bluuebunny/crossref_metadata_2025_split huggingface dataset:
Starch Mobilization in Ultradried Seed of Maize (Zea mays L.) During Germination
Authors: WANG Xiao‐Feng , JING Xin‐Ming , LIN Jian 
Published: April 2005

Abstract: The effects of ultradry storage on the starch mobilization in maize (Zea mays L.) seed after aging were investigated. The results indicated that there were no significant differences in the content of ATP, starch, and soluble sugar, as well as the activity of amylase, between ultradried seeds and seeds stored at −20 °C during germination. These results were consistent with the higher level of vigor of the ultradried seed. Sieve tube introduction of a fluorescence dye (carboxyl fluoresceindiacetate) and laser confocal microscopy were used to study the development of plasmodesmata in the ultradried seeds. The results indicated that plasmodesmata developed well in ultradried seeds. Fluorescence analysis also showed that the fluorescence intensity in the radicle of ultradried seeds was stronger than that in seeds with a higher moisture content. This suggests that ultradry treatment has no adverse effects on the seeds. After seed imbibition, cell orgaelles could be resumed. It is concluded that ultradry seed storage is beneficial for maintaining seed vigor and that starchy mobilization proceeds regularly during germination.(Managing editor: Ping HE)
EVOLUTION OR EXTINCTION: WHERE ARE BANKS HEADED?
Authors: James Christopher , Houston Joel 
Published: April 2005

The banking industry represents an interesting and important case study of how changes in technology and regulation influence business strategy and organizational design. A narrow focus on traditional bank products and performance measures would lead one to conclude that banking is a declining industry. Such a focus, however, would miss most of the innovations in banking–most notably, the move to “off‐balance‐sheet” activities–that have been taking place in recent years. A broader perspective shows banks evolving in ways that are enabling them to provide the same basic functions as before, but in new, more efficient ways.In the past, most banks thought of themselves as delivering a set of specific, largely unrelated products to different sets of customers. Today many banks are pursuing strategies that aim to strengthen their ability to perform various functions–for example, financial planning for retail clients, or raising capital for middle market companies–that tend to cut across the old product boundaries. As a result, and in contrast to most industrial firms, many banks are offering a more diversified range of products and services than ever before with the aim of exploiting potential synergies among those products.Such major changes in banks' strategies are in turn leading to fundamental changes in their “organizational architecture.” Some banking activities that were once controlled by a rigid management hierarchy are now being decentralized, whereas other functions that were largely decentralized are being subjected to more central coordination to help realize potential economies of scale and scope.Along with these changes in decision‐making authority, banks are also being forced to rethink their internal performance evaluation and incentive compensation systems. As an ever larger portion of their activities continues to move off balance sheet, more and more banks are deciding that conventional accounting measures of bank operating performance such as ROA and ROE are inadequate, and that economic measures of performance like RAROC and EVA are needed to reflect the new reality of where banks are putting their capital at risk, and whether the rates of return they are earning on their different activities are high enough to reward their shareholders.
RAROC AT BANK OF AMERICA: FROM THEORY TO PRACTICE
Authors: Zaik Edward , Walter John , Retting Gabriela , James Christopher 
Published: April 2005

