bluuebunny/crossref_metadata_2025_split huggingface dataset:
Backdated Stock Options and Boards of Directors: An Examination of Committees, Structure, and Process
Authors: Frankforter Steven A. , Becton J. Bret , Stanwick Peter A. , Coleman Clarence 
Published: April 2012

ABSTRACTManuscript Type: EmpiricalResearch Question/Issue: In this study, we investigated the effects of several factors related to nominating and compensation committee structure and process on the likelihood of employing backdated stock options.Research Findings/Insights: To test our hypotheses, we selected a sample of US firms that had been investigated for backdating stock options and a control group of similar sized US firms from the same industry that had not been investigated for backdating. Using an agency perspective, we found that when compared to companies within the same industries, firms using backdated stock options did not tend to utilize nominating committees, and structured their compensation committees so that they are smaller, and meet less frequently. We also found that their CEOs are more generously compensated. Consistent with agency theory, these findings indicate that companies using backdated stock option may possess compromised monitoring and incentive alignment mechanisms.Theoretical/Academic Implications: Despite being one of the most dominant management theories in recent history, little empirical evidence supports the validity of agency theory. In contrast to studies producing results calling into question the value of agency theory, we found significant results with regard to understanding the conditions under which agency problems might be promulgated. Also, our study contributes to the understanding of corporate governance by examining a variety of possible antecedents to the practice of backdated stock options and how boards and committees may be constructed to more effectively reduce the agency problem.Practitioner/Policy Implications: Our results provide important evidence concerning factors or situations associated with backdating, which will be instructive in designing remedies to curb such practices in the future. In particular, to reduce the likelihood of dating schemes such as backdated stock options, firms should consider utilizing nominating committees, and constructing committees with more members and requiring frequent meetings so that directors can be better positioned for the effective execution of their monitoring responsibilities of management.
The powerful pre‐treatment effect: placebo responses in restless legs syndrome trials
Authors: de la Fuente‐Fernández R. 
Published: April 2012

ObjectiveTo investigate whether dopaminergic pre‐treatment alters placebo and dopamine agonist responses in restless legs syndrome (RLS).MethodsTwo large, multi‐centre trials (SP790 and SP792; registration numbers NCT00136045 and NCT00135993) on the efficacy of rotigotine in RLS reported supplemental International RLS (IRLS) sum score data for pre‐treated and drug‐naïve patients, allowing for the estimation of the regression slope of the clinical response (change in the IRLS sum score) on baseline IRLS sum score.ResultsIn both trials, patients pre‐treated with dopaminergic medications tended to have blunted responses after placebo administration compared with drug‐naïve patients. In the SP790 study, the pre‐treated group had a negative slope (i.e. the response observed after placebo administration decreased as the baseline IRLS sum score increased), whereas the slope was positive in drug‐naïve patients (slope, −0.43 vs. 0.28; P = 0.027). In the SP792 study, the two slopes were parallel (P = 0.84), but the magnitude of the response after placebo administration was smaller in the pre‐treated group (6.31 vs. 10.49; P = 0.0089). Pre‐treatment had no significant effect on rotigotine‐group responses in either of the two studies.ConclusionsIn RLS trials, dopaminergic pre‐treatment tends to increase the apparent effect of new dopaminergic drugs by decreasing the placebo effect in the placebo arm without substantially modifying the placebo effect in the active treatment arm. This observation highlights that placebo‐controlled trials are not necessarily placebo‐effect controlled trials.
Carotid artery plaque progression and cognitive decline: the Tromsø Study 1994–2008
Authors: Arntzen K. A. , Schirmer H. , Johnsen S. H. , Wilsgaard T. , Mathiesen E. B. 
Published: April 2012

