bluuebunny/crossref_metadata_2025_split huggingface dataset:
Loyalty‐Shares: Rewarding Long‐term Investors
Authors: Bolton Patrick , Samama Frédéric 
Published: October 2015

In the face of growing concern about investors' excessive focus on quarterly earnings, recent research has found new evidence of the benefits of a committed long‐term shareholder base, whether in terms of higher profitability, R&D investment, greater integration of ESG factors, or a reduced cost of capital. In light of this evidence, this article takes up the challenge of proposing a market solution to this problem.Although much has already been done in the financial industry to lengthen the outlook of executives by imposing longer vesting periods for stock options, a significant fraction of institutional shareholders continues to have a short‐term orientation. The authors propose that companies try to attract a more long‐term‐oriented shareholder base by modifying the form of the common share contract to include a special reward for buy‐and‐hold investors. The type of contract proposed—called a “loyalty share”—is a call‐warrant attached to each share that is exercisable at a specified time‐horizon—say, three years—and exercise price, but is nontransferable and hence has value only if the share is held for the entire length of the specified “loyalty period.” Such a reward is expected to encourage a longer‐term valuation outlook, since those shareholders seeking the loyalty reward are likely to be those who are most confident about the company's ability to increase its value through the expiration of the loyalty period.
Pick Your Poison—Fragmentation or Market Power? An Analysis of RegNMS, High Frequency Trading, and Securities Market Structure
Authors: Pirrong Craig 
Published: October 2015

The publication of Michael Lewis's has intensified an already contentious debate over high frequency trading (HFT). But the causes that have given rise to HFT are more complicated—and the general economic consequences far more positive—than at least the popular accounts (including Lewis's own) of the book would suggest. While directing much of its attention to the powerful computers and “predatory” potential of HFT, the “media” version of Lewis's book has all but ignored the fundamental driver of such activity: the implementation in 2007 of SEC Regulation NMS, which required all exchanges to direct their orders to the exchanges with the best prices.Before RegNMS, U.S. equity trading was largely dominated by NYSE and Nasdaq. The major exchanges' effective “ownership” of their order flow gave exchange specialists significant edges in trading. RegNMS has resulted in the proliferation of competing stock exchanges, which in turn has dramatically reduced both trading costs and the economic franchise value enjoyed by institutional traders associated with the previously dominant exchanges.The balance of evidence strongly indicates that the cost of trading has declined for retail traders and investors. The big losers have been the previously advantaged wholesale traders. HFT is simply one of the outcomes of the new, more competitive trading environment created by Regulation NMS.
Systematic Policy and Forward Guidance at the Fed
Authors: Plosser Charles I. 
Published: October 2015

The President of the Federal Reserve Bank of Philadelphia argues that the Federal Open Market Committee, by operating with a set of rules or guidelines and clearly stated objectives, could eliminate much of the second guessing about what it is doing and why, and the associated volatility in markets. The author's preference is that the FOMC formulate its policy as a “reaction function” that can be easily explained to the public. As an example of such a reaction function, he cites the proposal of Stanford economist John Taylor, whose “Taylor Rule” calls for setting the nominal fed funds rate based on three factors: (1) the economy's long‐run real interest rate; (2) the deviation of inflation from the central bank's target or goal; and (3) an adjustment of the funds rate to departures of real GDP from some measure of “potential” GDP.Although many variations on Taylor's original recommendations could work, the author believes the FOMC should seek to develop a consensus on how it will react to future economic events. Even a qualitative description of such a reaction function would be a step forward. Taking such a systematic approach will improve the effectiveness of monetary policy in both normal times and more unusual or extreme circumstances, such as when policy is constrained by the lower zero bound on interest rates. The author also suggests that a recent (March 19) FOMC statement took a step in this direction when it moved to a qualitative form of forward guidance by stating that the Committee will be assessing progress—both realized and expected—toward its policy objectives.
Is There a Better Way to Examine Income Inequality?
Authors: Schmidt Ron 
Published: October 2015

