bluuebunny/crossref_metadata_2025 huggingface dataset:
Fabrication of Nanostructured Hydroxyapatite via Hydrothermal Synthesis and Spark Plasma Sintering
Authors: Guo Xingyuan , Xiao Ping , Liu Jing , Shen Zhijian
Published: April 2005

Hydrothermal synthesis has been used to produce hydroxyapatite (HA) particles with high crystallinity. Such particles of nanorods were used to fabricate HA ceramic by using spark plasma sintering. X‐ray diffraction, transmission electron microscope, scanning electron microscope, and the BET method have been used to examine crystallite size, crystallite shape, and the surface area of particles, and grain size of sintered HA ceramics. It was found that the morphology of the nanorods in the HA particles changed to a more equiaxed shape during sintering.
Synthesis of Porous Si3N4 Ceramics with Rod‐Shaped Pore Structure
Authors: Yang Jian‐Feng , Zhang Guo‐Jun , Kondo Naoki , Ohji Tatsuki , Kanzaki Shuzo
Published: April 2005

Porous Si3N4 ceramics were synthesized by pressureless sintering of green compacts prepared using slip casting of slurries containing Si3N4, 5 wt% Y2O3+2 wt% Al2O3, and 0–60% organic whiskers composed of phenol–formaldehyde resin with solids loading up to 60 wt%. Rheological properties of slurries were optimized to achieve a high degree of dispersion with a high solid‐volume fraction. Samples were heated at 800°C in air and sintered at 1850°C in a N2 atmosphere. Porosities ranging from 0% to 45% were obtained by the whisker contents (corresponding to 0–60 vol% whisker). Samples exhibited a uniform pore distribution. Their rod‐shaped pore morphology originated from burnout of whiskers, and an extremely dense Si3N4 matrix.
Effects of Excess Bi2O3 on the Ferroelectric Behavior of Nd‐Doped Bi4Ti3O12 Thin Films
Authors: Gao Xingsen , Zhou Zhaohui , Xue Junmin , Wang John
Published: April 2005

Effects of excess Bi2O3 content on formation of (Bi3.15Nd0.85)Ti3O12 (BNT) films deposited by RF sputtering were investigated. The microstructures and electrical properties of BNT thin films are strongly dependent on the excess Bi2O3 content and post‐sputtering annealing temperature, as examined by XRD, SEM, and P–E hysteresis loops. A small amount of excess bismuth improves the crystallinity and therefore polarization of BNT films, while too much excess bismuth leads to a reduction in polarization and an increase in coercive field. P–E loops of well‐established squareness were observed for the BNT films derived from a moderate amount of Bi2O3 excess (5 mol%), where a remanent polarization 2Pr of 25.2 μC/cm2 and 2Ec of 161.5 kV/cm were shown. A similar change in dielectric constant with increasing excess Bi2O3 content was also observed, with the highest dielectric constant of 304.1 being measured for the BNT film derived from 5 mol% excess Bi2O3.
Formation of Ring‐Like Si–O–Zr Bonds at Intergranular Interfaces in Silica‐Doped Zirconia
Authors: Chen Shou‐Gang , Yin Yan‐Sheng , Wang Dao‐Ping
Published: April 2005

Possible cluster models of the intergranular interfaces phase for SiO2/ZrO2 binary oxides were optimized by the density‐functional theory (DFT/B3LYP). New results on the formation of the interfacial ring‐like Si–O–Zr bonds are validated by the analyses of reaction Gibbs free energies and computational infrared vibration spectra. Moreover, the Mulliken charge population of interfacial Si–O–Zr structures shows that the increased temperature and critical size of the tetragonal‐to‐monoclinic phase transformation for SiO2‐doped ZrO2 mainly come from the reduced charge of oxygen atoms located at the interface and coordinated with the neighboring zirconium atoms, which accords well with the previous theoretical results.
Hydration of Aluminum Powder in Magnesia‐Containing Water
Authors: Zhang Shaowei , Hashimoto Shinobu , Lee William Edward
Published: April 2005

Small amounts (e.g. 0.25 wt%) of MgO in water greatly accelerate the hydration of Al powder, attributable to increased basicity of the solution. This leads to dissolution of the native Al2O3 film and early hydration products, decreasing the thickness of these protective layers and/or exposing new Al surface. The effect of this is exacerbated by additional heat released by the accelerated hydration of Al and MgO. The significance of this on the use of Al powder in refractories castable matrices is discussed.
Development of Dysprosium Titanate Based Ceramics
Authors: Sinha Amit , Sharma Beant Prakash
Published: April 2005

Dysprosium titanate (Dy2TiO5) based ceramic is one of the control rod materials for thermal reactors. This ceramic has been prepared by conventional mixing and calcination technique. The formation of Dy2TiO5 phase from the Dy2O3–TiO2 starting mixture has been found to be a two‐step process. In the first step, the formation of dysprosium dititanate (Dy2Ti2O7) phase takes place at 700°C. This Dy2Ti2O7 reacts at around 1100°C with remaining Dy2O3 present in the mixture to form Dy2TiO5. The Dy2TiO5 phase has three polymorphs (orthorhombic, hexagonal, and fluorite). The fluorite phase is reported to have lowest in‐service irradiation swelling characteristics when used as control rod elements in thermal reactors. In the present investigation, the fluorite polymorph of Dy2TiO5 has been stabilized by doping with molybdenum trioxide.
The Effect of MgO Addition on Grain Growth in PMN–35PT
Authors: Seo Chang Eui , Yoon Duk Yong
Published: April 2005

