bluuebunny/crossref_metadata_2025_split huggingface dataset:
How Laws and Institutions Shape Financial Contracts: The Case of Bank Loans
Authors: QIAN JUN , STRAHAN PHILIP E. 
Published: September 2010

ABSTRACTLegal and institutional differences shape the ownership and terms of bank loans across the world. We show that under strong creditor protection, loans have more concentrated ownership, longer maturities, and lower interest rates. Moreover, the impact of creditor rights on loans depends on borrower characteristics such as the size and tangibility of assets. Foreign banks appear especially sensitive to the legal and institutional environment, with their ownership declining relative to domestic banks as creditor protection falls. Our multidimensional empirical model paints a more complete picture of how financial contracts respond to the legal and institutional environment than existing studies.
Vote Trading and Information Aggregation
Authors: CHRISTOFFERSEN SUSAN E.K. , GECZY CHRISTOPHER C. , MUSTO DAVID K. , REED ADAM V. 
Published: September 2010

ABSTRACTThe standard analysis of corporate governance assumes that shareholders vote in ratios that firms choose, such as one share‐one vote. However, if the cost of unbundling and trading votes is sufficiently low, then shareholders choose the ratios. We document an active market for votes within the U.S. equity loan market, where the average vote sells for zero. We hypothesize that asymmetric information motivates the vote trade and find support in the cross section. More trading occurs for higher‐spread and worse‐performing firms, especially when voting is close. Vote trading corresponds to support for shareholder proposals and opposition to management proposals.
Measuring Distress Risk: The Effect of R&D Intensity
Authors: FRANZEN LAUREL A. , RODGERS KIMBERLY J. , SIMIN TIMOTHY T. 
Published: September 2010

ABSTRACTBecause of upward trends in research and development activity, accounting measures of financial distress have become less accurate. We document that (1) higher research and development spending increases the likelihood of misclassifying solvent firms, (2) adjusting for conservative accounting of research and development increases the number of correctly identified distressed firms, and (3) adjusted measures of distress alleviate previously documented anomalously low returns of large, high distress risk, low book‐to‐market firms. The results hold after updating stale parameters and under various tax assumptions. Our evidence raises concerns about interpretation of extant literature that relies on accounting measures of distress.
Information Asymmetry and Asset Prices: Evidence from the China Foreign Share Discount
Authors: CHAN KALOK , MENKVELD ALBERT J. , YANG ZHISHU 
Published: September 2010

ABSTRACTWe examine the effect of information asymmetry on equity prices in the local A‐ and foreign B‐share market in China. We construct measures of information asymmetry based on market microstructure models, and find that they explain a significant portion of cross‐sectional variation in B‐share discounts, even after controlling for other factors. On a univariate basis, the price impact measure and the adverse selection component of the bid‐ask spread in the A‐ and B‐share markets explains 44% and 46% of the variation in B‐share discounts. On a multivariate basis, both measures are far more statistically significant than any of the control variables.
Ambiguity, Information Quality, and Asset Pricing
Authors: EPSTEIN LARRY G. , SCHNEIDER MARTIN 
Published: September 2010

ABSTRACTWhen ambiguity‐averse investors process news of uncertain quality, they act as if they take a worst‐case assessment of quality. As a result, they react more strongly to bad news than to good news. They also dislike assets for which information quality is poor, especially when the underlying fundamentals are volatile. These effects induce ambiguity premia that depend on idiosyncratic risk in fundamentals as well as skewness in returns. Moreover, shocks to information quality can have persistent negative effects on prices even if fundamentals do not change.
Individual Investor Trading and Stock Returns
Authors: KANIEL RON , SAAR GIDEON , TITMAN SHERIDAN 
Published: September 2010

ABSTRACTThis paper investigates the dynamic relation between net individual investor trading and short‐horizon returns for a large cross‐section of NYSE stocks. The evidence indicates that individuals tend to buy stocks following declines in the previous month and sell following price increases. We document positive excess returns in the month following intense buying by individuals and negative excess returns after individuals sell, which we show is distinct from the previously shown past return or volume effects. The patterns we document are consistent with the notion that risk‐averse individuals provide liquidity to meet institutional demand for immediacy.
Information, Trading, and Product Market Interactions: Cross‐sectional Implications of Informed Trading
Authors: TOOKES HEATHER E. 
Published: September 2010

