bluuebunny/crossref_metadata_2025_split huggingface dataset:
LARGE BANK STOCKHOLDERS IN GERMANY: SAVIORS OR SUBSTITUTES?
Authors: Carney William J. 
Published: April 2005

This article challenges Mark Roe's suggestion that the prevalence of the widely held public corporation in the U.S. may not have been inevitable because U.S. laws prevented financial institutions from playing the monitoring role assumed by large German banks. The differences between Germany and the U.S. in the importance of trading markets and the role of banks as monitors can be explained in large part by actions of German banks that blocked the development of German capital markets and provided big banks with informational advantages over other traders.Markets are likely to be more effective monitors than large banks because of the banks' conflicts of interest as creditors as well as underwriters and market‐makers for German firms. Moreover, there is more diversity in the ownership structure of U.S. corporations than the current governance debate would suggest. In the U.S. there are many publicly owned companies that are either closely held or have reverted to private ownership through LBOs. This in turn suggests that U.S. capital markets have devised means for bringing about concentrated stock ownership in those cases where large stockholder monitoring is likely to be more efficient.Thus, to the question what is likely to happen to U.S. corporate ownership structure if remaining legal constraints on stock ownership by U.S. banks are relaxed, the answer this article offers is “not much.” Indeed, if one considers increasing U.S. institutional ownership together with recent SEC attempts to liberalize shareholder communications, there appears to be a striking trend toward a new concentration of voting power–one that may ultimately rival that of the German banks.
REINVENTING A CORPORATION: THE “SATELLITE” STRUCTURE OF THERMO ELECTRON
Authors: Allen Jeffrey 
Published: April 2005

Thermo Electron has created a unique–and highly productive—corporate structure by selling to the public minority equity interests in 19 of its business units over the period 1983 to 1996. Since 1983, the company has achieved extraordinary gains for stockholders, both those of the parent company and those of most of its publicly traded subsidiaries.The company's “satellite” structure is intended to preserve the benefits enjoyed by small entrepreneurial organizations without sacrificing many of the advantages enjoyed by larger firms. Although decentralization is a key element of the organizational design, another important feature of the Thermo Electron approach is that administrative activities unrelated to the focus of the unit's operations continue to be managed at the parent level. The combination of an entrepreneurial atmosphere with the financial and administrative support of a larger organization is used extensively by the company to attract and retain management and technical talent. In fact, the company made the remarkable claim in a 1995 Forbes article that “no developer or entrepreneur has ever left Thermo Electron.”Another major contributor to the company's entrepreneurial culture is an incentive structure that is tied directly to the equity performance of both the public units and the parent. Managers of the publicly traded units are granted significant amounts of stock options, but only 40% of those options are based on the performance of their subsidiary. Of the remaining 60%, 40% are granted in the stock of the parent and the other 20% are in stock of the other subsidiaries.
THE MEASUREMENT OF POST‐ACQUISITION PERFORMANCE: TOWARD A VALUE‐BASED BENCHMARKING METHODOLOGY
Authors: Sirower Mark L. , O'Byrne Stephen F. 
Published: April 2005

Mergers and acquisitions are clearly the favorite corporate growth strategy of this generation's executive teams. But there is little evidence that such strategies have paid off for the acquiring companies' shareholders–and many transactions have proved disastrous for the careers of the executives as well as the pocketbooks of the shareholders of the acquiring firms.This article presents a methodology for evaluating post‐acquisition operating performance from the perspective of the acquiring company's shareholders. The cornerstone of the method is a performance benchmark that incorporates the operating performance expectations built into the pre‐acquisition market values of the two companies plus the additional promise of performance created by the payment of an acquisition premium.After illustrating the use of this methodology in the case of an actual acquisition, the article goes on to present the results of a study (using 41 major strategic acquisitions from the period 1979–1990) of the extent to which stock market reactions to acquirers are useful predictors of actual performance over a five‐year period following the acquisition. The results of the study provide strong support for building current market expectations into the benchmarking methodology.The 1990s are often said to have initiated an era of so‐called “strategic” mergers. The clear message from this analysis is that, even if a deal is deemed “strategic,” it will not add value unless the realized synergies justify the acquisition premium. The burden of proof is on the acquirer to demonstrate to the market that they will. This article provides a tool that senior executives can use both for pre‐acquisition analysis and pricing and for post‐acquisition performance evaluation and incentive compensation.
REDEFINING HIGH PERFORMANCE
Authors: Breene Tim , Anslinger Patrica 
Published: April 2005

