bluuebunny/crossref_metadata_2025 huggingface dataset:
WBC filtration of whole blood after prolonged storage at ambient temperature by use of an in‐line filter collection system
Authors: Shinar Eilat , Prober Galina , Yahalom Vered , Michlin Hedva
Published: March 2003

BACKGROUND : Before‐storage WBC reduction by filtration appears to be an effective way to prevent transfusion‐associated complications. It also has superiority over WBC reduction at the time of transfusion (bedside), due to the many variables associated with such practice and the difficulty in performing adequate quality control. To determine the adaptability of collection systems containing in‐line filters to the current blood collection strategy, the feasibility, efficiency, and quality of before‐storage WBC reduction of whole blood (WB) units were evaluated, following their prolonged storage at ambient temperature prior to component preparation, by use of an integral in‐line filter.

STUDY DESIGN AND METHODS : Blood was collected from random donors into quadruple blood pack units with an integral in‐line filter and divided into three groups, according to storage conditions. WBC reduction was performed at room temperature, on WB units after storage at ambient temperature either for less than 8 or up to 18 hours on 1,4‐butanediol cooling trays or for 18 hours in the cold.

RESULTS
: All the filtration procedures met the AABB threshold of less than 5 × 10
6
residual WBCs per unit and the European requirements for WBC counts of less than 1 × 10
6 WBCs per unit. The average filtration time was less than 22 minutes in all units studied. Filtration time and blood flow rate were both significantly longer, and RBC loss was significantly higher in WB units that were filtered after prolonged storage in the cold.

CONCLUSIONS : Adequate before‐storage WBC reduction can be achieved when performed on WB units, which were stored at ambient temperature for 18 hours, by use of an in‐line filtration system. The procedure, performed under relatively simple logistics, results in good‐quality, standard components, which require no further modifications when supplied to the transfusion services.
Removal of neutralized model parvoviruses and enteroviruses in human IgG solutions by nanofiltration
Authors: Omar A. , Kempf C.
Published: March 2003

BACKGROUND : Nanofiltration has proven to be an effective technology for virus removal. The small nonenveloped viruses, such as HAV and parvovirus B19 (B19), are evidently more difficult to remove than the larger enveloped viruses. However, since antibodies against these viruses, HAV and B19, are constantly present in large plasma pools, it is conceivable that antibody binding will lead to an increase in size of the viruses due to a corona of antibodies on the virus surfaces. These enlarged viruses should be easier to remove by nanofiltration than naked viruses. In this study, antibody‐coated viruses and free virions were subjected to nanofiltration to determine whether the antibody‐ mediated increase in size contributes to the elimination of viruses which are otherwise too small to be retained by filters of a given nominal pore diameter.

STUDY DESIGN AND METHODS : One‐percent IgG or 1‐percent albumin solutions were spiked with bovine enterovirus (BEV) and filtered through 50‐nm filters. This virus cross‐reacts with antibodies in pooled human IgG solutions but persists as free virions in albumin solutions. Similarly, two parvoviruses, bovine parvovirus (BPV) and minute virus of mice (MVM), in 1‐percent IgG solutions were filtered through 20‐nm filters. BPV cross‐reacts with antibodies in human IgG, whereas MVM remains unaffected. Virus removal was assessed by in vitro infectivity assays. Two methods were developed to displace the antibodies from BEV and BPV and thereby render them accessible for titration.

RESULTS : Antibody‐coated BEV was eliminated to below detection limit by the 50‐nm filters (logarithmic reduction factors [LRF]≥ 5), while free BEV virions passed without restraint through the same filters. Similarly, antibody‐coated BPV was completely retained by the 20‐nm filters (LRF ≥ 5). MVM virions were strongly retained by the 20‐nm filters; however, the virus was still detectable in the filtrate.

CONCLUSION : These results indicate that viruses with bound antibodies are efficiently eliminated by nanofiltration by use of filters having nominal pore sizes larger than the diameter of the respective free virions.
Inhibition of murine GVHD by PEN110 treatment
Authors: Fast Loren D. , DiLeone Gilbert , Edson Clark M. , Purmal Andrei
Published: March 2003

BACKGROUND: The presence of WBCs in blood components is the primary factor influencing the immunologic consequences of transfusion, such as GVHD and alloimmunization. Depletion or inactivation of WBCs can reduce the deleterious responses. Because treatment with PEN110 (Inactine, V. I. Technologies), an ethyleneimine derivative that disrupts nucleic acid replica‐ tion, was shown to inactivate in vitro human PBMNC function, the ability of PEN110‐treated cells to trigger GVHD or alloantibodies was studied with in vivo murine models.

STUDY DESIGN AND METHODS: In vitro assays were employed to confirm that PEN110 treatment inactivated murine splenocyte function as effectively as for human PBMNCs. In vivo experiments in mice examined the ability of PEN110‐treated cells to induce GVHD responses in a parent into F1hybrid GVHD model, to induce alloantibodies, to stimulate MHC‐restricted cytolytic T lymphocyte responses, and to persist after injection.

