bluuebunny/crossref_metadata_2025 huggingface dataset:
A systematic review of interventions to support looked‐after children in school
Authors: Liabo Kristin , Gray Kerry , Mulcahy David
Published: April 2012

A systematic review of interventions to support looked‐after children in school included interventions that aimed to improve attainment, or prevent drop‐out or exclusions, and those that aimed to reduce absenteeism in the care population. Studies were critically appraised and their results were considered. No study was found robust enough to provide evidence on effectiveness, but promising interventions were identified. The review highlights the lack of evidence in an area that has received a lot of policy attention in the past few years. Future evaluations need to be underpinned by lessons learned from existing evaluations, clearly defined theories and definitions, and by the views of professionals, researchers, policy‐makers and young people in care.
A comparison of the organization of longitudinal and circular contractions during pendular and segmental activity in the duodenum of the rat and guinea pig
Authors: Lentle R. G. , De Loubens C. , Hulls C. , Janssen P. W. M. , Golding M. D. , Chambers J. P.
Published: April 2012

Background  Little is known of the spatiotemporal organization of pendular duodenal contractions.

Methods  We used longitudinal and radial spatiotemporal mapping to examine and compare pendular and segmental contractile activity in the proximal duodenum of the rat and guinea pig when the lumen was perfused with saline or micellar decanoic acid.

Key Results  Isolated phasic longitudinal contractions occurred along the rat duodenum with a frequency of 36 ± 2 cpm and strain rate amplitude of 26.8 ± 8.0% s−1. These contractions occurred at fixed locations along the duodenum forming columns on the longitudinal strain rate map. The strain rate activity had local maxima at 4–6 points spaced at 7.7 ± 4.0 mm intervals along the duodenum and were uncoordinated between neighboring domains. Similarly disposed, less distinct, longitudinal contractions occurred in the guinea pig duodenum at a frequency of 25.2 ± 6.6 cpm with amplitude 6.8 ± 3.6% s−1 but these were generally accompanied by numerous circular contractions that were distributed over 4–5 fixed locations and occurred with a frequency of 9 ± 3 cpm. Isolated static circular muscle contractions also occurred but at a lower rate in the rat than the guinea pig. Both types of contractions propagated after dosage with tetrodotoxin, lidocaine, atropine, or apamin.

Conclusions & Inferences  Localized contractions during segmental and pendular activity had some features of the spike patches that are normally associated with slow wave propagation. However, the commencement of propagation following administration of neural blocking agents and cholinergic inhibitors indicates their localization is maintained by inhibitory elements of the enteric nervous system.
Reduced hyperpolarization of endothelial cells following high dietary Na+: effects of enalapril and tempol
Authors: Bondarenko Alexander , Panasiuk Olga , Stepanenko Lubov , Goswami Nandu , Sagach Vadim
Published: April 2012

High dietary Na+ is associated with impaired vascular endothelial function. However, the underlying mechanisms are not completely understood. In the present study, we investigated whether the endothelial hyperpolarization response to acetylcholine (ACh) exhibited any abnormalities in Wistar rats fed a high‐salt diet (HSD) for 1 month and, if so, whether chronic treatment with the angiotensin‐converting enzyme inhibitor enalapril or the anti‐oxidant tempol could normalize the response. Membrane potential was recorded using the perforated patch‐clamp technique on the endothelium of rat aorta.

Acetylcholine (2 μmol/L) produced a hyperpolarization sensitive to TRAM‐34, a blocker of intermediate‐conductance Ca2+‐sensitive K+ channels (IKCa), but not to apamin, a blocker of small‐conductance Ca2+‐sensitive K+ channels (SKCa). NS309 (3 μmol/L), an activator of SKCa and IKCa channels, produced a hyperpolarization of similar magnitude as ACh.

In the HSD group, the ACh‐evoked hyperpolarization was significantly attenuated compared with that in the control group, which was fed normal chow rather than an HSD. Similarly, the hyperpolarization produced by NS309 was weaker in tissues from HSD‐fed rats.

Combination of HSD with chronic enalapril treatment (20 mg/kg per day for 1 month) normalized endothelial hyperpolarizing responses to ACh. Chronic tempol treatment (1 mmol/L in tap water for 1 month) prevented the reduced hyperpolarization to ACh.

The results of the present study indicate that excess in dietary Na+ results in a failure of endothelial cells to generate normal IKCa channel‐mediated hyperpolarizing responses. Our observations implicate oxidative stress mediated by increased angiotensin II signalling as a mechanism underlying altered endothelial hyperpolarization during dietary salt loading.
Could an advance practice nurse improve detection of alcohol misuse in the emergency department?
Authors: O'Brien Anthony , Leonard Louise , Deering Daryle
Published: April 2012

Alcohol misuse is a prevalent problem in New Zealand society, and one that exacts a considerable cost in terms of health, social cohesion, and economic productivity. Despite the burden of alcohol misuse, screening, brief assessment, and interventions for alcohol problems are frequently poorly performed within general health services. In this paper we explore the response to alcohol problems in a New Zealand emergency department and discuss difficulties encountered in improving rates of detection by emergency department personnel. We report the results of a clinical audit of alcohol screening and brief assessment and a staff education programme designed to improve practice in this area, but which met with limited success. The potential role for an advanced practice nurse providing a clinical consultation and liaison service to the emergency department staff is explored. We argue that such a role has potential to reduce the health and social costs of alcohol misuse, and to meet the national policy objective of providing a treatment response to people with alcohol‐related problems in contact with health services.
Flavokawain B, a novel, naturally occurring chalcone, exhibits robust apoptotic effects and induces G2/M arrest of a uterine leiomyosarcoma cell line
Authors: Eskander Ramez N. , Randall Leslie M. , Sakai Toshinori , Guo Yi , Hoang Bang , Zi Xiaolin
Published: April 2012

Aim:  To examine the effects of flavokawain B (FKB), a novel kava chalcone, on the growth of uterine leiomyosarcoma (LMS) cells and investigated its utility in the treatment of uterine LMS.