Global business has entered a new era of fluid market and industry boundaries, shifting regional risk and opportunity, changing formulas for economic value, and varied economic shocks. To help companies prosper in this environment, Accenture has recently launched a high‐performance business initiative designed to identify the most successful companies in 18 of today's largest industries along with the key value drivers in those industries. The performance criteria for such companies include a combination of market‐based indicators (specifically, shareholder returns measured over three‐, five‐, and seven‐year time periods) and oper‐ating measures (notably, revenue growth and the spread between total return to shareholders and the weighted average cost of capital).Further analysis of the chosen companies suggests that they are distinguished by a number of common capabilities:

an alert perception of customer values, allowing for quick detection of major shifts in demand or environmental conditions;
an organization‐wide ability to take decisive action based on a combination of high‐quality hard information and “soft intelligence”;
a complete understanding of the firm's core competencies and how they can be maintained and lever‐aged to drive current and future value;
a willingness to explore value‐adding partnerships and alliances, including the outsourcing of non‐core activities; and
the ability to meet near‐term goals while investing heavily in the future.
NATIONAL DEFENSE, OIL IMPORTS, AND BIO‐ENERGY TECHNOLOGY
Authors: Ames Robert M. , Corridore Anthony , MacAvoy Paul W. 
Published: April 2005

Terrorist disruptions of crude oil supplies anywhere in the world now pose a serious threat to the U.S. economy. Price shocks from terrorist acts could have a pervasive negative effect on producer costs and consumer behavior, with the potential to derail the current eco‐nomic recovery. The authors pro‐pose insulating U.S. energy prices from world price volatility by gradu‐ally eliminating imports of crude oil from non‐Western Hemisphere sources.The U.S. now operates with half of its crude supply from offshore sources. As much as half of these imports could be replaced by ex‐panded production from projects that have been shelved for political reasons or because prices are cur‐rently too low. The remainder could come from an extensive and cur‐rently untapped supply of crude oil substitutes, particularly bio‐energy sources such as ethanol from corn and switchgrass. These sources would be much less vulnerable to terrorist disruption.The authors also argue that the expected costs of pursuing a strat‐egy of eliminating imports would not be nearly as large as the con‐ventional wisdom suggests. Even though crude prices would be some‐what higher than current levels, they would also be much more stable, and this price stability would help promote a stronger and more secure economy in the long run.
PERHAPS EVA DOES BEAT EARNINGS—REVISITING PREVIOUS EVIDENCE
Authors: Feltham Glenn D. , Issac Grant E. , Mbagwu Chima , Vaidyanathan Ganesh 
Published: April 2005

In two articles, the first published in 1997 in the Journal of Accounting and Economics and the second in 1999 in this journal, Gary Biddle, Robert Bowen, and James Wallace presented evidence that reported earnings are more closely related than EVA to marketadjusted stock returns– in other words, that earnings are more “value relevant” than EVA. These papers, which are among the most widely cited in finance and accounting, fundamentally affected perceptions about the importance of EVA as a measure of corporate performance.The current article addresses a simple question: Do the Biddle, Bowen, and Wallace results continue to hold for a different set of companies, a different time period, and a different market? The authors first examined updated EVA information for different companies in the same time period examined in the Biddle, Bowen, and Wallace study. They then looked at a more recent time period (1995–1999) and a different market (the Canadian stock market), and found in all cases that “EVA has greater power than earnings in explaining marketadjusted stock returns.” Their findings validate the widespread corporate acceptance of EVA as a management tool.
Metamorphoses of Power: From Coercion to Cooperation?
Authors: Nederveen Pieterse Jan 
Published: April 2005

