bluuebunny/crossref_metadata_2025 huggingface dataset:
Endoscopic Endonasal Management of Pseudotumor Cerebri: Is it Effective?
Authors: Gupta Ashok K. , Gupta Anish , Kumar Sudesh , Lal Vivek
Published: June 2007

Purpose: To study the efficacy and safety of endoscopic endonasal optic nerve fenestration for the management of idiopathic intracranial hypertension (IIH).

Design: A prospective study at a tertiary care center.

Patients and Methods: All patients with a final diagnosis of IIH from July 2001 to March 2005 were included and subjected to detailed neuro‐ophthalmologic examination and endoscopic endonasal optic nerve fenestration. Postoperative visual acuity and the perimetry was compared with the preoperative status, and the results were analyzed using the ξ2 test.

Results: Of the 18 patients included in the study, 17 had improvement in vision postoperatively. Fifteen patients had visual deterioration in the other eye as well, and of these, 12 had improvement, obviating the need for surgery on the other side. Complications were minimal and in the form of synechiae in two of the cases.

Discussion: A number of procedures have been described for the management of this entity, and each is associated with a significant morbidity; therefore, there was a need for a minimally invasive procedure. The procedure adopted in the series is minimally invasive and is associated with a 94.5% success rate and minimal morbidity.

Conclusions: Endoscopic endonasal optic nerve fenestration is a safe, minimally invasive, and extremely effective procedure for the management of IIH.
The Erasmus Atelectasis Classification: Proposal of a New Classification for Atelectasis of the Middle Ear in Children
Authors: Borgstein Johannes , Gerritsma Tatjana V. , Wieringa Marjan H. , Bruce Iain A.
Published: June 2007

Objectives: Atelectasis presents a challenging, often progressive, problem in children. Because of the lack of a clinically practical classification, we introduce a new classification, which in our opinion is more useful in the pediatric age group. This alternative classification enables a more clinically relevant correlation between stage of disease and clinical sequelae and technical difficulty at surgery.

Study Design: Observational study of patients seen and operated at the Sophia Children's Hospital in Rotterdam, The Netherlands between 1989 and 2005.

Methods: Based on clinical appearance, each ear was placed into one of the five groups of the proposed classification and into one of the four stages of Sadé's classification. Preoperative air and bone conduction thresholds and air‐bone gaps (ABG) were calculated using the four‐tone pure‐tone (500, 1,000, 2,000, and 4,000 Hz) averages for bone and air conduction.

Results: Of the 248 ears in the study group, 72 were in stage I, with an ABG of 18.2 ± 12.3 dB. Twenty‐two were in stage II, with an ABG of 12.9 ± 9.5 dB. In stage III, there were 32 ears, with an ABG of 11.6 ± 10.0 dB. Thirty‐one ears were in stage IV, with an ABG of 16.1 ± 11.5 dB. Eighty‐five ears were in stage V, with an ABG of 26.1 ± 13.3 dB. When grouped according to Sadé's classification, 92 ears could not be classified.

Conclusions: We found the currently proposed classification more useful in that it follows the natural progression of the disease and is more practical in determining operative procedures at each stage.
Positive Correlation of Tissue Inhibitor of Metalloproteinase‐3 and Death‐Associated Protein Kinase Hypermethylation in Head and Neck Squamous Cell Carcinoma
Authors: Nayak Chetan S. , Carvalho André Lopes , Jeronimo Carmen , Henrique Rui , Kim Michael M. , Hoque Mohammad O. , Chang Steve , Jiang Wei‐Wen , Koch Wayne , Westra William , Sidransky David , Califano Joseph
Published: June 2007

Objectives/Hypothesis: Promoter hypermethylation of tumor suppressor genes is common in head and neck cancer as well as other primary cancers resulting in epigenetic gene silencing. Tissue inhibitor of metalloproteinase‐3 (TIMP‐3) has been shown to have promoter hypermethylation in several solid tumors, but has not been identified in head and neck squamous cell carcinoma (HNSCC). Our objective was to determine if TIMP‐3 promoter was hypermethylated in HNSCC, if there was any correlation with death associated protein kinase (DAPK), a tumor suppressor whose promoter has been hypermethylated at high levels in HNSCC, and if any clinical factors influence hypermethylation of either of these genes.

Study Design: Prospective study.

Methods: Tumor samples from 124 patients with HNSCC were evaluated for promoter hypermethylation for TIMP‐3 and DAPK using quantitative methylation specific polymerase chain reaction (qMSP). We compared both TIMP‐3 and DAPK hypermethylation in HNSCC with each other as well as with other clinical variables.

Results: We found that TIMP‐3 was hypermethylated in approximately 71.8% of the tumor samples and DAPK was hypermethylated in 74.2%. The presence of TIMP‐3 and DAPK promoter hypermethylation was significantly higher than in control specimens. More importantly, TIMP‐3 and DAPK hypermethylations in these samples were highly correlated with a concordance of 78% (P < .001). DAPK was also correlated with current alcohol consumption (P < .028), but neither TIMP‐3 nor DAPK hypermethylation was significantly correlated with other clinical variables or with survival.

