bluuebunny/crossref_metadata_2025_split huggingface dataset:
Peri‐implant tissue destruction. The Third EAO Consensus Conference 2012
Authors: Klinge Björn , Meyle J. ,   Working Group 2
Published: October 2012

AbstractObjectiveThe task of this working group was to update the existing knowledge base regarding the prevalence of peri‐implant tissue destruction, the role of occlusal overload, and the outcome of non‐surgical and surgical treatment.Materials and methodsThe literature was systematically searched and critically reviewed. Four manuscripts were presented in key areas deemed to be essential for the current understanding of the magnitude of the clinical entity peri‐implantitis. The role of overload as an etiological component was reviewed. Also available data on the results from non‐surgical and surgical interventions for the control of tissue destruction were presented.ResultsThe consensus statements following plenary session approval, clinical implications, and directions for future research based on the group discussions are presented in this article. The results and conclusions of the systematic review process are presented by the respective authors in the subsequent papers.
Internal vs. external connections for abutments/reconstructions: a systematic review
Authors: Gracis Stefano , Michalakis Konstantinos , Vigolo Paolo , Vult von Steyern Per , Zwahlen Marcel , Sailer Irena 
Published: October 2012

AbstractObjectivesThe objectives of the review were (1) to evaluate the accuracy of implant‐level impressions in cases with internal and external connection abutments/reconstructions, and (2) to evaluate the incidence of technical complications of internal and external connection metal‐ or zirconia‐based abutments and single‐implant reconstructions.Materials and methodsA MEDLINE electronic search was conducted to identify English language publications in dental journals related to each of the two topics by inserting the appropriate keywords. These electronic searches were complemented by a hand search of the January 2009 to January 2012 issues of the following journals: Clinical Oral Implants Research, The Journal of Prosthetic Dentistry, The International Journal of Prosthodontics, The International Journal of Periodontics and Restorative Dentistry, The International Journal of Oral Maxillofacial Implants, Clinical Implant Dentistry and Related Research.ResultsSeven in vitro studies were included in the review to evaluate the accuracy of implant‐level accuracy. No clinical study was found. There was no study that directly compared the influence of internal and external implant connections for abutments/reconstructions on the accuracy of implant‐level impressions. All in vitro studies reported separately on the two connection designs and they did not use same protocol and, therefore, the data could not be compared.Fourteen clinical studies on metal‐based abutments/reconstructions and five clinical studies on zirconia‐based abutments/reconstructions satisfied the inclusion criteria and, therefore, were included in the review to evaluate the incidence of technical complications. The most frequent mechanical complication found in both implant connection design when employing metal abutments/reconstructions was screw loosening.ConclusionsImplant‐level impression accuracy may be influenced by a number of variables (implant connection type, connection design, disparallelism between multiple implants, impression material and technique employed). Implant divergence appears to affect negatively impression accuracy when using internal connection implants.Based on the sparse literature evaluating the incidence of technical complications of metal or zirconia abutments/reconstructions, it was concluded that:

The incidence of fracture of metal‐based and zirconia‐based abutments and that of abutment screws does not seem to be influenced by the type of connection.

Loosening of abutment screws was the most frequently occurring technical complication. The type of connection seems to have an influence on the incidence of the screw loosening: more loose screws were reported for externally connected implant systems for both types of materials. However, proper preload may decrease the incidence of such a complication.
Ridge preservation after tooth extraction
Authors: Wang Ren E. , Lang Niklaus P. 
Published: October 2012

AbstractBackgroundFollowing tooth extraction, the alveolar ridge will undergo dimensional changes. This change may complicate the subsequent restorative procedure when oral implants are chosen. “Alveolar ridge preservation” has been assessed in various studies.AimTo evaluate the more recent studies on this topic and to explore new insights under this topic.Material and methodsAnimal studies and clinical studies have addressed different techniques.Results and conclusionsImplants placed into the fresh extraction sockets do not prevent the resorption of the alveolar bone. Simultaneous guided bone regeneration could partially resolve alveolar bone resorption. The use of root‐formed implants does not preserve alveolar ridges. Moreover, various bone substitutes have been tested: magnesium‐enriched hydroxyapatite, human demineralized bone matrix, and deproteinized bovine bone mineral have been shown to be effective in ridge preservation. Applying the guided bone regeneration principle using bone substitutes together with a collagen membrane has shown clear effects on preserving alveolar ridge height as well as ridge width. Soft tissue grafts or primary closure did not show beneficial effect on preserving the alveolar bone.
Is Economic Growth Good for Investors?1
Authors: Ritter Jay R. 
Published: October 2012

