bluuebunny/crossref_metadata_2025 huggingface dataset:
MYD88 L265P mutation contributes to the diagnosis of Bing Neel syndrome
Authors: Poulain Stéphanie , Boyle Eileen M. , Roumier Christophe , Demarquette Hélène , Wemeau Mathieu , Geffroy Sandrine , Herbaux Charles , Bertrand Elisabeth , Hivert Bénédicte , Terriou Louis , Verrier Albert , Pollet Jean Paul , Maurage Claude Alain , Onraed Brigitte , Morschhauser Franck , Quesnel Bruno , Duthilleul Patrick , Preudhomme Claude , Leleu Xavier
Published: August 2014

Bing‐Neel syndrome (BNS), a rare neurological syndrome associated with Waldenström macroglobulinaemia (WM), is a direct involvement of the central nervous system by lymphoplasmacytoid cells characterized with an adverse prognostic. The MYD88 L265P mutation has been identified in the vast majority of patients with WM. The diagnosis of BNS is often challenging because of the variety of clinical presentations associated with difficult histological techniques. We hypothesized that identification of MYD88 L265P mutation in the cerebrospinal fluid (CSF) would contribute to the diagnosis of BNS in addition to imaging, flow cytometry and cytology. We identified MYD88 L265P mutation in the CSF and the bone marrow of all cases of BNS using quantitative polymerase chain reaction qPCR and Sanger sequencing. Copy neutral loss of heterozygosity including MYD88 was observed in one case. No mutation of CXCR4, CD79A and CD79B was observed in parallel. We further showed that monitoring the quantitative expression of MYD88 L265P mutation might be a useful molecular tool to monitor response to chemotherapy using qPCR. In conclusion, identification of MYD88 L265P mutation might be a new molecular‐based biomarker tool to add to the diagnostic and monitoring armamentarium for BNS.
Differences in prevalence of bullying victimization between native and immigrant children in the Nordic countries: a parent‐reported serial cross‐sectional study
Authors: Bjereld Y. , Daneback K. , Petzold M.
Published: August 2014

Background

Bullying among children is a problem with severe consequences for the victim. The present study examined parent‐reported bullying victimization among children in the Nordic countries at two points in time, 1996 and 2011, and studied differences in prevalence of bullying victimization between immigrant and native children.

Methods

Data came from the parent‐reported NordChild, carried out in the Nordic countries in 1996 and 2011. NordChild is a serial cross‐sectional comparative study. A total of 7107 children aged 7–13 were included in the analyses.

Results

The prevalence of bullying victimization in the total Nordic countries was lower in 2011 (19.2%) than 1996 (21.7%). Difference in prevalence of bullying victimization was found both between native and immigrant children, and between countries. The largest difference in prevalence of bullying victimization was measured in Sweden 2011, where 8.6% of the native children were bullied, to be compared with the 27.8% of the immigrant children. Immigrant children had higher odds to be bullied than native children in Norway, Sweden and in the total Nordic countries at both measurements, also when adjusted for potentially confounding factors.

Conclusions

The higher prevalence of bullying victimization among immigrant children should be taken into consideration in the design and development of preventive work against bullying.
Expression of leptin and its receptor in thyroid carcinoma: distinctive prognostic significance in different subtypes
Authors: Fan Yan‐Lan , Li Xiao‐Qiu
Published: August 2014

Objective

To investigate the potential prognostic significance of leptin and its receptor (Ob‐R) in thyroid carcinoma.

Patients and Methods

The study cohort consisted of 173 patients including 93 cases with papillary thyroid carcinoma (PTC), 41 cases with follicular thyroid carcinoma (FTC), 25 cases with medullary thyroid carcinoma (MTC) and 14 cases with anaplastic thyroid carcinoma (ATC). We investigated the correlation between clinicopathological features and leptin or Ob‐R. The Kaplan–Meier method was used to analyse the survival rate.

Results

There was a strong correlation of leptin expression with Ob‐R expression in PTC, FTC and ATC. For PTC, leptin expression was strongly correlated with older age, larger tumour size, nodal metastasis and advanced stage. Ob‐R was significantly correlated with larger tumour size, nodal metastasis and advanced stage. The 5‐year disease‐free survival (DFS) rate in patients with positive leptin or its receptor expression was lower than that in patients without expression (with statistical difference). For FTC, patients with positive leptin or Ob‐R expression developed no recurrence or metastasis during the follow‐up. For MTC, Ob‐R was significantly correlated with nodal metastasis and advanced stage (P < 0·05). For ATC, patients with positive Ob‐R expression had longer median DFS than those with negative expression (436 ± 185 vs 57 ± 71 days), and the difference in the survival rate was statistically significant (P < 0·05).

Conclusions

There was a strong correlation of leptin expression with Ob‐R expression in PTC, FTC and ATC. Leptin and Ob‐R had negative prognostic significance in PTC, while Ob‐R may play a protective role in ATC.
A population‐based nested case–control study: the use of 5‐alpha‐reductase inhibitors and the increased risk of osteoporosis diagnosis in patients with benign prostate hyperplasia
Authors: Lin Wen‐Ling , Hsieh Yow‐Wen , Lin Cheng‐Li , Sung Fung‐Chang , Wu Chieh‐Hsi , Kao Chia‐Hung
Published: August 2014

Background

5‐alpha‐reductase inhibitors (5ARIs) are the potent androgen responsible for the development and enlargement of the prostate gland by decreasing dihydrotestosterone (DHT). This results in inhibition of the conversion of testosterone to dihydrotestosterone and markedly suppresses serum dihydrotestosterone levels. Testosterone replacement therapy improves bone density in men with hypogonadal osteoporosis. This study explores the possible association between the use of two typical 5ARIs (finasteride and dutasteride) and the subsequent risk of osteoporosis diagnosis.