When Pb(Mg1/2Nb2/3)O3–35PbTiO3 (mol%) (PMN–35PT) is sintered at 1200°C after packing in PbZrO3 powder, the grains show normal growth with time invariant normalized grain size distributions. If 0.5 wt% MgO is added to PMN–35PT, abnormal grain growth occurs with the large abnormal grains developing nearly cubic shapes. The interfaces between grains and PbO‐rich liquid at grain triple junctions are flat, indicating that they are singular. Many central segments of the liquid films and possibly grain boundaries between the abnormal grains and the small neighboring grains are also flat along the {100} planes of the abnormal grains. The abnormal grain growth in the MgO‐doped specimens is likely to be caused by the presence of these singular interfaces. Most of the large abnormal grains do not contain any Σ=3 penetration twin boundaries unlike the previous observations in PbO‐excess PMN–35PT.
Direct Evidence of Dopant‐Enhanced Grain‐Boundary Sliding in Yttria‐Stabilized Zirconia Bicrystals
Authors: Nakamura Atsutomo , Shibata Naoya , Morishige Nobusato , Matsunaga Katsuyuki , Ikuhara Yuichi , Yamamoto Takahisa
Published: April 2005

Compression tests were conducted at 1400°C in air for undoped and Si‐doped yttria‐stabilized zirconia (YSZ) bicrystals with the same orientation relationship (Σ=5, [001]/{210} grain boundary). It was found that the macroscopic grain‐boundary slidings are observed during the deformation in both undoped and doped bicrystals, and the sliding displacements increase almost linearly with increasing total displacements. It is distinctly demonstrated that the Si‐doped bicrystal exhibits a sliding displacement that is a few times larger than the undoped bicrystal. In addition, the total strain of the Si‐doped bicrystal at a failure is much larger than that of the undoped bicrystal. It can be stated that Si doping in YSZ not only enhances the grain‐boundary sliding but also suppresses its failure.
Protein deficiency balance as a predictor of clinical outcome in hereditary spherocytosis
Authors: Rocha S. , Rebelo I. , Costa E. , Catarino C. , Belo L. , Castro E. M. B. , Cabeda J. M. , Barbot J. , Quintanilha A. , Santos‐Silva A.
Published: April 2005

Abstract:  Vertical and horizontal interactions between membrane constituents account for integrity, strength and deformability of the erythrocyte. Disruption of vertical interactions caused by membrane protein deficiencies in hereditary spherocytosis (HS), favor membrane vesiculation with development of spherocytic cells. Our aim was to evaluate the hematological and clinical presentation of HS according to the type and amount of protein deficiency. We studied 81 Portuguese individuals, 71 belonging to 21 families plus 10 unrelated subjects, and found that 51 of them were HS patients. Patients were classified as presenting mild, typical or severe HS, according to laboratory results and clinical follow‐up. We performed screening tests and the standardized electrophoretic membrane protein analysis to identify and quantify protein deficiencies. We found band 3 and ankyrin deficiencies as the major causes for HS. The ratios between the value of the primary and/or secondary protein deficiencies showed significantly different values according to the severity of HS, and a significant inverse correlation with the severity of HS was observed. In mild HS, the ratios between protein deficiencies reflected equivalent protein deficiencies, while an unbalance was observed in typical HS, which was enhanced in severe HS. Our data suggest that the relative quantification of each major membrane protein and of the ratios between the values of protein deficiencies may be helpful in providing additional data about the clinical outcome of HS.
A novel mechanism in suppression of erythropoiesis during inflammation: a crucial role of RCAS1
Authors: Suehiro Youko , Muta Koichiro , Nakashima Manabu , Abe Yasunobu , Shiratsuchi Motoaki , Shiokawa Satoshi , Ikuyama Shoichiro , Yoshikawa Yasuji , Watanabe Takeshi , Nishimura Junji
Published: April 2005

Abstract:  A novel human tumor‐associated antigen, receptor‐binding cancer antigen expressed on SiSo cells (RCAS1), induces apoptosis in normal human erythroid progenitor cells, which express putative RCAS1 receptors. In the present study, we investigated a possible role of RCAS1 produced by human peripheral blood monocytes (CD14‐positive cells) and monocyte‐derived macrophages. RCAS1 was immunohistochemically detected in monocytes as well as macrophages. When macrophages were stimulated with lipopolysaccharide (LPS), the expression of RCAS1 was remarkably enhanced. An increased production of RCAS1 mRNA was observed in LPS‐stimulated macrophages by quantitative reverse transcriptase‐polymerase chain reaction (RT‐PCR) analysis. Soluble RCAS1 molecules were only detected in the culture supernatants obtained from LPS‐stimulated macrophages. Moreover, LPS‐stimulated macrophages induced cell death of erythroid progenitor cells through RCAS1 production. These results suggest that macrophages may negatively regulate erythropoiesis at least in part through the production of RCAS1 molecules, and this may contribute to the pathogenesis of the anemia seen in patients with inflammatory disorders.
Haemoglobin and anaemia in a gender perspective: The Tromsø Study*
Authors: Skjelbakken Tove , Langbakk Bodil , Dahl Inger Marie S. , Løchen Maja‐Lisa
Published: April 2005