RESULTS: PEN110‐treated murine splenocytes did not respond or induce responses in any in vitro or in vivo assay. The PEN110‐treated cells were eliminated from blood and secondary lymphoid organs much more rapidly than were untreated cells.

CONCLUSION: PEN110 treatment prevents the development of GVHD and alloantibody production following WBC transfusion in a murine model system, supporting the continued development of PEN110 treatment of cellular blood components as an alternative to gamma irradiation for the prevention of GVHD.
Inactivation of HIV in blood
Authors: Ohagen Asa , Gibaja Veronica , Aytay Saika , Horrigan Jeff , Lunderville Douglas , Lazo Aris
Published: March 2003

BACKGROUND: The residual risk of HIV infection after HIV screening tests in combination with the risk of new emerging pathogens entering the blood supply has sparked research on the development of a technology for reduction of pathogens in RBCs.

STUDY DESIGN AND METHODS: HIV‐1 was treated with PEN110 (INACTINE) and analyzed for the kinetics of virus reduction in RBC, the effect of PEN110 on nucleic acids, the integrity of the virus morphology and viral proteins, and the ability of the virus to bind HIV cell receptors and enter susceptible cells.

RESULTS: PEN110 effectively reduced HIV‐1 to the limit of detection for a reduction factor of at least 5.57 log 50 percent tissue culture infectious dose per bulk test. The PEN110‐treated virions maintained their morphology, protein integrity, and functionality. However, the PEN110‐treated HIV‐1 RNA genome was neither functional to serve as a template for RT‐PCR amplification of about 1 kb nor able to support viral DNA synthesis in cell culture.

CONCLUSION: These results suggest that PEN110 inactivates HIV‐1 by targeting the viral nucleic acid.
Reliability of bedside ABO testing before transfusion
Authors: Migeot Virginie , Ingrand Isabelle , Salmi Louis Rachid , Ingrand Pierre
Published: March 2003

BACKGROUND: Previous studies of bedside transfusion compatibility tests have shown high rates of erroneous transfusion decision, due to defective techniques and poor user performance. An experimental study was conducted to evaluate the error rate obtained with a new ready‐to‐use device (Vu‐Test, Medigis), in comparison with the most popular bedside card used in France (Safety‐Test ABO, Diagast Laboratories).

STUDY DESIGN AND METHODS: A stratified random sample of nurses performed, in the clinical departments where they worked, cross‐matches on 12 randomly and blindly selected paired donor‐recipient blood samples with Safety‐Test ABO and Vu‐Test. The nurses detected agglutination, interpreted compatibility, decided whether to transfuse, and gave their opinion of the two devices. Three independent experts reviewed photographs of each test result.

RESULTS: Thirty‐five trained nurses and 10 student nurses carried out 268 tests with each device. One‐ hundred ninety tests (70.9%) performed with Safety‐Test ABO and 177 tests (66.0%) performed with Vu‐Test were entirely error‐free (p = 0.23). The risk of erroneous detection of agglutination was not different between the devices (p = 0.69), but was significantly lower when the nurse had experience in transfusion (p < 0.001). According to the experts, Vu‐Test was significantly better than Safety‐Test ABO.

CONCLUSION: Although the experts considered Vu‐Test to be better than Safety‐Test ABO, error rates were high with both devices.
Transfusion‐transmitted HBV infection in an endemic area: the necessity of more sensitive screening for HBV carriers
Authors: Wang Jin‐Town , Lee Cha‐Ze , Chen Pei‐Jer , Wang Teh‐Hong , Chen Ding‐Shinn
Published: March 2003

BACKGROUND: By NAT, HBV DNA is occasionally detectable in blood donors with past HBV infection but negative for HBsAg. Whether or not these donors can cause transfusion‐transmitted HBV infections is uncertain.

STUDY DESIGN AND METHODS: To determine whether or not donors with past HBV infection but negative for HbsAg can cause HBV transfusion‐transmitted infections, recipients followed for blood transfusion in a university medical center in Taiwan were studied. HBV DNA and serologic markers were tested in donors and recipients.

RESULTS: Of 1038 enrolled recipients, 910 completed the 6‐month post‐transfusion follow‐up visit. Of these, only 39 patients (4.3%) tested negative on the pretransfusion sample for HBsAg, anti‐HBs, anti‐HBc, and HBV DNA by PCR. These 39 HBV‐naive recipients had been transfused with blood from 147 donations for which stored samples were available for HBV DNA testing by PCR; 11 of these HBsAg‐negative samples tested positive for HBV DNA and anti‐HBc. Two of the 11 patients who received the HBV‐DNA‐positive donations (18%) became positive for HBV DNA, and one seroconverted to anti‐HBc and finally to anti‐HBs, with a mild transient elevation of serum ALT activities. Based on the one confirmed case of HBV transmission, a projection was made that approximately 200 post‐transfusion HBV infections could occur in one million units of transfused blood in Taiwan.

