bluuebunny/crossref_metadata_2025_split huggingface dataset:
Testing for Convergence Clubs in Income Per Capita: A Predictive Density Approach*
Authors: Canova Fabio 
Published: January 2004

The article proposes a technique, based on the predictive density of the data, conditional on the parameters of the model, to jointly tests for groups of unknown size in a panel and to estimate the parameters of each group. The procedure is applied to the problem of identifying convergence clubs in scaled income per capita data. The steady‐state distribution of European regional data clusters around four poles of attraction with different economic features. The distribution of income per capita of OECD countries has two poles of attraction and each group clearly identifiable economic characteristics.We share the uncommonness of being different.               J. P. Roche
Lactate elicits vascular endothelial growth factor from macrophages: a possible alternative to hypoxia
Authors: Constant James S , Feng John J , Zabel David D , Yuan Hui , Suh David Y , Scheuenstuhl Heinz , Hunt Thomas K , Hussain M. Zamirul 
Published: January 2004

Macrophages respond to various stimuli to produce angiogenic factors but few mechanistic details are known. We examined the effects of hypoxia, lactate and nicotinamide on the expression of vascular endothelial growth factor by cultured macrophages. These agents were chosen because they down‐regulate polyadenosine diphosphoribose levels. Following exposure, conditioned media were analyzed for vascular endothelial growth factor protein. Nicotinamide adenine dinucleotide, polyadenosine diphosphoribose, and vascular endothelial growth factor mRNA were measured in the cellular fraction. Angiogenic capacity of the conditioned media was tested in rabbit corneas and Matrigel implants.All three agents, hypoxia, lactate and nicotinamide, elicited significantly increased levels of vascular endothelial growth factor mRNA and vascular endothelial growth factor in the conditioned media, and these levels were paralleled by their angiogenic activity. Polyadenosine diphosphoribose in the cellular fraction was correspondingly depressed. Anti‐vascular endothelial growth factor antibody inhibited most of the angiogenic response whereas anti‐basic fibroblast growth factor antibody had little effect. We propose that redox changes associated with the alteration of cellular nicotinamide adenine dinucleotide and polyadenosine diphosphoribose are involved in lactate‐mediated VEGF expression.
Proteinases, their inhibitors, and cytokine profiles in acute wound fluid
Authors: Baker Elizabeth A , Leaper David J 
Published: January 2004

Wound healing is a complex process involving the interactions of many different cell types, matrix components and biological factors, including proteinases and cytokines. This study compared the levels of proteinases (matrix metalloproteinases and plasminogen activators), proteinase inhibitors (tissue inhibitors of metalloproteinases and plasminogen activator inhibitors), inflammatory cytokines and growth factors in acute wound fluid samples collected from the surgical drains of elective breast (n= 24) and colorectal (n= 26) patients on the first postoperative day. Gelatin zymography was used to determine matrix metalloproteinase‐2 and ‐9 levels, quenched fluorescence substrate hydrolysis was applied for total MMP activity and enzyme‐linked immunoassays were used to quantitate other factors.Colorectal wound fluid samples showed significantly (p < 0.05) greater levels of the matrix metalloproteinases (MMP‐1, 2, 3, and 9), tissue inhibitor of metalloproteinases‐1, urokinase plasminogen activator receptor and the inflammatory cytokines (interleukin‐1β, ‐6, and tumor necrosis factor‐α); e.g., matrix metalloproteinase‐3 colon; median 275 (range 11–2.530) ng/ml; breast; 530–400. However, tissue plasminogen activator and growth factor levels (epidermal growth factor, platelet‐derived growth factor, basic fibroblast growth factor, transforming growth factor‐β1) were significantly greater in breast samples; e.g., epidermal growth factor breast 468 (103–1,444) pg/ml; colon 57(1–573). There was no difference in the levels of urokinase type plasminogen activator, plasminogen activator inhibitor‐1 and ‐2, tissue inhibitor of metalloproteinases –2 or vascular endothelial growth factor. Acute wound fluid from different surgical wounds showed different profiles of proteinases, proteinase inhibitors, and cytokines. This may lead to differences in the rate of tissue remodeling and therefore healing in these two wounds in vivo.
Endogenous Liquidity in Asset Markets
Authors: Eisfeldt Andrea L. 
Published: January 2004

