bluuebunny/crossref_metadata_2025_split huggingface dataset:
Coming Through in a Crisis: How Chapter 11 and the Debt Restructuring Industry Are Helping to Revive the U.S. Economy
Authors: Gilson Stuart 
Published: December 2012

During the recent financial crisis, U.S. bankruptcy courts and debt restructuring practitioners were faced with the largest wave of corporate defaults and bankruptcies in history. In 2008 and 2009, $1.8 trillion worth of public company assets entered Chapter 11 bankruptcy protection—almost 20 times the amount during the prior two years. And the portfolio companies of U.S. private equity firms faced a towering wall of debt that, many observers predicted, was about to wipe out most of the industry.But far from the death of private equity or a severe contraction of corporate America, the past three years have seen an astonishingly rapid working off of U.S. corporate debt overhang, allowing corporate profits and values to rebound with remarkable speed and vigor. And as the author of this article argues, corporate America's recovery from the recent financial crisis provides a clear demonstration of the importance of U.S. bankruptcy laws and restructuring practices in maintaining the competitiveness of U.S. companies and the long‐run growth of the U.S. economy.
International Propagation of the Credit Crisis: Lessons for Bank Regulation*
Authors: Brealey Richard A. , Cooper Ian A. , Kaplanis Evi 
Published: December 2012

The authors use a large sample of non‐U.S. banks to examine the origins and spread of the 2007–2009 crisis. Using both stock market and structural variables, they test whether the effects of the crisis on individual banks are better explained by crisis models or by the VaR‐type analysis of the Basel system. The latter emphasizes risk weightings for individual assets while ignoring linkages that could leave banks exposed to systemic shocks.Consistent with crisis models, the authors find that a small set of pre‐crisis measures of a bank's international linkages, leverage, and the fragility of its liability structure does a good job of discriminating between banks that suffered a large impact and those that did not. (Indeed, these measures explain almost 50% of the differences among banks' stock returns during the crisis period, and almost 40% of the changes in the variability of those returns.) The authors also provide evidence of both a direct linkage among banks' stock returns and an indirect linkage that could reflect either linkages in the real economy or common demands by investors for liquidity.The authors run a “horse race” that demonstrates that simple measures of book leverage were better predictors of bank performance than the Basel capital ratios. They find that banks with lower Basel risk weightings prior to the crisis proved, on average, to be more exposed to the crisis. The authors' explanation is that banks with lower Basel risk measures tended to operate with higher leverage and more aggressive funding strategies, which in turn exposed them to greater crisis risk (even as they conformed to the letter of the Basel system in terms of asset risk measures).Finally, the authors find no evidence that substandard governance was a separate contributing factor to crisis exposure. Banks with substantial international business that were exposed to systemic shocks had high governance scores.
A Proposal to Improve U.S. Housing Market Incentives: A Response to the Federal Reserve White Paper of January 2012
Authors: Ehrlich Michael A. , Sverdlove Ronald , Beauchamp Charles F. , Thomas Rawley , Stockman Michael G. 
Published: December 2012

The U.S. housing finance market has not yet recovered from the housing price bubble that peaked in late 2006. Even though prices have fallen significantly, there are still problems in clearing the market. For the last few years, a group of financial economists and practitioners who are part of the Financial Management Association's Practitioner Demand Driven Academic Research Initiative (PDDARI) have been studying the collapse of the housing market and have concluded that many market participants still have insufficient (and in some cases the wrong) incentives to take actions that would help restore the market's health.In January 2012, Ben Bernanke, Chairman of the Federal Reserve Board, released a white paper that reviewed current housing market conditions and created a framework for policy analysis designed to help reestablish the health of the U.S. housing market as part of the broader effort to foster economic recovery. Using this framework as its starting point, the PDDARI group has come up with a set of proposals whose centerpiece is an “incentive‐compatible” mortgage that encourages homeowners to rebuild their home equity as an essential step to a housing recovery. By incorporating “price appreciation rights” that would provide stronger inducements for lenders or mortgage owners to make loan modifications (particularly, forgiveness of principal), the PDDARI mortgage structure could allow more homeowners to remain in their homes and avoid foreclosures and the large associated deadweight costs (as much as 40% of a home's assessed value). Additionally, the government‐sponsored enterprises, including Fannie Mae and Freddie Mac, are also in need of radical reform, and a transition toward greater private market participation would promote the long‐term health of the mortgage market.
Are Too Many Private Equity Funds Top Quartile?
Authors: Harris Robert , Jenkinson Tim , Stucke Rüdiger 
Published: December 2012

