bluuebunny/crossref_metadata_2025_split huggingface dataset:
To Signal or to Control: The Determinants of Open‐Market Share Repurchases in Japan*
Authors: Choi Dong Keun , Huh Jun , Park Kwangwoo 
Published: March 2010

AbstractUsing listed firm‐level data in the Tokyo Stock Exchange for the 1995–2006 period, we show that ultimate owners of firms with large cash flow and voting rights deviations announce and repurchase stocks more aggressively than do those of firms with small deviations. We also find that Keiretsu (business group)‐affiliated firms are most aggressive in repurchasing their own shares when large deviations exists between cash flow rights and voting rights. Consistent with the view of the takeover deterrence hypothesis, our findings suggest that firms with greater deviations in these two rights are likely to make large stock repurchases to increase both the cost of toehold and the price of the offer.
Impact of the QFII Scheme on Investment‐Cash Flow Sensitivity*
Authors: Hung Jung‐Hua , Tseng Tzu‐Yun 
Published: March 2010

AbstractTaiwan is an important emerging economy which has adopted a progressive strategy to open up its securities markets, mainly through the QFII (Qualified Foreign Institutional Investor) scheme. This paper examines Taiwan's QFII experience so as to determine whether the implementation of such a policy has helped reduce corporate investment‐cash flow sensitivity. Empirical results suggest that the launching of the QFII program as an interim institutionalization strategy to attract foreign capital into Taiwan's securities markets has been successful in relaxing corporations' investment‐cash flow sensitivity.
Long‐term Equity and Operating Performances following Straight and Convertible Debt Issuance in the U.S.*
Authors: Jung Mookwon 
Published: March 2010

AbstractThis paper shows that long‐term equity and operating performances that follow straight and convertible debt issuance in the U.S. are different, just as are announcement‐period market reactions, supporting the notion that market investors initially underreact to a selective event of convertible debt issuance. Cross‐sectional tests reveal that firms issuing convertible debt often suffer stock underperformance partly because of their deteriorating fundamentals subsequently to the issuance. Even when each convertible bond directly matches with a straight bond that has a similar offering date and issuer and bond characteristics, convertible debt issuers still significantly under‐perform straight debt issuers, supporting that what matters for long‐term equity and operating performances is the type of debt offering.
Optimal Stealth Trading of the Insider and Expected Profit of the Mimicking Trader*
Authors: Lee Jaehyun , Ko Hyuk‐Jin , Park Young S. 
Published: March 2010

AbstractIn this paper we perform theoretical and empirical analyses on the insiders' optimal “stealth” strategy and expected profits from mimicking trading when the insiders' trading information is publicly available. When insiders select a mixed strategy of AR (1) process as the information exposure strategy in a multi‐period model, we find the optimal AR (1) coefficient that maximizes the insiders' profit is negative. Also, (1) the greater the transaction volume of mimicking traders in the market and the longer the information exposure period, the closer the optimum AR (1) coefficient becomes to −1; (2) The larger the mimicking transaction volume, the smaller the insider's profit gets; and (3) When the volume of mimicking transaction is large and the private information is not much valuable, the likelihood of loss is high. We also validate certain theoretical results of our model using publicized ownership change data of major shareholders. As a result, we find the strategic evidences in the sample of insider transactions closing within 15 trading days. Also, although mimicking traders' losses have not been reported, they can suffer losses when the private information is not much valuable and the insiders take a significant strategic action.
What do Options have to do With It?: Inclusion of Options Market Indicators in Bid‐ask Spread Decomposition*
Authors: Michayluk David , Prather Laurie , Woo Li‐Anne E. , Yip Henry Y. K. 
Published: March 2010

AbstractThis paper develops a cross‐market model to extend Huang and Stoll (1997) by utilizing information from trade flows in the options market. Empirical tests reveal a significant increase in the estimated adverse information component, which stays consistent irrespective of the degree of option leverage. Further, intraday variation in stock bid‐ask spread components is affected by the stock trade size and the extent of imbalance in information‐based option trades. Including the options market information in decomposition of the stock bid‐ask spread enhances the quality of its estimation.
An Examination of Affine Term Structure Models*
Authors: Byun Suk‐Joon , Lee Jin‐Tae 
Published: March 2010