In 1993, Bank of America's Risk and Capital Analysis Group was charged with the task of developing and instituting a single corporate‐wide system to allocate capital to all the bank's activities. Since 1994, that system has been providing quarterly reports of risk‐adjusted returns on capital (RAROC) for each of the bank's 37 major business units. By 1995, B of A had also developed the capability to calculate RAROC down to the level of individual products, transactions, and customer relationships.RAROC systems allocate capital for two basic reasons: (1) risk management and (2) performance evaluation. For risk management purposes, the overriding goal of allocating capital to individual business units is to determine the bank's optimal capital structure–the proportion of equity to assets that minimizes the bank's overall cost of funding. This process involves estimating how much the risk (or volatility) of each business unit contributes to the total risk of the bank, and hence to the bank's overall capital requirements. For performance evaluation purposes, RAROC systems assign capital to business units as part of a process of determining the risk‐adjusted rate of return and, ultimately, the “economic profit” of each business unit. The objective in this case is to measure a business unit's contribution to shareholder value, and thus to provide a basis for effective planning, capital budgeting, and incentive compensation at the business unit level.Concerns about capital adequacy, along with the Basel risk‐based capital requirements, have played some role in the growth of RAROC among commercial banks. But the most powerful impetus to bankers' use of more systematic risk measures is coming from increasingly activist institutional investors. Besides giving senior management an economic basis for evaluating the bank as a portfolio of businesses and for making resource allocation decisions that improve the bank's risk/reward profile, RAROC systems are also expected to produce better performance by holding managers accountable for the amount of investor capital they are putting at risk.
MIPS, QUIPS AND TOPrS: OLD WINE IN NEW BOTTLES
Authors: Khanna Arun , McConnell John J. 
Published: April 2005

Monthly Income Preferred Stock (MIPS), Quarterly Income Preferred Stock (QUIPS), and Trust Originated Preferred Stock (TOPrS) all carry the title of preferred stock. As in the case of other forms of preferred stock, investors cannot force the issuer into bankruptcy if it fails to make a scheduled dividend payment. Unlike conventional preferred stock, however, the dividend payments on these new securities are deductible by the issuer for tax purposes.Thus MIPS, QUIPS and TOPrS appear to provide issuers with in some respects the ideal security–one that offers the tax advantages of debt without the potential for financial distress and its associated costs. And since the first issue of this kind of security in 1993, nearly 300 corporate issuers have raised a total of close to $30 billion with this novel hybrid security.But if these securities appear new, there is another security–namely, income bonds–that has offered these same advantages for at least the past 100 years. After discussing MIPS, QUIPS, and TOPrS in some detail, and the stock market's reaction issuing companies, the article explores the question: Why are tax‐deductible preferreds so popular today when income bonds have been shunned for the past 60 years?
THE BALANCED CAPITAL STRUCTURE
Authors: Patrick Steven C. 
Published: April 2005

At leading companies, financial executives are becoming business partners rather than just scorekeepers. In this environment, capital structure can be a source of competitive advantage, and financial strategy issues are critical: Should your company buy back shares or issue stock, grow internally or join the M & A boom, issue fixed‐rate debt or stay floating? These decisions must be addressed one company at a time, balancing the competing priorities of cost, risk, and flexibility.The most important issue, target leverage, depends on the company's desired risk profile, growth plans, and debt cost considerations. But market conditions are also very important: Can the company access the equity market? How will a repurchase announcement be interpreted? Market conditions also affect the raising of debt capital. Rather than maintaining a constant mix of fixed‐ to floating‐rate debt, companies should shift the mix during high‐ or low‐yield environments.Many other financing issues will effectively be decided by market convention. For example, meeting a company's needs with respect to seniority, maturity structure, call flexibility, and financial covenants is often accomplished simply by choosing the market that most closely matches the firm's cost and risk preferences.
WHO WINS IN LARGE STOCK BUYBACKS – THOSE WHO SELL OR THOSE WHO HOLD?
Authors: McNally William 
Published: April 2005