When measured over long periods of time, the correlation of countries' inflation‐adjusted per capita GDP growth and stock returns is negative. This result holds for both developed countries (for which the correlation coefficient is –0.39 using data from 1900–2011) and emerging markets (the correlation is –0.41 over the period 1988–2011). And this means that investors would have been better off investing in countries with lower per capita GDP growth than in countries experiencing the highest growth rates.This seems surprising since economic growth is generally assumed to be good for corporate profits. In attempting to explain this finding, the author begins by noting that economic growth can be achieved through increased inputs of capital and labor, which don't necessarily benefit the stockholders of existing companies. Growth also comes from technological advances, which do not necessarily lead to higher profits since competition among firms often results in the benefits accruing to consumers and workers. What's more, it's important to recognize that growth has both an expected and an unexpected component. And one explanation for the negative correlation between growth and stock returns is the tendency for investors to overpay for expected growth.But there is another—and in the author's view, a more important—part of the explanation. Along with the negative correlation between long‐run average stock returns and per capita growth rates, the author also reports a strong positive association between (per share) dividend growth rates and overall stock returns. Such an association is not surprising since unusual growth in dividends is a fairly reliable predictor of increases in future earnings. But another effect at work here is the role of dividends—and, in the U.S., stock repurchases too—in limiting what might be called the corporate “overinvestment problem,” the natural tendency of corporate managers to pursue growth, if necessary at the expense of profitability. One of the main messages of this article is that corporate growth adds value only when companies reinvest their earnings in projects that are expected to earn at least their cost of capital—while at the same time committing to return excess cash and capital to their shareholders through dividends and stock buybacks.
Valuation with Market Multiples: How to Avoid Pitfalls When Identifying and Using Comparable Companies1
Authors: Holthausen Robert W. , Zmijewski Mark E. 
Published: October 2012

An important part of the market multiple valuation process is selecting companies for comparison that are really comparable to the company being valued. The goal of assessing comparability is to align the relevant value drivers—especially risk and growth—of the comparable companies with those of the company being valued.In this paper, the authors examine the relevant value drivers for commonly used market multiples such as EBIT and EBITDA. They show that, in addition to risk and growth, analysts doing market multiple valuations need to take account of differences in variables such as cost structure, working capital, and capital expenditure requirements when assessing comparability.The authors also show that the degree to which different value drivers are important for assessing the comparability of companies differs across commonly used market multiples. In other words, some multiples are more sensitive than others to changes in certain value drivers. For example, when using a multiple like EBITDA in which certain expenditures (such as capital investments, working capital investments, and some expenses) are not deducted in the calculation of the denominator, assessing comparability based on such expenditures is more important than when using a multiple like free cash flow that deducts that expenditure in calculating the denominator. Or to cite another example, since EBIT and EBITDA make no attempt to reflect income taxes, using income tax cost structures to assess comparability is more important for enterprise value multiples based on these measures than for enterprise value multiples based on “after‐tax” measures of income such as unlevered earnings or free cash flow.In addition, not all multiples control for differences in cost structure, such as cost of goods sold or SG&A. If a multiple is affected by differences in those value drivers, the comparable companies must be similar to the company being valued on that dimension. Finally, the authors show that differences in capital expenditure and working capital requirements can also have large effects on certain multiples; and as a result, such value drivers also must be considered when assessing comparability.
Excess Cash and Shareholder Payout Strategies
Authors: Abuaf Niso 
Published: October 2012

On March 19, 2012, Apple announced a program to distribute its “excess” cash to shareholders in the form of dividends and share buybacks. This announcement followed a pattern that is remarkably similar to the one leading up to Microsoft's announcement in 2004. Likewise IBM, the bluest of blue chips, made a path‐breaking decision to initiate share buybacks in the 1980s. And as recently as April 2012, IBM, along with many other large corporations, announced yet another major share buyback program together with an increase in its dividend.These actions underscore the reality that senior management's main job is to allocate capital efficiently—and that efficient allocation of capital means distributing it when necessary. In light of these events, and the demand from shareholders that appears to be driving them, this paper explores analytical and empirical issues related to excess cash and corporate payout policy. In so doing, it provides the outline of an analytical framework for executives when thinking about the allocation of excess cash among competing uses, including deleveraging, growth, special and regular dividends, and share buybacks.The essence of the framework is this: Once companies satisfy their demands for cash based on their expected financial transactions, their targeted capital structure, and prospective investment (mergers and acquisitions) considerations, management should turn its attention to capital structure and shareholder payout decisions. Assuming that the company's capital structure is reasonably close to its target, and that its rating agencies are supportive, management should aim to pay a level of dividends that (1) reflects the underlying strength and stability of their projected earnings streams and that (2) satisfies the expectations of its core shareholders while positioning itself for the future. For more cyclical and otherwise riskier companies, management should also consider the use of stock buybacks or special dividends as a way of paying out the more variable, or unexpected, part of their expected earnings stream.
Pitfalls in Levering and Unlevering Beta and Cost of Capital Estimates in DCF Valuations1
Authors: Holthausen Robert W. , Zmijewski Mark E. 
Published: October 2012