Conclusion: TIMP‐3 promoter hypermethylation is elevated in HNSCC and is highly correlated with DAPK hypermethylation, implying a functional relationship between these genes.
Perforated Peptic Ulcer in Children: A 20‐year Experience
Authors: Hua Man‐Chin , Kong Man‐Shan , Lai Ming‐Wei , Luo Chih‐Cheng
Published: June 2007

Background:

Although the detection of pediatric peptic ulcer disease (PUD) has recently been increasing, perforated peptic ulcer (PPU) in children is rare. We report our experience with PPU in children.

Materials and Methods:

The charts of children diagnosed with PPU at our hospital from January 1986 to June 2005 were reviewed. Data were obtained on demographics, coexisting clinical events, perforation sites, delay in surgery, operative findings and methods, and outcomes. The data were analyzed using the χ2, Student t test, and multivariate logistic regression for possible risk factors.

Results:

There were 42 male and 10 female patients aged 2 to 18 years (mean, 14.2 years) included in the study. Forty‐seven patients were adolescents (90%). Eight patients had coexisting clinical events before PPU. All of the patients manifested acute abdominal pain. Forty‐nine patients (94.2%) had peritoneal signs. Radiography showed subdiaphragmatic free air in 43 patients (82.7%); this was the most important tool for establishing diagnosis. Nine patients (17.3%) had postoperative complications. Two patients died (3.8%). Univariate analysis showed that poor outcome was significantly associated with female sex, more coexisting clinical events, no evidence of chronic ulcer, and treatment by simple suture (P < 0.05). Only female sex and simple suture remained statistically significant in multivariate analysis. Although delay in surgery (>12 hours) was not significantly related to complications, there was a greater tendency toward the development of complications.

Conclusions:

PPU should be suspected in adolescents who manifest acute abdominal pain and have peritoneal signs. Children with PPU have a more favorable outcome than adults.
Luminal Substrate “Brake” on Mucosal Maltase‐glucoamylase Activity Regulates Total Rate of Starch Digestion to Glucose
Authors: Quezada‐Calvillo Roberto , Robayo‐Torres Claudia C , Ao Zihua , Hamaker Bruce R , Quaroni Andrea , Brayer Gary D , Sterchi Erwin E , Baker Susan S , Nichols Buford L
Published: June 2007

Background:

Starches are the major source of dietary glucose in weaned children and adults. However, small intestine α‐glucogenesis by starch digestion is poorly understood due to substrate structural and chemical complexity, as well as the multiplicity of participating enzymes. Our objective was dissection of luminal and mucosal α‐glucosidase activities participating in digestion of the soluble starch product maltodextrin (MDx).

Patients and Methods:

Immunoprecipitated assays were performed on biopsy specimens and isolated enterocytes with MDx substrate.

Results:

Mucosal sucrase‐isomaltase (SI) and maltase‐glucoamylase (MGAM) contributed 85% of total in vitro α‐glucogenesis. Recombinant human pancreatic α‐amylase alone contributed <15% of in vitro α‐glucogenesis; however, α‐amylase strongly amplified the mucosal α‐glucogenic activities by preprocessing of starch to short glucose oligomer substrates. At low glucose oligomer concentrations, MGAM was 10 times more active than SI, but at higher concentrations it experienced substrate inhibition whereas SI was not affected. The in vitro results indicated that MGAM activity is inhibited by α‐amylase digested starch product “brake” and contributes only 20% of mucosal α‐glucogenic activity. SI contributes most of the α‐glucogenic activity at higher oligomer substrate concentrations.

Conclusions:

MGAM primes and SI activity sustains and constrains prandial α‐glucogenesis from starch oligomers at approximately 5% of the uninhibited rate. This coupled mucosal mechanism may contribute to highly efficient glucogenesis from low‐starch diets and play a role in meeting the high requirement for glucose during children's brain maturation. The brake could play a constraining role on rates of glucose production from higher‐starch diets consumed by an older population at risk for degenerative metabolic disorders.
Vitamin C Status in Iranian Children With Acute Lymphoblastic Leukemia: Evidence for Increased Utilization
Authors: Neyestani Tirang R , Fereydouni Zahra , Hejazi Sima , Salehi‐Nasab Fatemeh , Nateghifard Fariba , Maddah Mohsen , Karandish Majid
Published: June 2007

Vitamin C status and total antioxidant capacity (TAC) in children with acute lymphoblastic leukemia (ALL) was assessed in 28 hospitalized patients and 30 apparently healthy control subjects. It was determined that whereas vitamin C intake in patients with ALL was more than twice as much as in controls, plasma and urinary concentrations of vitamin C were more than 10 times and 2.5 times higher in controls than in the patients with ALL, respectively (P < 0.001). Accordingly, serum TAC levels in the patients with ALL were lower than in healthy subjects (P < 0.001). Vitamin C utilization is increased in children with ALL.
Percutaneous Liver Biopsy Practice Patterns Among Pediatric Gastroenterologists in North America
Authors: Banerjee Sanjoy , Bishop Warren , Valim Clarissa , Mahoney Lisa B , Lightdale Jenifer R
Published: June 2007

Objectives:

To document current percutaneous liver biopsy (PLB) practices among pediatric gastroenterologists.

