bluuebunny/crossref_metadata_2025_split huggingface dataset:
Comparison of Seasonal Anomalies across Major Equity Markets: A Note
Authors: Wilson Jack W. , Jones Charles P. 
Published: March 2005

AbstractThis paper reexamines the existence of seasonal anomalies in daily stock prices by integrating seasonal patterns into a single comprehensive model that captures the joint effects of seasonal variations for each of the three major markets. This model incorporates serial correlation and corrects for non‐normality by using robust regression techniques. Serial correlation is found to be important, as is the day of the week and the January variable. Furthermore, the Tuesday after a Monday holiday is significant for two markets using the robust technique (but not ordinary least squares). Finally, the day‐preceding‐a‐holiday effect is strongly significant.
Rates of Return on Art Objects, the Fisher Hypothesis, and Inflationary Expectations
Authors: Matsumoto Keishiro , Andoh Samuel K. , Hoban James P. 
Published: March 2005

AbstractAfter surveying the evolution of the major methodologies in inflation hedging, this study presents a unique methodology that uses principal component factor analysis to separate the effects of variability in the real rate of return from the nominal rate of return. This approach allows the effects of both anticipated and unanticipated inflation on rates of return to be estimated more precisely. This study finds that art objects perform well in terms of average real rates of return and that the market, though not perfect, integrates anticipated inflation into the rates of return. However, unanticipated inflation is very often negatively related to the rates of return.
Some Tests of APT Mispricing Using Mimicking Portfolios
Authors: Kryzanowski Lawrence , Lalancette Simon , To Minh Chau 
Published: March 2005

AbstractCross‐sectional and time‐series tests using mimicking portfolios are used to assess the exactness of the APT with(out) a residual market factor. The first factor seems to be sufficient to span the efficient set, whether the model is estimated using (un)conditional variance‐covariance matrices that are (un)adjusted for nonsynchronous trading. Although the conditional standard deviations of the mimicking portfolios significantly explain the time‐variability of security volatilities, the residuals of the mean equation still exhibit heteroskedasticity. Similar results are obtained for portfolios of CAPM‐betaranked securities, and for randomly selected individual securities.
Voluntary Corporate Divestitures as Antitakeover Mechanisms
Authors: Loh Charmen , Bezjak Jennifer Russell , Toms Harrison 
Published: March 2005

AbstractThis paper examines the investor reaction to the use of corporate selloffs as antitakeover devices. The results show that firms subject to takeover speculations prior to the divestiture announcement experience insignificant changes in share prices while firms that have no takeover bid report significant wealth increases. The majority of the firms that undergo defensive divestitures remain independent one year after the selloffs. These findings are consistent with the authors' proposition that investors regard divestitures following rumors of takeover attempt as antitakeover strategies. On the other hand, investors perceive selloffs in a takeover‐free environment as a positive net present value decision.
A Reexamination of the Costs of Firm Commitment and Best Efforts IPOs
Authors: Chua Lena 
Published: March 2005

AbstractRitter [14] documents that best efforts IPOs are, on average, more costly to issue than firm commitment IPOs. This paper explains the phenomenon. Two component costs of going public are analyzed: underpricing and underwriter compensation. The model, based on a disagreement about firm value between underwriters and issuers, shows that underpricing is higher for firms using best efforts contracts as these firms, on average, are more speculative. Underwriter compensation is hypothesized to be higher for firms using best efforts contracts because of the high costs of market making for these firms in the aftermarket and the high distribution costs associated with the high risk of a failed offer. Empirical tests strongly support the propositions.
The Hedging Effectiveness of ECU Futures Contracts: Forecasting Evidence from an Error Correction Model
Authors: Ghosh Asim 
Published: March 2005