Methods

We identified 1352 osteoporosis diagnosis cases and 5387 control cases without osteoporosis diagnosis from the claims data for patients with benign prostate hyperplasia (BPH), which are collected in the Taiwanese National Health Insurance Research Database (NHIRD). Four controls were frequency matched to each case according to age (every 5 years) and diagnosis date. We measured the effect of 5ARIs and determined the adjusted odds ratios (ORs) with 95% confidence intervals (CIs).

Results

We observed a 1·52‐fold increase in osteoporosis diagnosis among patients with BPH using finasteride (95% CI, 1·01–2·30). Furthermore, a dosage analysis showed that higher doses of finasteride were associated with higher osteoporosis diagnosis risk (OR = 1·68; 95% CI, 1·01–2·81), relative to the patients not using 5ARIs.

Conclusion

This population‐based nested case–control study suggests that the use of finasteride can increase the risk of osteoporosis diagnosis among patients with BPH. The effects were more prominent in patients using higher doses of finasteride.
New treatments for diabetic retinopathy
Authors: Das A. , Stroud S. , Mehta A. , Rangasamy S.
Published: August 2014

Diabetic retinopathy is the major cause of vision loss in middle‐aged adults. Alteration of the blood–retinal barrier (BRB) is the hallmark of diabetic retinopathy and, subsequently, hypoxia may result in retinal neovascularization. Tight control of systemic factors such as blood glucose, blood pressure and blood lipids is essential in the management of this disease. Vascular endothelial growth factor (VEGF) is one of the most important factors responsible for alteration of the BRB. The introduction of anti‐VEGF agents has revolutionized the therapeutic strategies used in people with diabetic retinopathy, and the use of laser therapy has been modified. In the present article, we examine the clinical features and pathophysiology of diabetic retinopathy and review the current status of new treatment recommendations for this disease, and also explore some possible future therapies.
Impact of mass rearing and gamma irradiation on thermal tolerance ofEldana saccharina
Authors: Mudavanhu Pride , Addison Pia , Conlong Des E.
Published: August 2014

Mating ability, survival, and fitness of mass‐produced sterile insects when released into the wild, are critical to the success of the sterile insect technique (SIT) as a pest management strategy, but their field performance remains one of the greatest challenges. Thermal stress tolerance by irradiated insects is a determinant of sterile insect quality, hence knowledge of their physiological competitiveness is essential for developing theSIT. Here, we report the results of experiments investigating effects of laboratory rearing and increasing radiation dosage on thermal limits to activity of the adult stage ofEldana saccharinaWalker (Lepidoptera:Pyralidae). The critical thermal maximum (CTmax) and critical thermal minimum (CTmin) were assayed using a dynamic method on both sexes ofE. saccharinamoths in laboratory vs. wild populations (to determine effect of rearing history). Furthermore, the laboratory population was exposed to 150, 200, and 250 Gy, to determine the effect of radiation dose. Laboratory‐rearedE. saccharinawere more heat tolerant compared to wild moths for both sexes (CTmax = 44.5 vs. 44.3 °C), whereas in the case ofCTmin (3.7 vs. 4.4 °C), wild moths were more cold tolerant than their laboratory‐reared counterparts. Irradiation had a negative effect on bothCTmax andCTmin. Moths treated at the lowest radiation dose were more cold and heat tolerant than those treated at the highest dosages (CTmin = 4.5 vs. 6.2 °C;CTmax = 43.9 vs. 43.5 °C), thereby reinforcing the importance of lower dosages rather than those that induce full sterility againstE. saccharina. In general, sex had no influence on critical thermal limits in all moth treatments except for those irradiated at 150 Gy. The data presented in this article provide evidence that increasing radiation dose impacts on fitness of laboratory‐produced moths relative to their wild counterparts, which in turn could affect the effectiveness of theSITprogramme.
Association between carotid stenosis or lacunar infarction and incident dementia in patients with vascular risk factors
Authors: Kitagawa K. , Miwa K. , Yagita Y. , Okazaki S. , Sakaguchi M. , Mochizuki H.
Published: August 2014

Background and purpose

The association between vascular risk factors and dementia is of interest. Several studies have shown that cerebral small vessel disease (SVD) is associated with dementia. However, the association between cerebral large vessel disease (LVD) and dementia has not been thoroughly examined.

Methods

The Osaka Follow‐up Study for Carotid Atherosclerosis, Part 2, was a prospective cohort study of cardiovascular events and dementia in which patients (n = 1106) with vascular risk factors underwent carotid ultrasound. Of these patients, 600 who had normal cognitive function were included and underwent brain magnetic resonance imaging. The presence of lacunar infarction and carotid stenosis served as markers for SVD and LVD, respectively.