Materials and Methods:

A total of 699 practicing pediatric gastroenterologists received an e‐mail invitation to participate in a Web‐based survey. Our primary outcome was whether or not pediatric gastroenterologists reported currently performing PLB. We queried a number of practice preferences and potential factors that affect preferences among all of the participants.

Results:

Of 474 participants who opened the e‐mail, 317 (67%) completed the survey. Of those, 35% said that they performed no PLBs in an average month, instead referring patients who require the procedure to interventional radiologists. Patient safety and desire for ultrasound guidance were rated the most important reasons for referral. Adjusted analysis showed that pediatric gastroenterologists in academic settings were twice as likely to report performing PLB as those practicing elsewhere (P = .003). The interval since fellowship training was not associated with PLB performance in crude or adjusted analyses. Among those participants who did report performing PLB, substantial variation was found in preferred biopsy device, use of ultrasound assistance, and routine hospital admission post‐PLB. No practice preferences were found to be associated with routine admission.

Conclusions:

Many pediatric gastroenterologists report systematically and rationally referring children to interventional radiologists for PLB, rather than performing the procedure themselves. Crude numbers suggest that many who do not perform PLB are in academic practice settings, where fellowship training is presumably affected. Those pediatric gastroenterologists who do report performing PLB vary greatly in their preprocedure, patient disposition, and postprocedure routines.
Serum and Intestinal Dipeptidyl Peptidase IV (DPP IV/CD26) Activity in Children With Celiac Disease
Authors: Detel Dijana , Peršić Mladen , Varljen Jadranka
Published: June 2007

Objective:

Dipeptidyl peptidase IV (DPP IV/CD26) is involved in the degradation of proline‐rich proteins such as gliadin and in modulation of the immune response. The aim of this study was to examine the possible causal connection between DPP IV enzyme activities and celiac disease (CD) in children.

Patients and Methods:

Intestinal mucosal biopsy specimens were obtained from 97 patients. The patients were divided into 3 groups: patients with active CD (n = 38), patients with malabsorption syndrome (MS) of other causes (n = 37), and control patients (n = 22). In addition, blood samples were collected from 48 patients with active CD and 50 control patients without gastrointestinal diseases. DPP IV enzyme activity was measured in the intestinal mucosal biopsy specimens and in the serum samples.

Results:

DPP IV activity in the small intestine correlated inversely with the grade of mucosal damage in the CD (r = −0.92, P < 0.001) and MS groups (r = −0.90, P < 0.001). Intestinal DPP IV activity was statistically significantly lower in the CD and MS groups than in the control group (P < 0.001). By contrast, serum DPP IV activity was not significantly different between the CD and control groups.

Conclusions:

Our results suggest that the decrease in intestinal DPP IV activity is not specific to CD because it correlates with the level of mucosal damage in both patients with CD and those with MS. In addition, it seems that serum DPP IV activity cannot be used as a specific noninvasive diagnostic or prognostic marker of CD.
Dietary Macronutrient Intake During the First 10 Years of Life in a Cohort of Italian Children
Authors: Verduci E , Radaelli G , Stival G , Salvioni M , Giovannini M , Scaglioni S
Published: June 2007

Objective:

To describe the longitudinal pattern of dietary energy and macronutrient intakes during the first 10 years of life in a sample of healthy Italian children.

Patients and Methods:

Sixty‐one healthy children were followed from birth to 10 years of age. At 1, 5, 8, and 10 years of age, anthropometric measurements were taken and nutritional habits evaluated using a standardized food frequency questionnaire.

Results:

Compared to the Italian recommended dietary allowances, the children's diet was high in protein at any age, high in lipids from age 5 onward, and high in calories at 5 years of age. At 1 year, mean (SD) protein, carbohydrate, and lipid intake, expressed as percentage of total energy, was 20% (3%), 48% (7%), and 34% (5%), respectively. Afterward, the corresponding mean value ranged around 14% to 15%, 57% to 60%, and 29% to 32%. The mean glycemic load and overall glycemic index ranged around 143 to 150 and 58 to 59, respectively. A difference between boys and girls was found in the longitudinal pattern for the intake of energy (P < 0.0001) and glycemic load (P < 0.0001). The individual longitudinal dietary pattern varied over time for the intake of total energy (P < 0.0001), any macronutrient (P < 0.0001), and overall glycemic index (P = 0.05).

