bluuebunny/crossref_metadata_2025 huggingface dataset:
Corporate governance in Asia: an eight-country comparative study
Authors: McGee Robert W.
Published: February 2017

Corporate governance has received an increasing amount of attention in recent years. Corporate scandals have brought corporate governance weaknesses to the attention of the general public, especially in the United States. But corporate governance is sometimes a problem in other countries as well. This paper begins with an overview of some basic corporate governance principles as identified by the OECD, World Bank and IMF, then proceeds to examine how these principles are being applied in selected Asian countries
Mergers that create value
Authors: Baxamusa Mufaddal
Published: February 2017

This study uses the governance and operating characteristics of acquirer and target firms to investigate which mergers are profitable, and I find that mergers between well-governed acquirers and poorly governed targets are profitable. In comparison with poorly governed acquirers, well-governed firms acquire targets with lower capital intensity and higher employee intensity. The employee productivity of well-governed acquirers increases after mergers as a result of an increase in the number of employees, combined with an even larger increase in sales. Surprisingly, mergers between poorly governed acquirers and well-governed targets result in the largest increases in operating performance
Litigation decisions in commercial real estate leasing
Authors: Nwogugu Michael
Published: February 2017

This article introduces dispute resolution and litigation models for commercial real estate leasing. The concepts and models developed in the article can also be applied to equipment leasing and other types of leasing
Corporate governance: the OECD principles, the scope for a “model of the successful company”, and a new challenge for the company law agenda and the broader regulatory agenda
Authors: Cerioni Luca
Published: February 2017

The OECD Principles of Corporate Governance, and the Methodology for assessing their implementation, seem to support those academic contributions which overcome the classic distinction between the shareholders primacy and the stakeholders’ models of companies; they also appear to require a re-conceptualisation of the interests involved and not simply a model of company, but a model of the successful company. This paper proposes such a model, and asserts its validity from a property rights perspective and from a human rights perspective. It subsequently argues that shaping of a corporate governance framework based on this model would raise a key challenge for company law legislators and for the broader regulatory agenda, and that satisfactory responses to this challenge – for which some first hypothesis are proposed - would be fully compatible with the increasingly global corporate social responsibility concern, while opening new themes for academic research and for decision-makers choices
Corporate governance mechanisms for publicly-traded companies
Authors: Hennessey Sean M.
Published: February 2017

The resolution of conflicts between shareholders and managers, at minimal cost, is the goal of corporate governance. This paper discusses four mechanisms, two internal, two external, that attempt to ensure managers act in the best interests of shareholders: 1) the board of directors, 2) management compensation plans, 3) the market, and 4) takeovers. Theoretically, these four forms of corporate governance should ensure management maximizes shareholder value. But, agency costs are real for shareholders. In practice each the mechanisms may be severely limited in their ability to protect shareholders. The best protection is an independent, credible board of directors. Without good boards, shareholders are left to the mercy of the agents. In such cases, it is very difficult, and expensive, to discipline the senior managers of a publicly-traded company
Changes in compensation structure, corporate governance, and short-run operating performance in IPO firms
Authors: Bouresli Amani Khaled , Davidson III Wallace N.
Published: February 2017

The IPO process may potentially introduce or increase agency costs. The newly public firm must deal with these agency problems. We find that following an IPO, the CEO compensation structure on average becomes more pay and performance-sensitive, and the board of directors becomes more independent. Venture capitalist participation seems to positively influence these findings. However, these post-IPO changes do not lead to better short-run operating performance
Mutual fund governance and fund performance
Authors: Trahan Emery A.
Published: February 2017

The increased wealth invested in mutual funds and recent scandals at many fund firms have led to increased scrutiny of mutual fund governance. We examine measures of the strength of mutual fund governance and the relation of these measures to fund performance. We utilize the Morningstar Stewardship Grade and its determining factors to measure the quality of a fund’s governance and the information ratio to measure risk adjusted performance. We find that strong corporate governance is associated with better risk-adjusted performance, after controlling for investment objective, expenses, and fund size. The key governance components related to performance are board quality, managerial incentives, and fees. Our results support the notion that, in the mutual fund industry, good governance is consistent with good performance.
Testing share repurchases hypotheses: a conditional study
Authors: Bonini Stefano , Capizzi Vincenzo , Lombardi Maurizio , Mazzei Roberto
Published: February 2017

In the past 20 years share buybacks have experienced a tremendous growth. Yet, we still don’t have a clear understanding of this phenomenon, also because of limited samples available on these corporate decisions. This paper aims at testing the main hypotheses on buybacks drivers and effects by analyzing the impact of share repurchase announcements on the performance of companies listed on the Italian Stock Exchange, conditional and unconditional on the 1998 introduction of the Capital Market Reform. Our findings show that, by imposing more stringent rules on transparency and equal treatment of shareholders in buybacks operations, the change in regulation has increased the volume and frequency of share repurchases announcements. Analogously, the number of repurchasing companies has soared as well. Finally, market reaction to buybacks, as measured by abnormal returns and cumulative abnormal returns has consistently reversed switching from negative to positive long term CARs
Interdependence between board and firm performance: evidence from the stock exchange of Tunisia
Authors: Lamiri Imene , Chaibi Hasna , Khémiri Hiba
Published: February 2017