BackgroundCarotid atherosclerosis is a risk factor for stroke and cognitive decline, but knowledge on how progression of carotid atherosclerosis affects cognitive function in stroke‐free individuals is scarce.MethodsIn the population‐based Tromsø study, we calculated the change in ultrasound‐assessed carotid plaque number and total plaque area from baseline (survey 4) to follow‐up 7 years later (survey 5) in 4274 middle‐aged stroke‐free subjects. Cognitive function was assessed at follow‐up by the verbal memory test, the digit‐symbol coding test, and the tapping test and repeated after an additional 6 years in a subgroup of 2042 subjects (survey 6). Associations between the average of survey 4 and survey 5 plaque scores and the progression of plaque scores and cognitive test scores were assessed in regression analyses adjusted for baseline age, sex, education, depression, and cardiovascular risk factors.ResultsProgression of total plaque area was associated with lower scores in the digit‐symbol coding test (multivariable adjusted standardized β, −0.03; 95% CI, −0.05 to −0.00; P = 0.04) and the tapping test (β, −0.03; 95% CI, −0.06 to −0.00; P = 0.03). Similar results were seen for progression of plaque number. The average plaque scores were associated with lower scores in all cognitive tests (P‐values ≤ 0.01). No association was found between plaque scores and cognitive decline.ConclusionsThe average plaque scores were associated with lower scores in all cognitive tests. Progression of plaque scores was associated with lower scores in the digit‐symbol coding test and the tapping test, but not with the verbal memory test or with cognitive decline.
The co‐occurrence of autism spectrum disorder and attention‐deficit/hyperactivity disorder symptoms in parents of children with ASD or ASD with ADHD
Authors: van Steijn Daphne J. , Richards Jennifer S. , Oerlemans Anoek M. , de Ruiter Saskia W. , van Aken Marcel A.G. , Franke Barbara , Buitelaar Jan. K. , Rommelse Nanda N.J. 
Published: April 2012

Background: Autism spectrum disorder (ASD) and attention‐deficit/hyperactivity disorder (ADHD) share about 50–72% of their genetic factors, which is the most likely explanation for their frequent co‐occurrence within the same patient or family. An additional or alternative explanation for the co‐occurrence may be (cross‐)assortative mating, e.g., the tendency to choose a partner that is similar or dissimilar to oneself. Another issue is that of parent‐of‐origin effect which refers to the possibility of parents differing in the relative quantity of risk factors they transmit to the offspring. The current study sets out to examine (cross‐)assortative mating and (cross‐)parent‐of‐origin effects of ASD and ADHD in parents of children with either ASD or ASD with ADHD diagnosis.Methods: In total, 121 families were recruited in an ongoing autism‐ADHD family genetics project. Participating families consisted of parents and at least one child aged between 2 and 20 years, with either autistic disorder, Asperger disorder or PDD‐NOS, and one or more biological siblings. All children and parents were carefully screened for the presence of ASD and ADHD.Results: No correlations were found between maternal and paternal ASD and ADHD symptoms. Parental ASD and ADHD symptoms were predictive for similar symptoms in the offspring, but with maternal hyperactive‐impulsive symptoms, but not paternal symptoms, predicting similar symptoms in daughters. ASD pathology in the parents was not predictive for ADHD pathology in the offspring, but mother’s ADHD pathology was predictive for offspring ASD pathology even when corrected for maternal ASD pathology.Conclusions: Cross‐assortative mating for ASD and ADHD does not form an explanation for the frequent co‐occurrence of these disorders within families. Given that parental ADHD is predictive of offspring’ ASD but not vice versa, risk factors underlying ASD may overlap to a larger degree with risk factors underlying ADHD than vice versa. However, future research is needed to clarify this issue.
Guilt and shame – a semantic concept analysis of two concepts related to palliative care
Authors: Werkander Harstäde Carina , Roxberg Åsa , Andershed Birgitta , Brunt David 
Published: April 2012