AbstractThis paper examines the relative performance of models in the affine term structure family which includes both complete and essential affine models using Korean government bond yield data. Principal component analysis with Korean government bond yield data shows that the first three components of yields explain 97% of the total yield curve variation, and the components can be characterized as “level”, “slope”, and “curvature.” We also estimate all three‐factor affine models using a Kalman filter/quasi maximum likelihood (QML) approach. An exhaustive comparison shows that the three‐factor essential affine model, A1 (3) E, in which only one factor affects the instantaneous volatility of short rates but all three factors affect the price of risk, appears to be the best model in Korea. This finding is consistent with results in Dai and Singleton (2002) and Duffee (2002) on US data and in Tang and Xia (2007) on Canadian, German, Japanese, UK and US data.
The Effect of Underwriters' Reputationson Post‐Deregulation IPO Pricing: Price Discovery Ability Versus Bargaining Power*
Authors: Yon Kang Heum , Park Soon Hong 
Published: March 2010

AbstractThis study empirically examines the role of underwriters' reputations on the IPO pricing process and its effect on subsequent initial returns. We analyzed 275 IPOs between July, 2002 and December, 2006. The reputation of each underwriters was analyzed based on the data reflecting their performances over the preceding three years. The analysis considered the following: number of offerings, the natural logarithm of average offering size, the relative offering size, the inverse of average underpricing ratio, and the ratio of refraining from undertaking a market stabilization activity or exercising a putback option. The logarithm of the underwriter's asset size and the composite index of the above six reputation variables are included in the variable we call “reputation.”We find that underwriters with higher reputation exercise more bargaining power than either issuing firms or institutional investors in the offer price decision process. On the other hand, the underwriters' certification role is not sufficiently carried out to build a reputation on price discovery. We propose an incentive system that would encourage voluntary assessment of underwriters' competency, which can ultimately bolster their reputations in terms of their price discovery ability.
Cross‐Sectional Tests of Multifactor CCAPMs using Conditional Moments and Time‐Series Restrictions*
Authors: Kim Jinyong 
Published: March 2010

AbstractTwo different methods are used to evaluate the performance of the consumption‐based asset pricing models to explain the cross‐section of expected stock returns in conditional moments: one is to scale the returns, and the other is to model time‐varying factor loadings, using instrument variables. Maximum correlation portfolios are constructed to directly impose restrictions on the time‐series intercepts, especially in a model whose factors are not returns. The empirical results are as follow: the consumption‐based models perform no better than the standard CAPM; adding the return on human capital as an additional risk factor does not help explain the cross‐section; and the Fama‐French three‐factor model shows the best ability to lower the pricing error.
Negative Market Volatility Risk Premium: Evidence from the LIFFE Equity Index Options*
Authors: Lin Bing‐Huei , Chen Yin‐Jung 
Published: March 2010

AbstractWe provide non‐parametric empirical evidence regarding negative volatility risk premium using LIFFE equity index options. In addition, we incorporate the moment‐adjusted option delta hedge ratio to mitigate the effect of model misspecification. From the results, we observe several interesting phenomena. First, the delta‐hedged gains are negative. Second, with a correction for model misspecification, higher‐order moments measures show less significance and the volatility risk premium still plays a key role in affecting delta‐hedged gains. All empirical evidence supports the existence of negative volatility risk premium in LIFFE equity index options.
The Effect of Regulation Fair Disclosure on Conference Calls: The Case of Earnings Surprises*
Authors: Baik Bok , Nam Hye‐Jeong 
Published: March 2010