Assessing investment performance for private equity is inherently difficult due in large part to the nature of illiquid assets. Compounding this problem, investors and researchers alike are bedeviled by the existing lack of comprehensive, high‐quality data. The current state of affairs obscures answers to basic practical questions, leads to lack of standardization, and creates confusion.This paper examines measurements of “top quartile” performance, a status widely prized in the industry, especially in light of past research showing return persistence by funds raised by the same general partner. Using three popular data sources and applying metrics typically adopted in the industry, the authors demonstrate that even modest variations in methods can result in half of all funds being able to claim “top quartile” results. Sources of variation include methods of categorizing funds, definitions of vintage year, choice of the data source, specification of performance metrics, and treatment of geography and currencies.
What Happens During the Private Period?: Evidence from Public‐to‐Private Reverse LBOs
Authors: Datta Sudip , Gruskin Mark , Iskandar‐Datta Mai 
Published: December 2012

This study provides new evidence on the restructuring activities undertaken by public‐to‐private reverse leveraged buyouts (RLBOs) while owned by private equity firms. The authors' comprehensive sample of public‐to‐private LBOs that return to public ownership through IPOs enables them to observe changes in profitability, valuation, financial structure, operating structure, and cost structure from the time the firms go private through (and after) their emergence through (re‐) IPOs.With their exclusive focus on reverse LBOs involving public‐to‐private deals, the authors reach findings that contradict previous conclusions about RLBOs. At the time of the LBO, the target firms in reverse LBOs are more levered than their peers, pay higher dividends, and are more profitable than their peers. At the same time, however, they appear to have lower market valuations before the buyouts.During the private period, the target firms of reverse LBOs achieve significant increases in employee productivity, asset restructuring, and improved gross margins, while operating with substantially higher levels of debt financing, lower levels of cash and working capital, and greater concentration of equity ownership. After the companies return to public ownership through IPOs, such companies continue to operate with higher leverage and ownership concentration than their publicly traded peers while producing further increases in profitability, resulting in substantial increases in both enterprise and equity valuation. The authors' analysis also shows that higher debt levels from the buyout play an important role in increased enterprise values. The evidence suggests that possible undervaluation as well as expected efficiency gains from restructuring actions are the primary motives for such reverse LBOs.
The Case for Secondary Buyouts as Exit Channel
Authors: Achleitner Ann‐Kristin , Bauer Oliver , Figge Christian , Lutz Eva 
Published: December 2012

Do private equity firms have a clear pecking order when deciding on exit channels for their portfolio companies? Are secondary buyouts—that is, sales to other PE firms—always an exit of last resort? And are there company‐ or market‐related factors that have a clear and predictable influence on decisions to pursue secondary buyouts?Using a proprietary dataset of over 1,100 leveraged buyouts that exited in North America or Europe between 1995 and 2008, the authors attempt to answer these questions by analyzing the returns associated with public, private, and secondary (or “financial”) exits. Based on their analysis of the realized returns, there is no clear pecking order of exit types. Secondary buyouts deliver rates of return that are the equal of those achieved through public exits.In addition, the authors assess the relationship between the likelihood of choosing a financial exit and certain company‐related as well as market‐related factors. Portfolio companies with greater debt capacity are more likely to be sold in secondary buyouts. Furthermore, increases in both the liquidity of debt markets and the amount of undrawn capital commitments to the private equity industry increase the probability of exit through secondary buyouts.
Do Private Equity Funds Increase Firm Value? Evidence from Japanese Leveraged Buyouts
Authors: Yeh Tsung‐ming 
Published: December 2012