Abstract:  Objectives: To examine the gender‐specific distribution of haemoglobin (Hb) and the World Health Organization (WHO) criteria for anaemia compared with the 2.5 percentile for Hb. Methods: A population‐based study from Tromsø, Northern Norway. All inhabitants above 24 yr were invited. In total, 26 530 (75%) had their Hb analysed. Results: The 2.5–97.5 percentile of Hb was 129–166 and 114–152 g/L for all men and women, respectively. In men, mean Hb decreased from 148 to 137 g/L between 55–64 and 85+ yr. In women, mean Hb increased from 132 to 137 g/L between 35–44 and 65–74 yr and then decreased to 131 g/L among the oldest. Using the WHO criteria for anaemia (Hb: <130 and <120 g/L, men and women respectively), the prevalence of anaemia in men increased with age from 0.6% aged 25–34 to 29.6% aged 85+. For women, the prevalence of anaemia varied from 9.1%, 2.2% and 16.5% in the age groups of 35–44, 55–64 and 85+ yr, respectively. The WHO criteria gave a two to three times higher prevalence of anaemia compared with the 2.5 percentile of Hb in women, but the difference was small in men. Poor self‐rated health was not associated with low values of Hb in women. In men, there was an association in some age groups. Conclusion: The WHO criteria for anaemia and the 2.5 percentile for Hb corresponded well for men, but not for women. The WHO criteria of anaemia may result in medicalization of healthy women.
Use of rituximab to treat refractory Diamond‐Blackfan anemia
Authors: Morimoto Akira , Kuriyama Kikuko , Tsuji Keiji , Isoda Kenichi , Hibi Shigeyoshi , Todo Shinjiro , Sugimoto Tohru , Imashuku Shinsaku
Published: April 2005

Abstract:  We report here the first case with Diamond‐Blackfan anemia (DBA) who responded to rituximab. The patient is an 8‐yr‐old Japanese girl with refractory DBA accompanied by complex congenital heart disease. She received two doses of rituximab, 375 mg/m2/wk. She became transfusion independent 6 months after the treatment without any serious side effect. However, after 8 months of transfusion‐free period, her condition returned to the pretreatment level with recovery of peripheral B cells. Rituximab may be a successful therapy for refractory DBA where B cells play a crucial role in the pathogenesis of the severe anemia.
Long‐term outcomes for unselected patients with acute myeloid leukemia categorized according to the World Health Organization classification: a single‐center experience
Authors: Yanada Masamitsu , Suzuki Momoko , Kawashima Kohei , Kiyoi Hitoshi , Kinoshita Tomohiro , Emi Nobuhiko , Saito Hidehiko , Naoe Tomoki
Published: April 2005

Abstract:  The actual utility of a new classification system of acute myeloid leukemia (AML) recently introduced by the World Health Organization (WHO) has not been thoroughly investigated yet. In this study, we evaluated long‐term outcomes of unselected AML patients categorized according to the new WHO classification. Between 1990 and 2002, 109 adult AML cases were referred to our hospital. For the entire population, the median survival duration was 1.2 yr with a 5‐yr survival rate of 31%. AML with recurrent genetic abnormalities accounted for 26%, AML with multilineage dysplasia for 29%, therapy‐related AML for 13%, and AML not otherwise categorized for 32% of classifiable cases. Among the four groups, a significant difference was observed in terms of overall survival (P < 0.0001). Univariate analysis showed that six variables affected survival: cytogenetic risk, age, multilineage dysplasia, prior chemo/radiotherapy, type of treatment (intensive or palliative), and transplantation. However, in multivariate analysis no adverse prognostic impact of multilineage dysplasia and prior chemo/radiotherapy was detected (P = 0.4979 and 0.8702), whereas cytogenetic risk and patient age maintained their prognostic value (P = 0.0005 and 0.0100). These results indicate that outcomes for AML patients appear to be distinguished on the basis of the WHO classification, but the prognostic significance of multilineage dysplasia and prior therapy is lost after adjusting for cytogenetic risk and age. Our findings suggest that the WHO classification may be strengthened by greater emphasis on genetic/cytogenetic information.
Autologous stem cell transplantation in patients with high‐risk plasmacytoma
Authors: Jantunen E. , Koivunen E. , Putkonen M. , Siitonen T. , Juvonen E. , Nousiainen T.
Published: April 2005

Abstract: Although autologous stem cell transplantation (ASCT) is considered standard treatment in patients with multiple myeloma (MM), limited experience is available on this approach in patients with plasmacytoma (PC). Twelve patients with high‐risk PC received ASCT in Finland 1994–2002. There were nine males and three females with a median age of 50 yr (32–64). Ten patients had a PC of bone, whereas two patients had extramedullary PCs. The median time from the diagnosis to ASCT was 9 months (5–100). At the time of ASCT six patients were in first complete remission (CR) or partial remission (PR), in four patients the disease was refractory to the first line therapy and two patients had relapsed. High‐dose therapy consisted of melphalan (MEL)200 (n = 7), MEL200 × 2 (n = 3) or total body irradiation (TBI)‐MEL140 (n = 2). No transplant‐related deaths occurred. After ASCT eight patients (67%) were in CR, one patient in very good PR and one patient in PR; two patients were non‐responders. With a median follow‐up of 48 months from ASCT, 11 patients (92%) are alive. Six patients (50%) have relapsed or progressed 3–81 months from ASCT. ASCT is feasible in this patient population resulting in promising overall survival. A randomised trial is needed to assess the real value of ASCT when compared with other treatment options in patients with high‐risk PC.
In vitro cytotoxic effect of proteasome inhibitor bortezomib in combination with purine nucleoside analogues on chronic lymphocytic leukaemia cells
Authors: Duechler Markus , Linke Anna , Cebula Barbara , Shehata Medhat , Schwarzmeier Josef D. , Robak Tadeusz , Smolewski Piotr
Published: April 2005