Conclusions:

Although the amount of energy intake was in accordance with the Italian recommended dietary allowances, children consumed a high‐protein and high‐lipid diet. Early and continuous dietary education of children and parents may provide support for adequate nutritional habits throughout their childhood.
Immune response to stem cells and strategies to induce tolerance
Authors: Batten Puspa , Rosenthal Nadia A , Yacoub Magdi H
Published: June 2007

Although recent progress in cardiovascular tissue engineering has generated great expectations for the exploitation of stem cells to restore cardiac form and function, the prospects of a common mass-produced cell resource for clinically viable engineered tissues and organs remain problematic. The refinement of stem cell culture protocols to increase induction of the cardiomyocyte phenotype and the assembly of transplantable vascularized tissue are areas of intense current research, but the problem of immune rejection of heterologous cell type poses perhaps the most significant hurdle to overcome. This article focuses on the potential advantages and problems encountered with various stem cell sources for reconstruction of the damaged or failing myocardium or heart valves and also discusses the need for integrating advances in developmental and stem cell biology, immunology and tissue engineering to achieve the full potential of cardiac tissue engineering. The ultimate goal is to produce ‘off-the-shelf’ cells and tissues capable of inducing specific immune tolerance.
Correlation between the corrosivity of naphthenic acids and their chemical structures
Authors: Qu Ding‐Rong , Zheng Yu‐Gui , Jiang Xiu , Ke Wei
Published: June 2007

Purpose

The objective of the present work was to study the influence of chemical compositions of five naphthenic acids (NAs) extracted from Liaohe crude oil on their corrosivity.

Design/methodology/approach

Fourier‐transform infrared spectrometry and electron impact mass spectrometry were used to characterize the chemical structures and compositions if five NAs. The corrosivities of the NAs were assessed by stagnant NA corrosion (NAC) tests. An attempt was made to identify any correlation between the chemical composition of the NAs and their corrosiveness.

Findings

The acidic species in all five NA samples were saturated aliphatic and naphthenic acids and the amount of aromatic and unsaturated acids was negligible. A relationship between the carboxylic acid distribution and the molecular weight was obtained. Most of the carboxylic acids in five NAs contained 0‐3 ring structures. NAs with lower molecular weight and fewer ring structures usually were more corrosive.

Originality/value

The findings have important implications for assessing the corrosivity of acidic crude oils from various resources.
Corrosion behaviours of several thermal spray coatings used on boiler tubes at elevated temperatures
Authors: Rezakhani D.
Published: June 2007

Purpose

Four thermal spray coatings were subjected to high temperature corrosive environments of oil‐fired boiler conditions to compare their corrosion protection under simulated conditions. The coatings included FeCrAl, Tafaloy 45CT, which were arc‐sprayed, 50Ni‐50Cr and Cr3C2‐NiCr, which were coated by high velocity oxy fuel spray (HVOF) method.

Design/methodology/approach

The coating substrates used were SA213TP 347H, SA213 T11 and SA213 T22 alloys that are widely used as boiler tube materials. Specimens were covered with a synthetic ash mixture of 70 per cent V2O5‐20 per cent Na2SO4‐10 per cent NaCl and exposed to 550°C and 650oC°for 192 h (6 cycles). After high temperature corrosion tests, weight change curves were obtained; specimens were examined by metallographical techniques, scanning electron microscopy and EDX analyses.

Findings

Salt deposits attacked steels and coatings during the exposure. The corrosion rates were strongly affected by the composition of the scale formed adjacent to the steels and coatings surfaces. Austenitic steel was only bare material that experienced uniform corrosion in the tests. Ferritic steels were primarily attacked by grain boundary corrosion. Thermally sprayed coatings were mainly attached through oxides and voids at splat boundaries. FeCrAl and 50Ni‐50Cr were prone to spalling. Tafaloy 45CT is also a promising method for producing homogenous coatings. Cr3C2‐NiCr 80/20 coating remained mostly intact.

Originality/value

This paper provides useful information about corrosion behaviours of four coatings used for common boiler tubes. It shows with a practical explanation how the bare material and coatings react in corrosion simulated environments.
What’s in a Name? Evidence on Corporate Name Changes from the Australian Capital Market
Authors: Josev Thomas , Chan Howard , Faff Robert
Published: June 2007

This paper investigates the economic impact of corporate name changes around the time of their announcement. We analyse a sample of 107 listed Australian companies that changed their name over the period January 1995 to December 1999. We conduct separate analysis of firms having ‘major’ versus ‘minor’ name changes; of firms with coincident financial restructuring versus firms without restructuring; of small firms versus large firms and of dotcom firms versus non‐dotcom firms. Generally, we find some evidence of a negative association between the corporate name change event and abnormal returns. This seems particularly the case for those companies whose name change is deemed to be ‘major’.
Accounting‐Based Equity Valuation Techniques and the Value Relevance of Dividend
Information: Empirical Evidence from Japan
Authors: Habib Ahsan
Published: June 2007

This paper empirically examines whether dividends are value‐relevant in Japan by employing Ohlson’s (1995) accounting‐based equity valuation technique. The substantial U.S.‐based literature on dividends has confirmed the signalling role of dividends in mitigating information asymmetry between managers and investors, and is consistent with an environment characterized by dispersion of ownership. However, the most important corporate governance characteristic that distinguishes Japan from the U.S. is the predominance of inter‐corporate, interlocking ownership in Japan, which reduces information asymmetry and is therefore likely to diminish the role of dividends in mitigating such asymmetries. Pooled regression results provide evidence consistent with this hypothesis. However, even in such an environment, dividends are value relevant for firms that incur losses whilst paying dividends, and also for firms with permanent earnings.
Audit Committee Membership ‐ A New Zealand Perspective
Authors: Rainsbury Elizabeth
Published: June 2007

