bluuebunny/crossref_metadata_2025_split huggingface dataset:
The Effect of Limited Liability on the Informativeness of Earnings: Evidence from the Stock and Bond Markets*
Authors: PLUMMER C. ELIZABETH , TSE SENYO Y. 
Published: April 2010

AbstractPrevious empirical research on the informativeness of earnings has focused on stockholders, and has not examined differences in earnings' informativeness for stockholders and bondholders. Because stockholders are residual claimants and bondholders are fixed claimants, the informativeness of earnings should differ for these two types of investors. When a firm's default risk is low, changes in its financial condition should be of limited relevance to bondholders, but should be relevant to stockholders. In contrast, as the likelihood of financial distress increases, stockholders' limited liability allows them to abandon the firm to the bondholders (Fischer and Verrecchia 1997). Accordingly, as a firm's default risk increases, changes in its financial condition should be increasingly important to bondholders and less important to shareholders. Because earnings provide information on firm value, the stock return‐earnings association should decrease as the firm's financial strength declines, while the bond return‐earnings association should increase.We use two measures of a firm's financial strength: the firm's bond rating and its reporting of a loss. Consistent with our hypotheses, we find that the association between stock returns and changes in annual earnings decreases as bond ratings decline, while the association between bond returns and changes in annual earnings increases. These results suggest that as the company's financial condition deteriorates, earnings become less relevant for stock valuation and more relevant for bond valuation.When we partition firms based on their loss status, we find a stronger association between stock returns and annual earnings changes for firms with positive earnings (profit firms) than for firms with losses, consistent with earlier studies. In contrast, we find that the association between bond returns and earnings changes is greater for loss firms than for profit firms. These results suggest that losses reduce the informativeness of earnings for stockholders but increase informativeness for bondholders, suggesting that investors view losses as indicating increased credit risk.
The Use of Trade Association Disclosures by Investors and Analysts: Evidence from the Semiconductor Industry*
Authors: CHANDRA UDAY , PROCASSINI ANDREW , WAYMIRE GREGORY 
Published: April 2010

AbstractThis paper investigates the relation between industry‐wide information disclosures by the trade association for the semiconductor industry and both share prices and analyst forecasts. Such disclosures may have little impact on investors and analysts, since prior theoretical research suggests that trade associations may be unable to secure reliable data from firms in an industry. At the same time, such disclosures may be important, since prior empirical research suggests that share prices and analyst forecasts reflect industry‐wide earnings effects earlier than firm‐specific effects. We document significant stock price movements on release dates of industry Flash Reports by the Semiconductor Industry Association (SIA) each month that contain aggregate industry data on new orders and shipments. The magnitude of the price revisions on Flash Report disclosure dates is positively associated with changes in the numbers disclosed and varies across sample firms in a manner associated with identifiable characteristics of the firms. Further tests indicate that the Flash Report provides mainly forward‐looking information on new orders that is linked to firm‐specific sales changes and has explanatory power for quarterly stock prices beyond firm‐specific earnings. This information is used by security analysts mainly in assessing the persistence of firm‐specific quarterly sales changes. Our findings support the hypothesis that the SIA is able to obtain data from firms, compile it into reliable aggregate statistics, and then distribute these statistics in a timely fashion.
Hierarchical Differences in Audit Workpaper Review Performance*
Authors: HARDING NOEL , TROTMAN KEN T. 
Published: April 2010

AbstractThis paper investigates the performance of senior and staff auditors in the identification of conceptual and mechanical errors during workpaper review. In this study, we begin to examine the potential for effectiveness and efficiency gains by involving staff (assistant) auditors in the review process. We find that senior auditors were more accurate than staff auditors in identifying conceptual errors contained in a hypothetical set of workpapers just reviewed. However, staff auditors were more accurate than senior auditors in identifying mechanical errors. Highlighting the benefits of a hierarchical review, composite groups consisting of a staff auditor and a senior outperformed composite groups consisting of two seniors or two staff auditors. The study finds that the differences in review performance between managers and seniors found in Ramsay 1994 generalize to lower levels of experience. Considering our results in conjunction with Ramsay 1994, we show a progression to a more conceptual review template as the rank of the reviewer moves from staff to senior to manager. The paper provides some guidance to audit firms that are presently introducing major changes to the way in which the review process is carried out, including the inclusion of reviews by staff auditors.
Legal Penalties and Audit Quality: An Experimental Investigation*
Authors: KING RONALD R. , SCHWARTZ RACHEL 
Published: April 2010