Material and Methods:  Uterine leiomyosarcoma (SK‐LMS‐1), endometrial adenocarcinoma (ECC‐1) and the non‐malignant, human endometrium fibroblast‐like (T‐HESC) cell lines were cultured and treated with different concentrations of FKB. Cell viability was determined by MTT assays and the IC50 was estimated. Fluorescent‐activated cell sorting (FACS) analysis of apoptosis and cell cycle was performed. Real‐time reverse‐transcription polymerase chain reaction and western blot analysis were utilized to evaluate differences in the expression of apoptotic markers.

Results:  FKB preferentially inhibited the growth of SK‐LMS‐1 and ECC‐1 cells compared to T‐HESC control cells. FKB significantly increased both early and late apoptosis in SK‐LMS‐1 and ECC‐1 cells relative to control. Cell cycle analysis illustrated an increase in the G2/M fraction in treated cell lines relative to control. Furthermore, FKB induced the expression of pro‐apoptotic death receptor 5 (DR5), Bim, and Puma, and decreased expression of an inhibitor of apoptosis, survivin. FKB also acted synergistically when combined with docetaxel and gemcitabine (combination index = 0.260).

Conclusion:  FKB treatment results in cell cycle arrest and a robust induction of apoptosis in SK‐LMS‐1 and ECC‐1 cell lines. This natural product deserved further investigation as a potential therapeutic agent in the treatment of uterine LMS.
N‐acetylcysteine as an adjuvant to clomiphene citrate for successful induction of ovulation in infertile patients with polycystic ovary syndrome
Authors: Salehpour Saghar , Akbari Sene Azadeh , Saharkhiz Nasrin , Sohrabi Mohammad Reza , Moghimian Fatemeh
Published: April 2012

Aim:  The aim of this study was to evaluate the effect of oral N‐acetylcysteine (NAC) administration as an adjuvant to clomiphene citrate (CC) on induction of ovulation outcomes in patients with polycystic ovary syndrome (PCOS).

Material and Methods:  In this placebo‐controlled double‐blind randomized clinical trial, 180 PCOS infertile patients were randomly divided into two groups for induction of ovulation. Patients in group 1 received CC 100 mg/d plus NAC 1.2 g/d and patients in group 2 received CC plus placebo for 5 days starting at day 3 of the cycle. On the 12th day of the menstrual cycle in the presence of at least one follicle with an 18–20‐mm diameter in ultrasound evaluation, 10 000 U hCG was injected intramuscularly and timed intercourse was advised 36 h after hCG injection. Serum β‐hCG level was measured on the 16th day after hCG injection.

Results:  The number of follicles >18 mm and the mean endometrial thickness on the day of hCG administration were significantly higher among the CC+NAC group (P‐value = 0.001). The ovulation and pregnancy rates were also significantly higher in the CC+NAC group (P‐value = 0.02 and 0.04, respectively). No adverse side‐effects and no cases of ovarian hyperstimulation syndrome were observed in the group receiving NAC.

Conclusion:  NAC as a safe and well‐tolerated adjuvant to CC for induction of ovulation can improve the ovulation and pregnancy rates in PCOS patients. It may also have some beneficial impacts on endometrial thickness.
Candidate gene study of genetic thrombophilic polymorphisms in pre‐eclampsia and recurrent pregnancy loss in Sinhalese women
Authors: Dissanayake Vajira H. W. , Sirisena Nirmala D. , Weerasekera Lakshini Y. , Gammulla Chumithri G. , Seneviratne Harshalal R. , Jayasekara Rohan W.
Published: April 2012

Aim:  Genetic thrombophilias are known to contribute to adverse pregnancy outcomes. Studies in Western populations show that 5, 10‐methylenetetrahydrofolate reductase (MTHFR) 677C>T and Factor V (F5) 1691G>A (Leiden) polymorphisms are commonly associated with pre‐eclampsia and recurrent spontaneous pregnancy loss. The objective of this study was to investigate the association of MTHFR 677C>T (rs1801133); 1298A>C (rs1801131) and F5 1691G>A (rs6025); 4070A>G (rs1800595) polymorphisms with pre‐eclampsia and recurrent pregnancy loss among Sinhalese women in Sri Lanka.

Material and Methods:  Genotype and allele frequencies at each polymorphic site in the MTHFR and F5 genes and the haplotypes defined by them were determined in 175 Sinhalese women with pre‐eclampsia, 171 normotensive controls, 200 Sinhalese women with two or more recurrent pregnancy losses and 200 controls with two or more living children and no pregnancy losses. Genotyping was done by polymerase chain reaction/restriction fragment length polymorphism. Odds ratios and χ2‐testing were performed to compare genotype/haplotype frequencies at each polymorphic site for both cases and controls.

