bluuebunny/crossref_metadata_2025_split huggingface dataset:
Pressure‐reduction and preservation in custom‐made footwear of patients with diabetes and a history of plantar ulceration
Authors: Waaijman R. , Arts M. L. J. , Haspels R. , Busch‐Westbroek T. E. , Nollet F. , Bus S. A. 
Published: April 2012

Diabet. Med. 29, 1542–1549 (2012)AbstractAims  To assess the value of using in‐shoe plantar pressure analysis to improve and preserve the offloading properties of custom‐made footwear in patients with diabetes.Methods  Dynamic in‐shoe plantar pressures were measured in new custom‐made footwear of 117 patients with diabetes, neuropathy, and a healed plantar foot ulcer. In 85 of these patients, high peak pressure locations (peak pressure > 200 kPa) were targeted for pressure reduction (goal: > 25% relief or below an absolute level of 200 kPa) by modifying the footwear. After each of a maximum three rounds of modifications, pressures were measured. In a subgroup of 32 patients, pressures were measured and, if needed, footwear was modified at 3‐monthly visits for 1 year. Pressures were compared with those measured in 32 control patients who had no footwear modifications based on pressure analysis.Results  At the previous ulcer location and the highest and second highest pressure locations, peak pressures were significantly reduced by 23%, 21% and 15%, respectively, after modification of footwear. These lowered pressures were maintained or further reduced over time and were significantly lower, by 24–28%, compared with pressures in the control group.Conclusion  The offloading capacity of custom‐made footwear for high‐risk patients can be effectively improved and preserved using in‐shoe plantar pressure analysis as guidance tool for footwear modification. This provides a useful approach to obtain better offloading footwear that may reduce the risk for pressure‐related diabetic foot ulcers.
PARTISAN ADVOCATES
Authors: Kim Chulyoung 
Published: April 2012

ABSTRACTThis paper studies the problem of an uninformed decision maker who acquires expert advice prior to making a decision. I show that it is less costly to hire partisan agents than impartial agents, especially under advocacy, and that the decision maker prefers partisan advocacy to other forms of institutions. I also extend the literature, originating with Dewatripont and Tirole (), to a setting with contracts that condition on information provided and not just the decision made.
Assessment of interpersonal risk (AIR) in adults with learning disabilities and challenging behaviour – piloting a new risk assessment tool
Authors: Campbell Martin , McCue Michael 
Published: April 2012

Accessible summary

A new risk assessment tool, called the Assessment of Interpersonal Risk (AIR), has been developed. This is to measure the risks between adults with learning disabilities who have challenging behaviour and mental health problems. The tool is used to record five different types of risk. It was used for a period of 6 months in a National Health Service (NHS) assessment and treatment unit, to see how well it worked. Incidents of challenging behaviour for five people were recorded over this time.
The assessment of interpersonal risk was combined with the risk assessment tools already being used in the assessment and treatment unit.
Results showed that the AIR tool may be a useful addition to:
Effectively managing risk
Informing assessments, especially when people are moving from in‐patient services
Support professional judgement to make defensible decisions about risk

SummaryA new risk assessment tool, Assessment of Interpersonal Risk (AIR), was piloted and evaluated to measure risk factors and compatibility between individuals living in an assessment and treatment unit in one NHS area. The adults with learning disabilities in this unit had severe and enduring mental health problems and/or behaviour that is severely challenging. The aims of this small‐scale research project were to estimate the reciprocal risk to and from each individual across five main risk domains and to enhance professional judgement to make defensible decisions about interpersonal risk. Data were recorded on incidents involving five individuals over a period of 6 months. Individual Rating Profiles were incorporated into existing Individual Risk Management Plans, together with interpersonal profiles, recording risk evaluations between named individuals across the five risk domains. Results showed that the AIR tool may be a useful addition to existing effective risk management, to inform assessments and future discharge planning.
BOOK REVIEWS
Authors: Lindholm Richard W. 
Published: April 2012