Dividing U.S. tax returns into half‐millionaires (those reporting adjusted gross income (AGI) of $500,000 or more in a given year) and their complement allows greater use of IRS data on income sources than is possible with an analysis that examines a fixed percentage of returns, such as the top one percent. Contrary to popular perception and media rhetoric, the inflation‐adjusted difference between the reported AGI of half‐millionaires and the rest actually declined by 25 percent from 1993 to 2011.The income gap between half‐millionaires and other filers reflects differences in kinds of income, with half‐millionaires deriving a much larger fraction of their income from capital investments whose varying returns make that component of income—and thus the income of half‐millionaires—more volatile. The percentage of total tax returns filed by half‐millionaires in a given year and the percentage of their income derived from taxable gains reported on Schedule D account for virtually all of the variation in the half‐millionaire percentage of aggregate AGI.As this finding suggests, the expanding income share for half‐millionaires does not signify that some collection of privileged rich have become richer. The significant net growth in the percentage of filers who are half‐millionaires has been uneven because a significant proportion of their income derives from volatile Schedule D gains, which are higher during economic expansions and lower during recessions. The incomes of half‐millionaires—and especially millionaires—are anything but recession proof. But even with that volatile component of income included, when their percentage of returns doubles, their percentage of income less than doubles, consistent with declining income inequality.
The Economic Impact of Capital Expenditures: Environmental Regulatory Delay as a Source of Competitive Advantage?
Authors: Wirth Carolyn , Chi Jing , Young Martin 
Published: October 2015

AbstractThis study tests the proposal that by undertaking voluntary capital expenditures that are subject to lengthy environmental regulatory delays, listed companies can gain a competitive advantage. The stock market is found to react positively to new capital expenditure announcements when projects are expected to experience long delays in obtaining environmental regulatory approval. Two sources of potential competitive advantage are firm learning and first mover advantages. Lengthy delays in regulatory processes and high compliance costs incurred for environmentally‐sensitive projects may allow firms opportunities to develop specialised capabilities and/or to deter industry competitors and new entrants, resulting in greater expected project NPVs. The findings also underscore the importance of non‐financial environmental information to investors in their assessment of firm value.
Payout Policy Tax Clienteles, Ex‐dividend Day Stock Prices and Trading Behavior in Germany: The Case of the 2001 Tax Reform
Authors: Haesner Christian , Schanz Deborah 
Published: October 2015

AbstractThis paper examines the impact of the German 2001 tax reform, where Germany switched from a full imputation system to a classical system. Theory suggests that both price drop ratios and trading volume decrease following the reform. We document a significant reduction in the valuation of net dividends–in particular for high dividend yield stocks–and weakening payout policy tax clienteles. Ex‐dividend day returns are likely to be driven by short‐term traders. Though the reform removed incentives for cross‐border dividend stripping and reduced tax heterogeneity among investors, we show that the high trading volume around ex‐dividend days persists.
Relationship between periodontitis‐associated subgingival microbiota and clinical inflammation by 16S pyrosequencing
Authors: Camelo‐Castillo A , Novoa L , Balsa‐Castro C , Blanco J , Mira A , Tomás I 
Published: October 2015

AbstractAimTo analyse the relationship between the chronic periodontitis‐associated subgingival microbiota and clinical inflammation.Material and MethodsSixty subjects with generalized chronic periodontitis participated in this study. Patients were divided into two groups according to their bleeding on probing (BOP) scores: BOP‐1 group (mean scores ≤50% in sampled sites) and BOP‐2 group (mean scores >50%). Subgingival bacterial samples from periodontal patients were studied by pyrosequencing PCR products of the 16S rRNA gene and by real‐time PCR.ResultsIn all the analysed subgingival samples, 102 bacterial genera and 203 species (from 41 genera of interest) were identified. Rarefaction curves showed a greater number of bacterial species in samples from BOP‐2 group compared to BOP‐1 group. The BOP‐1 group had significantly higher abundance percentages of Anaeroglobus (especifically, A. geminatus), Capnocytophaga (especifically C. gingivalis), TM7 and Veillonella. The BOP‐2 had significantly higher abundance percentages of Desulfobulbus (especially D. propionicus), Eubacterium (especially E. saphenum), Filifactor alocis, Streptococcus constellatus, Tannerella (especially, T. forsythia) and Treponema.Conclusion16S pyrosequencing revealed that increased inflammation, at sites with periodontitis, is associated with a more diverse subgingival microbiota and specific changes in the bacterial composition, involving “established” periopathogens, symbionts and novel low‐abundance pathobionts.
Self‐reported post‐operative recovery in children: development of an instrument
Authors: Bramhagen Ann‐Cathrine , Eriksson Mats , Ericsson Elisabeth , Nilsson Ulrica , Harden Sue , Idvall Ewa 
Published: October 2015