Results:  The genotype frequencies at each polymorphic site in the MTHFR 677C>T; 1298A>C; F5 1691G>A and 4070A>G genes and the haplotypes defined by them were not significantly associated with either pre‐eclampsia or recurrent pregnancy loss. There was no significant association of genetic thrombophilia with either early or late pregnancy losses.

Conclusions:  The MTHFR and F5 polymorphisms and the haplotypes defined by them were not significantly associated with either pre‐eclampsia or recurrent pregnancy loss in this group of Sinhalese women.
Gestational bodyweight gain among underweight Japanese women related to small‐for‐gestational‐age birth
Authors: Harita Nobuko , Kariya Masatoshi , Hayashi Tomoshige , Sato Kyoko Kogawa , Aoki Takuya , Nakamura Kimihiko , Endo Ginji , Narimoto Katsuhiko
Published: April 2012

Aim:  The prevalence of underweight women, who have an increased risk for small‐for‐gestational‐age (SGA) birth, is increasing in Japan. We examined the associations of pre‐pregnancy body mass index and gestational weight gain (GWG) with SGA birth among Japanese women.

Material and Methods:  We conducted a prospective cohort study of 1391 women who delivered full‐term singleton babies. SGA was defined as below the 10th percentile of birthweight at each gestational age, baby sex, and parity. We calculated the 5th percentile of birthweight in the same way for another threshold for SGA. According to pre‐pregnancy body mass index, we divided the participants into three groups: underweight (<18.5 kg/m2), normal weight (18.5–24.9 kg/m2), and overweight and obese (≥25.0 kg/m2).

Results:  SGA birth was observed most frequently among the underweight group (13.8%). Underweight was associated with an increased risk of SGA birth. The multiple‐adjusted odds ratio for underweight was 1.96 (95% confidence interval, 1.23–3.11) compared with normal weight. Sufficient GWG reduced the incidence and the multiple‐adjusted odds ratio for 1‐kg increase of GWG was 0.86 (0.81–0.92). The same tendency was observed for the delivery of infants below the 5th birthweight percentile. Women with underweight and normal weight who had 9.0 kg or less of GWG had a significantly higher risk of SGA birth than women with normal weight who had 9.1–11.0 kg of GWG.

Conclusions:  Underweight and poor GWG were associated with a higher incidence of SGA birth. However, the incidence of SGA birth among underweight women was not increased significantly if they had sufficient GWG.
Total laparoscopic hysterectomy in 1253 patients using an early ureteral identification technique
Authors: Kobayashi Eiji , Nagase Toko , Fujiwara Kazuko , Hada Tomonori , Ota Yoshiaki , Takaki Yoshihiro , Kanao Hiroyuki , Andou Masaaki
Published: April 2012

Aim:  The aim of this study was to determine the incidence of perioperative complications and evaluate risk factors for the major complications of total laparoscopic hysterectomy (TLH) using an early ureteral identification technique. We describe the technique we standardized and used for TLH, without exclusion criteria.

Material and Methods:  A retrospective study was carried out at Kurashiki Medical Center, Japan, based on 1253 TLH procedures performed from January 2005 to March 2009. We reviewed records to identify the major perioperative complications, including bladder, ureteral, and intestinal injuries, and incidences of reoperation. Risk factors for major complications were analyzed using multivariate logistic regression models.

Results:  A total of 24 patients encountered major complications (1.91%). Complications included 10 intraoperative urologic injuries, five cases of postoperative hydronephrosis, five cases of vaginal dehiscence, one bowel injury, one postoperative hemorrhage, one bowel obstruction, and one ureterovaginal fistula. All 11 cases of intraoperative visceral injury were recognized during the surgery and repaired during the same laparoscopic surgical procedure. Of the risk factors analyzed, a history of abdominal surgery was the only one associated with the occurrence of major complications, with an odds ratio of 2.48 (95% confidence interval 1.23–6.49).

Conclusion:  While complications are inevitable, even in the hands of the most skilled surgeon, they can be minimized without conversion to laparotomy by a sufficiently developed suturing technique and a precise knowledge of pelvic anatomy. The presented data indicate that our method allows for safe TLH and minimization of ureteral injury, without the use of stringent exclusion criteria.
Comparison of 90‐day re‐admission rates between open retropubic radical prostatectomy (RRP), laparoscopic RP (LRP) and robot‐assisted laparoscopic prostatectomy (RALP)
Authors: Chung Shiu‐Dong , Kelle Joseph J. , Huang Chao‐Yuan , Chen Yi‐Hua , Lin Herng‐Ching
Published: April 2012

Study Type – Therapy (case series)

Level of Evidence 4

What's known on the subject? and What does the study add?

With the increased use of laparoscopic radical prostatectomy (LRP) and robot‐assisted laparoscopic prostatectomy (RALP), a growing number of publications have sought to compare these more advanced techniques to retropubic RP (RRP). Many studies have found RALP and LRP to be associated with lower blood loss, postoperative pain, and hospital stay when compared with RRP.

The present study showed that, after adjusting for potential confounders, patients undergoing RALP had a lower risk of 90‐day re‐admission than patients undergoing RRP. However, there was no significant difference in the odds of being re‐admitted ≤90 days after RP between patients undergoing a LRP and RRP.

OBJECTIVE

To examine the risk of 90‐day re‐admission among patients undergoing retropubic radical prostatectomy (RRP), laparoscopic RP (LRP), and robot‐assisted laparoscopic prostatectomy (RALP) in Taiwan.