The “levering” and “unlevering” of estimates of beta and various costs of capital are routine steps in estimating the discount rates used in DCF valuations. But as the authors demonstrate by reviewing the existing research on the subject, the levering and unlevering formulas that are most commonly used in practice are not appropriate for valuing many companies. They also illustrate the shortcomings of—and substantial valuation errors that can result from—the common practices of assuming that the betas of securities like debt and preferred stock are equal to zero and ignoring the effects of equity‐linked securities such as employee stock options, warrants, and convertible debt.The authors offer alternative levering formulas that are more appropriate for valuing most companies than—and as readily implemented as—the formulas commonly used today. They also provide a relatively easy way to estimate betas for debt and preferred stock that can be used in the levering and unlevering formulas. The authors discuss how properly to account for equity‐linked securities such as employee stock options, warrants, and convertible debt while demonstrating the potential importance of ignoring such equity‐linked securities in the levering and unlevering formulas. Finally, the authors show why it is appropriate to standardize the treatment of contractual obligations such as leases across comparable companies in order to get consistent estimates of the unlevered cost of capital.
Corporate Governance and the Cost of Capital: Evidence from Australian Companies
Authors: Pham Peter Kien , Suchard Jo‐Ann , Zein Jason 
Published: October 2012

The authors examine a sample of large Australian companies over a 10‐year period with the aim of analyzing the role that firm‐level corporate governance mechanisms such as insider ownership and independent boards play in explaining a company's cost of capital. The Australian corporate system offers a unique environment for assessing the impact of corporate governance mechanisms. Australian companies have board structures and mechanisms that are similar in design to Anglo‐Saxon boards while offering a striking contrast to those of German and Japanese boards. At the same time, however, the Australian market for corporate control is much less active as a corrective mechanism against management entrenchment than its U.S. and U.K. counterparts, making the role of internal governance mechanisms potentially more important in Australia than elsewhere.The authors report that greater insider ownership, the presence of institutional blockholders, and independent boards are all associated with reductions in the perceived risk of a firm, thereby leading investors to demand lower rates of return on capital. In so doing, the study provides evidence of the important role of corporate governance in increasing corporate values.
Assessing Project Risk
Authors: Bernardo Antonio E. , Chowdhry Bhagwan , Goyal Amit 
Published: October 2012

Finding the appropriate discount rate, or cost of capital, for evaluating investment projects requires an accurate estimate of project risk. This can be challenging because project risk cannot be estimated directly using the CAPM, but must instead be inferred from a set of traded securities, typically the equity betas of comparable firms in the same industry. These equity betas are then unlevered to undo the effect of comparable companies' financial leverage and obtain estimates of “asset” betas, which are then used to estimate project risk.The authors show that asset betas estimated in this way are likely to overestimate project risk. The equity returns of companies are risky not only because of their existing projects but also because of their growth opportunities. Such growth opportunities often include embedded “real options,” such as the option to delay, expand, or abandon a project. Because such real options are similar to leveraged positions in the underlying project, a company's growth opportunities are typically riskier than its existing projects. Therefore, to properly assess project risk, analysts must also unlever the asset betas derived from comparable company stock returns for the leverage contributed by their growth options.The authors derive a simple method for unlevering asset betas for growth options leverage in order to properly assess project risk. They then show that standard methods for assessing project risk significantly overestimate project costs of capital—by as much as 2–3% in industries such as healthcare, pharmaceuticals, communications, medical equipment, and entertainment. Their method should also be applied to stock return volatility to derive project volatility, an important input for determining the value of a firm's growth opportunities and the appropriate time for investing in these opportunities.
The Terminal Value and Inflation Controversy
Authors: Kiechle Daniel , Lampenius Niklas 
Published: October 2012