Both fixed‐price and dutch auction repurchases offer large premiums over current values to tendering shareholders. And, because announcements of such offers are generally accompanied by significant increases in stock prices, economists view selftender offers as mechanisms for signaling undervaluation.Using samples of fixed‐price and dutch auction self‐tender offers from the 1980s, this study attempts to answer the following questions: Are non‐tendering shareholders fully compensated for the premium wealth transfer by the increase in the intrinsic value of their shares? Since fixed‐price offers feature larger premiums, are they accompanied by larger increases in intrinsic value (or do insiders have a tendency to “overpay” in fixed‐price offers)? Is the premium wealth transfer a big component of the returns to the two shareholder groups—and what percentage of firm value does the transfer represent?The findings of this study, unlike those reported by earlier research, suggest that the two types of offers generate roughly the same total returns (about 10–11%, on average, during the offering period) to shareholders who do not tender. Fixed‐price offers involve considerably larger premiums (over the new, “full‐information” price) and wealth transfers than dutch auctions. Reflecting the higher premiums, shareholders tendering into fixed‐price offers receive higher returns than those tendering into dutch auctions (13.8% vs. 11.3% during the announcement period). But while fixed‐price offers involve a considerably larger wealth transfer from non‐tendering to tendering shareholders, fixed‐price repurchases compensate the non‐tendering shareholders for the larger wealth transfer with larger increases in “intrinsic value,” thus generating the same total return as dutch auctions. Moreover, despite the large premiums offered in both types of offers, the wealth transfer implicit in the premium represents a small cost (less than 1% in fixed‐price offers, and less than 0.1% in dutch auctions) to non‐tendering shareholders.
EVIDENCE ON HOW COMPANIES CHOOSE BETWEEN DIVIDENDS AND OPEN‐MARKET STOCK REPURCHASES
Authors: Bartov Eli , Krinsky Itzhak , Lee Jason 
Published: April 2005

Dividends and open‐market stock repurchases are by far the two most common mechanisms for distributing excess cash to shareholders. This article identifies and then tests three potentially important factors for the corporate choice between increasing cash dividends and initiating openmarket stock repurchases. More specifically, the authors argue that companies are more likely to distribute cash to investors through open‐market repurchases than through dividend increases when (1) management believes its stock is undervalued, (2) management compensation packages include stock options, and (3) the company's stockholder base is dominated by institutional investors.To test these three explanations, the authors use a matched‐pair design in which each company announcing an open market repurchase program in a given year is matched with a comparable‐size firm from the same industry that increased its cash dividends but did not initiate an open‐market repurchase program. As predicted, the results suggest that equity undervaluation, management compensation, and the level of institutional holdings are all important contributors to corporate choices between dividend increases and open‐market repurchases.
THE CHALLENGE OF MANAGING CREDIT SPREADS: NEW TOOLS ON THE HORIZON
Authors: Kalotay Andrew , Abreo Lesil , Darigan Michael 
Published: April 2005

Broadly speaking, “credit spread” is the excess of a bond's yield over the appropriate Treasury rate that is necessary to compensate lenders for the perceived risk of default. In the primary market, credit spreads can significantly increase a corporation's borrowing cost. In the secondary market, the effect of fluctuating spreads is of material concern to investors and traders.Credit spreads have exhibited considerable volatility in recent years, particularly during the fall of 1998. Although the absolute levels of spreads have ranged widely in recent years, from a few basis points to several hundred depending on rating category, their volatilities have been remarkably similar—about 25 to 39% on an annual basis. In spite of this high volatility, there are currently no cost‐effective means of hedging credit spreads.The recently announced S&P Credit Indices presage a leap forward in credit derivatives. Computed from the prices of selected liquid bonds, these indices can serve as a basis for exchange‐traded futures contracts and options—tools that are in great demand for managing credit spread exposure.
THE CEO: A VISIBLE HAND IN WEALTH CREATION?
Authors: Prahalad C. K. , Doz Yves 
Published: April 2005

Commensurate with the growth of their pay packages and public visibility, the role of the CEO in the corporate value creation process has increased significantly in recent years. This article argues that sustained wealth creation in a corporation has three distinct elements. The first and most basic is the selection of the lines of business in which to operate; this element is probably the most visible manifestation of CEO action in large corporations today. The second element is the value creation model, which answers the question: How is this particular set of businesses expected to add value over and above the sum of the values of each business or asset category standing alone? The third element is the internal governance system, which establishes the corporate structure and administrative processes of the firm and, perhaps even more important, defines the corporate values that drive the strategic and operational priorities of the different business units. The authors suggest that the essence of the work of the CEO is to develop and maintain a balanced relationship among these three elements of wealth creation and to ensure that the relationship evolves in the face of changing circumstances.CEOs are inevitably faced with dilemmas in managing this process—in particular, the need to balance continuity and change and to maintain the integrity of short‐term performance disciplines while encouraging not only investment in growth opportunities (which can hurt near term performance), but also experimentation and collaboration among business units (which are difficult to measure and reward with most performance measurement and incentive schemes). Adding to the difficulties of managing such dilemmas, visibility and a strong public image are often thrust upon (if not sought by) CEOs, who must then determine how they can use that image to strengthen the commitment of their employees and investors.
JOINING THE NEW ECONOMY
Authors: Glassman David 
Published: April 2005