This study examines factors related to audit committee membership for a sample of large New Zealand listed companies. This study reveals that non‐executive directors who are independent, and directors with financial expertise, are more likely to be members of audit committees. The results are consistent with the New Zealand Securities Commission’s corporate governance guidelines for audit committees of New Zealand listed companies. However, in the current New Zealand regulatory environment, directors with accounting expertise can include non‐executives affiliated with the firm. In these situations the financial expert is not independent. Remuneration committee members are found more likely to be members of the audit committee. This may be a result of their power and influence or be due to the skills they bring. The number of years that directors serve on the board, the number of other directorships they hold, and the number of shares they own in the company are not related to audit committee membership.
Job‐Relevant Information and its Role with Task Uncertainty and Management Accounting Systems on Managerial Performance
Authors: Chong Vincent K.
Published: June 2007

This paper examines the effect of job‐relevant information on the relationship between management accounting systems (MAS) and task uncertainty affecting managerial performance. Data are obtained via survey questionnaire of a sample of 131 senior managers from manufacturing firms in Australia. The study finds a statistically significant three‐way interaction between the extent of use of broad scope MAS information, job‐relevant information and task uncertainty affecting managerial performance. More specifically, the results suggest that under low task uncertainty situations, the use of more broad scope MAS information, regardless of job‐relevant information, would potentially result in information overload, which is detrimental to managerial performance. On the other hand, the results suggest that under high task uncertainty situations, the use of more broad scope MAS information and high use of job‐relevant information for decision‐making leads to improved managerial performance.
The Efficacy of Auditors’ Going‐Concern Opinions Compared with a Temporal and an Atemporal Bankruptcy Risk Model: Analysing U.S Trade and Service Industry Failures 1974 ‐ 1988
Authors: Cybinski Patti , Windsor Carolyn
Published: June 2007

Conflicting results have emerged from several past studies as to whether bankruptcy prediction models are able to forecast corporate failure more accurately than auditors’ going‐concern opinions. Nevertheless, the last decade has seen improved modelling of the path‐to‐failure of financially distressed firms over earlier static models of bankruptcy. In the light of the current crisis facing the auditing profession, this study evaluates the efficacy of auditors’ going‐concern opinions in comparison to two bankruptcy prediction models. Bankrupt firms in the U.S. service and trade industry sectors were used to compare model predictions against the auditors’ going‐concern opinion for two years prior to firm failure. The two models are the well‐known Altman (1968) Multiple Discriminant Analysis (MDA) model that includes only financial ratio variables in its formulation and the newer, temporal logit model of Cybinski (2000, 2003) that includes explicit factors of the business cycles in addition to variables internal to the firm. The results show overall better bankruptcy classification rates for the temporal model than for the Altman model or audit opinion.
The Balanced Scorecard: A New Zealand Perspective
Authors: Lord Beverley R , Shanahan Yvonne P , Gage Michelle J
Published: June 2007

The Balanced Scorecard (BSC), first introduced by Kaplan and Norton in 1992, is described as a comprehensive performance measurement system as well as a strategic management tool. Over the past decade, the BSC has attracted increasing attention in mainstream management accounting research. A review of the literature identifies five main areas of criticism relating to the BSC. Using particularly Nørreklit’s (2000, 2003) criticisms of the BSC’s assumptions, this research gained views (using both a pilot and follow up survey of New Zealand companies) on the number and titles of perspectives in the BSC; the existence and understanding of cause‐and‐effect relationships; whether or not the BSC was perceived as a strategic control model; the number of performance measures and perceptions of the ability to judge performance based on those measures; and the credibility and effectiveness of the BSC as a management solution. The findings show that the BSC is not used extensively by the firms studied but those that do use it take full advantage of the BSC’s flexibility, using broader perspective names, as needed, to incorporate the desired aspects of organisational performance. There appears to be no concern over whether the cause‐and‐effect relationships meet a set of academic criteria relating to empirical verification and logical independence. However, Nørreklit’s (2000) criticism that the BSC fails to increase strategy awareness finds some support. The findings also contradict the suggestion that the BSC necessitates an excessive number of performance measures which could be detrimental to managerial performance evaluation. Finally, the criticism that the BSC is merely a trend, popularised by management consulting firms, is also not supported.
The Impact of Not Amortizing Intangible Assets on Valuation Multiples
Authors: Wong Jilnaught , Wong Norman
Published: June 2007