AbstractThe purpose of this paper is to investigate the impact of legal penalties on audit quality under different legal regimes. We investigate whether audit quality is affected differentially due to the complexity inherent in legal regimes and the frequency of imposing legal penalties. Economic theory predicts that players adopt equilibrium strategies that reflect the expectation that a penalty will be incurred, but the actual occurrences of penalties, if consistent with this expectation, should not prompt an individual to modify his or her strategy. However, learning theory suggests that players' choices will be repeated in the future based on outcomes. We found that penalties triggered both increases and decreases in effort, and seemed to introduce a “shock” that increased the variability of effort. We also observed a “funnel” effect — that is. greater changes in effort closer to the imposition of penalties, and smaller changes as more periods go by without a penalty.
Who cares? Quantifying the evolution of division of parental effort
Authors: Webb Thomas J. , Olson Valérie A. , Székely Tamás , Freckleton Robert P. 
Published: April 2010

Summary1.Determining the factors that shape the unequal division of parental effort between the sexes is key to understanding the evolution of mating systems and sexual cooperation and conflict. The range of possible care strategies may be constrained, however, by the duration of the care period. Thus, comparative analyses of parental effort should consider both these dimensions of care; here, we present a method for quantifying parental care that does this.2.We test three models of the relationship between care duration and the division of parental effort. Using detailed information on parental effort for 330 bird species from 13 families, we use Linear Mixed Effects models and Phylogenetically Weighted Generalized Least Squares models to analyse the relationship between the two dimensions of care. These models provide a starting point for more detailed comparative analyses of the role of covariates, such as sexual size dimorphism on determining the division of parental effort.3.Within families, although males generally provide less care than females, their relative role often increases with the duration of the care period. Across all species, care strategies vary more in species with short development times.4.Understanding the evolution of parental care strategies requires consideration of the total duration of care in addition to the division of parental effort. Our method provides a simple means to incorporate both dimensions of care into more extensive comparative analyses.
On mean values and non-vanishing of derivatives of L-functions in a nonlinear family
Authors: Munshi Ritabrata 
Published: April 2010

AbstractWe prove a mean-value result for derivatives of L-functions at the center of the critical strip for a family of forms obtained by twisting a fixed form by quadratic characters with modulus which can be represented as sum of two squares. Such a family of forms is related to elliptic fibrations given by the equation q(t)y2=f(x) where q(t)=t2+1 and f(x) is a cubic polynomial. The aim of the paper is to establish a prototype result for such quadratic families. Though our method can be generalized to prove similar results for any positive definite quadratic form in place of sum of two squares, we refrain from doing so to keep the presentation as clear as possible.
Comparison of
In Vitro
Activities of Fluoroquinolone-Like 2,4- and 1,3-Diones
Authors: Oppegard Lisa M. , Streck Kathryn R. , Rosen Jonathan D. , Schwanz Heidi A. , Drlica Karl , Kerns Robert J. , Hiasa Hiroshi 
Published: April 2010

ABSTRACT

Bacterial resistance presents a difficult issue for fluoroquinolone treatment of bacterial infections. In previous work, we reported that 8-methoxy-quinazoline-2,4-diones are active against quinolone-resistant mutants of
Escherichia coli
. Here, we demonstrate the activity of a representative 8-methoxy-quinazoline-2,4-dione against quinolone-resistant gyrases. Furthermore, 8-methoxy-quinazoline-2,4-dione and other diones are shown to inhibit
Staphylococcus aureus
gyrase and topoisomerase IV with similar degrees of efficacy, suggesting that the diones might act as dual-targeting agents against
S. aureus
.
Nitazoxanide Inhibits Biofilm Formation by
Staphylococcus epidermidis
by Blocking Accumulation on Surfaces
Authors: Tchouaffi-Nana Florence , Ballard T. Eric , Cary Christine H. , Macdonald Timothy L. , Sifri Costi D. , Hoffman Paul S. 
Published: April 2010

