bluuebunny/crossref_metadata_2025_split huggingface dataset:
Postoperative analgesic requirements – total laparoscopic hysterectomy versus vaginal hysterectomy
Authors: NASCIMENTO Marcelo Carraro , KELLEY Andrea , MARTITSCH Caroline , WEIDNER Ines , OBERMAIR Andreas 
Published: March 2005

AbstractBackground:  There is limited information available on the requirement for postoperative analgesic drugs in patients submitted to total laparoscopic hysterectomy (TLH) compared with patients undergoing vaginal hysterectomy (VH).Aim:  To compare the postoperative analgesic requirements in patients who underwent a TLH with patients who had a VH.Methods:  Chart review of 53 patients who had TLH and 47 who had VH and were seen postoperatively by an acute pain management service in order to assess postoperative analgesic requirements. Patient controlled analgesia (PCA) was part of the standard protocol for postoperative pain management. Analgesic requirement was recorded as the mean doses of morphine and number of days that patients used non‐steroidal anti‐inflammatory drugs (NSAIDs), oxycodone and tramadol.Results:  The requirement for total morphine was approximately half the dose in patients who had a TLH (10.8 ± 12.6 mg) compared with patients who had a VH (19.4 ± 21.9 mg) (P 0.017). The length of use of NSAIDs was significantly reduced in patients who had undergone a TLH (2.0 ± 0.95 days) as compared with patients who had a VH (2.85 ± 1.1 days) (P < 0.0001).Conclusions:  Patients submitted to TLH require less postoperative analgesic drugs when compared with patients who had VH. Prospective randomised trials are warranted to compare analgesic requirements between patients submitted to TLH and VH.
THE EFFECTS OF COMPLEX CAPITAL STRUCTURE ON THE MARKET VALUES OF FIRMS
Authors: Frecka Thomas J. 
Published: March 2005

AbstractThe familiar Modigliani and Miller risk class model is the basis of a test for differences in value between simple and complex capital structure groups of firms. Cluster analysis, using market risk measures and debt‐equity ratio as input, provides the method for obtaining the risk class sample of firms. Crosssectional tests at three annual dates are made on twenty‐six simple and twentysix complex capital structure firms. For all periods examined, the complex capital structure firms are valued lower than the simple capital structure firms. Possible explanations for the results include failure of the arbitrage mechanism and the presence of certain costs associated with different types of capital structures.
THE NEGLECTED AND SMALL FIRM EFFECTS
Authors: Arbel Avner , Strebel Paul 
Published: March 2005

AbstractThis paper addresses the empirical question of whether the differential attention which companies receive affects the capital asset pricing process. The degree of attention was measured by research concentration rankings based on the number of analysts regularly following the firm's securities. The results suggest: (i) that there is a “neglected firm effect” in terms of superior performance for less researched companies and (ii) that the neglected firm effect persists over and above the small firm effect; namely, the excess returns are not fully attributable to size. The ex‐post capital asset pricing model is unable to account for the differences in return across security research ranking. Several possible explanations for the results are considered but not tested.
EVIDENCE OF SHIFTS IN PORTFOLIO ASSET COMPOSITION AS A MARKET TIMING TOOL
Authors: Cheney John M. , Veit E. Theodore 
Published: March 2005

AbstractPrevious research has investigated portfolio timing success by analyzing possible shifts in the beta of professionally managed portfolios. The methodology used by these studies usually involves calculating the betas of portfolios under varing market conditions using ex post holding period yields. Since a portfolio's beta can shift for reasons other than timing efforts, the results and interpretation of this type of analysis are limited. This paper takes a more direct approach to the analysis of timing by analyzing shifts in the asset composition of professionally managed portfolios. The asset composition is first analyzed to determine if portfolio managers are attempting to adjust risk exposure. Any shifts that are identified are compared to the market conditions that existed subsequent to the shift to determine if the shift was appropriate in terms of correct timing.
NONPECUNIARY BENEFITS AND ASSET MARKET EQUILIBRIUM
Authors: Chua Jess H. , Schnabel Jacques A. 
Published: March 2005