This journal recently published what was effectively a debate between Gunther Friedl and Bernhard Schwetzler (hereafter “F&S”), on the one hand, and Michael Bradley and Gregg Jarrell (“B&J”). B&J initiated the first round of the debate by criticizing the constant growth valuation model, commonly known as the “Constant Growth Model” or “Gordon Growth Model.” The Gordon Growth Model was introduced by Myron Gordon and Eli Shapiro (“G&S”) in a 1956 paper and has long been widely used by corporate and investment practitioners. F&S responded to B&J with a defense of the original G&S formulation.In revisiting this debate, the authors find that the models B&J and F&S advocate are at bottom two different versions of the same G&S constant growth model, but with quite different assumptions about the effect of inflation on the amount of capital reinvestment required to sustain businesses over time. The authors resolve the dispute by showing that both models, when using a consistent set of assumptions about inflation and capital reinvestment, produce identical growth rates and estimates of value. At the same time, however, the authors recognize that the two models (the G&S/F&S model, on the one hand, and the B&J model on the other) are likely to be appropriate for very different kinds of companies, and each for only small subsets of companies.
Spinoza’s Liberalism
Authors: Kisner Matthew J. 
Published: October 2012

AbstractWhile Spinoza’s political philosophy is often described as liberal, it is not always clear what this label means or whether it is warranted. Calling Spinoza ‘liberal’ implies that he belongs to a historical tradition of political philosophers, who formulated and defended claims, which later became identified as central to political liberalism. Consequently, clarifying how Spinoza is a liberal requires specifying precisely which liberal views he articulated and defended. This paper, first, examines the various ways that commentators have interpreted Spinoza as defending liberal commitments. This examination shows that most commentators describe Spinoza as liberal on the grounds that his politics defends the value of individual political freedom, specifically of speech and thought. The paper, second, considers whether he upholds a claim that is important to contemporary liberalism, what is sometimes called the fundamental liberal principle. The paper concludes that Spinoza does not, which suggests that he does not sit as easily in the liberal tradition as some scholars have suggested.
Disgust and Aesthetics
Authors: Korsmeyer Carolyn 
Published: October 2012

AbstractDisgust is an emotion that is visceral, reactive, and uncomfortable. It is also purposively aroused by art in ways that contribute substantially to the meaning of a work. In such cases “aesthetic disgust” is a component of understanding and appreciation. Disgust comes in many varieties, including the humorous, the horrid, and the tragic. The responses it elicits can be strong or subtle, but few are actually pleasant. Therefore aesthetic disgust raises an ancient question: how is it that emotions aroused in practical life become the focus of pleasure or enjoyment when they are aroused by art? This paper reviews a number of accounts of aesthetic satisfaction in disgust, arguing that the most profound uses convey an immediate and visceral grasp of physical vulnerability and mortality.
On ethics, the pursuit of knowledge, truth and status in the hallowed halls of academe
Authors: BUCKERIDGE John S. , WATTS Rob 
Published: October 2012

AbstractAdvancement in academe is largely on the basis of research output; that is, refereed journal papers. This paper first explores pressures on academics, especially emerging researchers, when English is not a first language. We assess why, when faculty members rush to improve their station that they may elect to circumvent ethical protocols to accelerate their promotion and status. The resulting unethical behavior includes plagiarism and forms of duplication such as co‐submission. Consideration is then given to the wider implications of both plagiarism and the theft of intellectual property, and the role these have played in the development of individuals, the university and society.
A review of the reproductive biology and breeding management of tapirs
Authors: PUKAZHENTHI Budhan , QUSE Viviana , HOYER Mark , van ENGELDORP GASTELAARS Heleen , SANJUR Oris , BROWN Janine L. 
Published: October 2012

AbstractTapirs (Tapirus sp.) have been studied extensively in the wild, yet little is known about their fundamental reproductive biology, information that is critical to establishing self‐sustaining populations in captivity as a hedge against extinction. This paper reviews information on the reproductive biology of the 4 species of tapirs: Baird's (Tapirus bairdii), lowland (T terrestris), mountain (T pinchaque) and Malayan (T indicus). Both sexes reach puberty between 14 and 48 months of age. Behaviorally, tapirs display few overt signs of estrus, and external signs of pregnancy are not evident until approximately 2 months before parturition. Immunoassay techniques to measure reproductive hormones in blood and urine have been validated for tapirs, which allow monitoring of ovarian cycle activity and pregnancy. Data indicate that females are polyestrous, with an estrous cycle length of approximately 30 days. The exception is the Malayan tapir, which exhibits 2 types of cycles: short (approximately 1 month) and long (approximately 2 months). Gestation length is approximately 13 months and females can conceive at the first post‐partum cycle within 1 month after birth. Good quality ejaculates have been obtained via electroejaculation in the Baird's and Malayan tapir and the sperm from Baird's tapir cryopreserved using standard cryodiluents, although more work is needed to optimize these protocols. Given that all 4 species of tapir most likely will continue to be maintained in captivity, effective genetic management is vital for long‐term survival. Optimization of assisted reproductive technologies, including sperm cryopreservation and artificial insemination, could benefit the genetic management of tapirs.