Background:  The theoretical viewpoint of the study was based on the fundamental motive in caring science, the suffering person and his/her health and life situation, which according to the philosophy of palliative care also includes the next of kin. The latter often wish to participate in the care of their loved ones and it is thus important for them to be able to make decisions that can generate a meaningful participation. Unfulfilled obligations or wrong decisions, concerning their dying relative, can result in experiences of guilt and shame in relation to the care of the loved one. A semantic concept analysis can provide a deeper understanding of these concepts and create a deeper insight into what the concepts mean for the individual.Aim:  The aim of the study was to elucidate the meaning of and the distinction between the concepts of guilt and shame.Methods:  Semantic concept analysis based on Koort and Eriksson.Findings:  The findings show that guilt and shame are two separate concepts. Guilt contains meaning dimensions of being the cause of and sin. Shame contains meaning dimensions of something that gives rise to shame and ability to experience shame. The synonyms for each concept do not overlap each other.Conclusion:  The semantic analysis creates an understanding of the concepts ontologically and provides a basis for theoretical, contextual and clinical understanding and development.
Dominance of flow‐mediated constriction over flow‐mediated dilatation in the rat carotid artery
Authors: Craig John , Martin William 
Published: April 2012

BACKGROUND AND PURPOSE The shearing forces generated by flow generally evoke dilatation in systemic vessels but constriction in the cerebral circulation. The aim of this study was to determine the effects of flow on the conduit artery delivering blood to the brain in the rat, that is, the carotid artery.EXPERIMENTAL APPROACH Carotid artery segments were mounted in a pressure myograph and pressurized to 100 mmHg. Changes in vessel diameter to flow (0.5–10 mL·min−1 for 2–10 min) at constant pressure were then measured using a video dimension analyser.KEY RESULTS Following the induction of tone, the onset of flow evoked a transient dilatation followed by a powerful constriction that was sustained until the termination of flow. Endothelial denudation or treatment with indomethacin, NG‐nitro‐L‐arginine methyl ester, or the combination of apamin and TRAM−34 showed that the initial flow‐mediated dilatation arose from the combined actions of endothelium‐derived NO and endothelium‐derived hyperpolarizing factor (EDHF). The flow‐mediated constriction, which increased in magnitude with increasing flow rate and duration of flow, was also endothelium dependent, but was unaffected by treatment with superoxide dismutase, BQ‐123, indomethacin, HET0016 or carbenoxolone. Flow‐mediated constriction therefore appeared not to involve superoxide anion, endothelin‐1, a COX product, 20‐HETE or gap‐junctional communication.CONCLUSIONS AND IMPLICATIONS Although a weak, transient flow‐mediated dilatation is observed in the rat carotid artery, the dominant response to flow is a powerful and sustained constriction. Whether this flow‐mediated constriction in the carotid artery serves as an extracranial mechanism to regulate cerebral blood flow remains to be determined.
A Catastrophe Model of Bank Failure
Authors: HO THOMAS , SAUNDERS ANTHONY 
Published: April 2012

ABSTRACTMost models of bank failure have assumed that the path towards bankruptcy or insolvency is smooth and continuous. As a consequence a number of early‐warning systems have been suggested in the banking and financial literature to aid regulators in the identification of potential problem banks. However, these systems may be of little use when the path towards failure is explosive, involving a sudden crash or catastrophe. This paper seeks to examine such cases by applying the theory of catastrophes to bank failure. A model is developed to show how the interaction between bank management, regulators and depositors can induce catastrophic failure. It is argued that there is a crucial relationship between the power of regulatory intervention and depositors confidence levels which is both necessary and sufficient for catastrophe to occur. It is also argued that catastrophe appears to be more likely for large money market banks rather than small banks. Finally, some suggestions are made for regulatory policy and for further research in the area.
Affiliated Bank Performance and the Simultaneity of Financial Decision‐Making
Authors: GRADDY DUANE B. , KYLE REUBEN 
Published: April 2012

AbstractThe remarkable growth of bank holding companies (BHCs) during the last decade has aroused a great deal of interest and controversy among academic economists and bank regulators. One of the important issues discussed has been the impact of holding company affiliation on the operating performance of the acquired banks. Subsequent empirical testing of the question has produced a wide array of results. Nevertheless, a recent survey of the literature by the staff of the Federal Reserve Board [18] concluded that while not entirely unambiguous, the findings are “relatively consistent and conclusive.” Such a sweeping generalization seems premature at best.In a recent issue of this Journal [4], we proposed an empirical model designed to test the interdependency between financial decision‐making and bank performance. The purpose of this note is to examine the implications of that investigation for the BHC performance issue. The impact of affiliation on bank performance has been analyzed in several different ways; however, no study has considered the important theoretical and statistical implications of the simultaneity question.
The Effects of Mission‐Oriented Public R & D Spending on Private Industry
Authors: CARMICHAEL JEFFREY 
Published: April 2012