The decline in the costs of communicating, coordinating, and collaborating across firms in the value chain has led to the emergence of new business models—virtually integrated companies, retail “bricks and clicks” organizations, and networks like AOL and eBay—that can be used by all kinds of companies to exploit new opportunities. With these new organizations comes a need for new governance practices—practices that permit swifter decisions, best practice sharing, and more focused operations.The author argues that improvements in governance should focus on achieving the following:

Organization structures that leverage external alliances while improving internal collaboration. This involves gaining acceptance of and support for a common aspiration across the company—the goal of deploying financial and human resources, complemented by technology, to build shareholder wealth.
Performance measures that encourage managers to make longterm investments in capabilities even when accounting measures penalize earnings in the short term. This requires more than a change to internal measures that capitalize the spending; it also necessitates a more open dialogue with the investment community.
Human resource policies that strengthen business literacy, reward collaboration, attract and retain entrepreneurs, and align objectives across the company's regions, functions, and product lines.
Building a culture that embraces the opportunities brought by change, and accommodates the partnerships and collaborations required of a business ecosystem.
Molecular Detection of
Mycobacterium bovis
and
Mycobacterium bovis
BCG (Pasteur) in Soil
Authors: Young Jamie S. , Gormley Eamonn , Wellington Elizabeth M. H. 
Published: April 2005

ABSTRACT

PCR primers specific for the
Mycobacterium tuberculosis
complex were used to detect the presence of
Mycobacterium bovis
BCG (Pasteur) in soil microcosms and
Mycobacterium bovis
in environmental samples taken from a farm in Ireland with a history of bovine tuberculosis.
M. bovis
genes were detected in soil at 4 and 21 months after possible contamination. Gene levels were found in the range of 1 × 10
3
to 3.6 × 10
3
gene copies g of soil
−1
, depending on the sampling area. Areas around badger setts had the highest levels of detectable genes and were shown to have the highest levels of gene persistence.
M. bovis
-specific 16S rRNA sequences were detected, providing evidence of the presence of viable cells in Irish soils. Studies of DNA turnover in soil microcosms proved that dead cells of
M. bovis
BCG did not persist beyond 10 days. Further microcosm experiments revealed that
M
. bovis BCG survival was optimal at 37°C with moist soil (−20 kPa; 30% [vol/wt]). This study provides clear evidence that
M. bovis
can persist in the farm environment outside of its hosts and that climatic factors influence survival rates.
Simplified Fluorescent Multiplex PCR Method for Evaluation of the T-Cell Receptor Vβ-Chain Repertoire
Authors: Fernandes Sanjit , Chavan Surendra , Chitnis Vivek , Kohn Nina , Pahwa Savita 
Published: April 2005

