bluuebunny/crossref_metadata_2025_split huggingface dataset:
Can Mutual Fund “Stars” Really Pick Stocks? New Evidence from a Bootstrap Analysis
Authors: KOSOWSKI ROBERT , TIMMERMANN ALLAN , WERMERS RUSS , WHITE HAL 
Published: January 2007

ABSTRACTWe apply a new bootstrap statistical technique to examine the performance of the U.S. open‐end, domestic equity mutual fund industry over the 1975 to 2002 period. A bootstrap approach is necessary because the cross section of mutual fund alphas has a complex nonnormal distribution due to heterogeneous risk‐taking by funds as well as nonnormalities in individual fund alpha distributions. Our bootstrap approach uncovers findings that differ from many past studies. Specifically, we find that a sizable minority of managers pick stocks well enough to more than cover their costs. Moreover, the superior alphas of these managers persist.
Why Is Long‐Horizon Equity Less Risky? A Duration‐Based Explanation of the Value Premium
Authors: LETTAU MARTIN , WACHTER JESSICA A. 
Published: January 2007

ABSTRACTWe propose a dynamic risk‐based model that captures the value premium. Firms are modeled as long‐lived assets distinguished by the timing of cash flows. The stochastic discount factor is specified so that shocks to aggregate dividends are priced, but shocks to the discount rate are not. The model implies that growth firms covary more with the discount rate than do value firms, which covary more with cash flows. When calibrated to explain aggregate stock market behavior, the model accounts for the observed value premium, the high Sharpe ratios on value firms, and the poor performance of the CAPM.
Corporate Yield Spreads and Bond Liquidity
Authors: CHEN LONG , LESMOND DAVID A. , WEI JASON 
Published: January 2007

ABSTRACTWe find that liquidity is priced in corporate yield spreads. Using a battery of liquidity measures covering over 4,000 corporate bonds and spanning both investment grade and speculative categories, we find that more illiquid bonds earn higher yield spreads, and an improvement in liquidity causes a significant reduction in yield spreads. These results hold after controlling for common bond‐specific, firm‐specific, and macroeconomic variables, and are robust to issuers' fixed effect and potential endogeneity bias. Our findings justify the concern in the default risk literature that neither the level nor the dynamic of yield spreads can be fully explained by default risk determinants.
Learning by Observing: Information Spillovers in the Execution and Valuation of Commercial Bank M&As
Authors: DELONG GAYLE , DEYOUNG ROBERT 
Published: January 2007

ABSTRACTWe offer a new explanation for why academic studies typically fail to find value creation in bank mergers. Our conjectures are predicated on the idea that, until recently, large bank acquisitions were a new phenomenon, with no best practices history to inform bank managers or market investors. We hypothesize that merging banks, and investors pricing bank mergers, learn by observing information that spills over from previous bank mergers. We find evidence consistent with these conjectures for 216 M&As of large, publicly traded U.S. commercial banks between 1987 and 1999. Our findings are consistent with semistrong stock market efficiency.
A Theory of Friendly Boards
Authors: ADAMS RENÉE B. , FERREIRA DANIEL 
Published: January 2007

ABSTRACTWe analyze the consequences of the board's dual role as advisor as well as monitor of management. Given this dual role, the CEO faces a trade‐off in disclosing information to the board: If he reveals his information, he receives better advice; however, an informed board will also monitor him more intensively. Since an independent board is a tougher monitor, the CEO may be reluctant to share information with it. Thus, management‐friendly boards can be optimal. Using the insights from the model, we analyze the differences between sole and dual board systems. We highlight several policy implications of our analysis.
The Initial Public Offerings of Listed Firms
Authors: DERRIEN FRANÇOIS , KECSKÉS AMBRUS 
Published: January 2007

ABSTRACTA number of firms in the United Kingdom list without issuing equity and then issue equity shortly thereafter. We argue that this two‐stage offering strategy is less costly than an initial public offering (IPO) because trading reduces the valuation uncertainty of these firms before they issue equity. We find that initial returns are 10% to 30% lower for these firms than for comparable IPOs, and we provide evidence that the market in the firm's shares lowers financing costs. We also show that these firms time the market both when they list and when they issue equity.
Market Underreaction to Free Cash Flows from IPOs
Authors: Zheng Steven X. 
Published: January 2007

