmed.
WHY IRA AND KEOGH PLANS SHOULD AVOID GROWTH STOCKS
Authors: Yaari Uzi , Fabozzi Frank J.
Published: August 2014

This paper explores the effect of taxing personal income from common stocks on the return of equity portfolios held by mutual funds under IRA or Keogh plans. The expected rate of return earned by a tax‐sheltered fund on any given stock is inversely related to the stock's per‐share growth rate. The explanation for this effect does not rely on the standard assumption that growth decreases the effective rate of taxation. Rather, this effect holds despite heavier taxation of growth stocks because of the incomplete manner in which the return is sheltered. The implication of this finding for the optimal portfolio selection policy of tax‐sheltered equity funds is inconsistent with evidence showing that such funds tend to concentrate in growth stocks. A second issue examined is the use of IRA and Keogh plans as a temporary tax shelter. Under the present 10‐percent penalty on premature distribution, the critical investment period may be as short as two to three years. This finding indicates the usefulness of these plans as a general investment tool.
A SIMPLE FORMULA FOR DURATION
Authors: Caks John , Lane William R. , Greenleaf Robert W. , Joules Reginald G.
Published: August 2014

This paper presents a simplification of Macaulay's formula for duration. The derivation treats any bond as a portfolio of a coupon bearing bond at par and a zero‐coupon bond. The resultant equations are simple to use and show how coupon payments, premiums, and discounts affect duration. The equations are easily modified without loss of simplicity for various coupon payment intervals and for calculations between payment periods.
CHANGING VOLATILITY AND THE PRICING OF OPTIONS ON STOCK INDEX FUTURES
Authors: Park Hun Y. , Sears R. Stephen
Published: August 2014

This paper presents empirical results regarding the suitability of the Black model for the pricing of options on stock index futures. Whaley's technique is used to present empirical evidence regarding the pricing biases of the model. Information provided by the implied volatilities suggests that model refinements should address the changing volatility issue.
THE RELATIVE IMPORTANCE OF JOURNALS USED IN FINANCE RESEARCH
Authors: Mabry Rodney H. , Sharplin Arthur D.
Published: August 2014

The relative importance of various finance and related journals to research published in major finance journals is determined by noting the frequency that all other journals are cited in the Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and Journal of Money, Credit and Banking during the period 1980 to mid−1985. Journals are ranked on the basis of their actual number of citations, citations per article, and citations per 10,000 words published annually. Results give an objective criterion for evaluating the relative impact on the major finance literature of writing in alternative journals. The list of journals developed with the citations methodology differs markedly, on the whole, from the list ranked by Coe and Weinstock (1983) who simply surveyed department chairpersons. Journals that are common to both lists, however, are ranked very much alike, indicating that chairpersons may rank journals they think to include in a subjective list in a way that is consistent with the citations criterion.
THE EFFECT OF BOND RATING AGENCIES ON BOND RATING MODELS
Authors: Perry Larry G.
Published: August 2014

This paper addresses the problem of bond rating discrepancies and their effect on bond rating prediction models. Both Moody's and Standard & Poor's now use modified ratings. Results of this study indicate that the two agencies disagree 58 percent of the time and that Moody's rates bonds significantly lower than S & P. In addition, the classification rates of the multiple discriminant analysis models decrease approximately 24 percentage points when the modified ratings are used.
RISK DIFFERENCES AND FINANCIAL REPORTING
Authors: Beranek William , Clayton Ronnie
Published: August 2014

Financial leverage as reported by a consolidated financial statement may differ substantially from leverage for the parent company. To assess the financial risk for the parent (not the consolidated entity), employing consolidated data is hazardous; the problem is magnified by the fact that virtually all firms report only consolidated data. Consolidated leverage almost always equals or exceeds parent leverage for a wholly owned subsidiary, and many firms reporting only consolidated data have betas significantly greater than otherwise comparable firms that report both consolidated and parent company information.
PRICE VOLATILITY OF MUNICIPAL DISCOUNT BONDS
Authors: Stock Duane
Published: August 2014

The price volatility of municipal bonds is a vital concern to bankers and regulators. Although great strides have recently been made in understanding bond price volatility, many significant refinements encompassing specific institutional characteristics of the municipal bond market are needed. This research stresses the taxability of the capital gains inherent in discount municipals to illustrate interesting patterns of price volatility dependent upon maturity. The impact of geographic segmentation is also discussed.
THE AGENCY COST RATIONALE FOR REFUNDING DISCOUNTED BONDS
Authors: Dhaliwal Dan S.
Published: August 2014