PATIENTS AND METHODS

We identified 2741 hospitalised patients who underwent a RP. Of these 2741 cases, 1773 patients underwent RRP, 694 LRP, and 274 RALP.

We performed a conditional (fixed‐effect) logistic regression model to explore the odds of 90‐day re‐admission from RP among patients undergoing RRP, LRP, and RALP.

RESULTS

In all, 257 of the 2741 (9.4%) sampled subjects were re‐admitted ≤90 days of the index RP.

Patients undergoing a RALP had a significantly lower incidence rate of 90‐day re‐admission than patients undergoing a RRP or LRP (3.6% vs 10.7% vs 8.2%, P < 0.001).

Compared with patients undergoing a RRP, the odds ratio (OR) of 90‐day re‐admission for patients undergoing a RALP was only 0.35 (95% confidence interval [CI] 0.19–0.68) after adjusting for patient age, geographic region, year of surgery, Charlson Co‐morbidity Index score, and surgeon age and the number of RP cases/year.

However, there was no significant difference in the odds of being re‐admitted ≤90 days of RP between patients undergoing a LRP and RRP.

The adjusted odds of 90‐day re‐admission for patients undergoing a RALP were 0.46 (95% CI 0.23–0.94) those of patients undergoing a LRP.

CONCLUSIONS

Our study shows that patients undergoing a RALP had a lower adjusted risk of 90‐day re‐admission than patients undergoing RRP. However, no significant differences were identified between LRP and RRP.
Modulation of bladder afferent signals in normal and spinal cord‐injured rats by purinergic P2X3 and P2X2/3 receptors
Authors: Munoz Alvaro , Somogyi George T. , Boone Timothy B. , Ford Anthony P. , Smith Christopher P.
Published: April 2012

What's known on the subject? and What does the study add?

It is well known that urinary bladder sensation requires the activation by ATP of ionotropic purinergic P2X3/P2X2/3 receptors located in bladder afferent C‐fibres. Furthermore, in rat models of neurogenic bladder hyperactivity the release of ATP from the bladder urothelium is greater than ATP release in neurally intact rats. Therefore, the activation of purinergic receptors in bladder sensory fibres seems to be a sentinel event for the development of bladder hyperactivity after spinal cord injury.

We found that inhibition of P2X3/P2X2/3 purinergic receptors decreased the frequency of sensory field potentials evoked by activation of bladder noxious pathways. At the same time, the pharmacological blockade of these receptors significantly decreased the frequency of non‐voiding contractions in rats with neurogenic bladder hyperactivity. The present study uncovers sensory purinergic receptors as potential therapeutic targets to treat neurogenic bladder hyperactivity, especially when the release of ATP from the urothelium is elevated.

OBJECTIVE

To evaluate the role of bladder sensory purinergic P2X3 and P2X2/3 receptors on modulating the activity of lumbosacral neurones and urinary bladder contractions in vivo in normal or spinal cord‐injured (SCI) rats with neurogenic bladder overactivity.

MATERIALS AND METHODS

SCI was induced in female rats by complete transection at T8–T9 and experiments were performed 4 weeks later, when bladder overactivity developed. Non‐transected rats were used as controls (normal rats).

Neural activity was recorded in the dorsal horn of the spinal cord and field potentials were acquired in response to intravesical pressure steps via a suprapubic catheter. Field potentials were recorded under control conditions, after stimulation of bladder mucosal purinergic receptors with intravesical ATP (1 mm), and after intravenous injection of the P2X3/P2X2/3 antagonist AF‐353 (10 mg/kg and 20 mg/kg).

Cystometry was performed in urethane‐anaesthetised rats intravesically infused with saline. AF‐353 (10 mg/kg) was systemically applied after baseline recordings; the rats also received a second dose of AF‐353 (20 mg/kg). Changes in the frequency of voiding (VC) and non‐voiding (NVC) contractions were evaluated.

RESULTS

SCI rats had significantly higher frequencies for field potentials and NVC than NL rats. Intravesical ATP increased field potential frequency in control but not SCI rats, while systemic AF‐353 significantly reduced this parameter in both groups.

AF‐353 also reduced the inter‐contractile interval in control but not in SCI rats; however, the frequency of NVC in SCI rats was significantly reduced.

CONCLUSION

The P2X3/P2X2/3 receptors on bladder afferent nerves positively regulate sensory activity and NVCs in overactive bladders.
Minimally invasive percutaneous nephrolitholapaxy (PCNL) as an effective and safe procedure for large renal stones
Authors: Abdelhafez Mohamed F. , Bedke Jens , Amend Bastian , ElGanainy Ehab , Aboulella Hassan , Elakkad Magdy , Nagele Udo , Stenzl Arnulf , Schilling David
Published: April 2012

Study Type – Therapy (case series)

Level of Evidence 4

What's known on the subject? and What does the study add?

The minimally invasive percutaneous nephrolitholapaxy (MIP) has shown high efficacy and safety for the management of small renal stones. It was initially developed to overcome a gap between the minimally invasive extracorporeal shockwave lithotripsy and invasive conventional percutaneous nephrolitholapaxy (PCNL) in the management of low stone burden but there is debate as to whether the MIP is also effective for larger stones.

The present study shows the high efficacy and safety of MIP, which is comparable to conventional PCNL in the treatment of stones of >20 mm, including complex staghorn stones.