The author summarizes the findings of his recent study of 62 buyouts of listed Japanese companies by both Japanese and “foreign” private equity funds that were transacted between 2000 and 2007. Roughly half of the author's sample of transactions were accomplished by means of takeover bids by PE funds, and such deals were transacted at prices that represented a premium (of roughly 12%) to current market values. Most of the other PE transactions were privately negotiated deals in which the purchase prices involved discounts (of about 15% on average) to current value. For both sets of deals, however, the announcements of such buyouts were associated, on average, with a significantly positive stock market reaction.By the cutoff date of the study (May 2010), 30 of the 62 acquired firms had realized “exits.” Those companies (though not the others) experienced significant average improvements in operating performance; and the extent of such improvements were roughly consistent with the size of the positive market reaction to the buyout announcements. The test results suggest that the value increases can be attributed to the more efficient use of assets and reduction of operating costs. Meanwhile, there was no evidence suggesting that the acquired firms cut back on their research and development, capital investments, or employee wages and growth. What's more, examination of the operating performance of the 30 companies after their exits showed no deterioration in profitability or investment spending.
CDS and the Resolution of Financial Distress
Authors: Lubben Stephen J. , Narayanan Rajesh P. 
Published: December 2012

The dramatic growth of Credit Default Swaps (CDS)—contracts that allow creditors to hedge their default exposure or take leveraged credit positions—threatens to complicate the resolution of financial distress in ways that existing reorganization methods and institutions have yet to adapt to. CDS contracts undermine a major premise that underlies current reorganization methods—namely, that the holder of legal rights has, and is motivated by, corresponding economic interests. Because hedging in the CDS markets immunizes creditors from the debtor's financial condition, they effectively separate their legal rights and economic interests.In this article, the authors discuss the challenges this separation poses for the resolution of distress both in and out of bankruptcy, and consider ways in which “on‐ground” realities may be reconciled with the legal structure that underlies the resolution of distress. At a minimum, disclosure of CDS positions in times of financial distress—along the lines of the disclosures presently required of equity investors under the Williams Act—are an essential first step toward a solution.
Foodways and Resilience under Apocalyptic Conditions
Authors: Morell‐Hart Shanti 
Published: December 2012

AbstractFood is an active component of social and political process in times of daily plenty and in times of extreme scarcity. Routinized modes of foodways are hard to dislodge, even when resources and broad lifeways are violently disrupted. Ethnographic, ethnohistoric, and archaeological examples attest to the improvisational ability of individuals and communities when faced with food shortage. Using illustrations from around the world, I explore how approaches to linguistic practice contribute to discussions of starvation management. I posit that cultural redefinitions of food and foodways help to negotiate extreme circumstances and may extend even into postcrisis periods.
Resonance Magnetoelectric Effect in NaNbO3–NiFe2O4 Composite
Authors: Han Yemei , Li Lingxia , Wang Zhi , Guo Dong , Zhang Mingming 
Published: December 2012

Electric field‐induced magnetization characteristics are demonstrated in (100−x)NaNbO3–xNiFe2O4(x = 15, 25, 35, 45), synthesized by the solid‐state sintering method. The composites show well‐defined ferroelectric behaviors and magnetic characteristics. The CME effect characteristics with driving frequency in a range 10 k–15 kHz were investigated at room temperature. The CME couplings increase initially with increasing the driving frequencies and then decrease with the further increase in the frequency. Large CME coefficients are obtained at electromechanical resonance frequency of 12.8 kHz. These lead‐free multiferroic composites exhibiting electrostatically induced ME resonance provide great opportunities for electric field‐tunable microwave devices.
Exploring the Development of Existing Sex Education Programmes for People with Intellectual Disabilities: An Intervention Mapping Approach
Authors: Schaafsma Dilana , Stoffelen Joke M. T. , Kok Gerjo , Curfs Leopold M. G. 
Published: December 2012