ABSTRACTI present a simple model of informed trading in which asset values are derived from imperfectly competitive product markets and private information events occur at individual firms. The model predicts that informed traders may have incentives to make information‐based trades in the stocks of competitors, especially when events occur at firms with large market shares. In the context of 759 earnings announcements, I use intraday transactions data to test the hypothesis that net order flow and returns in the stocks of nonannouncing competitors have information content for announcing firms.
IPO Pricing and Share Allocation: The Importance of Being Ignorant
Authors: GONDAT‐LARRALDE CÉLINE , JAMES KEVIN R. 
Published: September 2010

ABSTRACTSince an underwriter sets an IPO's offer price without knowing its market value, investors can acquire information about its value and avoid overpriced deals (“lemon‐dodge”). To mitigate this well‐known risk, the bank enters into a repeat game with a coalition of investors who do not lemon‐dodge in exchange for on‐average underpriced shares. We (i) derive and test a quantitative IPO pricing rule (showing that tech IPOs were not excessively underpriced during the boom of the 1990s); and (ii) analyzing a unique multibank data set, find strong support for the conjecture that a bank preferentially allocates shares to its coalition.
A DIALECTICAL APPROACH TO RESEARCH AND DEVELOPMENT PLANNING
Authors: Mason Richard , Leschly Kim , Feinberg Abe , Smith Jeffrey H. 
Published: September 2010

ABSTRACTThis paper reports on the methodology and an application of a dialectical approach to research and development, planning. The methodology features a structured debate followed by argumentation analysis. The argumentation analysis in turn is followed by an assessment of the plausibility of the arguments. The application involved using the methodology to assess the level of funding for research and development for a transportation system that would employ advanced technology. The Dialectic Inquiry process, and specifically, the plausibility rating activity, were seen as valuable aids for policy analysis.
THE TWILIGHT OF ADVERSARINESS: TRENDS IN CIVIL JUSTICE
Authors: Holland Kenneth M. 
Published: September 2010

ABSTRACTThe author evaluates changes in the form of civil adjudication that have occurred since the adoption of the Federal Rules of Civil Procedure in 1938. The evidence reveals a. paradoxical situation–the system has become both less and more adversarial. After identifying the causes of these opposing trends, the author concludes that the forces undermining adversariness are more powerful than those supporting the traditional model. Finally, the implications of this retreat from customary procedure are explored.
ARBITRATION AND MEDIATION AS ALTERNATIVES TO COURT*
Authors: McEwen Craia A. , Maimon Richard J. 
Published: September 2010

ABSTRACTAdvocates of mediation and arbitration claim their to adjudication in three areas: reduction of court caseloads and costs; increase in accessibility of justice; and improvement in the quality of justice. Available evidence shows that mediation and arbitration neither lower court costs (though they increase court capacity), nor substantially expand access to justice. By some measures, however, mediation provides fairer outcomes and, in civil cases, higher rates of compliance than does adjudication. Though less effective than often claimed in reducing problems of administering justice, mediation and arbitration‐in their distinctive ways‐do thus offer modestly effective alternatives to court.
MEASURING JUDICIAL PERFORMANCE IN TRIAL COURTS: CONCEPTUAL, EMPIRICAL, AND POLITICAL PROBLEMS*
Authors: Ryan John Paul 
Published: September 2010

ABSTRACTThis article explores some of the issues associated with evaluation of judicial performance. It is argued that measuring judicial performance in trial courts, as the basis for subsequent evaluation, is fraught with problems of definition, counting and interpretation. These problems result from the diversity of judges' work in trial courts, uncertainty as to the importance of speedy resolution of cases and the political environment within which judging takes places.
MINDING THE BUSINESS OF THE SUPREME COURT: SOME THOUGHTS ON THE EFFECTS OF THE JUDGES' BILL OF 1925*
Authors: Caldeira Gregory A. 
Published: September 2010