OBJECTIVE

To evaluate the safety and efficacy of minimally invasive percutaneous nephrolitholapaxy (MIP) in the management of large and complex renal calculi.

PATIENTS AND METHODS

From January 2007 to March 2011, 73 patients with 83 renal units with large renal stones (>20 mm in diameter) were retrospectively evaluated.

Stones were classified into simple (isolated renal pelvis or isolated calyceal stones) or complex (partial or complete staghorn stones, renal pelvis stones with accompanying calyceal stones).

Stone‐free rate, complications according to the modified Clavien system, decrease in haemoglobin, creatinine level, operative duration and hospital stay were compared for simple and complex renal calculi.

RESULTS

The mean (sd) stone size was 36.7 (23.37) mm and mean operative duration was 99.2 (48.3) min.

In all, 65 cases (78.3%) were stone‐free after the first procedure and another 14 needed an auxiliary procedure (four second‐look percutaneous nephrolitholapaxy, nine ureterorenoscopy, and one extracorporeal shockwave lithotripsy) to become stone‐free, resulting in a 95.2% stone‐free rate.

Complications occurred in 22 procedures (26.5%), 17 of them were Clavien Grade 1 or 2 (20.5%), five were Grade 3 (6%). There were no Grade 4 or 5 complications.

The only significant difference between complex and simple stones was the stone‐free rate (96.9% vs 66.7%, P= 0.001).

CONCLUSION

The MIP technique is effective and safe for larger stones with low morbidity, good success rate and reasonable operative duration.
Pressure‐reduction and preservation in custom‐made footwear of patients with diabetes and a history of plantar ulceration
Authors: Waaijman R. , Arts M. L. J. , Haspels R. , Busch‐Westbroek T. E. , Nollet F. , Bus S. A.
Published: April 2012

Diabet. Med. 29, 1542–1549 (2012)

Aims  To assess the value of using in‐shoe plantar pressure analysis to improve and preserve the offloading properties of custom‐made footwear in patients with diabetes.

Methods  Dynamic in‐shoe plantar pressures were measured in new custom‐made footwear of 117 patients with diabetes, neuropathy, and a healed plantar foot ulcer. In 85 of these patients, high peak pressure locations (peak pressure > 200 kPa) were targeted for pressure reduction (goal: > 25% relief or below an absolute level of 200 kPa) by modifying the footwear. After each of a maximum three rounds of modifications, pressures were measured. In a subgroup of 32 patients, pressures were measured and, if needed, footwear was modified at 3‐monthly visits for 1 year. Pressures were compared with those measured in 32 control patients who had no footwear modifications based on pressure analysis.

Results  At the previous ulcer location and the highest and second highest pressure locations, peak pressures were significantly reduced by 23%, 21% and 15%, respectively, after modification of footwear. These lowered pressures were maintained or further reduced over time and were significantly lower, by 24–28%, compared with pressures in the control group.

Conclusion  The offloading capacity of custom‐made footwear for high‐risk patients can be effectively improved and preserved using in‐shoe plantar pressure analysis as guidance tool for footwear modification. This provides a useful approach to obtain better offloading footwear that may reduce the risk for pressure‐related diabetic foot ulcers.
PARTISAN ADVOCATES
Authors: Kim Chulyoung
Published: April 2012

This paper studies the problem of an uninformed decision maker who acquires expert advice prior to making a decision. I show that it is less costly to hire partisan agents than impartial agents, especially under advocacy, and that the decision maker prefers partisan advocacy to other forms of institutions. I also extend the literature, originating with Dewatripont and Tirole (), to a setting with contracts that condition on information provided and not just the decision made.
Assessment of interpersonal risk (AIR) in adults with learning disabilities and challenging behaviour – piloting a new risk assessment tool
Authors: Campbell Martin , McCue Michael
Published: April 2012

Accessible summary

A new risk assessment tool, called the Assessment of Interpersonal Risk (AIR), has been developed. This is to measure the risks between adults with learning disabilities who have challenging behaviour and mental health problems. The tool is used to record five different types of risk. It was used for a period of 6 months in a National Health Service (NHS) assessment and treatment unit, to see how well it worked. Incidents of challenging behaviour for five people were recorded over this time.

The assessment of interpersonal risk was combined with the risk assessment tools already being used in the assessment and treatment unit.

Results showed that the AIR tool may be a useful addition to:

Effectively managing risk

Informing assessments, especially when people are moving from in‐patient services

Support professional judgement to make defensible decisions about risk

A new risk assessment tool, Assessment of Interpersonal Risk (AIR), was piloted and evaluated to measure risk factors and compatibility between individuals living in an assessment and treatment unit in one NHS area. The adults with learning disabilities in this unit had severe and enduring mental health problems and/or behaviour that is severely challenging. The aims of this small‐scale research project were to estimate the reciprocal risk to and from each individual across five main risk domains and to enhance professional judgement to make defensible decisions about interpersonal risk. Data were recorded on incidents involving five individuals over a period of 6 months. Individual Rating Profiles were incorporated into existing Individual Risk Management Plans, together with interpersonal profiles, recording risk evaluations between named individuals across the five risk domains. Results showed that the AIR tool may be a useful addition to existing effective risk management, to inform assessments and future discharge planning.
BOOK REVIEWS
Authors: Lindholm Richard W.
Published: April 2012

Book reviewed in this article:

Shareholder Democracy: A Broader Outlook for Corporations. By Frank D. Emerson and Franklin C. Latcham.