Book reviewed in this article:Shareholder Democracy: A Broader Outlook for Corporations. By Frank D. Emerson and Franklin C. Latcham.Le Profit des Grandes Enterprises Américaines. By Hans Staub.Mobile Homes: The Growth and Business Practices of the Industry. By Taylor W. Meloan.Financing the Instalment Purchases of the American Family. By Clyde W. Phelps.Group Annuities. By Kenneth Black, Jr.Fundamentals of Private Pensions. By Dan McGill.Convertibility and Foreign Trade. By J. F. Gaston, F. W. Jones, H. P. Dryer, and H. Bodansky.The International Bank for Reconstruction and Development, 1946–1953. By International Bank for Reconstruction and Development.The Dollar Dilemma: Perpetual Aid to Europe? By Melchior Palyi.Individuals' Saving: Volume and Composition. By Irwin Friend with the assistance of Vito Natrella.Planning Your Financial Independence. By John E. Leibenderfer.Research in the Capital and Securities Markets.Economic Fluctuations: An Analysis of Business Cycles and Other Economic Fluctuations. By Maurice W. Lee.Money and Banking in British Colonial Africa. By W. T. Newlyn and D. C. Rowan.Money, Banking and the Financial System. By Milton L. Stokes and Carl T. Arlt.British Public Finances, 1880–1952. By Ursula K. Hicks.A Century and a Half of Federal Expenditures. By M. Slade Kendrick, assisted by Mark Wehle.Income Redistribution and Social Policy. Edited by Alan T. Peacock.Cutting Your Unemployment Taxes: A Practical Guide to Minimizing Unemployment Compensation Costs. By Richard J. Potter.The Budgetary Process in the United States. By Arthur Smithies.New Rapid Tax Depreciation: How To Use It Profitably. By Willard F. Stanley.Experience in Urban Real Estate Investment: An Interim Report Based on New York City Properties. By Leo Grebler.
The Demand for Life Insurance: An Application of the Economics of Uncertainty
Authors: CAMPBELL RITCHIE A. 
Published: April 2012

ABSTRACTFinancial economists typically assume that capital income uncertainty, derived from investments in uncertain returned marketable securities, represents the major source of household consumption uncertainty. But, for many households, if not most, labor income uncertainty dominates capital income uncertainty.This study analyzes households optimal reactions to labor income (human capital) uncertainty that is derived from the possibility of their wage earners' non–survival. By introducing a risk resolution mechanism—an insurance market—and allowing for the possibility that future tastes may be state–dependent, simple demand–for–insurance equations are mathematically derived to explicitly describe households optimal responses to human capital uncertainty.
Asset Accumulation In Early Married Life
Authors: FERBER ROBERT , LEE LUCY CHAO 
Published: April 2012

ABSTRACTThis longitudinal study of the factors influencing the accumulation of financial assets by young married couples in three metropolitan areas of Illinois, finds that couples that start out with a strong financial base tend to improve their relative financial position over time. Especially intriguing is the finding that those couples that acquired initially substantial amounts of debt were more likely to be well off financially at a later time, possibly because the principal asset purchased with these debts, own home, appreciated substantially during the period studied.The results also suggest that a measure of normal income becomes relevant to explaining variations in asset accumulation only after five or six years of the marriage, while socioeconomic variables other than income seemed to have relatively little effect on changes in asset holdings over time.
On the Valuation of Federal Loan Guarantees to Corporations
Authors: SOSIN HOWARD B. 
Published: April 2012

ABSTRACTSince 1956, Federal Loan Guarantee Programs have expanded to the point where recipients of guarantees represent most segments of the economy. Considerable debate centers on the determination of the magnitude of the liability of the Federal Government that is represented by these programs. This paper illustrates how option pricing techniques may be used to obtain estimates of the purely pecuniary costs of loan guarantees, interest saving to the firm on senior and junior debt, and implicit present value profitability indices of projects.
A RATIONALE FOR DEBT MATURITY STRUCTURE AND CALL PROVISIONS IN THE AGENCY THEORETIC FRAMEWORK
Authors: BARNEA AMIR , HAUGEN ROBERT A. , SENBET LEMMA W. 
Published: April 2012