ABSTRACT

Coagulase-negative species of
Staphylococcus
are often associated with opportunistic hospital-acquired infections that arise from the colonization of indwelling catheters. Here we show that the antiparasitic drug nitazoxanide (NTZ) and its active metabolite, tizoxanide (TIZ), are inhibitory to the growth of
Staphylococcus epidermidis
and other staphylococci, including methicillin-resistant
Staphylococcus aureus
strains, under aerobic and microaerobic conditions (MICs, 8 to 16 μg/ml). At sub-MIC levels, NTZ and TIZ also inhibited biofilm production under static conditions by strains of
S. epidermidis
and
Staphylococcus haemolyticus
with a 50% inhibitory concentration of ∼2.5 μg/ml (8 μM). The 5-nitro group was required for biological activity, and a hydrophilic derivative of NTZ (AMIX) also inhibited biofilm formation. NTZ did not disperse the existing biofilm but did block further accumulation. Sub-MICs of NTZ had no effect on primary attachment to surfaces at either 4 or 37°C. The inhibitory action of NTZ and TIZ, but not vancomycin, on biofilm production could be reversed by the addition of zinc salts (2.5 to 40 μM) but not other metals, suggesting that NTZ might target the zinc-dependent accumulation-associated protein (Aap) that mediates accumulation on surfaces. However, neither NTZ nor TIZ formed chelation complexes with zinc salts, based on spectrophotometric and nuclear magnetic resonance analyses, and addition of excess zinc to NTZ-grown bacteria (apo-Aap) did not restore the accumulation phenotype. Our studies suggest that sub-MIC levels of NTZ may affect the assembly or function of cell structures associated with the biofilm phenotype.
In
V
itro
Activity of the Aminoglycoside Antibiotic Arbekacin against
Acinetobacter baumannii-calcoaceticus
Isolated from War-Wounded Patients at Walter Reed Army Medical Center
Authors: Zapor Michael J. , Barber Melissa , Summers Amy , Miller George H. , Feeney Lee Ann , Eberly Lynn E. , Wortmann Glenn 
Published: April 2010

ABSTRACT

We determined the
in vitro
MIC of arbekacin against 200
Acinetobacter
isolates recovered from wounded soldiers. The median MIC was 2 μg/ml (range, 0.5 to >64 μg/ml). A total of 97.5% of the isolates had arbekacin MICs of <8 μg/ml and 86.5% had MICs of ≤4 μg/ml. There was no association between the arbekacin MIC and susceptibility to 16 other antibiotics or the specimen source (
P
= 0.7239). Synergy testing suggested an enhanced effect of arbekacin-carbapenem combinations.
Prophylactic Activity of Intramuscular Peramivir in Mice Infected with a Recombinant Influenza A/WSN/33 (H1N1) Virus Containing the H274Y Neuraminidase Mutation
Authors: Abed Yacine , Simon Philippe , Boivin Guy 
Published: April 2010

ABSTRACTPeramivir is a neuraminidase (NA) inhibitor (NAI) under development that must be administered by the systemic route. The prophylactic activity of intramuscular (IM) peramivir was evaluated with mice infected with wild-type (WT) and oseltamivir-resistant (H274Y NA mutant) recombinant influenza A/WSN/33 (H1N1) viruses. Treatment regimens consisted of IM injections starting 1 h before viral challenge that were single (45 mg/kg or 90 mg/kg) or multiple (45 mg/kg daily for 5 days). All peramivir regimens prevented mortality and weight loss while significantly reducing lung viral titers (LVT) in mice infected with the WT virus. For animals infected with the H274Y mutant, the multiple-dose regimen completely prevented mortality and was associated with significant reduction in weight loss and LVT compared to untreated animals. In contrast, both single-treatment regimens reduced mortality and weight loss but did not significantly reduce LVT. Although further experiments using different influenza A/H1N1 virus strains and other animal models are needed, our results suggest that 5-day IM peramivir therapy may be considered a prophylactic alternative to control influenza infections caused by oseltamivir-resistant viruses with the H274Y mutation.
Effects of Ravuconazole Treatment on Parasite Load and Immune Response in Dogs Experimentally Infected with
Trypanosoma cruzi
Authors: Diniz Lívia de Figueiredo , Caldas Ivo Santana , Guedes Paulo Marcos da Matta , Crepalde Geovam , de Lana Marta , Carneiro Cláudia Martins , Talvani André , Urbina Julio Alberto , Bahia Maria Terezinha 
Published: April 2010