Le Profit des Grandes Enterprises Américaines. By Hans Staub.

Mobile Homes: The Growth and Business Practices of the Industry. By Taylor W. Meloan.

Financing the Instalment Purchases of the American Family. By Clyde W. Phelps.

Group Annuities. By Kenneth Black, Jr.

Fundamentals of Private Pensions. By Dan McGill.

Convertibility and Foreign Trade. By J. F. Gaston, F. W. Jones, H. P. Dryer, and H. Bodansky.

The International Bank for Reconstruction and Development, 1946–1953. By International Bank for Reconstruction and Development.

The Dollar Dilemma: Perpetual Aid to Europe? By Melchior Palyi.

Individuals' Saving: Volume and Composition. By Irwin Friend with the assistance of Vito Natrella.

Planning Your Financial Independence. By John E. Leibenderfer.

Research in the Capital and Securities Markets.

Economic Fluctuations: An Analysis of Business Cycles and Other Economic Fluctuations. By Maurice W. Lee.

Money and Banking in British Colonial Africa. By W. T. Newlyn and D. C. Rowan.

Money, Banking and the Financial System. By Milton L. Stokes and Carl T. Arlt.

British Public Finances, 1880–1952. By Ursula K. Hicks.

A Century and a Half of Federal Expenditures. By M. Slade Kendrick, assisted by Mark Wehle.

Income Redistribution and Social Policy. Edited by Alan T. Peacock.

Cutting Your Unemployment Taxes: A Practical Guide to Minimizing Unemployment Compensation Costs. By Richard J. Potter.

The Budgetary Process in the United States. By Arthur Smithies.

New Rapid Tax Depreciation: How To Use It Profitably. By Willard F. Stanley.

Experience in Urban Real Estate Investment: An Interim Report Based on New York City Properties. By Leo Grebler.
THE PRICING OF OPTIONS WITH STOCHASTIC DIVIDEND YIELD
Authors: Geske Robert
Published: April 2012

A formula is derived in discrete time for pricing options when the underlying stock has a stochastic dividend yield. The result implies that regarding the dividend yield as certain when it is not results in misestimation of the variance of the underlying stock. Comparative statics indicate that this adjustment could diminish a bias of the Black‐Scholes model. This model systematically underprices deep‐out‐of‐the‐money options. A numerical example demonstrates that this stochastic adjustment may be more important for longer‐lived options and warrants.
The Demand for Life Insurance: An Application of the Economics of Uncertainty
Authors: CAMPBELL RITCHIE A.
Published: April 2012

Financial economists typically assume that capital income uncertainty, derived from investments in uncertain returned marketable securities, represents the major source of household consumption uncertainty. But, for many households, if not most, labor income uncertainty dominates capital income uncertainty.

This study analyzes households optimal reactions to labor income (human capital) uncertainty that is derived from the possibility of their wage earners' non–survival. By introducing a risk resolution mechanism—an insurance market—and allowing for the possibility that future tastes may be state–dependent, simple demand–for–insurance equations are mathematically derived to explicitly describe households optimal responses to human capital uncertainty.
Asset Accumulation In Early Married Life
Authors: FERBER ROBERT , LEE LUCY CHAO
Published: April 2012

This longitudinal study of the factors influencing the accumulation of financial assets by young married couples in three metropolitan areas of Illinois, finds that couples that start out with a strong financial base tend to improve their relative financial position over time. Especially intriguing is the finding that those couples that acquired initially substantial amounts of debt were more likely to be well off financially at a later time, possibly because the principal asset purchased with these debts, own home, appreciated substantially during the period studied.

The results also suggest that a measure of normal income becomes relevant to explaining variations in asset accumulation only after five or six years of the marriage, while socioeconomic variables other than income seemed to have relatively little effect on changes in asset holdings over time.
On the Valuation of Federal Loan Guarantees to Corporations
Authors: SOSIN HOWARD B.
Published: April 2012

Since 1956, Federal Loan Guarantee Programs have expanded to the point where recipients of guarantees represent most segments of the economy. Considerable debate centers on the determination of the magnitude of the liability of the Federal Government that is represented by these programs. This paper illustrates how option pricing techniques may be used to obtain estimates of the purely pecuniary costs of loan guarantees, interest saving to the firm on senior and junior debt, and implicit present value profitability indices of projects.
A RATIONALE FOR DEBT MATURITY STRUCTURE AND CALL PROVISIONS IN THE AGENCY THEORETIC FRAMEWORK
Authors: BARNEA AMIR , HAUGEN ROBERT A. , SENBET LEMMA W.
Published: April 2012

The agency costs of debt are introduced in this paper to explain the existence of complex financial instruments. Two areas of complexities are discussed in detail: the call provision and the maturity structure of debt. Their existence is rationalized as a means of resolving agency problems associated with informational asymmetry, managerial (stockholder) risk incentives, and foregone growth opportunities. It is also demonstrated that both features of corporate debt serve identical purposes in solving agency problems. Complex financial instruments are required because markets fail to provide complete and costless solutions to the agency problems discussed in the paper.
Stock Market Return Expectations: Some General Properties
Authors: LAKONISHOK JOSEF
Published: April 2012