ABSTRACTThe agency costs of debt are introduced in this paper to explain the existence of complex financial instruments. Two areas of complexities are discussed in detail: the call provision and the maturity structure of debt. Their existence is rationalized as a means of resolving agency problems associated with informational asymmetry, managerial (stockholder) risk incentives, and foregone growth opportunities. It is also demonstrated that both features of corporate debt serve identical purposes in solving agency problems. Complex financial instruments are required because markets fail to provide complete and costless solutions to the agency problems discussed in the paper.
Stock Market Return Expectations: Some General Properties
Authors: LAKONISHOK JOSEF 
Published: April 2012

AbstractThis paper examines how and how well do leading economists forecast stock market returns. This question is fundamental in finance, since the Capital Asset Pricing foundation rests upon assumptions about the properties of investors' expectations for stock market returns. The results reveal that economists' expectations of market returns as exemplified in Livingston's data do not meet the necessary conditions of efficiency. It should be noted however, that in later period some improvement in the quality of economists' forecasts was observed.
Interest Rates, Uncertainty and the Livingston Data
Authors: BOMBERGER WILLIAM A. , FRAZER WILLIAM J. 
Published: April 2012

ABSTRACTThe observed relationship between the standard deviation of forecasts and past forecast errors as found in the Livingston survey suggests the interpretation of the standard deviation as a measure of inflation uncertainty. The mean and the standard deviation for the inflation rate forecast found in the Livingston survey, furthermore, are used as regressors in a reduced‐form interest rate equation. The results indicate a large negative effect of such uncertainty on interest rates. The inclusion of the uncertainty measure and commonly omitted lagged values of all variables in our analysis of data leads to more theoretically plausible estimated effects of money growth and expected inflation on interest rates than do standard estimates.
Estimating the Divisional Cost of Capital: An Analysis of the Pure‐Play Technique
Authors: FULLER RUSSELL J. , KERR HALBERT S. 
Published: April 2012

ABSTRACTThis paper suggests that the pure‐play technique can be used in conjunction with the capital asset pricing model to determine the cost of equity capital for the divisions of a multidivision firm. Since the beta for a division is unobservable in the marketplace, a proxy beta derived from a publicly traded firm whose operations are as similar as possible to the division in question is used as the measure of the division's systematic risk. To provide empirical support for using the pure‐play technique, a sample of multidivision firms and pure‐play associated with each division is examined. It is shown that an appropriately weighted average of the betas of the pure‐play firms closely approximates the beta of the multidivision firm.
The Determinants of the Treasury Security Yield Curve
Authors: ROLEY V. VANCE 
Published: April 2012

ABSTRACTInvestors' security demands and two points on the yield curve are jointly determined using a disaggregated structural model of the U.S. Treasury securities market. The empirical results indicate that the structural model is capable of accurately explaining Treasury yields and that changes in a variety of nonyield variables affect the yield curve. Among these nonyield variables are Treasury security supplies, which are found to have significant but somewhat volatile impacts depending on investors' wealth flows. The within‐sample predictions from the structural model are also compared to those of a naive model.
The Adjustment of Stock Prices to Information About Inflation
Authors: SCHWERT G. WILLIAM 
Published: April 2012

ABSTRACTThis paper analyzes the reaction of stock prices to the new information about inflation. Based on daily returns to the Standard and Poor's composite portfolio from 1953–78, it seems that the stock market reacts negatively to the announcement of unexpected inflation in the Consumer Price Index (C.P.I.), although the magnitude of the reaction is small. It is interesting to note that the stock market seems to react at the time of announcement of the C.P.I., approximately one month after the price data are collected by the Bureau of Labor Statistics.
Testing the Efficiency of the Canadian‐U.S. Exchange Market under the Assumption of no Risk Premium
Authors: LONGWORTH DAVID 
Published: April 2012

ABSTRACTThe efficiency of the Canadian‐U.S. exchange market for the current float is examined more extensively than previously. Semi‐strong‐form tests which admit the lagged spot rate as a predictor are considered in addition to the standard weak‐form test. These stronger tests reject the joint null hypothesis of an efficient exchange market and no risk premium for the period ending in October 1976, although not for the entire period. For almost every year the current spot rate provided a better forecast of the future spot rate than did the current forward rate.
On the Effects of Barriers to International Investment
Authors: STULZ RENÉ M. 
Published: April 2012