Results

Amongst 600 patients (mean 68 years, 57% men), 261 (44%) showed lacunar infarction and 94 (16%) showed carotid stenosis. During the follow‐up period (median 8.0 years), 57 patients had incident dementia. Patients with carotid stenosis and lacunar infarction were significantly more likely to be diagnosed with dementia (log‐rank test, P = 0.037 and P < 0.001, respectively). The association between lacunar infarction and dementia remained significant after adjusting for risk factors including stroke history, apolipoprotein E genotype and years of education (hazard ratio 2.64, 95% confidence interval 1.22–6.09). However, the presence of carotid stenosis was not associated with incident dementia after adjusting for age and sex (P = 0.477).

Conclusions

This study demonstrated that carotid stenosis had little association with dementia, but lacunar infarction had a significant association. The impact of SVD on dementia could be much greater than that of LVD.
Evolution of invasive traits in nonindigenous species: increased survival and faster growth in invasive populations of rusty crayfish (Orconectes rusticus)
Authors: Sargent Lindsey W. , Lodge David M.
Published: August 2014

The importance of evolution in enhancing the invasiveness of species is not well understood, especially in animals. To evaluate evolution in crayfish invasions, we tested for differences in growth rate, survival, and response to predators between native and invaded range populations of rusty crayfish (Orconectes rusticus). We hypothesized that low conspecific densities during introductions into lakes would select for increased investment in growth and reproduction in invasive populations. We reared crayfish from both ranges in common garden experiments in lakes and mesocosms, the latter in which we also included treatments of predatory fish presence and food quality. In both lake and mesocosm experiments,O. rusticusfrom invasive populations had significantly faster growth rates and higher survival than individuals from the native range, especially in mesocosms where fish were present. There was no influence of within‐range collection location on growth rate. Egg size was similar between ranges and did not affect crayfish growth. Our results, therefore, suggest that growth rate, which previous work has shown contributes to strong community‐level impacts of this invasive species, has diverged sinceO. rusticuswas introduced to the invaded range. This result highlights the need to consider evolutionary dynamics in invasive species mitigation strategies.
Morphological and genetic comparison between naturally produced smolts of Atlantic salmon, brown trout and their hybrids
Authors: Solem Ø. , Berg O. K. , Verspoor E. , Hindar K. , Karlsson S. O. , Koksvik J. , Rønning L. , Kjærstad G. , Arnekleiv J. V.
Published: August 2014

Morphological characters were compared between smolts (standard length 110–220 mm) of Atlantic salmon Salmo salar L., anadromous brown trout Salmo trutta L. and their hybrids captured in River Driva, western Norway. Morphological discrimination between S. salar, S. trutta and their hybrids was correct for 93% of the individuals (correct form was determined genetically). Morphological discrimination of hybrids was incorrect with 9.1% (n = 7) classified as S. salar and 1.3% (n = 1) as S. trutta, suggesting that the hybrids were morphologically more similar to S. salar than S. trutta despite a bias towards S. trutta mothers (7 of 8 cases). The largest morphological differences were found in head (notably maxilla length) and caudal peduncle morphology. Hybrids between S. salar and S. trutta had the longest pectoral and pelvic fins. This indicates that precise discrimination based on morphological traits can be made between S. salar, S. trutta and their hybrids.
DURATION, IMMUNIZATION, AND HEDGING WITH INTEREST RATE FUTURES
Authors: Kolb Robert W. , Chiang Raymond
Published: August 2014

The recent advent of the interest rate futures markets has greatly enriched the hedging opportunities of market participants faced with undesired interest rate risk. The variety of futures contracts presently spans a number of instruments with different risk, maturity, and coupon characteristics. This paper modifies the concept of duration and extends the duration hedging approach to cases where futures contracts are used as the hedging instrument. The derived hedge ratios take into account differences in coupon, maturity, and risk for three different regimes. Usage of these hedge ratios should lead to more efficient hedging of interest rate risk.
SIMULATION OF PORTFOLIO RETURNS: VARYING NUMBERS OF SECURITIES AND HOLDING PERIODS
Authors: Lloyd William P. , Goldstein Steven J.
Published: August 2014

Variability may be measured around the long‐run market return by combining the well‐developed area of security diversification with the notion of time diversification. This non‐traditional concept of diversifiable risk is illustrated with results of a very large scale simulation. The results are very general since the data used in the simulation consist of all firms on the Center for Research in Security Prices (CRSP) monthly return file from January 1926 through December 1977.
SPECULATION AND THE MARKET FOR RECOMMENDATIONS
Authors: Bosch Jean‐Claude
Published: August 2014

The purpose of this paper is to investigate the theoretical value of information in a speculative securities market. A model of speculative equilibrium is developed in a market where an independent profit‐seeking advisor sells information in the form of buy and sell recommendations. These recommendations and the record of the advisor determine traders' speculative commitments, which take explicit account of informational risk. The model leads to a complete specification of the speculative equilibrium which includes stock prices as well as the price that the advisor can charge for providing recommendations.
CAPITAL BUDGETING DECISIONS WHEN CASH FLOWS AND PROJECT LIVES ARE STOCHASTIC AND DEPENDENT
Authors: Bey Roger P.
Published: August 2014