ABSTRACTTwice at least in the Court's first too centuries it has found itself inundated with litigation that has outstripped its abilities to process it. Congress has from time to time had to make adjustments in the Supreme Court's jurisdiction so that the court could cope with its caseload. These “reforms” are potentially quite, important., yet few scholars have studied the effects, intended and unintended, of them. This paper reviews and criticize the scholarship on the effects of one especially interesting reform, the Judges' Bill of 1925, Along the way I offer a number of suggestions ore offered on how social scientists might in the future go about studying the effects of judical‐reform.
THE IMPACT OF JUDICIAL IMPACT STATMENTS*
Authors: Gallas Geoff 
Published: September 2010

ABSTRACTJudicial impact statements, if used indiscriminately, can do little either to protect federal and state judiciaries or assist legislatures. This conclusion emerges clearly from well documented case material available with respect to federal executive experience, the California experience with impact statements, as well as independent interview data which is summarized here. As a result, the broader issue of the reasons and the possible meaning of the currency of such a strategy emerges. Two such issues are addressed here: the behavioral assumptions and power relations that underlie judicial reform.
THE POLITICS OF MEASURING POVERTY AMONG THE ELDERLY
Authors: Girshick Lori B. , Williamson John B. 
Published: September 2010

ABSTRACTWe discuss the special problems associated with efforts to measure poverty among the elderly. Income measures must be adjusted for a variety of non‐income sources of well‐being such as net worth, human capital, and in‐kind, transfers. While such adjustments are needed, efforts to date are problematic to the extent that new sources of error are introduced. A close analysis of official government measures of poverty reveals that they reflect a variety of political assumptions and compromises. Examination of the eligibility criteria associated with various government social programs for the elderly reveal implicit poverty lines that differ from the official poverty lines. The importance of these operational poverty lines cannot be overestimated.
WHO BENEFITS FROM KNOWLEDGE ABOUT THE HEALTH OF UNDOCUMENTED MEXICANS?
Authors: Nalven Joseph 
Published: September 2010

ABSTRACTThis article discusses the legal context in which health research of undocumented Mexicans takes place. Two lines of inquiry are brought together: the national debate on undocumented immigration and the maturing research on the health of Mexican Americans. Because of the politicized nature of immigration status, “immigration” is ignored as an explanatory variable. Several potential outcomes are examined, such as “ghost” programming and increased public health risks.
CHANGING PUBLIC ATTITUDES ABOUT PUBLIC WELFARE CLIENTS AND SERVICES THROUGH RESEARCH
Authors: Ginsberg Leon H. 
Published: September 2010

ABSTRACTResearch findings aye useful in interpreting the widely misunderstood services of public welfare departments to the public. This article describes three research projects that were conducted and publicized by a state welfare department primarily to clarify public understanding of welfare programs. The three projects examined the characteristics of a special allowance given families to purchase school clothing for their children, the rate of turnover of Aid to Families with Dependent Children cases, and the numbers of and reasons for public employees receiving assistance from a state welfare department. Strategies for dealing with the media in interpreting public welfare programs are also suggested.
Regulatory Factors of Pheo‐ and Eumelanogenesis in Melanogenic Compartments
Authors: Jimbow Kowichi , Alena Frank , Dixon Walter , Hara Hiroyuki 
Published: September 2010

SUMMARYMelanogenesis, i.e., synthesis of melanin and melanosomes, is a “cascade'’of event which is channelled by internal and external regulatory factors. The recognition and selection of this information and subsequent differentiation of melanogenesis (melanin type and melanosomal development) would be regulated significantly by melanosomal membrane. The melangenesis type could be switched relatively easily by UV light, hormone, and availability of tyrosinase substrate. The role of sulphydryl compounds as a regulatory factor in melangenesis type (in particular for pheomelanogenesis) may not be tied to its absolute presence or absence, but rather, to the effective concentration within the melanocyte at a given time. It is, therefore, probable that the morphogenesis of melanosomes may not follow immediately in response to melanogenesis‐type changes, hence the melanocyte revealing more often mosaic forms of melanosomes in nature after exposure to non‐genetic factors. The switch of melanogenesis would be significantly controlled by structural and functional availability of vesiculoglobular bodies which are encoded or associated with HMSA‐5 (69 kDa) glycoprotein. This HMSA‐5 protein shares a significant homology with gp75 “b‐locus'’protein. However, because of our hypothesis that vesiculoglobular bodies carry post‐(and pre‐) tyrosinase regulatory factors involving in both pheo‐ and eumelanogenesis, the term “b‐protein'’which focuses only on eumelanogenesis may not be applied to HMSA‐5.
MEK mediates in vitro neural transdifferentiation of the adult newt retinal pigment epithelium cells: Is FGF2 an induction factor?
Authors: Susaki Kanako , Chiba Chikafumi 
Published: September 2010