AbstractIn this paper, the traditional price change hedge ratio estimation method is extended by applying the theory of cointegration in case of hedging with European Currency Unit (ECU) futures contracts. Previous studies ignore the last period's equilibrium error and short‐run deviations. The findings of this study indicate that the hedge ratio estimated by the error correction method is superior to the one obtained from the traditional method, as evidenced by the likelihood ratio test and out‐of‐sample forecasts. Hedgers can control the risk of their portfolios more effectively at a lower cost.
The Impact of Sampling Errors on the Choice of Portfolio Efficiency Analysis Rules with Borrowing and Lending of a Riskless Asset
Authors: Brooks Robert , Kroll Yoram 
Published: March 2005

AbstractThis paper evaluates the impact of sampling errors on portfolio decisions using mean‐variance and stochastic dominance rules where riskless borrowing and lending opportunities exist. The paper establishes criteria for comparing the alternative decision rules (for example, mean variance versus stochastic dominance) according to their effectiveness and the cost (in sampling error terms). Normal distributions are simulated using various assumed means, standard deviations, correlations, and sample sizes. These simulations enable one to evaluate the impact of sampling errors on the potential effectiveness of the empirical stochastic dominance and mean variance rules that include borrowing and lending of a riskless asset.
Co‐Kurtosis and Capital Asset Pricing
Authors: Fang Hsing , Lai Tsong‐Yue 
Published: March 2005

AbstractThis paper examines the impact of co‐kurtosis on asset pricing using a four‐moment capital asset pricing model. It is shown that, in the presence of skewness and kurtosis in asset return distribution, the expected excess rate of return is related not only to the systematic variance but also to the systematic skewness and systematic kurtosis. Investors are compensated in higher expected return for bearing the systematic variance and the systematic kurtosis risks. Investors also forego the expected excess return for taking the benefit of increasing the systematic skewness.
Index Futures Trading and Stock Return Volatility: Evidence from the Introduction of Mid Cap 400 Index Futures
Authors: Galloway Tina M. , Miller James M. 
Published: March 2005

AbstractThe MidCap 400 stock index is used to provide new evidence on the relation between stock index futures trading and stock return volatility. The study documents a significant decrease in return volatility and systematic risk, and a significant increase in trading volume for the MidCap 400 stocks after the introduction of the MidCap index. A control sample of medium‐capitalization stocks, however, exhibits similar contemporaneous changes in these measures. The MidCap stocks and the control stocks also experience a significant decrease in volatility and an increase in volume after the introduction of MidCap 400 index futures. Thus, the study finds no difference in the behavior of the MidCap 400 stocks and the control stocks and no evidence of a relation between index futures trading and volatility in the stock market.
Board Composition, Managerial Ownership, and Firm Performance: An Empirical Analysis
Authors: Barnhart Scott W. , Rosenstein Stuart 
Published: March 2005

AbstractOur objective is to examine the sensitivity of simultaneous equations techniques in corporate governance research. We model Tobin's Q, board composition, and managerial ownership using a three‐equation instrumental variables approach, with two specifications and four instruments. We find that the variables are jointly determined. However, results depend strongly on the specification of the model and the instruments. We conclude that results using simultaneous equations methods must be interpreted cautiously, OLS estimates should not be casually dismissed, and that sensitivity analysis is essential when estimating an empirical model whose structure is uncertain.
Risk adjusted discount rates and the present value of risky costs
Authors: Ariel Robert 
Published: March 2005

AbstractIn capital budgeting the correct risk adjusted discount rate for future cash flows is independent of whether the flow is a cost or a revenue. Contrary to a widely disseminated view in some popular textbooks and elsewhere, costs are not especially safe (nor risky), and accordingly costs should not be discounted at especially low risk adjusted discount rates. This paper analyzes capital budgeting within a portfolio model in which revenues and costs appear as “long’ and “short’ portfolio positions, respectively, and proves that costs are neither more nor less intrinsically risky than revenues.
The generation of stock market cycles
Authors: Bolten Steven E. , Weigand Robert A. 
Published: March 2005

