bluuebunny/crossref_metadata_2025 huggingface dataset:
Evaluation of dynamic lymphoscintigraphy and sentinel lymph‐node biopsy for detecting occult metastases in patients with penile squamous cell carcinoma
Authors: Hadway Paul , Smith Yuko , Corbishley Cathy , Heenan Susan , Watkin Nicholas A.
Published: June 2007

OBJECTIVE

To evaluate the introduction of dynamic lymphoscintigraphy and sentinel lymph‐node (SLN) biopsy (used to detect occult lymph node metastases in patients with penile cancer and clinically impalpable inguinal lymph nodes at presentation) at a UK tertiary referral centre for penile cancer.

PATIENTS AND METHODS

In all, 75 patients with penile squamous cell carcinoma of stage T1, grade ≥ 2, and unilateral or bilateral impalpable groin nodes, were prospectively enrolled over a 2‐year period. Patients underwent lymphoscintigraphy with 99mtechnetium‐labelled nanocolloid which was injected intradermally around the tumour or into the distal penile shaft skin. Four hours later, the SLN(s) were identified during surgery using a hand‐held γ‐probe and intradermal injections with blue dye. Completion lymph node dissection was subsequently used in patients with tumour‐positive SLNs.

RESULTS

In all, 255 SLNs were removed from 143 groins; all excised nodes had taken up the radioactive marker, and the blue dye was evident in 87%. Eighteen of 75 (24%) patients and 21 of 143 groins (15%) had a tumour‐positive SLN. All but one patient went on to completion lymph node dissection. Three of these 18 (17%) had further disease in other than SLNs. Six of 143 (4%) groins developed minor complications. One false‐negative result was reported at a median (range) follow‐up of 11 (2–24) months.

CONCLUSION

This technique is feasible for managing penile cancer in a UK tertiary referral centre. The initial results suggest that it can accurately identify the SLN(s), which can then be removed for pathological review with minimal morbidity.
Maternal obesity and risk of cesarean delivery: a meta‐analysis
Authors: Chu S. Y. , Kim S. Y. , Schmid C. H. , Dietz P. M. , Callaghan W. M. , Lau J. , Curtis K. M.
Published: June 2007

Despite numerous studies reporting an increased risk of cesarean delivery among overweight or obese compared with normal weight women, the magnitude of the association remains uncertain. Therefore, we conducted a meta‐analysis of the current literature to provide a quantitative estimate of this association. We identified studies from three sources: (i) a PubMed search of relevant articles published between January 1980 and September 2005; (ii) reference lists of publications selected from the search; and (iii) reference lists of review articles published between 2000 and 2005. We included cohort designed studies that reported obesity measures reflecting pregnancy body mass, had a normal weight comparison group, and presented data allowing a quantitative measurement of risk. We used a Bayesian random effects model to perform the meta‐analysis and meta‐regression. Thirty‐three studies were included. The unadjusted odd ratios of a cesarean delivery were 1.46 [95% confidence interval (CI): 1.34–1.60], 2.05 (95% CI: 1.86–2.27) and 2.89 (95% CI: 2.28–3.79) among overweight, obese and severely obese women, respectively, compared with normal weight pregnant women. The meta‐regression found no evidence that these estimates were affected by selected study characteristics. Our findings provide a quantitative estimate of the risk of cesarean delivery associated with high maternal body mass.
New Evidence on the Export‐led Growth Nexus: A Case Study of Malaysia
Authors: Mahadevan Renuka
Published: June 2007

This paper revisits the highly debated export‐led growth hypothesis in a number of different ways using Malaysia as a case study. First, the hypothesis is tested in terms of labour and total factor productivity growth as a potential channel via which exports can affect or be affected by GDP growth. Considering the impact of imports on GDP and productivity growth serves a similar purpose. In addition, GDP is trade‐adjusted to avoid the double‐counting problem arising from the national income identity. Second, the relationships are examined using the relatively recentToda and Yamamoto (1995) causality tests. These results have major implications and are necessary to reassess the effectiveness of trade policy as a strategy for economic development.
An Analysis of Factors Influencing the Anti‐dumping Behaviour in India
Authors: Baruah Nandana
Published: June 2007

The use of anti‐dumping measures as a trade protection tool, has increased phenomenally during the last decade. One significant aspect of this new trend is the increasing involvement of developing countries. India is one such country which has emerged as a very frequent user of anti‐dumping measures, surpassing even the traditional users. It had initiated more than 300 anti‐dumping cases by the end of 2002–03. Many of these cases are against developing countries. Most of the cases are concentrated in narrow range product groups, like chemicals and petrochemicals, iron and steel, pharmaceuticals and textiles. This study examines India's experience with anti‐dumping measures. The main objective of the study is to identify the factors which might have influenced the anti‐dumping behaviour in India. Discussion of these factors shows that imports have increased considerably. This is particularly true for a number of developing countries facing dumping charges in India. At the same time, many of the domestic producers of the like products have performed poorly during the last decade. Such trends may instigate the import‐competing industries to seek anti‐dumping protection and may also influence the authority to provide that. However, the results of our statistical exercise show that, although imports and performance of the domestic industry might have influenced the initiation of anti‐dumping cases, these factors did not seem to significantly influence the final decision of the authority. The results rather indicated a tendency on the part of the authority to provide anti‐dumping protection to industries, which are characterised by a large number of firms.
Trade Growth in a Heterogeneous Firm Model: Evidence from South Eastern Europe
Authors: Kancs D’Artis
Published: June 2007