AbstractWhile conference calls have been widely used as a communication tool between firms and investors, little research has examined the effect of this voluntary disclosure metric on analyst forecasts. In this paper, we examine whether firms use conference calls to guide down analysts' earnings forecasts, thereby avoiding negative earnings surprises before and after Regulation FD. Our findings show that firms hosting conference calls are more likely to guide analysts' forecasts downward and, as a result, they tend to successfully avoid negative earnings surprises in the pre Reg FD period. However, we do not find such relations in the post Reg FD period. We also find that the market reacts positively to firms hosting conference calls only in the post Reg FD period, consistent with the view that the market rewards a reduction in managers' opportunistic guidance to meet the analysts' earnings estimate.
Asymmetric Futures Price Distribution and Bid‐Ask Quotes*
Authors: Nordén Lars 
Published: March 2010

AbstractThis study presents a model for estimating the asymmetry of the futures price with respect to the futures bid‐ask spread. Analysis of Data from the Swedish OMXS 30 index futures market shows clear evidence of futures price asymmetry, where the futures price in general tends to be closer to the bid than to the ask quote. Moreover, in a futures market environment with a relatively low liquidity, the futures price tends to be closer to the bid quote, whereas the futures price is virtually symmetrically located within the futures spread when liquidity is relatively high.
Impact of Government Ownership on Investment Banks’ Underwriting Performance: Evidence from China*
Authors: Jia Ning , Zhang Haiyan 
Published: March 2010

AbstractThis paper examines the effect of government ownership on investment banks’ underwriting performance in China. A large number of Chinese investment banks are owned and controlled by their respective regional governments. While regional governments may capitalize on their superior local knowledge and administrative power to help affiliated investment banks identify and land high quality local issuers, they may also leverage affiliated underwriters to facilitate the capital market access of those underperformed but socially and/or politically desirable local firms. Empirical evidence favors the latter hypothesis. Specifically, using a sample of regional IPOs, we find that issuers underwritten by their respective regional government‐affiliated investment banks exhibit lower earnings quality and poorer long‐term performance compared with those underwritten by unaffiliated investment banks. However, this difference is attenuated after the abolition of the IPO quota system. Examination of underwriting fees and issuers’ shareholder identity provides additional evidence supporting the latter hypothesis.
Tooth Contact Analysis of Longitudinal Cycloidal-Crowned Helical Gears With Circular Arc Teeth
Authors: Wang Wei-Shiang , Fong Zhang-Hua 
Published: March 2010

Abstract
This paper proposes a new type of double-crowned helical gear that can be continuously cut on a modern Cartesian-type hypoid generator with two face-hobbing head cutters and circular-arc cutter blades. The gear tooth flank is double crowned with a cycloidal curve in the longitudinal direction and a circular arc in the profile direction. To gauge the sensitivity of the transmission errors and contact patterns resulting from various assembly errors, this paper applies a tooth contact analysis technique and presents several numerical examples that show the benefit of the proposed double-crowned helical gear set. In contrast to a conventional helical involute gear, the tooth bearing and transmission error of the proposed gear set are both controllable and insensitive to gear-set assembly error.
ENTAILMENT-BASED LINEAR SEGMENTATION IN SUMMARIZATION
Authors: TATAR DOINA , MIHIS ANDREEA , LUPSA DANA , TAMAIANU-MORITA EMMA 
Published: March 2010

This paper presents some original methods for text summarization of a single source document by extraction. The methods are based on some of our own text segmentation algorithms. We denote them as logical segmentation because for all these methods (LTT, ArcInt and ArcReal) the score of a sentence is calculated starting from the number of sentences which are entailed by it. For a text (which is a sequence of sentences) the scores form a structure which indicates how the most important sentences alternate with less important ones and organizes the text according to its logical content. The second logical method, Pure Entailment also uses definition of the relation of entailment between two texts. At least to our knowledge, it is for the first time that the relation of Text Entailment between the sentences of a text is used for segmentation and summarization. The third original method applies Dynamic Programming and centering theory to the sentences logically scored as above. The obtained ranked logical segments are used in the summarization. Our methods of segmentation and summarization are applied and evaluated against a manually realized segmentation and summarization of the same text by Donald Richie, "The Koan".
ONTOLOGY-BASED DISTRIBUTED CASE-BASED REASONING IN VIRTUAL ENTERPRISES
Authors: CHEN YUH-JEN , CHEN YUH-MIN , SU YUNG-SHENG , WEN CHIUN-CHENG 
Published: March 2010