ABSTRACTThis paper analyzes a model in which long‐term risky assets are illiquid due to adverse selection. The degree of adverse selection and hence the liquidity of these assets is determined endogenously by the amount of trade for reasons other than private information. I find that higher productivity leads to increased liquidity. Moreover, liquidity magnifies the effects of changes in productivity on investment and volume. High productivity implies that investors initiate larger scale risky projects which increases the riskiness of their incomes. Riskier incomes induce more sales of claims to high‐quality projects, causing liquidity to increase.
Price Pressure around Mergers
Authors: Mitchell Mark , Pulvino Todd , Stafford Erik 
Published: January 2004

ABSTRACTThis paper examines the trading behavior of professional investors around 2,130 mergers announced between 1994 and 2000. We find considerable support for the existence of price pressure around mergers caused by uninformed shifts in excess demand, but that these effects are short‐lived, consistent with the notion that short‐run demand curves for stocks are not perfectly elastic. We estimate that nearly half of the negative announcement period stock price reaction for acquirers in stock‐financed mergers reflects downward price pressure caused by merger arbitrage short selling, suggesting that previous estimates of merger wealth effects are biased downward.
Bondholder Wealth Effects in Mergers and Acquisitions: New Evidence from the 1980s and 1990s
Authors: Billett Matthew T. , King Tao‐Hsien Dolly , Mauer David C. 
Published: January 2004

ABSTRACTWe examine the wealth effects of mergers and acquisitions on target and acquiring firm bondholders in the 1980s and 1990s. Consistent with a coinsurance effect, below investment grade target bonds earn significantly positive announcement period returns. By contrast, acquiring firm bonds earn negative announcement period returns. Additionally, target bonds have significantly larger returns when the target's rating is below the acquirer's, when the combination is anticipated to decrease target risk or leverage, and when the target's maturity is shorter than the acquirer's. Finally, we find that target and acquirer announcement period bond returns are significantly larger in the 1990s.
Social Interaction and Stock‐Market Participation
Authors: Hong Harrison , Kubik Jeffrey D. , Stein Jeremy C. 
Published: January 2004

ABSTRACTWe propose that stock‐market participation is influenced by social interaction. In our model, any given “social” investor finds the market more attractive when more of his peers participate. We test this theory using data from the Health and Retirement Study, and find that social households—those who interact with their neighbors, or attend church—are substantially more likely to invest in the market than non‐social households, controlling for wealth, race, education, and risk tolerance. Moreover, consistent with a peer‐effects story, the impact of sociability is stronger in states where stock‐market participation rates are higher.
Market Imperfections, Investment Flexibility, and Default Spreads
Authors: Titman Sheridan , Tompaidis Stathis , Tsyplakov Sergey 
Published: January 2004

ABSTRACTThis paper develops a structural model that determines default spreads in a setting where the debt's collateral is endogenously determined by the borrower's investment choice, and a demand variable with permanent and temporary components. We also consider the possibility that the borrower cannot commit to taking the value‐maximizing investment choice, and may, in addition, be constrained in its ability to raise external capital. Based on a model calibrated to data on office buildings and commercial mortgages, we present numerical simulations that quantify the extent to which investment flexibility, incentive problems, and credit constraints affect default spreads.
Are Investors Rational? Choices among Index Funds
Authors: Elton Edwin J. , Gruber Martin J. , Busse Jeffrey A. 
Published: January 2004

ABSTRACTS&P 500 index funds represent one of the simplest vehicles for examining rational behavior. They hold virtually the same securities, yet their returns differ by more than 2 percent per year. Although the relative returns of alternative S&P 500 funds are easily predictable, the relationship between cash flows and performance is weaker than rational behavior would lead us to expect. We show that selecting funds based on low expenses or high past returns outperforms the portfolio of index funds selected by investors. Our results exemplify the fact that, in a market where arbitrage is not possible, dominated products can prosper.
Optimal Consumption and Investment with Transaction Costs and Multiple Risky Assets
Authors: Liu Hong 
Published: January 2004