CONCLUSIONS: In HBV‐endemic areas like Taiwan, where blood donors are screened for HBsAg only, the risk of transfusion‐transmitted HBV appears to be substantial. Implementation of NAT for blood screening in these settings warrants consideration.
Late Thrombosis: A Problem Solved
Authors: AJANI ANDREW E. , CHENEAU EDOUARD , LEBORGNE LAURENT , WOLFRAM ROSWITHA , WAKSMAN RON
Published: March 2003

Late thrombosis (angiographic total occlusion associated with an acute coronary syndrome) is a potentially life‐threatening complication after intracoronary radiation therapy. This review is intended to explore the preclinical and clinical evidence for late thrombosis, to discuss the etiology, and to provide guidelines for future management. Although we have gained a greater understanding of this complex entity, further research is required in a quest to curtail late thrombosis rates. (J Interven Cardiol 2003;16:9–13)
Do Practices Explain Anything? Turner’s Critique of the Theory of Social Practices
Authors: Bohman James
Published: March 2003

The Social Theory of Practices: Tacit Knowledge, and Presuppositions. By Stephen Turner.
Carl Becker Redivivus: Or, Is Everyone Really a Historian?
Authors: Kammen Michael
Published: March 2003

Book reviewed in this article:

The Presence of The Past: Popular Uses of History in American Life, by Roy Rosenzweig and David Thelen.
Épater les Médiévistes
Authors: Spiegel Gabrielle M.
Published: March 2003

Book reviewed in this article:

The Shock of Medievalism, by Kathleen Biddick.
Tropology and Narration
Authors: Carroll NOël
Published: March 2003

Book reviewed in this article:

Figural Realism: Studies in the Mimesis Effect, by Hayden White.
Long‐Term Disabilities and College Education
Authors: Hendricks Wallace , Schiro‐Geist Chrisann , Broadbent Emir
Published: March 2003

This study focuses on the labor market consequences of long‐term disability status for persons who have had the opportunity to receive both a university education and rehabilitation services. The sample matches persons with functional limitations with a similar sample of university graduates without these limitations. Our results indicate a small salary gap that appears to be correlated with the negative opinions held by the general population about persons with these disabilities.
Trends in Voluntary and Involuntary Job Turnover
Authors: Monks James , Pizer Steven D.
Published: March 2003

There has been some controversy recently about whether and how much job security has been declining in the United States. This article uses data from the National Longitudinal Surveys to show that young men became more likely to change jobs over the period from 1971 to 1990. For whites, this increase is mostly attributable to an increase in the probability of involuntary job change. For nonwhites, the probability of voluntary and involuntary job change both increased.
Use of Public Transfer Programs and Privat Aid by Farm Workers
Authors: Moretti Enrico , Perloff Jeffrey M.
Published: March 2003

Legal status affects the use of public welfare and insurance and private assistance programs by families of farm workers. Families of unauthorized immigrants are more likely to use public medical assistance and less likely to use other public transfer programs than authorized immigrants and citizens. Unauthorized immigrants with young children in the United States are slightly more likely to use welfare, and welfare recipients are slightly more likely to have young children here.
Industrial Dispute Tactics in Australian Manufacturing
Authors: McDonald James Ted
Published: March 2003

Industrial action has been the subject of considerable economic research, but most research has focused exclusively on strikes and has ignored the fact that workers can use tactics other than strikes in resolving disputes. The fact that workers engage in forms of industrial action other than strikes raises important questions: What determines the incidence of nonstrike action, and how do these determinants compare with strikes? This article uses a recently developed dispute‐level data set of both strike and nonstrike actions in Australian manufacturing to analyze determinants of the incidence of two types of industrial actions: strikes and work bans. Work bans are actions where workers refuse to engage in certain specified tasks such as overtime but otherwise remain on the job. Evidence is found that the incidence of work bans is affected by changes in economic and institutional conditions in significantly different ways than strikes.
Employee Perceptions of Job Influence and Organizational Participation Employee Perceptions
Authors: Delbridge Rick , Whitfield Keith
Published: March 2003

An analysis using British matched employer‐employee data finds that workers in establishments operating employee participation schemes feel that they have greater influence over their jobs. Schemes involving broader forms of participation, such as representative participation and briefing groups, are shown to be more strongly associated with greater influence than those of a more focused type, such as quality circles and work teams. There is little evidence of a strong positive interaction between these types of schemes.
Asset‐Specific Investment and Unionized Labor
Authors: Cavanaugh Joseph K.
Published: March 2003

This article investigates the bargaining problem that exists when firms make asset‐specific investments and then are subject to excessive union wage demands. In this context, the combination of both large asset specific investment and high union density is important in determining the magnitude of the bargaining problem. Using firm‐specific union‐density rates and various asset‐specificity proxies, evidence is found that the bargaining problem results in substantially lower firm profitability, investment, and employment.
The Varieties of Sacred Experience: Finding the Sacred in a Secular Grove
Authors: Demerath, III N.J.
Published: March 2003

