bluuebunny/crossref_metadata_2025_split huggingface dataset:
THE ROLE OF FINANCIAL RELATIONSHIPS IN THE HISTORY OF AMERICAN CORPORATE FINANCE
Authors: Calomiris Charles W. , Ramirez Carlos D. 
Published: April 2005

The American corporate financing system, unlike that of most other countries, has not been organized around a set of “universal banks” that perform a variety of functions for their clients. Indeed, the distinguishing feature of American financial history is the number and variety of financial intermediaries, and their relationships with corporations (and one another). Besides commercial banks, there are investment banks, insurance companies, venture capitalists, commercial paper dealers, mutual funds, and many others. The economic role of such intermediaries is to reduce market frictions such as “asymmetric information” and “agency problems” that otherwise raise the cost of outside capital for U.S. companies.This article views the changing menu of such intermediaries and their networks as the driving force behind the evolution of American corporate finance. U.S. financial history is seen as a series of institutional and financial innovations designed in large part to work around costly restrictions on relationships–particularly, limits on the scale and scope of U.S. banks–that do not exist in most other countries. In terms of its success in reducing the information and control costs of corporate finance, the history of the American financial system includes periods of significant progress as well as major reversals. Three relatively successful periods– the early 19th‐century in New England, the “incipient” universal banking of the 1920s, and modernday financial capitalism–are separated by periods of drastic reductions in the menu of financial relationships– particularly the Great Depression and its 20‐year aftermath.Besides new financial claims like preferred stock and new intermediaries such as venture capitalists, another important innovation is new forms of cooperation among intermediaries– especially among banks, venture capitalists, trusts, pensions, and investment banks–that have enabled the U.S. financial system to provide some of the key advantages of universal banking systems. Some of the largest U.S. commercial banks today can be viewed as positioning themselves to play a central coordinating role in these new coalitions of intermediaries. In so doing, they may become the platform for a distinctively American universal banking system.
THE VALUE ADDED BY BANK ACQUISITIONS: LESSONS FROM WELLS FARGO'S ACQUISITION OF FIRST INTERSTATE
Authors: Houston Joel F. , Ryngaert Michael D. 
Published: April 2005

Wells Fargo's recent acquisition of First Interstate Bancorp represents one of the relatively uncommon cases in which the economic values of both the acquiring and acquired banks increased sharply upon announcement of the deal. The transaction is also one of the few cases where the bidder in a major bank acquisition chose purchase instead of pooling accounting–despite the fact that the deal was openly hostile and that Wells Fargo had to fight off a competing bid from First Bank Systems.Based on the stock market's reaction to this merger battle, as well as the results of their study of 153 bank mergers over the period 1985–1991, the authors argue that the most promising mergers are those presenting large opportunities to reduce costs by eliminating redundant operations. The stock market is much less responsive to other merger rationales such as diversification or entry into new markets in pursuit of growth.The Wells case also suggests that a preoccupation with the accounting treatment of a merger is a mistake if it becomes the primary reason for turning down a deal that creates economic value, or if it prevents the bidder from choosing the lowest‐cost method of financing the deal. Throughout the bidding contest for First Interstate, the stock market responded positively to the success of Wells Fargo's efforts, even though purchase accounting would have a large adverse impact on reported earnings.But if the stock market does not appear to care about the accounting treatment of a merger, the method of financing does appear to matter to investors. In general, acquisitions financed with cash are viewed more favorably by the market than stockfunded transactions. The evidence also suggests, however, that acquiring firms can reduce the negative impact of stock deals by making conditional offers (those in which the number of shares depends on the stock price performance of the acquirer) and by combining such offers with stock repurchase programs.
EVA® FOR BANKS: VALUE CREATION, RISK MANAGEMENT, AND PROFITABILITY MEASUREMENT
Authors: Uyemura Dennis G. , Kantor Charles C. , Pettit Justin M. 
Published: April 2005