Recent empirical researches show a positive relationship between the quality of governance and firm performance. The objective of this research is to study the reverse causality between different characteristics of board and performance. Instead looking at one simple mechanism separately, we use a system of simultaneous equations in order to detect a possible endogeneity. In a panel of 36 traded firms at Tunis Stock Exchange between 2004 and 2006, our results show a significant interdependence between board size, board independence and firm performance. In addition, the 3SLS estimator allows us to conclude that board influences performance. Also, our results show that firms change their board structure in response to firm performance
Managerial ownership, capital expenditures, and firm performance: evidence from the Taiwan stock exchange
Authors: Jiang Ching-Hai , Wang Kuei-yuan , Huang Yen-Sheng
Published: February 2017

This paper examines the relationship among managerial ownership, capital expenditures and firm performance using data of 359 firms listed on the Taiwan Stock Exchange over the period 1998-2005. The empirical results indicate a concave relationship between managerial ownership and future firm performance and a positive relationship between managerial ownership and capital expenditures. Moreover, for firms with larger capital expenditures, the interactive effect of managerial ownership and capital expenditures is significantly positively related to firm performance
Corporate governance and controlling - a German perspective
Authors: Freidank Carl-Christian , Velte Patrick
Published: February 2017

This article is focused on the interdependencies between corporate governance and controlling from a German perspective. An impact analysis based on the area of auditing, supervision and control will follow. Using the example of intangible assets and long-term manufacturing contracts according to IFRS, the influences of internationalisation on controlling will be presented. The details show that the development of financial accounting into an integral business reporting system together with an increase in importance of controlling goes hand in hand. In the future, controlling will form the central link between corporate governance and business reporting
The dark side of LBOS. Private equity investors be forewarned!
Authors: Zambelli Simona
Published: February 2017

The institutional environment regulating mergers and acquisitions (M&A) is crucial for the private equity industry, especially for leveraged buyout (LBO) transactions, which are currently at the center of an intensive debate in the US, as seen in many European countries over the last decade. One of the most controversial issues of an LBO deal is associated with its ultimate economic result, often perceived as an indirect and fraudulent example of financial assistance provided by the acquired firm for the purchase of its own shares, to the detriment of its assets and stakeholders. Given the potential damage to the target’s stakeholders, LBOs have been strongly debated and even prohibited in Italy. The institutional uncertainty surrounding the legitimacy of LBOs had a negative impact on the Italian private equity market. Recently, Italy issued an innovative corporate governance reform which offered a more favorable legal environment to this type of transactions and represented an important turning point for the domestic private equity market. The institutional change, induced by the above reform, provides scholars and policy makers with guidelines on how PE transactions may be spurred with an appropriate regulation aimed at legalizing LBOs, as well as protecting the interests of the target firm and its stakeholders. Notwithstanding the new reform, several issues remain unsolved and the admissibility of certain types of LBOs is still under debate. The purpose of this paper is two-fold: a) to shed some light on the debate on the legitimacy of LBOs by emphasizing, from an economic and financial point of view, the critical features of this class of transactions, and b) to highlight unsolved problems associated with the new LBO reform, particularly with reference to the investors’ liability. The Italian buyout market, whose transactions were previously prohibited and only recently legalized, offers a unique example in order to better understand the current international debate on the admissibility of LBOs and the related consequences for the target’s stakeholders.
Are students from different business majors predisposed to different ethical sensitivities
Authors: O’Leary Conor , Hannah Frances
Published: February 2017

Business graduates leave university equipped with core skills necessary to succeed in their chosen environment. One of these is an ethical perspective. Financial institutions and accounting firms are the major employers of business graduates. They assume a basic understanding of concepts when designing training for their new employees. However, business graduates are not a homogeneous group and this study examines whether the ethical sensitivities of graduates can differ depending upon their business major selected. Two groups of final year business students (270 in total), one majoring in accounting (Acc), 155 students, one in banking and finance (B&F), 115 students, were selected and their ethical attitudes tested by way of business vignettes. Even though they had received the same level of ethics training in their course, significant differences were discovered. Both individually, and when formed into groups (Acc 58 groups, B&F 57 groups), accounting majors appeared more ethical than their B&F counterparts. Also, as a cohort, accounting majors offered significantly more consistent responses. The B&F students appeared a more disparate group. As instruction level was the same, irrespective of major selected, it would appear the groups are predisposed to differing ethical attitudes to business dilemmas. The implications of this study are crucial for academics and perspective employers. Ethical training at all levels needs to be tailored specifically to the group being instructed. A standardised model of ethics training for all business students may not be effective.
Ownership of dual class shares and passive investment strategies
Authors: Marquette Christopher J. , Williams Thomas G. E.
Published: February 2017