ABSTRACTWe consider the optimal intertemporal consumption and investment policy of a constant absolute risk aversion (CARA) investor who faces fixed and proportional transaction costs when trading multiple risky assets. We show that when asset returns are uncorrelated, the optimal investment policy is to keep the dollar amount invested in each risky asset between two constant levels and upon reaching either of these thresholds, to trade to the corresponding optimal targets. An extensive analysis suggests that transaction cost is an important factor in affecting trading volume and that it can significantly diminish the importance of stock return predictability as reported in the literature.
Informed Trading When Information Becomes Stale
Authors: Bernhardt Dan , Miao Jianjun 
Published: January 2004

ABSTRACTThis paper characterizes informed trade when speculators can acquire distinct signals of varying quality about an asset's value at different dates. The most reasonable characterization of private information about stocks is that while information is long‐lived, new information will arrive over time, information that may be acquired by others. Hence, while a speculator may know more than others at a moment, in the future, his information will become stale, but not valueless. In an environment that allows for arbitrary correlations among signals, we characterize equilibrium outcomes including trading, prices, and profits. We provide explicit numerical characterizations for different informational environments.
Convertible Bond Design and Capital Investment: The Role of Call Provisions
Authors: Korkeamaki Timo P. , Moore William T. 
Published: January 2004

ABSTRACTIf firms issue convertible securities to facilitate sequential investment, the securities should be engineered to give sufficient flexibility to accommodate timing of follow‐on investment. We examine call provisions in convertible bonds and argue that firms with investment options expected to expire sooner (later) will offer weaker (stronger) call protection. We find that issues with weak or no call protection are offered by firms that invest greater amounts soon after issuance than those issuing convertibles with strong protection. Moreover, capital expenditure levels during the 5‐year period following issuance are inversely related to the length of call‐protection periods.
Option‐Implied Risk Aversion Estimates
Authors: Bliss Robert R. , Panigirtzoglou Nikolaos 
Published: January 2004

ABSTRACTUsing a utility function to adjust the risk‐neutral PDF embedded in cross sections of options, we obtain measures of the risk aversion implied in option prices. Using FTSE 100 and S&P 500 options, and both power and exponential‐utility functions, we estimate the representative agent's relative risk aversion (RRA) at different horizons. The estimated coefficients of RRA are all reasonable. The RRA estimates are remarkably consistent across utility functions and across markets for given horizons. The degree of RRA declines broadly with the forecast horizon and is lower during periods of high market volatility.
How Do Exchanges Select Stocks for Option Listing?
Authors: Mayhew Stewart , Mihov Vassil 
Published: January 2004

ABSTRACTWe investigate the factors influencing the selection of stocks for option listing. Exchanges tend to list options on stocks with high trading volume, volatility, and market capitalization, but the relative effect of these factors has changed over time as markets have evolved. We observe a shift from volume toward volatility after the moratorium on new listings ended in 1980. Using control sample methodology designed to correct for the endogeneity of option listing, we find no evidence that volatility declines with option introduction, in contrast to previous studies that do not use control samples.
Involvement of tumor necrosis factor‐α and interleukin‐8 in antigen‐induced arthritis of the rabbit temporomandibular joint
Authors: Sukedai Miho , Tominaga Kazuhiro , Habu Manabu , Matsukawa Akihiro , Nishihara Tatsuji , Fukuda Jinichi 
Published: January 2004

Background:  In temporomandibular joint (TMJ) arthritis, knowledge is limited about the source of the inflammatory mediators. The aim of this study was to investigate the immunohistochemical role of tumor necrosis factor‐α (TNF‐α) and interleukin‐8 (IL‐8) in the development of the antigen‐induced arthritis of the rabbit TMJ.Methods:  Unilateral TMJ arthritis was induced in 28 adult rabbits. From 6 h to 6 weeks after induction of arthritis, the topology of TNF‐α and IL‐8 was observed.Results:  Positive reaction for TNF‐α of synovial cells was observed within 3 days after induction and at 3 weeks after induction. TNF‐α positive vascular endothelial cells and chondrocytes were identified throughout the observation period. IL‐8 was detected only during the acute stage.Conclusions:  The cytokines TNF‐α and IL‐8 were observed in specific cells depending on the stage. TNF‐α was particularly related with angiogenesis and cartilage destruction and IL‐8 was involved in the acute stage of inflammation.
Intraepithelial expression of perlecan, a basement membrane‐type heparan sulfate proteoglycan reflects dysplastic changes of the oral mucosal epithelium
Authors: Ikarashi Terué , Ida‐Yonemochi Hiroko , Ohshiro Kazufumi , Cheng Jun , Saku Takashi 
Published: January 2004