AbstractIn probing metamorphoses of power and changing understandings of power, this treatment examines the question of whether there is a general trend from coercive towards cooperative and consensual forms of power over time. This reflection unpacks power in its various dimensions, considers the contributions of Gramsci and Foucault, and then examines the hypothesis of a growing trend towards cooperative forms of power in domestic politics and civil society, and in international politics.
An assessment of the reliability of growth rings counts for age determination in the Hermann's Tortoise Testudo hermanni
Authors: Bertolero Albert , Carretero Miguel , Llorente Gustavo 
Published: April 2005

AbstractGrowth ring counts on the shell have been widely used for age estimation in Chelonians. However, as stated by Wilson et al. (2003), most studies have applied this method without assessing its reliability by proving that 1 : 1 ratio between number of rings and real age exists. In the present study, the reliability of this method is analysed for a population of Hermann's Tortoise, Testudo hermanni introduced in the Ebro Delta (NE Spain). Age estimations were obtained from direct observations of tortoises in the field in 2000 (n = 82) together with those from photographs of the same and other individuals of the population taken between 1991 and 2001 (n= 356). A second photograph was taken at one or more years after the first one for 101 individuals. Results of Model II linear regression analysis indicated that the method was reliable only for tortoises between 0 and 7 years old, whereas tended to underestimate age for those between 8 and 11 years. Since, sexual maturity in this population is attained around 8 years (mean for both sexes), ring counts are only reliable for juveniles and subadults. Finally, it is noteworthy that the results coming for photographs were equivalent to those coming from direct observations in the field.
The specialized reproductive mode of the treefrog Aplastodiscus perviridis (Anura: Hylidae)
Authors: Faivovich Julian , Garcia Paulo , Haddad Célio 
Published: April 2005

AbstractMales of the South American treefrog Aplastodiscus perviridis construct concealed subterranean nests. Using a complex courtship behavior that involves tactile stimuli and vocalizations, males guide the females to the subterranean nests where eggs are laid. Embryos and facultatively oophagous tadpoles (at least in stage 25) stay in subterranean nests until flooding transports them to ponds or streams. This is a rare reproductive mode previously known for few species in the Hyla albosignata and H. albofrenata complexes. Based on similarities of reproductive mode we suggest a monophyletic origin for Aplastodiscus and these complexes of Hyla.
Diet and habitat use of two sympatric species of Philodryas (Colubridae), in south Brazil
Authors: Marques Otávio , Hartmann Paulo 
Published: April 2005

AbstractFeeding habits and habitat use of the colubrid snakes Philodryas olfersii and P. patagoniensis in southern Brazil are presented here. Philodryas olfersii and P. patagoniensis are sympatric in the study area and both dwell in open and forested areas. Specimens preserved in collections and observations of snakes in the field yielded the data. Both species are diet generalists, feeding on small vertebrates, mainly frogs. Philodryas patagoniensis has a broader diet, a less variable frequency of food items, and fed on heavier prey than P. olfersii. Seasonal variation in diet occurs in both species. The semiarboreal Philodryas olfersii is more slender and has a longer tail than the terrestrial P. patagoniensis, characters that may reflect differences in microhabitat use. There are a strong relationship between habitat use and frequency of a given food type. Differences in the use of food resources between P. olfersii and P. patagoniensis seem to reflect differences in foraging microhabitats used by each species.
Effect of TC–Trough Interaction on the Intensity Change of Two Typhoons
Authors: Yu Hui , Kwon H. Joe 
Published: April 2005