The purpose of this paper is to enhance the understanding of management's motivation for engaging in debt‐for‐debt exchange offers where new long‐term debt with a higher coupon rate is substituted for outstanding debt that is trading at a substantial discount. Some previously advanced arguments that imply a positive effect of such refunding of debt are examined, and their weaknesses are discussed. Then an alternative argument utilizing agency cost theory is advanced, and empirical results are presented to support this alternative argument.
FURTHER EVIDENCE ON THE LIQUIDITY EFFECTS OF STOCK SPLITS AND STOCK DIVIDENDS
Authors: Murray Dennis
Published: August 2014

Currently, there is a limited amount of empirical evidence suggesting that stock splits are associated with a decline in trading liquidity. This evidence directly contrasts with managements' professed intentions for undertaking a split. The evidence to date, however, is of a short‐run nature. This study reexamines the liquidity effects of stock splits and stock dividends by assessing both their short‐ and long‐term effects on trading liquidity (i.e., proportional trading volume and percentage bid‐ask spreads). The results suggest that stock dividends are associated with decreased proportional trading volume in both the short term and long term, but stock splits are not. The results also indicate that neither stock splits nor stock dividends have an effect on percentage bid‐ask spreads.
DISTRIBUTIONS OF FINANCIAL RATIOS IN THE COMMERCIAL BANKING INDUSTRY
Authors: Bedingfield James P. , Reckers Philip M. J. , Stagliano A. J.
Published: August 2014

Much research in banking assumes that the data are normally distributed. There has been little empirical confirmation of this assumption. In this paper, the normality assumption is subjected to an extensive test using data for virtually all U.S. commercial banks for several years. The statistical characteristics of 11 common financial ratios are investigated. The findings reject any broad assumption of population normality.
FINANCIAL FUTURES AND IMMUNIZATION
Authors: Little Patricia Knain
Published: August 2014

This paper investigates the ability of any portfolio that contains both bonds and financial futures contracts to immunize a lump sum liability having the same initial duration and value as the portfolio itself. An analysis of second order conditions shows that immunization against a local change in interest rates is possible only if the number of futures contracts lies within a critical interval; the endpoints depend on cash flow characteristics of the specific bonds and contract being combined. Immunization against any large change in rates is impossible if the portfolio contains any long position in futures but is achieved by some portfolios that contain short positions in futures.
TREASURY BILL FUTURES AS A HEDGING TOOL: A RISK‐RETURN APPROACH
Authors: Howard Charles T. , D'Antonio Louis J.
Published: August 2014

The primary purpose of this study is to measure the hedging performance of Treasury Bill Futures on a risk‐return basis. A theoretical model is presented and hedging effectiveness is tested using T‐Bill cash and futures data. Successful hedging depends critically upon the ability to determine the optimal hedge ratio. The results also indicate that the traditional one‐to‐one hedge outperforms the more sophisticated hedge ratio models; however, even here the risk‐return benefits of hedging are minimal.
THE CONTRIBUTION OF INFLATION UNCERTAINTY TO THE VARIABLE IMPACTS OF MONEY ON STOCK PRICES
Authors: Wong Shee Q.
Published: August 2014

This paper examines the effects of inflation uncertainty on the lag structure between money growth and stock prices. Using a varying parameter model and the Livingston survey data1 as a proxy for inflation uncertainty, the results suggest that only current money growth influences stock prices. However, a large percentage of this positive impact can be expected to be offset by inflation uncertainty prevailing at the time.
PENN SQUARE, PROBLEM LOANS, AND INSOLVENCY RISK
Authors: Lamy Robert E. , Thompson G. Rodney
Published: August 2014

This paper investigates the influence of the failure of Penn Square Bank of Oklahoma City on stock prices within the banking industry. This influence is compared to the results of previous studies of the failures of Franklin National Bank of New York and United States National Bank of San Diego. While each of these earlier studies finds only a transitory impact on bank securities, this paper finds evidence of a structural change in the pricing mechanism for bank stocks after the Penn Square failure.
ISSUER SOPHISTICATION AND UNDERPRICING IN THE NEGOTIATED MUNICIPAL BOND MARKET
Authors: Roden Peyton Foster , Bland Robert L.
Published: August 2014