ABSTRACT

In this work, we investigated the
in vivo
activity of ravuconazole against the Y and Berenice-78
Trypanosoma cruzi
strains using acutely infected dogs as hosts. Ravuconazole was well tolerated, as no significant side effects were observed during the treatment using 6.0 mg/kg twice a day (12 mg/kg/day) for up to 90 days. In all treated animals, parasitemia was permanently suppressed by the first day of treatment, independently of the parasite strain. Cultures of blood obtained posttreatment were negative for 90% of the animals, confirming that the drug induced a marked reduction in the parasite load. The results of PCR tests for
T. cruzi
in blood performed 1 month posttreatment were consistently negative for three of five and two of five animals infected with the Y and Berenice-78 strains, respectively. All ravuconazole-treated dogs consistently had negative serological test results during and until 30 days after treatment, regardless of the therapeutic scheme used. However, after the end of treatment, an increase in specific antibody levels was observed in all treated animals, although the antibody levels were always significantly lower than those of the nontreated control dogs. Despite being unable to induce a parasitological cure, ravuconazole treatment led to significant reductions in the levels of gamma interferon expression and lesions in cardiac tissues in animals infected with the Y strain, while the level of interleukin-10 mRNA expression increased. We conclude that ravuconazole has potent suppressive but not curative activity in the canine model of acute Chagas' disease, probably due to its unfavorable pharmacokinetic properties (half-life, 8.8 h). The longer half-life of ravuconazole in humans (4 to 8 days) makes it a promising drug for assessment for use as chemotherapy in human Chagas' disease.
Effects of Probiotics on Acquisition and Spread of Multiresistant Enterococci
Authors: de Regt Marieke J. A. , Willems Rob J. L. , Hené Ronald J. , Siersema Peter D. , Verhaar Harald J. J. , Hopmans Titia E. M. , Bonten Marc J. M. 
Published: April 2010

ABSTRACT

Ampicillin-resistant
Enterococcus faecium
(ARE) and vancomycin-resistant
E. faecium
(VRE) are important nosocomial pathogens. We quantified effects of probiotics and antibiotics on intestinal acquisition of ARE colonization in patients hospitalized in two non-intensive care unit (non-ICU) wards with high ARE prevalence. In a prospective cohort study with crossover design, all patients with a length of stay of >48 h were offered a multispecies probiotic product twice daily until discharge (4.5 months, intervention period) or not (4.5 months, control period). Perianal ARE carriage was determined <48 h after admission, twice weekly, and <48 h before discharge. The first isolates were genotyped by multiple-locus variable-number tandem repeat analysis (MLVA). Risk factors for acquisition were determined by Cox proportional hazards modeling, with special emphasis on ecological postantibiotic effects and delays between actual acquisition and culture positivity. Of 530 patients included, 94 (18%) were ARE colonized on admission. Of the remaining 436 noncolonized patients, 92 acquired ARE colonization: 28 (25%) of 110 probiotic users and 64 (20%) of 326 control patients (χ
2
test,
P
= 0.325). In all, 661 ARE strains were isolated from 186 patients, of which 186 were genotyped. In both wards, two MLVA types (MTs; MT1 and MT159) were responsible for >80% of acquisitions. Both MTs were genetically different from the probiotic
E. faecium
strain. Antibiotics to which ARE is resistant (hazard ratio [HR], 7.73 [95% confidence interval (CI), 4.52 to 13.22]), an ecological postantibiotic effect (HR, 7.11 [95% CI, 3.10 to 16.30]), and age (HR, 1.01 [95% CI, 0.99 to 1.02]) were associated with ARE acquisition. The HR of probiotics was 1.43 (95% CI, 0.88 to 2.34). In a setting with high selective antibiotic pressure, probiotics failed to prevent acquisition of multiresistant enterococci.
HIV-1 Protease Codon 36 Polymorphisms and Differential Development of Resistance to Nelfinavir, Lopinavir, and Atazanavir in Different HIV-1 Subtypes
Authors: Lisovsky Irene , Schader Susan M. , Martinez-Cajas Jorge-Luis , Oliveira Maureen , Moisi Daniela , Wainberg Mark A. 
Published: April 2010