This article presents a complete ranking of America's 100 largest bank holding companies according to their shareholder value added. This research, the first of its kind for the banking industry, defines an EVA measurement for banks and presents evidence of EVA's stronger correlation with bank market values than traditional accounting measures like ROA and ROE.Besides developing EVA and MVA as analytical tools for viewing the economic performance of the organization from a shareholder perspective, the authors also present a framework for calculating EVA at all levels of the organization, including lines of business, functional departments, products, customer segments, and customer relationships. The implementation of an EVA profitability measurement system at the business unit (or lower) level requires methods for three critical tasks: (1) transfer pricing of funds; (2) allocation of indirect expenses; and (3) allocation of economic capital. Although solutions to the first two are fairly straightforward, the allocation of capital to business units is a major challenge for banks today. In contrast to the complex, “bottom‐up” approach used by a number of large banks in implementing their RAROC systems, the authors propose a greatly simplified, “top‐down” approach that requires calculation of only the volatility of a business's operating profit (or NOPAT). The advantage of using NOPAT volatility is that it allows EVA analysis at any level of the organization in a way that captures the volatility effects from all sources of risk (credit, interest rates, liquidity, or operations).While such a top‐down approach is clearly not meant to take the place of a comprehensive, bottom‐up RAROC analysis, it is intended to provide a complement–a high‐level “check” on the detailed, bottom‐up risk management procedures and controls now in place at most banks. Moreover, for those banks that have developed extensive funds transfer pricing, cost allocation, and RAROCstyle capital allocation systems, the EVA financial management system can either be integrated with those systems or serve as an independent economic assessment of the bank's business risks and returns.
UNDERSTANDING THE DESIGN OF CONVERTIBLE DEBT
Authors: Lewis Craig M. , Rogalski Richard J. , Seward James K. 
Published: April 2005

There are now two dominant theories of convertible debt held by academic economists. One theory which has been called the “risk‐shifting” hypothesis–effectively views convertibles as an alternative to straight debt. The second–known as the “sig‐nalling” (or “backdoor‐equity”) theory‐treats convertibles as an alternative to ordinary equity. This article attempts to unify (or at least to illustrate the relationship between) these two theories by focusing on the design of the securities.In structuring a convertible, managers and their investment bankers must make a variety of decisions. Besides the coupon rate, face value, issue size, and maturity, managers must also decide the conversion ratio (the number of shares promised per bond) and the amount of call protection afforded investors. Several of these design features have the effect of making a convertible more like a straight debt or a straight equity issue. The hypothesis underlying the authors' recent research is that the issuers of debt‐like convertibles are attempting to address a somewhat different financing challenge than the issuers of convertibles that behave more like equity. Their findings suggest that the primary aim of “debt‐like” convertible issues is to address investors' uncertainty and concerns about risk, whereas the main goal of “equity‐like” convertibles is to minimize the “information costs” associated with raising new equity.
MEASURING CORPORATE TAX RATES AND TAX INCENTIVES: A NEW APPROACH
Authors: Graham John R. , Lemmon Michael L. 
Published: April 2005

Taxes play an important but underemphasized role in the valuation of a company and its projects. For example, the authors estimate that the expected tax benefits from interest deductions by all publicly traded U.S. corporations were responsible for almost $1.4 trillion of their total market value of $12.7 trillion in 1991. In the case of RJR's 1989 leveraged buyout alone, the capitalized value of the interest tax shield amounted to several billion dollars (or about 25%) of the company's market value.This article argues that, to maximize shareholder wealth, the corporate planning process should include a careful analysis of corporate tax incentives. Using several examples, the authors show how earnings variability and major provisions of the tax code interact to affect a company's expected marginal tax rate. After describing the complexities involved in properly calculating corporate tax rates, the article concludes by describing a simulation method the authors have developed to measure a company's effective marginal tax rate and, hence, its tax incentives to use more leverage (or some other means of reducing taxable income).In furnishing a method for calculating marginal tax rates with greater accuracy, the authors also provide a clue to resolving the capital structure puzzle discussed in the roundtable at the head of this issue. In particular, their recent research corrects earlier studies in the finance literature by showing that when marginal tax rates are measured before financing (that is, based on income before interest expense is deducted), there is a positive relation between debt usage and tax rates.
CFAR: A NEW TOOL FOR PREDICTING CREDIT QUALITY
Authors: Wolkenfeld Suzanne 
Published: April 2005