ABSTRACTInvestments that yield nonpecuniary benefits have been studied empirically in previous research; the existence of such benefits has been inferred as the difference between actual returns and returns predicted by the capital asset pricing model. The authors reformulate the security market line to reflect nonpecuniary benefits and examine the equilibrium conditions for a market wherein some assets yield nonpecuniary benefits for some investors. The reformulated security market line is shown to perform better in such a market. The authors also discuss implications for investors.
THE USER COST AND CAPITAL BUDGETING
Authors: Downs Thomas W. 
Published: March 2005

ABSTRACTThis study describes the relationship between the user cost of capital and capital budgeting processes and presents a formula for computing the user cost of an investment, accommodating the existence of taxes, inflation, and a nonconstant level of production. A project acceptability criterion assigning positive net present value when cash operating income exceeds user cost is discussed and applied to several examples. The test is shown to be useful and easy to apply.
ON APPLICATION OF THE RANK TRANSFORMATION DISCRIMINATION METHOD TO FINANCIAL PROBLEMS
Authors: Skomp Stephen E. , Cronan Timothy P. , Seaver William L. 
Published: March 2005

ABSTRACTMultiple discriminant analysis is a powerful analytic tool for the financial researcher. However, data transformations are a near necessity for improving relevant sample characteristics, since the assumption of normality plays a critical role in successfully applying the technique to financial problems. The rank transformation approach is an alternative that offers considerable advantages over traditional mathematical transformation procedures. The strength of rank transformation is illustrated in this paper using the bond‐rating problem as an empirical example. The results are significant because a classic model is shown to be more robust than previously was assumed. We suspect that other multivariate financial problems could benefit from the approach as well.
RISK, SEGMENTATION, AND THE MUNICIPAL TERM STRUCTURE
Authors: Trzcinka Charles 
Published: March 2005

ABSTRACTThis paper examines the impact of institutional demand on the tax‐exempt term structure while controlling for biases induced by using ratings as measures of risk. Using a more extensive database than any used in previous studies, the author controls for risk by employing a random coefficient model and by introducing several new variables. Results of the study indicate that the risk hypothesis provides a significantly better explanation of the rising term structure than does the institutional demand hypothesis.
THE ECONOMIC ORDERING QUANTITY PROBLEM AND WEALTH MAXIMIZATION
Authors: McDaniel William R. 
Published: March 2005

ABSTRACTThe typical financial management text states that management's objective should be to maximize owners’ wealth. The same texts then economic ordering quantity (EOQ) as a method for analyzing inventory problems without typing EOQ back to wealth maximization. This article shows algebraically that EOQ is not entirely consistent with the assumed objective. However, by simulation, EOQ is shown to yield answers that are sufficiently accurate for practical application.
A MULTIPERIOD MEAN‐VARIANCE MODEL OF OPTIMAL CAPITAL STRUCTURE
Authors: Scherr Frederick C. 
Published: March 2005

ABSTRACTThe continuing interest in the capital structure issue among financial researchers is evidenced by the stream of capital structure models that have appeared in the literature. Much of this research has used a risk‐neutral and/or a single‐period framework. In this paper, we develop a capital structure model for multiperiod firms and allow for the firm's cash flows to grow over time, for the firm to issue new debt, and for two types of bankruptcy costs to occur. The types of bankruptcy costs that occur are determined by the firm's uncertain operating cash flows and negotiations between the firm and creditors. Risk is priced via the Sharpe‐Lintner capital asset pricing model. Multiperiod risk‐priced models, we argue, realistically represent actual firms and are thus an important step toward the development of more testable and usable models of capital structure. We execute a demonstration example in which the value of the levered firm achieves a maximum and discuss the steps the firm would take to maximize shareholder wealth within this example. The example illustrates that the value of the firm passes through an interior optimum as the promised debt payment is increased. A simulation of the effect of changes in firm‐specific parameters shows that the model exhibits expected and appealing relationships between these parameters and the value of the levered firm.
LEVERAGED BOND PORTFOLIO OPTIMIZATION UNDER UNCERTAINTY
Authors: Pieptea Dan R. 
Published: March 2005