Given the advent of knowledge-based economies and virtual-enterprise business models, enterprises get the knowledge not only from themselves but also from others. Distributed case-based reasoning systems (DCBRS) play important roles in knowledge-driven virtual enterprises by supporting knowledge sharing. This study develops a novel mechanism for ontology-based distributed case-based reasoning using ontology and a proposed multistage algorithm to effectively support knowledge sharing within a virtual enterprise environment. Tasks involved in this study are as follows: (i) design an ontology-based distributed case-based reasoning architecture and procedure, (ii) develop techniques related to the ontology-based distributed case-based reasoning, and (iii) implement an ontology-based distributed case-based reasoning mechanism. Developing methods associated with ontology-based distributed case-based reasoning involves the definition and representation of a user query model, definition and representation of a knowledge case model, definition and establishment of knowledge case index structure, and development of a distributed knowledge case retrieval and knowledge case adaptation methods. Study results will facilitate heterogeneous knowledge sharing among enterprises participating in a virtual enterprise.
INNOVATION AS CLUSTERS IN KNOWLEDGE INTENSIVE BUSINESS SERVICES: TAKING ICT SERVICES IN SHANGHAI AND BAVARIA AS AN EXAMPLE
Authors: ZHAO YAN , ZHOU WEN , HUESIG STEFAN 
Published: March 2010

Due to the quick advancement of science and technology, the services sector which has a high content of knowledge and technology has experienced globally expeditious development in the past decade. Development in general and the growth of Knowledge Intensive Business Services (KIBS) such as Information and Communication Technology services (ICT services) in particular are at the core of the major trends that are restructuring the economic landscape of not only German but also Chinese economies.In Germany, in the new era of service economy, more emphases are put on KIBS instead of the traditional giant clusters of steel manufacturing and auto manufacturing. Especially in Bavaria, high technology clusters are prospering. The ICT services in Bavaria accounts for 40% of all software companies in Germany. A lot of ICT services clusters can be found, including IT Speicher, FIWM, BICC-NET, etc. Similar cases can be found in Shanghai, where a number of government driving as well as market pulling ICT services cluster are also coming into being.Previous empirical evidence shows an asymmetric bipolarity in the location behavior of KIBS. There is a general predominance of low concentration due to equal diffusion of these services in many regions, and a high concentration in some regions located at the top of the spatial hierarchy, particularly capital cities.The current exploratory research, drawing upon cluster theory and network theory, aims at discovering the cluster features both from the perspective of the company executives in the cluster. Using the data collected through interviews and questionnaire surveys from company managers, incorporated with current theoretical framework and, through integration and analysis, important features of the cluster such as network mechanism are calculated both in Bavaria and Shanghai. We check the supply side as well as the demand side of the reasons why clusters are formulated in the first place, and they both have a positive effect on the network mechanism of the cluster. The network mechanism has a positive effect on innovation performance of the ICT service companies. The reasons are also discussed. Suggestions are provided for policy making about the KIBS cluster forming for both regions and the cooperation in these fields, especially in terms of service outsourcing relationship. Valuable implications for deciding the location for a KIBS company on the firm level are also provided.
GATEKEEPERS, KNOWLEDGE BROKERS AND INTER-FIRM KNOWLEDGE TRANSFER IN BEIJING'S ZHONGGUANCUN SCIENCE PARK
Authors: RAMIREZ MATIAS , DICKENSON PETER 
Published: March 2010