Abstract:  Objective: The anti‐tumour in vitro activity of proteasome inhibitor bortezomib (PS‐341, VELCADE) in combination with purine nucleoside analogues, cladribine (2‐CdA) and fludarabine (FA) was tested in lymphocytes derived from 26 patients with B‐cell chronic lymphocytic leukaemia (B‐CLL). Methods: Cell viability was assessed by propidium iodide staining, and apoptosis by annexin‐V and caspase activation flow cytometry assays. Additionally, expression of the apoptosis‐regulating proteins Bax, Bak, Bid, Bcl‐w, Bcl‐2, XIAP and Mcl‐1 was evaluated in B‐CLL lymphocytes. Results: Bortezomib alone induced significant, dose‐dependent cytotoxicity starting from the low concentration 2.5 nm, inducing apoptosis of B‐CLL cells. Combination of this agent with 2‐CdA or FA resulted in an increase of cytotoxicity when compared with that mediated by single drugs. The observed increase was especially evident when 5 nm of bortezomib were combined with suboptimal doses of 2‐CdA or FA. The combination index (CI) was 0.87 for bortezomib + 2‐CdA and 0.82 for bortezomib + FA, indicating an evident additive effect of these combinations. Moreover, B‐CLL cells were more sensitive to proteasome inhibitor used alone or combined with 2‐CdA or FA comparing to CD3+ lymphocytes. Corresponding to enhanced apoptosis, the expression levels of several apoptosis‐regulating proteins were altered. The most pronounced changes were down‐regulation of XIAP and up‐regulation of Bid proteins by the combination of bortezomib with either 2‐CdA or FA. Conclusions: This study suggest that the in vitro cytotoxic effect through proteasome inhibition by bortezomib can be increased substantially with low doses of the purine nucleoside analogues, 2‐CdA and FA, and that this effect on B‐CLL cell is selectively higher than on normal, CD3‐positive lymphocytes.
Stable remission after administration of rituximab in a patient with primary hepatic marginal zone B‐cell lymphoma
Authors: Gockel H. R. , Heidemann J. , Lugering A. , Mesters R. M. , Parwaresch R. , Domschke W. , Lugering N.
Published: April 2005

Abstract:  We describe a case of primary hepatic marginal zone B‐cell lymphoma in a 36‐year‐old Caucasian male with a history of chronic hepatitis B infection. Immunohistochemically, extensive infiltration by a CD20‐positive, CD5‐ negative and CD10‐negative lymphoid cell population displaying a follicular arrangement was detected. Molecular analysis of immunoglobulin heavy chain gene rearrangements confirmed the clonal expansion of lymphoma cells. Fourteen months after surgical treatment, the tumour recurred in close proximity to the liver hilus, hampering further surgery. Therefore, we implemented a therapy using the monoclonal anti‐CD20‐antibody rituximab in a dose of 375 mg/m2, administered four times once a week. Six, 10, 18, and 26 months later the recurrent lymphoma could no longer be detected as shown by abdominal ultrasonography and CT. This case report demonstrates the difficulties of treating this extremely rare liver disease and shows its response to rituximab therapy.
Dissection of Membrane Dynamics of the ARF‐Guanine Nucleotide Exchange Factor GBF1
Authors: Szul Tomasz , Garcia‐Mata Rafael , Brandon Elizabeth , Shestopal Svetlana , Alvarez Cecilia , Sztul Elizabeth
Published: April 2005

ADP‐ribosylation factor (ARF)‐facilitated recruitment of COP I to membranes is required for secretory traffic. The guanine nucleotide exchange factor GBF1 activates ARF and regulates ARF/COP I dynamics at the endoplasmic reticulum (ER)–Golgi interface. Like ARF and coatomer, GBF1 peripherally associates with membranes. ADP‐ribosylation factor and coatomer have been shown to rapidly cycle between membranes and cytosol, but the membrane dynamics of GBF1 are unknown. Here, we used fluorescence recovery after photobleaching to characterize the behavior of GFP‐tagged GBF1. We report that GBF1 rapidly cycles between membranes and the cytosol (t1/2 is approximately 17 ± 1 seconds). GBF1 cycles faster than GFP‐tagged ARF, suggesting that in each round of association/dissociation, GBF1 catalyzes a single event of ARF activation, and that the activated ARF remains on membrane after GBF1 dissociation. Using three different approaches [expression of an inactive (E794K) GBF1 mutant, expression of the ARF1 (T31N) mutant with decreased affinity for GTP and Brefeldin A treatment], we show that GBF1 is stabilized on membranes when in a complex with ARF–GDP. GBF1 dissociation from ARF and membranes is triggered by its catalytic activity, i.e. the displacement of GDP and the subsequent binding of GTP to ARF. Our findings imply that continuous cycles of recruitment and dissociation of GBF1 to membranes are required for sustained ARF activation and COP I recruitment that underlies ER‐Golgi traffic.
The Kinetics of Phagosome Maturation as a Function of Phagosome/Lysosome Fusion and Acquisition of Hydrolytic Activity
Authors: Yates Robin M. , Hermetter Albin , Russell David G.
Published: April 2005