ABSTRACTThis paper addresses the question of how government mission‐oriented R & D spending affects private R & D spending and thereby the total investment in technology. The problem is approached within the context of the capital asset pricing model in which the firm views investment projects in terms of their risk and return characteristics. The firm is assumed to produce jointly an established product and an R & D‐intensive product, where the latter generates an additional output of technology, or spillover, that is used as an input into the former. By investing in R & D the firm alters its risk and return characteristics in two ways: through the expected profits from the sale of the R & D‐intensive good; and through the expected profits from the spillover. In this model, government mission‐oriented R & D contracting affects the firm by enabling it to separate to some extent these two sources of risk and return. The main implication of the analysis is that while some public crowding out of private R & D is likely, this is almost certain to be incomplete. The empirical evidence from the U.S. transport industry supports the model and suggests that each dollar of government funding adds around 92 cents to total R & D spending; crowding out private investment by as little as eight percent.
Resolving the Agency Problems of External Capital through Options
Authors: HAUGEN ROBERT A. , SENBET LEMMA W. 
Published: April 2012

ABSTRACTThis paper investigates the role of stock options in resolving the agency problems of external capital as originally identified by Jensen and Meckling (1976). These problems are precipitated by managerial incentives a) to consume excessive non‐pecuniary benefits or perquisites beyond the optimal level for sole ownership and b) to engage in risk shifting in productive decisions so as to transfer wealth from external capital contributors. These incentive problems can be resolved through a strategy that judiciously combines call and put options retained by the owner‐manager and external financiers, respectively. The resolution of the agency problems through this mechanism provides an economic rationale for the existence of managerial stock options and convertible debt.
The Weekend Eurodollar Game
Authors: COATS WARREN L. 
Published: April 2012

ABSTRACTA growing number of large U.S. banks have used artificial Eurodollar transactions in connection with the heavier weighting of Fridays in the calculation of required reserves to significantly reduce the impact on them of that requirement. This reserve avoidance behavior bestows an unintended and inequitable benefit on those banks engaging in it, unnecessarily increases risks from credit exposures and potentially distorts money stock measures. The incentive for this activity and hence its practice can best be removed by paying interest on required reserves or weighting Fridays equally with all other business days in the reserve requirement calculations.
Time Dominance Efficiency Analysis
Authors: EKERN STEINAR 
Published: April 2012

ABSTRACTBuilding on the stochastic dominance framework, time dominance efficiency analysis provides similar rules for a partial ordering of temporal prospects. Time dominance does not require any quantitative information about temporal preferences for screening decision alternatives according to their net present values. A binary time dominance proposition extends recent sufficient conditions and adds necessity. The paper's main contribution is the development of set time dominance. By eliminating binary undominated projects which no one would choose, set time dominance minimizes time efficient sets without imposing further preference assumptions.
Estimating the Information Value of Immediate Disclosure of the FOMC Policy Directive
Authors: O'BRIEN JAMES M. 
Published: April 2012

ABSTRACTThis paper studies the information value of immediate disclosure of the FOMC policy directive. The value of disclosure is measured by its ability to reduce investors' expected uncertainty about futures interest rates where uncertainty is defined as the conditional variance of forecast errors. Analytical relationships between new information and the conditional variance of forecast errors are developed and the relation of the “uncertainty‐reducing” value of information to its social value, as defined in recent literature, is indicated. In the empirical work, forward interest rates are treated as reflecting market expectations conditioned on existing information. The empirical tests indicate that information in the undisclosed, prevailing policy directives (1974–79) were able to make only a very marginal improvement in the predictive accuracy of forecasts relying only on the forward rates. Thus, the hypothesis that immediate disclosure has a significant information value to market participants is not supported.
Bank Reserves and Financial Stability
Authors: SIEGEL JEREMY J. 
Published: April 2012