An important part of industrial policy in China has been directed towards improving the degree and effectiveness of knowledge transfer between key firms in China's innovation system. Amongst these policies, the creation of regional science parks that encourage labour mobility and inter-firm collaboration on innovation projects have been central. Learning through inter-firm knowledge transfer focuses the attention on at least two key factors, improving absorptive capability (Cohen and Levinthal, 1990), which relies on the development of specialised skills in the firm and the establishment of inter-organisational networks through which knowledge is transferred.This paper contributes to this analysis through a detailed study of the relationship between learning and knowledge transfer of knowledge workers working on innovation projects in Chinese ICT companies located in Beijing's Zhongguancun (ZGC) high-technology park. A major advantage of analysing knowledge transfer through the activities of R'D employees is that it highlights the process by which specific competencies and network relations are built. A skills profile of R&D employees is developed that, amongst other features, includes three different networks Chinese knowledge workers use to access and share knowledge: formal organisational networks, personal networks and scanning networks. Empirical data based on two unique surveys in China of senior R&D managers and R&D employees was collected and analysed. This suggests that a skills profile combining knowledge within and outside of the company and scanning activity positively impact both the innovation projects and the labour market position of the knowledge workers. Policy recommendations in terms of training and development in R&D follow.
On a Hybrid Method for Generalized Mixed Equilibrium Problem and Fixed Point Problem of a Family of Quasi-"Equation missing" -Asymptotically Nonexpansive Mappings in Banach Spaces
Authors: Liu Min , Chang Shih-sen , Zuo Ping 
Published: March 2010

AbstractWe prove a strong convergence theorem by using a hybrid method for finding a common element of the set of solutions for generalized mixed equilibrium problems, the set of fixed points of a family of quasi-"Equation missing"-asymptotically nonexpansive mappings in strictly convex reflexive Banach space with the Kadec-Klee property and, a Fréchet differentiable norm under weaker conditions. The method of the proof is different from, S. Takahashi and W. Takahashi that by (2008) and that by Takahashi and Zembayashi (2008) and see references. It also shows that the type of projection used in the iterative method is independent of the properties of the mappings. The results presented in the paper improve and extend some recent results.
Expression Profiles and Clinical Correlations of Degradome Components in the Tumor Microenvironment of Head and Neck Squamous Cell Carcinoma
Authors: Stokes Angela , Joutsa Juho , Ala-aho Risto , Pitchers Mark , Pennington Caroline J. , Martin Craig , Premachandra Don J. , Okada Yasunori , Peltonen Juha , Grénman Reidar , James Helen A. , Edwards Dylan R. , Kähäri Veli-Matti 
Published: March 2010

Abstract
Purpose: Head and neck squamous cell carcinomas (HNSCC) are characterized by high morbidity and mortality, largely due to the high invasive and metastatic potential of these tumors, high recurrence rates, and low treatment responses. Proteinases have been implicated in several aspects of tumor growth and metastasis in a broad range of tumors including HNSCC.
Experimental Design: Comprehensive expression profiling of proteinases [matrix metalloproteinases (MMPs), A disintegrin and metalloproteinase (ADAMs), and ADAMs with thrombospondin motif (ADAMTSs)] and their inhibitors [tissue inhibitor of metalloproteinases (TIMPs)] was done using quantitative real-time reverse transcription-PCR analysis of a large cohort of tissue samples representing the tumor (n = 83), the invasive margin (n = 41), and the adjacent tissue (n = 41) from 83 HNSCC patients, along with normal tissue controls (n = 13), as well as cell lines established from tumors of 34 HNSCC patients.
Results: The results show specifically elevated gene expression of several proteinases, including MMP1, MMP3, MMP10, and MMP13 within tumor tissue and peritumoral adjacent tissue. In addition, the results identify several novel HNSCC-associated proteinases, including ADAM8, ADAM9, ADAM17, ADAM28, ADAMTS1, ADAMTS8, and ADAMTS15. There were also significant differences in proteinase expression based on clinical parameters, i.e., tumor location, grade, and local invasion. MMP13 expression was significantly higher in large (&gt;4 cm) locally invasive tumors (P &lt; 0.05). MMP9 expression was significantly decreased in tumors with regional metastasis, whereas increased expression of ADAM8 was noted in the metastatic tumors (P &lt; 0.001 for both).
Conclusions: These findings suggest the HNSCC degradome as a valuable source of diagnostic, predictive, and prognostic molecular markers for these malignant tumors. Clin Cancer Res; 16(7); 2022–35. ©2010 AACR.