This paper contends that the social scientific study of religion has long labored under a chafing constraint and a misleading premise. It suggests that our primary focus should be on the sacred, and that religion is just one among many possible sources of the sacred. Defining religion “substantively” but the sacred “functionally” helps toresolve a long‐standing tension in the field. Broadened conceptions of the sacred and of “sacralization” help to defuse the conflict among the two very different versions of secularization theory: the “all‐or‐nothing” versus the “middle range.” Meanwhile, a conceptual typology of the sacred pivots around the intersections of two distinctions (compensatory vs. confirmatory and marginal vs. institutional). This generatesfour distinct scenarios: the sacred as integrative, the sacred as quest, the sacred as collectivity, and the sacred as counter‐culture. The paper concludes with three admonitions for research in the area.
The Political Activities of Reformed Clergy in the UnitedStates and Scotland
Authors: Penning James M. , Smidt Corwin
Published: March 2003

This paper examines Reformed clergy across two different settings—the United States and Scotland in an effort to determine how theological orthodoxy is related to political participation. The paper demonstrates that (1) clergy in both settings tend to be politically active (2) the level of clergy political activity tends to be greater in the United States than in Scotland (3) the relationship between orthodoxy and political activity is complex, varying by the specific type of activity examined and (4) while theologically orthodox and modernist clergy tend to differ in the nature of their political activities, there is no longer a major “gap”in level of political activity between the two groups of ministers.
Religious Coping Style, Concept of God, and Personal Religious Variables in Threat, Loss, and Challenge Situations
Authors: Maynard Elizabeth , Gorsuch Richard , Bjorck Jeff
Published: March 2003

This study explored the important mediating role of personal religious variables and God concept in the use of religious coping in threat, loss, and challenge situations. One hundred and twenty‐nine undergraduates completed questionnaires which included a God concept adjective checklist (Schaefer and Gorsuch 1992), a stressor scenario (Bjorck and Cohen 1993), and a measure of religious coping adapted from the BAV model (Gorsuch 1988). Results suggest that personal variables such as God concept and perception of others' beliefs played important mediating roles in religious coping in stressor situations. The relationship between coping style and stressor scenario was not entirely state‐dependent, but influenced by personal variables. Strong relationships existed among God concept, the importance individuals placed on their religious and spiritual lives, and participation in religious activities.
Religious Regulation and the Courts: The Judiciary's Changing Role in Protecting Minority Religions from Majoritarian Rule
Authors: Wybraniec John , Finke Roger
Published: March 2003

Following the 1990 Smith v. Employment Division of Oregon ruling on the limits of religious freedom, many protested that the Supreme Court had opened the door for majoritarian oppression of minority rights. Using data collected on 2,109 court cases on religion from 1981–1996 we document recent trends in court decisions on religion and address questions posed by supply‐side theory, legal scholars, and the sociology of law. We find that religious sects and cults were more likely to be involved in court cases and more likely to receive unfavorable rulings. Multivariate models confirm these finding and support the charges of legal scholars that the Smith decision has decreased the rate of rulings favoring religious groups. Finally, we find that the Smith decision had both a period effect and a case precedent effect.
Religion, Denomination, and Education in The Netherlands: Cognitive and Noncognitive Outcomes After an Era of Secularization
Authors: Driessen Geert , Van Der Slik Frans
Published: March 2003

After 1850, The Netherlands developed into a strongly pillarized or denominational society. Starting in 1965, however, a process of secularization and depillarization emerged and the influence of the institutionalized denominations declined greatly. Today, there are indications that the process of secularization has reached its peak. Remarkably enough, such secularization and depillarization has had little influence on the educational system in The Netherlands. In this article, the relations between the religious affiliations of parents, the denominations of the schools attended by their children, and both the cognitive and noncognitive educational achievement of their children are examined. A representative sample of nearly 8,400 kindergarten students from 432 elementary schools is studied. The results show that the denomination of the school does not appear to affect educational results. Effects of the religious affiliation of the parents on the cognitive achievement but not the self‐confidence or well‐being of their children were found. When the socioethnic background of the students was taken into consideration, however, the observed effects disappeared.
Denominational and Age Comparisons of God Concepts
Authors: Noffke Jacqueline L. , McFadden Susan H.
Published: March 2003

This study examines whether denominational and age differences emerge in endorsement of Christian God descriptions developed using the three highest loading adjectives in each of Spilka, Benson, and Nussbaum’s (1964) six God concept factors. Previous research suggests that conceptualizations of God may vary based on religious affiliation, and life‐span development researchers assert that new, adaptive cognitive processes may emerge in later adulthood. Participants were divided into three age categories and asked to rate their agreement to six God descriptions. Significant denominational differences in God factor endorsement were revealed for all factors. No age differences across denomination were determined. Denominational differences appear to corroborate sociological descriptions of denomination‐based variations in religious doctrine and practices. The overall lack of age differences may suggest that God concepts are cognitive organizations that remain stable over time, possibly due to reinforcement from church attendance. All data were collected from church attendees.
Variations in Strictness and Religious Commitment Within and Among Five Denominations
Authors: Olson Daniel V. A. , Perl Paul
Published: March 2003