Research on municipal bond offerings has established the determinants of effective competitive bidding, but no comparable research has been undertaken for the negotiated method. This study examines the effect of issuer sophistication on the interest costs for a sample of negotiated issues. The first part of the paper reviews the theory relating issuer sophistication, negotiated issues, and underpricing. The second part presents statistical evidence supporting the theory that the net interest cost of a sample of negotiated issues declines as issuer sophistication increases.
INFLATION MEASUREMENT, INFLATION RISK, AND THE PRICING OF TREASURY BILLS
Authors: Cornell Bradford
Published: August 2014

One explanation for the high real interest rates on Treasury bills during the period from 1980 to 1985 is that the risk premium had risen. A procedure for testing this hypothesis is to apply the Black version of the capital asset pricing model to real Treasury bill returns. This paper examines that procedure in detail. The main conclusion is that nonstationarity and measurement error, which are always impediments to empirical implementation of the CAPM, are particularly difficult to handle when estimating changes in Treasury bill risk premiums. Furthermore, the behavior of the premium depends on the index used to measure inflation.
AN EMPIRICAL TEST OF AN EX‐ANTE MODEL OF THE DETERMINATION OF STOCK RETURN VOLATILITY
Authors: Peterson David R.
Published: August 2014

The assumption that changing expected cash flows and discount factors affect a security's return is at the foundation of many financial models. This study examines empirically the hypothesis that expected stock return variability is a function of cash flow and discount rate uncertainty. Maximum likelihood estimation techniques and expectational data are employed. Strong, positive relationships are found, verifying the foundations of the ex‐ante models with ex‐ante data and providing a better understanding of security markets by explaining, in part, the causes of expected stock price variability.
DETERMINANTS OF THE EXECUTION COSTS OF COMMON STOCK TRADES BY INDIVIDUAL INVESTORS
Authors: Blum Gerald A. , Kracaw William A. , Lewellen Wilbur G.
Published: August 2014

Data on a large sample of transactions in common stocks by individual investors over a nine‐year period are examined to identify factors that influence the magnitude of the price concessions those investors experienced in trades executed on the New York and American Stock Exchanges. Among the factors that appear to have an influence on such “execution costs” are the exchange where the security involved is traded and the direction of the price movement in the security on the day of the trade. The size of the trade, the price of the stock, and the volatility of price, however, do not seem to have an effect. There is also little indication that execution costs have declined over time as the securities markets have become less subject to regulation.
ON PREFERRED STOCK
Authors: Fooladi Iraj , Roberts Gordon S.
Published: August 2014

Preferred stock is issued by many corporations in spite of its apparent disadvantages. This study explains why. A simple partial equilibrium model is presented in which preferred shares are both supplied and demanded. Stronger tax incentives in Canada than in the United States may create a positive preferred equilibrium. Empirical evidence on the relative use of preferred stock in the two countries is presented to support this hypothesis.
CAPITAL ADEQUACY AND THE VALUATION OF LARGE COMMERCIAL BANKING ORGANIZATIONS
Authors: Shome Dilip K. , Smith Stephen D. , Heggestad Arnold A.
Published: August 2014

Bankers argue that regulatory agencies require excessive capital adequacy. As a consequence, banks cannot achieve optimal capital structure. This study investigates the capital adequacy issue for bank holding companies over the 1974—1983 period, one of the most turbulent periods in recent banking history. During this time, capital is never excessive from the stockholders' viewpoint, and financial markets, on average, perceive capital levels as inadequate. Assuming the public wants no lower capital levels than shareholders, recent regulatory action to require higher capital ratios is a Pareto superior decision.
INTEREST RATE RISK, MARKET VALUE, AND HEDGING FINANCIAL PORTFOLIOS
Authors: Belongia Michael T. , Santoni G. J.
Published: August 2014

This paper derives theoretical hedge ratios for the financial portfolio that preserve its present value in the presence of interest rate risk. From a practical point of view and for any given portfolio, the existence of the financial futures market allows the investor to employ any of a number of different hedges, each of which approximately satisfies the theoretical condition. The theory indicates that wealth‐preserving hedges depend on the interest elasticities (durations) of the spot assets and liabilities contained in the portfolio, portfolio leverage, and the interest elasticity (duration) of the financial instrument underlying the futures contract that is employed in constructing the hedge. Also, hedges designed to maintain net interest margin or net cash flow do not minimize exposure to interest rate risk.
RELATIVE STOCK PRICES AND THE FIRM SIZE EFFECT
Authors: Zivney Terry L. , Thompson Donald J.
Published: August 2014