SummaryAdult newts can regenerate their entire retinas through transdifferentiation of the retinal pigment epithelium (RPE) cells. As yet, however, underlying molecular mechanisms remain virtually unknown. On the other hand, in embryonic/larval vertebrates, an MEK [mitogen‐activated protein kinase (MAPK)/extracellular signal‐regulated kinase (ERK) kinase] pathway activated by fibroblast growth factor‐2 (FGF2) is suggested to be involved in the induction of transdifferentiation of the RPE into a neural retina. Therefore, we examined using culture systems whether the FGF2/MEK pathway is also involved in the adult newt RPE transdifferentiation. Here we show that the adult newt RPE cells can switch to neural cells expressing pan‐retinal‐neuron (PRN) markers such as acetylated tubulin, and that an MEK pathway is essential for the induction of this process, whereas FGF2 seems an unlikely primary induction factor. In addition, we show by immunohistochemistry that the PRN markers are not expressed until the 1–3 cells thick regenerating retina, which contains retinal progenitor cells, appears. Our current results suggest that the activation of an MEK pathway in RPE cells might be involved in the induction process of retinal regeneration in the adult newt, however if this is the case, we must assume complementary mechanisms that repress the MEK‐mediated misexpression of PRN markers in the initial process of transdifferentiation.
Controversies in Sexual Medicine: Clinical and Basic Science Research in Sexual Medicine Must Rely, in Part, on Pharmaceutical Funding?
Authors: Jannini Emmanuele A. , Eardley Ian , Sand Michael , Hackett Geoffrey 
Published: September 2010

ABSTRACT

Introduction
The conflict of interest in sexual medicine (SM) is a never-ending debate between scientists who consider possible and fruitful the partnership between science and the pharmaceutical industry (pharma) and others who are afraid that such a relationship might contaminate the veracity of scientific research. The aim of this Controversy is to appreciate opinions from both perspectives.

Methods
Four scientists (three from academic or private practice and one employee of the industry) with expertise in the area of SM were asked to contribute with their opinions.

Main Outcome Measure
Expert opinion supported by the critical review of the currently available literature.

Result
Expert #1, who is Controversy’s section editor, and Expert #3 consider industry involvement in the field of SM problematic but potentially synergistic with the aim of science. On the other side, the Experts #2 and 4 argue that it is almost impossible to serve two masters. They believe that the pharma involved both in basic and applied research may jeopardize the independent evolution of the young SM.

Conclusions
After reading this Controversy, The Journal of Sexual Medicine’s readers should be able to judge by themselves the claims of the discussants and if the partnership between industry and SM is a risk or a potential benefit.
An unusual combination of congenital cardiac anomalies in a cat
Authors: DEAR M. G. 
Published: September 2010

ABSTRACTA case of a congenital cardiac anomaly in a cat is described. The anomaly includes a patent ductus arteriosus, an interatrial septal defect, an interventricular septal defect and tricuspid insufficiency. An umbilical hernia was present also. Emphasis is placed on the relationship of the auscultatory, radiographic and electrocardiographic features and the pathological findings.Résumé. On décrit un cas d'anomalie cardiaque congénitale chez un chat; cette anomalie comprenait la présence d'un carnal artériel, d'une communication inter‐auriculaire septale, d'une communication inter‐ventriculaire septale et d'une insuffisance tricuspidienne. L'animal était atteint aussi d'une hernie ombilicale. On souligne les rapports entre les données de l'auscultation, de la radiographie, de l'électro‐cardiographie et les lésions anatomopathologiques.Zusammenfassung. Ein Fall einer kongenitalen Herzanomalie bei einer Katze wird beschrieben. Zu der Anomalie gehören ein Ductus arteriosus apertus, ein interatrialer Septumdefekt, ein interventrikularer Septumdefekt und Tricuspidalinsuffizienz. Ausserdem lag ein Nabelbruch vor. Besonderes Gewicht wird auf die Beziehung der Auskultation, Radiographie und Elektrokardiographie zum pathologischen Befund gelegt.
Clinical and pathological aspects of cervical disc protrusion and primary tumours of the cervical spinal cord in the dog*
Authors: PALMER A. C. 
Published: September 2010

