bluuebunny/crossref_metadata_2025 huggingface dataset:
Banking efficiency in transition economies
Authors: Weill Laurent
Published: September 2003

An increasing share of the banking sector is controlled by foreign capital in the majority of transition countries. To analyse the effects of this trend on the performance of the banking sector in these countries, this study conducts a comparative analysis of the performance of foreign‐owned and domestic‐owned banks operating in the Czech Republic and Poland. We use the stochastic frontier approach to compute cost efficiency scores. Following Mester (1996), financial capital is included in the cost frontier model to control for risk preferences. Our finding is that on average foreign‐owned banks are more efficient than domestic‐owned banks. We conclude, however, that this advantage does not result from differences in the scale of operations or the structure of activities.
The Czech economic transition
Authors: Barry Frank , Bradley John , Kejak Michal , Vavra David
Published: September 2003

The processes that will drive the next stage of the Czech transition are likely to be similar to those promoting real convergence in the countries of the EU periphery. We draw on previous modeling research on these latter economies to construct and calibrate a small macrosectoral model of the Czech Republic. Model simulations explore some key policy issues facing CEE‐country decision‐makers: labour market reforms, disinflation and industrial development. Our analysis suggests that much can be learned from the experience of countries like Ireland and Portugal which have converged substantially towards EU average living standards.
Reflections on Budget Systems
Authors: Lewis Verne B.
Published: September 2003

Several prominent budget systems of past years, such as the Planning Programming Budget System and Zero‐Base Budgeting, are no longer popular as comprehensive systems, each system has had a continuing effect on current practices. This article comments on the usefulness of several features of budget systems particularly from a management perspective. It also offers several criteria for design of budget systems which, it is hoped, would help prevent some of the problems that have been encountered in the past.
Microcomputers in Financial Management: Case Studies of Eight American Cities
Authors: Norris Donald F.
Published: September 2003

The uses and effects of microcomputers were examined in case studies in eight American cities. Most departments in these cities used the microcomputers for financial management activities of one type or another. Other important findings were that microcomputer uses were related to departmental functions, and that the effects of microcomputers on work, people and the organization were largely positive.
Selecting Capital Investment Projects for Local Governments
Authors: Millar Annie
Published: September 2003

Faced with burgeoning infrastructure needs and circumscribed capital revenues, local governments must perforce set priorities among competing capital projects submitted by their operating agencies. This process involves value choices and political resolutions in addition to technical considerations. This article finds current priority‐setting procedures in need of improvement and suggests a framework for local government assessment and selection of capital investment projects.
OMB and the Budget Examiner: Changes in the Reagan Era
Authors: Johnson Bruce
Published: September 2003

This is the first of a two‐part retrospective on the role of the OMB budget examiner during the Reagan administration. Changes in the federal budget process, historical federal deficits and the inability of Congress to meet appropriation deadlines have significantly altered the role of OMB and its budget examiners, undermining the examiner’s traditional role as program analyst and controler. This part focuses on the preparation of the president’s budget and budget execution, and the compressed time in which OMB must respond to “top‐down” budget requirements. The summer of 1987 is presented as a case study of the demands now placed on OMB.

Part Two, in the next issue, will focus on the budget examiner in the congressional budget process and in advocacy roles for the president.
The Municipal Bond Market in a Changing Economy
Authors: Petersen John E.
Published: September 2003

Due primarily to the Tax Reform Act of 1986, the municipal bond market has undergone great changes in the last two years. Because of severe limitations on the purposes for which and processes by which tax‐exempt bonds can be issued, the volume of new issues has fallen dramatically. Interest rates, while volatile, have been declining. The municipal market, although dealing with various cross‐currents of unrest emanating from credit quality problems, changing buyers, disclosure concerns, and adverse court decisions, nevertheless appears well positioned to concentrate its resources on its traditional role in the financing infrastructure.
Morality of Public Deficits: A Historical Perspective
Authors: Borna Shaheen , Mantripragada Krishna G.
Published: September 2003

This article examines the morality of public deficits through the views of political leaders, economists and public finance experts. It looks at the changing attitude about borrowing for the modern state and examines the ability of current generations to shift the debt burden to future generations. The article also explores whether the adoption of an organic or individualistic concept of the role of the state affects conclusions concerning the morality of public debt.
Federal Grants and Local Capital Improvements: The Impact of Reagan Budgets
Authors: Rosenfele Raymond A.
Published: September 2003

Changes in intergovernmental grants for local capital improvements during the Reagan Administration are explored from a national perspective and from the experiences of two mid‐sized communities, Tulsa, Oklahoma and Toledo, Ohio. Nationally, a roller coaster pattern was identified with a strong down‐turn in the most recent data and a notable shift from redevelopment to expansion/development grants such as highway and airport construction. Locally, the first dilemma is that the change in the mix of grants available is having a greater impact on the older Toledo than the newer Tulsa because their capital needs vary. Yet as federal grants declined, both cities responded affirmatively by raising new local revenues for capital improvements. The second dilemma is that the differences in their wealth and needs make revenue enhancement more difficult for Toledo than Tulsa.
Local Government Procurement of CPA Audit Services: The Role of the States
Authors: Wardlow Penelope S. , Friar Shirley A.
Published: September 2003