ABSTRACTThis paper develops a multiperiod management model for balance sheets of bond assets and liabilities. The decision variables are the amounts to buy, sell, or hold for each bond maturity class and the amount to borrow or debt to be repurchased for each liability class. Decisions are made at the beginning of each period conditional on the revealed interest rates scenario. The investor's utility is maximized in a state‐preference approach. The maturity structure of the initial holdings is an important component of the input parameters. The possible states of the world are described in terms of interest rate scenarios. The solution is subject to funds flow, inventory, liquidity, leverage, policy, and expiration constraints. The model leads to a large‐scale linear programming model, with multi‐indexed variables, that is solved with the Dantzig‐Wolfe decomposition algorithm. A numerical application that was motivated by discussions with top management at the RepublicBank Trust Department is presented. The experiments suggest that optimal portfolios frequently have a barbell structure consisting of short and long maturities with few intermediate maturities.
PERFORMANCE OF STOCKS RECOMMENDED ON THE BASIS OF INSIDER TRADING ACTIVITY
Authors: Benesh Gary A. , Pari Robert A. 
Published: March 2005

ABSTRACTThe purpose of this paper is to assess whether abnormal returns could have been earned by an investor who concentrated solely on the stocks listed in the Consensus of Information (COI) monthly newsletters. Using residual‐based techniques, the authors find that (1) stocks listed in the COI newsletters were characterized by excess positive returns over the four months immediately preceding listing and that (2) users of the COI's recommendations could have earned moderate excess returns by systematically acquiring shares of these companies and holding them over a twelve‐month period starting in the month the newsletter is published or one month hence. Given that the recommendations yielding the largest abnormal returns to noninsiders were based on a mixture of open market purchases and exercised stock options, definitive conclusions with respect to the predictive implications of exercised stock options cannot be drawn.
BOND PORTFOLIO IMMUNIZATION: TESTS OF MATURITY, ONE‐ AND TWO‐FACTOR DURATION MATCHING STRATEGIES
Authors: Bierwag G. O. , Kaufman George G. , Latta Cynthia M. 
Published: March 2005

ABSTRACTThis paper provides additional evidence on the usefulness of duration as a strategy tool by developing a two‐factor duration model and by using a reasonably reliable database to compare empirically the relative performance of maturity, one‐factor duration, and two‐factor duration matching strategies in immunizing portfolios of default‐free and option‐free bonds against interest rate risk. The results suggest that, on average, duration models, even for arbitrarily assumed simple stochastic processes, are more accurate than maturity models and that increased accuracy may be achieved by increasing the length of the planning period and the number of factors in the model.
THE ADOPTION OF NEW‐ISSUE DIVIDEND REINVESTMENT PLANS AND SHAREHOLDER WEALTH
Authors: Peterson Pamela P. , Peterson David R. , Moore Norman H. 
Published: March 2005

ABSTRACTThis study examines security price reactions to the adoption of new‐issue dividend reinvestment plans. The sample is broken down into three subsamples: nonutilities, utilities adopting plans prior to May 1981, and utilities adopting plans after July 1981. For the nonutility corporations, no significant market reaction is observed. The utilities adopting prior to the change in the tax law experience a negative reaction the day following registration for the plan. Corporations adopting after July 1981, whose dividends receive preferential tax treatment, experience abnormal returns significantly greater than those of the utilities without preferential tax treatment.
EXAMINING MERGER SYNERGY WITH THE CAPITAL ASSET PRICING MODEL
Authors: Davidson Wallace N. , Garrison Sharon Hatten , Henderson Glenn V. 
Published: March 2005

ABSTRACTThis paper analyzes the impact of mergers on the alphas and betas of actual merged firms compared to those of the homemade mergers an investor could have created by buying proportional shares of the two firms. The results provide some evidence of merger synergy. Where alpha and beta shifts were observed, the evidence did not indicate that either the relative size of target firms or concurrent capital structure changes were related to these shifts as current theory suggests. There is weak evidence that nonconglomerate mergers were more frequently synergistic.
A SIMPLIFIED APPROACH TO SHORT‐TERM INTERNATIONAL DIVERSIFICATION
Authors: Cotner John S. , Seitz Neil E. 
Published: March 2005