AbstractI examine the relation between initial public offering (IPO) long‐run stock performance and the amount of cash raised by the firm in the offering. I find that IPOs raising more cash have poorer long‐run performance. The result is robust to different measurement methods. The evidence suggests that the market underreacts to free cash flow related agency problems in IPOs. Consistent with this interpretation, I find that IPO long‐run performance is more sensitive to the new cash raised in the offering if an IPO firm has lower capital expenditure or higher opening bid‐ask spread.
CEO Cash and Stock‐Based Compensation Changes, Layoff Decisions, and Shareholder Value
Authors: Brookman Jeffrey T. , Chang Saeyoung , Rennie Craig G. 
Published: January 2007

AbstractThe chief executive officers (CEOs) of firms announcing layoffs receive 22.8% more total pay in the subsequent year than other CEOs. The pay increases result almost entirely from increases in stock‐based compensation and are found to persist. In addition, layoff announcements are accompanied by shareholder value increases averaging $40 million to $95 million. One‐time labor cost savings from layoffs average $65 million. We conclude that CEOs receive pay increases following layoffs as rewards for past decisions and to motivate value‐enhancing decisions in the future.
Repricing and Executive Turnover
Authors: Subramanian Narayanan , Chakraborty Atreya , Sheikh Shahbaz 
Published: January 2007

AbstractWe examine whether the threat of executive turnover faced by a firm affects its decision to reprice stock options held by its executives. We estimate a model of voluntary turnover among top executives and show that the predicted turnover from this model is positively related to the probability of repricing. The relationship is robust to the inclusion of several known determinants of repricing. Our results are consistent with a model in which a tight labor market makes executives hard to replace, forcing firms to reprice stock options when they go underwater.
NGOs and Ethnic Conflict: Lessons from the Work of the Project on Ethnic Relations in the Balkans
Authors: Burg Steven L. 
Published: January 2007

This article examines the impact of nongovernmental organization‐sponsored contact and communication on fostering peaceful solutions to ethnic conflict via case studies of the activities of the Project on Ethnic Relations (PER) in Romania, Macedonia, Montenegro, Kosovo, and Serbia. It explores five operational principles that guide PER activity: creating credible, neutral forums for dialogue; maintaining momentum; working within political realities; encouraging indigenous solutions from within existing processes; and acting with the backing of powerful states. These principles explain PER's success as a “weak mediator” of ethnic conflicts. According to this analysis, PER also exhibits organizational characteristics that contribute to success, including nonpartisanship, area expertise and extensive networks of local contacts, and an ability to secure the trust of local actors.A significant indicator of the success of PER activities is the establishment by conflicting parties of institutionalized mechanisms for addressing their differences. Contrary to the view that electoral competition contributes to conflict, this study finds that the possibility of achieving an electoral advantage by participating cooperatively in conflict resolution activities creates incentives for local actors to recognize opportunities offered by PER activities and leads local actors to heed PER's advice. Finally, the article offers a cautionary observation. While PER's perceived influence with major international actors may contribute to its local successes, once a state actor with the power to impose a solution has committed itself to ending a conflict, its preferences outweigh any local interests in determining the outcome and renders the efforts of a “weak mediator” such as PER irrelevant.
Bone reconstruction following implantation of rhBMP‐2 and guided bone regeneration in canine alveolar ridge defects
Authors: Jovanovic Sascha A. , Hunt Dennis R. , Bernard George W. , Spiekermann Hubertus , Wozney John M. , Wikesjö Ulf M. E. 
Published: January 2007