ABSTRACTA short account is given of the pathological changes that occur in the spinal cord of the dog as a result of prolapsed intervertebral discs and this includes a description of pressure‐induced injury to local nerve roots. The clinical features are also described of five dogs suffering from primary tumours of the cervical spinal cord and an attempt is made to differentiate this condition clinically from cervical disc protrusion.Résumé. On rapporte brièvenicnt les modifications anatomo‐pathologiques obscrvées au nivcau de la moelle du chien à la suite du prolapsus du disclue intervertébral et on dérit les lésions des racines nerveuses intéressées, produites par la pression. Les aspects cliniques sont égalemcnt décrits; il s'agissait de cinq chiens attcints de tumeur primaire de la moelle cervicale ct on présente un essai de différenciation des signes permettant de faire le diagnostic différentiel entre cet état et la protrusion d'un disque cervical.Zusammenfassung. Es wird cin kurzer Bericht über die pathologischen Verändrrungen gegeben, die im Rückcnmark des Hundes als Folge eines Zwischenwirbelscheibenvorfalls eintreten, was eine Beschreibung der durch Druck verursachten Schädigungen örtlicher Nervenwurzeln einschliesst. Es werden auch die klinische Befunde hei fünf Hunden beschrieben, die an primären Tumoren des Cervicalmarks leiden, und es wird versucht, diescn Zustand klinisch von der Protrusio cervicaler Zwischenwirbelscheiben zu differenzieren.
Effects of whelping and season of the year on the interoestrous intervals in dogs
Authors: Linde‐Forsberg C. , Wallén A. 
Published: September 2010

ABSTRACTAn analysis of 319 interoestrous intervals of 36 beagles, 36 German shepherd dogs and 20 labrador retrievers was made to study the influence of whelping on the length of this interval and the within‐year variation in length of interoestrous intervals and timing of the oestrous periods. The mean interoestrous interval was significantly longer for beagles (247±5 days) than for German shepherd dogs and labrador retrievers (both 198±5 days)(P<0–001). For bitches that had not whelped there were no significant differences between breeds (beagles 172+10; German shepherd dogs 166±6; and labrador retrievers 172±7 days). The mean interoestrous interval after whelping was significantly lengthened in all breeds (P<0–001). This increase was more pronounced for beagles (84 days)(P<0–001) than for German shepherd dogs (58 days) and labrador retrievers (52 days). Heat periods were evenly distributed over the year for the labrador retrievers and German shepherd dogs that were kept as family pets. For the beagles kept as a colony and housed outdoors without heating or supplementary light, there were significant differences between months (P<0001), with a peak in May. The longest interoestrous intervals were found in beagle bitches that had been in oestrous and whelped during autumn.
The vasovagal tonus index as a prognostic indicator in dogs with dilated cardiomyopathy
Authors: Pereira Y. Martinez , Woolley R. , Culshaw G. , French A. , Martin M. 
Published: September 2010

Objectives: To investigate the prognostic and diagnostic value of heart rate variability (HRV) using the vasovagal tonus index (VVTI) in dogs suffering from idiopathic dilated cardiomyopathy (DCM). Methods: Electrocardiographic (ECG) recordings of 369 patients presented to a referral centre between 1993 and 2006 were reviewed. Results: VVTI values were calculated from 132 dogs. Lower VVTI values were found in patients in International Small Animal Cardiac Health Council (ISACHC) heart failure (HF) class 2 and 3 compared with class 1. VVTI was found to be positively correlated with survival time (ST) in class 2 and 3 patients. When a cut‐off value of 7·59 for VVTI was used, the test could differentiate patients in ISACHC HF class 1 versus 2 and 3 with a sensitivity of 89 per cent and a specificity of 62·5 per cent. The ST for patients with VVTI values less than 7·59 was significantly lower. Clinical Significance: The VVTI is a useful index, obtained from a standard ECG recording that estimates HRV in dogs and does not require any specific equipment for its calculation. It can be useful as a diagnostic tool to assess the severity of HF and is a useful prognostic tool in dogs with DCM.