Background:  Intercellular deposition of perlecan, a major heparan sulfate proteoglycan (HSPG) of the basement membrane, is known to result in characteristic stellate reticulum‐like structures in ameloblastomas or tooth germs. Although enlargement of the intercellular space is one of the histological characteristics of epithelial dysplasia of oral mucosa, the mode of expression of perlecan is poorly understood in these epithelial lesions.Methods:  Eighty‐two biopsy specimens consisting of normal and hyperplastic epithelium, epithelial dysplasia, and squamous cell carcinomas were examined for both perlecan core protein and heparan sulfate (HS) chains by immunohistochemistry and in situ hybridization.Results:  In normal and hyperplastic epithelium, perlecan core protein and HS chains were localized in the cell border of parabasal cells and lower prickle cells, and HS chains were also found in basal cells. With an increase in the severity of epithelial dysplasia, the core protein was heavily and extensively deposited in the interepithelial space as well as in the cytoplasm of epithelial cells from the basal to the surface layers. Its gene expression was confirmed in the cells around the protein deposits. On the other hand, HS chains were enhanced in mild dysplasia, but decreased in moderate and severe dysplasias. In squamous cell carcinomas, either the core protein or HS chains were found scarcely in tumor cells but abundantly in the stromal space.Conclusions:  The findings indicate that perlecan is localized in the intercellular space of the oral epithelia, and that it is over‐expressed in dysplastic epithelial cells and is deposited in their interepithelial space, which results in the histology of reduction of cellular cohesion.
Establishment of OC3 oral carcinoma cell line and identification of NF‐κB activation responses to areca nut extract
Authors: Lin Shu‐Chun , Liu Chung‐Ji , Chiu Chun‐Po , Chang Shun‐Ming , Lu Suu‐Yi , Chen Yann‐Jang 
Published: January 2004

Background:  Cell lines derived from oral squamous cell carcinoma (OSCC) exposed to variable etiological factors can bestow advantages in understanding the molecular and cellular alterations pertaining to environmental impacts. Most OSCC cell lines have been established from smoker patients or areca chewing/smoker patients, carrying the genomic alterations in p53.Methods:  A new cell line, oral carcinoma 3 (OC3), was established from an OSCC in a long‐term areca (betel) chewer who does not smoke. Cellular and molecular features of OC3 were determined by variable assays.Results:  The cultured monolayer cells were mainly polygonal and had the expression of cytokeratin 14. The chromosomal analysis using comparative genomic hybridization has revealed the gain in chromosomes 1q, 5q, and 8q, the loss in 4q, 6p, and 8p as well as the gain of entire chromosome 20. Loss of heterozygosity and instability in multiple microsatellite markers in chromosome 4q were also noted. OC3 cells bear wild‐type p53 coding sequence and have a high level of p53 expression. Its p21 expression was similar to that in normal human oral keratinocyte (NHOK). Interestingly, activation of nuclear factor κB (NF‐κB) in OC3 cells following the treatment of areca nut extract was observed.Conclusion:  OC3 cell line could be valuable in understanding the genetic impairments and phenotypic changes associated with areca in oral keratinocyte.
Mdm2 mRNA expression in salivary gland tumour cell lines
Authors: Mantesso Andrea , Loducca Silvia Vanessa Lourenço , Bendit Israel , Garicochea Bernardo , Nunes Fabio Daumas , De Araújo Vera Cavalcanti 
Published: January 2004