Abstract
Using large-scale analyses, the effect of tropical cyclone–trough interaction on tropical cyclone (TC) intensity change is readdressed by studying the evolution of upper-level eddy flux convergence (EFC) of angular momentum and vertical wind shear for two TCs in the western North Pacific [Typhoons Prapiroon (2000) and Olga (1999)]. Major findings include the following: 1) In spite of decreasing SST, the cyclonic inflow associated with a midlatitude trough should have played an important role in Prapiroon’s intensification to its maximum intensity and the maintenance after recurvature through an increase in EFC. The accompanied large vertical wind shear is concentrated in a shallow layer in the upper troposphere. 2) Although Olga also recurved downstream of a midlatitude trough, its development and maintenance were not strongly influenced by the trough. A TC could maintain itself in an environment with or without upper-level eddy momentum forcing. 3) Both TCs started to decay over cold SST in a large EFC and vertical wind shear environment imposed by the trough. 4) Uncertainty of input adds difficulties in quantitative TC intensity forecasting.
A Four-Season Impact Study of Rawinsonde, GOES, and POES Data in the Eta Data Assimilation System. Part I: The Total Contribution
Authors: Zapotocny Tom H. , Menzel W. Paul , Jung James A. , Nelson James P. 
Published: April 2005

Abstract
The impact of in situ rawinsonde (raob) data, remotely sensed Geostationary Operational Environmental Satellite (GOES), and Polar Operational Environmental Satellite (POES) data routinely used in NCEP’s Eta Data Assimilation/Forecast System (EDAS) is studied for extended-length time periods during four seasons. The work described in this paper is relevant for users of the Eta Model trying to compare and contrast the overall forecast impact of traditional, mostly land-based rawinsonde data with remotely sensed data that are available domainwide.
The case studies chosen consist of 15-day periods during fall 2001, winter 2001/02, spring 2002, and summer 2002. During these periods, a 32-km/60-layer November 2001 version of the EDAS is run four times at both 0000 and 1200 UTC. The four runs include a control run, which utilizes all data types routinely used in the EDAS, and three experimental runs in which either all rawinsonde, GOES, or POES data are denied. Differences between the experimental and control runs are then accumulated over the 15-day periods and analyzed to demonstrate the 24- and 48-h forecast impact of these data types in the EDAS. Conventional meteorological terms evaluated include mean sea level pressure as well as temperature, both components of the wind, and relative humidity. Comparisons are made on seven pressure levels extending from near the earth’s surface to the lower stratosphere. The diagnostics are computed over both the entire horizontal model domain, and within a subsection covering the continental United States and adjacent coastal waters (extended CONUS).
The 24-h domainwide results show that a positive forecast impact is achieved from all three data sources during all four seasons. Cumulatively, the rawinsonde data have the largest positive impact over both the entire model domain and extended CONUS. However, GOES data have the largest contribution for several fields, especially moisture during summer and fall 2001. In general, GOES data also provide larger forecast impacts than POES data, especially for the wind components. All three data types demonstrate comparable forecast impact in terms of relative humidity. Finally, raob and POES data display a “spike” in positive forecast impact in the lower stratosphere during three of the four seasons.
Two additional findings from this study are also important. The first is that the forecast impact of all data types drops by at least a factor of 2 during all seasons between 24 and 48 h. The second is that GOES data show a preference for providing nearly equal improvement to the 0000 and 1200 UTC forecast cycles, while rawinsonde and especially POES data provide consistently larger forecast impacts at 1200 than at 0000 UTC.
A Four-Season Impact Study of Rawinsonde, GOES, and POES Data in the Eta Data Assimilation System. Part II: Contribution of the Components
Authors: Zapotocny Tom H. , Menzel W. Paul , Jung James A. , Nelson James P. 
Published: April 2005