In 2007 a free trade area (BFTA) will be created in the Balkans. In this paper we study BFTA‐induced trade growth in the SEE. Given that welfare impacts associated with trade growth depend on the growth channels, more goods and varieties exported or at higher price or more volume of exported goods and varieties, we study the structure of integration‐induced export growth in the Balkans. Given that no firm‐level trade data is available for the Balkans, we adopt the heterogeneous firm framework, which allows to decompose aggregate trade growth into intensive margin of trade and extensive margin of trade using only aggregate trade data. Our empirical findings predict that the BFTA would primarily increase the export volume through a growing number of shipments (the extensive margin of trade) suggesting that the actual welfare gains from the trade growth in the Balkans might in fact be larger than predicted in previous trade studies. We also found that reducing variable trade costs leads to higher export growth rates compared to reducing fixed trade costs by the same percentage.
CONTRACT ENFORCEMENT AND INTERNATIONAL TRADE
Authors: RANJAN PRIYA , LEE JAE YOUNG
Published: June 2007

This paper derives estimating equations from a model where individuals consume two classes of goods, and the degree of contract enforcement affects the transaction cost of trade in the two classes of goods differentially. Empirically, using Rauch's classification, internationally traded goods are classified into differentiated goods and those possessing a reference price, with the presumption that contract enforcement issues are more important for the former. It is verified that the measures of contract enforcement affect the volume of trade in both types of goods, but the impact is larger for differentiated goods.
POLICY EVALUATION IN THE PRESENCE OF OUTSOURCING: GLOBAL COMPETITIVENESS VERSUS POLITICAL FEASIBILITY
Authors: BANDYOPADHYAY SUBHAYU , WALL HOWARD J.
Published: June 2007

We analyze the effects of outsourcing in the presence of a minimum wage by presenting a general‐equilibrium model with an oligopolistic export sector and a competitive import‐competing sector. An outsourcing tax is politically popular because it switches jobs to unemployed natives. It is also economically sound because it raises national income. An export subsidy may or may not be justified on welfare grounds. Increased international competition has no effect on the level of outsourcing, but the direction of its effect on unemployment and national income depends on the relative factor intensities of the two sectors.
A RATIONAL CHOICE EXPLANATION FOR STALIN'S “GREAT TERROR”
Authors: LSKAVYAN VAHE
Published: June 2007

There is no agreement about the reasons for Stalin's Great Terror of 1937–1939. This paper argues that the problem faced by Stalin was similar to the standard principal–agent problem: the country was run as one enormous firm with Stalin as the only residual claimant. The monetary incentive structure was inadequate and the threat of mass shirking by the agents was real. A simple model of a principal with two agents is developed to address the problem. Assuming that the agents can observe and can reveal each other's shirking, it is shown that, under some assumptions, an equilibrium exists with the following strategy profiles: unless someone's shirking is revealed, the principal is committed to randomly punishing one of the agents with positive probability; an individual agent never shirks and always reveals a co‐worker's shirking. A case study of the period is used to check the plausibility of this hypothesis.
GEOPOLITICAL INTERESTS AND PREFERENTIAL ACCESS TO U.S. MARKETS
Authors: LEDERMAN DANIEL , ÖZDEN ÇAGLAR
Published: June 2007

The United States imports around 25% of its merchandise under some form of preferential trade regime. This paper examines both the origins and the consequences of U.S. trade preferences in the context of the gravity model of international trade. The main contributions of the paper are threefold. First, it provides estimates of the impact of preferential trade regimes in terms of access to U.S. markets while controlling for geostrategic interests that determine the countries that are offered commercial preferences. Second, we consider not only country eligibility but also the extent of utilization of these programs. Third, we provide new estimates of the impact of transport and transactions costs beyond distance. In the standard gravity estimation, we find that beneficiaries of these preferences, except GSP, export between two and three times more than the excluded countries, after controlling for country and product characteristics. Nonetheless, the estimated effects of these programs are lower when controlling for utilization ratios and selection biases due to the correlation between geopolitical interests and the standard explanatory variables used in the gravity model of trade, such as countries' geographic distance from the United States.
VOM WARNSPRUCH ZUR ELEGISCHEN INSCHRIFT. EPIGRAMMATISCHE FORMEN IN DER WESTDEUTSCHEN LYRIK NACH 1945
Authors: Korte Hermann
Published: June 2007