Professional phagocytes function at the hinge of innate and acquired immune responses by internalizing particulate material that is digested and sampled within the phagosome of the cell. Despite intense interest, assays to measure phagosome maturation remain insensitive and few in number. In this current study, we describe three novel assays that quantify important biological properties of the phagosome as it matures. One assay exploits fluorescence resonance energy transfer to quantify mixing of phagocytosed particles carrying a donor fluor with an acceptor fluor loaded previously into the lysosomes as a fluid phase marker. Two additional assays describe the functional maturation of the phagosome as a hydrolytic compartment following the degradation of specifically designed peptide and triglyceride fluorogenic substrates. The peptide substrate is preferentially cleaved by cysteine proteinases, and its degradation reflects proteinase delivery and activation within the acidifying phagosome. The fluorescence emission of the triglyceride analogue profiles the kinetics of triglyceride lipase activity within the phagosome. The fluorescence profiles of all three assays are modulated by known inhibitors of phagosome maturation, demonstrating the veracity, sensitivity and versatility of the assays.
Immunological Similarities between Implantation and Pre‐eclampsia
Authors: Chaouat Gérard , Ledée‐Bataille Nathalie , Dubanchet Sylvie
Published: April 2005

Problem:  Cytokines are involved in implantation success and failure. We envisage that they could be similarly involved in pre‐eclampsia (PE).

Materials and methods:  First, we review the primipaternity and primiparity concepts and then why natural killer (NK) cells are involved in implantation. We stress that the common event in all PE is vascular remodelling.

Results and conclusion:  We conclude that PE could involve cytokine and/or NK dysfunctions, and propose a working hypothesis.
Nitric Oxide Levels and Nitric Oxide Synthase Expression in Uterine Samples from Mares Susceptible and Resistant to Persistent Breeding‐induced Endometritis
Authors: Alghamdi Abdorrahman S. , Foster Douglas N. , Carlson Cathy S. , Troedsson Mats H. T.
Published: April 2005

Problem: Breeding‐induced endometritis (BIE) in the mare is resolved by 36 hr after insemination in resistant mares. However, 10–15% susceptible broodmares fail to do so because of impaired uterine contractility between 7 and 19 hr after exposure to seminal or bacterial challenge, which reduces their fertility.

Method of study: Nitric oxide (NO) in uterine secretions, and expression of nitric oxide synthase (NOS) in uterine biopsies were compared between susceptible and resistant groups 13 hr after insemination.

Results: Susceptible mares had a higher NO in their uterine secretions and greater inducible NOS (iNOS) expression in their biopsies compared with resistant mares.

Conclusions: The NO mediates smooth muscle relaxation, but its role in persistent BIE has not been determined. Our data suggests a possible role of NO, either directly or in a NO‐associated pathway, in delayed uterine clearance.
Expression of Inhibitory‐Motif Killer Immunoglobulin‐Like Receptor, KIR2DL1, is Increased in Natural Killer Cells from Women with Pelvic Endometriosis
Authors: Matsuoka Satomi , Maeda Nagamasa , Izumiya Chiaki , Yamashita Chika , Nishimori Yoshiko , Fukaya Takao
Published: April 2005

Problem:  We investigated inhibitory and activation motif expression of killer immunoglobulin‐like receptor (KIR) by natural killer (NK) cells, which may be pathogenetically involved in endometriosis.

Method of study:  We compared cells from 24 Japanese women laparoscopically diagnosed with endometriosis, to cells from 25 women with other laparoscopic diagnoses. KIR expression by NK cells was assessed in peripheral blood (PB) and peritoneal fluid (PF) by flow cytometry. Intracellular immunoreceptor tyrosine‐based (IT) inhibitory and activation motifs (ITIM and ITAM) of KIR in PB was assessed by Western blotting.

Results:  ITIM‐KIR expression by PB NK cells was significantly and similarly greater than ITAM‐KIR expression in women with and without endometriosis. Percentages of CD56+ NK cells in PB and PF did not differ significantly between women with and without endometriosis; however, the percentage of CD158a+ cells among CD56+ NK cells in PB and PF was significantly higher in women with than without endometriosis.