AbstractThis paper demonstrates that the relation between stock market and business cycle dynamics can be conceptualized using a dividend discount model. The interaction of changes in earnings and interest rates throughout the economic cycle are shown to cause changes in the level of stock prices. This implies that monitoring and forecasting these factors can help explain and possibly predict stock price behavior over time.
The liquidity effects associated with addition of a stock to the S&P 500 index: evidence from bid/ask spreads
Authors: Erwin Gayle R. , Miller James M. 
Published: March 2005

AbstractThis study examines changes in stock liquidity, as measured by the bid/ask spread, when a stock is added to the S&P 500 Index. The paper presents evidence of a significant decrease in the bid/ask spread upon S&P 500 addition, however, this effect is limited to only those stocks that were not trading listed options. Further, the decrease in the bid/ask spread for nonoptioned stocks is accompanied by a significant and permanent increase in share price and trading volume. While optioned stocks experience a permanent increase in trading volume, they experience only a temporary increase in share price. The findings for optioned stocks support the hypothesis that the price and volume effects associated with S&P 500 addition derive from temporary price pressure. Findings pertaining to the nonoptioned stocks indicate that the price and volume effects associated with S&P addition reflect enhanced stock liquidity. The decrease in the bid/ask spread for nonoptioned stocks is attributed to informational efficiencies achieved via index arbitrage trading, and it is argued that this effect is mitigated for optioned stocks due to the pre‐existence of arbitrage trading between the option and the underlying stock.
An Examination of Mandatorily Convertible Preferred Stock
Authors: Huckins Nancy White 
Published: March 2005

AbstractI investigate the determinants of the use of mandatorily convertible preferred stock and assess market reaction to its issue. The security is dividend enhanced and converted into common stock within four years. Issuers have high debt ratios, low interest coverage, and bankruptcy risk. Market response to the issue was neutral suggesting the preferred issue resolved the lemon problem associated with common stock. Firms' Z‐scores and abnormal returns are inversely related indicating the issues reduced financial distress. Market response was most positive for low risk firms with high cash flows.
Private Placement of Common Equity and Earnings Expectations
Authors: Goh Jeremy , Gombola Michael J. , Lee Hei Wai , Liu Feng‐Ying 
Published: March 2005

AbstractWe examine earnings forecast revisions by analysts subsequent to the announcement of private equity placements. Results show that analysts make significant upward revisions to their forecasts for current‐year earnings. Furthermore, these forecast revisions are significantly related to announcement‐period abnormal returns, but not to the risk changes accompanying the equity placement. These findings are consistent with the information hypothesis, which suggests that private equity placements convey favorable information about future earnings.
Nasdaq and The Chicago Stock Exchange: An Analysis of Multiple Market Trading
Authors: Van Ness Bonnie F. , Van Ness Robert A. , Hsieh Wen‐Liang 
Published: March 2005

AbstractWe analyze a set of 97 NASD‐listed securities that trade on both the Nasdaq and Chicago Stock Exchange (CHX) to determine if trading costs and price improvement differ between the two markets. We find that order execution costs, which we define by the traded spread and the signed effective half‐spread, are significantly lower on the CHX. This difference is consistent over trade types and for trades of at least 1,000 shares. Also, we find that trades occurring on the CHX receive more price improvement than do those occurring on Nasdaq.
Contagion Effects of Dividend Reduction or Omission Announcements in the Electric Utility Industry
Authors: Impson Michael 
Published: March 2005

AbstractThis study examines the contagion effects of dividend reduction or omission announcements in the electric utility industry. Using a series of ten electric utility dividend announcements covering the period 1979–1991, I analyze differences in contagion reactions across utilities. I find the strength of the contagion reaction is significantly related to utility size, average dividend yield, debt ratio, market‐to‐book ratio, cash flow, and Altman's Z‐score. There is also evidence of a flight to quality, including a preference for utilities operating in more favorable regulatory environments.
Informed and Uninformed Trading in an Electronic, Order‐Driven Environment
Authors: Brockman Paul , Chung Dennis Y. 
Published: March 2005