This paper examines how and how well do leading economists forecast stock market returns. This question is fundamental in finance, since the Capital Asset Pricing foundation rests upon assumptions about the properties of investors' expectations for stock market returns. The results reveal that economists' expectations of market returns as exemplified in Livingston's data do not meet the necessary conditions of efficiency. It should be noted however, that in later period some improvement in the quality of economists' forecasts was observed.
Interest Rates, Uncertainty and the Livingston Data
Authors: BOMBERGER WILLIAM A. , FRAZER WILLIAM J.
Published: April 2012

The observed relationship between the standard deviation of forecasts and past forecast errors as found in the Livingston survey suggests the interpretation of the standard deviation as a measure of inflation uncertainty. The mean and the standard deviation for the inflation rate forecast found in the Livingston survey, furthermore, are used as regressors in a reduced‐form interest rate equation. The results indicate a large negative effect of such uncertainty on interest rates. The inclusion of the uncertainty measure and commonly omitted lagged values of all variables in our analysis of data leads to more theoretically plausible estimated effects of money growth and expected inflation on interest rates than do standard estimates.
Estimating the Divisional Cost of Capital: An Analysis of the Pure‐Play Technique
Authors: FULLER RUSSELL J. , KERR HALBERT S.
Published: April 2012

This paper suggests that the pure‐play technique can be used in conjunction with the capital asset pricing model to determine the cost of equity capital for the divisions of a multidivision firm. Since the beta for a division is unobservable in the marketplace, a proxy beta derived from a publicly traded firm whose operations are as similar as possible to the division in question is used as the measure of the division's systematic risk. To provide empirical support for using the pure‐play technique, a sample of multidivision firms and pure‐play associated with each division is examined. It is shown that an appropriately weighted average of the betas of the pure‐play firms closely approximates the beta of the multidivision firm.
The Determinants of the Treasury Security Yield Curve
Authors: ROLEY V. VANCE
Published: April 2012

Investors' security demands and two points on the yield curve are jointly determined using a disaggregated structural model of the U.S. Treasury securities market. The empirical results indicate that the structural model is capable of accurately explaining Treasury yields and that changes in a variety of nonyield variables affect the yield curve. Among these nonyield variables are Treasury security supplies, which are found to have significant but somewhat volatile impacts depending on investors' wealth flows. The within‐sample predictions from the structural model are also compared to those of a naive model.
Taxation and Corporate Pension Policy
Authors: TEPPER IRWIN
Published: April 2012

This paper focuses on the impact of taxes on optimal corporate pension policy. The analysis is based upon an integration of corporate and individual shareholder considerations. The major conclusions are that a company should fully fund its pension plan and should invest the pension fund totally in bonds.
The Adjustment of Stock Prices to Information About Inflation
Authors: SCHWERT G. WILLIAM
Published: April 2012

This paper analyzes the reaction of stock prices to the new information about inflation. Based on daily returns to the Standard and Poor's composite portfolio from 1953–78, it seems that the stock market reacts negatively to the announcement of unexpected inflation in the Consumer Price Index (C.P.I.), although the magnitude of the reaction is small. It is interesting to note that the stock market seems to react at the time of announcement of the C.P.I., approximately one month after the price data are collected by the Bureau of Labor Statistics.
Testing the Efficiency of the Canadian‐U.S. Exchange Market under the Assumption of no Risk Premium
Authors: LONGWORTH DAVID
Published: April 2012

The efficiency of the Canadian‐U.S. exchange market for the current float is examined more extensively than previously. Semi‐strong‐form tests which admit the lagged spot rate as a predictor are considered in addition to the standard weak‐form test. These stronger tests reject the joint null hypothesis of an efficient exchange market and no risk premium for the period ending in October 1976, although not for the entire period. For almost every year the current spot rate provided a better forecast of the future spot rate than did the current forward rate.
On the Effects of Barriers to International Investment
Authors: STULZ RENÉ M.
Published: April 2012

A simple model is presented in which it is costly for domestic investors to hold foreign assets. The implications of the model for the composition of optimal portfolios at home and abroad are derived. It is shown that all foreign assets with a beta larger than some beta plot on either one of two security market lines. Some foreign assets with a beta smaller than are not held by domestic investors even if their expected return is increased slightly.
Signaling and the Valuation of Unseasoned New Issues
Authors: DOWNES DAVID H. , HEINKEL ROBERT
Published: April 2012

This paper is an empirical examination of the relation between firm value and two potential actions by entrepreneurs attempting to signal to investors information about otherwise unobservable firm features. The signals investigated are the proportion of equity ownership retained by entrepreneurs and the dividend policy of the firm; both signals are hypothesized to be positively related to firm value. Using a sample of unseasoned new equity issues, the empirical results are consistent with the entrepreneurial ownership retention hypothesis, but the dividend signaling hypothesis is rejected.
Flattening of Bond Yield Curves for Long Maturities
Authors: LIVINGSTON MILES , JAIN SURESH
Published: April 2012

The paper presents a theoretical proof that flattening of yield curves for par bonds is inevitable for long maturities. This proof implies that behavioral explanations of flattening are unnecessary. The proof also implies that the use of yields to maturity of couponbearing bonds to estimate the true term structure (as well as forward rates) for long maturities has potentially infinite bias, suggesting that a greater effort should be made to directly estimate the true term structure in empirical work.
The Distribution of Foreign Exchange Price Changes: Trading Day Effects and Risk Measurement
Authors: McFARLAND JAMES W. , PETTIT R. RICHARDSON , SUNG SAM K.
Published: April 2012