The purpose of this study is twofold: (1) to develop an operational economic state and simulation capital budgeting procedure for allowing cash flows and project lives to be dependent and (2) to provide empirical evidence of the impact of stochastic project lives on mean‐variance and mean‐semivariance capital budgeting decisions. The required number of input estimates for the proposed model is small. For individual projects, incorrectly assuming deterministic project lives when project lives are stochastic often results in large overestimates of expected net present values and large underestimates of the variance of the net present value. Similar results occur for the mean‐variance and mean‐semivariance portfolio models. The primary managerial implication of this study is that the inclusion of stochastic project lives in capital budgeting decisions is critical to obtain appropriate risk‐return estimates.
INTEREST RATE HEDGING: AN EMPIRICAL TEST OF ALTERNATIVE STRATEGIES
Authors: Gay Gerald D. , Kolb Robert W. , Chiang Raymond
Published: August 2014

For hedging, financial and agricultural futures contracts differ in their usefulness. This paper presents a new hedging approach uniquely appropriate to financial futures that better fits the typical hedging situation confronted by those wishing to hedge interest rate risk. The superiority of this new hedging strategy is demonstrated empirically by comparing the strategy with several other methods currently in use.
THE EFFECT OF MARKET CONDITIONS AND RISK CLASSIFICATIONS ON MARKET MODEL PARAMETERS
Authors: Spiceland J. David , Trapnell Jerry E.
Published: August 2014

This article reports the results of tests used to detect shifts in market model parameters during bull and bear market conditions. The evidence indicates that the parameters exhibit nonstationarity during market advances and market declines for certain predetermined stock groups. Specifically, the parameters of stocks in high‐risk and low‐risk classifications behave as if they are affected by the alternating forces of bull and bear markets.
SHORT SELLING: THE MUTUAL FUND ALTERNATIVE
Authors: Eckardt Walter L , Bagamery Bruce D.
Published: August 2014

Short selling allows investors to shape prospective investment return opportunities along desired lines, offers the ability to hedge factors such as unanticipated inflation, provides a means to exploit perceived return anomalies, and facilitates the equilibrium pricing of securities. Currently, a short position can be created directly, with options, or with futures contracts. Each procedure has some advantages and some drawbacks with respect to the others. The alternative of mutual fund short selling in the family of funds framework neither dominates nor is dominated by existing methods. Implementation would, therefore, augment investor welfare.
COMPENSATING BALANCES AND FOREIGNERS' DOLLAR DEPOSITS IN UNITED STATES BANKS
Authors: Swanson Peggy E.
Published: August 2014

Over the past 15 years, foreigners have been holding increasing quantities of dollars in United States banks. Since returns on Eurodollars consistently have been higher than returns in the United States, and since foreign exchange risk to foreigners is the same in both dollar markets, the quantities are not likely to represent portfolio choices. Some holdings probably are related to dollar transactions needs, but the data indicate that growth in trade is not adequate to explain the growing quantities held. This paper investigates empirically compensating balance requirements as a motive for foreigners holding dollars in the United States and finds these requirements to be important determinants of quantities held.
TAXES AND THE REFUNDING OF DISCOUNT BONDS
Authors: Dyl Edward A. , Spahr Ronald W.
Published: August 2014

This paper examines the effect of the Bankruptcy Tax Act of 1980 on the decision to refund corporate bonds selling at a discount. Historically, the refunding of discount debt has appeared to be profitable on a discounted cash flow basis. This study demonstrates, however, that the tax effects of the Bankruptcy Tax Act of 1980 have eliminated effectively any potential gains from refunding discounted debt.
SHORT TERM IMPACT OF OPTION TRADING ON UNDERLYING SECURITIES
Authors: Whiteside Mary M. , Dukes William P. , Dunne Patrick M.
Published: August 2014

This paper examines the short‐term impact of option listing before and after the moratorium. There is no clear evidence that option trading has an effect on volatility or variability of shares traded daily. However, when the results are evaluated by year of trading, two significant trends can be identified. A trend toward decreased price volatility and increased variability in the number of shares traded daily is shown in the underlying security shortly after option trading begins.
INTERNATIONAL DIVERSIFICATION OF EQUITIES AND FIXED‐INCOME SECURITIES
Authors: Hill Joanne , Schneeweis Thomas
Published: August 2014

Portfolio selection models have been applied principally to common stocks traded in the United States and in foreign stock markets. This study examines the efficient set of portfolios selected from a choice set that includes returns derived from domestic and international corporate bond and government bond indices as well as domestic and international stock indices. To assess the benefits of international multi‐asset diversification, the authors examine the following issues: (1) the extent to which international and domestic fixed‐income securities are included in efficient portfolios; (2) the effect on efficient set composition of using the Sharpe portfolio selection model as compared to the Markowitz portfolio selection model; (3) the sensitivity of efficient set characteristics produced from a single‐index based portfolio selection model to alternative world market indices; and (4) the correspondence between expected and realized portfolio risk and return for the different portfolio selection models.
A MODEL OF HETEROGENEOUS EXPECTATIONS AS A DETERMINANT OF SHORT SALES
Authors: Peterson David R. , Waldman Donald M.
Published: August 2014