Das Epigramm hatte in der westdeutschen Lyrik unterschiedliche Konjunkturen. Erst in den 1960er Jahren, als im Zuge der verspäteten Brecht‐Rezeption auch der lakonisch‐knappe Ton der Buckower Elegien entdeckt wurde, begannen Autoren mit epigrammatischen Formen zu experimentieren. Einer der Ersten war Erich Fried, dessen Warngedichte den Auftakt zu einer Lyrik bildeten, die mit scharfsinnigen Pointen, satirischen Spitzen und aufklärerischen Denkanstößen zur Literatur der ‘68er‐Bewegung’ gehörte. In den Siebzigern verlor das Epigramm für kurze Zeit an Bedeutung, bevor es in den 1980er Jahren bei Autoren wie Rainer Malkowski und Peter Härtling wiederkehrte – im veränderten, leisen, elegischen Duktus. Im Kontrast zwischen den Sechzigern und den Achtzigern – so der überraschende Befund – erneuert sich die Spannweite des traditionsreichen, kleinen Gedichts, das Lessing mit Blick auf das römische Vorbild Martial als eine pointierte, satirisch‐zugespitzte Form definierte, während Herder sich mit seiner Option für die griechische Epigrammatik eher den mitempfindenden, reflektierten, zurückgenommenen Ton wünschte.
STOCKENDE BOTSCHAFTEN, GEWUNDENE MITTEILUNGEN. ‘UND NUN IST KRIEG’: BRECHTS LETZTES SONETT AN MARGARETE STEFFIN
Authors: Kindt Tom , Müller Hans‐Harald
Published: June 2007

Die deutschsprachige Liebeslyrik des 20. Jahrhunderts ist durch einen antitraditionalistischen Grundzug charakterisiert; ihm werden gemeinhin auch Brechts Liebesgedichte zugerechnet. Wir vertreten hingegen die These, dass das Charakteristikum von Brechts Liebeslyrik gerade ihre idiosynkratische Zwischenstellung zwischen Tradition und Antitraditionalismus ist. Diese Zusammenhänge erläutern wir genauer im Rahmen einer Interpretation von Brechts Sonett ‘Und nun ist Krieg’, dem letzten der Sonette, die Brecht zwischen Ende 1932 und 1939 an seine Geliebte und Mitarbeiterin Margarete Steffin schrieb. Unsere Interpretation untersucht den lyrischen Kontext, Aufbau und Stil des Gedichts, das einen markanten intertextuellen Bezug zu Brechts ‘Terzinen über die Liebe’ enthält. Abschließend gehen wir auf die Liebesauffassung des Sonetts im größeren Kontext von Brechts Liebeslyrik ein.
ISMENE AT THE CROSSROADS: GENDER AND POETIC INFLUENCE
Authors: Paul Georgina
Published: June 2007

This essay departs from Harold Bloom's male‐oriented theorisation of poetic influence as the ‘battle between strong equals, […] Laius and Oedipus at the crossroads’ (The Anxiety of Influence, 1973) to proceed both to a generalised consideration of the position of the woman poet vis‐à‐vis the male‐authored poetic tradition and, further, to more specific observations of relations of poetic influence in evidence in the work of contemporary women poets in German. I first propose a theory of the historical woman poet via an interpretation of the figure of Antigone, then, turning to her sister Ismene as the figuration of the contemporary woman poet, analyse traces of poetic influence in works by Anne Duden, Barbara Köhler, Elke Erb, and Ulrike Draesner.
Desmoglein 1 and 3 enzyme‐linked immunosorbent assay in Iranian patients with pemphigus vulgaris: correlation with phenotype, severity, and disease activity
Authors: Daneshpazhooh M , Chams‐Davatchi C , Khamesipour A , Mansoori P , Taheri A , Firooz A , Mortazavi H , Esmaili N , Dowlati Y
Published: June 2007

Background  Pemphigus vulgaris (PV) is a chronic autoimmune blistering disorder of the skin and mucosa characterized by the presence of autoantibodies against desmoglein3 (Dsg3). Some patients also have antibodies against desmoglein1 (Dsg1). The aims of this study were to evaluate the diagnostic value of Dsg enzyme‐linked immunosorbent assay (ELISA) in Iranian PV patients, to assess its correlation with the clinical phenotype and severity of disease and to investigate the changes of these antibodies after treatment.

Methods  Seventy‐three patients with PV (29 men, 44 women) presenting to the Pemphigus Research Unit at Razi Hospital, Tehran, Iran were enrolled. ELISAs were used to detect IgG autoantibodies reactive with the ectodomains of Dsg1 and Dsg3, and the correlation of antibodies with the clinical phenotype as well as oral and skin disease severity was assessed. In addition, the tests were repeated in 18 patients after treatment and the resulting remission.

Results  Anti‐Dsg1 and anti‐Dsg3 were detected in 56 (76.7%) and 69 (94.5%) patients, respectively. Anti‐Dsg1 and anti‐Dsg3 antibodies were present in 48 (94.1%) and 50 (98%) patients with mucocutaneous type, in 2 (12.5%) and 15 (93.7%) patients with mucosal type, and in 6 (100%) and 4 (66.7%) patients with cutaneous PV, respectively. The mean anti‐Dsg1 index values were significantly higher in cutaneous and mucocutaneous phenotypes than mucosal PV (P < 0.001). The mean anti‐Dsg3 index values were significantly lower in cutaneous and mucosal phenotypes than mucocutaneous PV (P < 0.01). The severity of skin lesions (but not oral lesions) was correlated with anti‐Dsg1 antibody level (P < 0.001); on the other hand, the severity of oral lesions (P < 0.01) as well as skin lesions (P < 0.001) was significantly correlated with anti‐Dsg3 antibody levels. Both anti‐Dsg1 and anti‐Dsg3 levels were significantly reduced after treatment and clinical remission (P < 0.001).