Recent studies have raised serious concerns about the quality of governmental audits by independent CPAs. Part of the problem is that many governmental units do not use effective audit procurement procedures. This article examines current state guidelines for the procurement of CPA audit services by local governments and recommends an expansion of the states' role in this area.
Jesse Burkhead: An Appreciation
Authors: Axelrod Donald
Published: September 2003

This article is an overview of the distinguished career of Jesse Burkhead, Professor Emeritus, Maxwell School, Syracuse University, and for eight years editor of Public Budgeting & Finance. For forty years he has influenced the field of budgeting through his teaching, articles and books. The article reflects on some of Burkhead's budgetary principles and observations which remain relevant to today's decision making.
Federal Government Leasing: Costs, Incentives, and Effects
Authors: Blose Laurence E. , Martin John D.
Published: September 2003

This article examines the lease or borrow decision from the perspective of the United States federal government as the lessee. It argues that there are several sources of friction in the leasing market that will make leasing more costly than buying for the federal government. Nevertheless, the budget process contains powerful incentives for federal government agencies to lease even though leasing is the most costly alternative.
Crisis and Response: Treasury Cash Balance Crisis in Thailand 1980‐1982
Authors: Suwanmala Charas
Published: September 2003

The author traces the treasury cash balance crisis in Thailand from 1980‐1982 and finds that the crisis was a result of economic, political and technical factors. The world recession had a significant impact on revenues, as did the inability of the government to accurately project revenues. Politically, budget participants evaded prescribed procedures and resorted to emergency spending, which resulted in expenditures beyond budget planning. The Thai government resorted to borrowing, spending cuts, adjusting corporate tax payments and increasing taxes to cope with the crisis. The author calls for legal reforms to limit discretionary spending.
The Predictability of International Real Estate Markets, Exchange Rate Risks and Diversification Consequences
Authors: Liu Crocker H. , Mei Jianping
Published: September 2003

International real estate related securities are investigated to see whether they offer any incremental diversification benefits over foreign stocks using mean‐variance analysis together with a multifactor latent variable model. Diversification benefits are found to be primarily driven by unanticipated returns which are partially driven by changes in exchange rate risk. Although exchange rate risk accounts for a larger portion of the return fluctuation in real estate related securities relative to common stocks, international real estate securities provide some incremental diversification benefits over common stocks even if currency risks are hedged.
Mortgage Choice: What's the Point?
Authors: Stanton Richard , Wallace Nancy
Published: September 2003

This article shows that, in the presence of transaction costs payable by borrowers on refinancing, it is possible to construct a separating equilibrium in which borrowers with differing mobility select fixed rate mortgages (FRMs) with different combinations of coupon rate and points. We also show that, in the absence of such costs, no such equilibrium is possible. This provides a possible explanation for the large menus of FRMs typically encountered by potential borrowers, and suggests that the menu available at the time of origination should be an important predictor of future prepayment. We numerically implement the model, developing the first contingent claims mortgage valuation algorithm that can quantify the effect of self‐selection on real contracts in a realistic interest rate setting. The algorithm allows investors to account for self‐selection when valuing mortgages and mortgage‐backed securities. It also, for the first time, allows lenders to determine the optimal points/coupon rate schedule to offer to a specified set of potential borrowers, given the current level of interest rates.
Evaluating the Costs of Increased Lending in Low and Negative Growth Local Housing Markets
Authors: Gong Fang‐xiong , Gyourko Joseph
Published: September 2003

The literatures on default and the evaluation of low downpayment mortgage programs are extended by showing within an options pricing framework how differences in expected price appreciation trends across housing markets can influence default and, thereby, the cost of programs designed to increase mortgage liquidity. An equilibrium mortgage rate reflecting the risk premium required to compensate for expected default‐related losses is endogenously determined within the model. Evaluating the entire process by which program losses arise strictly within a rigorous asset pricing framework has potentially important implications for policy evaluation, as the estimated present value of program losses in declining markets where expected default is high is quite sensitive to the choice of the discount rate. The implications of increased lending in low and negative price appreciation local markets are also investigated.
The Conditional Probability of Mortgage Default
Authors: Capozza Dennis R. , Kazarian Dick , Thomson Thomas A.
Published: September 2003

This research examines the implications of contingent‐claims models for empirical research on default. We focus on the probability of default over a short horizon given the current state of the world, i.e., the conditional probability of default, which more closely resembles the estimates of empirical models. We highlight the differences between the conditional and unconditional approaches and provide guidance for empirical research by illuminating situations where the expected sign reverses over the shorter horizon or where the functional form is highly nonlinear.
Modeling the Conditional Probability of Foreclosure in the Context of Single‐Family Mortgage Default Resolutions
Authors: Ambrose Brent W. , Capone Charles A.
Published: September 2003