Abstract
The impact of in situ rawinsonde observations (raob), remotely sensed Geostationary Operational Environmental Satellite (GOES), and Polar-Orbiting Operational Environmental Satellite (POES) observations routinely used in NCEP’s Eta Data Assimilation/Forecast System (EDAS) is studied for extended-length time periods during four seasons. This work examines the contribution of nine individual components of the total observing system. The nine data types examined include rawinsonde mass and wind observations, GOES mass and wind observations, POES observations from the Microwave Sounding Unit (MSU), the Advanced Microwave Sounding Unit (AMSU-A and AMSU-B), the High Resolution Infrared Radiation Sounder (HIRS), and column total precipitable water and low-level wind observations from the Special Sensor Microwave Imager (SSM/I). The results are relevant for users of the Eta Model trying to compare/contrast the overall forecast impact of traditional, largely land-based rawinsonde observations against remotely sensed satellite observations, which are available domainwide.
The case studies chosen consist of 15-day periods during fall 2001, winter 2001/02, spring 2002, and summer 2002. Throughout these periods, a November 2001 32-km version of the EDAS is run 10 times at both 0000 and 1200 UTC. The 10 runs include a control run, which utilizes all data types routinely used in the EDAS, and 9 experimental runs in which one of the component data types noted above is denied. Differences between the experimental and control runs are then accumulated over the 15-day periods and analyzed to demonstrate the 00-h sensitivity and 24-h forecast impact of these individual data types in the EDAS. The diagnostics are computed over the entire horizontal model domain and a subsection covering the continental United States (CONUS) and adjacent coastal waters on isobaric surfaces extending into the lower stratosphere.
The 24-h forecast impact results show that a positive forecast impact is achieved from most of the nine component data sources during all four time periods. HIRS, MSU, and SSM/I wind observations yield only a slight positive forecast impact to all fields. Rawinsonde and GOES wind observations have the largest positive forecast impact for temperature over both the entire model domain and the extended CONUS. The same data types also provide the largest forecast impact to the u component of the wind, while GOES wind observations provide the largest forecast impact to moisture.
Where Is the Real Cloud-to-Ground Lightning Maximum in North America?
Authors: Murphy Martin J. , Holle Ronald L. 
Published: April 2005

Abstract
A local maximum in cloud-to-ground (CG) lightning flash density over northwestern Mexico as measured by the U.S. National Lightning Detection Network is examined in detail. Corrections are derived for the relative detection efficiency of the network in this region that is outside the perimeter of the sensors. The need to adjust the parameters of the signal normalization model used for the network is also documented. New propagation model parameters are employed to derive relative detection efficiency corrections for northwestern Mexico and these are then used to show that the actual CG flash density over the region significantly exceeds that observed in Florida, the area with the highest flash density within the perimeter of the network.
LDL receptor cooperates with LDL receptor–related protein in regulating plasma levels of coagulation factor VIII in vivo
Authors: Bovenschen Niels , Mertens Koen , Hu Lihui , Havekes Louis M. , van Vlijmen Bart J. M. 
Published: April 2005

AbstractLow-density lipoprotein (LDL) receptor (LDLR) and LDLR-related protein (LRP) are members of the LDLR family of endocytic receptors. LRP recognizes a wide spectrum of structurally and functionally unrelated ligands, including coagulation factor VIII (FVIII). In contrast, the ligand specificity of LDLR is restricted to apolipoproteins E and B-100. Ligand binding to the LDLR family is inhibited by receptor-associated protein (RAP). We have previously reported that, apart from LRP, other RAP-sensitive mechanisms contribute to the regulation of FVIII in vivo. In the present study, we showed that the extracellular ligand-binding domain of LDLR interacts with FVIII in vitro and that binding was inhibited by RAP. The physiologic relevance of the FVIII–LDLR interaction was addressed using mouse models of LDLR or hepatic LRP deficiency. In the absence of hepatic LRP, LDLR played a dominant role in the regulation and clearance of FVIII in vivo. Furthermore, FVIII clearance was accelerated after adenovirus-mediated gene transfer of LDLR. The role of LDLR in FVIII catabolism was not secondary to increased plasma lipoproteins or to changes in lipoprotein profiles. We propose that LDLR acts in concert with LRP in regulating plasma levels of FVIII in vivo. This represents a previously unrecognized link between LDLR and hemostasis.