Conclusion   Dsg ELISA is not only a sensitive tool for the diagnosis of PV, it can also serve as a predictive means for assessing the severity as well as for monitoring the disease activity. Although, in general, the clinical phenotype is related to the antibody profile, there are occasional cases with discordant phenotype and antibody profile. These discrepancies might be explained by genetic variations or the presence of possible minor antigens involved in the pathogenesis of pemphigus.
Deposit Insurance, Capital Regulations, and Financial Contagion in Multinational Banks
Authors: Lóránth Gyöngyi , Morrison Alan D.
Published: June 2007

Abstract:  Banking sector globalization has caused an expansion in foreign‐owned bank assets. In this paper we analyse the effects of a MNB's liability structure upon its investment in a foreign country. We develop a model in which capital adequacy requirements introduce some deliberate underinvestment which counters deposit insurance‐induced overinvestment. Diversification is unattractive with fixed bank capital requirements, because it reduces the expected value of the deposit insurance net. This effect applies in multinational banks (MNBs), where shocks to the home country economy alter the value of the deposit insurance net and hence affect overseas lending incentives. Thus, MNBs act as a channel for financial contagion. We discuss the policy implications of our results.
Modelling Transparency in Disclosure: The Case of Foreign Exchange Risk Management
Authors: Marshall Andrew , Weetman Pauline
Published: June 2007

Abstract:  When managers choose not to disclose all the relevant information in their possession in their financial statements, there is an information gap between the managers and users and consequently a lack of transparency. We model the degree of transparency observed when disclosures of foreign exchange (FX) risk management in financial statements are compared to managerial information on FX risk management policy, as evidenced in questionnaire responses. In this comparative study of US and UK firms we find incomplete disclosure in both samples but with differing aspects. In the US case, the information gap is lower where the information has higher relevance or firms with higher financial risk (greater leverage) are signalling the extent of risk, but the gap is greater where firms are in competitive product markets. For the UK sample, the information gap is significantly lower where firms have higher financial risk or higher liquidity but the gap is greater where the shares are more closely held. We conclude that modelling and explaining this aspect of incomplete accounting disclosure in an international setting must be sufficiently flexible to accommodate national differences in managerial behaviour.
Executive Remuneration and Corporate Divestment: Motivating Managers to Make Unpalatable Decisions
Authors: Haynes Michelle , Thompson Steve , Wright Mike
Published: June 2007

Abstract: This study examines the impact of voluntary divestment on executive remuneration, using an unbalanced panel of 107 UK quoted companies over the period 1988 to 1993. It employs a dynamic compensation equation, with a vector of controls and alternative specifications of the divestment effect. The results show no general direct evidence of a remuneration process that rewards managers for downsizing their firms. Indeed the substantial pay‐size elasticity implies the reverse. However, divestment does have a positive and significant effect in raising executive remuneration under a regime of strong corporate governance, defined in terms of the presence of a substantial blockholder.
Valuation of the Firm's Liabilities When Equity Holders Are Also Creditors
Authors: Realdon Marco
Published: June 2007

Abstract:  This paper presents a tractable structural model whereby controlling equity holders are also among the creditors of the firm. As the firm approaches distress, equity holders can drain the assets of the firm and expropriate other creditors by repaying their credit before bankruptcy. The right of the bankruptcy court to revoke such repayment protects arm's length creditors, reduces the cost of borrowing and induces equity holders to anticipate repayment of their credit. Equity holders decide repayment neither too early nor too late, so as to reduce the risk of repayment revocation by the bankruptcy court. Similar conclusions apply to the preferential repayment of bank loans personally guaranteed by equity holders. The analysis also suggests that callable bearer bonds may be more valuable to equity holders than to other creditors.
Generalised Geske‐‐Johnson Interpolation of Option Prices
Authors: Chung San–Lin , Shackleton Mark B.
Published: June 2007

Abstract:  This paper describes four separate option types as special cases of Bermudans with general inter–exercise and time to final maturity. This produces a surface with European, finite American, infinite Bermudan and infinite American options as special cases. This allows Geske–Johnson (1984) two–point pricing to be extended to consider time–to–maturity as well as time–between–exercise opportunities. Due to their position on this ‘map’, infinite Bermudans are christened Arctic options and their pricing solution is presented. Numerical comparisons to benchmark methods are made for call prices under GBM although the results here hold for other processes and for both puts and calls when symmetry arguments are invoked.
Discounts in Placing Pre‐renounced Shares in Rights Issues
Authors: Armitage Seth
Published: June 2007

Abstract:  The paper presents evidence from UK rights issues on the discounts at which large blocks of new shares plus rights are sold. The shares are renounced by the shareholders entitled to them and placed with passive investors at substantial discounts of around 8% to the expected ex‐rights midpoint price of the existing shares. Tests indicate that the discounts arise because of uncertainty about issuer value and inelastic demand for the shares rather than because the issuing companies are overvalued. The finding that selling renounced shares is costly removes an apparent advantage of rights issues compared with open offers and private placings.
Reevaluation of Revaluations: A Cross‐Country Examination of the Motives and Effects on Future Performance
Authors: Barlev Benzion , Fried Dov , Haddad Joshua Rene , Livnat Joshua
Published: June 2007