ABSTRACTUsing Eurocurrency deposit interest rates, currency exchange rates, and inflation rates in a mean‐variance portfolio analysis, the authors develop portfolios of interest‐bearing deposits in London banks denominated in various currencies. These easily constructed multicurrency portfolios are shown to provide better risk‐return positions than comparable single currency holdings.
STOCK MARKET PERCEPTION OF INDUSTRIAL FIRM BANKRUPTCY
Authors: Ramaswami Murali 
Published: March 2005

ABSTRACTThe objectives of this study are to determine (1) when the stock market first perceives the impending bankruptcy of a potentially bankrupt firm and (2) what firm‐specific factors explain the interval between the perception time and the eventual date of bankruptcy (i.e., market lead time). A computational methodology based on the Hillmer‐Yu technique is used to determine the month in which a structural change in the mean and variance of monthly stock return occurs for a potentially bankrupt firm. This parametric change month or the “market perception time” is computed for a sample of 47 industrial firms. The range of market lead times cautions against the common assumption of a uniform event period in event studies. The lead time interval (for both the mean and variance of monthly market return) of poteintially bankrupt firms is found to be positively related to the firm's earnings per share at the time of stock market perception of eventual bankruptcy. Neither the firm's asset size nor systematic risk appear to be significant indicators of lead time interval. Also, change in investment at market perception time is positively related to percentage change in the market lead times. This suggests that innovations in the investment variable are a source of new information to the security market in assesing the probability of future bankruptcy of a firm.
TRUCKING DEREGULATION AND MOTOR‐CARRIER PERFORMANCE: THE SHAREHOLDERS' PERSPECTIVE
Authors: Michel Allen , Shaked Israel 
Published: March 2005

ABSTRACTThis paper utilizes an event study methodology to investigate the effects of deregulation on carriers' shareholders. This methodology compares the expected returns during a time period surrounding a particular event with actual returns during the same time period. These differences are referred to as prediction errors. The study investigates the prediction errors associated with individual trucking firms, as well as those associated with groups composed of regional carriers, national carriers, and the aggregate sample of firms used in the study. The results suggest that the passage of the Motor Carrier Reform Act on July 1, 1980, halted a serious 18‐month downward trend in the aggregate sample's cumulative prediction error. Nearly all firms showed significant gains in the 18 months subsequent to deregulation. Using two control groups, the authors show that a large portion of this gain from the industry sample can be explained by lower and more stable fuel prices and a sharp upturn in the economy. The results also indicate that due to deregulation, the large regional trucking firms were able to outperform the small regional firms and the national firms in the more favorable economic environment present after deregulation.
ON THE CORRESPONDENCE BETWEEN THE BAUMOL‐TOBIN AND MILLER‐ORR OPTIMAL CASH BALANCE MODELS
Authors: Bagamery Bruce D. 
Published: March 2005

ABSTRACTIn this note, the author identifies a correspondence relationship between the Baumol‐Tobin (BT) and Miller‐Orr (MO) optimal cash balance frameworks and specifies the conditions under which both models imply the same level of optimal cash balances. Realistic applications of these models will concern net cash flows that exhibit behavior somewhere between the two extremes of BT entirely deterministic and MO completely random. The author demonstrates that if the correspondence relationship is satisfied, either the BT or the MO cash balance model can be employed since both models imply the same result. One conjecture open for empirical verification is that cash balance models perform more (less) adequately for groups of firms that satisfy (violate) the correspondence relationship.
THE MARGINAL‐EFFICIENCY‐OF‐CAPITAL FUNCTION OF THE FIRM
Authors: Barges Alexander 
Published: March 2005

ABSTRACTIn this paper, the author points out that over a decade ago E. Norman Bailey identified the marginal‐efficiency‐of‐capital (MEC) function as erroneous and argued that revisions in capital budgeting theory and teaching were necessary. The author develops more fully the arguments against the function and offers the theoretically correct MEC function. The development of the correct MEC function is a straightforward application of basic price theory; however, this application requires that the capital of the firm be viewed as a collection of complementary resources, in addition to its role as an income‐producing investment.
OPTIMAL LIQUIDITY IN PERSONAL FINANCIAL PLANNING
Authors: Warschauer Thomas , Cherin Antony 
Published: March 2005