Iannaccone (1994) claims that members of churches with strict rules (e.g., no smoking or drinking) have higher average commitment because strict rules discourage involvement by less committed potential members. Most previous studies of Iannaccone’s assertions have studied congregations within a single denomination, and these studies have found little support for his claims. However, Iannaccone (1996) has responded that strictness is primarily a characteristic of denominations that varies little within a single denomination. If true, multidenominational studies are needed to detect the potential effects of strictness. Using data from a five‐denomination, 625‐congregation study, we find that within each denomination, strictness is not significantly related to measures of commitment. However, we also find, as Iannaccone claims, that most of the variation in strictness occurs between, rather than within, denominations. Thus, when we examine data from all five denominations, we find that strictness is strongly correlated with several important measures of member commitment levels.
The Dow Theory: William Peter Hamilton's Track Record Reconsidered
Authors: Brown Stephen J. , Goetzmann William N. , Kumar Alok
Published: March 2003

Alfred Cowles' test of the Dow Theory apparently provides strong evidence against the ability of Wall Street's most famous chartist to forecast the stock market. Cowles (1934) analyzes editorials published by the chief exponent of the Dow Theory, William Peter Hamilton. We review Cowles' evidence and find that it supports the contrary conclusion. Hamilton's timing strategies actually yield high Sharpe ratios and positive alphas for the period 1902 to 1929. Neural net modeling to replicate Hamilton's market calls provides interesting insight into the Dow Theory and allows us to examine the properties of the theory itself out of sample.
Earnings and Expected Returns
Authors: Lamont Owen
Published: March 2003

The aggregate dividend payout ratio forecasts excess returns on both stocks and corporate bonds in postwar U.S. data. High dividends forecast high returns. High earnings forecast low returns. The correlation of earnings with business conditions gives them predictive power for returns; they contain information about future returns that is not captured by other variables. Dividends and earnings contribute substantial explanatory power at short horizons. For forecasting long‐horizon returns, however, only (scaled) stock prices matter. Forecasts of low long‐horizon stock returns in the mid‐1990s are caused not by earnings or dividends, but by high stock prices.
Ex Ante Bond Returns and the Liquidity Preference Hypothesis
Authors: Boudoukh Jacob , Richardson Matthew , Smith Tom , Whitelaw Robert F.
Published: March 2003

We provide a formal test of the liquidity preference hypothesis (LPH), that is, the monotonicity of ex ante term premiums, using nonparametric estimates that do not require a structural model for conditional expected returns. Although the point estimates of the term premiums are consistent with previous conclusions in the literature regarding violations of the LPH, the test statistics are generally insignificant, even when powerful conditioning information is used. These results illustrate the importance of correctly accounting for correlations across maturities and of formally testing the inequality restrictions implied by the LPH.
The Corporate Cost of Capital and the Return on Corporate Investment
Authors: Fama Eugene F. , French Kenneth R.
Published: March 2003

We estimate the internal rates of return earned by nonfinancial firms on (i) the initial market values of their securities and (ii) the cost of their investments. The return on value is an estimate of the overall corporate cost of capital. The estimate of the real cost of capital for 1950–96 is 5.95 percent. The real return on cost is larger, 7.38 percent, so on average corporate investment seems to be profitable. A by‐product of calculating these returns is information about the history of corporate earnings, investment, and financing decisions that is perhaps more interesting than the returns.
The Impact of Trader Type on the Futures Volatility‐Volume Relation
Authors: Daigler Robert T. , Wiley Marilyn K.
Published: March 2003

We examine the volatility‐volume relation in futures markets using volume data categorized by type of trader. We find that the positive volatility‐volume relation is driven by the general public, a group of traders who are distant from the trading floor and therefore without precise information on order flow. Clearing members and floor traders who observe order flow often decrease volatility. Our findings are consistent with Shalen's (1993) hypothesis that uninformed traders who cannot differentiate liquidity demand from fundamental value change increase volatility.
Foreign Speculators and Emerging Equity Markets
Authors: Bekaert Geert , Harvey Campbell R.
Published: March 2003

We propose a cross‐sectional time‐series model to assess the impact of market liberalizations in emerging equity markets on the cost of capital, volatility, beta, and correlation with world market returns. Liberalizations are defined by regulatory changes, the introduction of depositary receipts and country funds, and structural breaks in equity capital flows to the emerging markets. We control for other economic events that might confound the impact of foreign speculators on local equity markets. Across a range of specifications, the cost of capital always decreases after a capital market liberalization with the effect varying between 5 and 75 basis points.
Option Prices, Implied Price Processes, and Stochastic Volatility
Authors: Britten‐Jones Mark , Neuberger Anthony
Published: March 2003