Abstract:  This study examines the motives for asset revaluations in a sample drawn from 35 countries that permit asset revaluations. Prior studies that examined this issue concentrated on one or two countries, the UK and Australia, and showed that revaluations are related to financing needs, the capital intensity of the firm as well as issues related to political costs. The previous literature also found that revaluations were indicators of improved future performance and that performance was related to the magnitude of the revaluations. This study shows that although the conclusions drawn from the previous studies are applicable to countries that are similar to the UK and Australia, they do not hold when applied to a much larger set of countries and that the motivations for and effects of revaluation are not uniform across various country classifications.
Managerial Ownership and Corporate Hedging
Authors: Spanò Marcello
Published: June 2007

Abstract: Using information on 443 UK non‐financial companies, this work provides evidence supporting the hypothesis that managerial risk aversion is an incentive to deviate from the optimal hedging position. Conflicts of interest between shareholders and managers are at the centre of the decision about the firm's risk profile but are not relevant as determinants of the decision to hedge. This is rather associated with factors enhancing the firm's expected value (underinvestment, scale economies, tax savings).
How Persistent is Stock Return Volatility? An Answer with Markov Regime Switching Stochastic Volatility Models
Authors: Hwang Soosung , Satchell Steve E. , Valls Pereira Pedro L.
Published: June 2007

Abstract:  We propose generalised stochastic volatility models with Markov regime changing state equations (SVMRS) to investigate the important properties of volatility in stock returns, specifically high persistence and smoothness. The model suggests that volatility is far less persistent and smooth than the conventional GARCH or stochastic volatility. Persistent short regimes are more likely to occur when volatility is low, while far less persistence is likely to be observed in high volatility regimes. Comparison with different classes of volatility supports the SVMRS as an appropriate proxy volatility measure. Our results indicate that volatility could be far more difficult to estimate and forecast than is generally believed.
Ownership Incentives and Management Fraud
Authors: Sen Pradyot K.
Published: June 2007

Abstract:  Agency Theory would suggest that increased firm ownership should mitigate a manager's propensity to fraudulently divert resources for unauthorized consumption. However, most of the frauds in recent times have been committed by senior managers and/or Chief Executives who may own a significant portion of the firm. Although such management fraud has been studied extensively in the economics of crime literature as white collar crime and has been the focus of many legislative initiatives such as the Sarbanes Oxley Act of 2002, the Securities Enforcement Remedies and Penny Stock Reform Act of 1995 and study teams such as the Treadway Commission (National Committee on Fraudulent Financial Reporting 1987), the assumptions behind many of these studies and legislative initiatives is that an increase in severity and certainty of ex‐post penalty is an effective deterrent to financial fraud regardless of this ownership question. What separates financial fraud from other crime is that it is committed in the context of a market that is considered efficient in that it rationally anticipates and reacts to all information and uncertainty. Thus, the market is potentially able to protect itself to some extent by rationally pricing such possible behavior. Such ability to ‘self protect’ changes the nature of incentive and gain from fraud to a manager who, because of his part ownership, must face some consequences of his own fraud. In the ensuing game, though the penalty for fraud deterrence increases the cost of fraud, whether it can ensure complete honesty is a function of how efficient the legal system is and the extent of firm ownership by the manager. As the analysis of this paper shows, the question of fraudulent behavior can only be answered in conjunction with the question of the extent of ownership of the firm by the manager. The results show that increased ownership may not necessarily reduce the propensity to commit fraud. As the gain from fraud and the corresponding penalty increases, unless the gain from fraud is completely offset through the penalty, the results suggest that more and more managers may find it optimal to engage in a mixed strategy and behave fraudulently some of the time. What is more likely to be successful is the certainty of determination and application of the penalty rather than its size. These results have significant implications in countries such as those in Europe where the insider holdings vary significantly.
Precision in Accounting Information, Financial Leverage and the Value of Equity
Authors: Feltham Glenn , Robb Sean , Zhang Ping
Published: June 2007

Abstract:  Using an equity valuation model characterized by periodic imperfect accounting information, we examine how financial leverage affects a firm's accounting quality choice (i.e., precision). We find that the existence of financial leverage motivates firms with average to good performance to prepare accounting information with a high degree of precision. However, we conclude that when a firm is performing poorly it has an incentive to reduce accounting precision in order to lower the likelihood of both a debt covenant violation and the detection of accounting bias.
Are Corporate Restructuring Events Driven by Common Factors? Implications for Takeover Prediction
Authors: Powell Ronan , Yawson Alfred
Published: June 2007

Abstract:  The paper shows that variables commonly used in takeover prediction models also help to explain the likelihood of several other restructuring events, including divestitures, bankruptcies and significant employee layoffs. This finding helps to explain the larger misclassification errors in binomial takeover prediction models commonly used in prior research. The results show that modelling takeover prediction models in a binomial setting is likely to lead to misspecification in the parameter estimates and, further, result in erroneous conclusions about the determinants of takeover likelihood. The paper shows that controlling for other restructuring events by using a multinomial framework results in consistently lower misclassification errors in out‐of‐sample prediction tests, when compared to the benchmark of a typical binomial model.
Trading with Asymmetric Volatility Spillovers
Authors: Pardo Angel , Torró Hipòlit
Published: June 2007

Abstract:  We study the profitability of trading strategies based on volatility spillovers between large and small firms. By using the Volatility Impulse‐Response Function of Lin (1997) and its extensions, we detect that any volatility shock coming from small companies is important to large companies, but the reverse is only true for negative shocks coming from large firms. To exploit these asymmetric patterns in volatility, different trading rules are designed based on the inverse relationship existing between expected return and volatility. We find that most strategies generate excess after‐transaction cost profits, especially after very bad news and very good news coming from large or small firm markets. These results are of special interest because of their implications for risk and portfolio management.
Magnesium supplementation and perinatal hypoxia: outcome of a parallel group randomised trial in pregnancy
Authors: Harrison V , Fawcus S , Jordaan E
Published: June 2007

Objective To determine the effects of magnesium supplementation in pregnancy on the incidence of hypoxic‐ischaemic encephalopathy (HIE).