Both empirical and pricing‐simulation models of mortgage default focus on foreclosure in a one‐step decision framework. Such models are misspecified to the extent that mortgage default and foreclosure are two separate decisions or events, where foreclosure is but one outcome of a default episode. This study examines the dynamics of mortgage borrower default episodes using a large sample of FHA‐insured single‐family mortgages. We estimate the influence of borrower characteristics, mortgage terms, and economic conditions on probabilities of various resolutions, highlighting under what conditions foreclosure is more likely to result from mortgage default.
Bank Efficiency, Risk‐Based Capital, and Real Estate Exposure: The Credit Crunch Revisited
Authors: Weber William L. , Devaney Michael
Published: September 2003

The turbulent real estate market during the early 1990s coincided with the implementation of risk‐based capital standards for commercial banks. In this study we use non‐parametric linear programming techniques to identify the lost real estate lending due to bank inefficiency. Inefficiency may arise from one of three sources: risk‐based capital standards which constrain bank real estate lending, inefficiency stemming from managerial oversight of real estate lending, and scale inefficiency which arises from banks not operating at constant returns to scale. The results indicate that the lost real estate lending associated with risk‐based capital standards averaged 2.7% of total bank assets. However, banks could compensate by exercising better managerial oversight of real estate lending and by operating at constant returns to scale.
Hedging GNMA Mortgage‐Backed Securities with T‐Note Futures: Dynamic versus Static Hedging
Authors: Koutmos Gregory , Pericli Andreas
Published: September 2003

This article proposes a dynamic hedging model for Government National Association Mortgage‐Backed Securities (GNMA MBSs) that is free of the drawbacks associated with the static hedging strategies currently used. The simultaneity bias of the regression approach is dealt with by modeling the joint distribution of price changes of GNMA MBSs and 10‐year Treasury‐note futures. Error correction (EC) terms from cointegrating relationships are included in the conditional mean equations to preserve the long‐term equilibrium relationship of the two markets. The time‐varying variance–covariance structure of the two markets is modeled via a version of the bivariate generalized autoregressive conditionally heteroskedastic model (bivariate GARCH), which assures that the time‐varying variance–covariance matrix is positive semidefinite for all time periods. This dynamic error‐correction GARCH model is estimated using daily data on six different coupon GNMA MBSs. Dynamic cross‐hedge ratios are obtained from the time‐varying variance–covariance matrix using the 10‐year Treasury‐note futures contract as the hedging instrument. These ratios are evaluated in terms of both overall risk reduction and expected utility maximization. There is overwhelming evidence that dynamic hedge ratios are superior to static ones even when transaction costs are incorporated into the analysis. This conclusion holds for all six different coupon GNMA MBSs under investigation.
Residential Real Estate Brokerage Efficiency and the Implications of Franchising: A Bayesian Approach
Authors: Lewis Danielle , Anderson Randy
Published: September 2003

This paper provides substantial evidence that real estate brokerage firms choosing to franchise are more cost‐efficient than firms that remain independent. It uses 1995 cost data obtained from a nationwide survey of real estate brokerages to analyze the differences in firm efficiency across firm type—franchised and independent. We estimate a single stochastic cost frontier using Bayesian statistics and measure firm efficiency relative to that frontier conditional on firm type. The results indicate that real estate brokerages are relatively efficient, implying a competitive market, but franchised brokerages are substantially more efficient than their independent counterparts.
The Industrial Organization of Housing Supply: Market Activity, Land Supply and the Size of Homebuilder Firms
Authors: Somerville C. Tsuriel
Published: September 2003

Existing studies of housing markets assume that homebuilding is a homogeneous, perfectly competitive industry. This paper uses MSA‐level data on the average size of homebuilder establishments and homebuilder market concentration to test the appropriateness of this paradigm. The data reveal a wide and systematic variation across metropolitan‐area housing markets in both the average size of builders and the market share for the largest builders in an MSA. These results are more consistent with treating homebuilders as monopolistically competitive suppliers of a differentiated product than with treating them as perfectly competitive homogeneous firms. Builders are larger in more active housing markets and where there is a greater supply of readily developed land suitable for large developments. Builder size and concentration are sensitive to the type of regulating jurisdiction imposing land‐use regulation. Both are lower when land‐use regulations are imposed by smaller jurisdictions, and this is particularly true when the smaller jurisdictions impose more intense regulation.
Housing Finance in a Stochastic Economy: Contract Pricing and Choice
Authors: Buist Henry , Yang Tyler T.
Published: September 2003

An empirical analysis of macroeconomic time series from the mortgage, housing, capital and labor markets is based on life‐cycle consumption and mortgage option pricing considerations. Vector autoregression techniques characterize the long‐run equilibrium and short‐run dynamics of the mortgage market as it relates to the other sectoral markets. A simultaneous‐equations model characterizes the partial equilibrium in the differentiated products market for fixed‐ and adjustablerate mortgage contracts. The empirical results reveal the impacts that market conditions have on mortgage volumes and prices, and they generally support the implications of the consumption and pricing theories.
An Analysis of the Cross Section of Returns for EREITs Using a Varying‐Risk Beta Model
Authors: Conover Mitchell C. , Friday H. Swint , Howton Shelly W.
Published: September 2003