AbstractRationale, aims and objectivesAccording to the United Nations (1989), children have the right to be heard and to have their opinions respected. Since post‐operative recovery is an individual and subjective experience and patient‐reported outcome measures are considered important, our aim was to develop and test an instrument to measure self‐reported quality of recovery in children after surgical procedures.MethodsDevelopment of the instrument Postoperative Recovery in Children (PRiC) was influenced by the Quality of Recovery‐24, for use in adults. Eighteen children and nine professionals validated the items with respect to content and language. A photo questionnaire was developed to determine whether the children's participation would increase compared with the text questionnaire. The final instrument was distributed consecutively to 390 children, ages 4–12 years, who underwent tonsil surgery at four hospitals in Sweden.ResultsA total of 238 children with a mean age of 6.5 years participated. According to the parents, 23% circled the answers themselves and 59% participated to a significant degree. However, there was no significant difference in participation between those who received a photo versus a text questionnaire. Psychometric tests of the instrument showed that Cronbach's alpha for the total instrument was 0.83 and the item‐total correlations for 22 of the items were ≥0.20.ConclusionOur results support use of the PRiC instrument to assess and follow‐up on children's self‐reported post‐operative recovery after tonsil operation, both in clinical praxis as well in research.
Resistance Training and White Matter Lesion Progression in Older Women: Exploratory Analysis of a 12‐Month Randomized Controlled Trial
Authors: Bolandzadeh Niousha , Tam Roger , Handy Todd C. , Nagamatsu Lindsay S. , Hsu Chun Liang , Davis Jennifer C. , Dao Elizabeth , Beattie B. Lynn , Liu‐Ambrose Teresa 
Published: October 2015

ObjectivesTo assess whether resistance training (RT) slows the progression of white matter lesions (WMLs) in older women.DesignSecondary analysis of a 52‐week randomized controlled trial of RT, the Brain Power Study.SettingCommunity center and research center.ParticipantsOf 155 community‐dwelling women aged 65 to 75 enrolled in the Brain Power Study, 54 who had evidence of WMLs on magnetic resonance imaging (MRI) at baseline were included in this secondary analysis.InterventionParticipants were randomized to once‐weekly RT (1× RT), twice‐weekly RT (2× RT), or twice‐weekly balance and tone (BAT). Assessors were blinded to participant assignments.MeasurementsWML volume was measured using MRI at baseline and trial completion.ResultsAt trial completion, the 2× RT group had significantly lower WML volume than the BAT group (P = .03). There was no significant difference between the BAT group and the 1× RT group at trial completion (P = .77). Among participants in the two RT groups, reduced WML progression over 12 months was significantly associated with maintenance of gait speed (correlation coefficient (r) = −0.31, P = .049) but not with executive functions (r = 0.30; P = .06).ConclusionEngaging in progressive RT may reduce WML progression.
Using a Clinical Surveillance System to Detect Drug‐Associated Hypoglycemia in Nursing Home Residents
Authors: Culley Colleen M. , Perera Subashan , Marcum Zachary A. , Kane‐Gill Sandra L. , Handler Steven M. 
Published: October 2015

ObjectivesTo determine whether a clinical surveillance system could be used to detect drug‐associated hypoglycemia events and determine their incidence in nursing home (NH) residents.DesignRetrospective cohort.SettingFour NHs in western Pennsylvania.ParticipantsAny resident of the four NHs who had a computer‐generated alert detecting potential drug‐associated hypoglycemia over a 6‐month period were included.MeasurementsDescriptive statistics were used to summarize all variables, including the frequency and distribution of alert type according to glucose threshold. Analyses were conducted according to numbers of alerts and residents. The medications associated with the drug‐associated hypoglycemia alerts were identified, and frequency of their inclusion in alerts was calculated. Additional calculations included time to drug‐associated hypoglycemic event alert from date of admission and frequency of events associated with postacute, short‐stay (≤35 days) admissions.ResultsSeven hundred seventy‐two alerts involving 141 residents were detected. Ninety (63.8%) residents had a glucose level of 55 mg/dL or less, and 42 (29.8%) had a glucose level of 40 mg/dL or less. Insulin orders were associated with 762 (98.7%) alerts. Overall incidence of drug‐associated hypoglycemia events was 9.5 per 1,000 resident‐days.ConclusionHypoglycemia can be detected using a clinical surveillance system. This evaluation found a high incidence of drug‐associated hypoglycemia in a general NH population. Future studies are needed to determine the potential benefits of use of a surveillance system in real‐time detection and management of hypoglycemia in NHs.
Abuses and Apologies: Irresponsible Conduct of Human Subjects Research in Latin America
Authors: Aultman Julie M. 
Published: October 2015

As much as we can be squeamish and angry over what was being done in these studies, they force us to consider how we tell these stories and the policy we make now, as so much of our research is global and the risks and benefits of experimentation always in need of recalibration.Susan M. ReverbyA growing distrust exists among Latin American populations as past abuses in medical research have rightly been publicized, and as researchers continue to intentionally and unintentionally circumvent the systems of regulation and oversight. Beyond the cultural gaps between researcher and subject, the Latin American people have their own perspectives about responsible conduct of research formed by sociopolitical thought and familial and community identity, which may be overlooked or ignored by the U.S. and other foreign nations. Just as the Havasupai Tribe in Arizona have challenged us to think about the role of culture and the need for improved regulations and practices in conducting research within the United States, through past abuses in human experimentation and the emergence of discourse between our Latin American neighbors, similar challenges confront us.
Doing Good and Doing Well: Corporate Social Responsibility in Post Obamacare America
Authors: Corbett James , Kappagoda Manel 
Published: October 2015