Design A randomised double‐blind placebo‐controlled study.

Setting A Midwife Obstetric Unit and its two referral hospitals in Cape Town, South Africa.

Population A group of 4494 black pregnant women of low socio‐economic status.

Method Mothers, from the time of booking until delivery, were randomised to receive two identical tablets daily, containing either 128 mg slow‐release magnesium stearate or lactose sugar.

Main outcome measures Primary: The incidence of HIE. Secondary: The incidence of fetal heart rate decelerations, term Stillbirths, Low Apgar Scores, Meconium Aspiration Pneumonia.

Results The incidence of HIE (0.9%) was considerably less than anticipated (2%). There were 22 infants in the placebo group and 15 infants in the supplemented group (P= 0.279). The difference was not significant.

Secondary outcomes such as late fetal heart rate decelerations (P= 0.002) and term stillbirths (P= 0.016) were reduced significantly in the supplemented group, but this finding needs further substantiation.

Conclusions Magnesium supplementation did not reduce the incidence of HIE significantly, probably because the study was underpowered and compliance was relatively poor.
New microsatellite markers for the bush rat, Rattus fuscipes greyii: characterization and cross‐species amplification
Authors: HINTEN G. N. , ROSSETTO M. , BAVERSTOCK P. R.
Published: June 2007

We describe here 16 new microsatellite markers for the bush rat, Rattus fuscipes greyii, and characterize their cross‐species amplification within the Australian Rattus and at a greater level of divergence in Rattus rattus and Rattus norvegicus. Within R. f. greyii, all of the loci are highly polymorphic, with six to 24 alleles per locus across the species range and expected heterozygosity ranging from 0.48 to 0.90 per locus within a sample of 24 rats from a large population on Kangaroo Island. Cross‐species amplification rates were approximately 87% within the Australian Rattus and approximately 50% within R. rattus and R. norvegicus. These loci are highly polymorphic with a high success rate of cross‐species amplification, making them potentially useful for a wide range of genetic studies.
Aging enhances a mechanically‐induced reduction in tendon strength by an active process involving matrix metalloproteinase activity
Authors: Dudhia Jayesh , Scott Charlotte M. , Draper Edward R. C. , Heinegård Dick , Pitsillides Andrew A. , Smith Roger K.
Published: June 2007

Age‐associated and degenerative loss of functional integrity in soft tissues develops from effects of cumulative and subtle changes in their extracellular matrix (ECM). The highly ordered tendon ECM provides the tissue with its tensile strength during loading. As age and exercise collude in the high incidence of tendinopathies, we hypothesized that aged tendons fail due to cumulative damage resulting from a combination of diminished matrix repair and fragmentation of ECM proteins induced by prolonged cyclical loading, and that this is an active cell‐mediated process. We developed an equine tendon explant model to examine the effect of age on the influence of prolonged cyclical loading at physiologically relevant strain rates (5% strain, 1 Hz for 24 h) on tissue mechanical properties, loss of ECM protein and matrix metalloproteinase (MMP) expression. We show significantly diminished mechanical strength of cyclically loaded tissue compared to controls (39.7 ± 12%,P ≤ 0.05) this reduction was dependent on the presence of both viable cells and metalloproteinase activity. Furthermore, tendon from older specimens was more susceptible to weakening (11–30 years, 50%P ≤ 0.05) compared to immature and young mature tissue (1–3 years, 34%; 4–10 years, 35%, respectively). Cyclical load also induced release of degraded cartilage oligomeric matrix protein, an integral ECM protein, an effect that could be mimicked by culture with fibronectin fragments. These findings indicate prolonged cyclical loading of physiological magnitude decreases tendon tensile strength by an active process, and that MMPs may contribute to loss of functional competence, exaggerated by age, via load‐induced proteolytic disruption of the ECM.
Ultraviolet radiation exposure accelerates the accumulation of the aging‐dependent T414G mitochondrial DNA mutation in human skin
Authors: Birket Matthew J. , Birch‐Machin Mark A.
Published: June 2007