Conclusions:  ITIM‐KIR expressing NK cells might confer tolerance to peritoneal endometriotic implants.
ACID PH PRODUCED BY LACTIC ACID BACTERIA PREVENT THE GROWTH OF BACILLUS CEREUS IN BOZA, A TRADITIONAL FERMENTED TURKISH BEVERAGE
Authors: GÜVEN KIYMET , BENLİKAYA NURAY
Published: April 2005

The growth and survival of Bacillus cereus, a known pathogen commonly found in cereals, during lactic acid fermentation of boza, a traditional Turkish cereal beverage, was studied. In the boza base inoculated with both the starter culture and B. cereus, the acidity developed to pH 2.6 and 0.8% titratable acidity after 72 h; the growth of B. cereus was reduced from 3.9 log cfu/mL to 1 log cfu/mL within 72 h. The control boza base to which starter was not added had a pH of 3, titratable acidity of 0.8%. The B. cereus in this boza base to which no starter culture was added dropped to 1 log cfu/mL after 72 h. No strains of lactic acid bacteria were found to produce bacteriocins antagonistic to B. cereus. Low pH and acidity were found to be the major factors inhibiting growth of B. cereus in boza.
SPECIFIC KNOWLEDGE AND DIVISIONAL PERFORMANCE MEASUREMENT
Authors: Jensen Michael C. , Meckling William H.
Published: April 2005

This paper discusses five common divisional performance measurement methods—cost centers, revenue centers, profit centers, investment centers, and expense centers—and provides the beginnings of a theory that attempts to explain when each of these five methods is likely to be the most efficient. The central insight of the theory is that each of these methods offers an alternative way of aligning decision‐making authority with valuable “specific knowledge” inside the organization.

The theory suggests that cost and revenue centers work best in cases where headquarters has good information about cost and demand functions, product quality, and optimal output mix. Profit centers—defined as business units whose managers have responsibility for overall profits, but not the authority to make major capital spending decisions—tend to supplant revenue and cost centers when the line managers have a significant informational advantage over headquarters and when there are few interdependencies (or “synergies”) between divisions. Investment centers—that is, profit centers in which unit managers are allowed to make major investment decisions—tend to prevail when the activity is capital‐intensive and when it is difficult for headquarters to identify the value‐maximizing investment strategy.

In evaluating the performance of profit centers, rate‐of‐return performance measures like RONA (return on net assets) are likely to be effective when unit managers have little influence over the level of new investment. But, in the case of investment centers, Economic Value Added, or EVA, is likely to be the most effective single‐period measure of performance because it is best designed to encourage value‐maximizing investment decisions.
EVIDENCE ON EVA
Authors: Biddle Gary C. , Bowen Robert M. , Wallace James S.
Published: April 2005

EVA has attracted considerable attention as an alternative to traditional accounting earnings for use in both valuation and incentive compensation. With a host of consultants now marketing related metrics, numerous claims have been made—most based on anecdotal evidence or in‐house studies. This paper summarizes the authors' independent evidence regarding EVA's alleged advantages.

The authors begin by reviewing the theory that links the underlying concept of residual income to shareholder value. Second, they discuss how Stern Stewart modifies residual income to produce its proprietary EVA metric and show how median EVA compares with residual income, net income, and operating cash flows over the period 1988–97. Third, they examine the claim that EVA is more closely associated with stock returns and firm value than is net income. Their evidence indicates that EVA does not dominate net income in associations with stock returns and firm values. Fourth, they examine a second claim that compensation plans based on residual income motivate managers to take actions consistent with increasing shareholder value. Here the evidence (from a study by Wallace) suggests that managers do respond to residual income‐based incentives by, for example, increasing asset sales, cutting capital expenditures, repurchasing stock, and producing higher levels of residual income. The authors conclude by arguing that a metric such as EVA can be effective for internal incentive purposes even if it conveys little news to market participants regarding the firm's valuation.
THE DESIGN OF MULTI‐YEAR STOCK OPTION PLANS
Authors: Hall Brian J.
Published: April 2005

Despite the explosion in the corporate use of stock options, the incentives created by stock options are not well understood by either the boards who grant them or the executives who are meant to be motivated by them. A major source of confusion stems from the corporate practice of using multi‐year stock option plans. Such multi‐year grants create subtle, potentially important links between current performance and future grants that can significantly dilute incentives for better performance.

For example, so‐called “fixed value” plans provide very weak, even perverse, incentives ex ante since the value of future option grants is completely insulated from current performance. Under such plans, an executive's reward for superior performance is to receive fewer options, and to receive more options for substandard performance. In contrast, the fixed number plan creates an intrinsic link between changes in this year's stock price and changes in the value of future option grants.

The author also reports the findings of new empirical research that shows that stock option plans, taken as a whole, have a pay‐to‐performance correlation that is eight times stronger than that of salary and bonus. But, consistent with the analysis above, fixed value option plans have pay‐to‐performance that is only six times that of salary and bonus, as compared to ten times for fixed number plans.
THE LIQUIDITY ROUTE TO A LOWER COST OF CAPITAL
Authors: Amihud Yakov , Mendelson Haim
Published: April 2005

The managements of many public companies do not pay much attention to the liquidity of their securities. Many if not most CEOs and CFOs feel powerless to affect what goes on in financial markets, and a common attitude among top executives is that maintaining liquidity is the concern of the securities exchanges and the Securities and Exchange Commission. This approach may work for those companies whose stocks are already highly liquid—a group made up mainly of large‐cap companies, as well as a number of smaller high‐flying, high‐tech firms. But, for the vast majority of public companies—especially smaller and mid‐sized firms—this is likely to be the wrong policy.

As the authors of this article demonstrated in their pioneering study (published in the Journal of Financial Economics in 1986), liquidity appears to be a major determinant of a company's cost of capital. As their theory suggests and their empirical tests confirmed, the more liquid a company's securities, the lower its cost of capital and the higher its stock price. And, as discussed in this article, academic research since then has produced a large and impressive body of evidence linking greater liquidity to higher stock prices.