Previous studies of firms with two classes of stock find a price premium for the class with superior voting rights over the restricted voting rights shares. This premium changes over time and is related to the likelihood of a contested takeover attempt. These findings have implications for both passive and active investors. We find that for passive, buy-and-hold investors, restricted voting shares dominate superior voting shares in mean-variance space. This relationship also holds for a four factor model specification of stock returns. Our evidence indicates that passive, buy-and-hold investors can achieve a higher return with restricted vote shares than superior vote shares with no increase in either stand-alone or portfolio risk
Does it pay to pay more to new hires? The cost and effectiveness of new CEOs
Authors: Bosworth William , Gulati Anil , Lee Sharon
Published: February 2017

Compensation and the post succession performance of 207 newly hired CEOs is examined to determine if there is any evidence that higher initial levels of compensation lead to superior firm performance. Using industry adjusted Tobin’s q as a measure of firm performance this study finds that there is no evidence that either higher initial total compensation levels or greater portions of equity based pay lead to superior firm performance. Increases in levels of compensation do anticipate improvements in firm performance one year in advance. Improved performance leads to increased levels of compensation for up to two subsequent years.
Bank information monopolies: Evidence from Tunisia
Authors: Ellouze Dorra , Abaoub Ezzeddine
Published: February 2017

The purpose of this paper is to examine the problem of bank information monopoly using detailed information on the debt structure of 47 Tunisian non-financial firms over the 1998-2003 period. We find that bank debt is negatively related to agency costs of moral hazard and adverse selection. We argue that there is a potential hold-up problem leading firms that are exposed to information asymmetry to limit bank financing in order to avoid rent extraction from banks. Further, our results suggest that this hold-up problem can be resolved either by issuing public debt or by bank equity participation.
Some antitrust problems and related economic issues in real estate brokerage, professional licensing for real estate websites and rent-control/rent-stabilization
Authors: Nwogugu Michael
Published: February 2017

In the US, MLS systems, professional licensing regimes for Real Estate Websites and rent-control/rent-stabilization statutes constitute violations of antitrust laws. Recent orders and proposed settlements in lawsuits instigated by government agencies have not resolved the underlying antitrust problems. Many of these antitrust issues influenced psychological reactions among market participants, which in turn caused the rapid price increases in some US real estate markets during 1995-2004. Thus, all existing housing demand models and housing price forecast models are grossly mis-specified primarily because they don’t incorporate legal factors.
Measuring value creating growth
Authors: Petersen Christian Vriborg , Plenborg Thomas
Published: February 2017

’Growth’ as a concept is often not very well understood. Growth may be measured in a variety of ways (e.g., growth in turnover, earnings, and earnings per share, assets, and shareholders’ equity). Investors and other capital providers generally find it attractive to invest in ‘growth firms.’ For instance, earnings per share (EPS) figures are widely published and used by investors. An increase in EPS is seen as a signal of improved profitability. Likewise, growth in earnings measures such as EBIT, EBITA, EBITDA etc. seem to indicate that firms are value creating. Our paper discusses if and under what conditions growth in accounting variables (accounting numbers and financial ratios) is value creating. We find that growth in one-periodic earnings measures does not necessarily create wealth for shareholders. Only growth in economic income is value creating. Our analysis also provide evidence that users of accounting information should be aware of the quality of growth and distinguish between growth based on transitory vs. permanent components of earnings. Our analysis finally documents that growth in earnings per share or return on equity caused by share repurchases has no economic significance.
Managerial motives for splitting stocks: Evidence from electric utility companies
Authors: Miranda Mercedes
Published: February 2017

Despite the rich literature on stock splits, studies have omitted public utility firms from their analysis when examining managerial motives for splitting stocks. In 1992 Congress enacted the Energy Policy Act (EPACT) to encourage the development of a competitive, national, wholesale electricity market. I argue that the change in the regulatory environment for public utilities provides a clean setting to study and compare the signaling and liquidity motivations for splitting stock. Before deregulation, the signaling motivation for splitting stocks is not applicable for these firms because the level of information asymmetry is low. Hence, the liquidity hypothesis should be the primary motivation for electric utilities to split stocks during this period. After deregulation, however, the signaling effect is expected to play a more dominant role because of higher level of information asymmetry. The results are consistent with the hypothesis posed. For the pre-EPACT period, liquidity motive seems to predominate in explaining the abnormal announcement return of utility stock splits. On the other hand, the results support the signaling motive as a leading explanation of abnormal returns in the post-EPACT period.
Government control and the higher costs of going public: Evidence from a new stock market in China
Authors: Teshima Nobuyuki , Suzuki Katsushi
Published: February 2017

IPO underpricing or the indirect cost of going public is extremely high in China. We hypothesize that government control over the corporate economy underlies this puzzle. Specifically, bureaucratic managers in state-owned firms as well as regulatory authorities have incentives to underprice. Using a sample of a new stock market in China, we find evidence supporting this hypothesis. Underpricing is higher for state-owned firms and for IPOs before the reform making IPO prices less affected by the regulator. Furthermore, we find that the reduction in underpricing or indirect cost by the reform more than offsets the increase in direct costs for compensating underwriters‟ higher efforts. Overall, the reform making IPO process more market-oriented is beneficial to Chinese firms going public.
The impact of expensing stock options in blockholder-dominated firms. Evidence from Italy.
Authors: Melis Andrea , Carta Silvia
Published: February 2017