This study examines the role of heterogeneous expectations as a determinant of short selling of common stock. A theoretical model demonstrates that the degree of heterogeneity of opinion and the number of investors in a market both positively influence short selling. This theory is substantiated empirically using ex‐ante data. Short selling is related directly to merger activity and the presence of options.
PORTFOLIO PERFORMANCE IN RELATION TO QUALITY, EARNINGS, DIVIDENDS, FIRM SIZE, LEVERAGE, AND RETURN ON EQUITY
Authors: Muller Frederick L. , Fielitz Bruce D. , Greene Myron T.
Published: August 2014

This paper examines the risk‐return performance of portfolios formed from S&P quality rankings over the time period 1970–1979. In addition, the risk‐return characteristics of the portfolios are compared with performance as measured by fundamental data regarding earnings, dividends, firm size, leverage, and return on equity. The results suggest that the S&P quality rankings are closely correlated to risk as measured by the variability of returns and earnings changes, but the rankings are not correlated with the variability of dividend changes. The quality rankings are not uniformly correlated with mean portfolio returns or mean dividend changes, nor is the relationship between quality and mean earnings changes strong. Finally, quality rankings are related to firm size and return on equity. However, relationships between quality and leverage are discernible only at the extremes.
MULTIVARIATE ANALYSIS OF CORPORATE BOND RATINGS AND INDUSTRY CLASSIFICATIONS
Authors: Perry Larry G. , Henderson Glenn V. , Cronan Timothy P.
Published: August 2014

Previous statistical models designed to predict bond ratings use a variety of financial data and ratios; however, the possible effect of the industry in which the firms operate is generally disregarded. Although the exact bond rating process used by the rating agencies is not known, industry analysis is an important component of the process. This study evaluates the use of industry‐specific multiple discriminant functions for predicting bond ratings. The results support using such a technique.
A FINANCIAL MANAGEMENT THEORY OF THE NONPROFIT ORGANIZATION
Authors: Wacht Richard F.
Published: August 2014

Certain unique operational and financial characteristics of nonprofit organizations prevent the transfer and successful application of orthodox economic and financial management theories to financial management decisions in the nonprofit context. These characteristics include a dual management structure composed of professional and financial managers, multiple objectives, legal restrictions on the disposition of earnings and assets, and the constant threat of illiquidity as the result of the uncoupling of organizational goals and cash flows.

The financial management theory presented here separates the financial management goals from the professional goals and allows the finance practitioner to concentrate on keeping the nonprofit organization operating as a going concern. The theory is designed as a “partial” theory of the firm and is completely consonant with accepted economic orthodoxy. Hence, by employing financial decision rules based on the new theory, a nonprofit organization can survive financially through time while its professional manager pursues utility‐denominated goals delineated by the organization's tax‐exempt status.
INTRAWEEK SEASONALITY IN THE FEDERAL FUNDS MARKET
Authors: Eisemann Peter C. , Timme Stephen G.
Published: August 2014

This paper examines daily Federal funds interest rates for intraweek seasonality over the period 1966 through June 1982. Seasonals are identified using several techniques and are found to vary over time in both intensity and relative size. Furthermore, seasonality is not limited to a Wednesday effect. The seasonals are used to test the effectiveness of active reserve management based on seasonal rate forecasts. The results indicate that extraordinary risk‐adjusted profits are not likely.
AN EXAMINATION OF MARKET REACTION TO SUBSTANTIAL SHIFTS IN DIVIDEND POLICY
Authors: Benesh Gary A. , Keown Arthur J. , Pinkerton John M.
Published: August 2014

This study provides further empirical evidence on the informational content of dividends hypothesis. To reduce the misclassification of unfavorable and favorable dividend announcements, which can result when small dividend changes are included, the analysis is restricted to cases where a substantial shift in dividend policy has occurred. Specifically, the authors examine the aggregate market response to announcements of (1) omitted dividends, (2) dividend decreases of at least 25 percent, (3) dividend increases of at least 25 percent, and (4) initial dividend payments. The results indicate that announcements of dividend omissions and large decreases have a pronounced downward impact on stock prices even though the market has anticipated the forthcoming news to a large degree. Similarly, the market reaction to initial dividend declarations is found to be substantial and much greater than previously found for favorable dividend classifications in general.
THE WRITINGS OF HENRY A. LATANÉ: A COMPILATION AND ANALYSIS
Authors: Trent Robert H. , Kemp Robert S.
Published: August 2014

Henry A. Latané: A Brief Biographical Sketch

A native Virginian, Henry A. Latané was born in Buchanan, Botetourt County, in 1907. He received a BA degree from the University of Richmond in 1928 and an MBA degree from Harvard University in 1930. From 1930 to 1940 he was employed by Bankers Trust Company of New York as a security analyst. In 1940 he joined Lionel D. Edie and Company, also in New York, and remained with that firm as a security analyst until 1951. It was while he was with Lionel D. Edie that his first publication appeared, a short article in the Journal of the American Statistical Association (1942) concerning deriving seasonal factors in economic time series data.

The Latané family moved from New York to Chapel Hill, North Carolina in 1951, where he obtained a Ph.D. degree in Economics from the University of North Carolina in 1957. Before completing his doctorate, however, he had published articles in the Southern Economic Journal, The Journal of Finance, and The Review of Economics and Statistics, all in 1954. His dissertation, completed in 1957 and entitled “Rational Decision Making in Portfolio Management,” provided the foundation for many of the Latané writings that have appeared in subsequent years.