This paper characterizes all continuous price processes that are consistent with current option prices. This extends Derman and Kani (1994), Dupire (1994, 1997), and Rubinstein (1994), who only consider processes with deterministic volatility. Our characterization implies a volatility forecast that does not require a specific model, only current option prices. We show how arbitrary volatility processes can be adjusted to fit current option prices exactly, just as interest rate processes can be adjusted to fit bond prices exactly. The procedure works with many volatility models, is fast to calibrate, and can price exotic options efficiently using familiar lattice techniques.
Truth in Mutual Fund Advertising: Evidence on Future Performance and Fund Flows
Authors: Jain Prem C. , Wu Joanna Shuang
Published: March 2003

We examine a sample of 294 mutual funds that are advertised in Barron's or Money magazine. The preadvertisement performance of these funds is significantly higher than that of the benchmarks. We test whether the sponsors select funds to signal continued superior performance or they use the past superior performance to attract more money into the funds. Our analysis shows that there is no superior performance in the postadvertisement period. Thus, the results do not support the signaling hypothesis. On the other hand, we find that the advertised funds attract significantly more money in comparison with a group of control funds.
In Search of New Foundations
Authors: Zingales Luigi
Published: March 2003

In this paper I argue that corporate finance theory, empirical research, practical applications, and policy recommendations are deeply rooted in an underlying theory of the firm. I also argue that although the existing theories have delivered very important and useful insights, they seem to be quite ineffective in helping us cope with the new type of firms that is emerging. I outline the characteristics that a new theory of the firm should satisfy and how such a theory could change the way we do corporate finance, both theoretically and empirically.
Crossing Networks and Dealer Markets: Competition and Performance
Authors: Hendershott Terrence , Mendelson Haim
Published: March 2003

This paper studies the interaction between dealer markets and a relatively new form of exchange, passive crossing networks, where buyers and sellers trade directly with one another. We find that the crossing network is characterized by both positive (‘liquidity’) and negative (‘crowding’) externalities, and we analyze the effects of its introduction on the dealer market. Traders who use the dealer market as a ‘market of last resort’ can induce dealers to widen their spread and can lead to more efficient subsequent prices, but traders who only use the crossing network can provide a counterbalancing effect by reducing adverse selection and inventory holding costs.
Equity Undervaluation and Decisions Related to Repurchase Tender Offers: An Empirical Investigation
Authors: D'mello Ranjan , Shroff Pervin K.
Published: March 2003

This paper tests whether managers repurchase stock when their assessment of the firm's economic value exceeds the market value. Using the forecasts managers would have if they had perfect foresight, we estimate economic value using an earnings‐based valuation model. The major findings are as follows: (1) 74 percent of the firms that repurchase shares via fixed‐price tender offers are undervalued relative to their preannouncement economic value; this percentage is significantly lower for a control sample, (2) the tender premium is highly correlated with the magnitude of undervaluation, and (3) the decision to satisfy oversubscription demand is influenced significantly by the magnitude of undervaluation.
Capital Gains Tax Rules, Tax‐loss Trading, and Turn‐of‐the‐year Returns
Authors: Poterba James M. , Weisbenner Scott J.
Published: March 2003

Changes in the capital gains tax rules facing individual investors do not affect the incentives for “window dressing” by institutional investors, but they can affect the incentives for year‐end tax–induced trading by individual investors. Empirical evidence for the 1963 to 1996 period suggests that when the tax law encouraged taxable investors who accrued losses early in the year to realize their losses before year‐end, the correlation between early year losses and turn‐of‐the‐year returns was weaker than when the law did not provide such an early realization incentive. These findings suggest that tax‐loss trading contributes to turn‐of‐the‐year return patterns.
Contagious Speculation and a Cure for Cancer: A Nonevent that Made Stock Prices Soar
Authors: Huberman Gur , Regev Tomer
Published: March 2003

A Sunday New York Times article on a potential development of new cancer‐curing drugs caused EntreMed's stock price to rise from 12.063 at the Friday close, to open at 85 and close near 52 on Monday. It closed above 30 in the three following weeks. The enthusiasm spilled over to other biotechnology stocks. The potential breakthrough in cancer research already had been reported, however, in the journal Nature, and in various popular newspapers (including the Times) more than five months earlier. Thus, enthusiastic public attention induced a permanent rise in share prices, even though no genuinely new information had been presented.
Overconfidence, Arbitrage, and Equilibrium Asset Pricing
Authors: Daniel Kent D. , Hirshleifer David , Subrahmanyam Avanidhar
Published: March 2003

This paper offers a model in which asset prices reflect both covariance risk and misperceptions of firms' prospects, and in which arbitrageurs trade against mispricing. In equilibrium, expected returns are linearly related to both risk and mispricing measures (e.g., fundamental/price ratios). With many securities, mispricing of idiosyncratic value components diminishes but systematic mispricing does not. The theory offers untested empirical implications about volume, volatility, fundamental/price ratios, and mean returns, and is consistent with several empirical findings. These include the ability of fundamental/price ratios and market value to forecast returns, and the domination of beta by these variables in some studies.
On the Timing Ability of Mutual Fund Managers
Authors: Bollen Nicolas P. B. , Busse Jeffrey A.
Published: March 2003