BackgroundPeople with intellectual disabilities face barriers that affect their sexual health. Sex education programmes have been developed by professionals working in the field of intellectual disabilities with the aim to overcome these barriers. The aim of this study was to explore the development of these programmes.MethodsSex education programmes geared to people with intellectual disabilities were examined in the context of the Intervention Mapping protocol. Data were obtained via interviews with the programme developers.ResultsAll programmes lack specific programme outcomes, do not have a theoretical basis, did not involve members of relevant groups in the development process and lack systematic evaluation.ConclusionsBased on our findings and the literature, we conclude that these programmes are unlikely to be effective. Future programmes should be developed using a more systematic and theory‐ and evidence‐based approach.
Ex vivo high‐definition optical coherence tomography of basal cell carcinoma compared to frozen‐section histology in micrographic surgery: a pilot study
Authors: Maier T. , Kulichová D. , Ruzicka T. , Kunte C. , Berking C. 
Published: December 2012

AbstractBackground  Micrographic surgery is an established, but time‐consuming operating procedure for facial basal cell carcinoma (BCC). A new high‐definition (HD) optical coherence tomography (OCT) with high lateral and axial resolution in a horizontal (en‐face) and vertical (slice) imaging mode allows a fast and non‐invasive in vivo examination of BCC.Objectives  To compare the diagnosis of BCC in excised tissue ex vivo by high‐definition optical coherence tomography (HD‐OCT) with the findings of frozen‐section histology in micrographic surgery.Methods  Twenty freshly excised BCC were examined by HD‐OCT in the en‐face and slice imaging mode divided into four sections each in concordance with the four excision margins of histography, and subsequently processed for conventional micrographic evaluation.Results  A total of 80 HD‐OCT images of 20 BCCs were evaluated and in 45% (9/20) HD‐OCT correlated perfectly with the histography results. The sensitivity and specificity for the 80 evaluated HD‐OCT images were 74% and 64% respectively.Conclusions  High‐definition optical coherence tomography allows the postoperative identification of BCC in excised tissue ex vivo, but has still limitations in the recognition of tumour margins in comparison with the micrographic evaluation of frozen sections.
Oral health‐related quality of life in patients with tooth wear
Authors: Papagianni C. E. , van der Meulen M. J. , Naeije M. , Lobbezoo F. 
Published: December 2012

SummaryThe aim of this study was to investigate the impact of tooth wear (TW) on patients' oral health‐related quality of life. A total of 198 participants were included in the study. They belonged to the following four different diagnostic categories: 51 patients with TW, 46 patients with painful temporomandibular disorders (TMD), 43 complete denture wearers and 58 healthy controls. The Dutch version of the Oral Health Impact Profile (OHIP‐NL) was used to assess the patients' oral health‐related quality of life. The results of the study show that patients with TW have an impaired oral health‐related quality of life compared with healthy controls (P < 0·001). Furthermore, the impact of TW and of edentulousness do not differ significantly, while both of these oral conditions seem to have a lower impact on quality of life compared with painful TMD (P < 0·05). It was concluded that TW has a negative impact on patients' quality of life. This impact is comparable with that of edentulousness.
Hydroxyurea therapy in sickle cell anemia patients aids to maintain oral fungal colonization balance
Authors: Salvia Ana Carolina Rodrigues Danzi , Figueiredo Maria Stella , Braga Josefina Aparecida Pellegrini , Pereira Daniel Freitas Alves , Brighenti Fernanda Lourenção , Koga‐Ito C. Y. 
Published: December 2012