Latané joined the faculty of the University of North Carolina as a Research Associate in 1958 and was appointed Professor of Finance and Economics in 1960. He was elected Meade H. Willis, Sr. Professor of Investment Banking in 1969 and achieved emeritus status in 1981.

He was one of the first to obtain the professional designation Chartered Financial Analyst in 1965. For many years he has been a member of both the New York Society and the North Carolina Society of Security Analysts. He served as Vice President of the Southern Economic Association during 1974–1976 and was an Associate Editor of The Journal of Finance from 1973 to 1981.
WHO HOLDS ALTERNATIVE MARKET‐YIELD ACCOUNTS?
Authors: McKenzie Joseph A.
Published: August 2014

This paper examines household liquid asset allocation for the period just prior to the introduction of the money market deposit account. This account, authorized in December 1982, allows depository institutions to offer the competitive equivalent of a money market mutual fund account. Estimates derived from a conditional logit model and data from a household financial services survey indicate that those most likely to have a money market mutual fund account are young, upper income college graduates. Older, non‐metropolitan, and non‐college‐educated households have much stronger ties to depository institutions.
STRONG FORM EFFICIENCY OF THE FOREIGN EXCHANGE MARKET AND BANK POSITIONS
Authors: Mahajan Arvind , Mehta Dileep
Published: August 2014

This paper explores the strong form efficiency of the pound sterling‐U.S. dollar market by analyzing the ability of U.S. commercial banks to formulate superior expectations vis‐a‐vis the market in two ways. First, Stein's theory is employed to distinguish between shifts and disturbances in the exchange market equilibrium. Second, the swap transaction framework extracts U.S. commercial banks' expectations from their observed behavior. Results obtained from both approaches suggest that the observed group has better than random forecasting accuracy.
COSKEWNESS, DIVIDEND YIELD AND CAPITAL ASSET PRICING
Authors: Cook Thomas J. , Rozeff Michael S.
Published: August 2014

The coskewness and dividend yield effects on capital asset prices have been established in two separate literatures. Neither literature controls for the variable in the other, nor for other potentially confounding factors such as size of the firm and the January effect on returns. Using stock return data for 1969–1978, this study provides evidence of coskewness, size, yield and January effects on stock returns. Coskewness appears to be a surrogate variable for dividend yield. When yield is controlled for, the coskewness effect cannot be detected. Hence, the significance of coskewness seems to result from the presence of the uncontrolled factor, dividend yield.
RETURNS ON HIGH‐QUALITY AND LOW‐QUALITY PREFERRED STOCKS IN PERIODS OF COMMON‐STOCK DIVIDEND REDUCTIONS
Authors: Rosenfeld James D.
Published: August 2014

This study compares the pre‐event return behavior of low‐quality and high‐quality nonconvertible preferred stocks in periods of common‐stock dividend reductions. Using the single‐index model to compute abnormal returns, the cumulative average residuals of low‐quality preferred stocks are significantly negative while those of the high‐quality group show a small, positive drift over the 12‐month period preceding the announcement month.
THE GROWTH OPTIMAL CAPITAL STRUCTURE: MANAGER VERSUS SHAREHOLDER OBJECTIVES
Authors: Antia Murad J. , Meyer Richard L.
Published: August 2014

Utilizing a geometric mean wealth maximization approach, this paper shows potential differences between the capital structure preferred by stockholders and the one preferred by managers. In general, managers may prefer more conservative, equity‐oriented financing, while stockholders desire greater financial leverage. The problem arises because of differences in the degree of portfolio diversification achieved by managers and stockholders. Stockholders tend to have reasonably well‐diversified portfolios, causing them to be concerned with systematic risk. Managers' portfolios are apt to be more concentrated and directly tied to the financial success of an employer, causing managers to be concerned with total risk. Thus, for a given capital structure, each party views the firm as having a different level of risk. Several executive compensation plans are considered that might more closely align the interests of managers and stockholders.
THE SENSITIVITY OF THE PRIME RATE TO MONEY MARKET CONDITIONS
Authors: Goldberg Michael A.
Published: August 2014

Commercial banking's institutional setting can make one bank's profits dependent upon the pricing strategies of its rivals. In this environment, widely disseminated prime rate quotes, loan contracts with “most‐favored‐customer” clauses, and rule‐of‐thumb pricing techniques can result in prime rate outcomes that jointly maximize banks' market values. In this paper the relationship between the prime and money market rates is examined over the last decade to determine if the prime rate behaves more like a competitive money market rate than an oligopolistic price.
THE GEOMETRY OF ASSET ADJUSTMENT WITH ADJUSTMENT COSTS
Authors: Glick Reuven
Published: August 2014

This paper provides a geometric analysis of asset adjustment behavior in response to changes in expected return and wealth. The analysis permits discussion of the role of different adjustment cost and risk attitude assumptions within a unified framework. It is shown that changes in expected return generally induce portfolio revision only if the marginal rate of substitution between assets is less than their relative marginal costs of adjustment. Wealth disturbances may induce sequential, rather than simultaneous, asset adjustment if marginal adjustment costs are constant or decreasing and the investor is risk neutral.
NONSTATIONARITY OF BETA AND TESTS OF MARKET EFFICIENCY
Authors: McDonald Bill , Nichols William D.
Published: August 2014