A dual‐beta asset pricing model is employed to examine the cross‐section of realized equity real estate investment trust (EREIT) returns over bull and bear markets. No significant relationship is found between EREIT returns and a constant beta. However, beta explains cross‐sectional returns when betas are allowed to vary across bull markets. This positive relationship exists for both January and non‐January months. During bear‐market months, no significant relationship is found between REIT betas and returns. But, during such months, size and book‐to‐market ratio are found to be negatively related to returns.
Space‐Varying Regression Coefficients: A Semi‐parametric Approach Applied to Real Estate Markets
Authors: Pavlov Andrey D.
Published: September 2003

This paper presents a method for estimating home values by non‐parametrically incorporating the physical location of the properties. Specifically, I allow the parameters of the observed covariates to vary in space. This approach mitigates one of the biggest deficiencies inherent in hedonic pricing models–omitted variables. I demonstrate the advantages of the proposed method using real estate transaction data from Los Angeles County. The estimation finds a substantial spatial variation of the marginal values of the hedonic characteristics and provides an insight into the segmentation of the market. The proposed method is an extension of semi‐parametric multi‐dimensional k‐nearest‐neighbor smoothing. It alleviates a fundamental problem known as the curse of dimensionality by incorporating parametric components into a non‐parametric estimation.
Implied Mortgage Refinancing Thresholds
Authors: Bennett Paul , Peach Richard , Peristiani Stavros
Published: September 2003

The optimal prepayment model asserts that rational homeowners will refinance if they can reduce the current value of their liabilities by an amount greater than the refinancing threshold, defined as the cost of carrying the transaction plus the time value of the embedded call option. To compute the notional value of the refinancing threshold, researchers have traditionally relied on discrete‐ or continuous‐time option‐pricing models. Using a unique loan level database that links homeowner attributes with property and loan characteristics, this study proposes an alternative approach for estimating the implied value of the refinancing threshold. This empirical method enables us to measure the minimum interest‐rate differential needed to justify refinancing conditional on the borrower's creditworthiness, loan‐to‐value ratio and other observable characteristics.
Overbuilding: A Game‐Theoretic Approach
Authors: Wang Ko , Zhou Yuqing
Published: September 2003

The persistence of excess vacancy has long been documented in the literature. We propose that, because vacant land does not produce income, there is a tendency for developers to build whenever they can identify a development opportunity. Since developers have to compete with each other for the development opportunity, in the aggregate, developers will supply more units than the demand in the market. In the face of an oversupply, we show that, under certain circumstances, developers will not lower the rental rate to eliminate vacancy space. Our model also has implications for investment decisions dealing with projects that could take advantage of existing but not fully utilized assets.
Investment Analysis, Price Formation and Neglected Firms: Does Real Estate Make a Difference?
Authors: Downs David H. , Güner Z. Nuray
Published: September 2003

This paper examines the relation between information‐gathering activities and price formation when the gatherers are small in number. Two measures of information asymmetry are estimated to test the cross‐sectional effect of investment‐analyst attention on price formation. The analysis contrasts firms that invest predominately in real estate assets to those that do not. Unlike most studies of the competition among information gatherers, the results in this paper indicate that liquidity worsens with increasing investment‐analyst attention. These findings provide further evidence that information deficiency is an important economic trait, although real estate securities may suffer less from neglect than from asset‐specific information asymmetry.
Managing Knowledge Workers: A Technological Perspective
Authors: Kankanhalli Atreyi , Tan Bernard C.Y. , Wei Kwok-Kee
Published: September 2003

A new breed of workers has emerged in this age in which knowledge is considered the key driver of wealth creation. Knowledge workers now constitute a significant portion of the workforce. However, there has been very little literature on managing knowledge workers. This research attempts to throw some light on the distinctive features of knowledge workers with a view to drawing out the implications of managing knowledge workers better. It also looks at current technological trends and suggests techniques for managing knowledge workers with the use of technology. Examples from organizations are used to illustrate how these concepts can be applied to knowledge workers.
Reductive compactifications of semitopological semigroups
Authors: Fattahi Abdolmajid , Pourabdollah Mohamad Ali , Sahleh Abbas
Published: September 2003

We consider the enveloping semigroup of a flow generated by the
action of a semitopological semigroup on any of its semigroup
compactifications and explore the possibility
of its being one of the known semigroup compactifications again.
In this way, we introduce the notion of E‐algebra, and show that
this notion is closely related to the reductivity of the semigroup
compactification involved. Moreover, the structure of
the universal Eℱ‐compactification is also given.
Lagrange geometry on tangent manifolds
Authors: Vaisman Izu
Published: September 2003

Lagrange geometry is the geometry of the tensor field defined by
the fiberwise Hessian of a nondegenerate Lagrangian function on
the total space of a tangent bundle. Finsler geometry is the
geometrically most interesting case of Lagrange geometry. In this
paper, we study a generalization which consists of replacing the
tangent bundle by a general tangent manifold, and the Lagrangian
by a family of compatible, local, Lagrangian functions. We give
several examples and find the cohomological obstructions to
globalization. Then, we extend the connections used in Finsler
and Lagrange geometry, while giving an index‐free presentation of
these connections.
Mourning by History – Ideas of a New Element in Historical Thinking
Authors: Rüsen Jörn
Published: September 2003