AbstractBackground: Alveolar ridge aberrations commonly require bone augmentation procedures for optimal placement of endosseous dental implants. The objective of this study was to evaluate local bone formation following implantation of recombinant human bone morphogenetic protein‐2 (rhBMP‐2) in an absorbable collagen sponge (ACS) carrier with or without provisions for guided bone regeneration (GBR) as potential treatment modalities for alveolar augmentation.Methods: Surgically induced, large, mandibular alveolar ridge saddle‐type defects (2 defects/jaw quadrant) in seven young adult Hound dogs were assigned to receive rhBMP‐2/ACS, rhBMP‐2/ACS combined with GBR (rhBMP‐2/GBR), GBR, and surgery controls. The animals were euthanized at 12 weeks post‐surgery when block sections of the defect sites were collected for histologic analysis.Results: Clinical complications included swelling for sites receiving rhBMP‐2 and wound failure with exposure of the barrier device for sites receiving GBR (4/6) or rhBMP‐2/GBR (3/7). The radiographic evaluation showed substantial bone fill for sites receiving rhBMP‐2/ACS, rhBMP‐2/GBR, and GBR. In particular, sites receiving rhBMP‐2/GBR presented with seroma‐like radiolucencies. The surgery control exhibited moderate bone fill. To evaluate the biologic potential of the specific protocols, sites exhibiting wound failure were excluded from the histometric analysis. Sites receiving rhBMP‐2/ACS or rhBMP‐2/GBR exhibited bone fill averaging 101%. Bone fill averaged 92% and 60%, respectively, for sites receiving GBR and surgery controls. Bone density ranged from 50% to 57% for sites receiving rhBMP‐2/ACS, GBR, or surgery controls. Bone density for sites receiving rhBMP‐2/GBR averaged 34% largely due to seroma formation encompassing 13% to 97% of the sites.Conclusion: rhBMP‐2/ACS appears to be an effective alternative to GBR in the reconstruction of advanced alveolar ridge defects. Combining rhBMP‐2/ACS with GBR appears to be of limited value due to the potential for wound failure or persistent seromas.
Success rate of mini‐ and micro‐implants used for orthodontic anchorage: a prospective clinical study
Authors: Wiechmann Dirk , Meyer Ulrich , Büchter André 
Published: January 2007

AbstractObjectives: Whereas micro‐implants have become a useful alternative as orthodontic anchorage elements in orthodontics, less is known about the clinical effectiveness of micro‐implants. The aim of this prospective clinical study was to evaluate the success rate of micro‐implants used for orthodontic anchorage.Material and methods: A total of 133 mini‐implants (79 Abso Anchor, 54 Dual Top implants) placed in 49 patients to support orthodontic tooth movements were examined in the study. The majority of the implants were placed in the maxilla (82), followed by the vestibular (42) and lingual (nine) aspect of the mandible.Results: An overall cumulative survival rate of 86.8% (102/133) was found by Kaplan–Meier analysis. The failure rate between Dual Top implants (13%) and Abso Anchor implants (30.4%) differed significantly (P=0.0196; log‐rank test). The cumulative failure rate of implants was found to be significantly higher when implants were placed in the lingual aspect of the mandible compared with the other localizations (P=0.0011; log‐rank test). Clinical evaluation revealed successful dental movements when implants remained stable during the orthodontic therapy.Conclusions: The present results confirm the effectiveness of orthodontic micro‐implants used as anchorage elements.
Early effect of platelet‐rich plasma on bone healing in combination with an osteoconductive material in rat cranial defects
Authors: Plachokova Adelina S. , Van Den Dolder Juliette , Stoelinga Paul J. , Jansen John A. 
Published: January 2007

AbstractObjective: The early effect of platelet‐rich plasma (PRP) on bone regeneration in combination with dense biphasic hydroxyl apatite (HA)/β‐tricalcium phosphate (TCP) particles (ratio 60%/40%) was evaluated in rat cranial defects with a diameter of 6.2 mm. We hypothesize that PRP exerts its beneficial effect on bone regeneration within the first and second week after application in a bone defect combined with an osteoconductive material.Materials and methods: Forty‐five rats were used in the study, in which always one cranial defect was created. The defects were filled with HA/β‐TCP particles and HA/β‐TCP particles combined with PRP gel. Some defects were also left unfilled as control. One and two weeks after surgery specimens were retrieved for light microscopy [hematoxylin–eosin, trichrome staining (Masson modification Goldner) and basic fuchsin‐methylene blue] and micro‐CT analysis to evaluate bone formation and neovascularization. One‐way analysis of variance was performed on the raw data obtained from micro‐CT analyses.Results: The histological evaluation showed no effect of PRP on bone formation and neovascularization for both implantation times. In the first week, the defect closure was evaluated subjectively to be between 10% and 50% in all samples, whereas no difference among the groups appeared to occur. After 2 weeks, complete bridging of the original bone defect was observed for most of the empty defects, as well as for the defects that contained HA/β‐TCP particles. The trichrome staining revealed no difference in the number of blood vessels between the PRP and non‐PRP groups for both implantation times. The osteoconductive nature of dense HA/β‐TCP particles was confirmed, as the bone formation was guided by their outer surfaces and resulted in a larger amount of newly formed bone in comparison with the empty defects. The quantitative micro‐CT analysis demonstrated a statistically significant difference in new bone formation between the empty defects and defects filled with particles after 1 week of implantation, but there was no difference between the non‐PRP and PRP groups. In at the second week, no difference in bone formation among all groups was observed, whereas even the non‐filled control defects were almost completely closed.Conclusions: A 6.2 mm cranial defect is not a critical‐sized defect in rats. Rat PRP had no effect on the early stages of bone healing in addition to an osteoconductive material. Dense HA/β‐TCP particles showed a beneficial effect on bone formation already after 1 and 2 weeks of implantation in non‐critical‐sized cranial defects in rats.
On the blue coloration of vertebrates†
Authors: Bagnara Joseph T. , Fernandez Philip J. , Fujii Royozo 
Published: January 2007