Conclusions from event type studies are usually supported by data generated from some form of the market model. This study examines the robustness of these conclusions to different static and dynamic estimates of beta when the event under investigation occurs during a period of changing systematic risk. The results indicate that when beta is nonstationary, the findings of market inefficiency (or efficiency) in previous studies may be an artifact of the static beta estimation method.
THE RISK STRUCTURE OF INTEREST RATES AND INTERDEPENDENT BORROWING COSTS: THE IMPACT OF MAJOR DEFAULTS
Authors: Smith Richard L. , Booth James R.
Published: August 2014

This paper develops a new methodology for evaluating the impact of economic events on bond yields. Term structure information and implicit forward rates are used to generate expected bond yields, and the difference between actual and expected yields is interpreted as the information effect of the event. The methodology is applied to two studies of municipal default: the New York City default and the more recent Washington Public Power Supply System (WPPSS) default. The analysis provides evidence that the New York City default did have a significant impact on the interest cost of municipal financing in general. In the case of WPPSS, however, there is no indication of a significant default impact.
BLACK‐CONTROLLED CREDIT UNIONS: A COMPARATIVE ANALYSIS
Authors: Black Harold A. , Schweitzer Robert L.
Published: August 2014

This paper is a comparative study of black‐ and nonblack‐controlled credit unions. The results indicate operational differences that distinguish black credit unions from previous results for black banks and black savings and loan associations. Many of these differences can be attributed to institutional characteristics resulting from the three distinct types of credit unions. The major contribution of the paper is that the striking similarities between black banks and black savings and loan associations do not in general apply to black credit unions.
A FURTHER EXAMINATION OF STOCK PRICE CHANGES AND TRANSACTION VOLUME
Authors: Smirlock Michael , Starks Laura
Published: August 2014

This study provides a further test of whether the price change‐volume relationship is asymmetric as Epps' theoretical model and empirical evidence indicate. Testing during periods of known information arrival supports his hypothesis that the ratio of volume to absolute price change on price increases is higher than that ratio on equivalent price decreases. There is some contrary evidence when the testing occurs over trading days for which there is no known information arrival. This reversal of results could be due to the combined effect of positive transaction costs and no information arrival. There is evidence in support of this explanation.
PARTIAL EXERCISE OF LOAN COMMITMENTS UNDER ADAPTIVE PRICING
Authors: Greenbaum Stuart I. , Venezia Itzhak
Published: August 2014

The partial takedown phenomenon associated with bank loan commitments is examined in a dynamic context in which banks adjust commitment prices to client takedown behavior. The optimal takedown is an increasing function of client riskiness and a decreasing function of the time the client plans to remain with its present bank and the cost of switching to a new bank. Since the bank's learning is cumulative, the longer a client remains with its bank the smaller is the commitment price adjustment resulting from an aberrant takedown. The enhanced commitment price certainty, obtained with longevity of the client relationship, helps to explain client reluctance to switch banks. Since the optimal takedown is an increasing function of client riskiness under adaptive pricing, such pricing may serve the added purpose of providing information on client risk.
EMPIRICAL TESTS OF THE EFFICIENCY OF THE CURRENCY OPTION MARKET
Authors: Tucker Alan L.
Published: August 2014

Tests of a hedge and a rational boundary of the efficiency of the currency option market are conducted in this study. These tests use transactions data and account for the effects of currency and option bid/ask spreads, synchronization of option prices and underlying exchange rates, market depth, execution lags, and transaction costs. Currency options, unlike domestic stock options, exhibit continuous dividends. The nature of the option and of the data set employed makes the immediate exercise lower bound test one of the purest tests of market efficiency to date. Results reported here indicate no ability to earn abnormal economic or riskless arbitrage profit for the period when these tests are conducted.
AN ARBITRAGE PRICING APPROACH TO EVALUATING MUTUAL FUND PERFORMANCE
Authors: Chang Eric C. , Lewellen Wilbur G.
Published: August 2014

A test procedure, derived from arbitrage pricing theory, that permits the measurement of the security selection performance of professional portfolio managers is developed and applied to a sample of mutual funds over the period of the 1970's. The evidence indicates that more than one factor was present in the market during that interval as a systematic influence on the profile of securities returns. Consistent with prior studies, the evidence also suggests that mutual fund portfolios did not outperform a passive buy‐and‐hold investment strategy. A comparative analysis of the same data, using performance measures based on the single‐factor market model, produces similar but less powerful results, both in the aggregate and at the individual fund level.
INSTITUTIONAL TRADING AND SECURITY PRICES: THE CASE OF CHANGES IN THE COMPOSITION OF THE S&P 500 INDEX
Authors: Woolridge J. Randall , Ghosh Chinmoy
Published: August 2014

This paper examines the common stock valuation and liquidity effects of firms being added to and deleted from the S&P 500 Index. Three potential pricing and trading volume hypotheses are discussed and tested—an Information Content Hypothesis (ICH), a Price Pressure Hypothesis (PPH), and a Liquidity Cost Hypothesis (LCH). The empirical findings indicate that firms being added to (deleted from) the S&P 500 Index over the 1977 to 1983 period experience positive (negative) abnormal common stock returns on the day following the addition. An analysis of common stock liquidity around additions to the Index reveals that while relative trading activity increases in the month of addition, it actually declines in subsequent months. The valuation and liquidity results are consistent to some degree with both the PPH and the LCH and are most likely due to index fund managers adjusting their holdings to reflect changes in the Index.
SECURITY PRICE REACTIONS AROUND PRODUCT RECALL ANNOUNCEMENTS
Authors: Pruitt Stephen W. , Peterson David R.
Published: August 2014