Accounting for stock options and executive remuneration have been one of the most debated and controversial issues in accounting regulation and corporate governance. The purpose of this study was to explore the impact of the mandatory adoption of IFRS 2 for accounting of stock options in Italian non financial listed companies. This paper has investigated the economic consequences of recording the cost of stock options at its fair value, in terms of its impact on the companies‟ reported earnings, and other key financial performance indicators, such as diluted earnings per share (EPS) and return on assets. The impact of the mandatory recording of the cost of stock options measured at its fair value has generally reduced the reported earnings and other key performance measures moderately. Despite some evidence of creative accounting which was found concerning the elusion of the substance over form principle for the accounting of stock options plans set up before 7th November 2002, accounting regulation has increased the level of disclosure by making companies report the “true” cost of stock options in their Profit or Loss. Based on 2004 stock-based remuneration disclosures of the value of options given to directors and employees, the expensing of options have a material negative impact on nearly 30 per cent of the sample firms‟ reported income and diluted EPS. The mandatory adoption of IFRS 2 seems to have relevant implications for corporate governance as it has reduced the information asymmetry between corporate insiders and outsiders on the “true” cost of stock-based remuneration.
Is there a firm-size effect in CEO stock option grants?
Authors: Rosser Bruce A. , Canil Jean M.
Published: February 2017

Schaefer (1998) and Baker and Hall (2004) posit a firm size effect for regular executive compensation but not specifically for executive stock option grants. They propose an inverse relation between pay-performance sensitivity and firm size along with a positive relation between the marginal productivity of executive effort and firm size. The product of pay-performance sensitivity and executive productivity is „incentive strength‟. They find a weakly positive association between incentive strength and firm size. We substitute Hall and Murphy‟s (2002) pay-performance sensitivity metric to detect a firm size effect in CEO stock option grants. After adjusting for small-firm risk aversion and private diversification „clienteles‟, we document evidence of a residual small-firm effect impacting on incentive strength principally through grant size. Given lower small-firm deltas, grant size appears to have been increased by compensation committees to ensure small-firm CEOs are not under-compensated relative to their large-firm counterparts. We also find that firm complexity influences pay-performance sensitivity as well, but not labor productivity (proxying for CEO productivity). No evidence is found that firm smallness and complexity impact on labor productivity. However, we empirically confirm a negative relation between pay-performance sensitivity and firm smallness and, by implication, firm complexity.
Who owns a customer relationship following a merger or acquisition?
Authors: Öberg Christina
Published: February 2017

This paper discusses how changes in management affect customer relationships. Management turnover is described widely in literature on M&As. Such turnover may help new owners to attain control over an acquired party, for example, but managers who leave an M&A party may also lead to customer losses. This paper shows that managers and other company representatives are important if customers are to be kept following an M&A. The findings indicate that customer relationships may well be “owned” by managers rather than by companies and also show that what managers and other representatives leaving an M&A party actually do is to make customers’ dissolution decision more probable.
Corporate ownership, control and the informativeness of disclosed earnings in Russian listed firms
Authors: Ahmed Sheraz
Published: February 2017

Many problems of corporate governance in Russia are beyond the scope of classical agency theory because of highly concentrated ownership structures. Using ownership and financial dataset from UBS Brunswick, we show that the use of accrual based accounting in Russia has resulted in lower in formativeness of earnings. Opportunistic earnings management hypothesis holds where majority shareholders (controllers) enjoy short-term benefits of manipulating accounting. Interestingly, the returns (net of market) increase when use of discretionary accruals to manage earnings increases in firms controlled by either state or oligarchs. However, such relationship does not exist when ownership is accumulated without control. We also found that state-owned companies use less discretionary accruals than other control groups. We do not find any evidence supporting performance measure hypothesis where firms manage earnings by discretionary accruals to offset the over or under reaction of economic shock. Highly leveraged firms tend to have positive relationship between earnings management and returns, whereas, both size and growth reflect negative informativeness of earnings. The results describe the concentrated ownership structure in Russia where controlling owners not only, achieve personal targets by over or under-statement of disclosed earnings but also get positive response from the market. This market benefit however, can only be achieved with effective control.
Board leadership: Antecedents and performance outcomes
Authors: Wang Yi , Clift Bob
Published: February 2017

In this paper several theories, which make different predictions about the effect of board leadership structure on firm performance, are tested. The results indicate that, for Australian listed companies, there is no strong relationship between leadership structure and subsequent performance. It is reported that companies with higher blockholder ownership or lower managerial shareholdings tend to have an affiliated chairman; firm with higher managerial shareholdings tend to have an executive chairman. The evidence suggests that there is no one optimal leadership structure; each structure, which could be an outcome of a rational choice process influenced by other governance characteristics of individual firms, may have associated costs and benefits.
Análisis bibliométrico de la producción científica, indizada en MEDLINE, sobre los servicios de salud proporcionados por las unidades de hospitalización a domicilio
Authors: Sanz-Valero Javier , Wanden-Berghe Carmina
Published: February 2017