Background:  Murine double minute 2 (mdm2) is a cellular protooncogene, which, in conditions of overexpression or amplification, is capable of inactivating the functions of p53, leading to tumorigenesis. Immunoexpression of mdm2 in salivary gland tumours was previously found; however, it was necessary to find out if mdm2 was overexpressed. The aim of this study was to analyse the mRNA expression of mdm2 in salivary gland neoplasms and to correlate it to immunoexpression of p53 and p21 proteins.Methods:  Specimens of different salivary gland neoplasms were obtained from surgical resections, and cell lineages derived from these tissues were established. RNA extraction was performed and mRNA expression was investigated using reverse transcription‐polymerase chain reaction (RT‐PCR). Cellular expression of p53 and p21 proteins was investigated by immunofluorescence technique.Results:  Increased expression of mdm2 was found in the majority of cell lines analysed.Conclusions:  Comparing all results, we postulated that overexpression of mdm2 is related to the tumorigenesis and/or tumour progression of salivary gland neoplasms.
Interobserver reliability in the histopathologic diagnosis of oral pre‐malignant and malignant lesions
Authors: Fischer Dena J. , Epstein Joel B. , Morton Thomas H. , Schwartz Stephen M. 
Published: January 2004

Background: The histologic classification of pre‐cancerous and cancerous oral lesions has generally shown poor agreement between pathologists, but lesion and patient characteristics that may affect diagnostic reliability have not been explored.Methods: Eighty‐seven clinically suspicious oral lesions biopsied from 81 patients with previous upper aerodigestive tract cancer were independently classified by their local pathologist and a central pathology committee. Interobserver reliability between the local pathologist and the central pathology committee was measured with weighted kappa (κw) statistics and corresponding 95% confidence intervals (CI).Result: Theκwfor pathologic diagnosis was 0.59 (95% CI: 0.45, 0.72), and was higher for lesions without inflammation (0.67 (95% CI: 0.53, 0.80) than inflamed lesions (−0.10 (95% CI: −0.27, 0.07)). Greatest agreement was seen for lesions located in the buccal mucosa/vestibule (κw = 0.68 (95% CI: 0.46, 0.91)) and tongue (κw = 0.62 (95% CI: 0.40, 0.84)). Least agreement was found for lip/labial mucosa lesions (κw = −0.04 (95% CI: −0.34, 0.27)). Punch biopsies (κw = 0.67 (95% CI: 0.54, 0.80)) had greater interobserver reliability than wedge biopsies (κw = 0.38 (95% CI: 0.12, 0.64)).Conclusions: These data suggest that the presence of inflammation, lesion site, and biopsy technique modifies the reliability of oral lesion histologic diagnoses.
Systemic capsaicin for burning mouth syndrome: short‐term results of a pilot study
Authors: Petruzzi Massimo , Lauritano Dorina , De Benedittis Michele , Baldoni Marco , Serpico Rosario 
Published: January 2004

Background:  Burning mouth syndrome (BMS) is a major diagnostic and therapeutic problem. Systemic and topical treatments (capsaicin, lidocaine, anti‐histamines, sucralfate and benzydiamine) have been tried, but they appear to be inadequate. Topical capsaicin is bitter, may cause burning and has low therapeutic efficacy. We hypothesized that systemic administration of capsaicin could reduce the limitations of topical administration and have better therapeutic efficacy; this hypothesis was tested in a controlled trial.Methods:  Systemic oral capsaicin 0.25% was used for patients with BMS, recruited in our single centre. After the diagnosis of BMS, patients were dentally and medically examined. They were alternatively assigned to treatment with capsaicin or to a shape/smell/taste/color matched placebo. The severity of symptoms was scored at trial entry and 30 days thereafter by investigators who were unaware of the assigned intervention. The visual analogical scale (VAS) measure was used to score the severity of pain, and results for the treated and untreated groups were compared by Fisher's exact test. Analysis was performed by intention‐to‐treat. Statistical significance was considered for values of P < 0.05. Data are expressed as mean ± SD.Results:  Fifty patients were enrolled (25 assigned to systemic capsaicin and 25 to placebo). The VAS score was significantly lower in treated patients (5.84 ± 1.17) as compared to the placebo‐control group (6.24 ± 0.96). The use of systemic capsaicin implied significant gastric toxicity (referred gastric pain) with eight cases (32%) documented in the treatment group as compared to zero cases (0%) in the placebo control group.Conclusion:  Systemic capsaicin is therapeutically effective for the short‐term treatment of BMS but major gastrointestinal side‐effects may threaten its large‐scale, long‐term use. This preliminary study suggests that more, adequately powered, randomized controlled trials are necessary and worthy to come to a definitive assessment of this matter.