Mourning as a mental procedure has not yet been applied to the cultural processes of making sense of the past, i.e. to historical thinking. Jörn Rüsen's essay argues on a theoretical level that mourning and historical thinking have astonishing similarities. He urges that for historical thinking to cope with the traumatic character of experiences in the recent past it should make use of these similarities and become a procedure of mourning. He develops his argument by treating three examples of mourning loss in three different contexts of an intergenerational relationship, of national identity and of mankind as a subject matter of historical thinking. Mourning is the most basic procedure of relating individuals to the past. Every individual needs to relate to the past, but the past is absent in its everyday life and has therefore to be made present for the individuals to be able to define its identity. This is where mourning as a mode of historical thinking is rooted. Taking the holocaust as an example, Rüsen argues that victims as well as culprits suffer from not being able to define their historical identity in an intergenerational context. That is why they need mourning as a means to regain their historical identity rather than trying to forget the past.

History as a basis of nation building is at risk as soon as historical experiences of traumatic character jeopardize the positive self-esteem generated by the collective memory of events legitimizing the system of norms for a given topical culture. Mourning in this context is a cultural practice helping the nation to realize the loss of self-esteem that has been brought about by negative historical experiences. By reclaiming the loss, the nation can be re-established.

But the self is not only part of a nation. It also defines its fundamental political convictions based on the notion of belonging to mankind. Historical experiences that negate the universal validity of the category of mankind by depriving others of their status as human beings destroy the historical foundations of modern society and the continuity of history. The 20th century is loaded with an abundance of this kind of experiences. Mourning these experiences of drastic inhumanity means acknowledging the loss of the "we-ideal" of modern subjectivity and recovering humanity by moving beyond the experience of a break of civilization. Mankind is being re-appropriated in the form of a standard pointing in the direction of an improving civilization.
Measures of Economic Impacts of Weather Extremes
Authors: Changnon Stanley D.
Published: September 2003

One of the primary driving forces behind weather research and development has been the losses caused by weather extremes. Unfortunately, available loss values have been more qualitative than quantitative. There has never been a concerted, organized effort to collect and quality control economic impact data for weather extremes. Numerous studies have been made, resulting in widely varying estimates of losses, and these have been limited by 1) an inability to access certain types of loss data; 2) a lack of attention to indirect, delayed impacts, including benefits; and 3) diverse and inconsistent sources of loss data. Numerous problems have resulted from the poor estimates of loss and lack of understanding of the data uncertainties. Federal relief payments for major events have escalated partly as a result of insufficient data to detect and understand society's changing vulnerability to extremes. Controversies over relief payments for major damaging events have occurred as a result of imprecise loss estimates. The insurance industry suffered major storm-related losses in the 1990s because it lacked a database on weather-produced losses and was unable to anticipate time-shifting risks in setting rates. The absence of quality impact data has also led to questionable research priorities, and has generated incorrect perceptions in the public and media about the magnitude of impacts of events. The lack of precise loss values also limits adequate planning for future impacts, which is apt to lead to increased losses as society's vulnerability to extremes continues to increase. Recent pressures, including several major weather losses since 1988, and concern over the impacts of more extremes due to global warming, have led to better estimates of impacts. These pressures and government and insurance industry recognition of the need to better understand the ever-increasing costs have led to recent national assessments, calling for better impact data. The nation needs a continuing program to adequately measure losses from natural hazards and to maintain a quality database to guide government policies and private sector actions.
Low Temperature Synthesis and Characterization of Cubic CaB6 Ultrafine Powders
Authors: Shi Liang , Gu Yunle , Chen Luyang , Yang Zeheng , Ma Jianhua , Qian Yitai
Published: September 2003

Ultrafine calcium hexaboride (CaB6) powder was successfully synthesized at 500 °C in an autoclave by using CaCl2 and NaBH4 as the reactants. X-ray powder diffraction pattern and Raman spectra indicate the formation of CaB6. The atomic ratio of B to C of 5.91:1.0 was determined from X-ray photoelectron spectra.
Covalently Attached Multilayer Assemblies of Diazo-resins and Glucose Oxidase
Authors: Zhang Suxia , Niu Yaming , Zhang Li , Shi Lixin , Li Xiaofang , Sun Changqing
Published: September 2003

Stable multilayers of glucose oxidase were uniformly assembled on an Au electrode surface or a quarze slide by UV irradiation of ionic self-assembled multilayer films of diazo-resins (DAR) and glucose oxidase (GOx). By adopting this simple method, we achieved much greater control over the structure of the multilayer film, and we are able to analyze the catalytic responses of this GOx-modified electrode to glucose.
Molecular spectrum of α‐thalassemia in the Iranian population of Hormozgan: Three novel point mutation defects
Authors: Harteveld C.L. , Yavarian M. , Zorai A. , Quakkelaar E.D. , van Delft P. , Giordano P.C.
Published: September 2003