AbstractThe purpose of our study is to investigate the trading behavior of informed and uninformed investors in a screen‐based, order‐driven environment. As more and more exchanges conduct trading through electronic limit‐order books, it is increasingly important to analyze consequent trading behavior and its impact on the liquidity provision process. We examine one of the largest electronic, order‐driven markets in the world, the Stock Exchange of Hong Kong. Our findings show that the interaction of informed and uninformed traders plays a significant role in determining corporate liquidity.
Predictors of Bleeding Complications and Thrombocytopenia with the Use of Abciximab during Percutaneous Coronary Intervention
Authors: RAZAKJR OMAR ABDUL , TAN HUAY CHEEM , YIP WEI LUEN , LIM YEAN TENG 
Published: March 2005

Abciximab (c7e3; ReoPro®; Centocor, Inc., Pennsylvania, USA), a Fab fragment of the chimeric human‐murine monoclonal antibody directed against platelet glycoprotein IIb/IIIa receptors, has been shown to reduce acute ischemic complications in patients undergoing percutaneous coronary interventions (PCI). However, its use has been associated with an increased incidence of bleeding events. The aim of this study is to examine the frequency of bleeding complications and to identify clinical variables associated with it in our patients. We prospectively recorded incidence of bleeding complications in 344 consecutive patients who underwent PCI with adjunctive use of abciximab (Ab). Clinical predictors for patients who developed bleeding complications with Ab were compared with the nonbleeders. Major bleeding occurred in six patients (1.7%) one of whom had pulmonary hemorrhage and one had intracranial hemorrhage. Minor bleeding occurred in 20 (5.8%) patients. Thrombocytopenia was seen in 13 (3.9%) patients of which four (1.2%) were mild, four (1.2%) were severe, and five (1.5%) were profound. Multivariate analyses showed that female gender and the “bail‐out” use of Ab were risk factors for bleeding complications. The rate of major bleeding complications and thrombocytopenia were low and comparable with published trials. Female patients and those who received Ab as a “bail‐out” were at higher risk of developing bleeding complications.
Correlation between infant birth weight and mother's periodontal status
Authors: Marin Constanza , Segura‐Egea Juan J. , Martínez‐Sahuquillo Ángel , Bullón Pedro 
Published: March 2005

AbstractObjectives: Recent studies have suggested that periodontal disease is a risk factor for low birth weight (LBW) with other multiple factors. A cross‐sectional study was undertaken to help further evaluate the proposed association between periodontal disease and infant birth weight.Material and Methods: Caucasian pregnant women (n=152), aged 14–39 years, were enrolled while receiving prenatal care. Dental plaque, probing depth, bleeding on probing and clinical attachment level were recorded and three groups were made: healthy group (HG) (n=38), gingivitis group (GG) (n=71) and periodontitis group (PG) (n=43). At delivery, birth weight was recorded.Results: Infant mean weight at delivery was 3293.9±508.1 g. The total incidence of preterm birth and LBW infants was 5.3% and 4.6%, respectively. The incidence of LBW infants was 3.5% in term gestations and 25% in preterm gestations. Mothers height correlated with infant birth weight (p=0.03). Significant difference in birth weight existed between mothers with <1.55 m (3229.23±462.57) and those with 1.65 m (3475.55±505.07). In the group of women >25 years old infant mean weight in HG was 3588.33±531.83, being lower in GG (3466.75±334.45) and even lower (3092.60±592.94) in PG (p=0.0198). Bleeding on probing was significantly greater in women with <2500 g infants (40.2±21.8%) compared with 2500–3499 g (18.6±15.1%) and 3500 g (17.1±16.1%) (p=0.009).Conclusions: Periodontal disease in normal Caucasian pregnant women, older than 25 years, is statistically associated with a reduction in the infant birth weight. These data provide new evidence on the relationship between periodontal disease and birth weight.
Translocation of Nuclear Factor-κB on Corneal Epithelial Cells Induced by Ultraviolet B Irradiation
Authors: Lee Do-Hyung , Kim Jung Kweon , Joo Choun-Ki 
Published: March 2005