Because of the limitations of traditional analytical ratios based on book leverage and coverage ratios, Fitch IBCA established a credit rating methodology that gives primacy to cash flow measurements. Its approach focuses on the “cash flow adequacy ratio,” or CFAR. CFAR is based on the premise that companies generating strong cash flow from operations relative to maturing debt have better credit profiles than those forced to rely on outside sources of capital. CFAR serves as proxy for company's financial flexibility; the higher the CFAR, the more financial stress the company can withstand.To assess the effectiveness of CFAR as a credit tool, Fitch IBCA surveyed 47 U.S. industrial companies with a Bloomberg composite rating of ‘A' from 1990–1995. Based on its cash flow analysis, the rating agency ranked the companies and predicted that many were likely to be upgraded or downgraded. In a three‐year period, 30% of the ratings in the sample group changed. Of the 14 ratings changes, Fitch IBCA forecast 10 correctly, which translates into a predictive score of over 70%.
Identification of the Gene Encoding a 38-Kilodalton Immunogenic and Protective Antigen of
Streptococcus suis
Authors: Okwumabua Ogi , Chinnapapakkagari Sharmila 
Published: April 2005

ABSTRACT

In our continued effort to search for a
Streptococcus suis
protein(s) that can serve as a vaccine candidate or a diagnostic reagent, we constructed and screened a gene library with a polyclonal antibody raised against the whole-cell protein of
S. suis
type 2. A clone that reacted with the antibody was identified and characterized. Analysis revealed that the gene encoding the protein is localized within a 2.0-kbp EcoRI DNA fragment. The nucleotide sequence contained an open reading frame that encoded a polypeptide of 445 amino acid residues with a calculated molecular mass of 46.4 kDa. By in vitro protein synthesis and Western blot experiments, the protein exhibited an electrophoretic mobility of approximately 38 kDa. At the amino acid level the deduced primary sequence shared homology with sequences of unknown function from
Streptococcus pneumoniae
(89%),
Streptococcus mutans
(86%),
Lactococcus lactis
(80%),
Listeria monocytogenes
(74%), and
Clostridium perfringens
(64%). Except for strains of serotypes 20, 26, 32, and 33, Southern hybridization analysis revealed the presence of the gene in strains of other
S. suis
serotypes and demonstrated restriction fragment length differences caused by a point mutation in the EcoRI recognition sequence. We confirmed expression of the 38-kDa protein in the hybridization-positive isolates using specific antiserum against the purified protein. The recombinant protein was reactive with serum from pigs experimentally infected with virulent strains of
S. suis
type 2, suggesting that the protein is immunogenic and may serve as an antigen of diagnostic importance for the detection of most
S. suis
infections. Pigs immunized with the recombinant 38-kDa protein mounted antibody responses to the protein and were completely protected against challenge with a strain of a homologous serotype, the wild-type virulent strain of
S. suis
type 2, suggesting that it may be a good candidate for the development of a vaccine that can be used as protection against
S. suis
infection. Analysis of the cellular fractions of the bacterium by Western blotting revealed that the protein was present in the surface and cell wall extracts. The functional role of the protein with respect to pathogenesis and whether antibodies against the antigen confer protective immunity against diseases caused by strains of other pathogenic
S. suis
capsular types remains to be determined.
Point Seroprevalence Survey ofEhrlichia ruminantiumInfection in Small Ruminants in The Gambia
Authors: Faburay Bonto , Munstermann Susanne , Geysen Dirk , Bell-Sakyi Lesley , Ceesay Ansumana , Bodaan Christa , Jongejan Frans 
Published: April 2005