Intangible assets comprise goodwill and identifiable intangible assets with finite and indefinite lives. Current New Zealand GAAP amortizes intangible assets on a systematic basis over their useful lives, with the proviso that the amortization period for goodwill cannot exceed 20 years. International Financial Reporting Standards (IFRS) do not permit the periodic amortization of goodwill and identifiable intangible assets with indefinite lives. Instead, these intangibles are subject to a periodic impairment test with any impairment recognised in profit or loss. In the absence of an impairment loss, the IFRS rule would increase earnings before interest and tax (EBIT) and earnings (E), but this impact should not affect the value of the enterprise (EV) and the value of the firm’s equity (P). Hence, valuation heuristics for EV/EBIT (enterprise value to EBIT) and PE (price to earnings) multiples, which are commonly used for valuations and which have evolved under the amortization rule, need to be revised downward
to adjust for the IFRS‐induced increase in EBIT and E. Our analysis of New Zealand companies with intangible assets indicates that the mean EV/EBIT and PE multiples with amortization of intangibles of 12.403 and 13.586, respectively, decrease to 10.971 and 12.346, respectively, without amortization of intangibles.
Valuing Employee Stock Options: Implications for the Implementation of NZ IFRS 2+
Authors: Boyle Glenn , Clyne Stefan , Roberts Helen
Published: June 2007

From 2007, New Zealand firms must report the cost of granting employee stock options (ESOs). Market‐based option pricing models assume that option holders are unconstrained in their portfolio choices and thus are indifferent to the specific risk of any firm. By contrast, ESO holders are frequently required to hold portfolios that are over‐exposed to the firm that employs them and so adopt exercise policies that reflect their individual risk preferences. Applying the model of Ingersoll (2006) to hypothetical ESOs, we show that ESO cost can be extremely sensitive to employee characteristics of risk aversion and under‐diversification. This result casts doubt on the usefulness of any market‐based model for pricing ESOs, since such models, by definition, produce option values that are independent of employee characteristics. By limiting employee discretion over the choice of exercise date, vesting restrictions help reduce the magnitude of this problem.
Factors or Characteristics? That is the Question
Authors: Gharghori Philip , Chan Howard , Faff Robert
Published: June 2007

Daniel and Titman (1997) contend that the Fama‐French three‐factor model’s ability to explain cross‐sectional variation in expected returns is a result of characteristics that firms have in common rather than any risk‐based explanation. The primary aim of the current paper is to provide out‐of‐sample tests of the characteristics versus risk factor argument. The main focus of our tests is to examine the intercept terms in Fama‐French regressions, wherein test portfolios are formed by a three‐way sorting procedure on book‐to‐market, size and factor loadings. Our main test focuses on ‘characteristic‐balanced’ portfolio returns of high minus low factor loading portfolios, for different size and book‐to‐market groups. The Fama‐French model predicts that these regression intercepts should be zero while the characteristics model predicts that they should be negative. Generally, despite the short sample period employed, our findings support a risk‐factor interpretation as opposed to a characteristics interpretation. This is particularly so for the HML loading‐based test portfolios. More specifically, we find that: the majority of test portfolios tend to reveal higher returns for higher loadings (while controlling for book‐to‐market and size characteristics); the majority of the Fama‐French regression intercepts are statistically insignificant; for the characteristic‐balanced portfolios, very few of the Fama‐French regression intercepts are significant.
The Connotative Meaning of Independence in Alternative Audit Contexts: An Exploratory Study
Authors: Wines Graeme
Published: June 2007

This experimental study investigates the connotative (measured) meaning of the concept “auditor independence” within three audit engagement case contexts, including two acknowledged in the literature to represent significant potential threats to independence. The study’s research design utilises the measurement of meaning (semantic differential) framework originally proposed by Osgood et al. (1957). Findings indicate that research participants considered the concept of independence within a two factor cognitive structure comprising “emphasis” and “variability” dimensions. Participants’ connotations of independence varied along both these dimensions in response to the alternative experimental case scenarios. In addition, participants’ perceptions of the auditor’s independence in the three cases were systematically associated with the identified connotative meaning dimensions.
The Relative Effects of Elements of Internal Control on Auditors’ Evaluations of Internal Control
Authors: O’Leary Conor , Iselin Errol , Sharma Divesh
Published: June 2007

Internal control evaluation is a critical component of the overall audit process, mandated by auditing standards worldwide. These standards divide internal control structures into a number of elements, summarised as the control environment, information systems, and control procedures. Significant research exists as to auditors’ evaluations of internal controls. However, little work appears to consider the elements’ inter‐actions and relative significance. This study attempts to gauge the relative importance external auditors assign to the three elements. 94 practicing auditors evaluated internal control structures in two fictitious companies, one with strong internal control elements throughout, the other with one of the three set at a lower reliability level. The results indicate auditors consider control environment the most important element of internal control. The effect of weakening this element was that auditors assessed all three elements and overall evaluation as less reliable. Varying the other two elements did not have such significant effects. The findings carry ramifications for the auditing profession, particularly in drafting auditing standards on risk assessment.
The Impact of Disclosure Reform on Information Risk in NZX‐listed Stocks+
Authors: Poskitt Russel , Yang Peihong
Published: June 2007

This study investigates the impact of the enhanced continuous disclosure regime introduced in December 2002 on several measures of information risk in NZX‐listed stocks. We employ two microstructure models and an intraday data set to measure information risk in a sample of 71 stocks. Our empirical results show that the reforms enacted in December 2002 had no significant effect on either the level of information‐based trading or the adverse selection component of market spreads in our sample of NZX‐listed stocks.
ABB high‐speed picking robots establish themselves in food packaging
Authors: Connolly Christine
Published: June 2007

Purpose

To report some successful applications of vision‐controlled robots in picking and packing of foodstuffs.