ABSTRACTA simple model is presented in which it is costly for domestic investors to hold foreign assets. The implications of the model for the composition of optimal portfolios at home and abroad are derived. It is shown that all foreign assets with a beta larger than some beta plot on either one of two security market lines. Some foreign assets with a beta smaller than are not held by domestic investors even if their expected return is increased slightly.
Signaling and the Valuation of Unseasoned New Issues
Authors: DOWNES DAVID H. , HEINKEL ROBERT 
Published: April 2012

ABSTRACTThis paper is an empirical examination of the relation between firm value and two potential actions by entrepreneurs attempting to signal to investors information about otherwise unobservable firm features. The signals investigated are the proportion of equity ownership retained by entrepreneurs and the dividend policy of the firm; both signals are hypothesized to be positively related to firm value. Using a sample of unseasoned new equity issues, the empirical results are consistent with the entrepreneurial ownership retention hypothesis, but the dividend signaling hypothesis is rejected.
Flattening of Bond Yield Curves for Long Maturities
Authors: LIVINGSTON MILES , JAIN SURESH 
Published: April 2012

ABSTRACTThe paper presents a theoretical proof that flattening of yield curves for par bonds is inevitable for long maturities. This proof implies that behavioral explanations of flattening are unnecessary. The proof also implies that the use of yields to maturity of couponbearing bonds to estimate the true term structure (as well as forward rates) for long maturities has potentially infinite bias, suggesting that a greater effort should be made to directly estimate the true term structure in empirical work.
The Distribution of Foreign Exchange Price Changes: Trading Day Effects and Risk Measurement
Authors: McFARLAND JAMES W. , PETTIT R. RICHARDSON , SUNG SAM K. 
Published: April 2012

ABSTRACTThis study investigates the nature of price changes in a variety of major and minor foreign exchange markets. The results suggest that the log of price changes over one (trading) day intervals seems to follow a non‐normal stable distribution function. Different measures of location (and to lesser extent scale) are present for different days of the week. Dollar denominated price changes are high on Mondays and Wednesdays and low on Thursdays and Fridays for all currencies. The Wednesday‐Thursday result is consistent with the settlement procedures used in foreign exchange transactions in the dollar. The Friday‐Monday result is consistent with an increase in demand for the dollar prior to the weekend.
On the Effectiveness of the Federal Reserve's Margin Requirement
Authors: LUCKETT DUDLEY G. 
Published: April 2012

ABSTRACTA portfolio‐theoretic model of the optimal margin account is developed. It is argued that the Federal Reserve's goal in setting the margin requirement is to influence investor equity ratios. Using the average equity ratio as the dependent variable and the arguments of the model as independent variables, an empirical model is estimated. It is concluded that the margin requirement is an effective regulatory tool.
The Effects of Anticipated Inflation on Housing Market Equilibrium
Authors: TITMAN SHERIDAN 
Published: April 2012

ABSTRACTAn increase in the anticipated rate of inflation causes distortions in the housing market due to a nonindexed tax system. Since nominal rather than real interest payments are tax deductible, an increase in inflation decreases the aftertax cost of capital for homeowners, which in turn increases the demand for housing and increases its real price. This tax gain is shown to be larger for rental housing than for owner‐occupied housing. In a competitive market, this implies that although the real price of housing increases with a rise in anticipated inflation, real rental rates fall.
Variance and Lower Partial Moment Measures of Systematic Risk: Some Analytical and Empirical Results
Authors: PRICE KELLY , PRICE BARBARA , NANTELL TIMOTHY J. 
Published: April 2012

ABSTRACTAs a measure of systematic risk, the lower partial moment measure requires fewer restrictive assumptions than does the variance measure. However, the latter enjoys far wider usage than the former, perhaps because of its familiarity and the fact that two measures of systematic risk are equivalent when return distributions are normal. This paper shows analytically that there are systematic differences in the two risk measures when return distributions are lognormal. Results of empirical tests show that there are indeed systematic differences in measured values of the two risk measures for securities with above average and with below average systematic risk.
The Pricing of Tax‐Exempt Bonds and the Miller Hypothesis
Authors: TRZCINKA CHARLES 
Published: April 2012