The Affordable Care Act (ACA) and other federal initiatives are fostering the emergence of a coherent vision for chronic disease prevention that has never before existed in the United States. This investment in population health and prevention comes not a moment too soon. Health care costs are proving very difficult to control and are rising at an unsustainable rate, driven in part by sky-rocketing chronic disease rates.This article looks at how a health system can engage in prevention activities beyond the clinical setting and makes a strong case that these interventions will result in documented cost savings. We first examine an individually targeted strategy that helps patients obtain health insurance coverage. This strategy furthers a hospital's goal of receiving reimbursement for care while also having the social benefit of increasing patients’ economic stability.
Using the Law to Promote the Mental Health of Older Adults during Disasters
Authors: Rutkow Lainie , Vernick Jon S. , Spira Adam P. , Barnett Daniel J. 
Published: October 2015

When a disaster occurs, adults over age 65 may be disproportionately impacted due to sensory deficits, chronic health conditions, diminished social support and isolation, and financial limitations. Although older adults comprised approximately 15 percent of the New Orleans population, they accounted for over 70 percent of the fatalities associated with Hurricane Katrina in 2005. Disasters can also impact older adults’ morbidity, as a disaster may disrupt established habits and routines (e.g., timing of medication administration) and result in removal from a familiar environment, promoting disorientation. This may raise particular challenges for older adults with mental and physical co-morbidities, and subsequently for their formal and informal caregivers.While some older adults may need care for physical health problems following a disaster, mental health needs are often overlooked or unmet. One study of Hurricane Katrina survivors found that, compared to older adults, middle-aged individuals were twice as likely to have received mental health services in the eight months after the hurricane.
HIPAA Privacy Rule 2.0
Authors: Rothstein Mark A. 
Published: October 2015

On January 25, 2013, theFederal Registerpublished the Department of Health and Human Services (HHS) omnibus amendments to the Health Insurance Portability and Accountability Act (HIPAA) Privacy, Security, Enforcement, and Breach Notification Rules. These modifications also include the final versions of the HIPAA regulation amendments mandated by the Health Information Technology for Economic and Clinical Health Act (HITECH Act) and the Genetic Information Nondiscrimination Act (GINA). Although the amended rules were effective on March 26, 2013, covered entities and their business associates (which now have direct liability for violations of the regulations) have a compliance date of September 23, 2013.It has been 10 years since the April 14, 2003 compliance date for the original HIPAA Privacy Rule. Despite HHS’ clarification of some issues by posting answers to frequently asked questions (FAQs), there have been no significant amendments to the Privacy Rule since 2003.
A Proposed Ban on the Sale to and Possession of Caloric Sweetened Beverages by Minors in Public
Authors: Hodge James G. , Barraza Leila , Russo Susan , Nelson Kellie , Measer Greg 
Published: October 2015

Obesity is the definitive epidemic of the modern era in the United States. Its well-documented public health impacts, especially related to children and adolescents, are horrific. Nearly one-third of American minors are overweight; over 50% of them are obese. Already, these kids suffer from multiple adverse physical and mental health conditions. Sadly, absent serious communal and individual interventions, their lives may be cut short compared to their own parents’ life expectancy. While recent surveillance suggests childhood obesity may be trending down slightly in some populations, public health experts remain concerned about the threat obesity poses to the health of America's youth.The concurrent travesty underlying childhood obesity is the relative societal failure to slow and reverse its spread.
Organ Donation, Brain Death and the Family: Valid Informed Consent
Authors: Iltis Ana S. 
Published: October 2015

In July 2013, parents in Ohio objected to their 21-year-old son becoming an organ donor. Elijah Smith was involved in an accident and pronounced dead using neurological criteria. The organ procurement organization (OPO) went to court and argued that because the young man was brain dead and because his driver's license indicated that he wished to be a donor, the court should allow them to use his organs. The mother argued that her son did not understand what he was signing when he signed his license and that his signature did not reflect an informed decision. The court disagreed with her, saying that he had indicated a wish to donate his organs and that no one but Elijah could revoke that wish. His organs were removed.Elijah's mother suspected that he did not understand what he was signing. She might have been right, given what we know about the process for obtaining permission for organ donation and the limited public understanding of brain death.