ABSTRACTThis paper investigates the question of optimal portfolio liquidity in a personal financial planning framework. The difficulties encountered in answering this question are discussed, liquidity is defined, and a variety of motives for maintaining liquidity are examined in depth. The major thrust of the paper is the development of a theoretical model of liquidity needs, which is then simplified in a stepwise manner through the inclusion of cash substitutes, need interdependence, and other devices. It is concluded that a significantly reduced liquidity needs model is hypothetically possible, permitting the planner to think in terms of substantially smaller client cash balances.
INFLUENCE OF TREASURY BILL FUTURES TRADING ON THE PRIMARY SALE OF THE DELIVERABLE TREASURY BILL
Authors: Lasser Dennis J. 
Published: March 2005

ABSTRACTThis paper investigates the impact of the presence of Treasury bill (T‐bill) futures market contracts on the primary auction price of deliverable T‐bills. Of the 52 weekly three‐ and six‐month T‐bill auctions, only four are deliverable against the T‐bill futures market contract. This unique ability to deliver may command a premium price in the primary market. The results of this study support this hypothesis with regard to the six‐month auction but are inconclusive with regard to the three‐month auction. Furthermore, there is some evidence that the 1983 rule change making the one‐year T‐bill a deliverable instrument reduced the size of the premium in the six‐month bill auction.
AUTOMOTIVE RECALLS AND INFORMATIONAL EFFICIENCY
Authors: Hoffer George E. , Pruitt Stephen W. , Reilly Robert J. 
Published: March 2005

ABSTRACTThis study provides an empirical test of the informational efficiency of the stock market by exploring the stock price and volume patterns exhibited by Chrysler, Ford, and General Motors around the time of announcement of severe automotive recall campaigns. Because information concerning automotive recalls is released to the public via two distinct methods, which differ only with respect to the number of market participants notified of the recall campaigns, a differential performance analysis of stock returns and trading volume around both events provides evidence of the degree of informational aggregation in the stock market for three closely followed U.S. firms. The results of the study fail to support the definitional notion of informational efficiency with respect to the first public release date of severe recalls, as the vast majority of the stock market's response to recall announcements does not occur until the information is reported to all market participants. Further, tests of differential trading volume around the announcements suggest that some members of the financial community may be trading securities on the basis of the information contained in the first public announcement.
DEBT REFUNDING AND SHAREHOLDER WEALTH: THE PRICE EFFECTS OF DEBT‐FOR‐DEBT EXCHANGE OFFER ANNOUNCEMENTS
Authors: Johnson W. Bruce 
Published: March 2005

ABSTRACTThis study examines the impact of debt refunding on common stock prices for a sample of 48 exchange offers announced from 1970 through 1981. Exchange offer announcements do not have a significant impact on average common stock returns but appear to produce idiosyncratic share price effects. Refunding‐induced price effects were unrelated to several exchange offer characteristics including tax shield increases, exchange offer premia, and transaction costs of refunding. Common stock excess returns were negatively related to reductions in debt service payments and relaxation of dividend payment constraints. Thus, the evidence is consistent with theories predicting that certain debt refundings generate negative information‐signaling price effects.
EXPENSE PREFERENCE AND MINORITY BANKING: A NOTE
Authors: Scott William L. , Gardner Mona J. , Mills Dixie L. 
Published: March 2005

ABSTRACTPrevious research has concluded that, in comparison to nonminority institutions, minority‐owned banks have lower profitability and higher operating costs. This note examines such findings in the context of the expense preference theory of managerial behavior. Rather than focusing on the effect of regulated product markets, however, this research investigated whether imperfections in the capital markets, introduced through government deposit programs making low‐cost funds available to participating minority banks, were associated with expense preference practices by minority bank managers. The results suggest that managers of minority banks did not practice the traditional forms of expense preference but instead appeared to act in a manner consistent with public policy objectives.