Although recent technological innovations such as Internet‐based trading have increased liquidity generally, not all companies appear to have benefited equally. The authors offer a number of suggestions for companies intent on increasing the liquidity of their stock. Specifically, they propose that managers do the following: (1) consider measures, such as stock splits, designed to increase their investor base by attracting small investors; (2) seek trading venues for their securities that promise to increase liquidity; and (3) take advantage of the new Internet technology to provide more and better information to investors.

Moreover, for smaller companies with little or no analyst coverage, the authors offer the radical suggestion that such companies actually pay analysts to cover their stock, much as companies pay Moody's or Standard & Poors to rate their bonds. This, in the authors' view, would be a more efficient alternative to the current practice of using stock splits to encourage intermediaries to make markets in the firm's shares.
INVESTOR RELATIONS, LIQUIDITY, AND STOCK PRICES
Authors: Brennan Michael J. , Tamarowski Claudia
Published: April 2005

Although the first investor relations department was established by General Electric as long ago as 1952, the role of investor relations (IR) is one that has largely escaped scientific analysis and academic scrutiny. This article attempts to demonstrate the importance of a company's IR activities for its stock price by establishing a clear chain of causation between the following:

 corporate IR activities and the number of stock analysts who follow the firm;

 the number of analysts who follow the firm and the liquidity of trading in the firm's shares;

 the liquidity of the firm's shares and its required rate of return, or cost of capital.

The authors begin by presenting evidence that corporate IR activities, in the form of high levels of disclosure and presentations to investment analysts, increase the number of analysts who follow the firm by reducing their cost of acquiring information. Studies have also shown that more effective IR tends to improve the accuracy of analyst forecasts and the degree of agreement among analysts.

Second, the authors summarize their own research showing that the number of analysts who follow a firm has a positive effect on the liquidity of the firm's shares. More specifically, their findings can be interpreted as saying that, for the average company, coverage by six additional analysts reduces “market‐impact costs” (using a measure known as Kyle's lambda) by 28%, holding volume constant. And when the indirect effect of increased analyst coverage through expanded volume is taken into account, the reduction in trading costs is estimated to be as high as 85%.

The final link in the chain of analysis is the growing evidence (much of it reviewed in the preceding article) that increased liquidity leads to a lower cost of capital and thus higher stock prices. In sum, a firm can reduce its cost of capital and increase its stock price through more effective investor relations activities, which reduce the cost of information to the market and to investment analysts in particular.
THE PRIVATE COMPANY DISCOUNT
Authors: Koeplin John , Sarin Atulya , Shapiro Alan C.
Published: April 2005

When appraisers or investment bankers value privately held companies by making comparisons to otherwise similar public companies, they typically apply a discount. Most practitioners attribute this discount mainly to the relative illiquidity of private companies; and, for this reason, they value private companies based on empirical studies designed to measure illiquidity discounts. But this assumption and the valuations based upon it are likely to be unreliable because private companies are valued differently than public companies owing to a variety of other, more “fundamental” factors that have caused the firm to stay private rather than choosing to list on an exchange.

This article presents an alternative framework to estimate the discount for private companies that computes four separate valuation multiples for a set of private transactions and a comparable set of public transactions. After comparing these four sets of multiples for both domestic and foreign firms, the authors reach the following conclusions:

 Domestic private companies are acquired at an average 20–30% discount relative to similar public companies when using earnings (more precisely, EBIT and EBITDA) multiples as the basis for valuing the transactions. The average discount measured using price‐ to‐book value multiples are somewhat lower, and there are no significant differences between the revenue multiples of acquired private and public companies.

 The private company discounts are larger for foreign companies. Non‐U.S. private companies are acquired at an average discount of 40–50% relative to similar public companies when using earnings multiples to value the transactions. (However, the measured discount is not as statistically significant as for domestic companies be cause of the higher variation in the multiples of foreign companies, probably due to differences in accounting standards between countries.) Also, there are no statistically significant differences between the revenue multiples and the book value multiples of acquired foreign private and public companies.
RISK MANAGEMENT FOR MIDDLE MARKET COMPANIES
Authors: Moore James , Culver Jay , Masterman Bonnie
Published: April 2005

This article reinforces the message of the one immediately preceding by showing that small to medium‐sized firms have even stronger (non‐tax) motives for hedging risks than their large corporate counterparts. Although middle market companies have traditionally been viewed as less sophisticated than their larger corporate counterparts in the risk management arena, the authors suggest that such companies have become increasingly receptive to new hedging strategies using derivative products. When used appropriately, such products allow companies to stabilize their periodic operating cash flow by eliminating specific sources of volatility such as fluctuations in interest rates, exchange rates, and commodity prices.

Smaller companies recognize that a single swing in a budgeted cost can have a catastrophic effect on an entire budget, whereas a larger company can more easily absorb such a cost. Moreover, because the principal owners of mid‐sized firms often have a substantial part of their net worth tied up in the business, they are likely to have a far stronger interest than typical outside shareholders in using risk management to reduce the volatility of corporate profits and firm value. Perhaps most important to owners whose firms rely on debt financing, the greater cash flow stability resulting from active risk management significantly reduces the possibility of financial distress or bankruptcy.