Objetivo: Análisis bibliométrico y temático la producción científica relacionada con los servicios de salud proporcionados por las unidades de hospitalización a domicilio.Método: Análisis bibliométrico. Los datos se obtuvieron de la base de datos MEDLINE, empleando el MeSH, «Home Care Services, Hospital-Based» como Major Topic. Fecha de la búsqueda: julio 2016. La muestra a estudio se calculó mediante estimación de parámetros poblacionales para una población infinita y la selección fue aleatoria simple sin reemplazo.Resultados: Se analizaron 386 referencias. El número de originales fue de 204 (52,85%), identificando 243 instituciones, con Índice de Cooperación de 3,75±1,16 autores/artículo. El idioma predominante fue el inglés con 279 (72,28%) artículos. La obsolescencia, según el Índice de Burton-Kebler fue de 13 años y el Índice de Price del 14,40%. El núcleo de Bradford lo constituyeron 23 revistas. La clasificación temática determinó una pertinencia del 70,73%.Conclusiones: Existencia de alta obsolescencia y orientación anglófona. Relación institucional e índice de corporación bajos. El acceso a la fuente primaria mejora a lo largo del tiempo, en línea a la iniciativa de acceso abierto, aunque con baja visibilidad. Los artículos estaban publicados de forma dispersa. La clasificación temática cumplió con la materia investigada.
Microwave-assisted selective leaching behavior of calcium from Basic Oxygen Furnace (BOF) slag with ammonium chloride solution
Authors: Zhang X. , Ma G. , Tong Z. , Xue Z.
Published: February 2017

The Basic Oxygen Furnace (BOF) slag can be potentially used in the indirect
aqueous CO2 sequestration process due to the fact that it contains large
amounts of basic oxides. In this study, microwave-assisted selective leaching
of calcium from BOF slag with ammonium chloride solution has been
investigated in order to improve the extraction efficiency of calcium ion,
and reduce leaching time and the contents of impurity ions in the leachate.
The results show that the major phases of BOF slag, such as Ca2SiO4, Ca3SiO5
and Ca2Fe2O5, can react with ammonium chloride solution. The microwave power
has significant effects on the leaching ratio of calcium ion from the BOF
slag. After microwave-assisted leaching treatment, the internal tiny cracks
can be found inside the BOF slag particles. The leaching ratio of calcium ion
can be up to 90 % with small amounts of impurity ions existed in the
leachate. The non-isothermal leaching reactions are controlled by internal
diffusion and the apparent activate energies are estimated to be 6.9-26.5
kJ/mol.
Customization versus Standardization in Electronic Financial Reporting: Early Evidence from the SEC XBRL Mandate
Authors: Scherr Elisabeth , Ditter Dominik
Published: February 2017

In 2009, the SEC issued rules that require companies to provide their financial reports in XBRL (eXtensible Business Reporting Language). Since the new electronic filing requirements aim at enhancing information processing through electronic standardization, a controversial aspect of the rules has been that filers can deviate from the pre-defined reporting structure. We examine factors related to the cross-sectional variation in nonstandard reporting for a sample of XBRL 10-K filings submitted to the SEC from 2009 to 2013. We find that the extent to which the reporting behavior deviates from common reporting, as well as the (voluntary) disclosure level, influences the extent of taxonomy extensions. We further find that firms that are less involved and have less experience in the XBRL filing process tend to exhibit higher levels of customization. However, our results show no clear empirical evidence that, on average, firms with lower accounting quality exhibit a higher deviation from the pre-defined standard. Thus, our findings suggest that customization is predominantly associated with filing complexity and the costs of compliance, rather than strategic usage. The empirical findings may be of interest to the SEC and the accounting profession alike in the light of an increasing focus on XBRL filing practices.
Hip and Lumbar Spine Physical Examination Findings in People Presenting With Low Back Pain, With or Without Lower Extremity Pain
Authors: Prather Heidi , Cheng Abby , Steger-May Karen , Maheshwari Vaibhav , Van Dillen Linda
Published: February 2017

Study Design

Prospective cohort study, cross-sectional design.

Background

The hip-spine syndrome is described in patients with known arthritis of the hip. This study describes the hip examination findings of people presenting with low back pain (LBP).

Objectives

To (1) report examination findings of the hip in patients with LBP and (2) compare pain and function in patients with positive hip examination findings to those in patients without positive hip examination findings.

Methods

An examination and validated questionnaires of spine and hip pain and function were completed. Pain and function scores were compared between patients with and without positive hip findings.