We describe the molecular spectrum of α‐thalassemia mutations in a population sample of newborns in the South‐Iranian province of Hormozgan. Out of 660 randomly collected blood samples 218 (33%) had visibly elevated Hb Bart's. DNA was extracted from 78 samples out of this selection (n = 156), of which 114 alleles were found to carry an α‐thalassemia defect. Besides the common −α3.7 (79.1%), −α4.2 (1.7%), and α‐5nt α alleles (4.3%), three novel nondeletional α‐thalassemia mutations were found; the α2 cd19 (‐G) frameshift mutation (12.2%), the α1 IVS1‐148(A→G) (0.9%) affecting the splice acceptor site consensus sequence and the cd14 (TGG→TAG) (0.9%), which creates a premature stop codon in the first exon of the α1‐gene. A fourth mutation in the α1‐gene, the IVS1‐38 (C→T) (0.9%) of undetermined effect, was found in an individual heterozygous for the α2 cd19(‐G) mutation. Am. J. Hematol. 74:99–103, 2003. © 2003 Wiley‐Liss, Ins.
Anti‐HCV and HCV‐RNA prevalence and clinical correlations in cases with non‐Hodgkin's lymphoma
Authors: Paydas Semra , Kilic Banu , Yavuz Sinan , Disel Umut , Tanriverdi Kahraman , Sahin Berksoy , Burgut Refik
Published: September 2003

Hepatitis C virus (HCV) is an RNA virus in the Flaviviridae family. It displays lymphotropism in addition to hepatotropism and extrahepatic manifestations are very well known. There are many studies showing an association between HCV infection and non‐Hodgkin's lymphomas (NHL). In this study the evidence for HCV infection was studied in cases with NHL. To this end, anti‐HCV antibody and HCV‐RNA were screened in serum samples of cases with NHL using third‐generation ELISA and RT‐PCR. Anti‐HCV antibody was studied in 223 patients and was found to be positive in 18 cases (8.1%). Anti‐HCV antibody positivity was compared with our blood bank / blood donor population. There was an important increased risk of HCV infection—the common odds ratio was 34.56 and corrected odds ratio was 19.07. HCV‐RNA was studied in 67 of 223 serum samples. HCV‐RNA was found to be positive in 21 of 67 samples (31.3%). When compared with clinico‐demographic parameters for anti‐HCV and HCV‐RNA, including age, nodal status, and grade (in evaluable cases), except age in cases with or without HCV‐RNA, we did not find an important correlation with HCV status and clinical findings (P = 0.155; 0.442; 0.288 for anti‐HCV and 0.027; 0,558; 0.126, respectively). These results suggest that HCV infection may be an important risk factor for lymphomagenesis and HCV‐RNA is more useful for the detection of HCV infection in these immunosuppressed cases. Simultaneous detection of anti‐HCV and HCV‐RNA will be more informative in this population. Am. J. Hematol. 74:89–93, 2003. © 2003 Wiley‐Liss, Inc.
Sickle cell anemia is associated with reduced nitric oxide bioactivity in peripheral conduit and resistance vessels
Authors: Eberhardt Robert T. , McMahon Lillian , Duffy Stephen J. , Steinberg Martin H. , Perrine Susan P. , Loscalzo Joseph , Coffman Jay D. , Vita Joseph A.
Published: September 2003

The purpose of the study was to examine endothelium‐dependent and ‐independent vasodilation of conduit and resistance vessels in sickle cell anemia (HbSS). We measured the effects of intra‐arterial infusion of methacholine, sodium nitroprusside, and NG‐monomethyl‐L‐arginine (L‐NMMA) on forearm blood flow using venous occlusion plethysmography in eight patients with HbSS and 11 HbAA controls. We assessed vasodilation of the conduit brachial artery using ultrasound in 17 patients with HbSS and 41 nonanemic controls. Forearm blood flow response to methacholine was similar in HbSS and HbAA, while the response to sodium nitroprusside was greater in those with HbSS. Nitric oxide synthase inhibition with L‐NMMA attenuated methacholine‐induced forearm blood flow to a lesser extent in HbSS compared to HbAA, suggesting diminished nitric oxide (NO) contribution to endothelium‐dependent vasodilation. Flow‐mediated and nitroglycerin‐induced dilation were impaired in HbSS compared to controls and were not affected by the antioxidant vitamin C or the precursor substrate for NO synthesis L‐arginine. NO bioactivity is reduced but differs in peripheral conduit and resistance vessels in HbSS. Resistance vessels have preserved response to exogenous NO donors but have diminished contribution of NO to endothelium‐dependent vasodilation. Conduit vessels demonstrate impaired vasodilation to endogenous and exogenous NO. Am. J. Hematol. 74:104–111, 2003. © 2003 Wiley‐Liss, Inc.
Infliximab for steroid‐refractory acute GVHD: A case series
Authors: Jacobsohn David A. , Hallick Jason , Anders Viki , McMillan Stephanie , Morris Lawrence , Vogelsang Georgia B.
Published: September 2003