ABSTRACTUsing the MAP1-B enzyme-linked immunosorbent assay, we tested 1,318 serum samples collected from sheep and goats at 28 sites in the five divisions of The Gambia to determine theEhrlichia ruminantiumseroprevalence rates and to assess the risk for heartwater. About half (51.6%) of 639 sheep were positive, with seroprevalence rates per site varying between 6.9% and 100%. The highest seroprevalence was detected in the western part of the country (88.1% in the Western Division and 62.1% in the Lower River Division). Sheep in the two easterly divisions (Central River and Upper River divisions) showed the lowest seroprevalence of 29.3% and 32.4%, respectively, while those in the North Bank Division showed an intermediate prevalence of 40.6%. In goats, less than one-third (30.3%) of 679 animals tested were positive. The highest seroprevalence was detected in goats in the North Bank Division (59%) and Western Division (44.1%). Goats in the Lower River Division showed an intermediate level of 21.9%, whereas the lowest rates were found in the eastern part of the country (4.8% in the Central River Division and 2.3% in the Upper River Division). At nearly all sites, seroprevalence rates were higher in sheep than in goats. The results show a gradient of increasing heartwater risk for susceptible small ruminants from the east to the west of The Gambia. These findings need to be taken into consideration when future livestock-upgrading programs are implemented.
Simultaneous Serodetection of 10 Highly Prevalent Mouse Infectious Pathogens in a Single Reaction by Multiplex Analysis
Authors: Khan Imran H. , Kendall Lon V. , Ziman Melanie , Wong Scott , Mendoza Sara , Fahey James , Griffey Stephen M. , Barthold Stephen W. , Luciw Paul A. 
Published: April 2005

ABSTRACT

Under current practices of mouse colony maintenance, sera from mice are analyzed for antibodies against several widespread infectious pathogens by conventional immunoassays, generally enzyme-linked immunosorbent assay (ELISA). To test for multiple agents, these methods consume large volumes of mouse serum and are laborious and time-consuming. More efficient immunoassays, using small amounts of sample, are therefore needed. Accordingly, we have developed a novel multiplex diagnostic system that employs fluorescent microbeads, coated with purified antigens, for simultaneous serodetection of 10 mouse infectious agents. Individually identifiable, fluorescent microbeads were coated with antigens from Sendai virus, mouse hepatitis virus, Theiler's mouse encephalomyelitis virus/GDVII strain, mouse minute virus, mouse cytomegalovirus, respiratory enteric orphan virus (Reo-3 virus), mouse parvovirus, calf rotavirus for epizootic diarrhea virus of infant mice, vaccinia virus for ectromelia virus, and
Mycoplasma pulmonis
. Standard sera, singly positive for antibodies to individual infectious agents, were generated by inoculation of BALB/cj and C57BL/6j mice. Sera from these experimentally infected mice, as well as sera from naturally infected mice, were analyzed using a mixture of microbeads coated with antigens of the 10 infectious agents listed above. Results demonstrated that the multiplex assay was at least as sensitive and specific as ELISA for serodetection. Importantly, the multiplex assay required only 1 microliter of serum for simultaneous serodetection of the 10 mouse infectious agents in one reaction vessel. Thus, this multiplex microbead assay is a reliable, efficient, and cost-effective diagnostic modality that will impact serosurveillance of mice used in research.
Differential Detection of Five Mouse-Infecting Helicobacter Species by Multiplex PCR
Authors: Feng Sunlian , Ku Karin , Hodzic Emir , Lorenzana Edward , Freet Kim , Barthold Stephen W. 
Published: April 2005

ABSTRACTSeveral species of helicobacter have been isolated from laboratory mice, includingH. bilis,H. hepaticus,H. muridarum,H. rodentium, andH. typhlonius, which appear to be the most common. The most widely used published method for molecular detection of these agents is PCR amplification of a conserved region of 16S rRNA, but differential speciation requires restriction enzyme digestion of the amplicons. This study was undertaken to determine PCR conditions that would simultaneously and specifically identify each of the five common species without restriction enzyme analyses. First, we designed novel and specific PCR primers forH. bilis,H. hepaticus,H. muridarum,H. rodentium, andH. typhlonius, using sequences from the heterologous regions of 16S rRNA. Because of comigration of amplified products, we next identified P17, anH. bilis-specific protein; P25, anH. hepaticus-specific protein; and P30, anH. muridarum-specific protein by screening genomic DNA expression libraries of each species. Primers were designed from these three genes, plus newly designed, species-specific 16S rRNA primers forH. rodentiumandH. typhloniusthat could be utilized for a five-plex PCR. The sizes of the amplicons fromH. bilis,H. hepaticus,H. muridarum,H. rodentium, andH. typhloniuswere 435, 705, 807, 191, and 122 bp, respectively, allowing simultaneous detection and effective discrimination among species.
Retrospective Serological Investigation of Severe Acute Respiratory Syndrome Coronavirus Antibodies in Recruits from Mainland China
Authors: Yu Sumeng , Qiu Maofeng , Chen Zeliang , Ye Xiaobo , Gao Yaling , Wei Aimin , Wang Xiaoyi , Yang Ling , Wang Jin , Wen Jie , Song Yajun , Pei Decui , Dai Erhei , Guo Zhaobiao , Cao Cheng , Wang Jian , Yang Ruifu 
Published: April 2005