Results

Consecutive patients (68 women, 33 men) with a mean age of 47.6 years (range, 18.4–79.8 years) participated. On physical examination, 81 (80%) had reduced hip flexion; 76 (75%) had reduced hip internal rotation; and 25 (25%) had 1, 32 (32%) had 2, and 23 (23%) had 3 positive provocative hip tests. Patients with reduced hip flexion had worse LBP-related (mean modified Oswestry Disability Index, 35.3 versus 25.6; P = .04) and hip-related function (mean modified Harris Hip Score, 66.0 versus 82.0; P = .03). Patients with reduced hip internal rotation had worse LBP-related function (mean Roland-Morris questionnaire, 12.4 versus 8.2; P = .003). A positive provocative hip test was coupled with more intense pain (median, 9 versus 7; P = .05) and worse LBP-related (mean Roland-Morris questionnaire, 12.1 versus 8.5; P = .02) and hip-related function (mean modified Harris Hip Score, 65.8 versus 89.7; P = .005).

Conclusion

Physical examination findings indicating hip dysfunction are common in patients presenting with LBP. Patients with LBP and positive hip examination findings have more pain and worse function compared to patients with LBP but without positive hip examination findings.

Level of Evidence

Symptom prevalence, level 1b. J Orthop Sports Phys Ther 2017;47(3):163–172. Epub 3 Feb 2017. doi:10.2519/jospt.2017.6567
TRANSBOUNDARY DISEASES AND WILDLIFE MANAGEMENT: AN OVERVIEW
Authors: Oludairo O. O. , Aiyedun J. O. , Olorunshola I. D. , Dibal M. A. , Gungbias A. A. , Ayeni A. M. J. , Adeyi A. J.
Published: February 2017

Wildlife is the fauna and flora that are out of the control of man, although over the years common usage, public perceptions and history have practically defined wildlife as undomesticated free ranging terrestrial vertebrates which include reptiles, amphibians, birds, mammals excluding fishes. Wildlife play important roles in the epidemiology of emerging and re-emerging diseases either as vectors such as in rabies, primary target of disease such as in botulism and reservoirs such as in tularemia, Ebola virus disease (EVD), Severe Acute Respiratory Syndrome (SARS) and Middle East Respiratory Syndrome (MERS) . These diseases usually transcend national and regional borders causing high mortalities and morbidities. The transboundary nature of such epidemics and the collaborative efforts in combating the scourge was investigated using published literature. Wildlife has been incriminated in the occurrence and spread of various diseases many of which led to loss of lives and have the potentials of being pandemic. Diseases were promptly controlled in cases where collaborative efforts were applied in the management. Since the world is now a single global village, advanced collaborative strategic guidelines should be established for implementation and prevention of future pathogenic zoonosis within states, regions, continents and globally. Transboundary public health education of the citizenry will be of immense importance in the control and prevention of these diseases. Sustainable development goals (SDGS), poverty alleviation, enhanced culture and eco-tourism may not be realizable in the face of ignorance and disease. Highly pathogenic emerging and re-emerging zoonotic diseases and epidemics involving wildlife have grave consequences on national, regional, continental and world economies. These could however be prevented and controlled through multifaceted collaborative efforts and cooperation transcending geographical borders so that the planet can be rescued from the raging scourge of disease.
EPIDEMIOLOGICAL INVESTIGATION ON DUCK SALMONELLOSIS IN SOME SELECTED AREAS OF BANGLADESH
Authors: Dey R. K. , Khan M. S. R. , Nazir K. H. M. N. H. , Islam M. A. , Belal S. M. S. H.
Published: February 2017

The study was performed with a view to collect epidemiological data to proper control of Duck Salmonellosis in Bangladesh. A total of 12 small to medium sized duck farms and 28 individual households were visited for data collection.  On the basis of history and clinical signs and as per the information provided by the farmers the prevalence rate of Duck Salmonellosis was recorded as 38.1% and the P value was calculated as 0.003 (p<0.01) which was noted as highly significant. Based on tentative occurrences of Duck Salmonellosis as per information taken from the structured questionnaire a total of 120 fecal samples were collected from apparently healthy and diseased ducks on the basis of age, sex, season, location and health status. The isolated bacteria were identified by studying cultural properties on different selective media, biochemical tests, and finally by PCR. The test results of cultural and biochemical exhibited the typical characteristics of bacteria. On the basis of their cultural and biochemical characteristics it was found that among 120 fecal samples 32 (26.67%) were found to be positive for Salmonella and the P value was recorded as 0.0019 (p<0.01) which was also considered as highly significant. In motility test Duck Salmonella were identified as motile and all tested Duck Salmonella showed indole and VP test negative with MR test positive. In PCR reaction, the organism was further confirmed as Salmonella species using the SAL-G primer. Results of antibiotic susceptibility test shows that the selected isolated Salmonella were highly sensitive to ciprofloxacin and azithromycin, intermediate sensitive to tobramycin and gentamicin and resistant to Oxacillin.
STUDY ON BOVINE SUB-CLINICAL MASTITIS ON FARM CONDITION WITH SPECIAL EMPHASIS ON ANTIBIOGRAM OF THE CAUSATIVE BACTERIA
Authors: Hasan M. T. , Islam M. R. , Runa N. S. , Hasan M, N. , Uddin A. H. M. M. , Singh S. K.
Published: February 2017