ABSTRACTA stochastic financial model is developed which derives the reserve levels on financial assets which minimize price level fluctuations. It is shown that these levels of reserves are a function of the structure of unanticipated shocks to asset demands and are, in general, quite different from the levels which minimize the fluctuations of either the nominal or real value of these assets. Application of the model to currency and demand deposits in the U.S.A. suggest that the price‐Stablizing reserve ratio on demand deposits is approximately one‐half of the 12% currently mandated by the Monetary Control Act of 1980.
The Effect of Taxation on Immunization Rules and Duration Estimation
Authors: HESSEL CHRISTOPHER A. , HUFFMAN LUCY 
Published: April 2012

ABSTRACTInvestments in default‐free bonds can be insulated from financial loss due to interest rate changes (via additive shock) by a process known as immunization. The literature on this process ignores taxes. This manuscript focuses on three issues. The first is the development of the tax‐adjusted immunization process with a comparison to the existing literature. The second issue is the microeconomic effect of a shift in only the individual's tax rates on immunization and investment behavior. The third issue is the macroeconomic effect of an across‐the‐board shift in tax rates on immunization and investment behavior.
Variable Rate Debt Instruments and Corporate Debt Policy
Authors: AGMON T. , OFER A. R. , TAMIR A. 
Published: April 2012

ABSTRACTSustained high rate of inflation has led to the creation of debt instruments with variable interest rate. The availability of these debt instruments presents management with the problem of the choice of the optimal debt portfolio. This paper deals with this problem assuming a given, and optimal, debt to equity ratio. Given expected monetary value maximization, an efficient frontier is derived in terms of the expected net income and probability of bankruptcy, where net income is defined as operating income minus debt repayment. This efficient frontier is shown to be also mean‐variance efficient. It is also shown that in most cases the optimal debt portfolio includes more than one debt instrument. In other words, the firm will avoid the policy of minimizing the expected cost of its debt repayments or the policy of minimizing the costs of bankruptcy. The optimal solution itself is affected by market variables like the relative expected cost of different debt instruments and by firm specific variables like the variability of its operating income stream, and the covariance between the operating income and the debt repayments.
A Possible Explanation of the Small Firm Effect
Authors: ROLL RICHARD 
Published: April 2012

ABSTRACTRecent empirical studies have found that small listed firms yield higher average returns than large firms even when their riskiness is equal. The riskiness of small firms, however, has been improperly measured. Apparently, the error is due to auto‐correlation in portfolio returns caused by infrequent trading. Other anomalous predictors of riskadjusted returns, such as price/earnings ratios and dividend yields, may also derive some of their apparent power from this spurious source.
Yield Approximations: A Historical Perspective
Authors: HAWAWINI GABRIEL A. , VORA ASHOK 
Published: April 2012

ABSTRACTThis paper traces the historical developments of the efforts to find simple and accurate methods of approximating an annuity's implicit yield and a bond's yield to maturity. It is shown that the little known history of yield approximations is nevertheless very rich, with contributions dating as far back as the late seventeenth century. It is also shown that the standard textbook approximation formula for the bond's yield to maturity is the least accurate of a large family of formulas, some of which were suggested as early as 1855.
Expectations Models of Asset Prices: A Survey of Theory
Authors: LEROY STEPHEN F. 
Published: April 2012

ABSTRACTThis paper identifies restrictions on preferences under which various classes of “expectations” theories of asset prices—i.e., uncertainty models of asset prices which coincide with the corresponding certainty theory except that expected future prices replace actual future prices—are valid. Major classes of expectations models surveyed are martingale models, the expectations hypothesis of the term structure of interest rates, and models of exhaustible resources and futures markets. In each case the required restriction is related to the assumptiono f risk—neutrality, but the precise nature of the required restriction is shown to differ significantly among the various classes of expectations theories.