This study investigates the nature of price changes in a variety of major and minor foreign exchange markets. The results suggest that the log of price changes over one (trading) day intervals seems to follow a non‐normal stable distribution function. Different measures of location (and to lesser extent scale) are present for different days of the week. Dollar denominated price changes are high on Mondays and Wednesdays and low on Thursdays and Fridays for all currencies. The Wednesday‐Thursday result is consistent with the settlement procedures used in foreign exchange transactions in the dollar. The Friday‐Monday result is consistent with an increase in demand for the dollar prior to the weekend.
On the Effectiveness of the Federal Reserve's Margin Requirement
Authors: LUCKETT DUDLEY G.
Published: April 2012

A portfolio‐theoretic model of the optimal margin account is developed. It is argued that the Federal Reserve's goal in setting the margin requirement is to influence investor equity ratios. Using the average equity ratio as the dependent variable and the arguments of the model as independent variables, an empirical model is estimated. It is concluded that the margin requirement is an effective regulatory tool.
The Effects of Anticipated Inflation on Housing Market Equilibrium
Authors: TITMAN SHERIDAN
Published: April 2012

An increase in the anticipated rate of inflation causes distortions in the housing market due to a nonindexed tax system. Since nominal rather than real interest payments are tax deductible, an increase in inflation decreases the aftertax cost of capital for homeowners, which in turn increases the demand for housing and increases its real price. This tax gain is shown to be larger for rental housing than for owner‐occupied housing. In a competitive market, this implies that although the real price of housing increases with a rise in anticipated inflation, real rental rates fall.
Variance and Lower Partial Moment Measures of Systematic Risk: Some Analytical and Empirical Results
Authors: PRICE KELLY , PRICE BARBARA , NANTELL TIMOTHY J.
Published: April 2012

As a measure of systematic risk, the lower partial moment measure requires fewer restrictive assumptions than does the variance measure. However, the latter enjoys far wider usage than the former, perhaps because of its familiarity and the fact that two measures of systematic risk are equivalent when return distributions are normal. This paper shows analytically that there are systematic differences in the two risk measures when return distributions are lognormal. Results of empirical tests show that there are indeed systematic differences in measured values of the two risk measures for securities with above average and with below average systematic risk.
The Regulation of Financial and Other Futures Markets
Authors: HOUTHAKKER HENDRIK S.
Published: April 2012

My assignment is to speak about the regulation of financial futures markets, but in this respect the differences between financial futures and the traditional commodity futures are comparatively minor. Most of what I have to say, therefore, will apply to the regulation of futures markets in general. Towards the end of my remarks I shall say something about the problems that are particular to financial futures.
The Pricing of Tax‐Exempt Bonds and the Miller Hypothesis
Authors: TRZCINKA CHARLES
Published: April 2012

This paper reports a new test of two competing theories of the relation between tax‐exempt and taxable interest rates. The Miller hypothesis predicts that the tax‐exempt rate is 52 percent of the taxable rate, while the institutional demand hypothesis predicts a volatile relationship. The tests in this paper employ a random intercept model to control for the risk of average interest rates. The results favor the Miller hypothesis. Marginal tax rates are found to be close to Miller's predicted 48 percent. The relationship is not influenced by relative demand or supply and the marginal tax rate appears stable over time.
Changes in the Financial Market: Welfare and Price Effects and the Basic Theorems of Value Conservation
Authors: HAKANSSON NILS H.
Published: April 2012

This paper analyzes the impact, on both welfare and equilibrium prices, of changes in the financial market in a general equilibrium, two‐period context. Previous papers have focussed on the “securities effect,” tending to essentially ignore the equally important “endowment effect” that arises when market structure changes are implemented. Two forms of endowment neutrality and market structure changes which either preserve, expand, or shift allocational feasibility differentiate the main theorems, which are based on arbitrary preferences and beliefs and substantially extend and modify extant results; in particular, earlier statements identified with value conservation are sharply moderated. Very roughly, the paper yields the following implications for some of the more common changes in the market: nonsynergistic corporate spinoffs and the opening of option markets have, on balance, strongly positive welfare effects; nonsynergistic mergers tend to have strong negative welfare effects, while the welfare effects of alternative risky debt structures tend to be ambiguous. All of the preceding, however, may under plausible conditions be redistributive.
The Determination of Fair Profits for the Property‐Liability Insurance Firm
Authors: KRAUS ALAN , ROSS STEPHEN A.
Published: April 2012

Single period and dynamic valuation models in continuous time, under certainty and uncertainty, are developed for a property‐liability insurance contract to determine the “fair” (competitive) premium and underwriting profit. The intertemporal stochastic model assumes that the claim frequency and the price index of claim settlements are functions of a set of underlying state variables which follow a multivariate Wiener process. The competitive premium is shown to be proportional to the claim frequency and the price index for claim settlements at the time the policy is issued. The factor of proportionality varies directly with the claim settlement rate and the length of coverage, and inversely with the risk‐adjusted real interest rate on the dollar‐valued claim rate.
Dividends and Capital Asset Prices
Authors: MORGAN I. G.
Published: April 2012

Tax based dividend models of capital asset pricing assume that dividends are known at the time prices are set. Dividends which are announced and paid in the same month, and dividends which were expected but cancelled in the month constitute surprises which interfere with many empirical tests of the effects of expected dividend yield on returns. This paper avoids these problems by relating returns to forecasts of dividend yield obtained from past data.