The study was conducted to find out the prevalence of sub-clinical mastitis (SCM) and antibiogram of the causative bacteria in dairy cows at the Sylhet govt. Dairy Farm (SGDF) and Local Farms of Sylhet (LFS) during the period of July2014 to June2015. These farms were selected to assess the predominant types of bacteria involved in causing sub-clinical mastitis and to know the in vitro antibiotic sensitivity spectrum of these bacterial isolates against the commonly used antibiotics and to study the economic effects due to SCM. Use of California Mastitis Test (CMT) for the detection of sub-clinical mastitis showed 42out of 100 samples were test positive, among which +(Trace) 22.0%, ++(Distinct) 12.0%, +++(Strong) 3.0%, ±(Doubtful) 5.0%.  Bacteriological examination of milk samples of 100 milch cows (400 quarters) revealed that 42 cows (42.0%) had suffering from SCM with different bacterial infection with 95% confidence limit was 32.1574-51.8426. Among 42 positive samples31 (31.0%) cows had mono-bacterial infection and 11 (11.0%) cows had mixed bacterial infections. Statistical analysis of the result of single and mixed bacterial infections in the milk of apparently healthy milch cows revealed that the single infection was significantly (P < 0.05) higher than mixed bacterial infection. Of the 31 mono-bacterial isolates, of which 23 (23.0%) isolates were Staphylococci, 3 (3.0%) isolates were Escherichia coli, 5 (5.0%) isolated Streptococcus spp. The 11 cows had mixed infection, of which 5 had Staphylococcus spp. + Streptococcus spp., 3 had E. coli + Staphylococcus spp., and 3 had Streptococcus spp. + E. coli. Of 42 positive cases of SCM Staphylococcus spp. isolated from 23 samples. Among these 23 positive samples 13 obtained from SGDF (37.14%) and 10 obtained from LFS (15.38%). Escherichia coli isolated from 3 samples. Among these 3 positive samples 3 obtained from LFS (4.62%). Streptococcus spp. isolated from 5 samples. Among these 5 positive samples 1 obtained from SGDF (2.86%) and 4 obtained from LFS (6.15%). Ceftriaxone, ciprofloxacin and gentamicin were the best drug for treating sub-clinical mastitis.
DESCRIPTIVE EPIDEMIOLOGY OF STEPHANOFILARIASIS (HUMPSORE) IN CATTLE
Authors: BJVM M. Akter , Hassan M. K. , Ahammed M. , Ali M. A. , Biswas G. C. , Islam M. T. , Ehsan M. A.
Published: February 2017

An epidemiological study was conducted to investigate the epidemiology of humpsore (stephanofilariasis) infection on cattle of different age and sex by collecting information from samples conveniently from different areas of Mymensingh district in Bangladesh. Clinical history and direct examination is done to detect the infection. Out of 503 samples total 43.14% cattle were found stephanofilariasis positive. The prevalence of stephanofilariasis was higher (27.24%) in cattle between 5-10 years old cattle than of less than 5 years (10.93%) and more than 10 years (4.97%) old cattle. Females have shown more positive (36.98%) result than male (male entire= 3.18%, male castrated= 2.98%) that was 6.16% (Odds ratio= 1; P value= 0.987, ?2= 0.003). Local breed shown 36.98% positive to stephanofilariasis followed in descending order by 2.98% in Red Sindhi, 0.99% in Sahiwal, 0.80% in Jersey cross, 0.40% in Holstein cross, Haryana and Red Chittagong breeds and 0.20% in Pabna breed. From the study it is shown that highest (14.1%) prevalence found in the location of neck region of local breed (12.72%) in female cattle (12.52%) and in the age group of 5-10years (9.74%) than other category on the basis of location of lesions.
EVALUATING THE ANTI-STRESS POTENTIAL OF PROPOFOL IN ROAD TRANSPORTATION WELFARE USING BIO-MARKERS IN WEST AFRICAN DWARF GOATS
Authors: Biobaku K. T. , Okediran B. S. , Adebiyi A. T. , Aremu A. , Atata A. J.
Published: February 2017