ABSTRACT
Different assays were used to analyze 1,621 serum specimens collected from military recruits from the People's Republic of China in 2002 for severe acute respiratory syndrome (SARS) coronavirus antibodies. The results demonstrated that the subjects either had rarely been exposed to the virus before the 2003 SARS outbreak or had not been exposed but the nucleocapsid protein cross-reacted with other antibodies in humans.
Rapid Immunofluorescence Microscopy for Diagnosis of Melioidosis
Authors: Wuthiekanun Vanaporn , Desakorn Varunee , Wongsuvan Gumphol , Amornchai Premjit , Cheng Allen C. , Maharjan Bina , Limmathurotsakul Direk , Chierakul Wirongrong , White Nicholas J. , Day Nicholas P. J. , Peacock Sharon J. 
Published: April 2005

ABSTRACT

An immunofluorescent (IF) method that detects
Burkholderia pseudomallei
in clinical specimens within 10 min was devised. The results of this rapid method and those of an existing IF method were prospectively compared with the culture results for 776 specimens from patients with suspected melioidosis. The sensitivities of both IF tests were 66%, and the specificities were 99.5 and 99.4%, respectively.
Immunization with Recombinant Surface Antigen P50 of
Babesia gibsoni
Expressed in Insect Cells Induced Parasite Growth Inhibition in Dogs
Authors: Fukumoto Shinya , Tamaki Yoh , Shirafuji Hiroaki , Harakawa Shinji , Suzuki Hiroshi , Xuan Xuenan 
Published: April 2005

ABSTRACT

This is a report of a vaccine trial directed against
Babesia gibsoni
infection in dogs with the use of the recombinant antigen P50. Dogs immunized with P50 showed partial protection manifested as a significantly low level of parasitemia. The results indicated that P50 is a primary vaccine candidate molecule against canine
B. gibsoni
infection.
The Structure of the Apocalypse. Re-examining a Perennial Problem
Authors: Tavo Felise 
Published: April 2005

AbstractThe ongoing debate on the literary structure of the Apocalypse has invoked to varying degrees the major contributions of A. Yarbro Collins, E. Schüssler Fiorenza, and J. Lambrecht. These have generally argued for an outline based primarily on a septenary pattern (Yarbro Collins), a form-content configuration pattern (Schüssler Fiorenza), or a progressive recapitulation pattern (Lambrecht). Yet few have recognized that these patterns do not necessarily preclude one another and that all three of them pertain to the unique style of the author which a discernment of his structure cannot do without. Taking these three patterns as its starting point, this article would further argue that although largely overlooked, the oralauricular setting of the book and the climactic character of its final New Jerusalem vision are just as critical to a discernment of the author's structure. The resulting blueprint is then verified by means of its transitions, symmetry, and centre.
The Old Slavonic Acts in Apparatus Critici of the Greek NT: Observations and Suggestions
Authors: Kyrychenko Alexander 
Published: April 2005

AbstractThe Old Slavonic testimony is treated differently in the Acts of the Apostles in UBSGNT4 and N-A27, the two major contemporary hand-editions of the Greek New Testament. The former cites it at nearly every point of variance, yet not always correctly, whereas the latter omits it entirely. Although the Old Slavonic testimony is relatively late and has not been adequately researched, it can provide valuable textual insight, especially in instances where manuscript support is negligible and/or in which the Old Slavonic reading also occurs in other versions.