ABSTRACT
The amino acid at position 36 of the HIV-1 protease differs among various viral subtypes, in that methionine is usually found in subtype B viruses but isoleucine is common in other subtypes. This polymorphism is associated with higher rates of treatment failure involving protease inhibitors (PIs) in non-subtype B-infected patients. To investigate this, we generated genetically homogeneous wild-type viruses from subtype B, subtype C, and CRF02_AG full-length molecular clones and showed that subtype C and CRF02_AG I36 viruses exhibited higher levels of resistance to various PIs than their respective M36 counterparts, while the opposite was observed for subtype B viruses. Selections for resistance with each variant were performed with nelfinavir (NFV), lopinavir (LPV), and atazanavir (ATV). Sequence analysis of the protease gene at week 35 revealed that the major NFV resistance mutation D30N emerged in NFV-selected subtype B viruses and in I36 subtype C viruses, despite polymorphic variation. A unique mutational pattern developed in subtype C M36 viruses selected with NFV or ATV. The presence of I47A in LPV-selected I36 CRF02_AG virus conferred higher-level resistance than L76V in LPV-selected M36 CRF02_AG virus. Phenotypic analysis revealed a >1,000-fold increase in NFV resistance in I36 subtype C NFV-selected virus with no apparent impact on viral replication capacity. Thus, the position 36 polymorphism in the HIV-1 protease appears to have a differential effect on both drug susceptibility and the viral replication capacity, depending on both the viral subtype and the drug being evaluated.
Prevalence of Fosfomycin Resistance among CTX-M-Producing
Escherichia coli
Clinical Isolates in Japan and Identification of Novel Plasmid-Mediated Fosfomycin-Modifying Enzymes
Authors: Wachino Jun-ichi , Yamane Kunikazu , Suzuki Satowa , Kimura Kouji , Arakawa Yoshichika 
Published: April 2010

ABSTRACT

We evaluated the
in vitro
activity of fosfomycin against a total of 192 CTX-M β-lactamase-producing
Escherichia coli
strains isolated in 70 Japanese clinical settings. Most of the isolates (96.4%) were found to be susceptible to fosfomycin. On the other hand, some of the resistant isolates were confirmed to harbor the novel transferable fosfomycin resistance determinants named FosA3 and FosC2, which efficaciously inactivate fosfomycin through glutathione
S
-transferase activity.
Functional Characterization of LcpA, a Surface-Exposed Protein ofLeptospiraspp. That Binds the Human Complement Regulator C4BP
Authors: Barbosa Angela S. , Monaris Denize , Silva Ludmila B. , Morais Zenaide M. , Vasconcellos Sílvio A. , Cianciarullo Aurora M. , Isaac Lourdes , Abreu Patricia A. E. 
Published: April 2010

ABSTRACTWe have previously shown that pathogenic leptospiral strains are able to bind C4b binding protein (C4BP). Surface-bound C4BP retains its cofactor activity, indicating that acquisition of this complement regulator may contribute to leptospiral serum resistance. In the present study, the abilities of seven recombinant putative leptospiral outer membrane proteins to interact with C4BP were evaluated. The protein encoded by LIC11947 interacted with this human complement regulator in a dose-dependent manner. The cofactor activity of C4BP bound to immobilized recombinant LIC11947 (rLIC11947) was confirmed by detecting factor I-mediated cleavage of C4b. rLIC11947 was therefore named LcpA (forleptospiralcomplement regulator-acquiringproteinA). LcpA was shown to be an outer membrane protein by using immunoelectron microscopy, cell surface proteolysis, and Triton X-114 fractionation. The gene coding for LcpA is conserved among pathogenic leptospiral strains. This is the first characterization of aLeptospirasurface protein that binds to the human complement regulator C4BP in a manner that allows this important regulator to control complement system activation mediated either by the classical pathway or by the lectin pathway. This newly identified protein may play a role in immune evasion byLeptospiraspp. and may therefore represent a target for the development of a human vaccine against leptospirosis.