Sixteen apparently healthy West African dwarf bucks were used in the study. They were randomly grouped into four with four animals each.  Group one untreated non transported (non stressed control) control,  group two  was administered with  propofol at 5mg/Kg intramuscularly , group three was administered with ascorbic acid 500mg/kg intramuscularly  and group  four  non treated stressed control. Animals were carefully loaded in an open vehicle. The floor of the vehicle was cushioned to avoid the animals from sliding and injury. Then animals were subjected to a journey of 2hours at a speed of 40 kg/hr. Blood for haemotological analysis for full blood count was collected in bottles containing EDTA (ethylene diaminetetraacetic acid). While samples for assay of antioxidative enzymes were collected in bottles containing lithium heparin. The blood was also analysed superoxide dismutase (SOD), malonyldialdehyde (MDA), and glutathione -s- transferase (GST) respectively, using commercial Randox® kit. The  packed cell volume (PCV) showed significantly (P<0.05) higher PCV in the groups treated with propofol, ascorbic acid and none-stress control midway into the journey. The  neutrophils lymphocytes  ratio (N: L) levels in was significantly higher at prior the journey. The levels of MDA were significantly (P<0.05) higher prior and at the end of the journey phases in the propofol treated group. The ascorbic acid group showed significantly (P<0.05) higher level of MDA at the mid phase of the journey. While the GST levels prior to journey were significantly (P<0.05) higher compare to the other phases in the propofol and ascorbic acid treated groups and none treated stressed control. In the SOD level was significantly (P<0.05) higher prior stage of the journey in the propofol treated group. this infer that propofol possess antistress effect and could be used to improve animal welfare at transportation. Conclusively, the propofol possess antistress effect that is similar in mechanism to ascorbic acid and could be used in amelioration of stress in short term stress in animals. It however advised that the withdrawal period of the drug is adhered to prevent residue of drug in the meat product.
SALINITY CHANGES IN SOUTH WEST BANGLADESH AND ITS IMPACT ON RURAL LIVELIHOODS
Authors: Bhowmick B. , Uddin Z. , Rahman S.
Published: February 2017

Salinity intrusion greatly affects the livelihood decisions which farmers have to make. Both environmental and anthropogenic factors affect salt water intrusion within south west Bangladesh. Although climate change and sea level rise are thought to increase salinity, siltation and sedimentation of canals reduces access to surface water and prevents salt water intrusion in to farming zones. This study highlights how decreasing salinity within Khulna and Bagerhat districts is allowing farmers to diversify their agricultural practices, reducing vulnerability and improving household income and food security. By using both quantitative and qualitative data collection, semi structured interviews were held with farmers and landless people to understand how they adapt to salinity changes. The results show that whilst salinity decreases were identical across both districts, farmers adapt to the changes in a number of ways based primarily on their access to water. Whilst shrimp production struggles to improve, increases in freshwater production of prawns, fin fish and dyke crops partially confirm that salinity was decreasing within the area. Furthermore, increases in income generation were also observed confirming that diversification improved rural livelihoods. In the wider context, understanding farmer mitigation strategies towards the environment allows for future comparisons to be made on climate change and sea level rise which are widely considered to drive salt water intrusion further in land.
ECTO- PARASITISM IN JUVENILE INDIAN MAJOR CARPS OF DIFFERENT FISH FARMS OF MYMENSINGH
Authors: Das D. R. , Majumder S. , Chandra K. J.
Published: February 2017

An investigation was made on the ecto-parasitism of juvenile carps of Mymensingh region.  Eight  farms, four Government (Govt.) and four Private (Pvt.) fish farms were investigated for Indian major carps(Catla catla, Labeo rohita and Cirrhinus cirrhosus)  (Catla, Rui and Mrigal)  during  June, 2010 to May, 2012. Monthly samplings were carried out with 5 fish from each species and each farms. Altogether 2880 fish hosts were examined of which 1674 were found to be infested with different groups of parasites during the study period. The ectoparasites were very common in gill, skin, mouth cavity, muscle, base of the pelvic, pectoral, anal, caudal fin and body surface of all fishes. Eleven species of protozoan, thirteen species of  monogeneans and two species of argulus were recorded. The risk of being infestation by parasites in carps significantly (p<0.001) increased when the water quality parameters were deteriorated. Prevalence (%), mean intensity and abundance were found to be species specific and also varied with seasons and management systems practiced by different farmers. Prevalence (%) of ecto-parasites in carps was significantly (p< 0.001) higher in Pvt. farm than that of Govt. farms and was significantly (p< 0.01) higher in rainy season. Rui was more susceptible than Catla and Mrigal.
AQUACULTURE HEALTH MANAGEMENT AND BIOSECURITY PRACTISES IN SOUTH WEST OF BANGLADESH
Authors: Bhowmick B. , Crumlish M.
Published: February 2017

Bangladesh is now the world fourth largest inland fish producer and more than half of it comes from aquaculture according to 2012 ranking. The shrimp and prawn industry has gained an important place in the national economy and is the third highest foreign income earner. Concomitant with the growth of the shrimp and prawn culture industry has been the recognition of the ever increasing importance of disease, especially those caused by infectious agents. Few studies have aimed to identify the perception of risk and risk management strategies for small scale aquaculture facilities. The aim of this study was to understand existing health management practices in regards to water management practices and salinity in southwest coastal region of Bangladesh. Questionnaires were specifically designed to gather information on shrimp and prawn culture systems and multiple variables relating to disease outbreaks. A total of eight variables related to health management practices throughout production cycle were investigated comprising location of farm from primary source of water, pond preparation technique, water  management practices, in-pond nursing of post larvae (PL), source of PL, salinity level, stocking density and bio security practices. The results found that sharing of water source with other farms, non tested PL, high salinity level, shallow pond, lack of in-pond nursing were considered as diseases risk factors for poly-culture farming system. Furthermore, rainy season (June-August) is risk factors for diseases outbreak because sudden change of salinity level and drop temperature due to rain and freshwater upstream flow. However, risk factors are not direct causes of mortality; instead, risk factors contribute to mortality.