Acute and chronic graft‐versus‐host disease (GVHD) remain major barriers to successful hematopoietic stem cell transplantation (SCT). TNF‐α has been implicated in the pathogenesis of GVHD and TNF‐α blockade has been explored for treatment of GVHD. The development of a chimeric mouse/human monoclonal antibody (infliximab) which binds to cells producing TNF‐α, allowing for not only the neutralization of TNF‐α but also lysis of the cells producing the TNF‐α, makes this an attractive drug to explore in GVHD. We report on 11 patients with acute GVHD who were treated with infliximab after failing other therapies. The survival was very poor, in keeping with previously published reports of steroid‐refractory acute GVHD. Two patients with severe diarrhea from acute GI GVHD resolved their symptoms after treatment with infliximab. Only these two patients survived. It appears that of all acute GVHD manifestations, gastrointestinal GVHD may be more responsive to treatment with infliximab than others. Caution is recommended when using this agent since it may exacerbate active infections, particularly aspergillosis. Furthermore, we do not know the correct dose or schedule to use with this drug. Given these data, controlled studies assessing dose and timing of administration may be warranted to study infliximab in acute GVHD. Am. J. Hematol. 74:119–124, 2003. © 2003 Wiley‐Liss Inc.
Overexpression of the 32‐kilodalton dopamine and cyclic adenosine 3′,5′‐monophosphate‐regulated phosphoprotein in common adenocarcinomas
Authors: Beckler Andy , Moskaluk Christopher A. , Zaika Alexander , Hampton Garret M. , Powell Steven M. , Frierson Henry F. , El‐Rifai Wa'el
Published: September 2003

BACKGROUND

The 32‐kilodalton dopamine and cyclic adenosine 3′,5′‐monophosphate‐regulated phosphoprotein (DARPP‐32) is the only known protein that can act as a protein phosphatase‐1 inhibitor or a protein kinase inhibitor. It is known as a neurogenic protein that plays a major role in dopamine regulation in the central nervous system. Recently, DARPP‐32 and a truncated isoform, t‐DARPP, have been cloned in gastric carcinoma. The extent of DARPP‐32 and t‐DARPP expression in human epithelial tissues and carcinomas remained unknown.

METHODS

Using tissue microarrays and an antibody to DARPP‐32, the authors evaluated the immunohistochemical findings in 43 different normal epithelium human tissue samples and in 187 samples of common carcinomas of breast, prostate, colon, and stomach.

RESULTS

DARPP‐32 proteins were expressed at varying levels in several types of normal epithelial tissues outside of the central nervous system. Using quantitative real‐time reverse transcriptase‐polymerase chain reaction analysis, the authors demonstrated that both DARPP‐32 and t‐DARPP mRNAs frequently were overexpressed in carcinomas of the breast, prostate, colon, and stomach compared with normal tissue samples. Immunohistochemical analysis of tissue microarrays that contained 187 carcinoma samples confirmed the strong expression of DARPP‐32 proteins in these tumor types.

CONCLUSIONS

The current study provides the first evidence that DARPP‐32 expression is not limited to dopamine signaling in normal cells of the central nervous system. The pattern of expression of DARPP‐32 proteins in normal epithelial tissues suggests that these proteins play an important role in epithelial signaling that may be tissue specific. Moreover, the observation that DARPP‐32 and t‐DARPP frequently are overexpressed in common subtypes of human adenocarcinomas suggest that these proteins may be important in tumorigenesis. Cancer 2003;98:1547–51. © 2003 American Cancer Society.

DOI 10.1002/cncr.11654
The incidence of lung carcinoma after surgery for breast carcinoma with and without postoperative radiotherapy
Authors: Deutsch Melvin , Land Stephanie R. , Begovic Mirsada , Wieand H. Samuel , Wolmark Norman , Fisher Bernard
Published: September 2003

BACKGROUND

In the current study, the authors compared the incidence of subsequent primary lung carcinoma in patients with breast carcinoma who received radiotherapy as part of their treatment and in those patients who did not. The patients were participants in two large National Surgical Adjuvant Breast and Bowel Project (NSABP) breast carcinoma trials, B‐04 and B‐06, which prospectively randomized women to either undergo surgery alone or to undergo surgery and postoperative radiotherapy.

METHODS

The NSABP trial B‐04 (1971–1974) randomized patients to undergo radical mastectomy versus total (simple) mastectomy and radiotherapy to the chest wall, axilla, and supraclavicular and internal mammary lymph node areas. For patients with a clinically uninvolved axilla, there was a third randomization arm: total mastectomy without radiotherapy. The B‐06 trial (1976–1984) randomized patients between those undergoing total mastectomy versus lumpectomy versus those undergoing lumpectomy and breast irradiation, with all patients undergoing an axillary lymph node dissection. The records of all patients who developed a recurrence in the lung or a new primary lung tumor were reviewed to determine the incidence and laterality of confirmed and probable primary lung carcinoma.