Design/methodology/approach

The design and capabilities of ABB's two picking robots are explained, and the specialist software that integrates vision guidance and product inspection. Then two food‐picking applications are described in detail.

Findings

The delta robot design combines low weight with high stiffness, giving very fast picking capability. The Cognex‐based vision system also produces high speed and precision, and is able to guide the robot and perform 100 per cent inspection in real time. Hygienic robot design allows it to handle open food.

Practical implications

ABB's FlexPicker robot has moved from being a niche product to a volume product, bringing high‐speed picking capability to a wider market.

Originality/value

Showcases the capability and flexibility of a powerful vision‐guided high‐speed robot.
An introduction to computational intelligence techniques for robot control
Authors: Bullinaria John A. , Li Xiaoli
Published: June 2007

Purpose

The purpose of this paper is to discuss the application of computational intelligence techniques to the field of industrial robot control.

Design/methodology/approach

The core ideas behind using neural computation, evolutionary computation, and fuzzy logic techniques are presented, along with a selection of specific real‐world applications.

Findings

Their practical advantages and disadvantages relative to more traditional approaches are made clear.

Originality/value

The reader will appreciate the power of computational intelligence techniques for industrial robot control, and hopefully be encouraged to explore further the possibility of using them to achieve improved performance in their own applications.
The robot reliability design and improvement method and the advanced Toyota production system
Authors: Sakai Hirohisa , Amasaka Kakuro
Published: June 2007

Purpose

To demonstrate the theory and effectiveness of reliability‐improvement countermeasures for line equipment, specifically industrial robots for automotive production engineering.

Design/methodology/approach

Suggests an efficient method of life‐cycle maintenance. The defects of industrial robots are analysed using Weibull analysis.

Findings

From the analysis, a strategy of countermeasures is framed for component screening, reliability design and lifetime estimation.

Originality/value

This method has been implemented worldwide in Toyota's factories, and has produced a better operating life cycle for industrial robots.
Industrial robot track modeling and vibration suppression
Authors: Tao WeiMin , Zhang MingJun , Ma Ou , Yun XiaoPing
Published: June 2007

Purpose

The purpose of this paper is to investigate the vibration suppression of industrial track robot and propose a practical solution.

Design/methodology/approach

Root‐cause analysis through dynamic modeling, and vibration suppression using the acceleration smoother.

Findings

The vibration is due to insufficient damping based on the model analysis. The solution achieved significant performance improvement without redesign of robot hardware and controller.

Research limitations/implications

The design of the proposed acceleration smoother is still empirical based, which is unable to achieve optimal design.

Practical implications

This solution is very easy to implement. It is robust, reliable and is able to generate consistent results.

Originality/value

A very practical industrial solution, especially useful for upgrading the existing systems in the field without redesign the hardware and controller.
End‐to‐end business process scenarios
Authors: Frye Douglas W. , Gulledge Thomas R.
Published: June 2007

Purpose

Enterprise integration endeavors are complex because they compel an organization to understand how its cross‐organizational business processes are enabled by multiple systems. For any large‐scale implementation project, specific business process and system information is included in the enterprise‐solution architecture. To understand the totality of any organization's business processes, managers must define and document all core and support processes.

Design/methodology/approach

The examples used in this paper are from large public sector organizations, but the underlying methodology and conceptual basis for the paper apply to any complex organization.

Findings

The main conclusion of this paper is that end‐to‐end (E2E) business process scenarios must be used for defining the requirements for any system implementation project in any organization. If the new system does not align with the E2E‐business processes, then management requirements cannot be realized. We also note that E2E scenarios must be considered when implementing enterprise software in a non‐enterprise environment.

Originality/value

The paper notes that E2E scenarios represent the requirements definition level for composite applications enabled in a service‐oriented architecture (SOA). Traditional implementation methodologies that enable standard software modules (or integration scenarios across modules) are not effective in non‐enterprise environments.
Testing resource‐based propositions about IS sourcing decisions
Authors: Alvarez‐Suescun Emilio
Published: June 2007

Purpose

This research analyzes and tests the impact of some resource‐based determinants on sourcing decisions in an IS domain.

Design/methodology/approach

By applying the insights provided by the resource‐based view of the firm, some hypotheses to explain sourcing decisions regarding the implementation of an information system was developed. These hypotheses are tested in a specific functional area – human resources – using binomial logistic models. Primary data was collected through a survey of large Spanish firms.