The accumulation of mitochondrial DNA (mtDNA) mutations has been proposed as an underlying cause of the aging process. Such mutations are thought to be generated principally through mechanisms involving oxidative stress. Skin is frequently exposed to a potent mutagen in the form of ultraviolet (UV) radiation and mtDNA deletion mutations have previously been shown to accumulate with photoaging. Here we report that the age‐related T414G point mutation originally identified in skin fibroblasts from donors over 65 years also accumulates with age in skin tissue. Moreover, there is a significantly greater incidence of this mutation in skin from sun‐exposed sites (χ2= 6.8, P < 0.01). Identification and quantification of the T414G mutation in dermal skin tissue from 108 donors ranging from 8 to 97 years demonstrated both increased occurrence with photoaging as well as an increase in the proportion of molecules affected. In addition, we have discovered frequent genetic linkage between a common photoaging‐associated mtDNA deletion and the T414G mutation. This linkage indicates that mtDNA mutations such as these are unlikely to be distributed equally across the mtDNA population within the skin tissue, increasing their likelihood of exerting focal effects at the cellular level. Taken together, these data significantly contribute to our understanding of the DNA damaging effects of UV exposure and how resultant mutations may ultimately contribute towards premature aging.
An aging Interventions Testing Program: study design and interim report
Authors: Miller Richard A. , Harrison David E. , Astle Clinton M. , Floyd Robert A. , Flurkey Kevin , Hensley Kenneth L. , Javors Martin A. , Leeuwenburgh Christiaan , Nelson James F. , Ongini Ennio , Nadon Nancy L. , Warner Huber R. , Strong Randy
Published: June 2007

The National Institute on Aging's Interventions Testing Program (ITP) has developed a plan to evaluate agents that are considered plausible candidates for delaying rates of aging. Key features include: (i) use of genetically heterogeneous mice (a standardized four‐way cross), (ii) replication at three test sites (the Jackson Laboratory, TJL; University of Michigan, UM; and University of Texas, UT), (iii) sufficient statistical power to detect 10% changes in lifespan, (iv) tests for age‐dependent changes in T cell subsets and physical activity, and (v) an annual solicitation for collaborators who wish to suggest new interventions for evaluation. Mice in the first cohort were exposed to one of four agents: aspirin, nitroflurbiprofen (NFP), 4‐OH‐α‐phenyl‐N‐tert‐butyl nitrone (4‐OH‐PBN), or nordihydroguiaretic acid (NDGA). An interim analysis was conducted using survival data available on the date at which at least 50% of the male control mice had died at each test site. Survival of control males was significantly higher, at the interim time‐point, at UM than at UT or TJL; all three sites had similar survival of control females. Males in the NDGA group had significantly improved survival (P = 0.0004), with significant effects noted at TJL (P < 0.01) and UT (P < 0.04). None of the other agents altered survival, although there was a suggestion (P = 0.07) of a beneficial effect of aspirin in males. More data will be needed to determine if any of these compounds can extend maximal lifespan, but the current data show that NDGA reduces early life mortality risks in genetically heterogeneous mice at multiple test sites.
Volumetric Digital Image Correlation Applied to X‐ray Microtomography Images from Triaxial Compression Tests on Argillaceous Rock
Authors: Lenoir N. , Bornert M. , Desrues J. , Bésuelle P. , Viggiani G.
Published: June 2007

Abstract:  A set of triaxial compression tests on specimens of argillaceous rock were performed under tomographic monitoring at the European Synchrotron Radiation Facility in Grenoble, France, using an original experimental set‐up developed at Laboratoire 3S, Grenoble. Complete 3D images of the specimens were recorded throughout each test using X‐ray microtomography. Such images were subsequently analysed using a Volumetric Digital Image Correlation software developed at the Laboratoire de Mécanique des Solides in Palaiseau, France. Full‐field incremental strain measurements were obtained, which allow to detect the onset of shear strain localisation and to characterise its development in a 3D complex pattern. Volumetric Digital Image Correlation revealed patterns which could not be directly observed from the original tomographic images, because the deformation process in the zones of localised deformation was essentially isochoric (i.e. without volumetric strain), hence not associated to density changes.
Attitudes of community optometrists to smoking cessation: an untapped opportunity overlooked?
Authors: Thompson C. , Harrison R. A. , Wilkinson S. C. , Scott‐Samuel A. , Hemmerdinger C. , Kelly S. P.
Published: June 2007

Aim: To assess community optometrists’ attitudes and current behaviour regarding provision of smoking cessation advice in their practice.

Methods: A self‐completion postal questionnaire was sent to community optometrists in north‐west England identified from the General Optical Council's practice lists.

Results: Of 709 optometrists identified, 71.8% (509/709) returned the completed questionnaire. Few community optometrists routinely asked about smoking habits: only 6.2% (95% CI: 4.1–8.3) (n = 31) at new patient consultations, and 2.2% (95% CI: 0.9–3.5) (n = 11) at follow‐up visits. Reasons for optometrists not routinely providing smoking cessation advice included: not their role (35.4%,n = 180), lack of time (22.0%,n = 112) and forgetting to ask (21.4%,n = 109). Overall 67.6% (95% CI: 63.5–71.7) (n = 344) of community optometrists wanted to improve their knowledge of smoking and visual impairment with 56.2% (95% CI: 51.9–60.5) (n = 286) requesting further training.

Conclusion: Despite low levels of current involvement, many optometrists were keen to receive training on smoking cessation topics. We suggest that there are untapped opportunities to develop brief interventions to promote smoking cessation services in community optometry settings.
Management of ophthalmology referral letters in the United Kingdom: are traditional methods the best?
Authors: Hodi Samara
Published: June 2007

Background:  Traditionally referrals to ophthalmic units have been read and prioritised by a senior ophthalmologist. This has been seen as necessary due to the complex nature of the information contained within the referral, and to ensure that patients with sight threatening conditions are seen with appropriate speed. This well‐established system is in the process of being challenged with the introduction of electronic booking in England (Choose and Book). This study undertook to establish whether non‐consultant ophthalmic practitioners working in an eye clinic could grade referrals with an efficacy priority rating compatible with that of a consultant ophthalmologist.