RESULTS

For the 1665 evaluable patients on the NSABP B‐04 trial (mean follow‐up of 21.4 years), there was a total of 23 subsequent confirmed and probable ipsilateral or contralateral primary lung carcinomas. In those patients who had received comprehensive postmastectomy radiotherapy, there was a statistically significant increase in the incidence of these new primary tumors (P = 0.029). With regard to the development of confirmed new primary ipsilateral lung carcinoma alone, the incidence was statistically significantly increased (P = 0.013) in those patients who had received radiotherapy as part of their treatment, and when confirmed and probable ipsilateral lung carcinomas were analyzed, there was a strong trend toward a statistically significant increase in those patients who had received radiotherapy (P = 0.066). For the 1850 evaluable patients on the NSABP trial B‐06 (mean follow‐up of 19.0 years), there was a total of 30 second primary lung carcinomas but no increase in either ipsilateral or contralateral primary tumors of the lung in those patients who had received radiotherapy.

CONCLUSIONS

Extensive postmastectomy irradiation of the chest wall and regional lymphatic node areas, with consequent exposure of a greater volume of lung to higher doses as administered in the NSABP B‐04 trial compared with postlumpectomy breast irradiation in the NSABP B‐06 trial, was associated with an increased incidence of subsequent primary lung tumors, both ipsilateral and contralateral. Cancer 2003;98:1362–8. © 2003 American Cancer Society.

DOI 10.1002/cncr.11655
Predictive modeling for the presence of prostate carcinoma using clinical, laboratory, and ultrasound parameters in patients with prostate specific antigen levels ≤ 10 ng/mL
Authors: Garzotto Mark , Hudson R. Guy , Peters Laura , Hsieh Yi‐Ching , Barrera Eduardo , Mori Motomi , Beer Tomasz M. , Klein Thomas
Published: September 2003

BACKGROUND

The objective of the current study was to develop a model for predicting the presence of prostate carcinoma using clinical, laboratory, and transrectal ultrasound (TRUS) data.

METHODS

Data were collected on 1237 referred men with serum prostate specific antigen (PSA) levels ≤ 10 ng/mL who underwent an initial prostate biopsy. Variables analyzed included age, race, family history, referral indication(s), prior vasectomy, digital rectal examination (DRE), PSA level, PSA density (PSAD), and TRUS findings. Twenty percent of the data were reserved randomly for study validation. Logistic regression analysis was performed to estimate the relative risk, 95% confidence interval, and P values.

RESULTS

Independent predictors of a positive biopsy result included elevated PSAD, abnormal DRE, hypoechoic TRUS finding, and age 75 years or older. Based on these variables, a predictive nomogram was developed. The sensitivity and specificity of the model were 92% and 24%, respectively, in the validation study for which the predictive probability ≥ 10% was used to indicate the presence of prostate carcinoma. The area under the receiver operating characteristic curve (AUC) for the model was 73%, which was significantly higher compared with the prediction based on PSA alone (AUC, 62%). If it was validated externally, then application of this model to the biopsy decision could result in a 24% reduction in unnecessary biopsy procedures, with an overall reduction of 20%.

CONCLUSIONS

Incorporation of clinical, laboratory, and TRUS data into a prebiopsy nomogram significantly improved the prediction of prostate carcinoma over the use of individual factors alone. Predictive nomograms may serve as an aid to patient counseling regarding prostate biopsy outcome and to reduce the number of unnecessary biopsy procedures. Cancer 2003;98:1417–22. © 2003 American Cancer Society.

DOI 10.1002/cncr.11668
Cigarette demand: a meta‐analysis of elasticities
Authors: Gallet Craig A. , List John A.
Published: September 2003

Estimating elasticities of cigarette demand has become commonplace amongst economists and policymakers. Synthesizing the various elasticities into a coherent message is quite challenging, however, as the point estimates are obtained using quite disparate modeling techniques and data. In this study, we perform a meta‐analysis to explore factors that influence variations within and across studies. Empirical results suggest that demand specification, data issues, and estimation methodology have varying degrees of influence on reported estimates of price, income, and advertising elasticities. Copyright © 2002 John Wiley & Sons, Ltd.
Testing rank‐dependent utility theory for health outcomes
Authors: Oliver Adam
Published: September 2003

Systematic violations of expected utility theory (EU) have been reported in the context of both money and health outcomes. Rank‐dependent utility theory (RDU) is currently the most popular and influential alternative theory of choice under circumstances of risk. This paper reports a test of the descriptive performance of RDU compared to EU in the context of health. When one of the options is certain, violations of EU that can be explained by RDU are found. When both options are risky, no evidence that RDU is a descriptive improvement over EU is found, though this finding may be due to the low power of the tests. Copyright © 2002 John Wiley & Sons, Ltd.
EMU and accession countries: Fuzzy cluster analysis of membership
Authors: Boreiko Dmitri
Published: September 2003

This paper estimates the readiness of the accession countries of Central and Eastern Europe for EMU or unilateral euroization using a fuzzy clustering algorithm. The variables to which the algorithm is applied are suggested alternately by the criteria in the Maastricht Treaty (nominal convergence) and by Optimum Currency Area theory (real convergence). The algorithm reveals that Estonia and Slovenia are the leaders in both nominal and real convergence, whereas the other countries from the 1998 accession wave have achieved substantial results only in real convergence. Moreover, Poland is excluded from the leading group in the most recent years due to its worsened economic performance. Copyright © 2003 John Wiley & Sons, Ltd.