In this article, three representatives of Bank of America's risk management practice discuss three different exposures faced by middle market companies—those arising from changes in interest rates, foreign exchange rates, and commodity prices—and show how these risks can be managed with derivatives. Besides shielding companies from financial trouble, risk management is also likely to improve their access to the money and capital markets. By protecting the firm's access to capital, risk management increases the odds that the firm will not be forced to pass up good investment opportunities because of capital constraints or fear of getting into financial difficulty.
DO BANK RELATIONSHIPS MATTER IN PUBLIC DEBT OFFERINGS?
Authors: Datta Sudip , Iskandar‐Datta Mai , Patel Ajay
Published: April 2005

Finance theorists have argued that banks have a comparative advantage over public debtholders and other suppliers of debt both in gathering information about and in monitoring corporate borrowers. Although underwriters of public debt issues and private placements have access to inside information when executing specific transactions, commercial bankers have ongoing relationships with their corporate borrowers that have often been built up over years. Perhaps more important, banks are also often in a better position and have stronger incentives than a dispersed collection of bondholders to keep tabs on what the borrowers do after receiving the capital.

This theoretical argument received striking empirical support from a study by Chris James published in 1987 in the Journal of Financial Economics. Entitled “Some Evidence on the Uniqueness of Bank Loans,” the study documented that announcements of new bank lending aggreements by public firms are received positively, on average (and in a large majority of cases) by the stock market. This finding offered a pointed contrast to the neutral to sharply negative stock‐price responses that accompany announcements of almost all other kinds of securities offerings, including private placements of debt and public offerings of straight debt.

In this article, the authors discuss their own recently published study that provides another piece of evidence of the value added by banking relationships. Specifically, the authors report that the first public debt offerings of companies with bank relationships carry spreads that are 85 basis points less than the spreads of initial debt issues by comparable firms without bank relationships. As the authors interpret their findings, a banking relationship not only helps to “certify” the value of corporate borrowers to their stockholders, but also provides other lenders with valuable “cross‐monitoring” benefits that are reflected in lower borrowing costs.
HEDGING FIXED‐RATE PREFERRED STOCK INVESTMENTS
Authors: Murphy Austin
Published: April 2005

Corporations seeking to maximize the return on their cash reserve resources have an incentive to invest in traditional preferred stock because of their right to exclude 70% of the dividends from taxation. Nevertheless, fixed‐rate preferred stock investments may contribute significantly to the return volatility of a cash portfolio and cause unacceptable losses to the corporate investors. As a result, many corporations might consider such higher‐return investments only if they can hedge away a sufficient amount of risk. The research presented in this article seeks to evaluate how much of the return variation of fixed‐rate preferred equity portfolios can be reduced with various hedging strategies.

This research shows that it is possible to reduce the risk of preferred stock investments significantly through the use of hedges employing some combination of fixed income futures and/or options. Although some risk remains even with the hedged preferred stock portfolio, the author demonstrates that money market assets can be combined with a hedged preferred stock portfolio to create a position that has no material chance of loss but expected after‐tax returns higher than those on money market investments. In addition, the article also shows the high level of profitability associated with a strategy of increasing the size of liquid reserves in order to allow for losses related to an unhedged preferred stock component of those reserves.
VALUE MAXIMIZATION, STAKEHOLDER THEORY, AND THE CORPORATE OBJECTIVE FUNCTION
Authors: Jensen Michael C.
Published: April 2005

This paper examines the role of the corporate objective function in corporate productivity and efficiency, social welfare, and the accountability of managers and directors. The author argues that because it is logically impossible to maximize in more than one dimension, purposeful behavior requires a single‐valued objective function. Two hundred years of work in economics and finance implies that, in the absence of externalities and monopoly, social welfare is maximized when each firm in an economy maximizes its total market value.

The main contender to value maximization as the corporate objective is stakeholder theory, which argues that managers should make decisions so as to take account of the interests of all stakeholders in a firm, including not only financial claimants, but also employees, customers, communities, and governmental officials. Because the advocates of stakeholder theory refuse to specify how to make the necessary tradeoffs among these competing interests, they leave managers with a theory that makes it impossible for them to make purposeful decisions. With no clear way to keep score, stakeholder theory effectively makes managers unaccountable for their actions (which helps explain the theory's popularity among many managers).

But if value creation is the overarching corporate goal, the process of creating value involves much more than simply holding up value maximization as the organizational objective. As a statement of corporate purpose or vision, value maximization is not likely to tap into the energy and enthusiasm of employees and managers. Thus, in addition to setting up value maximization as the corporate scorecard, top management must provide a corporate vision, strategy, and tactics that will unite all the firm's constituencies in its efforts to compete and add value for investors.

In clarifying the proper relation between value maximization and stakeholder theory, the author introduces a somewhat new corporate objective called “enlightened value maximization.” Enlightened value maximization uses much of the structure of stakeholder theory—notably the need to consider the interests of all corporate stakeholders—while continuing to posit maximization of long‐run firm value as the criterion for making the necessary tradeoffs among stakeholders.

The paper comes to similar conclusions about the Balanced Scorecard, which is described as the managerial equivalent of stakeholder theory. Although the Balanced Scorecard can add value by helping managers better understand the drivers of shareholder value, it should not be used as a performance measurement and incentive compensation system because it fails to provide a single valued score, a clear way of distinguishing superior from substandard performance.