Existing studies of mutual fund market timing analyze monthly returns and find little evidence of timing ability. We show that daily tests are more powerful and that mutual funds exhibit significant timing ability more often in daily tests than in monthly tests. We construct a set of synthetic fund returns in order to control for spurious results. The daily timing coefficients of the majority of funds are significantly different from their synthetic counterparts. These results suggest that mutual funds may possess more timing ability than previously documented.
Do Credit Spreads Reflect Stationary Leverage Ratios?
Authors: Collin‐Dufresne Pierre , Goldstein Robert S.
Published: March 2003

Most structural models of default preclude the firm from altering its capital structure. In practice, firms adjust outstanding debt levels in response to changes in firm value, thus generating mean‐reverting leverage ratios. We propose a structural model of default with stochastic interest rates that captures this mean reversion. Our model generates credit spreads that are larger for low‐leverage firms, and less sensitive to changes in firm value, both of which are more consistent with empirical findings than predictions of extant models. Further, the term structure of credit spreads can be upward sloping for speculative‐grade debt, consistent with recent empirical findings.
Who Blinks in Volatile Markets, Individuals or Institutions?
Authors: Dennis Patrick J. , Strickland Deon
Published: March 2003

We investigate the relationship between the ownership structure and returns of firms on days when the absolute value of the market's return is two percent or more. We find that a firm's abnormal return on these days is related to the percentage of institutional ownership, that there is abnormally high turnover in the firm's shares on these days, and that this abnormal turnover is significantly related to the percentage of institutional ownership in the firm. Taken together, these results are consistent with positive feedback herding behavior on the part of some institutions, particularly mutual and pension funds.
Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks
Authors: Carter Richard B. , Dark Frederick H. , Singh Ajai K.
Published: March 2003

We find that the underperformance of IPO stocks relative to the market over a three‐year holding period is less severe for IPOs handled by more prestigious underwriters. Consistent with prior studies, we also find that IPOs managed by more reputable underwriters are associated with less short‐run underpricing. Among the various existing proxies for underwriter reputation, the Carter–Manaster measure is the most significant in the context of initial returns and also in the context of the three‐year performance of IPOs. The study also provides an updated list of the Carter–Manaster measure for various underwriters.
Option Volume and Stock Prices: Evidence on Where Informed Traders Trade
Authors: Easley David , O'Hara Maureen , Srinivas P.S.
Published: March 2003

This paper investigates the informational role of transactions volume in options markets. We develop an asymmetric information model in which informed traders may trade in option or equity markets. We show conditions under which informed traders trade options, and we investigate the implications of this for the linkage between markets. Our model predicts an important informational role for the volume of particular types of option trades. We empirically test our model's hypotheses with intraday option data. Our main empirical result is that negative and positive option volumes contain information about future stock prices.
Why Do Companies Go Public? An Empirical Analysis
Authors: Pagano Marco , Panetta Fabio , Zingales Luigi
Published: March 2003

Using a large database of private firms in Italy, we analyze the determinants of initial public offerings (IPOs) by comparing the ex ante and ex post characteristics of IPOs with those of private firms. The likelihood of an IPO is increasing in the company's size and the industry's market‐to‐book ratio. Companies appear to go public not to finance future investments and growth, but to rebalance their accounts after high investment and growth. IPOs are also followed by lower cost of credit and increased turnover in control.
The Foreign Exchange Exposure of Japanese Multinational Corporations
Authors: He Jia , Ng Lilian K.
Published: March 2003

We find that about 25 percent of our sample of 171 Japanese multinationals' stock returns experienced economically significant positive exposure effects for the period January 1979 to December 1993. The extent to which a firm is exposed to exchange‐rate fluctuations can be explained by the level of its export ratio and by variables that are proxies for its hedging needs. Highly leveraged firms, or firms with low liquidity, tend to have smaller exposures. Foreign exposure is found to increase with firm size. We also find that keiretsu multinationals are more exposed to exchange‐rate risk than nonkeiretsu firms.
International Momentum Strategies
Authors: Rouwenhorst K. Geert
Published: March 2003

International equity markets exhibit medium‐term return continuation. Between 1980 and 1995 an internationally diversified portfolio of past medium‐term Winners outperforms a portfolio of medium‐term Losers after correcting for risk by more than 1 percent per month. Return continuation is present in all twelve sample countries and lasts on average for about one year. Return continuation is negatively related to firm size, but is not limited to small firms. The international momentum returns are correlated with those of the United States which suggests that exposure to a common factor may drive the profitability of momentum strategies.
Permanent Migrants and Cross‐Border Workers: The Effects on the Host Country
Authors: Kondoh Kenji
Published: March 2003