ABSTRACTRationale: evaluation of the T-cell receptor (TCR) Vβ-chain repertoire by PCR-based CDR3 length analysis allows fine resolution of the usage of the TCR Vβ repertoire and is a sensitive tool to monitor changes in the T-cell compartment. A multiplex PCR method employing 24 labeled upstream Vβ primers instead of the conventionally labeled downstream Cβ primer is described. Method: RNA was isolated from purified CD4 and CD8 T-cell subsets from umbilical cord blood and clinical samples using TRI reagent followed by reverse transcription using a Cβ primer and an Omniscript RT kit. The 24 Vβ primers were multiplexed based on compatibility and product sizes into seven reactions. cDNA was amplified using 24 Vβ primers (labeled with tetrachloro-6-cardoxyfluorescein, 6-carboxyfluorescein, and hexachloro-6-carboxyfluorescein), an unlabeled Cβ primer, and Taqgold polymerase. The fluorescent PCR products were resolved on an automated DNA sequencer and analyzed using the Genotyper 2.1 software. Results: Vβ spectratypes of excellent resolution were obtained with RNA amounts of 250 ng using the labeled Vβ primers. The resolution was superior to that obtained with the labeled Cβ primer assay. Also the numbers of PCRs were reduced to 7 from the 12 required in the Cβ labeling method, and the sample processing time was reduced by half. Conclusion: The method described for T-cell receptor Vβ-chain repertoire analysis eliminates tedious dilutions and results in superior resolution with small amounts of RNA. The fast throughput makes this method suitable for automation and offers the feasibility to perform TCR Vβ repertoire analyses in clinical trials.
Korean Red Ginseng Slows Depletion of CD4 T Cells in Human Immunodeficiency Virus Type 1-Infected Patients
Authors: Sung Heungsup , Kang Sang-Moo , Lee Moo-Song , Kim Tai Gyu , Cho Young-Keol 
Published: April 2005

ABSTRACTWe have previously showed that long-term intake of Korean red ginseng (KRG) delayed disease progression in human immunodeficiency virus type 1 (HIV-1)-infected patients. In the present study, to investigate whether this slow progression was affected by KRG intake alone or in combination with HLA factor, we analyzed clinical data in 68 HIV-1-infected patients who lived for more than 5 years without antiretroviral therapy. The average KRG intake over 111.9 ± 31.3 months was 4,082 ± 3,928 g, and annual decrease in CD4 T cells was 35.0 ± 28.7/μl. Data analysis showed that there are significant inverse correlations between the HLA prognostic score (0.29 ± 1.19) and annual decrease in CD4 T cells (r= −0.347;P< 0.01) as well as between the amount of KRG intake and annual decrease in CD4 T cells (r= −0.379;P< 0.01). In addition, KRG intake significantly slowed the decrease in CD4 T cells even when influence of HLA class I was statistically eliminated (repeated-measure analysis of variance;P< 0.05). We also observed significant correlation between KRG intake and a decrease in serum-soluble CD8 antigen level (r= 0.62;P< 0.001). In conclusion, these data show that KRG intake independently and significantly affected the slow depletion of CD4 T cells irrespective of HLA class I.
Assessment by Flow Cytometry of Cytokine Production in Malnourished Children
Authors: Rodríguez Leonor , González Cristina , Flores Luis , Jiménez-Zamudio Luis , Graniel Jaime , Ortiz Rocío 
Published: April 2005

ABSTRACTMalnutrition in children is associated with an increased risk of infection and death. Multiple abnormalities in the immune response, including cytokine production, in protein energy-malnourished children have been described and could account for the increased severity and frequency of infections. In this study, we used flow cytometry to investigate the effects of malnutrition on the production of cytokines (interleukin-2 [IL-2], gamma interferon [IFN-γ], IL-4, and IL-10) in CD4+and CD8+cells and the activation capability (as indicated by CD69+and CD25+cells). CD4+and CD8+cells from malnourished children showed increased production of IL-4 and IL-10 cytokines and decreased production of IL-2 and IFN-γ cytokines compared to that in cells from well-nourished, uninfected and well-nourished, infected children. In addition, malnourished children showed impaired activation capability, since the fluorescence intensity of CD69+and CD25+cells was lower than that in cells from well-nourished, uninfected and well-nourished, infected children. These results indicate that malnutrition alters the capacity of CD4+and CD8+cells to produce IL-2, IFN-γ, IL-4, and IL-10 in response to stimulus. We concluded that both cytokine production and activation capacity were impaired in malnourished children. This functional impairment may be involved in the failure to develop a specific immune response and the predisposition to infection in these children.