BackgroundThe aim of this study was to evaluate the frequency of Candida species and presence of lesions in the oral cavity of patients with sickle cell anemia (SS).MethodsThe study included 30 patients diagnosed with sickle cell anemia and taking hydroxyurea for at least 90 days (SS/HU+); and 39 patients with sickle cell anemia and without hydroxyurea therapy (SS/HU−). Two control groups were constituted by healthy individuals matched to the test groups in age, gender, and oral conditions (C/HU+ for SS/HU+ and C/HU− for SS/HU−). Oral clinical examination and anamnesis were performed. Yeasts were collected by oral rinses and identified by API system. Antifungal susceptibility evaluation was performed according to the CLSI methodology. Data obtained for microorganisms counts were compared by Student's t test (SS/HU+ vs. C/HU+ and SS/HU− vs. C/HU−) using MINITAB for Windows 1.4. Significance level was set at 5%.ResultsNo oral candidosis lesions were detected. Significant differences in yeasts counts were observed between SS/HU− group and the respective control, but there were no differences between SS/HU+ and C/HU+. Candida albicans was the most prevalent species in all groups. Candida famata was observed both in SS and control groups. Candida dubliniensis, Candida glabrata, Candida krusei, Candida tropicalis, Candida pelliculosa, and Candida parapsilosis were observed only in SS groups. Most strains were susceptible to all antifungal agents.ConclusionHydroxyurea therapy seems to decrease candidal counts and resistance rate in sickle cell anemia patients. However, further studies should be conducted in the future to confirm this finding. Hydroxyurea therapy in sickle cell anemia patients maintains fungal species balance in oral cavity.
Atrial natriuretic peptide as a marker of heart failure in children with left ventricular volume overload
Authors: Kotby Alyaa A , Taman Khaled H , Sedky Heba Tallah A , Habeeb Nevin MM , El‐Hadidi Eman S , Yosseif Hanan S 
Published: December 2012

AimTo evaluate the role of atrial natriuretic peptide (ANP) in differentiating the aetiology of heart failure in children with left ventricular (LV) volume overload.MethodsThe study was conducted on 48 patients with LV volume overload (G one: rheumatic heart disease in failure; G2: compensated rheumatic heart disease; G3: congenital left to right shunt; and G4: dilated cardiomyopathy). Twelve healthy children served as a control group. New York Heart Association (NYHA) class, LV dimensions and functions using Vivid 7 dimensions were evaluated. Serum ANP was measured using the ELISA technique, before and 3 months after treatment with angiotensin converting enzyme inhibitor.ResultsANP was raised in all patients as compared to controls (G one: 28.33 ± 5.78, G2: 26.5 ± 4.11, G3: 28.5 ± 6.6, G4: 29.25 ± 4.5 pg/mL, control group: 5.54 ± 1.4 pg/mL, P < 0.001 for all) and varied significantly between different NYHA classes regardless of the underlying cardiac lesion. It was significantly higher in group 1 than 2 (P < 0.05). It decreased significantly after treatment (G1: 15.3 ± 5.3, G2: 10.7 ± 2.5, G3: 11.5 ± 3.8, G4: 15.7 ± 10.7 pg/mL, P < 0.001). The rate of change of ANP correlated with that of LV end diastolic diameter (r = 0.3, P < 0.05) irrespective of the underlying cause.ConclusionANP increases in cases of LV volume overload irrespective of the aetiology of heart failure. It can differentiate between children in quiescent state from those in clinical failure even in the absence of echocardiographically detectable systolic dysfunction. Furthermore, it can monitor LV remodelling with treatment.
Detection and Characterization of Phytoplasma Associated with Big Bud Disease of Tomato in China
Authors: Xu Xia , Mou Hai‐Qing , Zhu Shui‐Fang , Liao Xiao‐Lan , Zhao Wen‐Jun 
Published: December 2012

AbstractSymptomatic tomato plants exhibiting big bud, proliferation and small leaves of lateral shoots, purplish top leaves, phyllody, enlarged pistils, hypertrophic calyxes and small and polygonal fruit were collected in Yunnan Province of China. Pleomorphic phytoplasma‐like bodies were observed in the phloem sieve tube elements of symptomatic plants by transmission electron microscopy. The presence of phytoplasma in collected samples was further analysed and identified by PCR and virtual computer‐simulated restriction fragment length polymorphism (virtual RFLP). A 1.2 kb product was amplified by PCR with universal primers R16F2n/R16R2. Sequence comparisons revealed that the tested strains shared 99% 16S rRNA gene sequence similarity with members of ‘Candidatus Phytoplasma aurantifolia’ (16SrII group). Phylogenetic and virtual RFLP analysis of the 16S rRNA gene sequences confirmed that the phytoplasma is a member of the 16SrII group. This is the first report of 16SrII group phytoplasma infecting tomato in China.