Findings

Results confirm that HRIS implementation capabilities, and not the mere set of technical skills, play a major role in sourcing decisions. However, only when a specific level of both experience in that function and relationship between client and provider teams is reached will these capabilities allow the firm to outperform competitors and become a key determinant of the governance mode. Support for the influence of the strategic contribution of the HRIS was also found.

Originality/value

Unlike prior research, which stopped with the theoretical application of a resource‐based perspective to explain IS sourcing decisions, the author takes things a step further and operationalizes its insights. By using the IS function as the unit of analysis, a theoretically derived multidimensional measure of IS implementation capability was developed. Moreover, timing issues was considered when measuring this concept.
An improved process model for internal auditing
Authors: Elliott Michael , Dawson Ray , Edwards Janet
Published: June 2007

Purpose

To investigate and understand the reasons why internal auditing is often perceived to not add value. This paper describes the development of a new process model and approach that will improve the actual and perceived value of auditing.

Design/methodology/approach

Process analysis, identified areas of potential inefficiency and conflict. The literature review identified the standards and guidance that influence the way internal auditing is managed and its current trends. A questionnaire was sent to auditors and auditees at AWE Plc., to gain their views on audit effectiveness and quantify their perception of value.

Findings

Questionnaire results show variations in the perceived value of internal auditing, particularly of some key stages in the process. The management of internal auditing is too focused on programme achievement, not the resulting value from improvement action.

Research limitations/implications

The new process model has yet to be tried in practice, and this identifies an area of future research. It is envisaged that some additional audit preparation would be required, and the time taken to conduct an audit may also increase slightly. The financial benefits quoted by applying the new model would be estimated and may require some justification.

Practical implications

The new model should improve audit effectiveness and its perceived value as the focus changes from simply undertaking an audit, to demonstrating its actual financial value. It has the potential to significantly influence the way both internal and external auditing is conducted in the future.

Originality/value

The improved process model and cost‐benefit audit methodology approach was found to be unique within the scope of the literature review.
Organizational risk in large audit firms
Authors: Jeppesen Kim K.
Published: June 2007

Purpose

The main purpose of the paper is to analyze and discuss organizational risk in large‐audit firms. A secondary purpose is to contribute to auditing theory on how organizational risk may be analyzed.

Design/methodology/approach

The study is conducted as a review of literature on audit‐firm organization, risk management, professions and organization theory.

Findings

Large‐audit firms are commonly organized as partnerships relying on hierarchy and standardization of work processes to control work. The paper argues that this may be an effective way of organizing audit work in a stable environment. In a volatile environment, however, the strategy becomes highly risky.

Research limitations/implications

The focus of the paper is on the organization of large‐audit firms and its findings do, therefore, not necessarily apply to small audit firms. The paper presents a general view of the way large‐audit firms are organized and controlled. Local variations may occur but these are not analyzed in the paper.

Practical implications

The paper analyzes the inherent organizational risk of the common way of organizing audit work and is therefore of direct interest to partners and other professionals in large‐audit firms. It may also be seen as an example of how organizational‐risk analysis can be applied in the audit process and it discusses the competences needed to perform such analysis. In this respect, the paper is also of interest to practicing auditors as well as teachers and students of auditing.

Originality/value

Most of the literature on the organization of large‐audit firms is relatively old and this paper seeks to update and critically reinterpret knowledge in the area. It also contributes to an understanding on how to apply organizational‐risk analysis in the audit process.
The business of business law
Authors: Gale Chris
Published: June 2007

Purpose

The article aims to show the need for business students to receive a relevant introduction to law.

Design/methodology/approach

This article is an opinion piece based on current and recent trends.

Findings

The article finds that the feeling of the disinterested teaching the disengaged is emerging.

Originality/value

Expresses the view that there is a need to ensure that students are getting a relevant introduction to law so that they may be equipped for further legal study enervated by their first brushes with the discipline. This will make them better business employees and managers in due course.
The direction and control of corporations: law or strategy?
Authors: Yeoh Peter
Published: June 2007

Purpose

To review and analyse the legal implications of the CA 2006 in respect of directors’ duties and powers, and in particular sections 172(1) and 471.

Design/methodology/approach

The use of business management theories complements the primary use of the legal doctrinal approach as applied in this study.

Findings

Section 172(1)'s wordings generate ambivalent legal implications for directors’ general duties as codified. It appears to give discretionary powers to directors where the review of the six statutory factors is concerned. However, directors will need to treat these seriously when read in conjunction with section 471. The latter pertains to directors’ disclosure obligations for the newly expanded business review section of the directors’ annual report. Available corporate evidence suggests that some corporate directors go beyond the minimum mandatory standards for environmental and social (Corporate Social responsibility, CSR) issues. They have benefited from the integration of their CSR policies and practices with their corporate strategic plans and actions. Some have even forged effective partnership with non‐governmental organisations (NGOs) and other stakeholders to co‐create businesses.

Practical implications

This investigation provides strategic insights and practical thinking to investors, corporate directors, state planners, NGOs, and other corporate stakeholders.

Originality/value

Previous legal analysis on general directors’ duties focused on the law. This study advanced corporate legal theory further with the use of insights from contemporary business theories and practices.