SummaryAlthough the various vertebrate classes, from fishes to mammals are each distinctive, they possess many common features making it important to understand their comparative biology. One general feature that has long commanded interest is the integumental pigmentary system. Thus, much is known about particular pigment cells; however, the basis for some specific colors, such as blue, has escaped the scrutiny of the comparative approach. Regardless of Class, blue is almost always a structural color based upon incoherent or coherent scatter of blue wavelengths from the animal surface. The source of scatter may be intracellular or extra‐cellular. A main intracellular scatterer is the surface of reflecting platelets of iridophores of lower vertebrates. Extra‐cellular scatter is widespread and thought to occur from ordered dermal collagen arrays in primitive fishes, birds and mammals including humans. Among birds, feather structures provide major means for extra‐cellular light scatter. There is only one known example of blue color deriving from a blue pigment found within a pigment cell. For amphibians, reptiles and birds, the scatter of blue wavelengths, together with the presence of yellow pigmentation, is fundamental for the expression of green coloration.
Relationship between HLA Polymorphisms and Gamma Interferon and Interleukin-10 Cytokine Production in Healthy Individuals after Rubella Vaccination
Authors: Ovsyannikova Inna G. , Jacobson Robert M. , Ryan Jenna E. , Dhiman Neelam , Vierkant Robert A. , Poland Gregory A. 
Published: January 2007

ABSTRACTWe studied the association between HLA alleles and rubella-specific gamma interferon (IFN-γ) (Th1) and interleukin-10 (IL-10) (Th2) cytokine responses among 106 healthy children (ages, 14 to 17 years) previously immunized with two doses of rubella vaccine. Antibody titers and cytokine responses to rubella vaccination were not sex or age dependent. Several class I HLA-A (*0201, *2402, *6801) alleles were significantly associated with rubella vaccine-induced IFN-γ secretion. Several class II HLA-DRB1 (*0101) and HLA-DQB1 (*0501) alleles were also suggestive of an association with IFN-γ secretion. Alleles with potential associations with rubella-specific IL-10 production included HLA-A (*0201, *6801), HLA-B (*4901), and HLA-DRB1 (*1302). The class I A*0201 and A*6801 alleles were associated with both IFN-γ and IL-10 secretion. These tentative associations need to be validated in larger studies with subjects of differing ethnicities. These results provide additional evidence that HLA genes may influence Th1- and Th2-specific cytokine response(s) following rubella immunization, which in turn can influence both cellular and humoral immune responses to rubella vaccination.
Characterization of
Anaplasma phagocytophilum
Major Surface Protein 5 and the Extent of Its Cross-Reactivity with
A. marginale
Authors: Strik N. I. , Alleman A. R. , Barbet A. F. , Sorenson H. L. , Wamsley H. L. , Gaschen F. P. , Luckschander N. , Wong S. , Chu F. , Foley J. E. , Bjoersdorff A. , Stuen S. , Knowles D. P. 
Published: January 2007