Using a two‐factor, two‐good model, where only one of the goods is nontraded, I investigate the effects of immigration on the relative price of the two goods, the wage rate, and the rental price. I also demonstrate that the inflow of foreign workers gives rise to an increase in the welfare of the native inhabitants in the host country, and if the nontraded good is capital (labor) intensive, the inflow of permanent migrants is of more (less) benefit to the native inhabitants than the inflow of cross‐border workers.
Changing Jobs and Changing Houses: Mobility Outcomes of Employment Transitions
Authors: Clark William A. V. , Davies Withers Suzanne
Published: March 2003

The life‐course approach to residential mobility and migration recognizes a central role for a variety of demographic and economic triggers in the mobility process. Having a child, getting married, separated, or divorced, have all been identified as triggers that generate residential relocations. It is obvious that a job change can also be viewed as a stimulus for residential relocation, although until now the interconnection has been evaluated mainly for long‐distance migratory moves rather than for its effects on residential mobility. In this analysis we use the Panel Study of Income Dynamics to test the association between employment changes and residential relocation. We examine both the occurrence and the timing of residential moves triggered by employment transitions. We show that job changes increase the likelihood of residential relocation in the aggregate and for singles when we hold other & “triggers” constant. The results of the analysis of the timing of job changes and residential relocations indicate that temporal differences exist between households types. Overall, the results establish that job change is an important triggering process in residential relocation and emphasizes the interconnected nature of life‐course events.
Location Determinants of New Foreign‐Owned Manufacturing Plants
Authors: Coughlin Cletus C. , Segev Eran
Published: March 2003

In this paper we examine the county‐level pattern of new foreign‐owned manufacturing plants in the United States from 1989 through 1994. We construct a model to produce insights into the differences in the location of these plants among Bureau of Economic Analysis regions, as well as between rural and urban counties. Higher levels of economic size, educational attainment, the existing manufacturing base, and transportation infrastructure are found to be associated with larger numbers of new foreign‐owned plants. Meanwhile, higher levels of taxes and labor‐intensiveness are found to be associated with smaller numbers of new plants. Comparing regions, we find that the main advantages of the Southeast region stem from a relatively high manufacturing base and relatively low taxes. Comparing urban with rural counties, we find that urban counties possess more favorable average values for nearly all the explanatory variables.
The Paradoxical Misuse of Power by Those Who See Themselves as Powerless: How Does It Happen?
Authors: Bugental Daphne Blunt , Lewis Jeffrey Clayton
Published: March 2003

Consideration is given to the paradoxical misuse of power by those who perceive themselves as powerless. A general model is presented to account for the coercive response style often shown by adults with low perceived power when they are placed in a position of authority (e.g., as parents or teachers). Specific hypotheses are tested here concerning control‐oriented cognitive activity and speech patterns shown by “powerless” adults when their authority is challenged. Women with high or low perceived power (as measured by the Parent Attribution Test) attempted to teach a computer game to a responsive or unresponsive child. “Powerless” women showed high levels of control‐oriented appraisal activity preceding teaching interactions and a high level of nonfluency during teaching interactions (an ineffective speech style). It was concluded that the responses shown by “powerless” women set the stage for misunderstanding and future conflict.
Biomedical Rationale for a Wellness Approach to Obesity: An Alternative to a focus on Weight Loss
Authors: Ernsberger Paul , Koletsky Richard J.
Published: March 2003

The direct medical hazards of obesity, although real, have been overstated. Because current remedies for obesity have little long‐term effectiveness, no controlled clinical trial has demonstrated improved longevity after weight loss. In contrast, advances in drug therapy for diabetes, hypertension, and high cholesterol allow obese persons affected by these conditions to live healthier lives. Furthermore, weight cycling may cause much of the cardiovascular risk associated with obesity. Repeated loss and regain of weight increases human deaths from heart disease, and in obese laboratory animals weight cycling increases blood pressure, enlarges the heart, damages the kidney, increases abdominal fat deposits, and promotes further weight gain. Additional health risks in obesity may be caused by hazardous treatments for obesity, as illustrated by heart disease caused by diet pills. Obese patients often lack full access to medical services owing in part to social stigma and low self‐esteem, which impair self‐care activities, and the bias of health professionals. These barriers, along with the prevalence of poverty among the obese, may contribute to the association of obesity with poor health. Medical beliefs about obesity are shaped by expert panels that are highly selective in the data they consider. Experts included on government consensus panels have been disproportionately drawn from the ranks of diet clinic directors, which might explain the congruence between panel recommendations and the economic interests of the diet industry. One remedy is a wellness approach focused on healthy lifestyle, positive attitude to health and self‐care, and a disregarding of predetermined weight standards in favor of preventing further weight gain and reducing risk factors. Medical conditions common in obese patients, including hypertension, type‐2 diabetes, hyperlipidemia, and sleep apnea, are dealt with directly and aggressively rather than relying on weight loss as the primary treatment. This new approach should improve the physical and mental well being of obese patients.