This study presents an empirical, event‐time analysis of the financial impact of product recall announcements on the equity holders of affected firms. Product recalls convey relevant information to the market at the time the announcement is reported in The Wall Street Journal. Further, security prices continue to react significantly to product recall announcements for approximately two months following the initial news release. No relation between the firm's equity decline and the direct costs of the recall is found, indicating the importance of indirect costs such as litigation or a reduction in future corporate sales due to reputation damage.
COMPARATIVE EFFICIENCY OF MARKET INDICES: AN EMPIRICAL STUDY
Authors: Hsia Chi‐Cheng
Published: August 2014

This study ranks eight widely used market indices using two mean‐variance efficiency scores developed from Roll's geometric representation of the Shanken's CRS T2 test statistic and the likelihood ratio test statistic of Kandel. The results indicate that, over the period of 1973–1982, the CRSP equally weighted, CRSP value weighted, and S&P 500 emerge consistently as the three most efficient indices under all market conditions.
AN EMPIRICAL TEST OF THE COMMODITY OPTION PRICING MODEL USING GINNIE MAE CALL OPTIONS
Authors: Luft Carl F. , Fielitz Bruce D.
Published: August 2014

This paper tests the ability of Black's commodity option pricing model to provide prices for over‐the‐counter Ginnie Mae call options, which are not significantly different from actual market prices. The test is applied to a unique data set on option prices and Ginnie Mae forward contracts, furnished by a brokerage house specializing in trading government‐backed securities. The model generates prices close to those actually available when trading is reasonably active.
EMPIRICAL ANALYSIS ON THE PREDICTORS OF FUTURE SPOT RATES
Authors: Chiang Thomas C.
Published: August 2014

This paper examines the issue of the prediction of future spot rates by applying the seemingly unrelated regression technique to four major currencies using data from January 1974 to September 1982. The empirical evidence indicates that current spot rates provide a better prediction of future spot rates than do current forward rates. In further rolling subsample studies, the estimated coefficients for current forward rates (or spot rates) are found to be sensitive to the new information. An important implication of this paper is that since the estimated coefficients vary over time, the underlying pattern of the generated coefficients should be extrapolated and incorporated into the exchange rate predictions.
STOCK REPURCHASES AND SECURITYHOLDER RETURNS: A CASE STUDY OF TELEDYNE
Authors: Wansley James W. , Fayez Elayan
Published: August 2014

This study examines securityholder returns around nine major repurchase announcements and 10 other repurchase‐related announcements by the Teledyne Corporation between 1972 and 1984. Statistically significant positive excess returns to common stock and convertible preferred stockholders are documented. Contrary to prior research that investigated the average response to repurchase announcements, however, there is a wealth transfer from bondholders to stockholders. Bondholder returns around the repurchase announcements are significantly negative. These returns are examined for each announcement and each bond issue.
MARKET REACTION TO NYSE LISTINGS: TESTS OF THE MARKETABILITY GAINS HYPOTHESIS
Authors: Grammatikos Theoharry , Papaioannou George
Published: August 2014

This study examines the market reaction to listing on the New York Stock Exchange (NYSE). The marketability gains hypothesis states that investors expect liquidity gains for the less liquid over‐the‐counter (OTC) stocks but not for their liquid counterparts after their listing on the NYSE. The hypothesis is supported even after accounting for other firm‐specific news releases. Stocks with low liquidity on the OTC exhibit a positive reaction, whereas stocks with high liquidity show a non‐positive market reaction around the announcement of the listing application. The findings imply that the two different marketplaces, NYSE and OTC, are suitable for stocks with different liquidity characteristics.
THE DIFFERENTIAL EFFECTS OF SINKING FUNDS ON BOND RISK PREMIA
Authors: Barrett W. Brian , Heuson Andrea J. , Kolb Robert W.
Published: August 2014

This study analyzes the effect that two options created by the inclusion of a sinking fund clause in a bond indenture have on the bond issue's secondary market risk premium. The impact of market prices that exceed current sinking fund redemption prices, and of par versus premium redemption, is clearly apparent when a set of issue‐specific and macroeconomic control variables are incorporated into a model of bond risk premia. Thus, secondary market prices for the large‐volume utility bond transactions in the sample reflect knowledge of individual‐issue, time‐varying indenture characteristics.
REGULATORY ENVIRONMENT AND MARKET RESPONSE TO PUBLIC UTILITY RATE DECISIONS
Authors: Ferris Stephen P. , Johnson Dana J. , Shome Dilip K.
Published: August 2014

This paper examines the stock market's response to the public utility rate‐case decisions, or settlements, in the context of the regulatory environment. Davidson (1984) finds that the market responds only to “surprise” settlements that are extreme. No adjustment is made, however, for the regulatory environment of the utility requesting a rate increase. The hypothesis of this paper is that a “surprise” is a function of the regulatory environment in which the decision is made. The results of the residual study support the hypotheses that after adjusting for regulatory environment, there is no significant market response to average settlements and above and below average settlements influence the market positively and negatively, respectively.