A stock's relative price ratio, defined as the ratio of the current price to the average of the highest and lowest prices over some holding period, is shown to be a better predictor of future stock returns than firm size. The price ratio has an even stronger January seasonality than does firm size. After controlling for price ratio variations, firm size has no significant relationship to return. The abnormal returns for the price ratio effect are consistent with those predicted by optimal tax selling considerations.
MORE EVIDENCE ON EXPECTED VALUE‐VARIANCE ANALYSIS VERSUS DIRECT UTILITY MAXIMIZATION
Authors: Tew Bernard V. , Reid Donald W.
Published: August 2014

The theoretical difficulties of the expected value‐variance (E‐V) criterion are well known. A number of recent research efforts test the criterion's effectiveness in a publicly traded securities environment. In contrast, this research explores the performance of the E‐V criterion using firm‐specific, nontradeable investments such as those made by small firms. The empirical example in the study is a small family proprietorship with limited investment opportunities in agricultural production activities. Results indicate the E‐V criterion performs well in selecting nontradeable investments that maximize expected utility. These results are consistent with results of earlier research dealing with tradeable securities.
AN EMPIRICAL ANALYSIS OF INSURED PORTFOLIO STRATEGIES USING LISTED OPTIONS
Authors: Trennepohl Gary L. , Booth James R. , Tehranian Hassan
Published: August 2014

Theoretical rationale for the purchase or sale of portfolio insurance has been developed in prior works, but the relative preference structure for insured portfolios has not been examined empirically. This paper provides empirical evidence about performance of insured portfolios constructed from listed put and call options, their underlying stocks, and treasury bills. Efficient portfolios are identified using rules of stochastic dominance and stochastic dominance with a riskless asset from randomly created portfolios. The results illustrate the importance of put and call options to create portfolios containing an insurance component, since insured portfolios represent the majority of dominant assets.
VALUATION OF THE PREFERRED STOCK SINKING FUND FEATURE: A TIME‐SERIES APPROACH
Authors: Gombola Michael J. , Kahl Douglas R. , Nunn Kenneth P.
Published: August 2014

This study employs a time‐varying coefficient model to examine the relationship between returns on preferred stock with a sinking fund and preferred stock without a sinking fund. The results provide evidence of a major shift in the relationship between the two types of preferred stock coincident to a major change in Federal Reserve Board monetary policy. Results also show several smaller shifts at other times. The findings lend only weak support to link the announcement of a change in bookkeeping practices for insurance companies with a contemporaneous change in the relationship between the two types of preferred issues, as previous studies contended.
INVESTOR EXPECTATIONS OF VOLATILITY INCREASES AROUND LARGE STOCK SPLITS AS IMPLIED IN CALL OPTION PREMIA
Authors: Klein Linda S. , Peterson David R.
Published: August 2014

Recent studies find abnormal common stock price behavior associated with ex‐dates of stock splits. Volatility increases are substantia) and abrupt. This study extends previous analyses to the options market by examining investor perceptions of volatility increases through implied standard deviations of returns. Investors fail to anticipate volatility increases until the ex‐date. Furthermore, abnormal option returns are present. The increased volatility and these results suggest option market inefficiency.
TAX‐TIMING OPTIONS, LEVERAGE, AND THE CHOICE OF CORPORATE FORM
Authors: Emery Douglas R. , Lewellen Wilbur G. , Mauer David C.
Published: August 2014

The tax‐timing options associated with opportunities to trade corporate securities are examined. The availability of such options to both the firm and its securityholders is shown to create incentives for, and thereby to add to the possible explanation of, three empirically observed financial phenomena: (1) the existence of complex corporate capital structures; (2) the presence of debt in those capital structures; and (3) corporate spin‐offs as vehicles to increase the total market value of a firm's assets. A set of symmetrical arguments also offers a reason to expect at least one negative effect on shareholder wealth from mergers of publicly traded companies.
EVIDENCE OF A RELATION BETWEEN STOCK PRICE REACTIONS AROUND CASH DIVIDEND CHANGES AND YIELDS
Authors: Fehrs Donald H. , Benesh Gary A. , Peterson David R.
Published: August 2014

Here, the relation between stock price reactions to announced dividend changes and the yields of the underlying securities is examined. A significant positive (negative) relationship is detected between announcement date returns and yield for dividend increases (decreases) even after controlling for the magnitude of the dividend change. Price reactions associated with dividend increases vary directly with the change in yield and, on average, low‐yielding companies do not experience abnormal returns when they increase their dividends. Implied in these results is that the information conveyed through dividend changes varies with the yield of the underlying security and the market response is a function of factors beyond the pure information effect.