ABSTRACTThis paper reports a new test of two competing theories of the relation between tax‐exempt and taxable interest rates. The Miller hypothesis predicts that the tax‐exempt rate is 52 percent of the taxable rate, while the institutional demand hypothesis predicts a volatile relationship. The tests in this paper employ a random intercept model to control for the risk of average interest rates. The results favor the Miller hypothesis. Marginal tax rates are found to be close to Miller's predicted 48 percent. The relationship is not influenced by relative demand or supply and the marginal tax rate appears stable over time.
Changes in the Financial Market: Welfare and Price Effects and the Basic Theorems of Value Conservation
Authors: HAKANSSON NILS H. 
Published: April 2012

ABSTRACTThis paper analyzes the impact, on both welfare and equilibrium prices, of changes in the financial market in a general equilibrium, two‐period context. Previous papers have focussed on the “securities effect,” tending to essentially ignore the equally important “endowment effect” that arises when market structure changes are implemented. Two forms of endowment neutrality and market structure changes which either preserve, expand, or shift allocational feasibility differentiate the main theorems, which are based on arbitrary preferences and beliefs and substantially extend and modify extant results; in particular, earlier statements identified with value conservation are sharply moderated. Very roughly, the paper yields the following implications for some of the more common changes in the market: nonsynergistic corporate spinoffs and the opening of option markets have, on balance, strongly positive welfare effects; nonsynergistic mergers tend to have strong negative welfare effects, while the welfare effects of alternative risky debt structures tend to be ambiguous. All of the preceding, however, may under plausible conditions be redistributive.
The Determination of Fair Profits for the Property‐Liability Insurance Firm
Authors: KRAUS ALAN , ROSS STEPHEN A. 
Published: April 2012

ABSTRACTSingle period and dynamic valuation models in continuous time, under certainty and uncertainty, are developed for a property‐liability insurance contract to determine the “fair” (competitive) premium and underwriting profit. The intertemporal stochastic model assumes that the claim frequency and the price index of claim settlements are functions of a set of underlying state variables which follow a multivariate Wiener process. The competitive premium is shown to be proportional to the claim frequency and the price index for claim settlements at the time the policy is issued. The factor of proportionality varies directly with the claim settlement rate and the length of coverage, and inversely with the risk‐adjusted real interest rate on the dollar‐valued claim rate.
Dividends and Capital Asset Prices
Authors: MORGAN I. G. 
Published: April 2012

ABSTRACTTax based dividend models of capital asset pricing assume that dividends are known at the time prices are set. Dividends which are announced and paid in the same month, and dividends which were expected but cancelled in the month constitute surprises which interfere with many empirical tests of the effects of expected dividend yield on returns. This paper avoids these problems by relating returns to forecasts of dividend yield obtained from past data.
The Arbitrage Pricing Theory: Is it Testable?
Authors: SHANKEN JAY 
Published: April 2012

ABSTRACTThis paper challenges the view that the Arbitrage Pricing Theory (APT) is inherently more susceptible to empirical verification than the Capital Asset Pricing Model (CAPM). The usual formulation of the testable implications of the APT is shown to be inadequate, as it precludes the very expected return differentials which the theory attempts to explain. A recent competitive‐equilibrium extension of the APT may be testable in principle. In order to implement such a test, however, observation of the return on the true market portfolio appears to be necessary.
Difference Systems in Financial Futures Markets
Authors: KILCOLLIN THOMAS ERIC 
Published: April 2012

ABSTRACTMany financial futures markets allow substitutions for the par grade of security at delivery. Substitutes are deliverable at premiums or discounts—“differences” in commodities parlance—to the futures price. The rule that establishes these differences is called a difference system. This paper characterizes financial futures market equilibrium with yield‐based difference systems and investigates particular systems in use. The major finding is that currently used difference systems effectively limit deliverable supply in the futures markets and lead to futures prices which understate the cash market price of the par security.