<i>Purpose:</i> This study was performed to elucidate the role of nuclear factor-ĸB (NF-ĸB) in the death of corneal epithelial cells after ultraviolet (UV) irradiation. <i>Methods:</i> Simian virus 40-transfected human corneal epithelial cells (T-HCECs) were used in this study. Cell cultures were irradiated with a UVB (312 nm) source located 10 cm from the bottom of the slides for 10, 20, 30, or 40 s. Cytotoxicity was evaluated using a 3-(4,5-dimethylthiazol-2-yl)-2,5-diphenyltetrazolium bromide method. Translocation of NF-ĸB was examined by immunocytochemistry using anti-NF-ĸB p65 antibody and electrophoretic mobility shift assay (EMSA). Sulfasalazine and SN-50, specific NF-ĸB inhibitors, were used to confirm the role of NF-ĸB by pretreating samples for 30 min before UV irradiation, after which cytotoxicity and NF-ĸB translocation were evaluated. <i>Results:</i> When T-HCECs were irradiated with UVB, translocation of NF-ĸB was observed with immunocytochemistry. These translocations peaked 2 h after UV irradiation during EMSA. When pretreated with sulfasalazine or SN-50, the translocation of NF-ĸB was blocked. Cellular death after UV irradiation was also markedly blocked by sulfasalazine. <i>Conclusion:</i> These findings suggest that NF-ĸB plays an important role in cellular death after UV irradiation.
Women and children in the global sex trade
Authors: Roby Jini L. 
Published: March 2005

English Around 1.2 million women and girls enter the sex trade every year, generating US$1.5 billion annually for their exploiters. Between 30 percent and 35 percent of the victims are girls under 18 years old. This article explores the growing problem of global trafficking of women and children for prostitution and outlines specific policy recommendations. French Environ 1,2 millions de femmes et de filles entrent le commerce de sexe chaque année, produisant $1,5 milliards dollars américains annuellement pour leurs exploiteurs. Les filles en bas de 18 ans comptent pour 30-35’ pour cent des victimes. Cet article explore le problème croissant du trafic global des femmes et des enfants, et offre des recommandations spécifiques pour les politiques sociales. Spanish Cada año 1,2 millones de mujeres y niñas entran en la industria del sexo, beneficiando a sus explotadores con $1,5 billones anuals. Del 30 al 35 por ciento de las víctimas son menores de 18 años. En este artículo se explora el problema creciente de prostitución de mujeres y menores de edad, y se perfilan algunas recomandaciones específicas de política social.
Automatic detection of false annotations via binary property clustering
Authors: Kaplan Noam , Linial Michal 
Published: March 2005

Abstract
Background
Computational protein annotation methods occasionally introduce errors. False-positive (FP) errors are annotations that are mistakenly associated with a protein. Such false annotations introduce errors that may spread into databases through similarity with other proteins. Generally, methods used to minimize the chance for FPs result in decreased sensitivity or low throughput. We present a novel protein-clustering method that enables automatic separation of FP from true hits. The method quantifies the biological similarity between pairs of proteins by examining each protein's annotations, and then proceeds by clustering sets of proteins that received similar annotation into biological groups.

Results
Using a test set of all PROSITE signatures that are marked as FPs, we show that the method successfully separates FPs in 69% of the 327 test cases supplied by PROSITE. Furthermore, we constructed an extensive random FP simulation test and show a high degree of success in detecting FP, indicating that the method is not specifically tuned for PROSITE and performs well on larger scales. We also suggest some means of predicting in which cases this approach would be successful.

Conclusion
Automatic detection of FPs may greatly facilitate the manual validation process and increase annotation sensitivity. With the increasing number of automatic annotations, the tendency of biological properties to be clustered, once a biological similarity measure is introduced, may become exceedingly helpful in the development of such automatic methods.