Method:  A total of 138 ophthalmic referral letters were read and prioritised using a 4 point scale by the consultant to whom they were addressed. They were then prioritised by three test readers, without knowledge of the consultant's decision. Agreement was evaluated using unweighted and linear weighted kappa analysis. A selection of the more controversial referrals (i.e. where agreement was equivocal) were also prioritised by four consultants.

Results:  Weighted kappa analysis showed only a fair agreement between the scores given by the three test readers [Senior House Officer (SHO), Optometrist and Nurse Practitioner] and the consultant of 0.45, 0.48 and 0.37, respectively. However, in all cases, over 90% of scores were within one point of agreement with the Consultant score. Some letters were particularly difficult to interpret, leading to poor inter‐consultant agreement on the more controversial letters (κ = 0.30).

Conclusions:  Agreed clinical guidelines would make the prioritisation of most referral letters straightforward by a trained ophthalmic practitioner. However, traditional methods are inherently variable. To assist the untrained prioritiser there may need to be a priority scoring system, or availability of a triage assessment clinic.
Calculating the power of toric phakic intraocular lenses
Authors: Langenbucher Achim , Szentmáry Nóra , Seitz Berthold
Published: June 2007

Background and purpose:  A toric phakic intraocular lens (IOL) implanted in the anterior or posterior chamber of the eye has the potential to correct high or excessive ametropia and astigmatism with high predictability of the postoperative refraction and preservation of phakic accommodation. The calculation of spherical phakic lenses has been described previously, but a formalism for estimating the power of toric phakic lenses has not yet been published. The purpose of this study is to describe a mathematical strategy for calculating toric phakic IOLs.

Methods:  The method presented in this paper is based on vergence transformation in the paraxial Gaussian space. Parameters used for the calculations are the spherocylindrical spectacle refraction before implantation, corneal power (sphere and astigmatism) and (spherocylindrical) target refraction, together with the vertex distance and the predicted position of the phakic IOL. The lens power is determined as the difference in vergences between the spectacle‐corrected eye and the uncorrected eye at the reference plane of the predicted lens position. The axes of the preoperative refraction, the target refraction and the corneal astigmatism are at random (not necessarily aligned).

Results:  The method was applied to two clinical examples. In example 1 we calculate the power of a phakic lens for the simple case, when the target refraction is plano and the axis of the preoperative refraction is aligned to the axis of the corneal astigmatism. In example 2, the cylindrical axis of the preoperative refraction is not aligned to the corneal astigmatism and the target refraction is spherocylindrical (and the axis of the target refraction is not aligned to the preoperative refractive cylinder or the corneal astigmatism). The calculations for both examples are described step‐by‐step and illustrated in a table.

Conclusions:  The calculation scheme can be generalized to an unlimited number of crossed cylinders in the optical pathway. Based on paraxial raytracing, the spherical and cylindrical power as well as the orientation of the cylinder are determined from the preoperative refraction (including vertex distance), the corneal power, the intended target refraction (including vertex distance) and the predicted position of the phakic lens implant provided by the lens manufacturer. This calculation scheme can be easily implemented in a simple computer program (i.e. in Microsoft excel or matlab).
Static accommodative responses following adaptation to differential levels of blur
Authors: Cufflin Matthew P. , Hazel Charlotte A. , Mallen Edward A. H.
Published: June 2007

Purpose:  To investigate the effects of two levels of blur adaptation on visual resolution and steady‐state accommodation responses in emmetropes and myopes.

Methods:  Eleven emmetropes (mean refractive error +0.01 ± 0.31 DS) and 11 early‐onset myopes (EOM, mean refractive error −4.44 ± 1.64 DS) fixated monocularly at 4 m in three trials of 45 min duration with either: optimal refractive correction, +1 DS defocus, or +3 DS defocus. Monocular logMAR visual acuity (VA) was measured at 10 min intervals during each trial, and immediately following completion of the trial. Accommodative stimulus‐response function (ASRF), refractive error and pupil size were measured before and after each trial.

Results:  Blur adaptation was found to have no effect on pupil size or baseline refraction, irrespective of the power of the blurring lens. Adaptation to +1 DS of defocus yielded an improvement in VA of −0.16 ± 0.07 logMAR and −0.17 ± 0.11 logMAR in the emmetropes and myopes respectively. An improvement in VA of −0.20 ± 0.18 logMAR in the emmetropes and −0.26 ± 0.17 logMAR in the myopes was observed following adaptation to +3 DS of defocus. The changes in acuity became significant following 30 min of exposure to defocus. Blur adaptation was found to have no effect on the ASRF gradient or individual steady‐state accommodative responses.

Conclusions:  Following blur adaptation, visual resolution was found to increase in both emmetropes and myopes. The magnitude of the blur level did not produce significantly different increases in resolution. Blur adaptation failed to affect either the steady‐state responses to an accommodative stimulus or ASRF gradient.