ABSTRACT

Major surface protein 5 (Msp5) of
Anaplasma marginale
is highly conserved in the genus
Anaplasma
and the antigen used in a commercially available competitive enzyme-linked immunosorbent assay (cELISA) for serologic identification of cattle with anaplasmosis. This study analyzes the degrees of conservation of Msp5 among various isolates of
Anaplasma phagocytophilum
and the extent of serologic cross-reactivity between recombinant Msp5 (rMsp5) of
Anaplasma marginale
and
A. phagocytophilum
. The
msp5
genes from various isolates of
A. phagocytophilum
were sequenced and compared. rMsp5 proteins of
A. phagocytophilum
and
A. marginale
were used separately in an indirect ELISA to detect cross-reactivity in serum samples from humans and dogs infected with
A. phagocytophilum
and cattle infected with
A. marginale
. Serum samples were also tested with a commercially available competitive ELISA that uses monoclonal antibody ANAF16C1. There were 100% sequence identities in the
msp5
genes among all of the
A. phagocytophilum
isolates from the United States and a horse isolate from Sweden. Sheep isolates from Norway and dog isolates from Sweden were 99% identical to one another but differed in 17 base pairs from the United States isolates and the horse isolate. Serologic cross-reactivity was identified when serum samples from cattle infected with
A. marginale
were reacted with rMsp5 of
A. phagocytophilum
and when serum samples from humans and dogs infected with
A. phagocytophilum
were reacted with rMsp5 of
A. marginale
in an indirect-ELISA format. Serum samples from dogs or humans infected with
A. phagocytophilum
did not cross-react with rMsp5 of
A. marginale
when tested with the commercially available cELISA. These results suggest that rMsp5 of
A. phagocytophilum
is highly conserved among United States and European isolates and that serologic distinction between
A. phagocytophilum
and
A. marginale
infections cannot be accomplished if rMsp5 from either organism is used in an indirect ELISA.
Use of Mycelial-Phase
Sporothrix schenckii
Exoantigens in an Enzyme-Linked Immunosorbent Assay for Diagnosis of Sporotrichosis by Antibody Detection
Authors: Almeida-Paes Rodrigo , Pimenta Monique A. , Pizzini Claudia Vera , Monteiro Paulo Cezar F. , Peralta José Mauro , Nosanchuk Joshua D. , Zancopé-Oliveira Rosely Maria 
Published: January 2007

ABSTRACT

An enzyme-linked immunosorbent assay (ELISA) was developed for specific antibody detection in serum specimens of patients with sporotrichosis. The assay was made with mycelial-phase
Sporothrix schenckii
exoantigens and was tested against 90 sera from patients with different clinical forms of sporotrichosis. Potential cross-reactions were analyzed with 72 heterologous sera from patients with paracoccidioidomycosis, cryptococcosis, aspergillosis, histoplasmosis, tuberculosis, and American tegumentary leishmaniasis, as well as 76 sera from healthy controls. We found a sensitivity of 97% and a specificity of 89% in this assay. Some cross-reactions were seen, as observed in other immunoassays for the diagnosis of sporotrichosis. The ELISA appears to be especially useful for cutaneous forms of disease, since these are not promptly diagnosed with available immunoprecipitation or agglutination techniques. These results suggest that the ELISA using mycelial-phase
S. schenckii
exoantigens is a very sensitive diagnostic tool for the serodiagnosis of sporotrichosis and can be used in conjunction with conventional methods of diagnosis, particularly in cases where cross-reactions or false-positive results are experienced with the serodiagnosis.
A Nationwide Epidemic of Influenza C Virus Infection in Japan in 2004
Authors: Matsuzaki Yoko , Abiko Chieko , Mizuta Katsumi , Sugawara Kanetsu , Takashita Emi , Muraki Yasushi , Suzuki Hiroshi , Mikawa Masahide , Shimada Shinichi , Sato Katsuhiko , Kuzuya Mitsutaka , Takao Shinichi , Wakatsuki Kiyoko , Itagaki Tsutomu , Hongo Seiji , Nishimura Hidekazu 
Published: January 2007

ABSTRACT
During the period from January to July 2004, a total of 131 influenza C viruses were detected by cell culture or reverse transcription-PCR (RT-PCR) from specimens that were obtained from children with acute respiratory symptoms in 10 prefectures across Japan. Influenza C virus was identified most frequently in the Miyagi (1.4%, 45 of 3,226 specimens) and Yamagata (2.5%, 31 of 1,263 specimens) prefectures, and the frequency in this year was the highest since 1990. Phylogenetic analysis of the hemagglutinin esterase gene of the 13 strains isolated in nine prefectures revealed that genetically similar strains belonging to the Kanagawa/1/76-related lineage dominantly spread throughout Japan. During the 2004 influenza season, influenza C virus coexisted with epidemics of influenza A virus (H3 strain), and 12 cases were identified from patients who had been diagnosed with influenza-like illness (7 were detected by RT-PCR, and 5 were detected by culture). A comparison of specimens that were found positive by culture with those found positive only by RT-PCR shows that the amount of virus in PCR-positive specimens tended to be lower than in isolation-positive specimens. Although the mean peak temperature in patients in the PCR-positive group was slightly lower, there were no significant differences in characteristics between specimens (i.e., kind of specimen, period from onset to specimen collection, age distribution of patients, and severity of illness). These results suggest that an epidemic of influenza C virus occurred on a national scale during this period and that RT-PCR can be an effective supplemental tool for the evaluation of clinical and epidemiological information.